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:__ October 31, 2006_________________________________



Item 1. Reports to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:




 

 

 

 

 

 

 

 

 

 

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS

 

EQUITIES

 

FIXED INCOME

 

LIQUIDITY

 

REAL ESTATE


 

 

 

 

 

 

 

BlackRock
Closed-End Funds

(BLACKROCK LOGO)

 

 

 

 

ANNUAL REPORT  |  OCTOBER 31, 2006

 

 

 

 

 

 

 

BlackRock Dividend AchieversTM Trust (BDV)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

BlackRock Global Energy and Resources Trust (BGR)

BlackRock Global Opportunities Equity Trust (BOE)

BlackRock Health Sciences Trust (BME)

BlackRock Real Asset Equity Trust (BCF)

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

BlackRock World Investment Trust (BWC)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE



TABLE OF CONTENTS

 

 

Letter to Shareholders

1

 

 

Trusts’ Summaries

2

 

 

Portfolios of Investments

14

 

 

Financial Statements

 

 

 

Statements of Assets and Liabilities

56

 

 

Statements of Operations

58

 

 

Statements of Changes in Net Assets

60

 

 

Financial Highlights

63

 

 

Notes to Financial Statements

72

 

 

Report of Independent Registered Public Accounting Firm

81

 

 

Dividend Reinvestment Plans

82

 

 

Investment Management Agreements

82

 

 

Additional Information

87

 

 

Trustees Information

89

 

 

Tax Information

92

 

 

Section 19 Notices

93


BlackRock Privacy Principles

          BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

          If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

          BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web sites.

          BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic personal information about its Clients, except as permitted by law or as is necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

          We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.



LETTER TO SHAREHOLDERS

October 31, 2006

Dear Shareholder:

          We are pleased to present the annual report for the Trusts for the year ended October 31, 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 October 31, 2006.

 

 

 

 

 

 

 

 

 

 


Trust (Ticker)

 

Closing Market Price

 

NAV

 


BlackRock Dividend AchieversTM Trust (BDV)

 

$

14.86

 

 

$

15.95

 

 


BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

14.92

 

 

 

14.88

 

 


BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

14.53

 

 

 

16.13

 

 


BlackRock Global Energy and Resources Trust (BGR)

 

 

26.73

 

 

 

29.67

 

 


BlackRock Global Opportunities Equity Trust (BOE)

 

 

27.61

 

 

 

26.72

 

 


BlackRock Health Sciences Trust (BME)

 

 

27.32

 

 

 

27.74

 

 


BlackRock Real Asset Equity Trust (BCF)

 

 

15.00

 

 

 

15.33

 

 


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

 

 

16.36

 

 

 

18.55

 

 


BlackRock World Investment Trust (BWC)

 

 

16.59

 

 

 

16.35

 

 


          The Trusts seek to provide long-term total return through a combination of current income and capital appreciation by investing in common stocks that pay above-average dividends and have the potential for capital appreciation.

          On September 29, 2006, BlackRock, Inc. and Merrill Lynch Investment Managers united to form one of the largest asset management firms in the world. 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 September 30, 2006, BlackRock’s assets under management totaled over $1 trillion 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 September 30, 2006, BlackRock provided risk management services to portfolios with aggregate assets of over $4 trillion. BlackRock Advisors, LLC and its affiliates, BlackRock Financial Management, Inc. and State Street Research & 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- Ralph L. Schlosstein

-s- Laurence D. Fink


Laurence D. Fink


Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1



 

 

TRUST SUMMARIES
OCTOBER 31, 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 10/31/06:

 

$

14.86

 

 


Net Asset Value as of 10/31/06:

 

$

15.95

 

 


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:

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$14.86

 

$12.77

 

16.37%

 

$15.15

 

$12.28

 


NAV

 

$15.95

 

$14.21

 

12.24%

 

$16.06

 

$14.15

 


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

Portfolio Breakdown2

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


Financial Institutions

 

38

%

 

43

%

 


Consumer Products

 

15

 

 

13

 

 


Energy

 

14

 

 

17

 

 


Health Care

 

13

 

 

10

 

 


Telecommunications

 

6

 

 

5

 

 


Real Estate Investment Trusts

 

5

 

 

4

 

 


Conglomerates

 

4

 

 

3

 

 


Basic Materials

 

2

 

 

2

 

 


Automotive

 

1

 

 

1

 

 


Industrials

 

1

 

 

1

 

 


Technology

 

1

 

 

1

 

 


 

 

2

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

2



 

TRUST SUMMARIES

OCTOBER 31, 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 10/31/06:

 

$

14.92

 

 





Net Asset Value as of 10/31/06:

 

$

14.88

 

 





Current Monthly Distribution per Common Share:1

 

$

0.101875

 

 





Current Annualized Distribution per Common Share:1

 

$

1.222500

 

 





 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 














Market Price

 

$14.92

 

$13.79

 

8.19

%

 

$15.05

 

$12.16

 














NAV

 

$14.88

 

$14.01

 

6.21

%

 

$14.96

 

$13.85

 














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

Portfolio Breakdown2

 

 

 

 

 

 

 

 







Sector

 

October 31, 2006

 

October 31, 2005

 







Financial Institutions

 

40

%

 

42

%

 







Health Care

 

16

 

 

13

 

 







Consumer Products

 

15

 

 

15

 

 







Energy

 

13

 

 

13

 

 







Real Estate Investment Trusts

 

5

 

 

5

 

 







Conglomerates

 

4

 

 

5

 

 







Telecommunications

 

4

 

 

5

 

 







Basic Materials

 

1

 

 

1

 

 







Industrials

 

1

 

 

1

 

 







Technology

 

1

 

 

 

 







 

 

2

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

3



 

TRUST SUMMARIES

OCTOBER 31, 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 10/31/06:

 

$

14.53

 

 





Net Asset Value as of 10/31/06:

 

$

16.13

 

 





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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 














Market Price

 

$14.53

 

$13.20

 

10.08

%

 

$14.78

 

$12.74

 














NAV

 

$16.13

 

$15.14

 

6.54

%

 

$16.24

 

$14.71

 














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

Portfolio Breakdown2

 

 

 

 

 

 

 

 







Sector

 

October 31, 2006

 

October 31, 2005

 







Financial Institutions

 

41

%

 

44

%

 







Energy

 

17

 

 

17

 

 







Consumer Products

 

13

 

 

13

 

 







Real Estate Investment Trusts

 

10

 

 

9

 

 







Industrials

 

8

 

 

10

 

 







Automotive

 

4

 

 

4

 

 







Basic Materials

 

2

 

 

2

 

 







Technology

 

2

 

 

 

 







Building & Development

 

1

 

 

 

 







Health Care

 

1

 

 

1

 

 







Media

 

1

 

 

 

 







 

 

2

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

4



 

 

TRUST SUMMARIES

 

OCTOBER 31, 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 10/31/06:

 

 

$

26.73

 

 








Net Asset Value as of 10/31/06:

 

 

$

29.67

 

 








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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 













Market Price

 

$26.73

 

$25.16

 

6.24

%

 

$28.28

 

$24.05

 














NAV

 

$29.67

 

$28.12

 

5.51

%

 

$32.99

 

$26.89

 














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

 

 

 

 

 

 

 

 

Portfolio Breakdown


Country

 

October 31, 2006

 

October 31, 2005

 







United States

 

64

%

 

61

%

 









Canada

 

20

 

 

24

 

 









Bermuda

 

4

 

 

3

 

 









Norway

 

3

 

 

2

 

 









Australia

 

2

 

 

2

 

 









United Kingdom

 

2

 

 

2

 

 









Brazil

 

1

 

 

1

 

 









Denmark

 

1

 

 

1

 

 









France

 

1

 

 

1

 

 









Italy

 

1

 

 

1

 

 









Netherlands

 

1

 

 

1

 

 









Luxembourg

 

 

 

1

 

 









 

 

 

 

 

 

 

 







Sector

 

October 31, 2006

 

October 31, 2005

 







Oil & Gas

 

45

%

 

50

%

 









Pipelines

 

25

 

 

23

 

 









Coal

 

13

 

 

14

 

 









Transportation

 

5

 

 

5

 

 









Gas

 

4

 

 

2

 

 









Mining

 

3

 

 

2

 

 









Chemicals

 

2

 

 

 

 









Commercial Services

 

1

 

 

 

 









Electric

 

1

 

 

3

 

 









Metal

 

1

 

 

 

 









Building & Development

 

 

 

1

 

 









5



 

 

TRUST SUMMARIES

 

OCTOBER 31, 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 10/31/06:

 

 

$

27.61

 

 








Net Asset Value as of 10/31/06:

 

 

$

26.72

 

 








Current Quarterly Distribution per Common Share:1

 

 

$

0.568750

 

 








Current Annualized Distribution per Common Share:1

 

 

$

2.275000

 

 








 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 













Market Price

 

$27.61

 

$23.88

 

15.62

%

 

$29.40

 

$21.43

 














NAV

 

$26.72

 

$23.77

 

12.41

%

 

$28.31

 

$23.29

 














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

 

 

 

 

 

 

 

 

Portfolio Breakdown







Country

 

October 31, 2006

 

October 31, 2005

 







United States

 

28

%

 

11

%

 









United Kingdom

 

17

 

 

23

 

 









Germany

 

6

 

 

4

 

 









Hong Kong

 

5

 

 

8

 

 









Australia

 

4

 

 

3

 

 









Italy

 

4

 

 

1

 

 









Japan

 

4

 

 

13

 

 









Switzerland

 

4

 

 

 

 









Canada

 

3

 

 

2

 

 









Netherlands

 

3

 

 

5

 

 









South Korea

 

3

 

 

7

 

 









Sweden

 

3

 

 

2

 

 









Finland

 

2

 

 

2

 

 









France

 

2

 

 

1

 

 









Norway

 

2

 

 

3

 

 









Singapore

 

2

 

 

1

 

 









Brazil

 

1

 

 

2

 

 









China

 

1

 

 

1

 

 









Denmark

 

1

 

 

1

 

 









Mexico

 

1

 

 

1

 

 









Philippines

 

1

 

 

 

 









South Africa

 

1

 

 

2

 

 









Spain

 

1

 

 

 

 









Taiwan

 

1

 

 

3

 

 









Greece

 

 

 

2

 

 









Ireland

 

 

 

1

 

 









New Zealand

 

 

 

1

 

 









6



 

 

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 









Sector2

 

October 31, 2006

 

October 31, 2005

 







Financial Institutions

 

22

%

 

27

%

 









Consumer Products

 

19

 

 

10

 

 









Energy

 

17

 

 

19

 

 









Real Estate

 

7

 

 

5

 

 









Telecommunications

 

7

 

 

1

 

 









Health Care

 

6

 

 

 

 









Basic Materials

 

4

 

 

9

 

 









Building & Development

 

4

 

 

5

 

 









Industrials

 

4

 

 

12

 

 









Technology

 

4

 

 

1

 

 









Aerospace & Defense

 

1

 

 

 

 









Automotive

 

1

 

 

3

 

 









Containers & Packaging

 

1

 

 

1

 

 









Entertainment & Leisure

 

1

 

 

2

 

 









Media

 

1

 

 

1

 

 









Transportation

 

1

 

 

4

 

 









 

 

2

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

7


 

TRUST SUMMARIES
OCTOBER 31, 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 10/31/06:

 

 

$

27.32

 

 








Net Asset Value as of 10/31/06:

 

 

$

27.74

 

 








Current Quarterly Distribution per Common Share:1

 

 

$

0.383475

 

 








Current Annualized Distribution per Common Share:1

 

 

$

1.533900

 

 








 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 













Market Price

 

$

27.32

 

$

25.19

 

 

8.46%

 

$

28.25

 

$

23.40

 


















NAV

 

$

27.74

 

$

26.38

 

 

5.16%

 

$

29.26

 

$

25.54

 


















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

Portfolio Breakdown

 

 

 

 

 

 

 

 







Country

 

October 31, 2006

 

October 31, 2005

 







United States

 

83

%

 

85

%

 









Switzerland

 

12

 

 

8

 

 









United Kingdom

 

3

 

 

3

 

 









Canada

 

2

 

 

2

 

 









France

 

 

 

1

 

 









Israel

 

 

 

1

 

 










 

 

 

 

 

 

 

 









Sector

 

October 31, 2006

 

October 31, 2005

 







Pharmaceuticals

 

42

%

 

39

%

 









Health Care

 

34

 

 

44

 

 









Biotechnology

 

20

 

 

12

 

 









Electronics

 

4

 

 

 

 









Financial Institutions

 

 

 

4

 

 









Technology

 

 

 

1

 

 









8



 

 

TRUST SUMMARIES
OCTOBER 31, 2006

 

BlackRock Real Asset Equity Trust (BCF)

 


Trust Information

 

 

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BCF

 






Initial Offering Date:

 

September 29, 2006

 





Closing Market Price as of 10/31/06:

 

 

$

15.00

 

 








Net Asset Value as of 10/31/06:

 

 

$

15.33

 

 








Current Monthly Distribution per Common Share:1

 

 

$

0.090600

 

 








Current Annualized Distribution per Common Share:1

 

 

$

1.087200

 

 








 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 








 

 

10/31/06

 

High

 

Low

 









Market Price

 

$15.00

 

$

15.15

 

$

15.00

 












NAV

 

$15.33

 

$

15.40

 

$

14.19

 












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

Portfolio Breakdown


Country

October 31, 2006



United States

46

%




Canada

14

 




United Kingdom

13

 




Australia

8

 




Brazil

4

 




South Africa

4

 




Netherlands

2

 




Norway

2

 




Switzerland

2

 




Bermuda

1

 




China

1

 




France

1

 




Mexico

1

 




Peru

1

 




 

 

 




Sector

October 31, 2006



Mining

41

%




Oil & Gas

36

 




Chemicals

7

 




Forest Products & Paper

7

 




Coal

4

 




Machinery

2

 




Pipelines

2

 




Metal

1

 




9



 

 

TRUST SUMMARIES
OCTOBER 31, 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 10/31/06:

 

 

$

16.36

 

 








Net Asset Value as of 10/31/06:

 

 

$

18.55

 

 








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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 













Market Price

 

$

16.36

 

$

14.54

 

 

12.52

%  

$

16.59

 

$

13.94

 


















NAV

 

$

18.55

 

$

15.98

 

 

16.08

%

$

18.63

 

$

15.86

 


















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

Portfolio Breakdown

 

 

 

 

 

 

 

 







Country

 

October 31, 2006

 

October 31, 2005

 







United States

 

52

%

 

56

%

 









United Kingdom

 

12

 

 

13

 

 









Australia

 

6

 

 

5

 

 









Japan

 

6

 

 

4

 

 









Canada

 

5

 

 

6

 

 









France

 

5

 

 

4

 

 









Sweden

 

4

 

 

3

 

 









Germany

 

2

 

 

2

 

 









Hong Kong

 

2

 

 

1

 

 









Netherlands

 

2

 

 

2

 

 









Austria

 

1

 

 

 

 









Denmark

 

1

 

 

1

 

 









Italy

 

1

 

 

1

 

 









Spain

 

1

 

 

1

 

 









Singapore

 

 

 

1

 

 









10



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

 


 

 

 

 

 

 

 

 







Sector2

 

October 31, 2006

 

October 31, 2005

 







Financial Institutions

 

27

%

 

24

%

 









Energy

 

15

 

 

16

 

 









Consumer Products

 

11

 

 

12

 

 









Technology

 

11

 

 

10

 

 









Real Estate

 

8

 

 

10

 

 









Telecommunications

 

7

 

 

7

 

 









Health Care

 

5

 

 

8

 

 









Industrials

 

5

 

 

6

 

 









Basic Materials

 

3

 

 

3

 

 









Automotive

 

2

 

 

 

 









Building & Development

 

2

 

 

 

 









Business Equipment & Services

 

2

 

 

 

 









Aerospace & Defense

 

1

 

 

1

 

 









Entertainment & Leisure

 

1

 

 

 

 









Conglomerates

 

 

 

3

 

 









 

 

2

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

11



 

 

TRUST SUMMARIES
OCTOBER 31, 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 10/31/06:

 

 

$

16.59

 

 








Net Asset Value as of 10/31/06:

 

 

$

16.35

 

 








Current Monthly Distribution per Share:1

 

 

$

0.113750

 

 








Current Annualized Distribution per Share:1

 

 

$

1.365000

 

 








 

 

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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















 

 

10/31/06

 

10/31/05

 

Change

High

 

Low

 


















Market Price

 

$

16.59

 

$

15.08

 

 

10.01

%

$

17.15

 

$

14.35

 


















NAV

 

$

16.35

 

$

14.42

 

 

13.38

%

$

17.50

 

$

14.42

 


















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

Portfolio Breakdown

 

 

 

 

 

 

 

 







Country

 

October 31, 2006

 

October 31, 2005

 







United States

 

29

%

 

19

%

 









United Kingdom

 

12

 

 

12

 

 









Japan

 

8

 

 

20

 

 









Germany

 

5

 

 

4

 

 









Italy

 

5

 

 

3

 

 









Switzerland

 

5

 

 

1

 

 









Australia

 

4

 

 

3

 

 









Hong Kong

 

4

 

 

2

 

 









Netherlands

 

4

 

 

5

 

 









Sweden

 

4

 

 

7

 

 









Canada

 

3

 

 

2

 

 









Singapore

 

3

 

 

1

 

 









China

 

2

 

 

2

 

 









Finland

 

2

 

 

3

 

 









France

 

2

 

 

2

 

 









Brazil

 

1

 

 

3

 

 









Denmark

 

1

 

 

1

 

 









Greece

 

1

 

 

 

 









Mexico

 

1

 

 

2

 

 









Norway

 

1

 

 

4

 

 









Philippines

 

1

 

 

 

 









Spain

 

1

 

 

1

 

 









Taiwan

 

1

 

 

 

 









Bermuda

 

 

 

2

 

 









Belgium

 

 

 

1

 

 









12


 

BlackRock World Investment Trust (BWC) (continued)


 

 

 

 

 

 

 

 







Sector2

 

October 31, 2006

 

October 31, 2005

 







Financial Institutions

 

23

%

 

19

%

 









Consumer Products

 

18

 

 

16

 

 









Energy

 

17

 

 

23

 

 









Telecommunications

 

8

 

 

3

 

 









Health Care

 

6

 

 

 

 









Real Estate

 

6

 

 

 

 









Industrials

 

4

 

 

21

 

 









Basic Materials

 

4

 

 

13

 

 









Technology

 

4

 

 

4

 

 









Building & Development

 

3

 

 

 

 









Automotive

 

2

 

 

 

 









Transportation

 

2

 

 

 

 









Aerospace & Defense

 

1

 

 

 

 









Containers & Packaging

 

1

 

 

 

 









Media

 

1

 

 

 

 









Foreign Government

 

 

 

1

 

 









 

 

2

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


13



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Dividend AchieversTM Trust (BDV)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 








 

 

 

LONG-TERM INVESTMENTS—99.6%

 

 

 

 

 

 

 

Common Stocks—99.6%

 

 

 

 

 

 

 

Aerospace & Defense—0.3%

 

 

 

 

 

34,300

 

United Technologies Corp.

 

$

2,254,196

 

 

 

 

 

 



 

 

 

 

Automotive—0.7%

 

 

 

 

 

142,900

 

Genuine Parts Co.

 

 

6,504,808

 

 

 

 

 

 



 

 

 

 

Basic Materials—1.7%

 

 

 

 

 

69,300

 

PPG Industries, Inc.

 

 

4,740,120

 

 

225,500

 

RPM Intl., Inc.

 

 

4,318,325

 

 

167,000

 

Sonoco Products Co.

 

 

5,925,160

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

14,983,605

 

 

 

 

 

 



 

 

 

 

Conglomerates—3.7%

 

 

 

 

 

914,100

 

General Electric Co.

 

 

32,094,051

 

 

 

 

 

 



 

 

 

 

Consumer Products—14.6%

 

 

 

 

 

492,700

 

Altria Group, Inc.

 

 

40,071,291

 

 

97,700

 

Anheuser-Busch Co., Inc.

 

 

4,632,934

 

 

481,900

 

Coca-Cola Co.

 

 

22,514,368

 

 

427,000

 

ConAgra Foods, Inc.

 

 

11,166,050

 

 

65,550

1

Hanesbrands, Inc.

 

 

1,546,980

 

 

48,200

 

Home Depot, Inc.

 

 

1,799,306

 

 

186,200

 

Kimberly-Clark Corp.

 

 

12,386,024

 

 

172,500

 

McDonald’s Corp.

 

 

7,231,200

 

 

72,000

 

Procter & Gamble Co.

 

 

4,564,080

 

 

524,400

 

Sara Lee Corp.

 

 

8,967,240

 

 

48,300

 

Stanley Works

 

 

2,301,495

 

 

154,000

 

Universal Corp.

 

 

5,670,280

 

 

79,400

 

Wal-Mart Stores, Inc.

 

 

3,912,832

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

126,764,080

 

 

 

 

 

 



 

 

 

 

Energy—14.4%

 

 

 

 

 

120,000

 

Atmos Energy Corp.

 

 

3,687,600

 

 

582,900

 

Chevron Corp.

 

 

39,170,880

 

 

357,500

 

Consolidated Edison, Inc.

 

 

17,285,125

 

 

363,000

 

Exxon Mobil Corp.

 

 

25,925,460

 

 

93,200

 

National Fuel Gas Co.

 

 

3,485,680

 

 

42,900

 

Peoples Energy Corp.

 

 

1,874,301

 

 

199,700

 

Pinnacle West Capital Corp.

 

 

9,547,657

 

 

339,300

 

Progress Energy, Inc.

 

 

15,607,800

 

 

104,100

 

Vectren Corp.

 

 

3,025,146

 

 

67,600

 

WGL Holdings, Inc.

 

 

2,193,620

 

 

56,900

 

WPS Resources Corp.

 

 

3,027,649

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

124,830,918

 

 

 

 

 

 



 

 

 

 

Financial Institutions—38.2%

 

 

 

 

 

75,000

 

Allstate Corp.

 

 

4,602,000

 

 

60,000

 

American Intl. Group, Inc.

 

 

4,030,200

 

 

582,300

 

AmSouth Bancorp

 

 

17,597,106

 

 

135,600

 

Arthur J. Gallagher & Co.

 

 

3,776,460

 

 

803,600

 

Bank of America Corp.

 

 

43,289,932

 

 

429,600

 

BB&T Corp.

 

 

18,696,192

 

 

766,300

 

Citigroup, Inc.

 

 

38,437,608

 

 

281,400

 

Comerica, Inc.

 

 

16,374,666

 

 

346,000

 

Fifth Third Bancorp

 

 

13,788,100

 

 

151,400

 

First Commonwealth Financial Corp.

 

 

2,024,218

 

 

52,600

 

FirstMerit Corp.

 

 

1,221,372

 

 

123,500

 

FNB Corp.

 

 

2,090,855

 

 

41,200

 

Franklin Resources, Inc.

 

 

4,695,152

 

 

61,000

 

Freddie Mac

 

 

4,208,390

 

 

561,100

 

KeyCorp

 

 

20,839,254

 

 

99,500

 

Lincoln National Corp.

 

 

6,299,345

 

 

783,800

 

National City Corp.

 

 

29,196,550

 

 

432,000

 

North Fork Bancorporation, Inc.

 

 

12,346,560

 

See Notes to Financial Statements.

14


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Dividend AchieversTM Trust (BDV) (continued)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 








 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

100,000

 

Popular, Inc.

 

$

1,819,000

 

 

168,000

 

SunTrust Bank, Inc.

 

 

13,270,320

 

 

138,000

 

T. Rowe Price Group, Inc.

 

 

6,528,780

 

 

73,437

 

TD Banknorth, Inc.

 

 

2,172,266

 

 

102,642

 

Valley National Bancorp

 

 

2,674,851

 

 

663,700

 

Washington Mutual, Inc.

 

 

28,074,510

 

 

939,400

 

Wells Fargo & Co.

 

 

34,090,826

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

332,144,513

 

 

 

 

 

 



 

 

 

 

Health Care—12.9%

 

 

 

 

 

174,100

 

Abbott Laboratories

 

 

8,271,491

 

 

315,400

 

Eli Lilly & Co.

 

 

17,665,554

 

 

257,500

 

Johnson & Johnson

 

 

17,355,500

 

 

775,200

 

Merck & Co., Inc.

 

 

35,209,584

 

 

1,258,000

 

Pfizer, Inc.

 

 

33,525,700

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

112,027,829

 

 

 

 

 

 



 

 

 

 

Industrials—1.4%

 

 

 

 

 

77,100

 

3M Co.

 

 

6,078,564

 

 

27,800

 

Caterpillar, Inc.

 

 

1,687,738

 

 

27,900

 

Emerson Electric Co.

 

 

2,354,760

 

 

207,200

 

ServiceMaster Co.

 

 

2,347,576

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

12,468,638

 

 

 

 

 

 



 

 

 

 

Real Estate Investment Trusts—4.6%

 

 

 

 

 

100,500

 

General Growth Properties, Inc.

 

 

5,215,950

 

 

184,400

 

Health Care Property Investors, Inc.

 

 

5,790,160

 

 

55,000

 

Healthcare Realty Trust, Inc.

 

 

2,227,500

 

 

97,000

 

Home Properties, Inc.

 

 

6,127,490

 

 

94,000

 

Lexington Corporate Properties Trust

 

 

2,002,200

 

 

102,000

 

Liberty Property Trust

 

 

4,916,400

 

 

89,200

 

National Retail Properties, Inc.

 

 

2,004,324

 

 

85,900

 

Realty Income Corp.

 

 

2,267,760

 

 

58,300

 

Sun Communities, Inc.

 

 

2,039,917

 

 

167,400

 

United Dominion Realty Trust, Inc.

 

 

5,418,738

 

 

57,800

 

Universal Health Realty Income Trust

 

 

2,248,998

 

 

 

 

 

 



 

 

 

 

Total Real Estate Investment Trusts

 

 

40,259,437

 

 

 

 

 

 



 

 

 

 

Technology—1.5%

 

 

 

 

 

50,100

 

Intl. Business Machines Corp.

 

 

4,625,733

 

 

184,000

 

Pitney Bowes, Inc.

 

 

8,594,640

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

13,220,373

 

 

 

 

 

 



 

 

 

 

Telecommunications—5.6%

 

 

 

 

 

63,000

 

Alltel Corp.

 

 

3,358,530

 

 

1,319,900

 

AT&T, Inc.

 

 

45,206,575

 

 

 

 

 

 



 

 

 

 

Total Telecommunications

 

 

48,565,105

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $742,307,106)

 

 

866,117,553

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—0.3%

 

 

 

 

 

2,507,919

 

Fidelity Institutional Money Market Prime Portfolio (cost $2,507,919)

 

 

2,507,919

 

 

 

 

 

 



 

 

 

 

Total investments—99.9% (cost $744,815,0252)

 

$

868,625,472

 

 

 

 

Other assets in excess of liabilities—0.1%

 

 

1,077,178

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

869,702,650

 

 

 

 

 

 



 


 

 

1

Non-income producing security.

2

Cost for Federal income tax purposes is $743,871,905. The net unrealized appreciation on a tax basis is $124,753,567, consisting of $132,023,313 gross unrealized appreciation and $7,269,746 gross unrealized depreciation.

 

 

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

See Notes to Financial Statements.

15


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—88.1%

 

 

 

 

 

 

 

Common Stocks—88.1%

 

 

 

 

 

 

 

Basic Materials—1.0%

 

 

 

 

 

89,200

 

PPG Industries, Inc.

 

$

6,101,280

 

 

225,600

 

RPM Intl., Inc.

 

 

4,320,240

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

10,421,520

 

 

 

 

 

 



 

 

 

 

Conglomerates—3.6%

 

 

 

 

 

1,053,900

 

General Electric Co.

 

 

37,002,429

 

 

 

 

 

 



 

 

 

 

Consumer Products—13.1%

 

 

 

 

 

590,400

1

Altria Group, Inc.

 

 

48,017,232

 

 

107,200

1

Anheuser-Busch Co., Inc.

 

 

5,083,424

 

 

769,100

 

Coca-Cola Co.

 

 

35,932,352

 

 

644,700

 

ConAgra Foods, Inc.

 

 

16,858,905

 

 

23,940

2

Hanesbrands, Inc.

 

 

564,984

 

 

55,900

 

Kimberly-Clark Corp.

 

 

3,718,468

 

 

157,400

 

La-Z-Boy, Inc.

 

 

1,928,150

 

 

109,500

 

McDonald’s Corp.

 

 

4,590,240

 

 

825,700

 

Sara Lee Corp.

 

 

14,119,470

 

 

84,200

 

Stanley Works

 

 

4,012,130

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

134,825,355

 

 

 

 

 

 



 

 

 

 

Energy—11.3%

 

 

 

 

 

200,200

1

Atmos Energy Corp.

 

 

6,152,146

 

 

137,000

 

Black Hills Corp.

 

 

4,727,870

 

 

664,900

 

Chevron Corp.

 

 

44,681,280

 

 

353,200

1

Consolidated Edison, Inc.

 

 

17,077,220

 

 

163,500

 

Exxon Mobil Corp.

 

 

11,677,170

 

 

81,600

 

National Fuel Gas Co.

 

 

3,051,840

 

 

87,800

 

Otter Tail Corp.

 

 

2,628,732

 

 

101,700

 

Peoples Energy Corp.

 

 

4,443,273

 

 

119,100

 

Pinnacle West Capital Corp.

 

 

5,694,171

 

 

239,200

 

Progress Energy, Inc.

 

 

11,003,200

 

 

149,300

 

Vectren Corp.

 

 

4,338,658

 

 

19,000

 

WPS Resources Corp.

 

 

1,010,990

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

116,486,550

 

 

 

 

 

 



 

 

 

 

Financial Institutions—35.4%

 

 

 

 

 

42,600

1

Allstate Corp.

 

 

2,613,936

 

 

467,888

 

AmSouth Bancorp

 

 

14,139,575

 

 

142,000

 

Arthur J. Gallagher & Co.

 

 

3,954,700

 

 

206,800

 

Bancorpsouth, Inc.

 

 

5,283,740

 

 

828,800

1

Bank of America Corp.

 

 

44,647,456

 

 

349,400

 

BB&T Corp.

 

 

15,205,888

 

 

92,500

 

Chemical Financial Corp.

 

 

2,766,675

 

 

950,100

1

Citigroup, Inc.

 

 

47,657,016

 

 

294,700

 

Comerica, Inc.

 

 

17,148,593

 

 

557,700

 

Fifth Third Bancorp

 

 

22,224,345

 

 

175,100

 

FirstMerit Corp.

 

 

4,065,822

 

 

36,600

 

Freddie Mac

 

 

2,525,034

 

 

293,701

 

Fulton Financial Corp.

 

 

4,702,153

 

 

194,300

 

KeyCorp

 

 

7,216,302

 

 

262,774

 

Lincoln National Corp.

 

 

16,636,222

 

 

387,800

 

National City Corp.

 

 

14,445,550

 

 

141,341

 

North Fork Bancorporation, Inc.

 

 

4,039,526

 

 

107,100

 

Old Republic Intl. Group

 

 

2,412,963

 

 

186,010

 

Republic Bancorp, Inc.

 

 

2,488,814

 

 

76,900

 

S&T Bancorp, Inc.

 

 

2,603,065

 

 

226,700

 

SunTrust Bank, Inc.

 

 

17,907,033

 

 

116,700

 

Synovus Financial Corp.

 

 

3,428,646

 

 

104,200

 

T. Rowe Price Group, Inc.

 

 

4,929,702

 

 

143,147

 

TD Banknorth, Inc.

 

 

4,234,288

 

 

230,500

 

Washington Federal, Inc.

 

 

5,356,820

 

 

1,103,500

 

Washington Mutual, Inc.

 

 

46,678,050

 

 

1,283,162

 

Wells Fargo & Co.

 

 

46,565,949

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

365,877,863

 

 

 

 

 

 



 

See Notes to Financial Statements.

16



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Health Care—14.0%

 

 

 

 

 

96,800

1

Abbott Laboratories

 

$

4,598,968

 

 

858,100

 

Eli Lilly & Co.

 

 

48,062,181

 

 

97,300

 

Johnson & Johnson

 

 

6,558,020

 

 

875,812

 

Merck & Co., Inc.

 

 

39,779,381

 

 

1,723,300

1

Pfizer, Inc.

 

 

45,925,945

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

144,924,495

 

 

 

 

 

 



 

 

 

 

Industrials—1.1%

 

 

 

 

 

82,400

 

3M Co.

 

 

6,496,416

 

 

442,200

 

ServiceMaster Co.

 

 

5,010,126

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

11,506,542

 

 

 

 

 

 



 

 

 

 

Real Estate Investment Trusts—4.5%

 

 

 

 

 

53,000

 

Colonial Properties Trust

 

 

2,670,670

 

 

104,000

 

Duke Realty Corp.

 

 

4,166,240

 

 

185,500

 

General Growth Properties, Inc.

 

 

9,627,450

 

 

134,700

 

Health Care Property Investors, Inc.

 

 

4,229,580

 

 

119,900

 

Healthcare Realty Trust, Inc.

 

 

4,855,950

 

 

52,800

 

Home Properties, Inc.

 

 

3,335,376

 

 

28,600

 

Kimco Realty Corp.

 

 

1,270,698

 

 

144,700

 

Lexington Corporate Properties Trust

 

 

3,082,110

 

 

55,100

 

Liberty Property Trust

 

 

2,655,820

 

 

123,800

 

National Retail Properties, Inc.

 

 

2,781,786

 

 

44,400

 

Prologis

 

 

2,809,188

 

 

83,200

 

Sun Communities, Inc.

 

 

2,911,168

 

 

66,000

 

United Dominion Realty Trust, Inc.

 

 

2,136,420

 

 

 

 

 

 



 

 

 

 

Total Real Estate Investment Trusts

 

 

46,532,456

 

 

 

 

 

 



 

 

 

 

Technology—0.6%

 

 

 

 

 

26,100

 

Intl. Business Machines Corp.

 

 

2,409,813

 

 

91,300

 

Pitney Bowes, Inc.

 

 

4,264,623

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

6,674,436

 

 

 

 

 

 



 

 

 

 

Telecommunications—3.5%

 

 

 

 

 

63,500

 

Alltel Corp.

 

 

3,385,185

 

 

965,400

 

AT&T, Inc.

 

 

33,064,950

 

 

654

 

Windstream Corp.

 

 

8,973

 

 

 

 

 

 



 

 

 

 

Total Telecommunications

 

 

36,459,108

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $870,017,338)

 

 

910,710,754

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—7.5%

 

 

 

 

 

 

 

Money Market Fund—2.4%

 

 

 

 

 

25,038,604

 

Fidelity Institutional Money Market Prime Portfolio

 

 

25,038,604

 

 

 

 

 

 



 


 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Note—5.1%

 

 

 

 

$

52,600,000

3

Federal Home Loan Bank Discount Note, 4.98%, 11/01/06

 

 

52,600,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $77,638,604)

 

 

77,638,604

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $947,655,9424)

 

 

988,349,358

 

 

 

 

 

 



 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(0.8)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.8)%

 

 

 

 

 

(195

)

3M Co., strike price $80, expires 12/18/06

 

 

(22,425

)

 

(250

)

3M Co., strike price $81, expires 01/12/07

 

 

(29,375

)

 

(56,000

)

Abbott Laboratories, strike price $48.60, expires 12/21/06

 

 

(44,251

)

 

(235

)

Allstate Corp., strike price $62.50, expires 12/18/06

 

 

(14,100

)

 

(350

)

Alltel Corp., strike price $60, expires 11/20/06

 

 

(1,750

)

 

(1,500

)

Altria Group, Inc., strike price $80, expires 11/20/06

 

 

(315,000

)

 

(900

)

Altria Group, Inc., strike price $80, expires 12/18/06

 

 

(281,700

)

 

(900

)

Altria Group, Inc., strike price $85, expires 01/22/07

 

 

(117,000

)

 

(860

)5

AmSouth Bancorp, strike price $30, expires 12/18/06

 

 

(77,400

)

 

(86,000

)

AmSouth Bancorp, strike price $30, expires 12/19/06

 

 

(60,372

)

 

(33,000

)

Anheuser-Busch Co., Inc., strike price $48, expires 01/05/07

 

 

(37,686

)

See Notes to Financial Statements.

17


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(264

)

Anheuser-Busch Co., Inc., strike price $48, expires 12/22/06

 

$

(30,096

)

 

(55,000

)

Arthur J. Gallagher & Co., strike price $28.33, expires 12/15/06

 

 

(21,010

)

 

(150

)

AT&T, Inc., strike price $35, expires 01/22/07

 

 

(9,750

)

 

(1,780

)

AT&T, Inc., strike price $35, expires 12/18/06

 

 

(115,700

)

 

(110,000

)

Atmos Energy Corp., strike price $29, expires 11/17/06

 

 

(198,440

)

 

(335

)

BancorpSouth, Inc., strike price $28.25, expires 11/28/06

 

 

(1,005

)

 

(100,000

)

Bank of America Corp., strike price $53.50, expires 12/15/06

 

 

(102,100

)

 

(306,000

)

Bank of America Corp., strike price $54, expires 11/17/06

 

 

(148,594

)

 

(920

)

BB&T Corp., strike price $43.50, expires 01/05/07

 

 

(111,320

)

 

(100,000

)

BB&T Corp., strike price $44.18, expires 12/15/06

 

 

(56,700

)

 

(250

)

Black Hills Corp., strike price $35, expires 01/05/07

 

 

(16,250

)

 

(250

)

Black Hills Corp., strike price $35, expires 11/20/06

 

 

(10,000

)

 

(250

)

Black Hills Corp., strike price $35, expires 12/18/06

 

 

(22,500

)

 

(51,000

)

Chemical Financial Corp., strike price $30.40, expires 11/10/06

 

 

(11,781

)

 

(1,000

)

Chevron Corp., strike price $65, expires 11/20/06

 

 

(215,000

)

 

(169,000

)

Chevron Corp., strike price $66.60, expires 12/01/06

 

 

(254,053

)

 

(625

)

Chevron Corp., strike price $66.63, expires 12/08/06

 

 

(142,500

)

 

(1,000

)

Citigroup, Inc., strike price $50, expires 11/20/06

 

 

(50,000

)

 

(310

)

Citigroup, Inc., strike price $50, expires 12/18/06

 

 

(29,450

)

 

(263,000

)

Citigroup, Inc., strike price $50.48, expires 12/15/06

 

 

(185,678

)

 

(130,000

)

Citigroup, Inc., strike price $50.50, expires 01/31/07

 

 

(165,100

)

 

(1,700

)

Coca-Cola Co., strike price $46.88, expires 12/20/06

 

 

(149,600

)

 

(1,100

)

Coca-Cola Co., strike price $47.50, expires 01/22/07

 

 

(71,500

)

 

(20,000

)

Colonial Properties Trust, strike price $48, expires 11/17/06

 

 

(50,748

)

 

(10,000

)

Colonial Properties Trust, strike price $50.50, expires 12/15/06

 

 

(10,900

)

 

(450

)

Comerica, Inc., strike price $58.50, expires 11/28/06

 

 

(46,350

)

 

(70,000

)

Comerica, Inc., strike price $58.61, expires 01/05/07

 

 

(95,325

)

 

(500

)

Comerica, Inc., strike price $60, expires 12/18/06

 

 

(32,500

)

 

(204,000

)

ConAgra Foods, Inc., strike price $24.65, expires 11/28/06

 

 

(339,456

)

 

(102,000

)

ConAgra Foods, Inc., strike price $26, expires 12/15/06

 

 

(77,908

)

 

(21,000

)

Consolidated Edison, Inc., strike price $47.90, expires 01/19/07

 

 

(28,371

)

 

(139,000

)

Consolidated Edison, Inc., strike price $48.35, expires 12/08/06

 

 

(81,732

)

 

(45,000

)

Duke Realty Corp., strike price $39, expires 01/19/07

 

 

(81,585

)

 

(192,000

)

Eli Lilly & Co., strike price $57.03, expires 01/05/07

 

 

(217,651

)

 

(193,000

)

Eli Lilly & Co., strike price $57.03, expires 12/22/06

 

 

(180,706

)

 

(87,000

)

Eli Lilly & Co., strike price $58, expires 12/15/06

 

 

(42,500

)

 

(760

)

Exxon Mobil Corp., strike price $70, expires 12/18/06

 

 

(186,200

)

 

(1,150

)

Fifth Third Bancorp, strike price $40, expires 11/20/06

 

 

(63,250

)

 

(1,600

)

Fifth Third Bancorp, strike price $40, expires 12/18/06

 

 

(160,000

)

 

(60,000

)

FirstMerit Corp., strike price $23.35, expires 01/19/07

 

 

(42,690

)

 

(25,000

)

FirstMerit Corp., strike price $23.52, expires 01/30/07

 

 

(17,000

)

 

(11,500

)

FirstMerit Corp., strike price $23.60, expires 12/15/06

 

 

(4,409

)

 

(150

)

Freddie Mac, strike price $70, expires 01/22/07

 

 

(27,750

)

 

(65

)

Freddie Mac, strike price $70, expires 12/18/06

 

 

(9,100

)

 

(216,000

)

General Electric Co., strike price $35.40, expires 12/15/06

 

 

(100,338

)

 

(274,000

)

General Electric Co., strike price $35.95, expires 01/19/07

 

 

(126,588

)

 

(49,000

)

General Growth Properties, Inc., strike price $52.11, expires 11/17/06

 

 

(44,198

)

 

(530

)

General Growth Properties, Inc., strike price $55, expires 12/18/06

 

 

(31,800

)

 

(200

)

Hanesbrands, Inc., strike price $22.50, expires 11/20/06

 

 

(33,000

)

 

(17,000

)

Health Care Property Investors, Inc., strike price $31.10, expires 11/17/06

 

 

(8,245

)

 

(37,000

)

Health Care Property Investors, Inc., strike price $31.70, expires 12/15/06

 

 

(20,017

)

 

(34,000

)

Healthcare Realty Trust, Inc., strike price $41, expires 12/15/06

 

 

(26,520

)

 

(32,000

)

Healthcare Realty Trust, Inc., strike price $41.05, expires 01/05/07

 

 

(31,360

)

 

(290

)

Home Properties, Inc., strike price $57, expires 11/28/06

 

 

(179,220

)

 

(53,500

)

Johnson & Johnson, strike price $69.10, expires 12/15/06

 

 

(22,545

)

 

(58,000

)

KeyCorp, strike price $37.40, expires 01/19/07

 

 

(52,792

)

 

(49,000

)

KeyCorp, strike price $37.71, expires 12/15/06

 

 

(18,375

)

 

(21,000

)

Kimberly-Clark Corp., strike price $67.50, expires 01/19/07

 

 

(25,074

)

 

(30

)

Kimco Realty Corp., strike price $45, expires 11/20/06

 

 

(1,500

)

 

(50

)

La-Z-Boy, Inc., strike price $15, expires 11/20/06

 

 

(250

)

 

(25,200

)

La-Z-Boy, Inc., strike price $16, expires 11/30/06

 

 

(881

)

 

(25,000

)

Lexington Corporate Properties Trust, strike price $21.64, expires 01/19/07

 

 

(18,600

)

 

(30,300

)

Liberty Property Trust, strike price $48.60, expires 12/15/06

 

 

(31,179

)

 

(86,000

)

Lincoln National Corp., strike price $64.10, expires 01/19/07

 

 

(139,664

)

See Notes to Financial Statements.

18


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(58,700

)

Lincoln National Corp., strike price $64.54, expires 11/17/06

 

$

(26,591

)

 

(15

)

McDonald’s Corp., strike price $40, expires 11/20/06

 

 

(3,075

)

 

(250

)

McDonald’s Corp., strike price $42.50, expires 01/22/07

 

 

(21,250

)

 

(345

)

McDonald’s Corp., strike price $42.50, expires 12/18/06

 

 

(20,700

)

 

(267,800

)

Merck & Co., Inc., strike price $46.10, expires 12/15/06

 

 

(216,382

)

 

(173,000

)

Merck & Co., Inc., strike price $46.25, expires 12/15/06

 

 

(128,539

)

 

(67,000

)

National City Corp., strike price $37.35, expires 01/19/07

 

 

(64,320

)

 

(670

)

National City Corp., strike price $37.50, expires 01/22/07

 

 

(70,350

)

 

(350

)

National City Corp., strike price $37.50, expires 12/18/06

 

 

(26,250

)

 

(45,600

)

National Fuel Gas Co., strike price $37.20, expires 12/08/06

 

 

(45,098

)

 

(39,000

)

National Retail Properties, Inc., strike price $22.40, expires 01/19/07

 

 

(41,106

)

 

(29,000

)

National Retail Properties, Inc., strike price $22.67, expires 01/05/07

 

 

(23,635

)

 

(400

)

North Fork Bancorporation, Inc., strike price $30, expires 11/20/06

 

 

(4,000

)

 

(24,000

)

Old Republic Intl. Group, strike price $22, expires 12/08/06

 

 

(19,776

)

 

(24,000

)

Old Republic Intl. Group, strike price $22.70, expires 01/05/07

 

 

(12,019

)

 

(320

)

Otter Tail Corp., strike price $30, expires 11/20/06

 

 

(24,000

)

 

(15,500

)

Otter Tail Corp., strike price $31.35, expires 12/15/06

 

 

(7,030

)

 

(500

)5

Pfizer, Inc., strike price $27.50, expires 12/18/06

 

 

(15,000

)

 

(110,000

)

Pfizer, Inc., strike price $27.75, expires 12/15/06

 

 

(23,980

)

 

(477,500

)

Pfizer, Inc., strike price $28.77, expires 11/17/06

 

 

(17,825

)

 

(63,800

)

Pinnacle West Capital Corp., strike price $48.64, expires 12/15/06

 

 

(28,072

)

 

(192

)

Pitney Bowes, Inc., strike price $45, expires 11/20/06

 

 

(37,440

)

 

(20,500

)

Pitney Bowes, Inc., strike price $47.26, expires 12/15/06

 

 

(9,901

)

 

(450

)

PPG Industries, Inc., strike price $70, expires 01/22/07

 

 

(72,000

)

 

(200

)

PPG Industries, Inc., strike price $70, expires 12/18/06

 

 

(19,000

)

 

(66,500

)

Progress Energy, Inc., strike price $45.80, expires 11/17/06

 

 

(73,882

)

 

(17,000

)

Prologis, strike price $61, expires 01/19/07

 

 

(62,713

)

 

(48,000

)

Republic Bancorp, Inc., strike price $13.40, expires 01/05/07

 

 

(20,160

)

 

(55,000

)

Republic Bancorp, Inc., strike price $13.45, expires 01/18/07

 

 

(17,723

)

 

(30,000

)

RPM Intl., Inc., strike price $19, expires 01/19/07

 

 

(21,436

)

 

(64,000

)

RPM Intl., Inc., strike price $19, expires 12/08/06

 

 

(42,282

)

 

(850

)

Sara Lee Corp., strike price $17.50, expires 01/22/07

 

 

(46,750

)

 

(3,200

)

Sara Lee Corp., strike price $17.50, expires 12/18/06

 

 

(112,000

)

 

(80,000

)

ServiceMaster Co., strike price $11.30, expires 01/05/07

 

 

(22,000

)

 

(75,000

)

ServiceMaster Co., strike price $11.30, expires 12/22/06

 

 

(30,000

)

 

(600

)

ServiceMaster Co., strike price $11.50, expires 11/28/06

 

 

(25,800

)

 

(252

)

Stanley Works, strike price $52.50, expires 01/22/07

 

 

(12,600

)

 

(210

)

Stanley Works, strike price $52.50, expires 11/20/06

 

 

(2,100

)

 

(14,000

)

Sun Communities, Inc., strike price $32.31, expires 11/10/06

 

 

(38,164

)

 

(32,000

)

Sun Communities, Inc., strike price $35.35, expires 01/05/07

 

 

(32,000

)

 

(45,000

)

SunTrust Bank, Inc., strike price $79, expires 01/05/07

 

 

(93,766

)

 

(80,000

)

SunTrust Bank, Inc., strike price $79, expires 12/15/06

 

 

(127,696

)

 

(31,000

)

Synovus Financial Corp., strike price $29.95, expires 01/19/07

 

 

(19,530

)

 

(33,000

)

Synovus Financial Corp., strike price $30, expires 12/08/06

 

 

(11,748

)

 

(28,000

)

T. Rowe Price Group, Inc., strike price $48, expires 11/17/06

 

 

(13,756

)

 

(90

)

T. Rowe Price Group, Inc., strike price $50, expires 01/22/07

 

 

(9,000

)

 

(45,000

)

TD Banknorth, Inc., strike price $29.75, expires 01/05/07

 

 

(27,000

)

 

(175

)

TD Banknorth, Inc., strike price $30, expires 01/22/07

 

 

(14,875

)

 

(175

)

TD Banknorth, Inc., strike price $30, expires 12/18/06

 

 

(11,375

)

 

(19,000

)

United Dominion Realty Trust, Inc., strike price $31.70, expires 01/19/07

 

 

(26,741

)

 

(41,000

)

Vectren Corp., strike price $27.03, expires 11/17/06

 

 

(79,827

)

 

(41,000

)

Vectren Corp., strike price $27.09, expires 12/15/06

 

 

(94,792

)

 

(47,250

)

Washington Federal, Inc., strike price $23, expires 11/30/06

 

 

(30,949

)

 

(47,250

)

Washington Federal, Inc., strike price $23.20, expires 12/15/06

 

 

(32,272

)

 

(32,000

)

Washington Federal, Inc., strike price $23.21, expires 01/19/07

 

 

(21,984

)

 

(150,000

)

Washington Mutual, Inc., strike price $42.60, expires 12/15/06

 

 

(131,085

)

 

(75,000

)

Washington Mutual, Inc., strike price $44, expires 11/10/06

 

 

(1,792

)

 

(45,000

)

Washington Mutual, Inc., strike price $44.25, expires 11/30/06

 

 

(5,382

)

 

(1,984

)

Wells Fargo & Co., strike price $36.38, expires 01/05/07

 

 

(128,960

)

 

(311,000

)

Wells Fargo & Co., strike price $36.45, expires 12/15/06

 

 

(162,435

)

 

(306,000

)

Wells Fargo & Co., strike price $36.70, expires 01/19/07

 

 

(227,970

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($8,225,806))

 

 

(8,637,347

)

 

 

 

 

 



 

See Notes to Financial Statements.

19


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(90,000

)

Pfizer, Inc., strike price $27.50, expires 11/06/06 (premium received ($27,000))

 

$

(94,436

)

 

 

 

 

 



 

 

 

 

Total Outstanding Options Written (premium received ($8,252,806))

 

 

(8,731,783

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—94.8%

 

$

979,617,575

 

 

 

 

Other assets in excess of liabilities—5.2%

 

 

53,509,246

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

1,033,126,821

 

 

 

 

 

 



 


 

 


1

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

2

Non-income producing security.

3

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

4

Cost for Federal income tax purposes is $962,773,576. The net unrealized appreciation on a tax basis is $25,575,782, consisting of $29,679,187 gross unrealized appreciation and $4,103,405 gross unrealized depreciation.

5

Security is fair valued.

 

 

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

See Notes to Financial Statements.

20



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—99.7%

 

 

 

 

 

 

 

Common Stocks—99.7%

 

 

 

 

 

 

 

Automotive—3.5%

 

 

 

 

 

207,000

 

Genuine Parts Co.

 

$

9,422,640

 

 

48,600

 

Harsco Corp.

 

 

3,967,218

 

 

95,000

 

Superior Industries Intl.

 

 

1,605,500

 

 

 

 

 

 



 

 

 

 

Total Automotive

 

 

14,995,358

 

 

 

 

 

 



 

 

 

 

Basic Materials—2.4%

 

 

 

 

 

256,700

 

RPM Intl., Inc.

 

 

4,915,805

 

 

155,300

 

Sonoco Products Co.

 

 

5,510,044

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

10,425,849

 

 

 

 

 

 



 

 

 

 

Building & Development—0.5%

 

 

 

 

 

111,500

 

ABM Industries, Inc.

 

 

2,214,390

 

 

 

 

 

 



 

 

 

 

Consumer Products—13.3%

 

 

 

 

 

152,000

 

Avery Dennison Corp.

 

 

9,597,280

 

 

162,600

 

La-Z-Boy, Inc.

 

 

1,991,850

 

 

82,000

 

Lancaster Colony Corp.

 

 

3,325,100

 

 

82,300

 

Meridian Bioscience, Inc.

 

 

1,897,015

 

 

260,000

 

Pier 1 Imports, Inc.

 

 

1,700,400

 

 

76,800

 

Polaris Industries, Inc.

 

 

3,288,576

 

 

167,450

 

Sherwin-Williams Co.

 

 

9,918,064

 

 

164,100

 

Stanley Works

 

 

7,819,365

 

 

146,900

 

Supervalu, Inc.

 

 

4,906,460

 

 

65,900

 

Universal Corp.

 

 

2,426,438

 

 

143,000

 

VF Corp.

 

 

10,869,430

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

57,739,978

 

 

 

 

 

 



 

 

 

 

Energy—17.0%

 

 

 

 

 

50,400

 

American States Water Co.

 

 

2,116,800

 

 

174,200

 

Atmos Energy Corp.

 

 

5,353,166

 

 

59,600

 

Black Hills Corp.

 

 

2,056,796

 

 

66,000

 

California Water Service Group

 

 

2,567,400

 

 

195,400

 

Consolidated Edison, Inc.

 

 

9,447,590

 

 

217,200

 

MDU Resources Group, Inc.

 

 

5,577,696

 

 

85,200

 

MGE Energy, Inc.

 

 

2,913,840

 

 

146,400

 

National Fuel Gas Co.

 

 

5,475,360

 

 

47,000

 

New Jersey Resources Corp.

 

 

2,437,420

 

 

99,500

 

Otter Tail Corp.

 

 

2,979,030

 

 

116,500

 

Peoples Energy Corp.

 

 

5,089,885

 

 

166,500

 

Piedmont Natural Gas Co.

 

 

4,495,500

 

 

106,700

 

Pinnacle West Capital Corp.

 

 

5,101,327

 

 

151,200

 

UGI Corp.

 

 

4,006,800

 

 

182,200

 

Vectren Corp.

 

 

5,294,732

 

 

149,000

 

WGL Holdings, Inc.

 

 

4,835,050

 

 

72,800

 

WPS Resources Corp.

 

 

3,873,688

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

73,622,080

 

 

 

 

 

 



 

 

 

 

Financial Institutions—40.7%

 

 

 

 

 

73,900

 

Alfa Corp.

 

 

1,364,933

 

 

297,100

 

AmSouth Bancorp

 

 

8,978,362

 

 

115,500

 

Arthur J. Gallagher & Co.

 

 

3,216,675

 

 

249,515

 

Associated Banc-Corp.

 

 

8,194,073

 

 

138,300

 

Astoria Financial Corp.

 

 

4,012,083

 

 

180,473

 

Bancorpsouth, Inc.

 

 

4,611,085

 

 

64,500

 

Bank of Hawaii Corp.

 

 

3,364,965

 

 

55,679

 

Chemical Financial Corp.

 

 

1,665,359

 

 

190,842

 

Cincinnati Financial Corp.

 

 

8,711,937

 

 

151,100

 

Comerica, Inc.

 

 

8,792,509

 

 

101,200

 

Commerce Group, Inc.

 

 

2,995,520

 

 

105,000

 

Community Bank System, Inc.

 

 

2,609,250

 

 

158,400

 

Compass Bancshares, Inc.

 

 

8,911,584

 

 

41,940

 

Erie Indemnity Co., Class A

 

 

2,124,261

 

 

212,200

 

Fidelity National Financial, Inc.

 

 

4,732,060

 

See Notes to Financial Statements.

21


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Strategic Dividend AchieversTM Trust (BDT) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

222,328

 

Fidelity National Title Group, Inc.

 

$

4,893,439

 

 

84,400

 

First Charter Corp.

 

 

2,100,716

 

 

186,000

 

First Commonwealth Financial Corp.

 

 

2,486,820

 

 

61,000

 

First Financial Holdings, Inc.

 

 

2,203,930

 

 

174,400

 

FirstMerit Corp.

 

 

4,049,568

 

 

140,000

 

FNB Corp.

 

 

2,370,200

 

 

244,125

 

Fulton Financial Corp.

 

 

3,908,441

 

 

100,900

 

Harleysville Group, Inc.

 

 

3,640,472

 

 

43,348

 

Harleysville National Corp.

 

 

925,913

 

 

73,600

 

Mercury General Corp.

 

 

3,810,272

 

 

204,045

 

Old National Bancorp

 

 

3,872,774

 

 

378,625

 

Old Republic Intl. Group

 

 

8,530,421

 

 

38,805

 

Park National Corp.

 

 

3,934,439

 

 

278,750

 

People’s Bank

 

 

11,345,125

 

 

295,000

 

Popular, Inc.

 

 

5,366,050

 

 

163,834

 

Republic Bancorp, Inc.

 

 

2,192,099

 

 

59,800

 

S&T Bancorp, Inc.

 

 

2,024,230

 

 

142,800

 

Sky Financial Group, Inc.

 

 

3,577,140

 

 

96,600

 

Sterling Bancorp

 

 

1,881,768

 

 

78,900

 

Susquehanna Bancshares, Inc.

 

 

1,971,711

 

 

150,000

 

TCF Financial Corp.

 

 

3,904,500

 

 

150,354

 

TD Banknorth, Inc.

 

 

4,447,471

 

 

98,400

 

United Bankshares, Inc.

 

 

3,757,896

 

 

175,130

 

Valley National Bancorp

 

 

4,563,888

 

 

161,810

 

Washington Federal, Inc.

 

 

3,760,465

 

 

68,400

 

WesBanco, Inc.

 

 

2,240,100

 

 

112,200

 

Wilmington Trust Corp.

 

 

4,665,276

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

176,709,780

 

 

 

 

 

 



 

 

 

 

Health Care—1.1%

 

 

 

 

 

80,000

 

Hillenbrand Industries, Inc.

 

 

4,694,400

 

 

 

 

 

 



 

 

 

 

Industrials—8.2%

 

 

 

 

 

46,300

 

Bandag, Inc.

 

 

2,032,107

 

 

146,500

 

Bemis Co.

 

 

4,925,330

 

 

320,000

 

Leggett & Platt, Inc.

 

 

7,472,000

 

 

162,000

 

LSI Industries, Inc.

 

 

2,907,900

 

 

74,600

 

McGrath Rentcorp

 

 

2,014,200

 

 

312,000

 

ServiceMaster Co.

 

 

3,534,960

 

 

97,600

 

Vulcan Materials Co.

 

 

7,952,448

 

 

67,400

 

WW Grainger, Inc.

 

 

4,905,372

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

35,744,317

 

 

 

 

 

 



 

 

 

 

Media—0.9%

 

 

 

 

 

169,800

 

New York Times Co.

 

 

4,104,066

 

 

 

 

 

 



 

 

 

 

Real Estate Investment Trusts—10.0%

 

 

 

 

 

67,000

 

Colonial Properties Trust

 

 

3,376,130

 

 

91,000

 

Duke Realty Corp.

 

 

3,645,460

 

 

44,400

 

EastGroup Properties, Inc.

 

 

2,363,412

 

 

97,300

 

Health Care Property Investors, Inc.

 

 

3,055,220

 

 

63,600

 

Healthcare Realty Trust, Inc.

 

 

2,575,800

 

 

132,000

 

Lexington Corporate Properties Trust

 

 

2,811,600

 

 

71,500

 

Liberty Property Trust

 

 

3,446,300

 

 

148,200

 

National Retail Properties, Inc.

 

 

3,330,054

 

 

122,700

 

Realty Income Corp.

 

 

3,239,280

 

 

86,500

 

Sun Communities, Inc.

 

 

3,026,635

 

 

70,300

 

United Dominion Realty Trust, Inc.

 

 

2,275,611

 

 

89,200

 

Universal Health Realty Income Trust

 

 

3,470,772

 

 

70,500

 

Washington Real Estate Investment Trust

 

 

2,971,575

 

 

81,150

 

Weingarten Realty Investors

 

 

3,773,475

 

 

 

 

 

 



 

 

 

 

Total Real Estate Investment Trusts

 

 

43,361,324

 

 

 

 

 

 



 

See Notes to Financial Statements.

22


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Strategic Dividend AchieversTM Trust (BDT) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Technology—2.1%

 

 

 

 

 

197,700

 

Pitney Bowes, Inc.

 

$

9,234,567

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $376,602,742)

 

 

432,846,109

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—0.3%

 

 

 

 

 

1,282,823

 

Fidelity Institutional Money Market Prime Portfolio (cost $1,282,823)

 

 

1,282,823

 

 

 

 

 

 



 

 

 

 

Total investments—100.0% (cost $377,885,5651)

 

$

434,128,932

 

 

 

 

Liabilities in excess of other assets—0.0%

 

 

(191,247

)

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

433,937,685

 

 

 

 

 

 



 


 

 


1

Cost for Federal income tax purposes is $377,045,254. The net unrealized appreciation on a tax basis is $57,083,678, consisting of $66,746,606 gross unrealized appreciation and $9,662,928 gross unrealized depreciation.

 

 

 

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

See Notes to Financial Statements.

23



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Global Energy and Resources Trust (BGR)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

LONG-TERM INVESTMENTS—96.2%

 

 

 

 

 

 

 

Common Stocks—96.2%

 

 

 

 

 

 

 

Chemicals—1.9%

 

 

 

 

 

131,100

 

Potash Corp. of Saskatchewan

 

$

16,374,390

 

 

 

 

 

 



 

 

 

 

Coal—12.5%

 

 

 

 

 

507,200

1

Arch Coal, Inc.

 

 

17,564,336

 

 

612,200

 

Consol Energy, Inc.

 

 

21,665,758

 

 

486,800

 

Massey Energy Co.

 

 

12,291,700

 

 

383,685

 

Natural Resource Partners LP

 

 

19,989,989

 

 

466,600

 

Peabody Energy Corp.

 

 

19,583,202

 

 

728,000

 

Penn Virginia Resource Partner

 

 

19,037,200

 

 

 

 

 

 



 

 

 

 

Total Coal

 

 

110,132,185

 

 

 

 

 

 



 

 

 

 

Commercial Services—0.5%

 

 

 

 

 

658,400

 

Eveready Income Fund

 

 

4,162,821

 

 

 

 

 

 



 

 

 

 

Electric—0.7%

 

 

 

 

 

80,300

 

Dominion Resources, Inc.

 

 

6,503,497

 

 

 

 

 

 



 

 

 

 

Gas—3.7%

 

 

 

 

 

215,500

1

Atmos Energy Corp.

 

 

6,622,315

 

 

613,800

 

Keyera Facilities Income Fund

 

 

11,762,746

 

 

303,100

 

NiSource, Inc.

 

 

7,053,137

 

 

244,600

 

South Jersey Industries, Inc.

 

 

7,565,478

 

 

 

 

 

 



 

 

 

 

Total Gas

 

 

33,003,676

 

 

 

 

 

 



 

 

 

 

Iron & Steel—0.3%

 

 

 

 

 

75,000

 

Tenaris SA (ADR)

 

 

2,894,250

 

 

 

 

 

 



 

 

 

 

Metal—0.5%

 

 

 

 

 

19,000

 

Vallourec, Inc.

 

 

4,728,721

 

 

 

 

 

 



 

 

 

 

Mining—3.3%

 

 

 

 

 

234,300

1

BHP Billiton Ltd. (ADR)

 

 

9,974,151

 

 

55,000

 

Cameco Corp.

 

 

1,932,150

 

 

24,400

2

Glamis Gold Ltd.

 

 

1,076,040

 

 

40,880

 

Rio Tinto PLC

 

 

2,255,212

 

 

7,300

 

Rio Tinto PLC (ADR)

 

 

1,616,147

 

 

208,700

 

Royal Gold, Inc.

 

 

6,144,128

 

 

25,600

 

Teck Cominco Ltd., Class B

 

 

1,884,408

 

 

349,800

 

Zinifex Ltd.

 

 

4,109,048

 

 

 

 

 

 



 

 

 

 

Total Mining

 

 

28,991,284

 

 

 

 

 

 



 

 

 

 

Oil & Gas—43.4%

 

 

 

 

 

82,400

2

Acergy SA

 

 

1,490,596

 

 

195,000

2

Acergy SA (ADR)

 

 

3,539,250

 

 

113,696

 

Anadarko Petroleum Corp.

 

 

5,277,768

 

 

364,000

 

ARC Energy Trust

 

 

8,933,470

 

 

535,600

 

Baytex Energy Trust

 

 

11,637,775

 

 

730,273

 

BG Group PLC

 

 

9,688,588

 

 

108,000

 

Bonavista Energy Trust

 

 

3,221,871

 

 

63,800

2

Cameron Intl. Corp.

 

 

3,196,380

 

 

144,800

 

Canadian Natural Resources Ltd.

 

 

7,551,320

 

 

321,900

 

Chesapeake Energy Corp.

 

 

10,442,436

 

 

309,800

2

Compton Petroleum Corp.

 

 

3,288,495

 

 

144,600

 

ConocoPhillips

 

 

8,710,704

 

 

71,231

2

Core Laboratories NV

 

 

5,192,028

 

 

44,800

 

Devon Energy Corp.

 

 

2,994,432

 

 

76,000

 

Diamond Offshore Drilling, Inc.

 

 

5,261,480

 

 

155,700

 

EnCana Corp.

 

 

7,394,193

 

 

124,400

 

Enerplus Resources Fund

 

 

6,736,510

 

 

124,800

 

ENSCO Intl., Inc.

 

 

6,111,456

 

 

346,800

 

EOG Resources, Inc.

 

 

23,072,604

 

 

71,700

 

Exxon Mobil Corp.

 

 

5,120,814

 

 

215,417

2

Fairquest Energy Ltd.

 

 

815,283

 

 

92,000

2

FMC Technologies, Inc.

 

 

5,561,400

 

 

318,300

 

Focus Energy Trust

 

 

6,652,568

 

See Notes to Financial Statements.

24


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

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

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Oil & Gas—(cont’d)

 

 

 

 

 

205,500

2

Forest Oil Corp.

 

$

6,707,520

 

 

94,100

 

GlobalSantaFe Corp.

 

 

4,883,790

 

 

166,500

1,2

Grant Prideco, Inc.

 

 

6,288,705

 

 

89,900

1,2

Helix Energy Solutions Group, Inc.

 

 

2,903,770

 

 

181,900

2

Hercules Offshore, Inc.

 

 

6,479,278

 

 

131,700

 

Hess Corp.

 

 

5,584,080

 

 

159,600

 

Husky Energy, Inc.

 

 

10,164,827

 

 

93,100

 

Marathon Oil Corp.

 

 

8,043,840

 

 

250,800

2

Nabors Industries Ltd.

 

 

7,744,704

 

 

153,058

2

National Oilwell Varco, Inc.

 

 

9,244,703

 

 

186,100

2

Newfield Exploration Co.

 

 

7,591,019

 

 

194,300

 

Noble Energy, Inc.

 

 

9,448,809

 

 

424,000

 

Norsk Hydro ASA

 

 

9,745,673

 

 

236,400

 

Penn West Energy Trust

 

 

8,885,920

 

 

72,500

 

Petroleo Brasileiro SA (ADR)

 

 

6,435,100

 

 

177,600

 

Precision Drilling Corp.

 

 

5,090,016

 

 

56,054

 

PrimeWest Energy Trust

 

 

1,433,301

 

 

224,700

 

Progress Energy Trust

 

 

3,161,548

 

 

358,000

 

Saipem SpA

 

 

8,443,849

 

 

199,800

2

Savanna Energy Services Corp.

 

 

3,554,926

 

 

235,600

 

SBM Offshore NV

 

 

6,973,190

 

 

81,600

 

Schlumberger Ltd.

 

 

5,147,328

 

 

50,0002

 

Southwestern Energy Co.

 

 

1,779,000

 

 

142,300

 

Statoil ASA

 

 

3,597,310

 

 

353,400

 

Statoil ASA (ADR)

 

 

8,962,224

 

 

121,600

 

Suncor Energy, Inc.

 

 

9,320,640

 

 

460,500

 

Talisman Energy, Inc.

 

 

7,602,855

 

 

67,400

 

Total SA (ADR)

 

 

4,592,636

 

 

252,900

2

Transocean, Inc.

 

 

18,345,366

 

 

241,200

 

Trican Well Service Ltd.

 

 

4,231,390

 

 

399,900

 

Vermilion Energy Trust

 

 

13,105,054

 

 

265,424

2

Weatherford Intl. Ltd.

 

 

10,903,618

 

 

174,200

 

Zargon Energy Trust

 

 

5,114,541

 

 

 

 

 

 



 

 

 

 

Total Oil & Gas

 

 

383,401,951

 

 

 

 

 

 



 

 

 

 

Pipelines—24.5%

 

 

 

 

 

451,400

 

AltaGas Income Trust

 

 

11,528,699

 

 

245,900

 

Boardwalk Pipeline Partners LP

 

 

7,072,084

 

 

51,387

 

Crosstex Energy LP

 

 

1,927,012

 

 

1,125,000

2,3

Duke Energy Income Fund

 

 

12,192,217

 

 

484,900

 

Energy Transfer Partners LP

 

 

23,731,006

 

 

756,905

 

Enterprise Products Partners LP

 

 

20,799,749

 

 

400,905

2

Kinder Morgan Management LLC

 

 

17,391,251

 

 

580,500

 

Magellan Midstream Partners LP

 

 

22,691,745

 

 

359,700

 

Oneok Partners LP

 

 

21,815,805

 

 

194,600

 

Oneok, Inc.

 

 

8,101,198

 

 

265,500

 

Pembina Pipeline Income Fund

 

 

4,094,982

 

 

517,700

 

Plains All American Pipeline LP

 

 

24,518,272

 

 

97,000

 

Questar Corp.

 

 

7,903,560

 

 

413,400

 

TEPPCO Partners LP

 

 

16,296,228

 

 

176,200

 

Valero LP

 

 

9,444,320

 

 

190,600

 

Williams Partners LP

 

 

6,977,866

 

 

 

 

 

 



 

 

 

 

Total Pipelines

 

 

216,485,994

 

 

 

 

 

 



 

 

 

 

Transportation—4.9%

 

 

 

 

 

600

 

AP Moller-Maersk A/S

 

 

5,434,885

 

 

800,000

 

Aries Maritime Transport Ltd.

 

 

8,392,000

 

 

725,000

 

Double Hull Tankers, Inc.

 

 

10,208,000

 

 

175,000

 

Nordic American Tanker Shipping

 

 

6,046,250

 

 

606,000

 

Ship Finance Intl. Ltd.

 

 

12,768,419

 

 

 

 

 

 



 

 

 

 

Total Transportation

 

 

42,849,554

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $707,255,129)

 

 

849,528,323

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—1.8%

 

 

 

 

 

15,389,320

 

Fidelity Institutional Money Market Prime Portfolio (cost $15,389,320)

 

 

15,389,320

 

 

 

 

 

 



 

See Notes to Financial Statements.

25


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

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

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING OPTIONS PURCHASED—0.0%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

250

 

Arch Coal, Inc., strike price $45, expires 11/03/06

 

$

 

 

100

3

Newfield Exploration Co., strike price $55, expires 12/18/06

 

 

500

 

 

250

 

Newfield Exploration Co., strike price $55.50, expires 11/03/06

 

 

 

 

40,000

 

Peabody Energy Corp., strike price $70, expires 11/17/06

 

 

24

 

 

450

 

Precision Drilling Corp., strike price $35, expires 12/18/06

 

 

6,750

 

 

100

 

Suncor Energy, Inc, strike price $95, expires 12/18/06

 

 

1,500

 

 

500

 

Transocean Sedco Forex, Inc, strike price $75, expires 11/20/06

 

 

80,000

 

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Purchased (cost $206,446)

 

 

88,774

 

 

 

 

 

 



 

 

 

 

OUTSTANDING PUT OPTIONS PURCHASED—0.0%

 

 

 

 

 

100

 

National-Oilwell Varco, Inc., strike price $65, expires 11/20/06

 

 

48,000

 

 

100

 

Transocean, Inc., strike price $70, expires 11/20/06

 

 

14,500

 

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Purchased (cost $105,600)

 

 

62,500

 

 

 

 

 

 



 

 

 

 

Total outstanding options purchased (cost $312,046)

 

 

151,274

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $722,956,4954)

 

 

865,068,917

 

 

 

 

 

 



 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(0.4)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.3)%

 

 

 

 

 

(35,000

)

Acergy SA (ADR), strike price $19, expires 12/15/06

 

 

(37,590

)

 

(250

)

Acergy SA (ADR), strike price $20, expires 11/20/06

 

 

(3,750

)

 

(100

)

Anadarko Petroleum Corp., strike price $52.50, expires 01/22/07

 

 

(8,000

)

 

(100

)

Anadarko Petroleum Corp., strike price $57.50, expires 11/20/06

 

 

(500

)

 

(500

)

Arch Coal, Inc., strike price $40, expires 01/22/07

 

 

(60,000

)

 

(250

)

Arch Coal, Inc., strike price $40, expires 12/18/06

 

 

(17,500

)

 

(250

)

Arch Coal, Inc., strike price $46, expires 11/03/06

 

 

 

 

(25,000

)

Arch Coal, Inc., strike price $51, expires 11/17/06

 

 

(75

)

 

(50,000

)

Atmos Energy Corp., strike price $29, expires 11/17/06

 

 

(90,200

)

 

(70

)

BG Group PLC, strike price 7.50 GBP, expires 03/16/07

 

 

(46,735

)

 

(150

)

BG Group PLC, strike price 7.50 GBP, expires 12/15/06

 

 

(4,578

)

 

(250

)

BHP Billiton Ltd. (ADR), strike price $45, expires 12/18/06

 

 

(22,500

)

 

(25,000

)

BHP Billiton Ltd. (ADR), strike price $47.50, expires 01/19/07

 

 

(22,493

)

 

(250

)

BHP Billiton Ltd. (ADR), strike price $48, expires 11/03/06

 

 

 

 

(200

)

BHP Billiton Ltd. (ADR), strike price $50, expires 11/20/06

 

 

(2,000

)

 

(150

)

Cameco Corp., strike price $45, expires 12/18/06

 

 

(1,500

)

 

(100

)

Cameron Intl. Corp., strike price $55, expires 11/20/06

 

 

(2,500

)

 

(200

)

Canadian Natural Resources Ltd., strike price $60, expires 01/22/07

 

 

(26,000

)

 

(100

)

Canadian Natural Resources Ltd., strike price $60, expires 12/18/06

 

 

(6,500

)

 

(25,000

)

Canadian Natural Resources Ltd., strike price $61, expires 11/17/06

 

 

(2,750

)

 

(600

)

Chesapeake Energy Corp., strike price $35, expires 01/22/07

 

 

(45,000

)

 

(250

)

Chesapeake Energy Corp., strike price $35, expires 11/03/06

 

 

 

 

(25,000

)

Chesapeake Energy Corp., strike price $35.50, expires 11/17/06

 

 

(1,175

)

 

(100

)

ConocoPhillips, strike price $75, expires 11/20/06

 

 

(500

)

 

(100

)

ConocoPhillips, strike price $80, expires 11/20/06

 

 

(500

)

 

(300

)

Consol Energy, Inc., strike price $40, expires 01/22/07

 

 

(34,500

)

 

(300

)

Consol Energy, Inc., strike price $40, expires 12/18/06

 

 

(18,000

)

 

(300

)

Consol Energy, Inc., strike price $42.50, expires 01/22/07

 

 

(22,500

)

 

(60,000

)

Consol Energy, Inc., strike price $46, expires 11/17/06

 

 

(120

)

 

(25,000

)

Core Laboratories NV, strike price $80, expires 11/17/06

 

 

(12,750

)

 

(100

)

Devon Energy Corp., strike price $70, expires 01/22/07

 

 

(31,000

)

 

(200

)

Devon Energy Corp., strike price $70, expires 11/20/06

 

 

(20,000

)

 

(25,000

)

Diamond Offshore Drilling, Inc., strike price $82, expires 01/31/07

 

 

(38,500

)

 

(200

)

Diamond Offshore Drilling, Inc., strike price $95, expires 12/18/06

 

 

(1,000

)

 

(25,000

)

Diamond Offshore Drilling, Inc., strike price $96, expires 11/20/06

 

 

(25

)

 

(250

)

Dominion Resources, Inc., strike price $78.75, expires 11/10/06

 

 

(62,500

)

 

(35,000

)

Dominion Resources, Inc., strike price $80.25, expires 11/17/06

 

 

(56,438

)

 

(200

)

Dominion Resources, Inc., strike price $85, expires 01/22/07

 

 

(16,000

)

 

(200

)

EnCana Corp., strike price $55, expires 01/22/07

 

 

(15,200

)

 

(25,000

)

EnCana Corp., strike price $58, expires 11/03/06

 

 

 

 

(25,000

)

EnCana Corp., strike price $60, expires 11/17/06

 

 

(200

)

 

(250

)

ENSCO Intl., Inc., strike price $51, expires 11/03/06

 

 

(4,750

)

 

(100

)

ENSCO Intl., Inc., strike price $55, expires 01/22/07

 

 

(17,500

)

 

(150

)

ENSCO Intl., Inc., strike price $55, expires 12/18/06

 

 

(13,500

)

See Notes to Financial Statements.

26


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

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

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

EOG Resources, Inc., strike price $75, expires 01/22/07

 

$

(36,250

)

 

(100

)

EOG Resources, Inc., strike price $75, expires 12/18/06

 

 

(6,000

)

 

(250

)

EOG Resources, Inc., strike price $81, expires 11/03/06

 

 

 

 

(35,000

)

Exxon Mobil Corp., strike price $69.30, expires 11/06/06

 

 

(58,536

)

 

(36,700

)

Exxon Mobil Corp., strike price $71.05, expires 12/15/06

 

 

(78,736

)

 

(100

)

FMC Technologies, Inc., strike price $70, expires 01/22/07

 

 

(13,000

)

 

(250

)

FMC Technologies, Inc., strike price $72.50, expires 11/03/06

 

 

 

 

(250

)

Forest Oil Corp., strike price $40, expires 11/20/06

 

 

(1,250

)

 

(100

)

Glamis Gold Ltd., strike price $40, expires 11/20/06

 

 

(46,000

)

 

(100

)

Glamis Gold Ltd., strike price $55, expires 11/20/06

 

 

(500

)

 

(100

)

GlobalSantaFe Corp., strike price $55, expires 01/22/07

 

 

(21,000

)

 

(25,000

)

GlobalSantaFe Corp., strike price $60, expires 12/15/06

 

 

(9,771

)

 

(250

)

Grant Prideco, Inc., strike price $55, expires 11/03/06

 

 

 

 

(40,000

)

Hercules Offshore, Inc., strike price $37, expires 11/17/06

 

 

(47,920

)

 

(200

)

Hess Corp., strike price $60, expires 11/20/06

 

 

(1,000

)

 

(200

)

Husky Energy, Inc., strike price 74 CAD, expires 12/18/06

 

 

(18,701

)

 

(200

)

Husky Energy, Inc., strike price 76 CAD, expires 12/18/06

 

 

(11,577

)

 

(100

)

Marathon Oil Corp., strike price $90, expires 11/20/06

 

 

(7,500

)

 

(250

)

Marathon Oil Corp., strike price $91, expires 11/03/06

 

 

(2,000

)

 

(250

)

Nabors Industries Ltd., strike price $37.50, expires 11/03/06

 

 

 

 

(25,000

)

Nabors Industries Ltd., strike price $38, expires 11/17/06

 

 

(468

)

 

(250

)

National Oilwell Varco, Inc., strike price $70, expires 02/19/07

 

 

(42,500

)

 

(200

)

National Oilwell Varco, Inc., strike price $75, expires 11/20/06

 

 

(1,000

)

 

(250

)

Newfield Exploration Co., strike price $50, expires 01/22/07

 

 

(15,000

)

 

(250

)

Newfield Exploration Co., strike price $56, expires 11/03/06

 

 

 

 

(200

)

Newfield Exploration Co., strike price $60, expires 12/18/06

 

 

(1,000

)

 

(100

)

Noble Energy, Inc., strike price $55, expires 02/19/07

 

 

(13,000

)

 

(400

)

Noble Energy, Inc., strike price $55, expires 11/20/06

 

 

(4,000

)

 

(106,000

)

Norsk Hydro ASA, strike price 192.24 NOK, expires 11/07/06

 

 

 

 

(50,000

)

Oneok, Inc., strike price $41.75, expires 01/19/07

 

 

(86,550

)

 

(25,000

)

Oneok, Inc., strike price $41.75, expires 12/15/06

 

 

(30,325

)

 

(300

)

Peabody Energy Corp., strike price $50, expires 01/22/07

 

 

(28,500

)

 

(40,000

)

Peabody Energy Corp., strike price $71, expires 11/17/06

 

 

(20

)

 

(15,000

)

Petroleo Brasileiro SA (ADR), strike price $101, expires 11/17/06

 

 

(6,207

)

 

(150

)

Petroleo Brasileiro SA (ADR), strike price $95, expires 01/22/07

 

 

(32,250

)

 

(10,000

)

Petroleo Brasileiro SA (ADR), strike price $96, expires 11/03/06

 

 

 

 

(200

)

Potash Corp. of Saskatchewan, strike price $115, expires 12/18/06

 

 

(248,000

)

 

(200

)

Potash Corp. of Saskatchewan, strike price $120, expires 03/19/07

 

 

(262,000

)

 

(450

)

Potash Corp. of Saskatchewan, strike price $125, expires 01/22/07

 

 

(320,850

)

 

(450

)

Precision Drilling Corp., strike price $40, expires 12/18/06

 

 

(2,250

)

 

(200

)

Questar Corp., strike price $85, expires 11/20/06

 

 

(13,000

)

 

(10,000

)

Questar Corp., strike price $86, expires 11/17/06

 

 

(3,520

)

 

(200

)

Questar Corp., strike price $90, expires 01/22/07

 

 

(23,000

)

 

(70

)3

Rio Tinto PLC, strike price $220, expires 01/22/07

 

 

(6,650

)

 

(50,000

)

Royal Gold, Inc., strike price $36, expires 11/17/06

 

 

(3,651

)

 

(90,500

)

Saipem SpA, strike price 19 EUR, expires 11/02/06

 

 

(10,430

)

 

(500

)

SBM Offshore NV, strike price 24 EUR, expires 12/15/06

 

 

(22,336

)

 

(100

)

Schlumberger Ltd., strike price $65, expires 11/20/06

 

 

(10,000

)

 

(100

)

Schlumberger Ltd., strike price $70, expires 01/22/07

 

 

(15,200

)

 

(100

)

Schlumberger Ltd., strike price $75, expires 11/20/06

 

 

(500

)

 

(30,000

)

Southwestern Energy Co., strike price $38, expires 11/03/06

 

 

(1,684

)

 

(100

)

Southwestern Energy Co., strike price $40, expires 01/22/07

 

 

(12,500

)

 

(100

)

Southwestern Energy Co., strike price $40, expires 12/18/06

 

 

(8,000

)

 

(25,000

)

Statoil ASA (ADR), strike price $31, expires 12/15/06

 

 

(1,731

)

 

(250

)

Statoil ASA (ADR), strike price $34, expires 11/03/06

 

 

 

 

(100

)

Suncor Energy, Inc., strike price $100, expires 12/18/06

 

 

(1,000

)

 

(100

)

Suncor Energy, Inc., strike price $105, expires 12/18/06

 

 

(500

)

 

(100

)

Suncor Energy, Inc., strike price $85, expires 01/22/07

 

 

(23,000

)

 

(200

)

Suncor Energy, Inc., strike price $85, expires 12/18/06

 

 

(25,000

)

 

(100

)

Suncor Energy, Inc., strike price $90, expires 01/22/07

 

 

(12,000

)

 

(250

)

Talisman Energy, Inc., strike price $20.25, expires 11/03/06

 

 

 

 

(25,000

)

Talisman Energy, Inc., strike price $20.25, expires 12/15/06

 

 

(1,760

)

 

(50,000

)

Talisman Energy, Inc., strike price $20.50, expires 11/17/06

 

 

(874

)

 

(100

)

Teck Cominco Ltd., Class B, strike price 80 CAD, expires 12/18/06

 

 

(49,424

)

See Notes to Financial Statements.

27


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

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

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

Tenaris SA (ADR), strike price $43, expires 11/03/06

 

$

 

 

(100

)

Tenaris SA (ADR), strike price $45, expires 03/19/07

 

 

(13,500

)

 

(25,000

)

Tenaris SA (ADR), strike price $46, expires 11/17/06

 

 

 

 

(100

)3

Total SA (ADR), strike price $70, expires 02/19/07

 

 

(28,500

)

 

(100

)

Total SA (ADR), strike price $70, expires 11/20/06

 

 

(4,500

)

 

(1,000

)

Transocean, Inc., strike price $80, expires 11/20/06

 

 

(40,000

)

 

(250

)

Transocean, Inc., strike price $85, expires 01/22/07

 

 

(36,250

)

 

(300

)

Transocean, Inc., strike price $95, expires 11/20/06

 

 

(1,500

)

 

(100

)

Weatherford Intl. Ltd., strike price $50, expires 01/22/07

 

 

(5,500

)

 

(350

)

Weatherford Intl. Ltd., strike price $60, expires 11/20/06

 

 

(1,750

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($5,347,629))

 

 

(2,597,750

)

 

 

 

 

 



 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%

 

 

 

 

 

(35,000

)

Anadarko Petroleum Corp., strike price $44, expires 11/30/06

 

 

(27,359

)

 

(37,500

)

Arch Coal, Inc., strike price $33.05, expires 12/01/06

 

 

(54,375

)

 

(210

)

Cameron Intl. Corp., strike price $45, expires 11/20/06

 

 

(5,250

)

 

(30,000

)

Canadian Natural Resources Ltd., strike price $49.32, expires 12/01/06

 

 

(67,500

)

 

(30,000

)

ConocoPhillips, strike price $59, expires 11/30/06

 

 

(33,570

)

 

(100

)

ConocoPhillips, strike price $60, expires 11/20/06

 

 

(12,500

)

 

(17,000

)

Consol Energy, Inc., strike price $35.51, expires 12/01/06

 

 

(30,378

)

 

(20,000

)

Diamond Offshore Drilling, Inc., strike price $66.91, expires 12/01/06

 

 

(42,846

)

 

(25,000

)

Diamond Offshore Drilling, Inc., strike price $67.02, expires 12/01/06

 

 

(52,000

)

 

(20,000

)

EnCana Corp., strike price $44, expires 11/30/06

 

 

(9,618

)

 

(20,000

)

EnCana Corp., strike price $45.80, expires 12/01/06

 

 

(19,380

)

 

(20,000

)

ENSCO Intl., Inc., strike price $46.32, expires 12/01/06

 

 

(24,344

)

 

(25,000

)

GlobalSantaFe Corp., strike price $50.28, expires 12/01/06

 

 

(36,500

)

 

(350

)

Grant Prideco, Inc., strike price $36.75, expires 11/30/06

 

 

(49,350

)

 

(10,000

)

Hess Corp., strike price $40.06, expires 12/01/06

 

 

(11,140

)

 

(100

)

Hess Corp., strike price $41.63, expires 11/20/06

 

 

(10,000

)

 

(25,000

)

Nabors Industries Ltd., strike price $29.75, expires 12/01/06

 

 

(19,750

)

 

(32,000

)

National Oilwell Varco, Inc., strike price $57.98, expires 12/01/06

 

 

(53,440

)

 

(300

)

National Oilwell Varco, Inc., strike price $60, expires 11/20/06

 

 

(66,000

)

 

(14,000

)

Newfield Exploration Co., strike price $38.67, expires 12/01/06

 

 

(14,348

)

 

(30,000

)

Petroleo Brasileiro SA (ADR), strike price $84.53, expires 12/01/06

 

 

(47,022

)

 

(26,000

)

Precision Drilling Corp., strike price $27.55, expires 12/01/06

 

 

(18,720

)

 

(100

)

Schlumberger Ltd., strike price $57.50, expires 11/20/06

 

 

(3,000

)

 

(10,000

)

Suncor Energy, Inc., strike price $69, expires 11/30/06

 

 

(7,070

)

 

(10,000

)

Suncor Energy, Inc., strike price $73.28, expires 12/01/06

 

 

(15,700

)

 

(61,000

)

Talisman Energy, Inc., strike price $15.91, expires 12/01/06

 

 

(29,707

)

 

(100

)

Transocean, Inc., strike price $60, expires 11/20/06

 

 

(1,500

)

 

(200

)

Transocean, Inc., strike price $65, expires 11/20/06

 

 

(8,000

)

 

(12,500

)

Weatherford Intl. Ltd., strike price $39.73, expires 12/01/06

 

 

(14,950

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written (premium received ($1,008,817))

 

 

(785,317

)

 

 

 

 

 



 

 

 

 

Total outstanding options written (premiun received ($6,356,446))

 

 

(3,383,067

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—97.6%

 

$

861,685,850

 

 

 

 

Other assets in excess of liabilities—2.4%

 

 

21,417,899

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

883,103,749

 

 

 

 

 

 



 


 

 

1

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

2

Non-income producing security.

3

Security is fair valued.

4

Cost for Federal income tax purposes is $716,556,756. The net unrealized appreciation on a tax basis is $148,512,161, consisting of $167,770,928 gross unrealized appreciation and $19,258,767 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

 

ADR

—American Depositary Receipts

 

CAD

—Canadian Dollar

 

EUR

—Euro

 

GBP

—British Pound

 

NOK

—Norwegian Krone

 

 

 

See Notes to Financial Statements.

28


PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

 

BlackRock Global Opportunities Equity Trust (BOE)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—98.9%

 

 

 

 

 

 

 

Common Stocks—98.4%

 

 

 

 

 

 

 

Australia—4.0%

 

 

 

 

 

400,000

 

Lion Nathan Ltd.

 

$

2,567,736

 

 

500,000

 

Promina Group Ltd.

 

 

2,632,781

 

 

108,250

 

Publishing & Broadcasting Ltd.

 

 

1,624,492

 

 

85,800

 

QBE Insurance Group Ltd.

 

 

1,641,043

 

 

1,609,700

 

SP AusNet

 

 

1,620,407

 

 

134,232

 

St. George Bank Ltd.

 

 

3,368,767

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

13,455,226

 

 

 

 

 

 



 

 

 

 

Brazil—1.0%

 

 

 

 

 

115,150

 

Gerdau SA (ADR)

 

 

1,700,765

 

 

17,300

 

Petroleo Brasileiro SA (ADR)

 

 

1,535,548

 

 

 

 

 

 



 

 

 

 

Total Brazil

 

 

3,236,313

 

 

 

 

 

 



 

 

 

 

Canada—3.4%

 

 

 

 

 

70,000

 

Barrick Gold Corp.

 

 

2,170,000

 

 

30,400

 

Canadian Imperial Bank of Commerce

 

 

2,371,468

 

 

37,000

 

Teck Cominco Ltd.,Class B

 

 

2,723,558

 

 

67,600

 

TELUS Corp.

 

 

3,908,694

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

11,173,720

 

 

 

 

 

 



 

 

 

 

China—1.1%

 

 

 

 

 

2,146,200

1

Industrial & Commercial Bank of China

 

 

960,342

 

 

24,200

 

PetroChina Co. Ltd. (ADR)

 

 

2,671,438

 

 

 

 

 

 



 

 

 

 

Total China

 

 

3,631,780

 

 

 

 

 

 



 

 

 

 

Denmark—1.0%

 

 

 

 

 

84,000

 

Danske Bank A/S

 

 

3,523,942

 

 

 

 

 

 



 

 

 

 

Finland—1.9%

 

 

 

 

 

91,900

 

Fortum Oyj

 

 

2,528,831

 

 

79,855

 

Wartsila Oyj

 

 

3,664,008

 

 

 

 

 

 



 

 

 

 

Total Finland

 

 

6,192,839

 

 

 

 

 

 



 

 

 

 

France—2.3%

 

 

 

 

 

2,130

 

Areva SA

 

 

1,348,665

 

 

66,600

 

AXA SA

 

 

2,537,313

 

 

21,900

 

Societe Generale

 

 

3,639,239

 

 

 

 

 

 



 

 

 

 

Total France

 

 

7,525,217

 

 

 

 

 

 



 

 

 

 

Germany—5.7%

 

 

 

 

 

24,600

 

Deutsche Bank AG

 

 

3,096,076

 

 

20,800

 

E.On AG

 

 

2,495,437

 

 

91,100

1

Hannover Rueckversicherung AG

 

 

3,867,195

 

 

88,800

 

IVG Immobilien AG

 

 

3,199,479

 

 

22,800

 

Linde AG

 

 

2,259,892

 

 

43,900

 

Man AG

 

 

3,902,484

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

18,820,563

 

 

 

 

 

 



 

 

 

 

Hong Kong—4.5%

 

 

 

 

 

534,000

 

ASM Pacific Technology

 

 

2,770,522

 

 

158,500

 

Esprit Holdings Ltd.

 

 

1,534,620

 

 

4,293,000

 

Guangdong Investment Ltd.

 

 

1,788,474

 

 

1,046,000

 

Hang Lung Properties Ltd.

 

 

2,281,047

 

 

188,000

 

Hong Kong Exchanges & Clearing Ltd.

 

 

1,489,071

 

 

446,500

 

Kerry Properties Ltd.

 

 

1,647,707

 

 

1,622,800

 

New World Development Co. Ltd.

 

 

2,779,367

 

 

2,000,000

 

Xinyi Glass Holding Co. Ltd.

 

 

684,051

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

14,974,859

 

 

 

 

 

 



 

 

 

 

Italy—4.0%

 

 

 

 

 

166,000

 

ACEA SpA

 

 

2,858,087

 

 

833,400

 

AEM SpA

 

 

2,292,220

 

 

145,500

 

Credito Emiliano SpA

 

 

2,087,299

 

 

109,200

 

ENI SpA

 

 

3,293,380

 

 

316,900

 

Unicredito Italiano SpA

 

 

2,626,981

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

13,157,967

 

 

 

 

 

 



 

See Notes to Financial Statements.

29


PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

 

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 


 

 

 

Japan—4.2%

 

 

 

 

 

320,500

 

Bank of Yokohama Ltd.

 

$

2,477,295

 

 

39,000

 

Daito Trust Construction Co. Ltd.

 

 

2,057,458

 

 

87,300

 

Marui Co. Ltd.

 

 

1,174,152

 

 

409

 

Mizuho Financial Group, Inc.

 

 

3,185,832

 

 

150

1

Nippon Commercial Investment Corp. (REIT)

 

 

615,621

 

 

93,000

 

Nissan Motor Co. Ltd. (ADR)

 

 

2,226,420

 

 

203

 

Sumitomo Mitsui Financial Group, Inc.

 

 

2,221,709

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

13,958,487

 

 

 

 

 

 



 

 

 

 

Luxembourg—0.1%

 

 

 

 

 

10,300

1

GAGFAH SA

 

 

298,939

 

 

 

 

 

 



 

 

 

 

Mexico—0.6%

 

 

 

 

 

450,000

 

Kimberly-Clark de Mexico SAB de CV

 

 

1,882,444

 

 

 

 

 

 



 

 

 

 

Netherlands—3.1%

 

 

 

 

 

70,000

1

ASML Holding NV

 

 

1,598,800

 

 

85,350

 

ING Groep NV

 

 

3,781,060

 

 

24,000

 

Rodamco Europe NV

 

 

2,776,736

 

 

78,000

 

SBM Offshore NV

 

 

2,308,611

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

10,465,207

 

 

 

 

 

 



 

 

 

 

Norway—1.8%

 

 

 

 

 

61,500

 

Orkla ASA

 

 

3,151,748

 

 

249,000

 

Storebrand ASA

 

 

2,936,873

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

6,088,621

 

 

 

 

 

 



 

 

 

 

Philippines—0.7%

 

 

 

 

 

50,900

 

Philippine Long Distance Telephone Co. (ADR)

 

 

2,423,349

 

 

 

 

 

 



 

 

 

 

Singapore—1.5%

 

 

 

 

 

989,520

 

Singapore Telecommunications Ltd.

 

 

1,684,371

 

 

303,200

 

United Overseas Bank Ltd.

 

 

3,447,225

 

 

 

 

 

 



 

 

 

 

Total Singapore

 

 

5,131,596

 

 

 

 

 

 



 

 

 

 

South Africa—0.5%

 

 

 

 

 

47,900

 

Foschini Ltd.

 

 

344,640

 

 

370,800

 

Truworths Intl. Ltd.

 

 

1,298,712

 

 

 

 

 

 



 

 

 

 

Total South Africa

 

 

1,643,352

 

 

 

 

 

 



 

 

 

 

South Korea—3.3%

 

 

 

 

 

44,600

 

Daelim Industrial Co.

 

 

3,412,746

 

 

48,600

 

GS Engineering & Construction Corp.

 

 

3,780,717

 

 

25,300

 

Hyundai Heavy Industries

 

 

3,718,811

 

 

 

 

 

 



 

 

 

 

Total South Korea

 

 

10,912,274

 

 

 

 

 

 



 

 

 

 

Spain—0.5%

 

 

 

 

 

63,600

 

Gestevision Telecinco SA

 

 

1,671,356

 

 

 

 

 

 



 

 

 

 

Sweden—3.2%

 

 

 

 

 

16,876

 

D. Carnegie AB

 

 

322,453

 

 

129,423

 

Lindex AB

 

 

1,724,768

 

 

240,600

 

Nordea Bank AB

 

 

3,310,757

 

 

73,400

 

Oriflame Cosmetics SA

 

 

2,652,498

 

 

139,700

 

Skanska AB

 

 

2,490,360

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

10,500,836

 

 

 

 

 

 



 

 

 

 

Switzerland—4.3%

 

 

 

 

 

17,500

 

Alcon, Inc.

 

 

1,856,400

 

 

7,200

 

Nestle SA

 

 

2,459,708

 

 

60,000

 

Novartis AG

 

 

3,641,333

 

 

32,500

 

Novartis AG (ADR)

 

 

1,973,725

 

 

13,800

1

Syngenta AG

 

 

2,228,544

 

 

33,300

 

UBS AG

 

 

1,988,819

 

 

 

 

 

 



 

 

 

 

Total Switzerland

 

 

14,148,529

 

 

 

 

 

 



 

 

 

 

Taiwan—0.6%

 

 

 

 

 

211,600

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

2,052,520

 

 

 

 

 

 



 

See Notes to Financial Statements.

30


PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

 

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 


 

 

 

United Kingdom—17.2%

 

 

 

 

 

226,200

 

Arriva PLC

 

$

3,085,153

 

 

29,600

 

AstraZeneca PLC (ADR)

 

 

1,737,520

 

 

589,233

 

Brit Insurance Holdings PLC

 

 

3,641,751

 

 

588,200

 

Cobham PLC

 

 

2,157,096

 

 

295,000

 

De La Rue PLC

 

 

3,494,554

 

 

626,300

1

Debenhams PLC

 

 

2,246,045

 

 

200,000

 

Diageo PLC

 

 

3,700,666

 

 

207,000

 

Kelda Group PLC

 

 

3,419,529

 

 

807,300

 

Legal & General Group PLC

 

 

2,225,261

 

 

289,900

 

Rexam PLC

 

 

3,265,474

 

 

26,100

 

Rio Tinto PLC

 

 

1,439,849

 

 

65,500

 

Royal Dutch Shell PLC (ADR)

 

 

4,560,110

 

 

144,428

 

Scottish & Southern Energy PLC

 

 

3,620,136

 

 

163,400

 

Smiths Group PLC

 

 

2,948,637

 

 

205,158

 

Tate & Lyle PLC

 

 

3,083,847

 

 

205,313

 

United Utilities PLC

 

 

2,794,400

 

 

93,450

 

Viridian Group PLC

 

 

2,361,964

 

 

70,000

 

Vodafone Group PLC (ADR)

 

 

1,809,500

 

 

97,070

2

Whitbread PLC

 

 

2,594,187

 

 

99,897

 

Wolverhampton & Dudley Brew PLC

 

 

2,776,452

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

56,962,131

 

 

 

 

 

 



 

 

 

 

United States—27.9%

 

 

 

 

 

15,400

 

A.G. Edwards, Inc.

 

 

878,570

 

 

23,400

1

Akamai Technologies, Inc.

 

 

1,096,524

 

 

209,789

3

Alaska Communications Systems Group, Inc.

 

 

3,018,864

 

 

35,000

1

Alexion Pharmaceuticals, Inc.

 

 

1,307,600

 

 

11,100

 

Allergan, Inc.

 

 

1,282,050

 

 

25,600

3

Alliance Bernstein Holdings LP

 

 

1,989,120

 

 

40,000

3

Alltel Corp.

 

 

2,132,400

 

 

38,500

3

Altria Group, Inc.

 

 

3,131,205

 

 

35,100

1

Amgen, Inc.

 

 

2,664,441

 

 

58,000

3

Archer-Daniels-Midland Co.

 

 

2,233,000

 

 

84,500

3

Asbury Automotive Group, Inc.

 

 

2,028,000

 

 

76,700

3

AT&T, Inc.

 

 

2,626,975

 

 

56,700

 

Atmos Energy Corp.

 

 

1,742,391

 

 

46,900

3

Bank of America Corp.

 

 

2,526,503

 

 

105,000

1

BEA Systems, Inc.

 

 

1,708,350

 

 

76,900

 

Bebe Stores, Inc.

 

 

1,909,427

 

 

83,500

 

CBRE Realty Finance, Inc.

 

 

1,280,890

 

 

70,000

1

Cisco Systems, Inc.

 

 

1,689,100

 

 

65,800

 

Citigroup, Inc.

 

 

3,300,528

 

 

67,000

 

ConocoPhillips

 

 

4,036,080

 

 

34,600

3

Dominion Resources, Inc.

 

 

2,802,254

 

 

12,100

1

Douglas Emmett, Inc. (REIT)

 

 

288,585

 

 

64,500

3

Exxon Mobil Corp.

 

 

4,606,590

 

 

45,100

3

Global Signal, Inc. (REIT)

 

 

2,448,930

 

 

132,200

 

Highland Hospitality Corp. (REIT)

 

 

1,827,004

 

 

45,200

 

HJ Heinz Co.

 

 

1,905,632

 

 

20,000

 

Intl. Business Machines Corp.

 

 

1,846,600

 

 

37,600

 

Johnson & Johnson

 

 

2,534,241

 

 

48,600

 

Loews Corp. - Carolina Group

 

 

2,810,052

 

 

69,100

 

McDonald’s Corp.

 

 

2,896,672

 

 

43,900

 

Merck & Co., Inc.

 

 

1,993,938

 

 

50,000

1

MGM Mirage

 

 

2,151,000

 

 

86,600

 

Microsoft Corp.

 

 

2,486,286

 

 

70,000

 

Motorola, Inc.

 

 

1,614,200

 

 

22,400

 

Nike, Inc.

 

 

2,058,112

 

 

42,000

 

PepsiCo, Inc.

 

 

2,664,480

 

 

57,900

 

Pfizer, Inc.

 

 

1,543,035

 

 

72,900

3

RR Donnelley & Sons Co.

 

 

2,468,394

 

See Notes to Financial Statements.

31



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

United States—(cont’d)

 

 

 

 

 

109,500

 

Strategic Hotels & Resorts, Inc. (REIT)

 

$

2,329,065

 

 

54,900

 

UST, Inc.

 

 

2,940,444

 

 

21,800

 

Whirlpool Corp.

 

 

1,895,074

 

 

127,457

 

Windstream Corp.

 

 

1,748,710

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

92,441,316

 

 

 

 

 

 



 

 

 

 

Total Common Stocks

 

 

326,273,383

 

 

 

 

 

 



 

 

 

 

Preferred Stock—0.5%

 

 

 

 

 

 

 

Germany—0.5%

 

 

 

 

 

1,500

 

Porsche AG, 0.63%

 

 

1,748,861

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments (cost $294,440,134)

 

 

328,022,244

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—2.5%

 

 

 

 

 

8,378,186

 

Fidelity Institutional Money Market Prime Portfolio (cost $8,378,186)

 

 

8,378,186

 

 

 

 

 

 



 

 

 

 

 

 

 

 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

4,500

 

Arch Coal, Inc., strike price $50, expires 11/17/06

 

 

18

 

 

19,500

 

BP PLC (ADR), strike price $74, expires 11/17/06

 

 

242

 

 

21,000

 

Caterpillar, Inc., strike price $79, expires 11/17/06

 

 

 

 

75

 

ConocoPhillips, strike price $70, expires 11/20/06

 

 

375

 

 

7,000

 

Newmont Mining Corp., strike price $60, expires 11/10/06

 

 

 

 

46,000

 

Showa Shell Sekiyu KK, strike price 1,335 JPY, expires 11/01/06

 

 

226

 

 

23,000

 

Temple-Inland, Inc., strike price $47, expires 11/17/06

 

 

 

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Purchased (cost $62,380)

 

 

861

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $302,880,7004)

 

 

336,401,291

 

 

 

 

 

 



 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(2.3)%

 

 

 

 

 

(140

)

A.G. Edwards, Inc., strike price $60, expires 01/22/07

 

 

(17,500

)

 

(83,000

)

ACEA SpA, strike price 12.62 EUR, expires 11/08/06

 

 

(94,662

)

 

(60

)

AEM SpA, strike price 2.20 EUR, expires 11/17/06

 

 

(6,031

)

 

(85

)

Akamai Technologies, Inc., strike price $55, expires 11/20/06

 

 

(1,275

)

 

(65

)

Akamai Technologies, Inc., strike price $60, expires 01/22/07

 

 

(4,550

)

 

(37,900

)

Alaska Communications Systems Group, Inc., strike price $13.39, expires 11/17/06

 

 

(39,264

)

 

(117,500

)

Alaska Communications Systems Group, Inc., strike price $14.43, expires 12/15/06

 

 

(49,350

)

 

(70

)

Alcon, Inc., strike price $120, expires 11/20/06

 

 

(1,050

)

 

(140

)

Alexion Pharmaceuticals, Inc., strike price $40, expires 11/20/06

 

 

(6,300

)

 

(50

)2

Allergan, Inc., strike price $120, expires 11/20/06

 

 

(5,000

)

 

(140

)

Alliance Bernstein Holdings LP, strike price $80, expires 01/22/07

 

 

(29,400

)

 

(16,000

)

Alltel Corp., strike price $60, expires 12/15/06

 

 

(1,040

)

 

(70

)

Alltel Corp., strike price $68, expires 11/10/06

 

 

(6,160

)

 

(100

)

Altria Group, Inc., strike price $80, expires 12/18/06

 

 

(31,300

)

 

(2,500

)

Altria Group, Inc., strike price $80.96, expires 11/17/06

 

 

(3,825

)

 

(4,500

)

Altria Group, Inc., strike price $84.25, expires 11/17/06

 

 

(873

)

 

(50

)

Altria Group, Inc., strike price $85, expires 12/18/06

 

 

(4,000

)

 

(140

)

Amgen, Inc., strike price $72.50, expires 11/20/06

 

 

(53,200

)

 

(4,500

)

Arch Coal, Inc., strike price $51, expires 11/17/06

 

 

(13

)

 

(330

)

Archer-Daniels-Midland Co., strike price $45, expires 12/18/06

 

 

(6,600

)

 

(5,500

)

Archer-Daniels-Midland Co., strike price $47.35, expires 11/17/06

 

 

(39

)

 

(850

)

Areva SA, strike price 517.08 EUR, expires 11/08/06

 

 

(2,139

)

 

(181,000

)

Arriva PLC, strike price 5.92 GBP, expires 11/03/06

 

 

(425,367

)

 

(84,500

)

Asbury Automotive Group, Inc., strike price $25, expires 12/15/06

 

 

(41,405

)

 

(200,500

)

ASM Pacific Technology, strike price 41.67 HKD, expires 11/29/06

 

 

(17,505

)

 

(280

)

ASML Holding NV, strike price $25, expires 11/20/06

 

 

(1,400

)

 

(120

)

AstraZeneca PLC (ADR), strike price $70, expires 01/22/07

 

 

(2,400

)

 

(230

)

AT&T, Inc., strike price $29, expires 11/10/06

 

 

(122,130

)

 

(220

)

AT&T, Inc., strike price $35, expires 01/22/07

 

 

(14,300

)

 

(23,000

)

Atmos Energy Corp., strike price $29, expires 11/17/06

 

 

(41,492

)

 

(16,600

)

AXA SA, strike price 30 EUR, expires 11/08/06

 

 

(7,106

)

 

(10,000

)

AXA SA, strike price 31.50 EUR, expires 12/15/06

 

 

(4,443

)

 

(190

)

Bank of America Corp., strike price $52.50, expires 11/20/06

 

 

(32,300

)

 

(126,000

)

Bank of Yokohama Ltd., strike price 957.99 JPY, expires 11/01/06

 

 

 

 

(350

)

Barrick Gold Corp., strike price $34, expires 11/10/06

 

 

(2,450

)

 

(20,700

)

BEA Systems, Inc., strike price $16, expires 11/17/06

 

 

(16,995

)

 

(20,700

)

BEA Systems, Inc., strike price $16.50, expires 12/15/06

 

 

(18,402

)

 

(11,100

)

BEA Systems, Inc., strike price $17, expires 12/15/06

 

 

(7,692

)

See Notes to Financial Statements.

32


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(110

)

Bebe Stores, Inc., strike price $30, expires 12/18/06

 

$

(2,200

)

 

(290,000

)

Brit Insurance Holdings PLC, strike price 3.26 GBP, expires 01/10/07

 

 

(62,406

)

 

(100

)

Canadian Imperial Bank of Commerce, strike price 85 CAD, expires 11/20/06

 

 

(28,051

)

 

(20

)

Canadian Imperial Bank of Commerce, strike price 90 CAD, expires 01/22/07

 

 

(2,493

)

 

(210

)

Caterpillar, Inc., strike price $80, expires 11/20/06

 

 

(1,050

)

 

(280

)

Cisco Systems, Inc., strike price $25, expires 11/20/06

 

 

(11,200

)

 

(26,300

)

Citigroup, Inc., strike price $51.05, expires 01/19/07

 

 

(24,722

)

 

(235,000

)

Cobham PLC, strike price 1.89 GBP, expires 11/08/06

 

 

(20,993

)

 

(80

)

ConocoPhillips, strike price $65, expires 11/20/06

 

 

(1,600

)

 

(150

)

ConocoPhillips, strike price $65, expires 12/18/06

 

 

(9,750

)

 

(75

)

ConocoPhillips, strike price $75, expires 11/20/06

 

 

(375

)

 

(52,900

)

Credito Emiliano SpA, strike price 11.52 EUR, expires 11/02/06

 

 

(2,127

)

 

(16,700

)

Daelim Industrial Co., strike price $64,001.60, expires 11/29/06

 

 

(151,303

)

 

(16,700

)

Daelim Industrial Co., strike price $68,559.70, expires 11/09/06

 

 

(70,032

)

 

(16,000

)

Daito Trust Construction Co. Ltd., strike price 7,112.60 JPY, expires 11/01/06

 

 

 

 

(40,000

)

Danske Bank A/S, strike price 228.66 DKK, expires 11/02/06

 

 

(112,067

)

 

(10,000

)

De La Rue PLC, strike price 5.60 GBP, expires 11/08/06

 

 

(11,748

)

 

(108,000

)

De La Rue PLC, strike price 5.71 GBP, expires 11/08/06

 

 

(104,461

)

 

(252,000

)

Debenhams PLC, strike price 1.84 GBP, expires 11/02/06

 

 

(22,213

)

 

(60

)

Deutsche Bank AG, strike price 102 EUR, expires 12/15/06

 

 

(12,176

)

 

(6,500

)

Deutsche Bank AG, strike price 94.73 EUR, expires 11/08/06

 

 

(34,204

)

 

(122,300

)

Diageo PLC, strike price 9.68 GBP, expires 11/08/06

 

 

(21,617

)

 

(60

)

Dominion Resources, Inc., strike price $80, expires 11/20/06

 

 

(11,700

)

 

(113

)

Dominion Resources, Inc., strike price $83, expires 11/10/06

 

 

(3,051

)

 

(110

)2

E.On AG, strike price 100 EUR, expires 11/17/06

 

 

(2,527

)

 

(17,000

)

ENI SpA, strike price 23.90 EUR, expires 11/08/06

 

 

(1,820

)

 

(51,000

)

ENI SpA, strike price 24.39 EUR, expires 11/07/06

 

 

(1,051

)

 

(70

)

Exxon Mobil Corp., strike price $68, expires 11/10/06

 

 

(24,990

)

 

(80

)

Exxon Mobil Corp., strike price $70, expires 12/18/06

 

 

(19,600

)

 

(29,000

)

Fortum Oyj, strike price 22.07 EUR, expires 11/01/06

 

 

(135

)

 

(15,200

)

Fortum Oyj, strike price 22.21 EUR, expires 11/07/06

 

 

(2,042

)

 

(225

)

Gerdau SA (ADR), strike price $15, expires 11/20/06

 

 

(10,125

)

 

(330

)

Gerdau SA (ADR), strike price $17.50, expires 12/18/06

 

 

(4,950

)

 

(32,000

)

Gestevision Telecinco SA, strike price 20.52 EUR, expires 11/02/06

 

 

(5,140

)

 

(18,000

)

Global Signal, Inc. (REIT), strike price $47.50, expires 11/17/06

 

 

(125,298

)

 

(50

)

Global Signal, Inc. (REIT), strike price $55, expires 11/20/06

 

 

(3,750

)

 

(18,200

)

GS Engineering & Construction Corp., strike price $66,962.48, expires 11/29/06

 

 

(140,898

)

 

(18,200

)

GS Engineering & Construction Corp., strike price $68,006.40, expires 11/09/06

 

 

(108,620

)

 

(401,000

)

Hang Lung Properties Ltd., strike price 16.71 HKD, expires 11/29/06

 

 

(26,261

)

 

(25,700

)

Hannover Rueckversicherung AG, strike price 30.47 EUR, expires 11/02/06

 

 

(91,680

)

 

(25,000

)

Hannover Rueckversicherung AG, strike price 33.17 EUR, expires 11/16/06

 

 

(25,446

)

 

(50,000

)

Highland Hospitality Corp. (REIT), strike price $14.46, expires 11/17/06

 

 

(2,900

)

 

(16,000

)

Highland Hospitality Corp. (REIT), strike price $15.50, expires 12/15/06

 

 

(916

)

 

(8,000

)

HJ Heinz Co., strike price $43.50, expires 12/15/06

 

 

(5,520

)

 

(100

)

HJ Heinz Co., strike price $45.13, expires 11/10/06

 

 

 

 

(90,600

)

Hong Kong Exchanges & Clearing Ltd., strike price 58.72 HKD, expires 11/29/06

 

 

(41,928

)

 

(8,200

)

Hyundai Heavy Industries, strike price $113,820.12, expires 11/09/06

 

 

(215,689

)

 

(8,200

)

Hyundai Heavy Industries, strike price $120,640, expires 11/29/06

 

 

(162,018

)

 

(43,200

)

ING Groep NV, strike price 32.92 EUR, expires 11/08/06

 

 

(101,456

)

 

(85

)

Intl. Business Machines Corp., strike price $85, expires 11/20/06

 

 

(62,900

)

 

(58,500

)

IVG Immobilien AG, strike price 26.81 EUR, expires 11/08/06

 

 

(113,549

)

 

(15,000

)

Johnson & Johnson, strike price $65.50, expires 11/17/06

 

 

(32,093

)

 

(124,200

)

Kelda Group PLC, strike price 8.55 GBP, expires 11/08/06

 

 

(40,584

)

 

(171,500

)

Kerry Properties Ltd., strike price 29.38 HKD, expires 11/29/06

 

 

(13,764

)

 

(290,000

)

Kimberly-Clark de Mexico SAB de CV, strike price 38.25 MXN, expires 11/06/06

 

 

(181,945

)

 

(364,000

)

Legal & General Group PLC, strike price 1.29 GBP, expires 11/08/06

 

 

(105,236

)

 

(90

)

Linde AG, strike price 78 EUR, expires 11/17/06

 

 

(14,933

)

 

(84,100

)

Lindex AB, strike price 97.67 SEK, expires 11/08/06

 

 

(11,442

)

 

(240,000

)

Lion Nathan Ltd., strike price 8.26 AUD, expires 11/29/06

 

 

(51,664

)

 

(85

)

Loews Corp. - Carolina Group, strike price $60, expires 12/18/06

 

 

(8,075

)

 

(11,500

)

Loews Corp. - Carolina Group, strike price $63.50, expires 11/17/06

 

 

(897

)

 

(17,500

)

Man AG, strike price 59.55 EUR, expires 11/08/06

 

 

(226,396

)

 

(70

)

McDonald’s Corp., strike price $36.50, expires 11/10/06

 

 

(38,220

)

 

(28,000

)

McDonald’s Corp., strike price $41.50, expires 12/15/06

 

 

(23,361

)

 

(17,600

)

Merck & Co., Inc., strike price $46.53, expires 12/15/06

 

 

(10,299

)

See Notes to Financial Statements.

33


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 








 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(50

)

MGM Mirage, strike price $45, expires 11/20/06

 

$

(2,500

)

 

(100

)

MGM Mirage, strike price $45, expires 12/18/06

 

 

(11,000

)

 

(350

)

Microsoft Corp., strike price $29.50, expires 01/22/07

 

 

(19,250

)

 

(160

)

Mizuho Financial Group, Inc., strike price 959,235.38 JPY, expires 11/01/06

 

 

 

 

(280

)

Motorola, Inc., strike price $25, expires 11/20/06

 

 

(2,800

)

 

(70

)

Motorola, Inc., strike price $26, expires 12/08/06

 

 

(420

)

 

(480

)

Nestle SA, strike price 420 CHF, expires 11/17/06

 

 

(31,021

)

 

(833,400

)

New World Development Co. Ltd., strike price 13.70 HKD, expires 11/29/06

 

 

(16,928

)

 

(70

)

Newmont Mining Corp., strike price $61, expires 11/10/06

 

 

 

 

(140

)

Nike, Inc., strike price $93, expires 11/24/06

 

 

(18,200

)

 

(37,200

)

Nissan Motor Co. Ltd. (ADR), strike price $23, expires 11/17/06

 

 

(41,813

)

 

(67,000

)

Nordea Bank AB, strike price 92.82 SEK, expires 11/02/06

 

 

(62,168

)

 

(13,000

)

Novartis AG (ADR), strike price $61.51, expires 12/15/06

 

 

(15,821

)

 

(30,000

)

Novartis AG (ADR), strike price 72.20 CHF, expires 11/09/06

 

 

(80,974

)

 

(21,500

)

Oriflame Cosmetics SA, strike price 245.13 SEK, expires 11/03/06

 

 

(47,416

)

 

(24,600

)

Orkla ASA, strike price 299.25 NOK, expires 11/08/06

 

 

(135,343

)

 

(19,500

)

PB PLC (ADR), strike price $74.43, expires 11/17/06

 

 

(209

)

 

(170

)2

PepsiCo, Inc., strike price $65, expires 12/18/06

 

 

(11,050

)

 

(65

)

PetroChina Co. Ltd. (ADR), strike price $115, expires 11/20/06

 

 

(2,600

)

 

(70

)

PetroChina Co. Ltd. (ADR), strike price $115, expires 12/18/06

 

 

(9,450

)

 

(4,000

)

PetroChina Co. Ltd. (ADR), strike price $121, expires 11/17/06

 

 

(202

)

 

(6,000

)

Petroleo Brasileiro SA (ADR), strike price $101, expires 11/17/06

 

 

(2,483

)

 

(60

)

Petroleo Brasileiro SA (ADR), strike price $90, expires 12/18/06

 

 

(11,700

)

 

(255

)

Philippine Long Distance Telephone Co. (ADR), strike price $50, expires 12/18/06

 

 

(22,950

)

 

(200,000

)

Promina Group Ltd., strike price 5.52 AUD, expires 11/09/06

 

 

(199,162

)

 

(42,250

)

Publishing & Broadcasting Ltd., strike price 18.95 AUD, expires 11/29/06

 

 

(26,172

)

 

(38,600

)

QBE Insurance Group Ltd., strike price 24.23 AUD, expires 11/29/06

 

 

(25,914

)

 

(80,000

)

Rexam PLC, strike price 5.75 GBP, expires 11/16/06

 

 

(23,123

)

 

(58,000

)

Rexam PLC, strike price 5.92 GBP, expires 01/10/07

 

 

(20,505

)

 

(16

)2

Rio Tinto PLC, strike price 29.36 GBP, expires 12/15/06

 

 

(36,495

)

 

(170

)

Rodamco Europe NV, strike price 88 EUR, expires 12/15/06

 

 

(82,449

)

 

(8

)

Royal Dutch Shell PLC (ADR), strike price $65, expires 11/20/06

 

 

(3,840

)

 

(190

)

Royal Dutch Shell PLC (ADR), strike price $70, expires 12/18/06

 

 

(24,700

)

 

(729

)

RR Donnelley & Sons Co., strike price $35, expires 11/20/06

 

 

(18,225

)

 

(300

)

SBM Offshore NV, strike price 24 EUR, expires 12/15/06

 

 

(13,401

)

 

(101,100

)

Scottish & Southern Energy PLC, strike price 12.52 GBP, expires 11/08/06

 

 

(137,912

)

 

(46,000

)

Showa Shell Kekiyu KK, strike price 1,335.69 JPY, expires 11/01/06

 

 

(206

)

 

(400,000

)

Singapore Telecommunications Ltd., strike price 2.53 SGD, expires 11/09/06

 

 

(30,861

)

 

(70,000

)

Skanska AB, strike price 118.96 SEK, expires 11/02/06

 

 

(94,977

)

 

(66,000

)

Smiths Group PLC, strike price 8.73 GBP, expires 11/02/06

 

 

(65,358

)

 

(11,073

)

Societe Generale, strike price 124.75 EUR, expires 11/08/06

 

 

(81,370

)

 

(522,800

)

SP Ausnet, strike price 1.31 AUD, expires 11/09/06

 

 

(3,886

)

 

(282,000

)

SP Ausnet, strike price 1.31 AUD, expires 11/29/06

 

 

(3,494

)

 

(88,000

)

St. George Bank Ltd., strike price 30.36 AUD, expires 11/29/06

 

 

(107,895

)

 

(124,500

)

Storebrand ASA, strike price 66.69 NOK, expires 11/08/06

 

 

(215,289

)

 

(124,500

)

Storebrand ASA, strike price 66.94 NOK, expires 11/08/06

 

 

(194,420

)

 

(43,800

)

Strategic Hotels & Resorts, Inc. (REIT), strike price $21.50, expires 11/17/06

 

 

(14,673

)

 

(80

)

Sumitomo Mitsui Financial Group, Inc., strike price 1,340,634.96 JPY, expires 11/01/06

 

 

 

 

(6,000

)

Syngenta AG, strike price 199.95 CHF, expires 11/16/06

 

 

(17,411

)

 

(82,000

)

Tate & Lyle PLC, strike price 7.26 GBP, expires 11/09/06

 

 

(98,545

)

 

(90

)

Teck Cominco Ltd., Class B, strike price 80 CAD, expires 12/18/06

 

 

(44,481

)

 

(60

)

Teck Cominco Ltd., Class B, strike price 85 CAD, expires 11/20/06

 

 

(8,549

)

 

(270

)

TELUS Corp., strike price 56 CAD, expires 11/20/06

 

 

(212,788

)

 

(23,000

)

Temple-Inland, Inc., strike price $47.55, expires 11/17/06

 

 

(23

)

 

(110,400

)

Truworths Intl. Ltd., strike price 24.09 ZAR, expires 11/08/06

 

 

(26,827

)

 

(75,000

)

Truworths Intl. Ltd., strike price 24.37 ZAR, expires 11/02/06

 

 

(15,171

)

 

(150

)

UBS AG, strike price 76 CHF, expires 11/17/06

 

 

(6,752

)

 

(154,000

)

Unicredito Italiano SpA, strike price 6.71 EUR, expires 12/15/06

 

 

(14,800

)

 

(149,700

)

United Overseas Bank Ltd., strike price 16.57 SGD, expires 11/29/06

 

 

(113,709

)

 

(165,000

)

United Utilities PLC, strike price 7.19 GBP, expires 01/10/07

 

 

(33,580

)

 

(11,000

)

UST, Inc., strike price $49.03, expires 11/17/06

 

 

(52,052

)

 

(15,300

)

UST, Inc., strike price $54, expires 11/17/06

 

 

(16,157

)

 

(12,000

)

UST, Inc., strike price $56, expires 12/15/06

 

 

(6,583

)

 

(8,500

)

Viridian Group PLC, strike price 10.10 GBP, expires 11/02/06

 

 

(51,150

)

 

(48,000

)

Viridian Group PLC, strike price 10.14 GBP, expires 11/08/06

 

 

(285,901

)

See Notes to Financial Statements.

34


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(9,000

)

Viridian Group PLC, strike price 10.23 GBP, expires 11/02/06

 

$

(52,003

)

 

(80

)

Vodafone Group PLC (ADR), strike price $24, expires 11/10/06

 

 

(15,360

)

 

(280

)

Vodafone Group PLC (ADR), strike price $25, expires 01/22/07

 

 

(39,200

)

 

(80

)

Vodafone Group PLC (ADR), strike price $26, expires 12/08/06

 

 

(4,600

)

 

(32,000

)

Wartsila Oyj, strike price 34.52 EUR, expires 11/02/06

 

 

(59,154

)

 

(55

)

Whirlpool Corp., strike price $90, expires 12/18/06

 

 

(10,285

)

 

(25

)

Whirlpool Corp., strike price $95, expires 11/20/06

 

 

(225

)

 

(30

)

Whirlpool Corp., strike price $95, expires 12/18/06

 

 

(1,800

)

 

(92,000

)

Whitbread PLC, strike price 12.39 GBP, expires 11/02/06

 

 

(270,967

)

 

(51,000

)

Windstream Corp., strike price $13.01, expires 11/17/06

 

 

(42,381

)

 

(70,000

)

Wolverhampton & Dudley Brew PLC, strike price 13.76 GBP, expires 11/02/06

 

 

(108,866

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($4,111,793))

 

 

(7,480,560

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—99.1%

 

$

328,920,731

 

 

 

 

Other assets in excess of liabilities—0.9%

 

 

2,823,455

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

331,744,186

 

 

 

 

 

 



 



 

 

1

Non-income producing security.

2

Security is fair valued.

3

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

4

Cost for Federal income tax purposes is $303,972,035. The net unrealized appreciation on a tax basis is $32,429,256, consisting of $34,583,449 gross unrealized appreciation and $2,154,193 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ADR — American Depositary Receipts

 

DKK — Danish Krone

 

JPY — Japanese Yen

 

REIT — Real Estate Investment Trust

AUD — Australian Dollar

 

EUR — Euro

 

KRW — South Korean Won

 

SEK — Swedish Krona

CAD — Canadian Dollar

 

GBP — British Pound

 

MXN — Mexican Peso

 

SGD — Singapore Dollar

CHF— Swiss Franc

 

HKD — Hong Kong Dollar

 

NOK — Norwegian Krone

 

ZAR — South African Rand

See Notes to Financial Statements.

35



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Health Sciences Trust (BME)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—95.9%

 

 

 

 

 

 

 

Common Stocks—95.9%

 

 

 

 

 

 

 

Biotechnology—18.8%

 

 

 

 

 

246,300

1

Alexion Pharmaceuticals, Inc.

 

$

9,201,768

 

 

109,100

1

Amgen, Inc.

 

 

8,281,781

 

 

97,800

1

Applera Corp. - Celera Genomics Group

 

 

1,517,856

 

 

41,000

1

Biogen Idec, Inc.

 

 

1,913,244

 

 

62,900

1

Genentech, Inc.

 

 

5,239,570

 

 

116,200

1

ICOS Corp.

 

 

3,685,864

 

 

38,367

1

InterMune, Inc.

 

 

847,911

 

 

165,700

1

Kosan Biosciences, Inc.

 

 

651,201

 

 

68,300

1

Myogen, Inc.

 

 

3,572,090

 

 

40,600

1

Myriad Genetics, Inc.

 

 

1,091,734

 

 

151,900

1

Regeneron Pharmaceuticals

 

 

3,045,595

 

 

 

 

 

 



 

 

 

 

Total Biotechnology

 

 

39,048,614

 

 

 

 

 

 



 

 

 

 

Electronics—3.4%

 

 

 

 

 

141,900

1

Waters Corp.

 

 

7,066,620

 

 

 

 

 

 



 

 

 

 

Health Care—32.7%

 

 

 

 

 

80,500

2

Aetna, Inc.

 

 

3,318,210

 

 

47,000

 

Alcon, Inc.

 

 

4,985,760

 

 

90,000

 

Baxter Intl., Inc.

 

 

4,137,300

 

 

19,900

2

Becton Dickinson & Co.

 

 

1,393,597

 

 

57,100

 

Biomet, Inc.

 

 

2,160,664

 

 

143,200

1

Community Health Systems, Inc.

 

 

4,646,840

 

 

42,300

 

Cooper Cos., Inc.

 

 

2,437,749

 

 

108,900

1

DaVita, Inc.

 

 

6,058,107

 

 

95,100

 

Dentsply Intl., Inc.

 

 

2,974,728

 

 

46,800

1

Edwards Lifesciences Corp.

 

 

2,009,124

 

 

23,2001

 

Health Net, Inc.

 

 

963,032

 

 

117,600

 

Johnson & Johnson

 

 

7,926,240

 

 

29,200

1

LifePoint Hospitals, Inc.

 

 

1,036,600

 

 

42,700

 

Manor Care, Inc.

 

 

2,049,173

 

 

73,900

 

Medtronic, Inc.

 

 

3,597,452

 

 

6,829

 

Mentor Corp.

 

 

319,597

 

 

21,700

1

Northstar Neuroscience, Inc.

 

 

325,934

 

 

20,400

 

Quest Diagnostics, Inc.

 

 

1,014,696

 

 

44,900

1

Respironics, Inc.

 

 

1,585,868

 

 

97,200

 

Stryker Corp.

 

 

5,082,588

 

 

96,532

1

Varian Medical Systems, Inc.

 

 

5,295,746

 

 

194,400

1

Wright Medical Group, Inc.

 

 

4,803,624

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

68,122,629

 

 

 

 

 

 



 

 

 

 

Pharmaceuticals—40.6%

 

 

 

 

 

105,700

2

Abbott Laboratories

 

 

5,021,807

 

 

40,300

 

Allergan, Inc.

 

 

4,654,650

 

 

56,000

 

AstraZeneca PLC (ADR)

 

 

3,287,200

 

 

336,038

1

BioMarin Pharmaceuticals, Inc.

 

 

5,386,689

 

 

295,100

1

Cardiome Pharma Corp.

 

 

3,396,601

 

 

107,800

1

Gilead Sciences, Inc.

 

 

7,427,420

 

 

37,500

 

GlaxoSmithKline PLC (ADR)

 

 

1,996,875

 

 

43,600

1

Hospira, Inc.

 

 

1,584,860

 

 

182,600

2

Merck & Co., Inc.

 

 

8,293,692

 

 

172,000

 

Novartis AG (ADR)

 

 

10,445,560

 

 

167,800

 

Pfizer, Inc.

 

 

4,471,870

 

 

82,400

1

Pharmion Corp.

 

 

2,014,680

 

 

24,500

 

Roche Holding AG

 

 

4,287,328

 

 

60,500

 

Roche Holding AG (ADR)

 

 

5,294,391

 

 

358,200

 

Schering-Plough Corp.

 

 

7,930,548

 

 

21,800

 

Shire PLC (ADR)

 

 

1,195,730

 

 

153,500

 

Wyeth

 

 

7,833,105

 

 

 

 

 

 



 

 

 

 

Total Pharmaceuticals

 

 

84,523,006

 

 

 

 

 

 



 

See Notes to Financial Statements.

36


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Health Sciences Trust (BME) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Software—0.4%

 

 

 

 

 

19,700

1

Cerner Corp.

 

$

951,707

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $177,866,167)

 

 

199,712,576

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—6.4%

 

 

 

 

 

 

 

Money Market Fund—3.0%

 

 

 

 

 

6,347,646

 

Fidelity Institutional Money Market Prime Portfolio

 

 

6,347,646

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Note—3.4%

 

 

 

 

$

7,000,000

3

U.S. Treasury Bill, 5.09%, 11/24/06

 

 

6,977,292

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $13,323,962)

 

 

13,324,938

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $191,190,1294)

 

 

213,037,514

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.6)%

 

 

 

 

 

(10,000

)

Abbott Laboratories, strike price $48.05, expires 12/15/06

 

 

(9,430

)

 

(100

)

Abbott Laboratories, strike price $50, expires 01/22/07

 

 

(6,000

)

 

(100

)

Abbott Laboratories, strike price $50, expires 11/20/06

 

 

(1,000

)

 

(100

)

Aetna, Inc., strike price $42.50, expires 01/22/07

 

 

(15,000

)

 

(200

)

Aetna, Inc., strike price $45, expires 11/20/06

 

 

(2,000

)

 

(30

)

Alcon, Inc., strike price $120, expires 11/20/06

 

 

(450

)

 

(40

)

Alcon, Inc., strike price $125, expires 11/20/06

 

 

(400

)

 

(500

)

Alexion Pharmaceuticals, Inc., strike price $40, expires 01/22/07

 

 

(97,500

)

 

(72

)

Alexion Pharmaceuticals, Inc., strike price $45, expires 11/20/06

 

 

(720

)

 

(100

)5

Allergan, Inc., strike price $120, expires 11/20/06

 

 

(10,000

)

 

(150

)

Amgen, Inc., strike price $72.50, expires 12/18/06

 

 

(67,500

)

 

(50

)

Amgen, Inc., strike price $75, expires 11/20/06

 

 

(8,750

)

 

(100

)

Amgen, Inc., strike price $80, expires 01/22/07

 

 

(11,500

)

 

(150

)

Applera Corp. - Celera Genomics Group, strike price $15, expires 12/18/06

 

 

(18,000

)

 

(140

)

AstraZeneca PLC (ADR), strike price $65, expires 11/20/06

 

 

(1,400

)

 

(50

)

Baxter Intl., Inc., strike price $45, expires 01/22/07

 

 

(10,500

)

 

(50

)

Baxter Intl., Inc., strike price $47.50, expires 11/20/06

 

 

(1,250

)

 

(30

)

Becton Dickinson & Co., strike price $70, expires 12/18/06

 

 

(6,600

)

 

(10

)

Becton Dickinson & Co., strike price $75, expires 11/20/06

 

 

(150

)

 

(250

)

BioMarin Pharmaceuticals, Inc., strike price $16.75, expires 11/30/06

 

 

(15,750

)

 

(250

)

BioMarin Pharmaceuticals, Inc., strike price $17, expires 11/03/06

 

 

(1,500

)

 

(25,000

)

BioMarin Pharmaceuticals, Inc., strike price $17, expires 12/15/06

 

 

(17,225

)

 

(450

)5

Cardiome Pharma Corp., strike price $12.50, expires 11/20/06

 

 

(9,000

)

 

(72

)

Cerner Corp., strike price $47.50, expires 11/20/06

 

 

(11,520

)

 

(40

)

Cerner Corp., strike price $50, expires 11/20/06

 

 

(2,000

)

 

(15,000

)

Community Health Systems, Inc., strike price $38, expires 11/17/06

 

 

(240

)

 

(100

)

Community Health Systems, Inc., strike price $40, expires 12/18/06

 

 

(1,000

)

 

(15,000

)

Community Health Systems, Inc., strike price $40.25, expires 11/17/06

 

 

 

 

(100

)

Cooper Cos., Inc., strike price $55, expires 01/22/07

 

 

(54,000

)

 

(4,000

)

DaVita, Inc., strike price $57.75, expires 11/10/06

 

 

(1,988

)

 

(150

)

DaVita, Inc., strike price $60, expires 11/20/06

 

 

(8,250

)

 

(30,000

)

Dentsply Intl., Inc., strike price $32.30, expires 11/30/06

 

 

(5,370

)

 

(10,000

)

Edwards Lifesciences Corp., strike price $46.50, expires 11/17/06

 

 

(550

)

 

(100

)

Edwards Lifesciences Corp., strike price $50, expires 11/20/06

 

 

(1,000

)

 

(100

)

Genentech, Inc., strike price $85, expires 11/20/06

 

 

(10,500

)

 

(100

)

Genentech, Inc., strike price $90, expires 12/18/06

 

 

(6,500

)

 

(210

)

Gilead Sciences, Inc., strike price $70, expires 11/20/06

 

 

(16,380

)

 

(100

)

Gilead Sciences, Inc., strike price $75, expires 11/20/06

 

 

(500

)

 

(200

)

GlaxoSmithKline PLC (ADR), strike price $57.50, expires 11/20/06

 

 

(2,000

)

 

(40

)

Hospira, Inc., strike price $40, expires 11/20/06

 

 

(2,000

)

 

(20

)

InterMune, Inc., strike price $17.50, expires 11/20/06

 

 

(9,600

)

 

(60

)

InterMune, Inc., strike price $20, expires 11/20/06

 

 

(14,700

)

 

(20,000

)

Johnson & Johnson, strike price $69, expires 01/19/07

 

 

(18,331

)

 

(10,000

)

LifePoint Hospitals, Inc., strike price $37, expires 11/30/06

 

 

(5,939

)

 

(250

)

Manor Care, Inc., strike price $50, expires 11/20/06

 

 

(3,750

)

 

(177

)

Manor Care, Inc., strike price $55, expires 11/20/06

 

 

(885

)

 

(100

)

Medtronic, Inc., strike price $50, expires 11/20/06

 

 

(3,000

)

See Notes to Financial Statements.

37


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock Health Sciences Trust (BME) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(700

)

Merck & Co., Inc., strike price $42.50, expires 11/20/06

 

$

(224,000

)

 

(7,000

)

Myriad Genetics, Inc., strike price $26.75, expires 11/30/06

 

 

(8,714

)

 

(25,000

)

Novartis AG (ADR), strike price $58.30, expires 11/17/06

 

 

(66,820

)

 

(250

)

Novartis AG (ADR), strike price $60, expires 11/06/06

 

 

(22,500

)

 

(80

)5

Pfizer, Inc., strike price $27.50, expires 12/18/06

 

 

(2,400

)

 

(100

)

Pharmion Corp., strike price $25, expires 11/20/06

 

 

(9,000

)

 

(25

)

Pharmion Corp., strike price $25, expires 12/18/06

 

 

(3,500

)

 

(200

)

Quest Diagnostics, Inc., strike price $65, expires 11/20/06

 

 

(1,000

)

 

(300

)

Regeneron Pharmaceuticals, strike price $20, expires 01/22/07

 

 

(55,500

)

 

(300

)

Respironics, Inc., strike price $40, expires 11/20/06

 

 

(1,500

)

 

(80

)

Roche Holding AG, strike price 220 CHF, expires 11/17/06

 

 

(14,662

)

 

(530

)

Schering-Plough Corp., strike price $22.50, expires 11/20/06

 

 

(13,250

)

 

(55,000

)

Schering-Plough Corp., strike price $22.66, expires 12/15/06

 

 

(25,534

)

 

(100

)

Shire PLC (ADR), strike price $52.50, expires 11/20/06

 

 

(32,000

)

 

(100

)

Stryker Corp., strike price $55, expires 12/18/06

 

 

(5,500

)

 

(280

)

Varian Medical Systems, Inc., strike price $55, expires 11/20/06

 

 

(29,400

)

 

(200

)

Waters Corp., strike price $45, expires 12/18/06

 

 

(110,000

)

 

(100

)

Waters Corp., strike price $50, expires 11/20/06

 

 

(8,500

)

 

(300

)

Wright Medical Group, Inc., strike price $25, expires 11/20/06

 

 

(19,500

)

 

(100

)

Wright Medical Group, Inc., strike price $25, expires 12/18/06

 

 

(11,000

)

 

(675

)

Wyeth, strike price $50, expires 11/20/06

 

 

(97,875

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($1,704,633))

 

 

(1,253,783

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—101.7%

 

$

211,783,731

 

 

 

 

Liabilities in excess of other assets—(1.7)%

 

 

(3,632,433

)

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

208,151,298

 

 

 

 

 

 



 

 

 


1

Non-income producing security.

2

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

3

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

4

Cost for Federal income tax purposes is $192,396,211. The net unrealized appreciation on a tax basis is $20,641,303, consisting of $22,018,524 gross unrealized appreciation and $1,377,221 gross unrealized depreciation.

5

Security is fair valued.


 

   KEY TO ABBREVIATIONS

ADR — American Depositary Receipts

     CHF — Swiss Franc

See Notes to Financial Statements.

38



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Real Asset Equity Trust (BCF)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—77.2%

 

 

 

 

 

 

 

Common Stocks—77.2%

 

 

 

 

 

 

 

Australia—6.4%

 

 

 

 

 

1,739,100

 

Alumina Ltd.

 

$

9,063,073

 

 

1,113,500

 

Iluka Resources Ltd.

 

 

6,397,790

 

 

428,400

 

Jubilee Mines NL

 

 

4,312,496

 

 

1,605,150

 

Minara Resources Ltd.

 

 

6,711,896

 

 

2,034,050

 

Oxiana Ltd.

 

 

5,213,453

 

 

791,350

 

Straits Resources Ltd.

 

 

2,261,157

 

 

1,608,200

 

Zinifex Ltd.

 

 

18,891,285

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

52,851,150

 

 

 

 

 

 



 

 

 

 

Bermuda—0.5%

 

 

 

 

 

133,900

1

Nabors Industries Ltd.

 

 

4,134,832

 

 

 

 

 

 



 

 

 

 

Brazil—2.8%

 

 

 

 

 

643,450

 

Cia Vale do Rio Doce (ADR)

 

 

16,369,368

 

 

361,703

 

Votorantim Celulose e Papel SA (ADR)

 

 

6,601,080

 

 

 

 

 

 



 

 

 

 

Total Brazil

 

 

22,970,448

 

 

 

 

 

 



 

 

 

 

Canada—10.6%

 

 

 

 

 

215,000

 

Aber Diamond Corp.

 

 

7,960,906

 

 

99,450

2

Alcan, Inc.

 

 

4,685,089

 

 

79,900

 

Barrick Gold Corp.

 

 

2,476,900

 

 

149,100

 

Canadian Natural Resources Ltd.

 

 

7,775,565

 

 

284,600

1

Compton Petroleum Corp.

 

 

3,021,000

 

 

246,500

 

First Quantum Minerals Ltd.

 

 

14,081,638

 

 

195,000

1

Galleon Energy, Inc.

 

 

3,443,475

 

 

151,250

 

Goldcorp, Inc.

 

 

3,974,850

 

 

83,000

 

Husky Energy, Inc.

 

 

5,286,219

 

 

50,600

 

Nexen, Inc.

 

 

2,699,087

 

 

142,500

 

Pason Systems, Inc.

 

 

1,834,944

 

 

75,700

 

Petro-Canada

 

 

3,227,674

 

 

29,320

 

Potash Corp. of Saskatchewan

 

 

3,662,068

 

 

97,800

1

Real Resources, Inc.

 

 

1,610,332

 

 

519,800

 

Talisman Energy, Inc.

 

 

8,581,898

 

 

170,850

 

Teck Cominco Ltd., Class B

 

 

12,576,215

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

86,897,860

 

 

 

 

 

 



 

 

 

 

China—1.1%

 

 

 

 

 

5,246,000

 

Jiangxi Copper Co. Ltd.

 

 

5,706,573

 

 

5,352,000

 

Zijin Mining Group Co. Ltd.

 

 

3,110,508

 

 

 

 

 

 



 

 

 

 

Total China

 

 

8,817,081

 

 

 

 

 

 



 

 

 

 

France—0.6%

 

 

 

 

 

21,250

 

Eramet

 

 

3,539,361

 

 

23,900

 

Total SA (ADR)

 

 

1,628,546

 

 

 

 

 

 



 

 

 

 

Total France

 

 

5,167,907

 

 

 

 

 

 



 

 

 

 

Mexico—0.6%

 

 

 

 

 

604,350

 

Industrias Penoles SA de CV

 

 

4,978,699

 

 

 

 

 

 



 

 

 

 

Netherlands—1.4%

 

 

 

 

 

104,500

1

Core Laboratories NV

 

 

7,617,005

 

 

123,700

 

SBM Offshore NV

 

 

3,661,221

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

11,278,226

 

 

 

 

 

 



 

 

 

 

New Guinea—0.3%

 

 

 

 

 

1,284,350

1

Lihir Gold Ltd.

 

 

2,734,966

 

 

 

 

 

 



 

 

 

 

Norway—1.5%

 

 

 

 

 

187,700

 

Norsk Hydro ASA

 

 

4,314,299

 

 

307,200

 

Statoil ASA (ADR)

 

 

7,790,592

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

12,104,891

 

 

 

 

 

 



 

 

 

 

Peru—0.9%

 

 

 

 

 

160,650

 

Cia de Minas Buenaventura SA (ADR)

 

 

4,152,803

 

 

1,605,650

 

Minsur SA

 

 

2,844,950

 

 

 

 

 

 



 

 

 

 

Total Peru

 

 

6,997,753

 

 

 

 

 

 



 

See Notes to Financial Statements.

39


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Real Asset Equity Trust (BCF) (continued)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Russia—0.4%

 

 

 

 

 

19,250

 

MMC Norilsk Nickel

 

$

2,723,875

 

 

2,000

 

MMC Norilsk Nickel (ADR)

 

 

295,500

 

 

 

 

 

 



 

 

 

 

Total Russia

 

 

3,019,375

 

 

 

 

 

 



 

 

 

 

South Africa—2.9%

 

 

 

 

 

237,750

1

African Rainbow Minerals Ltd.

 

 

2,388,070

 

 

42,500

 

Anglo Platinum Ltd.

 

 

4,557,950

 

 

321,300

 

Gold Fields Ltd.

 

 

5,321,378

 

 

63,750

1

Impala Platinum Holdings

 

 

11,207,365

 

 

 

 

 

 



 

 

 

 

Total South Africa

 

 

23,474,763

 

 

 

 

 

 



 

 

 

 

Switzerland—2.0%

 

 

 

 

 

388,032

 

Xstrata PLC

 

 

16,580,350

 

 

 

 

 

 



 

 

 

 

United Kingdom—9.9%

 

 

 

 

 

228,700

1

Acergy SA

 

 

4,137,126

 

 

190,050

 

Anglo American PLC

 

 

8,570,250

 

 

589,050

 

Antofagasta PLC

 

 

5,696,895

 

 

300,000

 

BG Group PLC

 

 

3,980,123

 

 

834,700

 

BHP Billiton PLC

 

 

16,097,547

 

 

204,200

1

Cairn Energy PLC

 

 

6,836,141

 

 

215,050

 

Kazakhmys PLC

 

 

4,926,751

 

 

54,400

 

Lonmin PLC

 

 

3,011,441

 

 

321,300

 

Rio Tinto PLC

 

 

17,725,037

 

 

369,750

 

Vedanta Resources PLC

 

 

10,311,781

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

81,293,092

 

 

 

 

 

 



 

 

 

 

United States—35.3%

 

 

 

 

 

122,785

 

Air Products & Chemicals, Inc.

 

 

8,554,431

 

 

138,550

 

Alcoa, Inc.

 

 

4,005,480

 

 

35,375

 

Anadarko Petroleum Corp.

 

 

1,642,107

 

 

64,200

 

Apache Corp.

 

 

4,193,544

 

 

119,346

 

Arch Coal, Inc.

 

 

4,132,952

 

 

23,900

1

Cameron Intl. Corp.

 

 

1,197,390

 

 

13,400

 

Carpenter Technology Corp.

 

 

1,433,666

 

 

155,325

 

Caterpillar, Inc.

 

 

9,429,781

 

 

115,384

 

Chesapeake Energy Corp.

 

 

3,743,057

 

 

50,700

 

ConocoPhillips

 

 

3,054,168

 

 

233,900

 

Consol Energy, Inc.

 

 

8,277,721

 

 

72,983

 

Deere & Co.

 

 

6,213,043

 

 

39,700

 

Devon Energy Corp.

 

 

2,653,548

 

 

105,025

 

Dow Chemical Co.

 

 

4,283,970

 

 

285,879

 

E. I. Du Pont de Nemours & Co.

 

 

13,093,258

 

 

142,200

 

EnCana Corp.

 

 

6,753,078

 

 

133,600

 

ENSCO Intl., Inc.

 

 

6,542,392

 

 

110,900

 

EOG Resources, Inc.

 

 

7,378,177

 

 

15,700

 

Exxon Mobil Corp.

 

 

1,121,294

 

 

54,689

1

FMC Technologies, Inc.

 

 

3,305,950

 

 

67,700

1

Forest Oil Corp.

 

 

2,209,728

 

 

42,500

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

2,570,400

 

 

89,345

1

Global Industries Ltd.

 

 

1,483,127

 

 

105,700

 

GlobalSantaFe Corp.

 

 

5,485,830

 

 

130,400

1

Grant Prideco, Inc.

 

 

4,925,208

 

 

148,200

1

Hanover Compressor Co.

 

 

2,744,664

 

 

69,200

1

Helix Energy Solutions Group, Inc.

 

 

2,235,160

 

 

41,894

1

Hercules Offshore, Inc.

 

 

1,492,264

 

 

149,900

 

Hess Corp.

 

 

6,355,760

 

 

222,370

1

Input/Output, Inc.

 

 

2,492,768

 

 

236,692

 

Intl. Paper Co.

 

 

7,893,678

 

 

112,352

 

Lyondell Chemical Co.

 

 

2,884,076

 

 

42,500

 

Marathon Oil Corp.

 

 

3,672,000

 

 

272,300

 

Massey Energy Co.

 

 

6,875,575

 

 

307,411

 

MeadWestvaco Corp.

 

 

8,459,951

 

 

69,900

1

National Oilwell Varco, Inc.

 

 

4,221,960

 

 

131,900

1

Newfield Exploration Co.

 

 

5,380,201

 

 

54,400

 

Newmont Mining Corp.

 

 

2,462,688

 

See Notes to Financial Statements.

40


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Real Asset Equity Trust (BCF) (continued)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

United States—(cont’d)

 

 

 

 

 

145,400

 

Noble Energy, Inc.

 

$

7,070,802

 

 

115,900

 

Occidental Petroleum Corp.

 

 

5,440,346

 

 

133,036

 

Olin Corp.

 

 

2,301,523

 

 

71,000

1

Parallel Petroleum Corp.

 

 

1,437,750

 

 

143,000

 

Peabody Energy Corp.

 

 

6,001,710

 

 

103,749

 

Praxair, Inc.

 

 

6,250,877

 

 

117,200

 

Questar Corp.

 

 

9,549,456

 

 

75,700

 

Range Resources Corp.

 

 

2,055,255

 

 

112,347

 

Rohm & Haas Co.

 

 

5,821,822

 

 

104,300

 

Schlumberger Ltd.

 

 

6,579,244

 

 

60,200

 

Smith Intl., Inc.

 

 

2,376,696

 

 

41,450

 

Southern Copper Corp.

 

 

2,129,701

 

 

59,100

1

Southwestern Energy Co.

 

 

2,102,778

 

 

86,500

 

Suncor Energy, Inc.

 

 

6,630,225

 

 

42,027

1

Swift Energy Co.

 

 

1,963,501

 

 

254,383

 

Temple-Inland, Inc.

 

 

10,032,866

 

 

70,400

1

Todco

 

 

2,402,752

 

 

143,700

1

Transocean, Inc.

 

 

10,423,998

 

 

47,400

1

Veritas DGC, Inc.

 

 

3,413,274

 

 

120,400

1

Weatherford Intl. Ltd.

 

 

4,946,032

 

 

165,604

 

Weyerhaeuser Co.

 

 

10,530,758

 

 

115,700

 

XTO Energy, Inc.

 

 

5,398,562

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

289,713,973

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $579,527,268)

 

 

633,015,366

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—25.3%

 

 

 

 

 

 

 

Money Market Fund—2.2%

 

 

 

 

 

18,416,286

 

Fidelity Institutional Money Market Prime Portfolio

 

 

18,416,286

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Note—23.1%

 

 

 

 

$

189,700,000

3

Federal Home Loan Bank Discount Note, 4.98%, 11/01/06

 

 

189,700,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $208,116,286)

 

 

208,116,286

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $787,643,5544)

 

 

841,131,652

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(1.1)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.0)%

 

 

 

 

 

(43,000

)

Aber Diamond Corp., strike price 36.63 CAD, expires 12/15/06

 

 

(197,917

)

 

(45,800

)

Acergy SA, strike price 114.07 NOK, expires 12/07/06

 

 

(66,326

)

 

(25,000

)

Air Products & Chemicals, Inc., strike price $68, expires 12/19/06

 

 

(81,900

)

 

(20,000

)

Alcan, Inc., strike price $42, expires 12/15/06

 

 

(117,385

)

 

(28,000

)

Alcoa, Inc., strike price $28, expires 12/15/06

 

 

(39,805

)

 

(348,000

)

Alumina Ltd., strike price 6.49 AUD, expires 12/12/06

 

 

(110,673

)

 

(43,100

)

Anglo American PLC, strike price 23.31 GBP, expires 12/07/06

 

 

(108,977

)

 

(9,000

)

Anglo Platinum Ltd., strike price 822.64 ZAR, expires 12/11/06

 

 

(38,046

)

 

(117,900

)

Antofagasta PLC, strike price 4.72 GBP, expires 12/07/06

 

 

(103,297

)

 

(130

)

Apache Corp., strike price $65, expires 01/22/07

 

 

(44,200

)

 

(16,000

)

Barrick Gold Corp., strike price $31.15, expires 12/15/06

 

 

(24,138

)

 

(60,000

)

BG Group PLC, strike price 6.68 GBP, expires 12/07/06

 

 

(54,161

)

 

(167,000

)

BHP Billiton PLC, strike price 9.56 GBP, expires 12/07/06

 

 

(243,993

)

 

(40,900

)

Cairn Energy PLC, strike price 18.98 GBP, expires 12/07/06

 

 

(16,735

)

 

(50

)

Cameron Intl. Corp., strike price $55, expires 11/20/06

 

 

(1,250

)

 

(300

)

Canadian Natural Resources Ltd., strike price $50, expires 12/18/06

 

 

(129,000

)

 

(27

)

Carpenter Technology Corp., strike price $120, expires 12/18/06

 

 

(4,860

)

 

(31,000

)

Caterpillar, Inc., strike price $71, expires 12/19/06

 

 

(1,147

)

 

(33,000

)

Cia de Minas Buenaventura SA (ADR), strike price $26.25, expires 12/15/06

 

 

(42,025

)

 

(130,000

)

Cia Vale Do Rio Doce (ADR), strike price $24.03, expires 12/15/06

 

 

(271,960

)

 

(570

)5

Compton Petroleum Corp., strike price 12 CAD, expires 12/18/06

 

 

(29,187

)

 

(100

)

ConocoPhillips, strike price $60, expires 01/22/07

 

 

(34,000

)

 

(250

)

Consol Energy, Inc., strike price $35, expires 12/18/06

 

 

(62,250

)

 

(220

)

Consol Energy, Inc., strike price $37.50, expires 01/22/07

 

 

(45,100

)

See Notes to Financial Statements.

41


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Real Asset Equity Trust (BCF) (continued)

 


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(20,900

)

Core Laboratories NV, strike price $67.50, expires 12/15/06

 

$

(161,308

)

 

(15,000

)

Deere & Co., strike price $88, expires 12/15/06

 

 

(36,315

)

 

(100

)

Devon Energy Corp., strike price $70, expires 12/18/06

 

 

(18,000

)

 

(210

)

Dow Chemical Co., strike price $40, expires 12/18/06

 

 

(44,100

)

 

(60,000

)

E. I. Du Pont de Nemours & Co., strike price $46, expires 12/15/06

 

 

(51,540

)

 

(28,000

)

EnCana Corp., strike price $48, expires 12/19/06

 

 

(60,287

)

 

(170

)

ENSCO Intl., Inc., strike price $45, expires 12/18/06

 

 

(91,800

)

 

(100

)

ENSCO Intl., Inc., strike price $50, expires 01/22/07

 

 

(35,000

)

 

(22,100

)

EOG Resources, Inc., strike price $67.50, expires 12/15/06

 

 

(68,895

)

 

(4,300

)

Eramet, strike price 133.71 EUR, expires 12/07/06

 

 

(24,444

)

 

(30

)

Exxon Mobil Corp., strike price $70, expires 01/22/07

 

 

(8,670

)

 

(17,000

)

Forest Oil Corp., strike price $34, expires 12/15/06

 

 

(15,096

)

 

(85

)

Freeport-McMoRan Copper & Gold, Inc., strike price $55, expires 11/20/06

 

 

(51,000

)

 

(210

)

GlobalSantaFe Corp., strike price $50, expires 01/22/07

 

 

(98,700

)

 

(64,000

)

Gold Fields Ltd., strike price 142.71 ZAR, expires 12/11/06

 

 

(13,949

)

 

(21,000

)

Goldcorp, Inc., strike price $23.50, expires 12/15/06

 

 

(71,804

)

 

(100

)

Goldcorp, Inc., strike price $27.50, expires 12/18/06

 

 

(11,000

)

 

(260

)

Grant Prideco, Inc., strike price $40, expires 12/18/06

 

 

(39,000

)

 

(300

)

Hanover Compressor Co., strike price $20, expires 12/18/06

 

 

(16,500

)

 

(14,000

)

Helix Energy Solutions Group, Inc., strike price $33.50, expires 12/15/06

 

 

(22,288

)

 

(300

)

Hess Corp., strike price $45, expires 12/18/06

 

 

(25,500

)

 

(16,600

)

Husky Energy, Inc., strike price 71.82 CAD, expires 12/15/06

 

 

(34,735

)

 

(222,700

)

Iluka Resources Ltd., strike price 7.69 AUD, expires 12/12/06

 

 

(35,662

)

 

(13,000

)

Impala Platinum Holdings, strike price 1,325.11 ZAR, expires 12/11/06

 

 

(117,185

)

 

(121,000

)

Industrias Penoles SA de CV, strike price 91.56 MXN, expires 12/20/06

 

 

(31,607

)

 

(47,000

)

Intl. Paper Co., strike price $35.50, expires 12/15/06

 

 

(13,592

)

 

(1,049,000

)

Jiangxi Copper Co. Ltd., strike price 7.60 HKD, expires 12/12/06

 

 

(136,635

)

 

(86,000

)

Jubillee Mines NL, strike price 11.45 AUD, expires 12/12/06

 

 

(112,822

)

 

(43,100

)

Kazakhmys PLC, strike price 11.60 GBP, expires 12/07/06

 

 

(70,497

)

 

(257,000

)

Lihir Gold Ltd., strike price 3.06 AUD, expires 12/12/06

 

 

(6,890

)

 

(10,900

)

Lonmin PLC, strike price 26.17 GBP, expires 12/07/06

 

 

(67,868

)

 

(22,000

)

Lyondell Chemical Co., strike price $27, expires 12/15/06

 

 

(10,201

)

 

(100

)

Marathon Oil Corp., strike price $85, expires 12/18/06

 

 

(40,000

)

 

(62,000

)

MeadWestvaco Corp., strike price $27.61, expires 12/15/06

 

 

(49,166

)

 

(321,000

)

Minara Resources Ltd., strike price 4.50 AUD, expires 12/12/06

 

 

(243,967

)

 

(320,000

)

Minsur SA, strike price $5.80, expires 01/19/07

 

 

(22,400

)

 

(2,000

)

MMC Norilsk Nickel (ADR), strike price $135.20, expires 12/12/06

 

 

(31,915

)

 

(270

)

Nabors Industries Ltd., strike price $32.50, expires 12/18/06

 

 

(22,950

)

 

(15,000

)

National Oilwell Varco, Inc., strike price $60, expires 12/15/06

 

 

(52,470

)

 

(260

)

Newfield Exploration Co., strike price $40, expires 12/18/06

 

 

(71,500

)

 

(110

)

Newmont Mining Corp., strike price $45, expires 12/18/06

 

 

(24,310

)

 

(10,100

)

Nexen, Inc., strike price 61.66 CAD, expires 12/15/06

 

 

(26,218

)

 

(30,000

)

Noble Energy, Inc., strike price $50, expires 12/15/06

 

 

(52,020

)

 

(37,600

)

Norsk Hydro ASA, strike price 150.28 NOK, expires 12/07/06

 

 

(31,944

)

 

(23,000

)

Occidental Petroleum Corp., strike price $48, expires 12/19/06

 

 

(35,374

)

 

(270

)

Olin Corp., strike price $17, expires 12/11/06

 

 

(21,330

)

 

(407,000

)

Oxiana Ltd., strike price 3.08 AUD, expires 12/12/06

 

 

(119,111

)

 

(150

)

Parallel Petroleum Corp., strike price $20, expires 12/18/06

 

 

(28,500

)

 

(28,500

)

Pason Systems, Inc., strike price 15.71 CAD, expires 12/15/06

 

 

(7,157

)

 

(135

)

Peabody Energy Corp., strike price $45, expires 01/22/07

 

 

(29,700

)

 

(150

)

Peabody Energy Corp., strike price $45, expires 12/18/06

 

 

(21,450

)

 

(150

)

Petro-Canada, strike price 46 CAD, expires 12/18/06

 

 

(41,075

)

 

(60

)

Potash Corp. of Saskatchewan, strike price $110, expires 12/18/06

 

 

(99,600

)

 

(21,000

)

Praxair, Inc., strike price $59.50, expires 12/15/06

 

 

(42,073

)

 

(49,300

)

Quantum Minerals Ltd., strike price 62.15 CAD, expires 12/15/06

 

 

(322,242

)

 

(23,000

)

Questar Corp., strike price $86, expires 01/19/07

 

 

(52,877

)

 

(19,600

)

Real Resources, Inc., strike price 18.69 CAD, expires 12/15/06

 

 

(13,335

)

 

(64,300

)

Rio Tinto PLC, strike price 25.87 GBP, expires 12/07/06

 

 

(412,247

)

 

(15,000

)

Rohm & Haas Co., strike price $52.95, expires 12/15/06

 

 

(14,391

)

 

(10,000

)

Rohm & Haas Co., strike price $53.12, expires 01/19/07

 

 

(17,040

)

 

(24,800

)

SBM Offshore NV, strike price 22.23 EUR, expires 12/07/06

 

 

(40,126

)

 

(21,000

)

Schlumberger Ltd., strike price $62, expires 12/19/06

 

 

(79,380

)

 

(120

)

Smith Intl., Inc., strike price $40, expires 01/22/07

 

 

(28,800

)

 

(100

)

Southern Copper Corp., strike price $50, expires 12/18/06

 

 

(28,500

)

See Notes to Financial Statements.

42


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Real Asset Equity Trust (BCF) (continued)

 


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(120

)

Southwestern Energy Co., strike price $40, expires 01/22/07

 

$

(15,000

)

 

(300

)

Statoil ASA (ADR), strike price $25, expires 12/18/06

 

 

(39,000

)

 

(31,500

)

Statoil ASA (ADR), strike price $26.50, expires 01/19/07

 

 

(32,823

)

 

(158,000

)

Straits Resources Ltd., strike price 4.35 AUD, expires 12/12/06

 

 

(1,493

)

 

(17,000

)

Suncor Energy, Inc., strike price $72.50, expires 12/15/06

 

 

(113,951

)

 

(1,040

)

Talisman Energy, Inc., strike price $16.63, expires 01/22/07

 

 

(119,600

)

 

(34,200

)

Teck Cominco Ltd., Class B, strike price 78.75 CAD, expires 12/15/06

 

 

(176,398

)

 

(51,000

)

Temple-Inland, Inc., strike price $40.50, expires 12/15/06

 

 

(53,295

)

 

(150

)

Todco, strike price $35, expires 12/18/06

 

 

(30,000

)

 

(5,000

)

Total SA (ADR), strike price $65.75, expires 12/19/06

 

 

(13,075

)

 

(29,000

)

Transocean, Inc., strike price $72, expires 12/19/06

 

 

(131,689

)

 

(74,000

)

Vedanta Resources PLC, strike price 12.53 GBP, expires 12/07/06

 

 

(325,741

)

 

(9,000

)

Veritas DGC, Inc., strike price $67, expires 12/19/06

 

 

(51,879

)

 

(72,000

)

Votorantim Celulose e Papel SA (ADR), strike price $18.25, expires 12/15/06

 

 

(59,616

)

 

(25,000

)

Weatherford Intl. Ltd., strike price $42.29, expires 12/15/06

 

 

(44,000

)

 

(34,000

)

Weyerhaeuser Co., strike price $62.50, expires 12/15/06

 

 

(79,723

)

 

(64,300

)

Xstrata PLC, strike price 20.95 GBP, expires 12/07/06

 

 

(243,669

)

 

(23,000

)

XTO Energy, Inc., strike price $43, expires 12/19/06

 

 

(110,245

)

 

(1,071,000

)

Zijin Mining Group Co. Ltd., strike price 3.94 HKD, expires 12/12/06

 

 

(88,066

)

 

(322,000

)

Zinifex Ltd., strike price 12.89 AUD, expires 12/12/06

 

 

(641,078

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($4,653,527))

 

 

(7,964,731

)

 

 

 

 

 



 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%

 

 

 

 

 

(365

)

Aber Diamond Corp., strike price 34 CAD, expires 11/20/06

 

 

(3,250

)

 

(38,800

)

Acergy SA, strike price 109.54 NOK, expires 11/07/06

 

 

(2,772

)

 

(47,250

)

African Rainbow Minerals Ltd., strike price 68.83 ZAR, expires 11/02/06

 

 

(44

)

 

(220

)

Air Products & Chemicals, Inc., strike price $65, expires 11/20/06

 

 

(3,300

)

 

(17,500

)

Alcan, Inc., strike price $39.35, expires 11/01/06

 

 

(35

)

 

(24,000

)

Alcoa, Inc., strike price $26.97, expires 11/01/06

 

 

(186

)

 

(295,000

)

Alumina Ltd., strike price 5.97 AUD, expires 11/08/06

 

 

(46

)

 

(80

)

Anadarko Petroleum Corp., strike price $42.5, expires 11/20/06

 

 

(2,000

)

 

(37,950

)

Anglo American PLC, strike price 22.36 GBP, expires 11/07/06

 

 

(5,826

)

 

(7,500

)

Anglo Platinum Ltd., strike price 776.55 ZAR, expires 11/02/06

 

 

(4,409

)

 

(103,950

)

Antofagasta PLC, strike price 4.53 GBP, expires 11/07/06

 

 

(165

)

 

(110

)

Apache Corp., strike price $60, expires 11/20/06

 

 

(2,200

)

 

(245

)

Arch Coal, Inc., strike price $25, expires 11/20/06

 

 

(1,225

)

 

(140

)

Barrick Gold Corp., strike price $30, expires 11/20/06

 

 

(8,400

)

 

(50,000

)

BG Group PLC, strike price 6.45 GBP, expires 11/07/06

 

 

(853

)

 

(147,300

)

BHP Billiton PLC, strike price 9.11 GBP, expires 11/07/06

 

 

(2,439

)

 

(34,700

)

Cairn Energy PLC, strike price 18.69 GBP, expires 11/08/06

 

 

(62,236

)

 

(80

)

Cameron Intl. Corp., strike price $45, expires 11/20/06

 

 

(2,000

)

 

(250

)

Canadian Natural Resources Ltd., strike price $45, expires 11/20/06

 

 

(6,250

)

 

(25

)

Carpenter Technology Corp., strike price $100, expires 11/20/06

 

 

(2,625

)

 

(285

)

Caterpillar, Inc., strike price $65, expires 11/20/06

 

 

(131,955

)

 

(260

)

Chesapeake Energy Corp., strike price $27.50, expires 11/20/06

 

 

(1,300

)

 

(280

)

Cia de Minas Buenaventura SA (ADR), strike price $25, expires 11/20/06

 

 

(15,400

)

 

(1,135

)

Cia Vale Do Rio Doce (ADR), strike price $20, expires 11/20/06

 

 

(5,675

)

 

(48,300

)

Compton Petroleum Corp., strike price 11.01 CAD, expires 11/03/06

 

 

(215

)

 

(8,600

)

ConocoPhillips, strike price $58, expires 11/17/06

 

 

(4,300

)

 

(400

)

Consol Energy, Inc., strike price $30, expires 11/20/06

 

 

(6,000

)

 

(17,700

)

Core Laboratories NV, strike price $61.35, expires 11/17/06

 

 

(2,779

)

 

(135

)

Deere & Co., strike price $80, expires 11/20/06

 

 

(5,130

)

 

(70

)

Devon Energy Corp., strike price $60, expires 11/20/06

 

 

(1,750

)

 

(19,000

)

Dow Chemical Co., strike price $38.41, expires 11/06/06

 

 

(418

)

 

(525

)

E. I. Du Pont de Nemours & Co., strike price $42.50, expires 11/20/06

 

 

(5,250

)

 

(240

)

EnCana Corp., strike price $45, expires 11/20/06

 

 

(13,200

)

 

(230

)

ENSCO Intl., Inc., strike price $40, expires 11/20/06

 

 

(2,300

)

 

(190

)

EOG Resources, Inc., strike price $65, expires 11/20/06

 

 

(24,700

)

 

(3,750

)

Eramet, strike price 116.19 EUR, expires 11/07/06

 

 

(81

)

 

(25

)

Exxon Mobil Corp., strike price $65, expires 11/20/06

 

 

(250

)

 

(130

)

FMC Technologies, Inc., strike price $50, expires 11/20/06

 

 

(1,950

)

 

(115

)

Forest Oil Corp., strike price $30, expires 11/20/06

 

 

(2,300

)

 

(75

)

Freeport-McMoRan Copper & Gold, Inc., strike price $50, expires 11/20/06

 

 

(750

)

 

(46,300

)

Galleon Energy, Inc., strike price 16.73 CAD, expires 11/03/06

 

 

 

See Notes to Financial Statements.

43



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Real Asset Equity Trust (BCF) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(215

)

Global Industries Ltd., strike price $15, expires 11/20/06

 

$

(4,300

)

 

(180

)

GlobalSantaFe Corp., strike price $47.50, expires 11/20/06

 

 

(7,200

)

 

(56,700

)

Gold Fields Ltd., strike price 139.65 ZAR, expires 11/06/06

 

 

(134,766

)

 

(190

)

Goldcorp, Inc., strike price $22.50, expires 11/20/06

 

 

(1,900

)

 

(220

)

Grant Prideco, Inc., strike price $35, expires 11/20/06

 

 

(11,000

)

 

(250

)

Hanover Compressor Co., strike price $17.50, expires 11/20/06

 

 

(7,500

)

 

(120

)

Helix Energy Solutions Group, Inc., strike price $30, expires 11/20/06

 

 

(7,200

)

 

(10,300

)

Hercules Offshore, Inc., strike price $29.59, expires 11/17/06

 

 

(556

)

 

(250

)

Hess Corp., strike price $40, expires 11/20/06

 

 

(23,750

)

 

(140

)5

Husky Energy, Inc., strike price 72 CAD, expires 11/20/06

 

 

(21,506

)

 

(189,000

)

Iluka Resources Ltd., strike price 7.15 AUD, expires 11/08/06

 

 

(5,956

)

 

(11,250

)

Impala Platinum Holdings, strike price 1,277.82 ZAR, expires 11/02/06

 

 

(12,126

)

 

(102,700

)

Industrias Penoles SA de CV, strike price 83.22 MXN, expires 11/03/06

 

 

(210

)

 

(460

)

Input/Output, Inc., strike price $9.62, expires 11/14/06

 

 

(1,380

)

 

(435

)

Intl. Paper Co., strike price $34, expires 11/06/06

 

 

(32,190

)

 

(891,000

)

Jiangxi Copper Co. Ltd., strike price 7.21 HKD, expires 11/08/06

 

 

(103

)

 

(72,800

)

Jubillee Mines NL, strike price 10.16 AUD, expires 11/08/06

 

 

(1

)

 

(37,950

)

Kazakhmys PLC, strike price 11.05 GBP, expires 11/07/06

 

 

(1,813

)

 

(218,000

)

Lihir Gold Ltd., strike price 2.83 AUD, expires 11/08/06

 

 

(20,139

)

 

(9,600

)

Lonmin PLC, strike price 25.28 GBP, expires 11/07/06

 

 

(46

)

 

(200

)

Lyondell Chemical Co., strike price $25, expires 11/20/06

 

 

(10,000

)

 

(75

)

Marathon Oil Corp., strike price $75, expires 11/20/06

 

 

(1,575

)

 

(55,000

)

MeadWestvaco Corp., strike price $26.50, expires 11/03/06

 

 

(2,310

)

 

(273,000

)

Minara Resources Ltd., strike price 4.19 AUD, expires 11/08/06

 

 

(2

)

 

(273,000

)

Minsur SA, strike price $4.72, expires 11/03/06

 

 

(3

)

 

(3,000

)

MMC Norilsk Nickel (ADR), strike price $126.10, expires 11/07/06

 

 

(28

)

 

(230

)

Nabors Industries Ltd., strike price $27.50, expires 11/20/06

 

 

(2,300

)

 

(120

)

National-Oilwell Varco, Inc., strike price $55, expires 11/20/06

 

 

(4,800

)

 

(225

)

Newfield Exploration Co., strike price $35, expires 11/20/06

 

 

(3,375

)

 

(95

)

Newmont Mining Corp., strike price $42.50, expires 11/20/06

 

 

(3,325

)

 

(8,600

)

Nexen, Inc., strike price 57.88 CAD, expires 11/03/06

 

 

(1,368

)

 

(250

)

Noble Energy, Inc., strike price $45, expires 11/20/06

 

 

(10,000

)

 

(31,900

)

Norsk Hydro ASA, strike price 140.63 NOK, expires 11/07/06

 

 

(1,499

)

 

(200

)

Occidental Petroleum Corp., strike price $45, expires 11/20/06

 

 

(20,000

)

 

(240

)

Olin Corp., strike price $15, expires 11/20/06

 

 

(1,200

)

 

(345,000

)

Oxiana Ltd., strike price 2.85 AUD, expires 11/08/06

 

 

(427

)

 

(120

)

Parallel Petroleum Corp., strike price $17.50, expires 11/20/06

 

 

(3,000

)

 

(24,200

)

Pason Systems, Inc., strike price 15.56 CAD, expires 11/06/06

 

 

(23,878

)

 

(240

)

Peabody Energy Corp., strike price $35, expires 11/20/06

 

 

(2,400

)

 

(130

)5

Petro-Canada, strike price 44 CAD, expires 11/20/06

 

 

(1,736

)

 

(55

)

Potash Corp. of Saskatchewan, strike price $100, expires 11/20/06

 

 

(550

)

 

(19,300

)

Praxair, Inc., strike price $58.65, expires 11/06/06

 

 

(1,945

)

 

(41,900

)

Quantum Minerals Ltd., strike price 55.38 CAD, expires 11/03/06

 

 

(858

)

 

(200

)

Questar Corp., strike price $80, expires 11/20/06

 

 

(27,000

)

 

(170

)

Range Resources Corp., strike price $25, expires 11/20/06

 

 

(3,400

)

 

(16,600

)

Real Resources, Inc., strike price 18.59 CAD, expires 11/06/06

 

 

(4,287

)

 

(56,000

)

Rio Tinto PLC, strike price 24 GBP, expires 11/17/06

 

 

(534

)

 

(205

)

Rohm & Haas Co., strike price $45, expires 11/20/06

 

 

(2,050

)

 

(21,000

)

SBM Offshore NV, strike price 21.29 EUR, expires 11/07/06

 

 

(70

)

 

(180

)

Schlumberger Ltd., strike price $60, expires 11/20/06

 

 

(14,400

)

 

(100

)

Smith Intl., Inc., strike price $37.50, expires 11/20/06

 

 

(6,500

)

 

(110

)

Southern Copper Corp., strike price $45, expires 11/20/06

 

 

(2,200

)

 

(100

)

Southwestern Energy Co., strike price $30, expires 11/20/06

 

 

(2,500

)

 

(520

)

Statoil ASA (ADR), strike price $22.50, expires 11/20/06

 

 

(10,400

)

 

(134,500

)

Straits Resources Ltd., strike price 4.06 AUD, expires 11/09/06

 

 

(37,890

)

 

(150

)

Suncor Energy, Inc., strike price $70, expires 11/20/06

 

 

(6,750

)

 

(100

)

Swift Energy Co., strike price $40, expires 11/20/06

 

 

(1,000

)

 

(880

)

Talisman Energy, Inc., strike price $15, expires 11/20/06

 

 

(13,200

)

 

(290

)5

Teck Cominco Ltd., Class B, strike price 70 CAD, expires 11/20/06

 

 

(2,712

)

 

(470

)5

Temple-Inland, Inc., strike price $40, expires 11/20/06

 

 

(54,050

)

 

(120

)

Todco, strike price $30, expires 11/20/06

 

 

(3,600

)

 

(40

)

Total SA (ADR), strike price $65, expires 11/20/06

 

 

(1,400

)

 

(245

)

Transocean, Inc., strike price $70, expires 11/20/06

 

 

(35,525

)

 

(60

)

US Steel Corp., strike price $55, expires 11/20/06

 

 

(600

)

See Notes to Financial Statements.

44


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Real Asset Equity Trust (BCF) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(65,250

)

Vedanta Resources PLC, strike price 11.75 GBP, expires 11/07/06

 

$

(10

)

 

(80

)

Veritas DGC, Inc., strike price $65, expires 11/20/06

 

 

(2,000

)

 

(65,000

)

Votorantim Celulose e Papel SA (ADR), strike price $17, expires 11/03/06

 

 

(8,317

)

 

(200

)

Weatherford Intl. Ltd., strike price $40, expires 11/20/06

 

 

(16,000

)

 

(305

)

Weyerhaeuser Co., strike price $60, expires 11/20/06

 

 

(9,150

)

 

(56,700

)

Xstrata PLC, strike price 19.89 GBP, expires 11/07/06

 

 

(1,521

)

 

(200

)

XTO Energy, Inc., strike price $40, expires 11/20/06

 

 

(2,000

)

 

(910,000

)

Zijin Mining Group Co. Ltd., strike price 3.73 HKD, expires 11/08/06

 

 

(1

)

 

(273,000

)

Zinifex Ltd., strike price 11.88 AUD, expires 11/08/06

 

 

(2

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written (premium received ($3,404,041))

 

 

(995,254

)

 

 

 

 

 



 

 

 

 

Total outstanding options written (premium received ($8,057,568))

 

 

(8,959,985

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—101.4%

 

$

832,171,667

 

 

 

 

Liabilities in excess of other assets—(1.4)%

 

 

(11,888,592

)

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

820,283,075

 

 

 

 

 

 



 


 

 


1

Non-income producing security.

2

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

3

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

4

Cost for Federal income tax purposes is $787,643,554. The net unrealized appreciation on a tax basis is $53,488,098, consisting of $55,922,980 gross unrealized appreciation and $2,434,882 gross unrealized depreciation.

5

Security is fair valued.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ADR — American Depositary Receipts

 

DKK — Danish Krone

 

JPY — Japanese Yen

 

SGD — Singapore Dollar

AUD — Australian Dollar

 

EUR — Euro

 

MXN — Mexican Peso

 

ZAR — South African Rand

CAD — Canadian Dollar

 

GBP — British Pound

 

NOK — Norwegian Krone

 

 

CHF— Swiss Franc

 

HKD — Hong Kong Dollar

 

SEK — Swedish Krona

 

 

See Notes to Financial Statements.

45


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

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

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

LONG-TERM INVESTMENTS—98.9%

 

 

 

 

 

 

 

Common Stocks—98.9%

 

 

 

 

 

 

 

Australia—5.5%

 

 

 

 

 

281,000

 

CSR Ltd.

 

$

704,997

 

 

117,200

 

Foster’s Group Ltd.

 

 

585,360

 

 

64,700

 

National Australia Bank Ltd.

 

 

1,912,829

 

 

126,100

 

Santos Ltd.

 

 

1,034,063

 

 

84,400

 

TABCORP Holdings Ltd.

 

 

1,078,356

 

 

33,200

 

Wesfarmers Ltd.

 

 

887,966

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

6,203,571

 

 

 

 

 

 



 

 

 

 

Austria—0.8%

 

 

 

 

 

14,000

 

Boehler-Uddeholm AG

 

 

868,043

 

 

 

 

 

 



 

 

 

 

Canada—5.5%

 

 

 

 

 

25,500

 

Bank of Montreal

 

 

1,577,074

 

 

14,100

 

Bank of Nova Scotia

 

 

619,021

 

 

16,000

 

Enbridge, Inc.

 

 

538,011

 

 

30,600

 

Royal Bank of Canada

 

 

1,357,033

 

 

34,700

 

Toronto-Dominion Bank

 

 

2,011,639

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

6,102,778

 

 

 

 

 

 



 

 

 

 

Denmark—1.2%

 

 

 

 

 

32,400

 

Danske Bank A/S

 

 

1,359,235

 

 

 

 

 

 



 

 

 

 

France—4.5%

 

 

 

 

 

19,200

 

AXA SA

 

 

731,478

 

 

11,700

 

Bouygues

 

 

682,130

 

 

19,400

 

M6-Metropole Television

 

 

600,687

 

 

5,300

 

Societe Generale

 

 

880,729

 

 

17,200

 

Total SA

 

 

1,164,580

 

 

9,100

 

Vinci SA

 

 

1,024,971

 

 

 

 

 

 



 

 

 

 

Total France

 

 

5,084,575

 

 

 

 

 

 



 

 

 

 

Germany—1.5%

 

 

 

 

 

10,500

 

BASF AG

 

 

925,489

 

 

3,800

 

SAP AG

 

 

756,013

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

1,681,502

 

 

 

 

 

 



 

 

 

 

Hong Kong—2.2%

 

 

 

 

 

71,000

 

Esprit Holdings Ltd.

 

 

687,432

 

 

22,600

 

Hang Seng Bank Ltd.

 

 

287,978

 

 

204,500

 

Hong Kong Electric Holding

 

 

962,390

 

 

191,000

 

Hopewell Holdings

 

 

567,312

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

2,505,112

 

 

 

 

 

 



 

 

 

 

Italy—1.3%

 

 

 

 

 

156,200

 

Enel SpA

 

 

1,499,182

 

 

 

 

 

 



 

 

 

 

Japan—6.2%

 

 

 

 

 

11,700

 

Canon, Inc.

 

 

627,241

 

 

14,200

 

Hoya Corp.

 

 

548,792

 

 

19,200

 

Kesko Oyj

 

 

907,424

 

 

53,000

 

Mitsui & Co. Ltd.

 

 

723,706

 

 

12,000

 

Nitto Denko Corp.

 

 

684,366

 

 

36,500

 

Nomura Holdings, Inc.

 

 

644,457

 

 

53,000

 

Ricoh Co. Ltd.

 

 

1,046,813

 

 

42,000

 

Sharp Corp.

 

 

748,749

 

 

17,300

 

Toyota Motor Corp.

 

 

1,025,087

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

6,956,635

 

 

 

 

 

 



 

 

 

 

Netherlands—1.8%

 

 

 

 

 

20,800

 

ABN Amro Holding NV

 

 

606,604

 

 

104,100

 

Koninklijke (Royal) KPN NV

 

 

1,391,082

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

1,997,686

 

 

 

 

 

 



 

 

 

 

Norway—0.4%

 

 

 

 

 

22,900

 

Ekornes ASA

 

 

495,705

 

 

 

 

 

 



 

See Notes to Financial Statements.

46


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

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

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Spain—0.7%

 

 

 

 

 

32,600

 

Indra Sistemas SA

 

$

723,973

 

 

 

 

 

 



 

 

 

 

Sweden—4.2%

 

 

 

 

 

15,300

 

Hennes & Mauritz AB

 

 

659,885

 

 

26,500

 

Kungsleden AB

 

 

334,809

 

 

85,000

 

Ratos AB

 

 

1,806,532

 

 

27,000

 

Scania AB

 

 

1,848,624

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

4,649,850

 

 

 

 

 

 



 

 

 

 

United Kingdom—12.0%

 

 

 

 

 

55,300

 

Alliance & Leicester PLC

 

 

1,178,301

 

 

141,100

 

Barclays PLC

 

 

1,904,283

 

 

122,800

 

BP PLC

 

 

1,365,668

 

 

79,200

1,2

DFS Furniture Primback Unit

 

 

 

 

33,500

 

Gallaher Group PLC

 

 

568,739

 

 

40,000

 

George Wimpey PLC

 

 

401,351

 

 

64,100

 

GlaxoSmithKline PLC

 

 

1,711,844

 

 

61,200

 

HSBC Holdings PLC

 

 

1,160,422

 

 

193,500

 

Rentokil Initial PLC

 

 

559,206

 

 

46,300

 

Royal Dutch Shell PLC

 

 

1,604,376

 

 

69,183

 

Scottish & Southern Energy PLC

 

 

1,734,095

 

 

472,500

 

Vodafone Group PLC

 

 

1,216,785

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

13,405,070

 

 

 

 

 

 



 

 

 

 

United States—51.1%

 

 

 

 

 

17,100

 

Abbott Laboratories

 

 

812,421

 

 

16,500

 

Agree Realty Corp. (REIT)

 

 

578,490

 

 

55,700

 

Allied Capital Corp.

 

 

1,756,221

 

 

29,600

 

Altria Group, Inc.

 

 

2,407,368

 

 

17,900

 

Ameren Corp.

 

 

968,390

 

 

11,100

 

American Intl. Group, Inc.

 

 

745,587

 

 

43,700

 

AT&T, Inc.

 

 

1,496,725

 

 

47,200

 

Bank of America Corp.

 

 

2,542,664

 

 

50,400

 

BellSouth Corp.

 

 

2,273,040

 

 

12,800

 

Chevron Corp.

 

 

860,160

 

 

13,200

1

Cisco Systems, Inc.

 

 

318,516

 

 

35,500

 

Citigroup, Inc.

 

 

1,780,680

 

 

11,200

 

Colonial Properties Trust (REIT)

 

 

564,368

 

 

17,300

 

ConAgra Foods, Inc.

 

 

452,395

 

 

14,100

 

Consolidated Edison, Inc.

 

 

681,735

 

 

26,200

 

Duke Energy Corp.

 

 

828,968

 

 

18,800

 

Eli Lilly & Co.

 

 

1,052,988

 

 

22,600

 

Emerson Electric Co.

 

 

1,907,440

 

 

14,400

 

Equity Residential (REIT)

 

 

786,384

 

 

35,800

 

Exxon Mobil Corp.

 

 

2,556,836

 

 

25,900

 

First Industrial Realty Trust, Inc. (REIT)

 

 

1,190,623

 

 

76,100

 

General Electric Co.

 

 

2,671,871

 

 

37,600

 

Health Care, Inc. (REIT)

 

 

1,552,128

 

 

31,000

 

Hewlett-Packard Co.

 

 

1,200,940

 

 

21,400

 

Home Depot, Inc.

 

 

798,862

 

 

12,700

 

Hospitality Properties Trust (REIT)

 

 

615,442

 

 

68,500

 

Intel Corp.

 

 

1,461,790

 

 

16,400

 

Intl. Business Machines Corp.

 

 

1,514,212

 

 

16,800

 

Johnson & Johnson

 

 

1,132,320

 

 

17,300

 

KeyCorp

 

 

642,522

 

 

25,000

 

Kimco Realty Corp. (REIT)

 

 

1,110,750

 

 

10,800

 

Liberty Property Trust (REIT)

 

 

520,560

 

 

23,000

 

McDonald’s Corp.

 

 

964,160

 

 

25,000

 

Merck & Co., Inc.

 

 

1,135,500

 

 

25,500

 

Microchip Technology, Inc.

 

 

839,715

 

 

79,700

 

Microsoft Corp.

 

 

2,288,187

 

 

17,100

 

Morgan Stanley

 

 

1,306,953

 

 

47,400

 

Motorola, Inc.

 

 

1,093,044

 

 

34,400

 

Nationwide Health Properties, Inc. (REIT)

 

 

988,656

 

 

7,900

 

PepsiCo, Inc.

 

 

501,176

 

See Notes to Financial Statements.

47


 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

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

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

United States—(cont’d)

 

 

 

 

 

56,800

 

Pfizer, Inc.

 

$

1,513,720

 

 

9,300

 

Pitney Bowes, Inc.

 

 

434,403

 

 

10,700

 

Progress Energy, Inc.

 

 

492,200

 

 

8,500

 

Rohm & Haas Co.

 

 

440,470

 

 

32,900

 

Thornburg Mortgage, Inc. (REIT)

 

 

844,872

 

 

13,800

 

United Technologies Corp.

 

 

906,936

 

 

21,900

 

UST, Inc.

 

 

1,172,964

 

 

13,800

 

Wachovia Corp.

 

 

765,900

 

 

12,100

 

Wal-Mart Stores, Inc.

 

 

596,288

 

 

30,100

 

Wells Fargo & Co.

 

 

1,092,329

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

57,160,869

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $84,805,029)

 

 

110,693,786

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.1%

 

 

 

 

 

70,337

 

Fidelity Institutional Money Market Prime Portfolio (cost $70,337)

 

 

70,337

 

 

 

 

 

 



 

 

 

 

Total investments—99.0% (cost $84,875,3662)

 

$

110,764,123

 

 

 

 

Other assets in excess of liabilities—1.0%

 

 

1,161,084

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

111,925,207

 

 

 

 

 

 



 


 

 


1

Non-income producing security.

2

Security is fair valued.

3

Cost for Federal income tax purposes is $84,941,932. The net unrealized appreciation on a tax basis is $25,822,191, consisting of $26,116,427 gross unrealized appreciation and $294,236 gross unrealized depreciation.


 

KEY TO ABBREVIATIONS

REIT — Real Estate Investment Trust

 

See Notes to Financial Statements.

48



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock World Investment Trust (BWC)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

LONG-TERM INVESTMENTS—98.3%

 

 

 

 

 

 

 

Common Stocks—97.2%

 

 

 

 

 

 

 

Australia—4.2%

 

 

 

 

 

1,000,000

 

Lion Nathan Ltd.

 

$

6,419,340

 

 

1,300,000

 

Promina Group Ltd.

 

 

6,845,231

 

 

271,600

 

Publishing & Broadcasting Ltd.

 

 

4,075,861

 

 

358,800

 

QBE Insurance Group Ltd.

 

 

6,862,546

 

 

4,187,500

 

SP AusNet

 

 

4,215,354

 

 

303,400

 

St. George Bank Ltd.

 

 

7,614,308

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

36,032,640

 

 

 

 

 

 



 

 

 

 

Bermuda—0.5%

 

 

 

 

 

126,200

 

Accenture Ltd.

 

 

4,153,242

 

 

 

 

 

 



 

 

 

 

Brazil—0.9%

 

 

 

 

 

260,100

 

Gerdau SA (ADR)

 

 

3,841,677

 

 

45,200

 

Petroleo Brasileiro SA (ADR)

 

 

4,011,952

 

 

 

 

 

 



 

 

 

 

Total Brazil

 

 

7,853,629

 

 

 

 

 

 



 

 

 

 

Canada—3.1%

 

 

 

 

 

127,700

 

Barrick Gold Corp.

 

 

3,951,712

 

 

64,700

 

Canadian Imperial Bank of Commerce

 

 

5,047,170

 

 

95,000

 

Teck Cominco Ltd., Class B

 

 

6,992,921

 

 

174,300

 

TELUS Corp.

 

 

10,078,186

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

26,069,989

 

 

 

 

 

 



 

 

 

 

China—1.6%

 

 

 

 

 

5,535,800

1

Industrial & Commercial Bank of China

 

 

2,477,059

 

 

103,400

 

PetroChina Co. Ltd. (ADR)

 

 

11,414,326

 

 

 

 

 

 



 

 

 

 

Total China

 

 

13,891,385

 

 

 

 

 

 



 

 

 

 

Denmark—1.0%

 

 

 

 

 

213,500

 

Danske Bank A/S

 

 

8,956,687

 

 

 

 

 

 



 

 

 

 

Finland—1.5%

 

 

 

 

 

156,115

 

Fortum Oyj

 

 

4,295,847

 

 

189,301

 

Wartsila Oyj

 

 

8,685,749

 

 

 

 

 

 



 

 

 

 

Total Finland

 

 

12,981,596

 

 

 

 

 

 



 

 

 

 

France—1.9%

 

 

 

 

 

171,600

 

AXA SA

 

 

6,537,581

 

 

55,700

 

Societe Generale

 

 

9,255,964

 

 

 

 

 

 



 

 

 

 

Total France

 

 

15,793,545

 

 

 

 

 

 



 

 

 

 

Germany—4.7%

 

 

 

 

 

62,800

 

Deutsche Bank AG

 

 

7,903,802

 

 

218,200

 

Deutsche Lufthansa AG

 

 

5,032,321

 

 

53,300

 

E.On AG

 

 

6,394,558

 

 

99,000

1

Hannover Rueckversicherung AG

 

 

4,202,550

 

 

58,800

 

Linde AG

 

 

5,828,143

 

 

115,400

 

Man AG

 

 

10,258,465

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

39,619,839

 

 

 

 

 

 



 

 

 

 

Greece—0.7%

 

 

 

 

 

197,750

 

Piraeus Bank SA

 

 

5,638,390

 

 

 

 

 

 



 

 

 

 

Hong Kong—3.5%

 

 

 

 

 

12,957,000

 

CNOOC Ltd.

 

 

10,895,795

 

 

411,000

 

Esprit Holdings Ltd.

 

 

3,979,363

 

 

10,699,000

 

Guangdong Investment Ltd.

 

 

4,457,229

 

 

607,000

 

Hong Kong Exchanges & Clearing Ltd.

 

 

4,807,797

 

 

2,562,000

 

New World Development Co. Ltd.

 

 

4,387,934

 

 

5,000,000

 

Xinyi Glass Holding Co. Ltd.

 

 

1,710,127

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

30,238,245

 

 

 

 

 

 



 

 

 

 

Italy—4.2%

 

 

 

 

 

2,152,400

 

AEM SpA

 

 

5,920,055

 

 

376,700

 

Credito Emiliano SpA

 

 

5,404,025

 

 

279,200

 

ENI SpA

 

 

8,420,436

 

See Notes to Financial Statements.

49



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock World Investment Trust (BWC) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

Italy—(cont’d)

 

 

 

 

 

124,100

 

Fondiaria-Sai SpA

 

$

4,851,068

 

 

547,300

 

Milano Assicurazioni SpA

 

 

4,254,007

 

 

810,900

 

Unicredito Italiano SpA

 

 

6,722,053

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

35,571,644

 

 

 

 

 

 



 

 

 

 

Japan—7.4%

 

 

 

 

 

861,000

 

Bank of Yokohama Ltd.

 

 

6,655,072

 

 

109,200

 

Daito Trust Construction Co. Ltd.

 

 

5,760,882

 

 

129,000

 

Denso Corp.

 

 

4,919,328

 

 

71,800

 

Fast Retailing Co. Ltd.

 

 

6,795,999

 

 

232,700

 

Marui Co. Ltd.

 

 

3,129,726

 

 

66,600

 

Maruichi Steel Tube Ltd.

 

 

1,603,001

 

 

1,095

 

Mizuho Financial Group, Inc.

 

 

8,529,306

 

 

390

1

Nippon Commercial Investment Corp. (REIT)

 

 

1,600,616

 

 

383,000

 

Nippon Steel Corp.

 

 

1,558,788

 

 

550,000

 

Nissan Motor Co. Ltd.

 

 

6,588,431

 

 

26,170

 

ORIX Corp.

 

 

7,372,934

 

 

755

 

Sumitomo Mitsui Financial Group, Inc.

 

 

8,263,007

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

62,777,090

 

 

 

 

 

 



 

 

 

 

Luxembourg—0.1%

 

 

 

 

 

26,600

1

GAGFAH SA

 

 

772,018

 

 

 

 

 

 



 

 

 

 

Mexico—1.4%

 

 

 

 

 

185,000

 

America Movil SA de CV (ADR)

 

 

7,930,950

 

 

1,298,200

1

Cemex SAB de CV

 

 

3,978,528

 

 

 

 

 

 



 

 

 

 

Total Mexico

 

 

11,909,478

 

 

 

 

 

 



 

 

 

 

Netherlands—4.3%

 

 

 

 

 

67,000

 

Akzo Nobel NV

 

 

3,757,425

 

 

180,000

1

ASML Holding NV

 

 

4,111,200

 

 

225,200

 

ING Groep NV

 

 

9,976,506

 

 

57,500

 

Rodamco Europe NV

 

 

6,652,595

 

 

201,200

 

SBM Offshore NV

 

 

5,955,033

 

 

233,100

 

Unilever NV

 

 

5,747,843

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

36,200,602

 

 

 

 

 

 



 

 

 

 

Norway—0.6%

 

 

 

 

 

97,300

 

Orkla ASA

 

 

4,986,423

 

 

 

 

 

 



 

 

 

 

Philippines—0.7%

 

 

 

 

 

132,400

 

Philippine Long Distance Telephone Co. (ADR)

 

 

6,303,564

 

 

 

 

 

 



 

 

 

 

Singapore—2.6%

 

 

 

 

 

2,507,000

 

CapitaLand Ltd.

 

 

8,776,433

 

 

2,551,035

 

Singapore Telecommunications Ltd.

 

 

4,342,396

 

 

781,600

 

United Overseas Bank Ltd.

 

 

8,886,382

 

 

 

 

 

 



 

 

 

 

Total Singapore

 

 

22,005,211

 

 

 

 

 

 



 

 

 

 

South Africa—0.4%

 

 

 

 

 

124,700

 

Foschini Ltd.

 

 

897,214

 

 

675,000

 

Truworths Intl. Ltd.

 

 

2,364,161

 

 

 

 

 

 



 

 

 

 

Total South Africa

 

 

3,261,375

 

 

 

 

 

 



 

 

 

 

Spain—1.4%

 

 

 

 

 

88,400

 

Fomento de Construcciones y Contratas SA

 

 

7,705,990

 

 

162,700

 

Gestevision Telecinco SA

 

 

4,275,622

 

 

 

 

 

 



 

 

 

 

Total Spain

 

 

11,981,612

 

 

 

 

 

 



 

 

 

 

Sweden—4.0%

 

 

 

 

 

336,700

 

Atlas Copco AB

 

 

9,836,578

 

 

43,224

 

D. Carnegie AB

 

 

825,891

 

 

350,000

 

Nordea Bank AB

 

 

4,821,804

 

 

187,300

 

Oriflame Cosmetics SA (ADR)

 

 

6,768,567

 

 

508,300

 

Skanska AB

 

 

9,061,202

 

 

104,763

 

SSAB Svenskt Stal AB, Ser. A

 

 

2,226,562

 

 

14,700

 

SSAB Svenskt Stal AB, Ser. B

 

 

293,088

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

33,833,692

 

 

 

 

 

 



 

See Notes to Financial Statements.

50



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock World Investment Trust (BWC) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Switzerland—5.0%

 

 

 

 

 

45,000

 

Alcon, Inc.

 

$

4,773,600

 

 

17,800

 

Nestle SA

 

 

6,080,945

 

 

150,000

 

Novartis AG

 

 

9,103,332

 

 

83,900

 

Novartis AG (ADR)

 

 

5,095,247

 

 

34,100

 

Roche Holding AG

 

 

5,967,260

 

 

35,700

1

Syngenta AG

 

 

5,765,146

 

 

95,000

 

UBS AG

 

 

5,673,808

 

 

 

 

 

 



 

 

 

 

Total Switzerland

 

 

42,459,338

 

 

 

 

 

 



 

 

 

 

Taiwan—0.6%

 

 

 

 

 

545,900

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

5,295,230

 

 

 

 

 

 



 

 

 

 

Thailand—0.4%

 

 

 

 

 

1,478,400

 

Advanced Info Service PCL (ADR)

 

 

3,626,739

 

 

 

 

 

 



 

 

 

 

United Kingdom—12.1%

 

 

 

 

 

554,700

 

Arriva PLC

 

 

7,565,582

 

 

76,300

 

AstraZeneca PLC (ADR)

 

 

4,478,810

 

 

555,200

 

BAE Systems PLC

 

 

4,442,829

 

 

1,529,900

 

Cobham PLC

 

 

5,610,577

 

 

1,599,000

1

Debenhams PLC

 

 

5,734,353

 

 

360,500

 

Diageo PLC

 

 

6,670,450

 

 

423,900

 

Kelda Group PLC

 

 

7,002,602

 

 

2,000,000

 

Legal & General Group PLC

 

 

5,512,847

 

 

365,800

 

National Express Group PLC

 

 

6,803,407

 

 

400,600

 

Rexam PLC

 

 

4,512,414

 

 

332,800

 

Royal Dutch Shell PLC

 

 

11,922,217

 

 

250,000

 

Scottish & Southern Energy PLC

 

 

6,266,334

 

 

525,938

 

Tate & Lyle PLC

 

 

7,905,674

 

 

477,500

 

United Utilities PLC

 

 

6,498,984

 

 

300,600

 

Viridian Group PLC

 

 

7,597,715

 

 

175,000

 

Vodafone Group PLC (ADR)

 

 

4,523,750

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

103,048,545

 

 

 

 

 

 



 

 

 

 

United States—28.4%

 

 

 

 

 

39,900

 

A.G. Edwards, Inc.

 

 

2,276,295

 

 

60,700

1

Akamai Technologies, Inc.

 

 

2,844,402

 

 

527,700

2

Alaska Communications Systems Group, Inc.

 

 

7,593,603

 

 

90,000

1

Alexion Pharmaceuticals, Inc.

 

 

3,362,400

 

 

28,900

 

Allergan, Inc.

 

 

3,337,950

 

 

66,500

2

Alliance Bernstein Holdings LP

 

 

5,167,050

 

 

100,000

2

Alltel Corp.

 

 

5,331,000

 

 

100,300

 

Altria Group, Inc.

 

 

8,157,399

 

 

193,300

2

Archer-Daniels-Midland Co.

 

 

7,442,050

 

 

220,400

 

Asbury Automotive Group, Inc.

 

 

5,289,600

 

 

197,900

2

AT&T, Inc.

 

 

6,778,075

 

 

147,200

 

Atmos Energy Corp.

 

 

4,523,456

 

 

120,900

2

Bank of America Corp.

 

 

6,512,883

 

 

275,000

1

BEA Systems, Inc.

 

 

4,474,250

 

 

198,600

 

Bebe Stores, Inc.

 

 

4,931,238

 

 

216,500

 

CBRE Realty Finance, Inc.

 

 

3,321,110

 

 

180,000

1

Cisco Systems, Inc.

 

 

4,343,400

 

 

169,600

 

Citigroup, Inc.

 

 

8,507,136

 

 

175,000

2

ConocoPhillips

 

 

10,542,000

 

 

89,300

2

Dominion Resources, Inc.

 

 

7,232,407

 

 

31,300

1

Douglas Emmett, Inc. (REIT)

 

 

746,505

 

 

166,200

 

Exxon Mobil Corp.

 

 

11,870,004

 

 

116,200

 

Global Signal, Inc. (REIT)

 

 

6,309,660

 

 

10,700

1

Google, Inc.

 

 

5,097,373

 

 

337,500

 

Highland Hospitality Corp. (REIT)

 

 

4,664,250

 

 

115,000

 

HJ Heinz Co.

 

 

4,848,400

 

 

50,000

 

Intl. Business Machines Corp.

 

 

4,616,500

 

 

96,900

 

Johnson & Johnson

 

 

6,531,060

 

 

147,300

 

Loews Corp. - Carolina Group

 

 

8,516,886

 

 

177,700

 

McDonald’s Corp.

 

 

7,449,184

 

 

113,100

 

Merck & Co., Inc.

 

 

5,137,002

 

See Notes to Financial Statements.

51



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock World Investment Trust (BWC) (continued)

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

United States—(cont’d)

 

 

 

 

 

125,000

1

MGM Mirage

 

$

5,377,500

 

 

223,300

 

Microsoft Corp.

 

 

6,410,943

 

 

180,000

 

Motorola, Inc.

 

 

4,150,800

 

 

58,500

2

Nike, Inc.

 

 

5,374,980

 

 

108,000

 

PepsiCo, Inc.

 

 

6,851,520

 

 

149,300

 

Pfizer, Inc.

 

 

3,978,845

 

 

170,700

 

PPL Corp.

 

 

5,892,564

 

 

85,000

 

Sempra Energy

 

 

4,508,400

 

 

190,000

 

Strategic Hotels & Resorts, Inc. (REIT)

 

 

4,041,300

 

 

139,800

 

UST, Inc.

 

 

7,487,688

 

 

55,400

 

Whirlpool Corp.

 

 

4,815,922

 

 

328,592

 

Windstream Corp.

 

 

4,508,282

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

241,153,272

 

 

 

 

 

 



 

 

 

 

Total Common Stocks

 

 

826,415,020

 

 

 

 

 

 



 

 

 

 

Preferred Stocks—1.1%

 

 

 

 

 

 

 

Germany—0.5%

 

 

 

 

 

3,900

 

Porsche AG, 0.63%

 

 

4,547,038

 

 

 

 

 

 



 

 

 

 

Italy—0.6%

 

 

 

 

 

1,558,000

 

Unipol SpA, 3.47%

 

 

4,787,284

 

 

 

 

 

 



 

 

 

 

Total Preferred Stocks

 

 

9,334,322

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments (cost $752,568,896)

 

 

835,749,342

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—3.3%

 

 

 

 

 

 

 

Money Market Fund—2.5%

 

 

 

 

 

20,887,018

 

Fidelity Institutional Money Market Prime Portfolio

 

 

20,887,018

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Note—0.8%

 

 

 

 

$

6,700,000

3

Federal Home Loan Bank Discount Note, 4.98%, 11/01/06

 

 

6,700,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $27,587,018)

 

 

27,587,018

 

 

 

 

 

 



 

 

 

 

 

 

 

 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

10,500

 

Arch Coal, Inc., strike price $50, expires 11/17/06

 

 

42

 

 

195

 

ConocoPhillips, strike price $70, expires 11/20/06

 

 

975

 

 

18,000

 

Newmont Mining Corp., strike price $60, expires 11/10/06

 

 

 

 

123,800

 

Norsk Hydro ASA, strike price 179.50 NOK, expires 11/07/06

 

 

 

 

60,000

 

Temple-Inland, Inc., strike price $47, expires 11/17/06

 

 

1

 

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Purchased (cost $17,395)

 

 

1,018

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $780,173,3094)

 

 

863,337,378

 

 

 

 

 

 



 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.9)%

 

 

 

 

 

(360

)

A.G. Edwards, Inc., strike price $60, expires 01/22/07

 

 

(45,000

)

 

(300

)

Accenture Ltd., Class A, strike price $30, expires 11/20/06

 

 

(93,000

)

 

(330

)

Accenture Ltd., strike price $32.50, expires 01/08/07

 

 

(58,410

)

 

(370,000

)

Advanced Info Service PCL, strike price $90.67, expires 11/09/06

 

 

(14,500

)

 

(140

)

AEM SpA, strike price 2.20 EUR, expires 11/17/06

 

 

(14,071

)

 

(215

)

Akamai Technologies, Inc., strike price $55, expires 11/20/06

 

 

(3,225

)

 

(145

)

Akamai Technologies, Inc., strike price $60, expires 01/22/07

 

 

(10,150

)

 

(300

)

Akzo Nobel NV, strike price 46 EUR, expires 12/15/06

 

 

(22,974

)

 

(178,800

)

Alaska Communications Systems Group, Inc., strike price $13.39, expires 11/17/06

 

 

(185,237

)

 

(216,500

)

Alaska Communications Systems Group, Inc., strike price $14.43, expires 12/15/06

 

 

(90,930

)

 

(180

)

Alcon, Inc., strike price $120, expires 11/20/06

 

 

(2,700

)

 

(360

)

Alexion Pharmaceuticals, Inc., strike price $40, expires 11/20/06

 

 

(16,200

)

 

(120

)

Allergan, Inc., strike price $120, expires 11/20/06

 

 

(12,000

)

 

(360

)

Alliance Bernstein Holdings LP, strike price $80, expires 01/22/07

 

 

(75,600

)

 

(40,000

)

Alltel Corp., strike price $60, expires 12/15/06

 

 

(2,600

)

 

(180

)

Alltel Corp., strike price $68, expires 11/10/06

 

 

(15,840

)

 

(12,500

)

Altria Group, Inc., strike price $80.96, expires 11/17/06

 

 

(19,125

)

 

(20,500

)

Altria Group, Inc., strike price $84.25, expires 11/17/06

 

 

(3,977

)

See Notes to Financial Statements.

52



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock World Investment Trust (BWC) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(200

)

Altria Group, Inc., strike price $85, expires 12/18/06

 

$

(16,000

)

 

(250

)

America Movil SA de CV (ADR), strike price $37, expires 11/06/06

 

 

(147,500

)

 

(1,090

)

America Movil SA de CV (ADR), strike price $45, expires 12/18/06

 

 

(109,000

)

 

(10,500

)

Arch Coal, Inc., strike price $51, expires 11/17/06

 

 

(31

)

 

(240

)

Archer-Daniels-Midland Co., strike price $40, expires 11/20/06

 

 

(13,200

)

 

(410

)

Archer-Daniels-Midland Co., strike price $45, expires 12/18/06

 

 

(8,200

)

 

(22,000

)

Archer-Daniels-Midland Co., strike price $47.35, expires 11/17/06

 

 

(154

)

 

(444,000

)

Arriva PLC, strike price 5.92 GBP, expires 11/03/06

 

 

(1,043,442

)

 

(220,400

)

Asbury Automotive Group, Inc., strike price $25, expires 12/15/06

 

 

(107,996

)

 

(720

)

ASML Holding NV, strike price $25, expires 11/20/06

 

 

(3,600

)

 

(310

)

AstraZeneca PLC (ADR), strike price $70, expires 01/22/07

 

 

(6,200

)

 

(570

)

AT&T, Inc., strike price $29, expires 11/10/06

 

 

(302,670

)

 

(600

)

AT&T, Inc., strike price $35, expires 01/22/07

 

 

(39,000

)

 

(55,000

)

Atlas Copco AB, strike price 193.20 SEK, expires 11/03/06

 

 

(135,877

)

 

(85,000

)

Atlas Copco AB, strike price 200 SEK, expires 11/16/06

 

 

(158,016

)

 

(60,000

)

Atmos Energy Corp., strike price $29, expires 11/17/06

 

 

(108,240

)

 

(43,600

)

AXA SA, strike price 30 EUR, expires 11/08/06

 

 

(18,664

)

 

(25,000

)

AXA SA, strike price 31.50 EUR, expires 12/15/06

 

 

(11,108

)

 

(220,000

)

BAE Systems PLC, strike price 3.80 GBP, expires 11/03/06

 

 

(166,350

)

 

(490

)

Bank of America Corp., strike price $52.50, expires 11/20/06

 

 

(83,300

)

 

(323,000

)

Bank of Yokohama Ltd., strike price 957.99 JPY, expires 11/01/06

 

 

 

 

(350

)

Barrick Gold Corp., strike price 36 CAD, expires 11/20/06

 

 

(14,026

)

 

(350

)

Barrick Gold Corp., strike price 36 CAD, expires 12/18/06

 

 

(34,285

)

 

(54,300

)

BEA Systems, Inc., strike price $16, expires 11/17/06

 

 

(44,580

)

 

(54,300

)

BEA Systems, Inc., strike price $16.50, expires 12/15/06

 

 

(48,273

)

 

(28,900

)

BEA Systems, Inc., strike price $17, expires 12/15/06

 

 

(20,028

)

 

(290

)

Bebe Stores, Inc., strike price $30, expires 12/18/06

 

 

(5,800

)

 

(150

)

Canadian Imperial Bank of Commerce, strike price 85 CAD, expires 11/20/06

 

 

(42,077

)

 

(95

)

Canadian Imperial Bank of Commerce, strike price 90 CAD, expires 01/22/07

 

 

(11,844

)

 

(1,035,000

)

CapitaLand Ltd., strike price 4.92 SGD, expires 11/29/06

 

 

(373,964

)

 

(400,000

)

Cemex SAB de CV, strike price 31.85 MXN, expires 11/06/06

 

 

(46,092

)

 

(120,000

)

Cemex SAB de CV, strike price 36.50 MXN, expires 11/03/06

 

 

 

 

(720

)

Cisco Systems, Inc., strike price $25, expires 11/20/06

 

 

(28,800

)

 

(67,700

)

Citigroup, Inc., strike price $51.05, expires 01/19/07

 

 

(63,638

)

 

(5,000,000

)

CNOOC Ltd., strike price 6.58 HKD, expires 11/29/06

 

 

(103,379

)

 

(750,000

)

Cobham PLC, strike price 1.82 GBP, expires 11/03/06

 

 

(147,702

)

 

(210

)

ConocoPhillips, strike price $65, expires 11/20/06

 

 

(4,200

)

 

(400

)

ConocoPhillips, strike price $65, expires 12/18/06

 

 

(26,000

)

 

(195

)

ConocoPhillips, strike price $75, expires 11/20/06

 

 

(975

)

 

(138,100

)

Credito Emiliano SpA, strike price 11.52 EUR, expires 11/02/06

 

 

(5,552

)

 

(43,700

)

Daito Trust Construction Co. Ltd., strike price 6,339.95 JPY, expires 11/02/06

 

 

(5,001

)

 

(55,000

)

Danske Bank A/S, strike price 228.66 DKK, expires 11/02/06

 

 

(154,092

)

 

(55,000

)

Danske Bank A/S, strike price 234.05 DKK, expires 11/16/06

 

 

(118,279

)

 

(648,000

)

Debenhams PLC, strike price 1.84 GBP, expires 11/02/06

 

 

(57,120

)

 

(58,000

)

Denso Corp., strike price 4,106.34 JPY, expires 11/02/06

 

 

(175,349

)

 

(6,500

)

Denso Corp., strike price 4,263.81 JPY, expires 11/02/06

 

 

(10,933

)

 

(160

)

Deutsche Bank AG, strike price 102 EUR, expires 12/15/06

 

 

(32,469

)

 

(15,500

)

Deutsche Bank AG, strike price 94.73 EUR, expires 11/08/06

 

 

(81,562

)

 

(87,300

)

Deutsche Lufthansa AG, strike price 14.58 EUR, expires 11/09/06

 

 

(389,885

)

 

(180,200

)

Diageo PLC, strike price 9.68 GBP, expires 11/08/06

 

 

(31,851

)

 

(160

)

Dominion Resources, Inc., strike price $80, expires 11/20/06

 

 

(31,200

)

 

(287

)

Dominion Resources, Inc., strike price $83, expires 11/10/06

 

 

(7,749

)

 

(270

)

E.On AG, strike price 100 EUR, expires 11/17/06

 

 

(6,203

)

 

(28,000

)

ENI SpA, strike price 23.90 EUR, expires 11/08/06

 

 

(2,997

)

 

(188,000

)

ENI SpA, strike price 24.63 EUR, expires 11/07/06

 

 

(1,224

)

 

(190

)

Exxon Mobil Corp., strike price $68, expires 11/10/06

 

 

(67,830

)

 

(190

)

Exxon Mobil Corp., strike price $70, expires 12/18/06

 

 

(46,550

)

 

(55,000

)

Fast Retailing Co. Ltd., strike price 11,424.40 JPY, expires 11/02/06

 

 

(684

)

 

(53,000

)

FCC, strike price 62.32 EUR, expires 11/02/06

 

 

(404,770

)

 

(37,200

)

Fondiaria-Sai SpA, strike price 35.22 EUR, expires 11/02/06

 

 

(3,281

)

 

(78,000

)

Fortum Oyj, strike price 22.21 EUR, expires 11/07/06

 

 

(10,477

)

 

(450

)

Gerdau SA (ADR), strike price $15, expires 11/20/06

 

 

(20,250

)

 

(670

)

Gerdau SA (ADR), strike price $17.50, expires 12/18/06

 

 

(10,050

)

 

(81,000

)

Gestevision Telecinco SA, strike price 20.52 EUR, expires 11/02/06

 

 

(13,012

)

See Notes to Financial Statements.

53


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock World Investment Trust (BWC) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(46,500

)

Global Signal, Inc. (REIT), strike price $47.50, expires 11/17/06

 

$

(323,687

)

 

(110

)

Global Signal, Inc. (REIT), strike price $55, expires 11/20/06

 

 

(8,250

)

 

(72

)

Google, Inc., strike price $500, expires 12/18/06

 

 

(78,480

)

 

(520

)

Hannover Rueckversicherung AG, strike price 32 EUR, expires 11/17/06

 

 

(108,180

)

 

(130,000

)

Highland Hospitality Corp. (REIT), strike price $14.46, expires 11/17/06

 

 

(7,540

)

 

(39,000

)

Highland Hospitality Corp. (REIT), strike price $15.50, expires 12/15/06

 

 

(2,233

)

 

(22,000

)

HJ Heinz Co., strike price $43.50, expires 12/15/06

 

 

(15,180

)

 

(240

)

HJ Heinz Co., strike price $45.13, expires 11/10/06

 

 

 

 

(290,300

)

Hong Kong Exchanges & Clearing Ltd., strike price 58.72 HKD, expires 11/29/06

 

 

(134,345

)

 

(90,000

)

ING Groep NV, strike price 32.92 EUR, expires 11/08/06

 

 

(211,366

)

 

(215

)

Intl. Business Machines Corp., strike price $85, expires 11/20/06

 

 

(159,100

)

 

(48,000

)

Johnson & Johnson, strike price $65.50, expires 11/17/06

 

 

(102,697

)

 

(255,000

)

Kelda Group PLC, strike price 8.78 GBP, expires 01/10/07

 

 

(105,321

)

 

(800,000

)

Legal & General Group PLC, strike price 1.31 GBP, expires 11/08/06

 

 

(189,428

)

 

(230

)

Linde AG, strike price 78 EUR, expires 11/17/06

 

 

(38,162

)

 

(151,700

)

Lion Nathan Ltd., strike price 8.19 AUD, expires 11/09/06

 

 

(22,436

)

 

(348,300

)

Lion Nathan Ltd., strike price 8.26 AUD, expires 11/29/06

 

 

(74,978

)

 

(215

)

Loews Corp. - Carolina Group, strike price $60, expires 12/18/06

 

 

(20,425

)

 

(30,000

)

Loews Corp. - Carolina Group, strike price $63.50, expires 11/17/06

 

 

(2,340

)

 

(525

)

Man AG, strike price 70 EUR, expires 11/17/06

 

 

(125,302

)

 

(180

)

McDonald’s Corp., strike price $36.50, expires 11/10/06

 

 

(98,280

)

 

(72,000

)

McDonald’s Corp., strike price $41.50, expires 12/15/06

 

 

(60,071

)

 

(45,200

)

Merck & Co., Inc., strike price $46.53, expires 12/15/06

 

 

(26,450

)

 

(150

)

MGM Mirage, strike price $45, expires 11/20/06

 

 

(7,500

)

 

(230

)

MGM Mirage, strike price $45, expires 12/18/06

 

 

(25,300

)

 

(900

)

Microsoft Corp., strike price $29.50, expires 01/22/07

 

 

(49,500

)

 

(440

)

Mizuho Financial Group, Inc, strike price 980,800.56 JPY, expires 11/01/06

 

 

 

 

(720

)

Motorola, Inc., strike price $25, expires 11/20/06

 

 

(7,200

)

 

(180

)

Motorola, Inc., strike price $26, expires 12/08/06

 

 

(1,080

)

 

(147,000

)

National Express Group PLC, strike price 8.23 GBP, expires 11/03/06

 

 

(427,024

)

 

(1,200

)

Nestle SA, strike price 420 CHF, expires 11/17/06

 

 

(77,553

)

 

(1,024,000

)

New World Development Co. Ltd., strike price 13.70 HKD, expires 11/29/06

 

 

(20,799

)

 

(180

)

Newmont Mining Corp., strike price $61, expires 11/10/06

 

 

 

 

(250

)

Nike, Inc., strike price $85, expires 11/10/06

 

 

(176,250

)

 

(110

)

Nike, Inc., strike price $93, expires 11/24/06

 

 

(14,300

)

 

(250,000

)

Nissan Motor Co. Ltd., strike price 1,367.86 JPY, expires 11/29/06

 

 

(114,951

)

 

(140,000

)

Nordea Bank AB, strike price 94.87 SEK, expires 11/09/06

 

 

(92,896

)

 

(80,000

)

Norsk Hydro ASA, strike price 179.92 NOK, expires 11/01/06

 

 

 

 

(43,800

)

Norsk Hydro ASA, strike price 192.24 NOK, expires 11/07/06

 

 

 

 

(33,500

)

Novartis AG (ADR), strike price $61.51, expires 12/15/06

 

 

(40,769

)

 

(75,000

)

Novartis AG (ADR), strike price 72.20 CHF, expires 11/09/06

 

 

(202,435

)

 

(55,200

)

Oriflame Cosmetics SA (ADR), strike price 245.13 SEK, expires 11/03/06

 

 

(121,737

)

 

(10,500

)

ORIX Corp., strike price 31,006.50 JPY, expires 11/03/06

 

 

(174,903

)

 

(36,400

)

Orkla ASA, strike price 317.56 NOK, expires 11/03/06

 

 

(111,862

)

 

(430

)

PepsiCo, Inc., strike price $65, expires 12/18/06

 

 

(27,950

)

 

(285

)

PetroChina Co. Ltd. (ADR), strike price $115, expires 11/20/06

 

 

(11,400

)

 

(330

)

PetroChina Co. Ltd. (ADR), strike price $115, expires 12/18/06

 

 

(44,550

)

 

(11,000

)

PetroChina Co. Ltd. (ADR), strike price $121, expires 11/17/06

 

 

(555

)

 

(16,000

)

Petroleo Brasileiro SA (ADR), strike price $101, expires 11/17/06

 

 

(6,620

)

 

(160

)

Petroleo Brasileiro SA (ADR), strike price $90, expires 12/18/06

 

 

(31,200

)

 

(665

)

Philippine Long Distance Telephone Co. (ADR), strike price $50, expires 12/18/06

 

 

(59,850

)

 

(99,000

)

Piraeus Bank SA, strike price 20.40 EUR, expires 11/03/06

 

 

(245,811

)

 

(64,200

)

PPL Corp., strike price $36, expires 11/17/06

 

 

(6,163

)

 

(520,000

)

Promina Group Ltd., strike price 5.52 AUD, expires 11/09/06

 

 

(517,822

)

 

(105,600

)

Publishing & Broadcasting Ltd., strike price 18.95 AUD, expires 11/29/06

 

 

(65,414

)

 

(161,400

)

QBE Insurance Group Ltd., strike price 24.23 AUD, expires 11/29/06

 

 

(108,357

)

 

(120,000

)

Rexam PLC, strike price 5.75 GBP, expires 11/16/06

 

 

(34,684

)

 

(80,000

)

Rexam PLC, strike price 5.92 GBP, expires 01/10/07

 

 

(28,282

)

 

(18,000

)

Roche Holding AG, strike price 228.85 CHF, expires 11/01/06

 

 

(3

)

 

(410

)

Rodamco Europe NV, strike price 88 EUR, expires 12/15/06

 

 

(198,849

)

 

(166,400

)

Royal Dutch Shell PLC, strike price 18.83 GBP, expires 12/08/06

 

 

(142,438

)

 

(700

)

SBM Offshore NV, strike price 24 EUR, expires 12/15/06

 

 

(31,270

)

 

(100,000

)

Scottish & Southern Energy PLC, strike price 13.34 GBP, expires 11/08/06

 

 

(20,209

)

 

(57,000

)

Sempra Energy, strike price $51, expires 11/17/06

 

 

(132,867

)

See Notes to Financial Statements.

54


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2006

 

BlackRock World Investment Trust (BWC) (continued)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(1,000,000

)

Singapore Telecommunications Ltd., strike price 2.53 SGD, expires 11/09/06

 

$

(77,152

)

 

(254,000

)

Skanska AB, strike price 118.96 SEK, expires 11/02/06

 

 

(344,632

)

 

(250

)

Societe Generale, strike price 129.14 EUR, expires 11/17/06

 

 

(111,039

)

 

(1,360,800

)

SP Ausnet, strike price 1.31 AUD, expires 11/09/06

 

 

(10,116

)

 

(733,000

)

SP Ausnet, strike price 1.31 AUD, expires 11/29/06

 

 

(9,082

)

 

(84,000

)

SSAB Svenskt Stal AB, Ser. A, strike price 150.31 SEK, expires 11/02/06

 

 

(39,032

)

 

(12,400

)

SSAB Svenskt Stal AB, Ser. A, strike price 153.36 SEK, expires 11/07/06

 

 

(6,513

)

 

(198,000

)

St. George Bank Ltd., strike price 30.36 AUD, expires 11/29/06

 

 

(242,764

)

 

(95,000

)

Strategic Hotels & Resorts, Inc. (REIT), strike price $20.31, expires 11/17/06

 

 

(102,515

)

 

(300

)

Sumitomo Mitsui Financial Group, Inc., strike price 1,308,422.81 JPY, expires 11/02/06

 

 

(3,015

)

 

(15,500

)

Syngenta AG, strike price 199.95 CHF, expires 11/16/06

 

 

(44,978

)

 

(210,400

)

Tate & Lyle PLC, strike price 7.26 GBP, expires 11/09/06

 

 

(252,851

)

 

(240

)

Teck Cominco Ltd., Class B, strike price 80 CAD, expires 12/18/06

 

 

(118,616

)

 

(140

)

Teck Cominco Ltd., Class B, strike price 85 CAD, expires 11/20/06

 

 

(19,947

)

 

(700

)

TELUS Corp., strike price 56 CAD, expires 11/20/06

 

 

(551,672

)

 

(60,000

)

Temple-Inland, Inc., strike price $47.55, expires 11/17/06

 

 

(60

)

 

(202,500

)

Truworths Intl. Ltd., strike price 24.09 ZAR, expires 11/08/06

 

 

(49,208

)

 

(135,000

)

Truworths Intl. Ltd., strike price 24.37 ZAR, expires 11/02/06

 

 

(27,307

)

 

(56,000

)

UBS AG, strike price 69.38 CHF, expires 11/03/06

 

 

(221,846

)

 

(397,000

)

Unicredito Italiano SpA, strike price 6.71 EUR, expires 12/15/06

 

 

(38,154

)

 

(105,000

)

Unilever NV, strike price 18.90 EUR, expires 11/02/06

 

 

(58,076

)

 

(470,000

)

Unipol SpA, strike price 2.43 EUR, expires 11/01/06

 

 

(1,848

)

 

(390,000

)

United Overseas Bank Ltd., strike price 15.83 SGD, expires 11/09/06

 

 

(472,324

)

 

(382,000

)

United Utilities PLC, strike price 7.19 GBP, expires 01/10/07

 

 

(77,744

)

 

(29,500

)

UST, Inc., strike price $49.03, expires 11/17/06

 

 

(139,594

)

 

(39,700

)

UST, Inc., strike price $54, expires 11/17/06

 

 

(41,923

)

 

(28,000

)

UST, Inc., strike price $56, expires 12/15/06

 

 

(15,361

)

 

(70,000

)

Viridian Group PLC, strike price 10.10 GBP, expires 11/02/06

 

 

(421,234

)

 

(113,400

)

Viridian Group PLC, strike price 10.14 GBP, expires 11/08/06

 

 

(675,442

)

 

(27,000

)

Viridian Group PLC, strike price 10.23 GBP, expires 11/02/06

 

 

(156,008

)

 

(200

)

Vodafone Group PLC (ADR), strike price $24, expires 11/10/06

 

 

(38,400

)

 

(700

)

Vodafone Group PLC (ADR), strike price $25, expires 01/22/07

 

 

(98,000

)

 

(200

)

Vodafone Group PLC (ADR), strike price $26, expires 12/08/06

 

 

(11,500

)

 

(76,000

)

Wartsila Oyj, strike price 34.52 EUR, expires 11/02/06

 

 

(140,491

)

 

(145

)

Whirlpool Corp., strike price $90, expires 12/18/06

 

 

(27,115

)

 

(62

)

Whirlpool Corp., strike price $95, expires 11/20/06

 

 

(558

)

 

(70

)

Whirlpool Corp., strike price $95, expires 12/18/06

 

 

(4,200

)

 

(132,000

)

Windstream Corp., strike price $13.01, expires 11/17/06

 

 

(109,692

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($9,547,129))

 

 

(15,922,733

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—99.7%

 

$

847,414,645

 

 

 

 

Other assets in excess of liabilities—0.3%

 

 

2,531,941

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

849,946,586

 

 

 

 

 

 



 


 

 


1

Non-income producing security.

2

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

3

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

4

Cost for Federal income tax purposes is $781,371,162. The net unrealized appreciation on a tax basis is $81,966,216, consisting of $94,788,563 gross unrealized appreciation and $12,822,347 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.

55



 

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend
AchieversTM Trust
(BDV)

 

Enhanced
Dividend
AchieversTM Trust
(BDJ)

 

Strategic
Dividend
AchieversTM Trust
(BDT)

 

Global
Energy and
Resources Trust
(BGR)

 

 

 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

868,625,472

 

$

988,349,358

 

$

434,128,932

 

$

865,068,917

 

Investments in affiliates

 

 

57,218

 

 

15,246

 

 

32,039

 

 

29,920

 

Cash

 

 

 

 

388,585

 

 

 

 

75,602

 

Foreign currency at value2

 

 

 

 

 

 

 

 

313,081

 

Receivable for investments sold

 

 

 

 

112,740,910

 

 

 

 

20,377,741

 

Unrealized gain on forward currency contracts

 

 

 

 

 

 

 

 

 

Dividend and interest receivable

 

 

2,030,570

 

 

2,194,386

 

 

415,382

 

 

2,537,433

 

Other assets

 

 

44,230

 

 

31,452

 

 

26,253

 

 

295,948

 

 

 



 



 



 



 

 

 

 

870,757,490

 

 

1,103,719,937

 

 

434,602,606

 

 

888,698,642

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

 

 

60,306,661

 

 

 

 

953,855

 

Outstanding options written at value3

 

 

 

 

8,731,783

 

 

 

 

3,383,067

 

Unrealized loss on forward currency contracts

 

 

 

 

 

 

 

 

 

Investment advisory fee payable

 

 

475,193

 

 

872,036

 

 

275,019

 

 

864,126

 

Deferred Trustees’fees

 

 

57,218

 

 

15,246

 

 

32,039

 

 

29,920

 

Licensing fee payable

 

 

281,695

 

 

338,795

 

 

140,787

 

 

 

Payable to affiliates

 

 

25,698

 

 

17,150

 

 

38,125

 

 

35,565

 

Other accrued expenses

 

 

215,036

 

 

311,445

 

 

178,951

 

 

328,360

 

 

 



 



 



 



 

 

 

 

1,054,840

 

 

70,593,116

 

 

664,921

 

 

5,594,893

 

 

 



 



 



 



 

Net Assets

 

$

869,702,650

 

$

1,033,126,821

 

$

433,937,685

 

$

883,103,749

 

 

 



 



 



 



 

Composition of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value

 

$

54,518

 

$

69,423

 

$

26,908

 

$

29,766

 

Paid-in capital in excess of par

 

 

744,951,784

 

 

992,894,207

 

 

376,494,750

 

 

709,335,050

 

Undistributed (distributions in excess) of net investment income

 

 

885,901

 

 

15,238,838

 

 

1,173,308

 

 

7,804,351

 

Accumulated net realized gain (loss)

 

 

 

 

(15,290,086

)

 

(648

)

 

20,841,716

 

Net unrealized appreciation

 

 

123,810,447

 

 

40,214,439

 

 

56,243,367

 

 

145,092,866

 

 

 



 



 



 



 

Net Assets, October 31, 2006

 

$

869,702,650

 

$

1,033,126,821

 

$

433,937,685

 

$

883,103,749

 

 

 



 



 



 



 

Net asset value per share4

 

$

15.95

 

$

14.88

 

$

16.13

 

$

29.67

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1   Investments at cost

 

$

744,815,025

 

$

947,655,942

 

$

377,885,565

 

$

722,956,495

 

2   Foreign currency at cost

 

 

 

 

 

 

 

 

311,821

 

3   Premium received

 

 

 

 

8,252,806

 

 

 

 

6,356,446

 

4   Shares outstanding

 

 

54,518,315

 

 

69,423,382

 

 

26,908,028

 

 

29,766,217

 

See Notes to Financial Statements.

56


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global
Opportunities
Equity Trust
(BOE)

 

Health
Sciences Trust
(BME)

 

Real Asset
Equity Trust
(BCF)

 

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

 

World
Investment
Trust
(BWC)

 

 

 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

336,401,291

 

$

213,037,514

 

$

841,131,652

 

$

110,764,123

 

$

863,337,378

 

Investments in affiliates

 

 

7,038

 

 

4,942

 

 

 

 

5,320

 

 

7,990

 

Cash

 

 

 

 

 

 

 

 

 

 

 

Foreign currency at value2

 

 

3,285,402

 

 

27,297

 

 

38,952

 

 

141,575

 

 

4,624,421

 

Receivable for investments sold

 

 

11,339,820

 

 

2,898,508

 

 

1,311,427

 

 

1,165,740

 

 

25,219,560

 

Unrealized gain on forward currency contracts

 

 

3,140

 

 

 

 

 

 

 

 

7,637

 

Dividend and interest receivable

 

 

433,210

 

 

65,798

 

 

1,177,380

 

 

148,853

 

 

997,389

 

Other assets

 

 

12,467

 

 

8,682

 

 

138,211

 

 

6,766

 

 

76,414

 

 

 



 



 



 



 



 

 

 

 

351,482,368

 

 

216,042,741

 

 

843,797,622

 

 

112,232,377

 

 

894,270,789

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

2,087,014

 

 

 

 

993,376

 

Payable for investments purchased

 

 

11,799,672

 

 

6,383,803

 

 

10,302,915

 

 

 

 

26,444,330

 

Outstanding options written at value3

 

 

7,480,560

 

 

1,253,783

 

 

8,959,985

 

 

 

 

15,922,733

 

Unrealized loss on forward currency contracts

 

 

2,825

 

 

 

 

 

 

 

 

6,971

 

Investment advisory fee payable

 

 

276,460

 

 

176,183

 

 

804,358

 

 

70,169

 

 

710,826

 

Deferred Trustees’fees

 

 

7,038

 

 

4,942

 

 

 

 

5,320

 

 

7,990

 

Licensing fee payable

 

 

 

 

 

 

 

 

129,354

 

 

 

Payable to affiliates

 

 

14,365

 

 

9,326

 

 

1,266

 

 

7,155

 

 

 

Other accrued expenses

 

 

157,262

 

 

63,406

 

 

1,359,009

 

 

95,172

 

 

237,977

 

 

 



 



 



 



 



 

 

 

 

19,738,182

 

 

7,891,443

 

 

23,514,547

 

 

307,170

 

 

44,324,203

 

 

 



 



 



 



 



 

Net Assets

 

$

331,744,186

 

$

208,151,298

 

$

820,283,075

 

$

111,925,207

 

$

849,946,586

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value

 

$

12,414

 

$

7,505

 

$

53,508

 

$

6,033

 

$

51,977

 

Paid-in capital in excess of par

 

 

295,841,971

 

 

178,795,001

 

 

765,179,146

 

 

86,100,387

 

 

743,403,242

 

Undistributed (distributions in excess) of net investment income

 

 

(155,770

)

 

(4,942

)

 

2,308,465

 

 

141,006

 

 

(1,781,511

)

Accumulated net realized gain (loss)

 

 

5,845,327

 

 

7,055,341

 

 

133,318

 

 

(212,891

)

 

31,451,634

 

Net unrealized appreciation

 

 

30,200,244

 

 

22,298,393

 

 

52,608,638

 

 

25,890,672

 

 

76,821,244

 

 

 



 



 



 



 



 

Net Assets, October 31, 2006

 

$

331,744,186

 

$

208,151,298

 

$

820,283,075

 

$

111,925,207

 

$

849,946,586

 

 

 



 



 



 



 



 

Net asset value per share4

 

$

26.72

 

$

27.74

 

$

15.33

 

$

18.55

 

$

16.35

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1   Investments at cost

 

$

302,880,700

 

$

191,190,129

 

$

787,643,554

 

$

84,875,366

 

$

780,173,309

 

2   Foreign currency at cost

 

 

3,246,338

 

 

27,139

 

 

38,688

 

 

140,291

 

 

4,609,320

 

3   Premium received

 

 

4,111,793

 

 

1,704,633

 

 

8,057,568

 

 

 

 

9,547,129

 

4   Shares outstanding

 

 

12,413,696

 

 

7,504,817

 

 

53,508,028

 

 

6,033,028

 

 

51,976,565

 

57


 

STATEMENTS OF OPERATIONS
For the period1 ended October 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend
AchieversTM
Trust
(BDV)

 

Enhanced
Dividend
AchieversTM
Trust
(BDJ)

 

Strategic
Dividend
AchieversTM
Trust
(BDT)

 

Global
Energy and
Resources
Trust
(BGR)

 

 

 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

$

30,156,708

 

$

37,107,285

 

$

14,648,991

 

$

31,669,282

 

Interest income

 

 

239,496

 

 

1,744,091

 

 

117,491

 

 

2,128,916

 

Income from affiliates

 

 

2,993

 

 

718

 

 

1,599

 

 

1,643

 

Foreign taxes withheld

 

 

(4,800

)

 

 

 

(18,880

)

 

(2,201,515

)

Dividends from affiliates

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total investment income

 

 

30,394,397

 

 

38,852,094

 

 

14,749,201

 

 

31,598,326

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

5,282,859

 

 

9,895,849

 

 

3,128,989

 

 

10,679,329

 

Transfer agent

 

 

30,295

 

 

30,500

 

 

19,944

 

 

22,499

 

Custodian

 

 

114,837

 

 

266,638

 

 

78,904

 

 

153,784

 

Reports to shareholders

 

 

159,870

 

 

164,250

 

 

87,965

 

 

115,000

 

Trustees

 

 

85,045

 

 

85,045

 

 

57,841

 

 

85,045

 

Registration

 

 

65,700

 

 

45,001

 

 

25,915

 

 

34,000

 

Independent accountants

 

 

40,113

 

 

47,360

 

 

44,061

 

 

78,475

 

Legal

 

 

117,293

 

 

126,611

 

 

76,150

 

 

121,165

 

Insurance

 

 

52,006

 

 

90,002

 

 

28,525

 

 

52,228

 

Deferred trustees fees

 

 

2,993

 

 

718

 

 

1,599

 

 

1,643

 

Organization

 

 

 

 

 

 

 

 

 

License fee

 

 

812,789

 

 

989,585

 

 

417,199

 

 

 

Miscellaneous

 

 

64,221

 

 

67,595

 

 

49,383

 

 

72,597

 

 

 



 



 



 



 

Total expenses

 

 

6,828,021

 

 

11,809,154

 

 

4,016,475

 

 

11,415,765

 

Less: fees waived by the Advisor

 

 

 

 

 

 

 

 

(1,779,888

)

Less: fees paid indirectly

 

 

(13

)

 

(9,715

)

 

(64

)

 

(2,083

)

 

 



 



 



 



 

Net expenses

 

 

6,828,008

 

 

11,799,439

 

 

4,016,411

 

 

9,633,794

 

 

 



 



 



 



 

Net investment income (loss)

 

 

23,566,389

 

 

27,052,655

 

 

10,732,790

 

 

21,964,532

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

16,975,443

 

 

18,623,242

 

 

14,048,250

 

 

61,328,388

 

Foreign currency

 

 

 

 

 

 

 

 

383,653

 

Options written

 

 

 

 

35,414,770

 

 

 

 

8,407,416

 

Affiliated transactions

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

 

 

 

16,975,443

 

 

54,038,012

 

 

14,048,250

 

 

70,119,457

 

 

 



 



 



 



 

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

103,536,421

 

 

64,564,875

 

 

26,008,232

 

 

37,862,006

 

Foreign currency

 

 

 

 

 

 

 

 

19,132

 

Options written

 

 

 

 

(1,093,418

)

 

 

 

853,681

 

 

 



 



 



 



 

 

 

 

103,536,421

 

 

63,471,457

 

 

26,008,232

 

 

38,734,819

 

 

 



 



 



 



 

Net gain

 

 

120,511,864

 

 

117,509,469

 

 

40,056,482

 

 

108,854,276

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

 

$

144,078,253

 

$

144,562,124

 

$

50,789,272

 

$

130,818,808

 

 

 



 



 



 



 


 

 

1

Commencement of investment operations for BlackRock Real Asset Equity Trust (BCF) was September 29, 2006. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

See Notes to Financial Statements.

58


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global
Opportunities
Equity Trust
(BOE)

 

Health
Sciences Trust
(BME)

 

Real Asset
Equity Trust
(BCF)

 

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

 

World
Investment
Trust
(BWC)

 

 

 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

$

11,488,532

 

$

1,536,117

 

$

1,093,869

 

$

3,807,466

 

$

24,862,504

 

Interest income

 

 

610,210

 

 

640,744

 

 

1,650,024

 

 

21,334

 

 

2,465,457

 

Income from affiliates

 

 

277

 

 

253

 

 

 

 

271

 

 

437

 

Foreign taxes withheld

 

 

(735,657

)

 

(31,873

)

 

(899

)

 

(154,433

)

 

(1,963,906

)

Dividends from affiliates

 

 

 

 

 

 

 

 

 

 

47,225

 

 

 



 



 



 



 



 

Total investment income

 

 

11,363,362

 

 

2,145,241

 

 

2,742,994

 

 

3,674,638

 

 

25,411,717

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

3,148,839

 

 

2,060,982

 

 

854,675

 

 

769,406

 

 

8,086,269

 

Transfer agent

 

 

19,998

 

 

19,998

 

 

1,808

 

 

19,944

 

 

24,999

 

Custodian

 

 

233,364

 

 

105,367

 

 

24,179

 

 

78,622

 

 

330,404

 

Reports to shareholders

 

 

45,001

 

 

24,820

 

 

40,452

 

 

24,820

 

 

75,000

 

Trustees

 

 

30,999

 

 

23,999

 

 

6,555

 

 

14,958

 

 

72,500

 

Registration

 

 

31,500

 

 

21,250

 

 

3,119

 

 

1,993

 

 

34,500

 

Independent accountants

 

 

50,381

 

 

38,936

 

 

48,968

 

 

45,099

 

 

54,055

 

Legal

 

 

56,842

 

 

44,640

 

 

10,189

 

 

21,101

 

 

112,697

 

Insurance

 

 

19,984

 

 

13,231

 

 

5,876

 

 

6,687

 

 

75,000

 

Deferred trustees fees

 

 

277

 

 

253

 

 

 

 

271

 

 

437

 

Organization

 

 

 

 

 

 

15,000

 

 

 

 

 

License fee

 

 

 

 

 

 

 

 

153,881

 

 

 

Miscellaneous

 

 

24,002

 

 

20,250

 

 

3,526

 

 

21,637

 

 

31,384

 

 

 



 



 



 



 



 

Total expenses

 

 

3,661,187

 

 

2,373,726

 

 

1,014,347

 

 

1,158,419

 

 

8,897,245

 

Less: fees waived by the Advisor

 

 

 

 

 

 

(142,446

)

 

 

 

 

Less: fees paid indirectly

 

 

(479

)

 

(925

)

 

(2,388

)

 

(147

)

 

(15,124

)

 

 



 



 



 



 



 

Net expenses

 

 

3,660,708

 

 

2,372,801

 

 

869,513

 

 

1,158,272

 

 

8,882,121

 

 

 



 



 



 



 



 

Net investment income (loss)

 

 

7,702,654

 

 

(227,560

)

 

1,873,481

 

 

2,516,366

 

 

16,529,596

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

21,458,695

 

 

16,887,940

 

 

133,308

 

 

1,892,842

 

 

58,012,010

 

Foreign currency

 

 

(386,769

)

 

(16,121

)

 

419,984

 

 

29,574

 

 

(1,033,453

)

Options written

 

 

4,497,951

 

 

3,804,260

 

 

10

 

 

 

 

19,991,913

 

Affiliated transactions

 

 

 

 

 

 

 

 

 

 

998,830

 

 

 



 



 



 



 



 

 

 

 

25,569,877

 

 

20,676,079

 

 

553,302

 

 

1,922,416

 

 

77,969,300

 

 

 



 



 



 



 



 

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

34,511,135

 

 

3,485,376

 

 

53,488,098

 

 

17,353,095

 

 

77,909,205

 

Foreign currency

 

 

225,742

 

 

157

 

 

22,958

 

 

(6,429

)

 

(148,255

)

Options written

 

 

(3,249,790

)

 

645,161

 

 

(902,418

)

 

 

 

(6,375,604

)

 

 



 



 



 



 



 

 

 

 

31,487,087

 

 

4,130,694

 

 

52,608,638

 

 

17,346,666

 

 

71,385,346

 

 

 



 



 



 



 



 

Net gain

 

 

57,056,964

 

 

24,806,773

 

 

53,161,940

 

 

19,269,082

 

 

149,354,646

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

 

$

64,759,618

 

$

24,579,213

 

$

55,035,421

 

$

21,785,448

 

$

165,884,242

 

 

 



 



 



 



 



 

59



 

STATEMENTS OF CHANGES IN NET ASSETS
For the periods ended October 31, 2006 and 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend AchieversTM Trust
(BDV)

 

Enhanced Dividend
AchieversTM Trust
(BDJ)

 

Strategic Dividend
AchieversTM Trust
(BDT)

 

 

 


 


 


 

 

 

2006

 

2005

 

2006

 

20051

 

2006

 

2005

 

 

 


 


 


 


 


 


 

Increase (Decrease) in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

23,566,389

 

$

23,614,570

 

$

27,052,655

 

$

3,952,652

 

$

10,732,790

 

$

12,356,145

 

Net realized gain

 

 

16,975,443

 

 

15,243,788

 

 

54,038,012

 

 

6,436,934

 

 

14,048,250

 

 

11,640,949

 

Net change in unrealized appreciation/depreciation

 

 

103,536,421

 

 

(15,121,002

)

 

63,471,457

 

 

(23,257,018

)

 

26,008,232

 

 

5,015,723

 

 

 



 



 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

144,078,253

 

 

23,737,356

 

 

144,562,124

 

 

(12,867,432

)

 

50,789,272

 

 

29,012,817

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(22,570,718

)

 

(23,075,649

)

 

(10,706,985

)

 

(3,943,349

)

 

(9,419,016

)

 

(11,808,745

)

Net realized gain

 

 

(17,516,869

)

 

(15,543,438

)

 

(73,809,323

)

 

(3,086,844

)

 

(14,798,212

)

 

(11,832,166

)

Tax return of capital

 

 

(8,978,900

)

 

(10,447,397

)

 

 

 

 

 

 

 

(576,314

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(49,066,487

)

 

(49,066,484

)

 

(84,516,308

)

 

(7,030,193

)

 

(24,217,228

)

 

(24,217,225

)

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

901,085,239

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

85,920,000

 

 

 

 

 

Reinvestment of distributions

 

 

 

 

 

 

4,835,662

 

 

1,137,729

 

 

 

 

 

 

 



 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

4,835,662

 

 

988,142,968

 

 

 

 

 

 

 



 



 



 



 



 



 

Total increase (decrease)

 

 

95,011,766

 

 

(25,329,128

)

 

64,881,478

 

 

968,245,343

 

 

26,572,044

 

 

4,795,592

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

774,690,884

 

 

800,020,012

 

 

968,245,343

 

 

 

 

407,365,641

 

 

402,570,049

 

 

 



 



 



 



 



 



 

End of year

 

$

869,702,650

 

$

774,690,884

 

$

1,033,126,821

 

$

968,245,343

 

$

433,937,685

 

$

407,365,641

 

 

 



 



 



 



 



 



 

End of year distributions in excess of net investment income

 

$

885,901

 

$

431,656

 

$

15,238,838

 

$

13,063

 

$

1,173,308

 

$

608,848

 


 

 


1

Commencement of investment operations for Enhanced Dividend Achievers™ Trust (BDJ), Global Energy and Resources (BGR), Global Opportunities (BOE), Health Sciences (BME) and Real Asset Equity (BCF) were August 31, 2005, December 31, 2004, May 31, 2005, March 31, 2005 and September 29, 2006, respectively. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

See Notes to Financial Statements.

60


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy
and Resources Trust

(BGR)

 

Global
Opportunities
Equity Trust

(BOE)

 

Health
Sciences Trust

(BME
)

 

 

 


 


 


 

 

 

2006

 

20051

 

2006

 

20051

 

2006

 

20051

 

 

 


 


 


 


 


 


 

Increase (Decrease) in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

21,964,532

 

$

16,774,089

 

$

7,702,654

 

$

4,538,040

 

$

(227,560

)

$

(219,209

)

Net realized gain

 

 

70,119,457

 

 

37,898,119

 

 

25,569,877

 

 

2,962,997

 

 

20,676,079

 

 

7,008,118

 

Net change in unrealized appreciation/depreciation

 

 

38,734,819

 

 

106,358,047

 

 

31,487,087

 

 

(1,286,843

)

 

4,130,694

 

 

18,167,699

 

 

 



 



 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

130,818,808

 

 

161,030,255

 

 

64,759,618

 

 

6,214,194

 

 

24,579,213

 

 

24,956,608

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(14,526,650

)

 

(16,085,666

)

 

(7,361,682

)

 

(2,881,081

)

 

 

 

 

Net realized gain

 

 

(70,112,103

)

 

(17,401,328

)

 

(20,795,839

)

 

(4,060,409

)

 

(14,432,701

)

 

(5,769,328

)

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(84,638,753

)

 

(33,486,994

)

 

(28,157,521

)

 

(6,941,490

)

 

(14,432,701

)

 

(5,769,328

)

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

633,917,815

 

 

 

 

286,020,006

 

 

 

 

178,817,506

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

75,462,618

 

 

 

 

4,775,000

 

 

 

 

 

Reinvestment of distributions

 

 

 

 

 

 

947,061

 

 

4,127,318

 

 

 

 

 

 

 



 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

709,380,433

 

 

947,061

 

 

294,922,324

 

 

 

 

178,817,506

 

 

 



 



 



 



 



 



 

Total increase (decrease)

 

 

46,180,055

 

 

836,923,694

 

 

37,549,158

 

 

294,195,028

 

 

10,146,512

 

 

198,004,786

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

836,923,694

 

 

 

 

294,195,028

 

 

 

 

198,004,786

 

 

 

 

 



 



 



 



 



 



 

End of year

 

$

883,103,749

 

$

836,923,694

 

$

331,744,186

 

$

294,195,028

 

$

208,151,298

 

$

198,004,786

 

 

 



 



 



 



 



 



 

End of year distributions in excess of net investment income

 

$

7,804,351

 

$

(17,183

)

$

(155,770

)

$

(36,334

)

$

(4,942

)

$

(2,662

)


 

 

 

 

 

 

 

 

 

 

 

 

 

Real Asset
Equity Trust

(BCF)

 

S&P Quality Rankings
Global Equity
Managed Trust

(BQY)

 

 

 


 


 

 

 

20061

 

2006

 

2005

 

 

 


 


 


 

Increase (Decrease) in Net Assets

 

 

 

 

 

 

 

 

 

 

Operations:1

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

1,873,481

 

$

2,516,366

 

$

3,239,854

 

Net realized gain

 

 

553,302

 

 

1,922,416

 

 

3,103,187

 

Net change in unrealized appreciation/depreciation

 

 

52,608,638

 

 

17,346,666

 

 

2,340,194

 

 

 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

55,035,421

 

 

21,785,448

 

 

8,683,235

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

(2,926,375

)

 

(2,262,385

)

Net realized gain

 

 

 

 

(3,335,638

)

 

(2,262,386

)

Tax return of capital

 

 

 

 

 

 

 

 

 



 



 



 

Total dividends and distributions

 

 

 

 

(6,262,013

)

 

(4,524,771

)

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

765,247,654

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

Reinvestment of distributions

 

 

 

 

 

 

 

 

 



 



 



 

Net proceeds from capital share transactions

 

 

765,247,654

 

 

 

 

 

 

 



 



 



 

Total increase (decrease)

 

 

820,283,075

 

 

15,523,435

 

 

4,158,464

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

 

 

96,401,772

 

 

92,243,308

 

 

 



 



 



 

End of year

 

$

820,283,075

 

$

111,925,207

 

$

96,401,772

 

 

 



 



 



 

End of year distributions in excess of net investment income

 

$

2,308,465

 

$

141,006

 

$

777,246

 

61



 

STATEMENTS OF CHANGES IN NET ASSETS

For the periods ended October 31, 2006 and 2005 (continued)



 

 

 

 

 

 

 

 

 

 

World
Investment Trust
(BWC)

 

 

 


 

 

 

2006

 

20051

 

 

 


 


 

Increase (Decrease) in Net Assets

 

 

 

 

 

 

 

Operations:1

 

 

 

 

 

 

 

Net investment income

 

$

16,529,596

 

$

131,346

 

Net realized gain

 

 

77,969,300

 

 

 

Net change in unrealized appreciation/depreciation

 

 

71,385,346

 

 

5,435,898

 

 

 



 



 

Net increase in net assets resulting from operations

 

 

165,884,242

 

 

5,567,244

 

 

 



 



 

 

 

 

 

 

 

 

 

Dividends and Distributions:

 

 

 

 

 

 

 

Net investment income

 

 

(17,424,000

)

 

 

Net realized gain

 

 

(47,551,119

)

 

 

 

 



 



 

Total dividends and distributions

 

 

(64,975,119

)

 

 

 

 



 



 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

667,413,497

 

Net proceeds from underwriters’ over-allotment option exercised

 

 

75,020,025

 

 

 

Reinvestment of distributions

 

 

1,036,697

 

 

 

 

 



 



 

Net proceeds from capital share transactions

 

 

76,056,722

 

 

667,413,497

 

 

 



 



 

Total increase

 

 

176,965,845

 

 

672,980,741

 

 

 



 



 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

Beginning of year

 

 

672,980,741

 

 

 

 

 



 



 

End of year

 

$

849,946,586

 

$

672,980,741

 

 

 



 



 

End of year distributions in excess of net investment income

 

$

(1,781,511

)

$

146,346

 


 

 


1

Commencement of investment operations for World Investment (BWC) was October 28, 2005. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ Statements are for a full year.

62


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Dividend AchieversTM Trust (BDV)

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Year Ended

 

 

 

 


 

 

 

 

2006

 

2005

 

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.21

 

$

14.67

 

$

14.33

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.42

 

 

0.43

 

 

0.37

 

Net realized and unrealized gain

 

 

2.21

 

 

0.01

 

 

0.66

 

 

 



 



 



 

Net increase from investment operations

 

 

2.63

 

 

0.44

 

 

1.03

 

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.41

)

 

(0.43

)

 

(0.38

)

Net realized gain

 

 

(0.32

)

 

(0.28

)

 

 

Tax return of capital

 

 

(0.16

)

 

(0.19

)

 

(0.29

)

 

 



 



 



 

Total dividends and distributions

 

 

(0.89

)

 

(0.90

)

 

(0.67

)

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.02

)

 

 



 



 



 

Net asset value, end of period

 

$

15.95

 

$

14.21

 

$

14.67

 

 

 



 



 



 

Market price, end of period

 

$

14.86

 

$

12.77

 

$

14.98

 

 

 



 



 



 

TOTAL INVESTMENT RETURN3

 

 

24.31

%

 

(9.25

)%

 

4.62

%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.84

%

 

0.84

%

 

0.83

%4

Net expenses

 

 

0.84

%

 

0.84

%

 

0.83

%4

Net investment income

 

 

2.90

%

 

2.93

%

 

3.00

%4

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

812,789

 

$

805,289

 

$

777,731

 

Portfolio turnover

 

 

11

%

 

27

%

 

6

%

Net assets, end of period (000)

 

$

869,703

 

$

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

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 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

Annualized.

The information in the above Financial Highlights represents the 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.

63


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

 



 

 

 

 

 

 

 

 

 

 

Year
Ended
October 31, 2006

 

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

 

 

0.37

 

 

0.06

 

Net realized and unrealized gain (loss)

 

 

1.71

 

 

(0.26

)

 

 



 



 

Net increase (decrease) from investment operations

 

 

2.08

 

 

(0.20

)

 

 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.06

)

Net realized gain

 

 

(1.06

)

 

(0.04

)

 

 



 



 

Total dividends and distributions

 

 

(1.21

)

 

(0.10

)

 

 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

(0.02

)

 

 



 



 

Net asset value, end of period

 

$

14.88

 

$

14.01

 

 

 



 



 

Market price, end of period

 

$

14.92

 

$

13.79

 

 

 



 



 

TOTAL INVESTMENT RETURN3

 

 

17.97

%

 

(7.40

)%

 

 



 



 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

Total expenses

 

 

1.19

%

 

1.25

%4

Net expenses

 

 

1.19

%

 

1.25

%4

Net investment income

 

 

2.73

%

 

2.44

%4

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

Average net assets (000)

 

$

989,585

 

$

953,303

 

Portfolio turnover

 

 

138

%

 

5

%

Net assets, end of period (000)

 

$

1,033,127

 

$

968,245

 


 

 


1

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

2

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

3

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 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

Annualized.

The information in the above Financial Highlights represents the 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.

64


 

 

FINANCIAL HIGHLIGHTS

 

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
March 30, 20041
through
October 31, 2004

 

 

 

Year Ended

 

 

 

 


 

 

 

 

2006

 

2005

 

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.14

 

$

14.96

 

$

14.33

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.37

 

 

0.46

 

 

0.18

 

Net realized and unrealized gain

 

 

1.52

 

 

0.62

 

 

0.92

 

 

 



 



 



 

Net increase from investment operations

 

 

1.89

 

 

1.08

 

 

1.10

 

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.35

)

 

(0.46

)

 

(0.17

)

Net realized gain

 

 

(0.55

)

 

(0.42

)

 

 

Tax return of capital

 

 

 

 

(0.02

)

 

(0.28

)

 

 



 



 



 

Total dividends and distributions

 

 

(0.90

)

 

(0.90

)

 

(0.45

)

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.02

)

 

 



 



 



 

Net asset value, end of period

 

$

16.13

 

$

15.14

 

$

14.96

 

 

 



 



 



 

Market price, end of period

 

$

14.53

 

$

13.20

 

$

14.54

 

 

 



 



 



 

TOTAL INVESTMENT RETURN3

 

 

17.43

%

 

(3.46

)%

 

0.01

%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.96

%

 

0.96

%

 

0.99

%4

Net expenses

 

 

0.96

%

 

0.96

%

 

0.99

%4

Net investment income

 

 

2.57

%

 

3.01

%

 

2.18

%4

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

417,199

 

$

410,719

 

$

377,074

 

Portfolio turnover

 

 

18

%

 

24

%

 

1

%

Net assets, end of period (000)

 

$

433,938

 

$

407,366

 

$

402,570

 


 

 


1

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

2

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

3

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 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

Annualized.

The information in the above Financial Highlights represents the 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.

65



 

FINANCIAL HIGHLIGHTS

BlackRock Global Energy and Resources Trust (BGR)

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year
Ended
October 31, 2006

 

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

 

 

 

0.75

 

 

 

 

0.56

 

 

Net realized and unrealized gain

 

 

 

3.65

 

 

 

 

4.85

 

 

 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

4.40

 

 

 

 

5.41

 

 

 

 

 



 

 

 



 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.49

)

 

 

 

(0.54

)

 

Net realized gain

 

 

 

(2.36

)

 

 

 

(0.59

)

 

 

 

 



 

 

 



 

 

Total dividends and distributions

 

 

 

(2.85

)

 

 

 

(1.13

)

 

 

 

 



 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

(0.04

)

 

 

 

 



 

 

 



 

 

Net asset value, end of period

 

 

$

29.67

 

 

 

$

28.12

 

 

 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

26.73

 

 

 

$

25.16

 

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN3

 

 

 

18.11

%

 

 

 

5.10

%

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.28

%

 

 

 

1.30

%4

 

Net expenses

 

 

 

1.08

%

 

 

 

1.10

%4

 

Net investment income

 

 

 

2.47

%

 

 

 

2.59

%4

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

889,944

 

 

 

$

770,023

 

 

Portfolio turnover

 

 

 

40

%

 

 

 

64

%

 

Net assets, end of period (000)

 

 

$

883,104

 

 

 

$

836,924

 

 


 

 


1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

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 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

Annualized.

 

 

The information in the above Financial Highlights represents the 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.

66


 

FINANCIAL HIGHLIGHTS

BlackRock Global Opportunities Equity Trust (BOE)

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year
Ended
October 31, 2006

 

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

 

 

 

0.58

 

 

 

 

0.37

 

 

Net realized and unrealized gain

 

 

 

4.64

 

 

 

 

0.13

 

 

 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

5.22

 

 

 

 

0.50

 

 

 

 

 



 

 

 



 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.59

)

 

 

 

(0.23

)

 

Net realized gain

 

 

 

(1.68

)

 

 

 

(0.33

)

 

 

 

 



 

 

 



 

 

Total dividends and distributions

 

 

 

(2.27

)

 

 

 

(0.56

)

 

 

 

 



 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

(0.05

)

 

 

 

 



 

 

 



 

 

Net asset value, end of period

 

 

$

26.72

 

 

 

$

23.77

 

 

 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

27.61

 

 

 

$

23.88

 

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN3

 

 

 

26.64

%

 

 

 

(2.21

)%

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.16

%

 

 

 

1.19

%4

 

Net expenses

 

 

 

1.16

%

 

 

 

1.19

%4

 

Net investment income

 

 

 

2.45

%

 

 

 

3.66

%4

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

314,884

 

 

 

$

294,175

 

 

Portfolio turnover

 

 

 

184

%

 

 

 

55

%

 

Net assets, end of period (000)

 

 

$

331,744

 

 

 

$

294,195

 

 


 

 


1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

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 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

Annualized.

 

 

The information in the above Financial Highlights represents the 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.

67


 

FINANCIAL HIGHLIGHTS

BlackRock Health Sciences Trust (BME)

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year
Ended
October 31, 2006

 

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

 

 

 

4

 

 

 

(0.03

)

 

Net realized and unrealized gain

 

 

 

3.28

 

 

 

 

3.34

 

 

 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

3.28

 

 

 

 

3.31

 

 

 

 

 



 

 

 



 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

Net realized gain

 

 

 

(1.92

)

 

 

 

(0.77

)

 

 

 

 



 

 

 



 

 

Total dividends and distributions

 

 

 

(1.92

)

 

 

 

(0.77

)

 

 

 

 



 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

(0.04

)

 

 

 

 



 

 

 



 

 

Net asset value, end of period

 

 

$

27.74

 

 

 

$

26.38

 

 

 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

27.32

 

 

 

$

25.19

 

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN3

 

 

 

16.59

%

 

 

 

3.81

%

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.15

%

 

 

 

1.18

%5

 

Net expenses

 

 

 

1.15

%

 

 

 

1.18

%5

 

Net investment loss

 

 

 

(0.11

)%

 

 

 

(0.19

)%5

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

206,098

 

 

 

$

192,836

 

 

Portfolio turnover

 

 

 

181

%

 

 

 

104

%

 

Net assets, end of period (000)

 

 

$

208,151

 

 

 

$

198,005

 

 


 

 


1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 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 each 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

Amounted to less than $0.01 per common share outstanding.

5

Annualized.

 

 

The information in the above Financial Highlights represents the 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.

68


 

FINANCIAL HIGHLIGHTS

BlackRock Real Asset Equity Trust (BCF)

 


 



 

 

 

 

 

 

 

 

 

For the Period
September 29, 20061
through
October 31, 2006

 

 

 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

14.33

2

 

 

 

 



 

 

Investment operations:

 

 

 

 

 

 

Net investment income

 

 

 

0.04

 

 

Net realized and unrealized gain

 

 

 

0.98

 

 

 

 

 



 

 

Net increase from investment operations

 

 

 

1.02

 

 

 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

(0.02

)

 

 

 

 



 

 

Net asset value, end of period

 

 

$

15.33

 

 

 

 

 



 

 

Market price, end of period

 

 

$

15.00

 

 

 

 

 



 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN3

 

 

 

%

 

 

 

 



 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:4

 

 

 

 

 

 

Total expenses

 

 

 

1.42

%

 

Net expenses

 

 

 

1.22

%

 

Net investment income

 

 

 

2.63

%

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

Average net assets (000)

 

 

$

787,768

 

 

Portfolio turnover

 

 

 

%

 

Net assets, end of period (000)

 

 

$

820,283

 

 


 

 


1

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

2

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

3

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 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

Annualized.

 

 

The information in the above Financial Highlights represents the 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.

69


 

FINANCIAL HIGHLIGHTS

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

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
May 28, 20041
through
October 31, 2004

 

 

 

Year Ended

 

 

 

 


 

 

 

 

2006

 

2005

 

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.98

 

$

15.29

 

 

$

14.33

2

 

 

 



 



 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.39

 

 

0.56

 

 

 

0.21

 

 

Net realized and unrealized gain

 

 

3.22

 

 

0.88

 

 

 

0.96

 

 

 

 



 



 

 



 

 

Net increase from investment operations

 

 

3.61

 

 

1.44

 

 

 

1.17

 

 

 

 



 



 

 



 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.49

)

 

(0.37

)

 

 

(0.17

)

 

Net realized gain

 

 

(0.55

)

 

(0.38

)

 

 

 

 

Tax return of capital

 

 

4

 

 

 

 

(0.02

)

 

 

 



 



 

 



 

 

Total dividends and distributions

 

 

(1.04

)

 

(0.75

)

 

 

(0.19

)

 

 

 



 



 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

(0.02

)

 

 

 



 



 

 



 

 

Net asset value, end of period

 

$

18.55

 

$

15.98

 

 

$

15.29

 

 

 

 



 



 

 



 

 

Market price, end of period

 

$

16.36

 

$

14.54

 

 

$

13.80

 

 

 

 



 



 

 



 

 

TOTAL INVESTMENT RETURN3

 

 

20.52

%

 

10.97

%

 

 

(6.80

)%

 

 

 



 



 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.13

%

 

1.14

%

 

 

1.23

%5

 

Net expenses

 

 

1.13

%

 

1.14

%

 

 

1.23

%5

 

Net investment income

 

 

2.45

%

 

3.35

%

 

 

3.27

%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

102,587

 

$

96,697

 

 

$

87,094

 

 

Portfolio turnover

 

 

10

%

 

38

%

 

 

4

%

 

Net assets, end of period (000)

 

$

111,925

 

$

96,402

 

 

$

92,243

 

 


 

 


1

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

2

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

3

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 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

Amounted to less than $0.01 per common share outstanding.

5

Annualized.

 

The information in the above Financial Highlights represents the 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.

70


 

FINANCIAL HIGHLIGHTS

BlackRock World Investment Trust (BWC)

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year
Ended
October 31, 2006

 

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

 

 

 

0.30

 

 

 

 

 

 

Net realized and unrealized gain

 

 

 

2.88

 

 

 

 

0.11

 

 

 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

3.18

 

 

 

 

0.11

 

 

 

 

 



 

 

 



 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.34

)

 

 

 

 

 

Net realized gain

 

 

 

(0.91

)

 

 

 

 

 

 

 

 



 

 

 



 

 

Total dividends and distributions

 

 

 

(1.25

)

 

 

 

 

 

 

 

 



 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

(0.02

)

 

 

 

 



 

 

 



 

 

Net asset value, end of period

 

 

$

16.35

 

 

 

$

14.42

 

 

 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

16.59

 

 

 

$

15.08

 

 

 

 

 



 

 

 



 

 

TOTAL INVESTMENT RETURN3

 

 

 

18.99

%

 

 

 

0.53

%

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.10

%

 

 

 

1.23

%4

 

Net expenses

 

 

 

1.10

%

 

 

 

1.23

%4

 

Net investment income

 

 

 

2.04

%

 

 

 

2.59

%4

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

808,627

 

 

 

$

667,368

 

 

Portfolio turnover

 

 

 

153

%

 

 

 

%

 

Net assets, end of period (000)

 

 

$

849,947

 

 

 

$

672,981

 

 


 

 


1

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

2

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

3

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 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..

 

 

The information in the above Financial Highlights represents the 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.

71



 

NOTES TO FINANCIAL STATEMENTS


Note 1. Organization & Accounting Policies

BlackRock Dividend AchieversTM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend AchieversTM Trust (“Enhanced Dividend Achievers”), BlackRock Strategic Dividend AchieversTM Trust (“Strategic Dividend Achievers”), BlackRock Global Energy and Resources Trust (“Global Energy and Resources”), BlackRock Global Opportunities Equity Trust (“Global Opportunities”), BlackRock Health Sciences Trust (“Health Sciences”), BlackRock Real Asset Equity Trust (“Real Asset”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“S&P Quality Rankings”) and BlackRock World Investment Trust (“World Investment”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except Global Energy and Resources, Health Sciences and Real Asset, are registered as diversified, closed end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). Global Energy and Resources, Health Sciences and Real Asset are registered as non-diversified, closed-end management investment companies under the 1940 Act.

          Real Asset was organized on July 19, 2006, and had no transactions until August 23, 2006, when the Trust sold 8,028 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Real Asset commenced on September 29, 2006. The Trust incurred organization costs which were deferred from the organization dates until the commencement of investment operations.

          On September 29, 2006, BlackRock, Inc., the parent of BlackRock Advisors, LLC (formerly BlackRock Advisors, Inc., “BlackRock”) and Merrill Lynch & Co., Inc. (“Merrill Lynch”) combined Merrill Lynch’s investment management business, Merrill Lynch Investment Managers (“MLIM”), with BlackRock, Inc. to create a new independent company. Merrill Lynch has a 49.8% economic interest and a 45% voting interest in the combined company and The PNC Financial Services Group, Inc. (“PNC”), has approximately a 34% economic and voting interest. The new company operates under the BlackRock name and is governed by a board of directors with a majority of independent members.

          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. 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 BlackRock Advisors deems relevant.

          In September 2006, Statement of Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the implications of FAS 157. At this time, its impact on the Trusts’ financial statements has not been determined.

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 identified 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. These contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded as unrealized until the contract settlement date. 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.

72


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: Amounts dominated in foreign currency 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 their respective operating results 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 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.

          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: Option writing and purchasing may be used by the Trusts as an attempt to produce current income and gains. When a Trust writes or purchases an option, an amount equal to the premium received or paid by the Trust is recorded as a liability or an asset 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 Trust 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 a Trust has realized a gain or a loss on investment transactions. A Trust, 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 a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period.

          The principle 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 a Trust 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 a Trust may incur a loss if the market value of the underlying position decreases and the option is exercised. In addition, the Trust risks not being able to enter into a closing transaction for the written option as a 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. The Trusts closely monitor OTC options and do not anticipate non-performance by any counterparty.

Segregation: In cases in which 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 net income and net realized gains, if any, to shareholders. Therefore, no Federal income tax provisions have been recorded.

          On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 (“FIN 48”) “Accounting for Uncertainty in Income Taxes.” FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts’ tax returns to

73


determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.

Dividends and Distributions: All Trusts except Enhanced Dividend AchieversTM, Real Asset and World Investment declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Enhanced Dividend Achievers, Real Asset and World Investment declare and pay dividends and distributions to shareholders monthly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. 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 including investment valuations 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 (“Independent 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 Funds selected by the Independent Trustees. These amounts are shown on the Statement of Assets and Liabilities as “Investments in Affiliates.” This has the same economic effect for the Independent Trustees as if the Independent 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 Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Independent 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 Funds.

Note 2. Agreements and Other Transactions with Affiliates and Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, Real Asset, S&P Quality Rankings and World Investment. State Street Research & Management Company (“SSRM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Global Energy and Resources. BlackRock Capital Management, Inc. (“BCM”), BlackRock Investment Management, LLC (“BIM”) and BlackRock Investment Managment International Limited (“BII”) serve as sub-advisors to Real Asset. 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 of 0.65% for Dividend Achievers, 1.00% for Enhanced Dividend Achievers, 0.75% for Strategic Dividend Achievers, 1.20% for Global Energy and Resources, 1.00% for Global Opportunities, 1.00% for Health Sciences, 1.20% for Real Asset, 0.75% for S&P Quality Rankings and 1.00% for World Investment, of the Trust’s average weekly net assets. “Net assets” means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory fees or some other expenses on Global Energy and Resources and Real Asset as a percentage of its average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2004 through 2009 for Global Energy and Resources and 2006 through 2011 for Real Asset), 0.15% in 2010 for Global Energy and Resources and in 2012 for Real Asset, 0.10% in 2011 for Global Energy and Resources and in 2013 for Real Asset and 0.05% in 2012 for Global Energy and Resources and in 2014 for Real Asset.

          The Advisor pays BFM, SSRM, BCM, BIM and BII fees for their 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 each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. The Trust bears 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 Trust. For the year ended October 31, 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 AchieversTM

 

$

29,919

 

Health Sciences

 

$

10,249

 

Enhanced Dividend AchieversTM

 

 

29,999

 

Real Asset

 

 

1,266

 

Strategic Dividend AchieversTM

 

 

24,933

 

S&P Quality Rankings

 

 

5,486

 

Global Energy and Resources

 

 

34,999

 

World Investment

 

 

7,997

 

Global Opportunities

 

 

14,001

 

 

 

 

 

 

74


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 AchieverTM universe of common stocks. If Mergent® revokes each Trust’s license to use the Dividend AchieversTM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Mergent®” and “Dividend AchieversTM” are trademarks of Mergent® and have been licensed for use by Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM. The products are not sponsored, endorsed, sold or promoted by Mergent® and Mergent® makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown on 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.

          For the year ended October 31, 2006, Merrill Lynch through their affiliated broker-dealer Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), earned commissions on transactions of securities as follows:

 

 

 

 

 

 

 

Commission

 

Trust

 

Amount

 


 


 

Enhanced Dividend AchieversTM

 

$

317,880

 

Strategic Dividend AchieversTM

 

 

3,929

 

Global Energy and Resources

 

 

142,000

 

Global Opportunities

 

 

70,172

 

Health Sciences

 

 

43,135

 

World Investment

 

 

209,238

 

          For the year ended October 31, 2006, World Investment invested in Merrill Lynch common stock which is considered to be an affiliate, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Beginning
Shares

 

Purchases

 

Sales

 

Ending
Shares

 

Net
Realized
Gain/Loss

 

Dividend/
Interest
Income

 

Market
Value of
Affiliates at
October 31,
2006

 


 


 


 


 


 


 


 


 

World Investment

 

 

102,000

 

 

124,100

 

 

226,100

 

 

 

$

998,830

 

$

47,225

 

$

 

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the year ended October 31, 2006, were as follows:

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 


 


 


 

Dividend AchieversTM

 

$

86,549,631

 

$

112,285,890

 

Enhanced Dividend AchieversTM

 

 

1,318,541,145

 

 

1,426,267,389

 

Strategic Dividend AchieversTM

 

 

74,975,460

 

 

88,055,020

 

Global Energy and Resources

 

 

345,525,588

 

 

391,764,459

 

Global Opportunities

 

 

553,140,728

 

 

552,191,285

 

Health Sciences

 

 

354,154,481

 

 

351,201,385

 

Real Asset

 

 

580,612,029

 

 

1,132,629

 

S&P Quality Rankings

 

 

10,565,017

 

 

14,361,442

 

World Investment

 

 

1,322,119,850

 

 

1,179,550,552

 

          Transactions in options written during the year ended October 31, 2006, were as follows:

75


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 


 


 

Trust

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 


 


 


 


 


 

Enhanced Dividend AchieversTM

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

9,088,434

 

$

11,692,285

 

 

 

$

 

Options written

 

 

50,880,204

 

 

62,072,855

 

 

559,868

 

 

1,416,688

 

Options expired

 

 

(16,441,450

)

 

(21,751,288

)

 

(113,320

)

 

(158,492

)

Options exercised

 

 

(23,926,620

)

 

(27,189,999

)

 

(57,193

)

 

(177,591

)

Options closed

 

 

(12,649,541

)

 

(16,598,047

)

 

(299,355

)

 

(1,053,605

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

6,951,027

 

$

8,225,806

 

 

90,000

 

$

27,000

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

1,200,301

 

$

3,523,235

 

 

7,176

 

$

2,577,037

 

Options written

 

 

3,368,392

 

 

33,969,831

 

 

670,440

 

 

10,772,655

 

Options expired

 

 

(1,368,234

)

 

(6,031,576

)

 

(24,137

)

 

(3,022,327

)

Options exercised

 

 

(759,960

)

 

(2,185,743

)

 

(14,594

)

 

(2,106,804

)

Options closed

 

 

(1,304,209

)

 

(23,928,118

)

 

(127,425

)

 

(7,211,744

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

1,136,290

 

$

5,347,629

 

 

511,460

 

$

1,008,817

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

18,556,352

 

$

2,763,454

 

 

1,065

 

$

203,297

 

Options written

 

 

115,834,867

 

 

23,591,898

 

 

42,449,990

 

 

890,574

 

Options expired

 

 

(72,459,847

)

 

(7,671,928

)

 

(40,200,745

)

 

(565,498

)

Options exercised

 

 

(25,706,989

)

 

(7,173,642

)

 

(132,605

)

 

(176,584

)

Options closed

 

 

(27,290,194

)

 

(7,397,989

)

 

(2,117,705

)

 

(351,789

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

8,934,189

 

$

4,111,793

 

 

 

$

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

189,062

 

$

972,545

 

 

136,308

 

$

479,035

 

Options written

 

 

1,785,886

 

 

8,448,836

 

 

133,806

 

 

1,484,043

 

Options expired

 

 

(307,930

)

 

(1,502,002

)

 

(79,852

)

 

(584,095

)

Options exercised

 

 

(490,058

)

 

(1,424,891

)

 

(1,195

)

 

(106,529

)

Options closed

 

 

(941,699

)

 

(4,789,855

)

 

(189,067

)

 

(1,272,454

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

235,261

 

$

1,704,633

 

 

 

$

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

$

 

Options written

 

 

6,843,497

 

 

4,653,527

 

 

5,234,825

 

 

3,404,041

 

 

 



 



 



 



 

Options outstanding at end of period

 

 

6,843,497

 

$

4,653,527

 

 

5,234,825

 

$

3,404,041

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

606,500

 

$

41,658

 

 

 

$

 

Options written

 

 

307,712,725

 

 

64,891,055

 

 

136,360,270

 

 

1,942,292

 

Options expired

 

 

(189,963,528

)

 

(18,735,243

)

 

(130,647,200

)

 

(1,247,226

)

Options exercised

 

 

(60,526,758

)

 

(18,850,306

)

 

(488,845

)

 

(408,405

)

Options closed

 

 

(33,680,578

)

 

(17,800,035

)

 

(5,224,225

)

 

(286,661

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

24,148,361

 

$

9,547,129

 

 

 

$

 

 

 



 



 



 



 

76


          As of October 31, 2006, the value of portfolio securities subject to written covered call options were as follows:

 

 

 

 

 

Trust

 

Value

 


 


 

Enhanced Dividend AchieversTM

 

$

423,096,267

 

Global Energy and Resources

 

 

144,397,564

 

Global Opportunities

 

 

158,892,034

 

Health Sciences

 

 

49,090,111

 

Real Asset

 

 

200,505,164

 

World Investment

 

 

413,968,412

 

          Details of open forward foreign currency exchange contracts at October 31, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Foreign
Currency
Bought

 

Settlement
Date

 

Contract to
Purchase/
Receive

 

Value at
Settlement
Date (US$)

 

Value at
October 31,
2006 (US$)

 

Unrealized
Depreciation

 


 


 


 


 


 


 


 

Global

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opportunities

 

British Pounds

 

11/03/06

 

 

115,000

 

 

219,492

 

 

219,369

 

$

(123

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Foreign
Currency
Sold

 

Settlement
Date

 

Contract to
Purchase/
Receive

 

Value at
Settlement
Date (US$)

 

Value at
October 31,
2006 (US$)

 

Unrealized
Appreciation
(Depreciation)

 


 


 


 


 


 


 


 

Global
Opportunities

 

Japense Yen

 

11/06/06

 

 

617,625,000

 

 

5,284,017

 

 

5,280,877

 

$

3,140

 

 

 

Norwegian Krone

 

11/01/06

 

 

3,664,000

 

 

560,176

 

 

560,514

 

 

(338

)

 

 

Swedish Krona

 

11/01/06

 

 

8,237,000

 

 

1,138,116

 

 

1,140,480

 

 

(2,364

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World
Investment

 

Japense Yen

 

11/06/06

 

 

1,502,066,190

 

 

12,850,749

 

 

12,843,112

 

$

7,637

 

 

 

Norwegian Krone

 

11/01/06

 

 

9,622,000

 

 

1,471,074

 

 

1,471,963

 

 

(889

)

 

 

Swedish Krona

 

11/01/06

 

 

21,196,000

 

 

2,928,676

 

 

2,934,758

 

 

(6,082

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Note 4. Income Tax Information

The tax character of distributions paid during the years ended October 31, 2006 and 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period ended October 31, 2006

 

 

 


 

Distributions Paid From:

 

Ordinary
Income

 

Non-taxable
Return of
Capital

 

Long-term
Capital
Gains

 

Total
Distributions

 

 

 


 


 


 


 

Dividend AchieversTM

 

$

23,135,339

 

$

8,978,900

 

$

16,952,248

 

$

49,066,487

 

Enhanced Dividend Achievers TM

 

 

51,946,761

 

 

 

 

32,569,547

 

 

84,516,308

 

Strategic Dividend AchieversTM

 

 

10,051,697

 

 

 

 

14,165,531

 

 

24,217,228

 

Global Energy and Resources

 

 

42,657,932

 

 

 

 

41,980,821

 

 

84,638,753

 

Global Opportunities

 

 

27,654,546

 

 

 

 

502,975

 

 

28,157,521

 

Health Sciences

 

 

12,399,889

 

 

 

 

2,032,812

 

 

14,432,701

 

Real Asset

 

 

 

 

 

 

 

 

 

S&P Quality Rankings

 

 

3,563,848

 

 

29,330

 

 

2,668,835

 

 

6,262,013

 

World Investment

 

 

64,975,119

 

 

 

 

 

 

64,975,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period ended October 31, 2005

 

 

 


 

Distributions Paid From:

 

Ordinary
Income

 

Non-taxable
Return of
Capital

 

Long-term
Capital
Gains

 

Total
Distributions

 

 

 


 


 


 


 

Dividend AchieversTM

 

$

23,075,649

 

$

10,447,397

 

$

15,543,438

 

$

49,066,484

 

Enhanced Dividend Achievers TM

 

 

7,018,953

 

 

 

 

11,240

 

 

7,030,193

 

Strategic Dividend AchieversTM

 

 

12,358,425

 

 

576,314

 

 

11,282,486

 

 

24,217,225

 

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

 

 

2,262,385

 

 

 

 

2,262,386

 

 

4,524,771

 

77


          As of October 31, 2006, the estimated components of distributable earnings on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Undistributed
Ordinary
Income

 

Undistributed
Long-term
Gains

 

Unrealized
Net
Appreciation

 


 


 


 


 

Dividend AchieversTM

 

$

 

$

 

$

124,696,348

 

Enhanced Dividend AchieversTM

 

 

15,082,134

 

 

 

 

25,081,058

 

Strategic Dividend AchieversTM

 

 

364,388

 

 

 

 

57,051,639

 

Global Energy and Resources

 

 

18,609,399

 

 

 

 

148,414,928

 

Global Opportunities

 

 

9,051,647

 

 

 

 

26,838,154

 

Health Sciences

 

 

8,314,865

 

 

 

 

21,033,927

 

Real Asset

 

 

2,441,783

 

 

 

 

52,608,638

 

S&P Quality Rankings

 

 

 

 

 

 

25,818,786

 

World Investment

 

 

36,290,498

 

 

 

 

70,268,205

 

          For Federal income tax purposes, the Trusts had no capital loss carryforwards at October 31, 2006.

Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”), accumulated net realized gain (“Accumulated Gain”) and paid-in capital (“PIC”) more closely to its tax character, the following accounts for each Trust were increased (decreased):

 

 

 

 

 

 

 

 

 

 

 

Trust

 

UNII

 

Accumulated
Gain

 

PIC

 


 


 


 


 

Dividend AchieversTM

 

$

8,437,416

 

$

541,377

 

$

(8,978,793

)

Enhanced Dividend AchieversTM

 

 

(1,119,895

)

 

1,119,895

 

 

 

Strategic Dividend AchieversTM

 

 

(749,314

)

 

749,314

 

 

 

Global Energy and Resources

 

 

383,653

 

 

(383,653

)

 

 

Global Opportunities

 

 

(386,769

)

 

386,769

 

 

 

Health Sciences

 

 

225,280

 

 

(225,280

)

 

 

Real Asset

 

 

434,984

 

 

(419,984

)

 

(15,000

)

S&P Quality Rankings

 

 

(243,488

)

 

266,218

 

 

(22,730

)

World Investment

 

 

(1,033,453

)

 

1,033,453

 

 

 

Note 5. Capital

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for the Trusts. At October 31, 2006, the shares owned by an affiliate of the Advisor of the Trusts were as follows:

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Common Shares
Owned

 


 

 


 

Dividend AchieversTM

 

 

8,028

 

Enhanced Dividend AchieversTM

 

 

8,028

 

Strategic Dividend AchieversTM

 

 

8,028

 

Global Energy and Resources

 

 

4,817

 

Global Opportunities

 

 

4,817

 

Health Sciences

 

 

4,817

 

Real Asset

 

 

8,028

 

S&P Quality Rankings

 

 

8,028

 

World Investment

 

 

8,028

 

Transaction in common shares of beneficial interest for the periods ended October 31, 2006, and 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Commencement
of Investment
Operations

 

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 period ended
October 31, 2006

 


 


 


 


 


 


 

Enhanced Dividend AchieversTM

 

August 31, 2005

 

63,008,028

 

 

6,000,000

 

 

80,554

 

 

334,800

 

 

Global Energy and Resources

 

December 29, 2004

 

26,604,817

 

 

3,161,400

 

 

 

 

 

 

Global Opportunities

 

May 31, 2005

 

12,004,817

 

 

200,000

 

 

172,115

 

 

36,764

 

 

Health Sciences

 

March 31, 2005

 

7,504,817

 

 

 

 

 

 

 

 

Real Asset

 

September 29, 2006

 

53,508,028

 

 

 

 

 

 

 

 

World Investment

 

October 28, 2005

 

46,674,695

 

 

5,237,000

 

 

 

 

64,870

 

 

          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 AchieversTM, Global Energy and Resources, Global Opportunities, Health Sciences, Real Asset and World Investment in the amounts of $1,204,762, $1,154,191, $610,000, $321,750, $1,254,847 and $1,216,506, respectively.

78


Note 6. Dividends

Subsequent to October 31, 2006, the Board declared distributions per common share for Enhanced Dividend AchieversTM, Global Opportunities, S&P Quality Rankings and World Investment payable November 30, 2006, to shareholders of record on November 15, 2006, for Real Asset payable November 30, 2006, to shareholders of record on November 27, 2006 and for Dividend AchieversTM, Enhanced Dividend AchieversTM, Strategic Dividend AchieversTM, Global Energy and Resources, Health Sciences, Real Asset and World Investment payable December 29, 2006, to shareholders of record on December 15, 2006. The per share distributions declared were as follows:

 

 

 

 

 

 

 

Trust

 

Distribution per
Common Share

 


 


 

Dividend AchieversTM

 

 

$

0.225000

 

 

Enhanced Dividend AchieversTM

 

 

 

0.101875

 

 

Strategic Dividend AchieversTM

 

 

 

0.225000

 

 

Global Energy and Resources

 

 

 

0.375000

 

 

Global Opportunities

 

 

 

0.568750

 

 

Health Sciences

 

 

 

0.383475

 

 

Real Asset

 

 

 

0.090600

 

 

S&P Quality Rankings

 

 

 

0.225000

 

 

World Investment

 

 

 

0.113750

 

 

Note 7. Concentration Risks

As of October 31, 2006, the Trusts listed below had the following industry classifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

Global
Opportunities

 

Real Asset

 

S&P Quality
Rankings

 

World
Investment

 


 


 


 


 


 

Financial Institutions

 

 

 

22

%

 

 

 

 

 

 

 

27

%

 

 

 

23

%

 

Consumer Products

 

 

 

19

 

 

 

 

 

 

 

 

11

 

 

 

 

18

 

 

Energy

 

 

 

17

 

 

 

 

 

 

 

 

15

 

 

 

 

17

 

 

Real Estate

 

 

 

7

 

 

 

 

 

 

 

 

8

 

 

 

 

6

 

 

Telecommunications

 

 

 

7

 

 

 

 

 

 

 

 

7

 

 

 

 

8

 

 

Health Care

 

 

 

6

 

 

 

 

 

 

 

 

5

 

 

 

 

6

 

 

Basic Materials

 

 

 

4

 

 

 

 

 

 

 

 

3

 

 

 

 

4

 

 

Building & Development

 

 

 

4

 

 

 

 

 

 

 

 

2

 

 

 

 

3

 

 

Industrials

 

 

 

4

 

 

 

 

 

 

 

 

5

 

 

 

 

4

 

 

Technology

 

 

 

4

 

 

 

 

 

 

 

 

11

 

 

 

 

4

 

 

Aerospace & Defense

 

 

 

1

 

 

 

 

 

 

 

 

1

 

 

 

 

1

 

 

Automotive

 

 

 

1

 

 

 

 

 

 

 

 

2

 

 

 

 

2

 

 

Containers & Packaging

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

Entertainment & Leisure

 

 

 

1

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

Media

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

Transportation

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

Business Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

Mining

 

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

 

Oil & Gas

 

 

 

 

 

 

 

36

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

Forest Products & Paper

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

Coal

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

Pipelines

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

Metal

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

79


As of October 31, 2006, the Trusts listed below had the following geograghic concentrations:

 

 

 

 

 

 

 

 

 

 

 

 

Country

 

Global Energy
and Resources

 

Health Sciences

 


 


 


 

United States

 

 

 

64

%

 

 

 

83

%

 

Canada

 

 

 

20

 

 

 

 

2

 

 

Switzerland

 

 

 

 

 

 

 

12

 

 

Bermuda

 

 

 

4

 

 

 

 

 

 

Norway

 

 

 

3

 

 

 

 

 

 

United Kingdom

 

 

 

2

 

 

 

 

3

 

 

Australia

 

 

 

2

 

 

 

 

 

 

Brazil

 

 

 

1

 

 

 

 

 

 

Denmark

 

 

 

1

 

 

 

 

 

 

France

 

 

 

1

 

 

 

 

 

 

Italy

 

 

 

1

 

 

 

 

 

 

Netherlands

 

 

 

1

 

 

 

 

 

 

Note 8. Subsequent Event

On November 15, 2006 the underwriters exercised their over-allotment option for Real Asset. The Trust issued 3,200,000 additional shares with a value of $45,840,000.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


 

To the Trustees and Shareholders of:

 

BlackRock Dividend AchieversTM Trust

BlackRock Enhanced Dividend AchieversTM Trust

BlackRock Strategic Dividend AchieversTM Trust

BlackRock Global Energy and Resources Trust

BlackRock Global Opportunities Equity Trust

BlackRock Health Sciences Trust

BlackRock Real Asset Equity Trust

BlackRock S&P Quality Rankings Global Equity Managed Trust

BlackRock World Investment Trust

(Individually a “Trust,” and collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2006, and the related statements of operations for the period then ended, the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2006, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2006, the results of their operations for the period then ended, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

-s- Deloitte & Touche LLP
/s/ Deloitte & Touche LLP

December 29, 2006

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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.

 

INVESTMENT MANAGEMENT AGREEMENTS


          Under the 1940 Act, the continuation of each Trust’s investment management and sub-advisory agreements generally are required to be approved annually by the Boards, including the Board members who are not “interested persons” of the Trusts or the Advisors as defined in the 1940 Act (“the Independent Trustees”). At a meeting held on May 23, 2006, the Board of each Trust, including the Independent Trustees, met to consider the annual continuation of each Old Management Agreement (as defined below). The Boards first considered the annual continuation of each Old Management Agreement without considering the impending Transaction (as defined below) because the Old Management Agreements needed to be reapproved whether or not the Transaction closes. Accordingly, it was appropriate to review each Old Management Agreement without considering the impending Transaction, and then to separately consider the impact of the Transaction on the Old Management Agreements.

          At the meeting on May 23, 2006, the Board of each Trust, including the Independent Trustees, unanimously approved the continuance of each Old Management Agreement for each Trust and then approved a New Management Agreement for each Trust.

Information Received by the Boards

          To assist each Board in its evaluation of the Old Management Agreements, the Independent Trustees received information from BlackRock on or about April 22, 2006, which detailed, among other things: the organization, business lines and capabilities of the Advisors, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, PNC and each Trust; the advisory and/or administrative fees paid by each Trust to the Advisors, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, and each Trust’s performance compared to its Peers, except that performance information was not presented for BOE, BWC, BME and BDJ because each of these Trusts commenced investment operations in 2005, BCF commenced investment operations in 2006 and had not been in operation long enough for their performance information to be meaningful. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

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          In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of each Board under the 1940 Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of trustees have fulfilled their duties as well as factors to be considered by the boards in voting on advisory agreements.

          The Independent Trustees reviewed this information and discussed it with independent counsel in executive session prior to the Board meeting. At the Board meeting on May 23, 2006, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after additional discussion, each Board considered each Old Management Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and SEC statements relating to the renewal of the Old Management Agreements.

Matters Considered by the Boards

The Old Management Agreements

          In connection with their deliberations with respect to the Old Management Agreements, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by the Advisors; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end fund complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

          Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of the Advisors’ services, each Board reviewed information concerning the types of services that the Advisors provide and are expected to provide to each Trust, including narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. Each Board further considered the quality of the Advisors’ investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock. The Boards also noted that the formation of Portfolio Review Committees and a Compliance Committee had helped each Board to continue to improve their understanding of BlackRock’s organization, operations and personnel.

          In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, the Advisors provide each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operation of the respective Trust. In addition to investment management services, the Advisors and their affiliates provide each Trust with services such as: preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust websites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). The Boards considered the Advisors’ policies and procedures for assuring compliance with applicable laws and regulations.

          Investment Performance of the Trusts. As previously noted, the Boards received performance information regarding each Trust other than BOE, BWC, BME and BDJ and its Peers. Among other things, the Boards received materials reflecting each covered Trust’s historic performance and each covered Trust’s performance compared to its Peers. More specifically, each covered Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual Peers as well as the Peers’ median performance).

          The Boards reviewed a narrative analysis of the third-party Peer rankings, prepared by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted that each of the Trusts had performed better than or equal to the median of their Peers and benchmarks in each of the past one-, three-and five-year periods (if applicable), except that BDV, a Trust with only one year of performance, had under performed its Peers for that year. The Board noted that the Peers selected by Lipper appear to be irrelevant to BDV because the investment policies of such Peers are dissimilar to BDV’s investment policies.

          After considering this information, the Boards concluded that the performance of each Trust, in light of and after considering the other facts and circumstances applicable to each Trust, supports a conclusion that each Trust’s Old Management Agreement should be renewed.

          Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, each Board, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards

83


also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

          The Boards, noted that, of the nine Trusts, BDV, BDT, BQY and BWC pay fees lower than or equal to the median fees paid by their Peers in each of (i) contractual management fees payable by a Trust prior to any expense reimbursements or fee waivers (“contractual management fees”), (ii) actual management fees paid by a Trust after taking into consideration expense reimbursements and fee waivers (“actual management fees”) and (iii) total expenses. The remaining four Trusts are worse than the median of their Peers in at least one of (a) contractual management fees, (b) actual management fees or (c) total expenses. The Board noted the following reasons why these five Trusts have contractual or actual management fees or total expenses higher than the median of their Peers:

 

 

 

 

Covered Call Strategy. The Boards of BGR, BME and BDJ have contractual management fees, pay actutal management fees and/or pay total expenses that are worse than the median of their respective Peers. The Boards of BGR and BME noted that these Trusts are the only ones among their respective Peers that employ a covered call strategy. The Board of BGR also noted that BGR pays actual management fees and incurs total expenses that are better than or equal to the median due to a fee waiver. The Board of BDJ noted three of its Peers employ a covered call strategy as part of their main investment strategy all other peers do not have covered call strategy and that BDJ has contractual and management fees that are better than or equal to two of those three Peers.

 

 

 

 

De minimis. The Board of BOE noted that this Trust pays actual management fees and contractual management that are equal to the median of its Peers. However, this Trust incurs total expenses that are 2.5 basis points higher than the median of its Peers.

          The Boards also compared the management fees charged to the Trusts by the Advisors to the management fees the Advisors charge other types of clients (such as open-end investment companies and separately managed institutional accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that the Advisors provide the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by the Advisors in managing and operating the Trusts. For instance, the Advisors and their affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new SEC regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

          In connection with the Boards’ consideration of this information, the Boards reviewed the considerable investment management experience of the Advisors and considered the high level of investment management, administrative and other services provided by the Advisors. In light of these factors and the other facts and circumstances applicable to each Trust, the Boards concluded that the fees paid and expenses incurred by each Trust under its Old Management Agreements supports a conclusion that each Trust’s Old Management Agreements should be renewed.

          Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses, noting the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

          The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results. The comparison indicated that BlackRock’s pre-tax profitability was in the second quartile of the fifteen companies compared (including BlackRock), with the most profitable quartile being ranked first and the least profitable quartile being ranked fourth.

          In evaluating the reasonableness of the Advisors’ compensation, the Boards also considered any other revenues paid to the Advisors, including partial reimbursements paid to the Advisors for certain non-investment advisory services. The Boards noted that these payments were less than the Advisors’ costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that the Advisors and their affiliates are expected to receive that are attributable to their management of the Trusts.

          In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts’ fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently, consistent with its own investment objectives. The Boards also noted that the one registered closed-end investment company managed by BlackRock has a breakpoint in its fee structure, but that fund was inherited by BlackRock when it took over managing the fund from another manager and that BlackRock simply retained the structure it inherited. The information also revealed that only one closed-end fund complex used a complex-level break-

84


point structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trusts’ complex.

          The Boards concluded that BlackRock’s profitability, in light of all the other facts and circumstances applicable to each Trust, supports a conclusion that each Trust’s Old Management Agreements should be renewed.

          Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits the Advisors or their affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Trusts’ shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors and their affiliates, enhanced sales of other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

          Miscellaneous. During the Boards’ deliberations in connection with the Old Management Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of the Advisors’ affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by the Advisors, without regard to whether the Advisors ultimately pay any portion of the anticipated compensation to the underwriters.

          Conclusion with respect to the Old Management Agreements. In reviewing the Old Management Agreements without considering the impending Transaction, the Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including the Independent Trustees, unanimously determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Old Management Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that each Old Management Agreement should be approved.

The Transaction

          On September 29, 2006, Merrill Lynch contributed its investment management business, MLIM, to BlackRock, one of the largest publicly traded investment management firms in the United States and the parent company of the Advisor, to form a new asset management company that is one of the world’s preeminent, diversified global money management organizations with approximately $1 trillion in assets under management. Based in New York, BlackRock manages assets for institutional and individual investors worldwide through a variety of equity, fixed income, cash management and alternative investment products. The new company operates under the BlackRock name and is governed by a board of directors with a majority of independent members. The new company offers a full range of equity, fixed income, cash management and alternative investment products with strong representation in both retail and institutional channels, in the United States and in non-U.S. markets. It has 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 owns no more than 49.8% of the total capital stock of the new company on a fully diluted basis and it owns no more than 45% of the new company’s voting power, and The PNC Financial Services Group, LLC (“PNC”), which previously held a majority interest in BlackRock, retains 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 of directors.

The New Management Agreements

          Consequences of the Transaction. On February 23, 2006, April 21, 2006 and May 23, 2006, members of BlackRock management made presentations on the Transaction to the Trustees and the Trustees discussed with management and amongst themselves management’s general plans and intentions regarding the Trusts, including the preservation, strengthening and growth of BlackRock’s business and its combination with MLIM’s business. The Boards also inquired about the plans for and anticipated roles and responsibilities of certain BlackRock employees and officers after the Transaction. The Independent Trustees also met in executive session to discuss the Transaction. After these meetings, BlackRock continued to update the Boards with respect to its plans to integrate the operations of BlackRock and MLIM and the potential impact of those plans on the Trusts as those plans were further developed.

          At the Board meeting on May 23, 2006, after considering and approving the Old Management Agreements, the Boards (including the Independent Trustees) then considered the information received at or prior to the meeting and the consequences of the Transaction to each Trust, including, among other things:

 

 

 

          (i) that BlackRock, MLIM and their investment advisory subsidiaries are experienced and respected asset management firms, and that BlackRock advised the Boards that in connection with the completion of the Transaction, it intends to take steps to combine the investment management operations of BlackRock and MLIM, which, among other things, may involve sharing common systems and procedures, employees (including portfolio managers), investment and trading platforms, and other resources. Furthermore, these combination processes will result in changes to the portfolio management teams for each of the Trusts;

 

 

 

          (ii) that BlackRock advised the Boards that following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Trusts and their shareholders by the Advisors, including compliance services;

 

 

 

          (iii) that BlackRock advised the Boards that it has no present intention to alter the expense waivers and reimbursements currently in effect for certain of the Trusts;

 

 

 

          (iv) the experience, expertise, resources and performance of MLIM that will be contributed to BlackRock after the closing of the Transaction and their anticipated impact on BlackRock’s ability to manage the Trusts;

85



 

 

 

          (v) that BlackRock and MLIM would derive benefits from the Transaction and that as a result, they have a financial interest in the matters that were being considered;

 

 

 

          (vi) the potential effects of regulatory restrictions on the Trusts as a result of Merrill Lynch’s equity stake in BlackRock after the Transaction;

 

 

 

          (vii) the fact that each Trust’s aggregate investment advisory and sub-advisory fees payable under the New Management Agreements and the Old Management Agreements are identical;

 

 

 

          (viii) the terms of the New Management Agreements, including the differences from the Old Management Agreements (see “Comparison of the Old Management Agreements to the New Management Agreements” above);

 

 

 

          (ix) that the Trusts would not bear the costs of obtaining shareholder approval of the New Management Agreements; and

 

 

 

          (x) that BlackRock and Merrill Lynch have agreed to conduct their respective businesses (and use reasonable best efforts to cause their respective affiliates to conduct their respective businesses) to enable the conditions of Section 15(f) to be true in relation to any registered investment companies advised by MLIM and registered under the 1940 Act and have agreed to the same conduct in relation to the BlackRock registered investment companies to the extent it is determined the Transaction is an assignment under the 1940 Act.

          Nature and Quality of Investment Advisory and Sub-Advisory Services. The Boards considered the expected impact of the Transaction on the operations, facilities, organization and personnel of the Advisors, the potential implications of regulatory restrictions on the Trusts following the Transaction and the ability of the Advisors to perform their duties after the Transaction. The Boards considered that the services to be provided and the standard of care under the New Management Agreements are the same as under the Old Management Agreements. The Boards also considered statements by management of BlackRock that, in connection with integrating the operations of the Advisors and MLIM, the objective was to preserve the best of both organizations in order to enhance BlackRock’s ability to provide investment advisory services following completion of the Transaction.

          The Boards noted that it is impossible to predict with certainty the impact of the Transaction on the nature, quality and extent of the services provided by the Advisors to the Trusts, but concluded based on the information currently available and in light of all of the current facts and circumstances, that the Transaction is likely to provide the Advisors with additional resources with which to serve the Trusts and was not expected to adversely affect the nature, quality and extent of the services to be provided to the Trusts and their shareholders by the Advisors and was not expected to materially adversely affect the ability of the Advisors to provide those services.

          The Board considered that BlackRock portfolio managers for the Trusts remained the same following completion of the Transaction.

          Investment Performance of the Trusts. The Boards examined MLIM’s investment performance with respect to its closed-end funds. The Boards noted the Advisors’ and MLIM’s considerable investment management experience and capabilities. The Boards considered this information together with the level of services expected to be provided to the Trusts. Although the Boards noted that it is impossible to predict the effect, if any, that consummation of the Transaction would have on the future performance of the Trusts, the Boards concluded that the information currently available, in light of all of the current facts and circumstances, supported approving the New Management Agreements.

          Fees. The Boards noted that the fees payable by the Trusts under the New Management Agreements are identical to the fees payable under the Old Management Agreements. The Boards also considered the fees paid by the MLIM closed-end funds. In light of (i) the Boards’ approval of the fees paid by each Trust pursuant to the Old Management Agreements at the May 23, 2006, meeting, (ii) the fact that no change to the fees paid by any Trust was proposed solely as a result of the Transaction, and (iii) the Boards’ conclusion with respect to the services expected to be provided to the Trusts under the New Management Agreements, the Boards concluded that the fee structure under the New Management Agreements was reasonable.

          Profitability. Management of the Advisors stated to the Boards that, following the Transaction, the current intention is to continue to determine profitability and report profitability to the Boards in the same way as they did prior to the Transaction, subject to management’s desire to preserve the best practices of MLIM. Management of the Advisors stated that any changes in the methods used to determine profitability and report profitability to the Boards would be discussed with the Boards. The Boards considered the potential for increased economies of scale as a result of the Transaction and whether any economies of scale should be reflected in the Trusts’ fee structures. The Boards also considered that the process of integrating the operations of the Advisors and MLIM was in the early stages and that considerable expense would be incurred in connection with integrating such operations, all of which made it difficult to conclude that economies of scale would be realized as a result of the Transaction. In light of the foregoing, the Boards concluded that, at this time, no changes were necessary to the fee structure of the Trusts as a result of the Transaction.

          Other Benefits. In evaluating ancillary benefits to be received by the Advisors and their affiliates under the New Management Agreements, the Boards considered whether the Transaction would have an impact on the ancillary benefits received by the Advisor by virtue of the Old Management Agreements. Based on its review of the materials provided, including materials received in connection with its approval of the continuance of each Old Management Agreement earlier at the May 23, 2006, meeting of the Boards and its discussions with the Advisors, the Boards noted that such benefits were difficult to quantify with certainty at this time and indicated that it would continue to evaluate them going forward.

          Conclusion with respect to the New Management Agreements. The Trustees did not identify any single consequence of the Transaction discussed above as all-important or controlling. The Boards determined that all of the factors referred to in their evaluation of the Old Management Agreements described above under “Matters Considered by the Boards – The Old Management Agreements” are applicable to the evaluation of the New Management Agreements and concluded that these factors, in light of all the other factors and all of the facts and circumstances applicable to each Trust, were acceptable for each Trust and supported the Trustees’ conclusion that the terms of each New Management Agreement were fair and reasonable, that the fees in each New Management Agreement are fair and reasonable in light of the services provided to the respective Trust and that each New Management Agreement should be approved.

86



 

ADDITIONAL INFORMATION


Shareholder Meeting

          The Joint Annual Meeting of Shareholders was held on August 23, 2006 for shareholders of record as of June 5, 2006, to approve a new Investment Management Agreement and Sub-Advisory Agreement for each of the following Trusts:

          Approved the Management Agreement as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Abstain

 

 

 


 


 


 

Dividend AchieversTM

 

26,769,079

 

 

1,470,823

 

 

1,644,543

 

 

Enhanced Dividend AchieversTM

 

32,323,331

 

 

1,322,480

 

 

2,122,504

 

 

Strategic Dividend AchieversTM

 

12,963,513

 

 

736,775

 

 

603,576

 

 

Global Energy and Resources

 

13,958,528

 

 

576,168

 

 

892,602

 

 

Global Opportunities

 

5,725,456

 

 

175,198

 

 

401,250

 

 

Health Sciences

 

3,473,061

 

 

125,143

 

 

247,429

 

 

S&P Quality Rankings

 

3,248,570

 

 

122,113

 

 

124,530

 

 

World Investment1

 

24,226,491

 

 

898,420

 

 

1,548,489

 

 

Approved the Sub-Advisory Agreement as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Abstain

 

 

 


 


 


 

Dividend AchieversTM

 

26,716,744

 

 

1,508,641

 

 

1,659,060

 

 

Enhanced Dividend AchieversTM

 

32,234,671

 

 

1,445,134

 

 

2,088,510

 

 

Strategic Dividend AchieversTM

 

12,924,344

 

 

758,345

 

 

621,175

 

 

Global Energy and Resources

 

13,928,173

 

 

597,999

 

 

901,126

 

 

S&P Quality Rankings

 

3,233,131

 

 

135,469

 

 

126,613

 

 

World Investment1

 

24,201,868

 

 

913,827

 

 

1,557,705

 

 


 

 


1

The Special Meeting of Shareholders was adjourned until September 8, 2006.

The Joint Annual Meeting of Shareholders was held on May 23, 2006, for shareholders of record as of February 28, 2006, to elect a certain number of Trustees for each of the following Trusts to three-year terms expiring in 2009:

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Frank J. Fabozzi

 

Kathleen F. Feldstein

 

Ralph L. Schlosstein

 

 

 


 


 


 

 

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

 

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enhanced Dividend AchieversTM

 

63,182,452

 

 

856,732

 

 

63,164,873

 

 

874,311

 

 

63,181,629

 

 

857,555

 

 

Strategic Dividend AchieversTM

 

24,567,591

 

 

846,773

 

 

24,547,293

 

 

867,071

 

 

24,559,598

 

 

854,766

 

 

Global Energy and Resources

 

28,053,494

 

 

344,952

 

 

28,043,848

 

 

354,598

 

 

28,060,232

 

 

338,214

 

 

Global Opportunities

 

10,975,108

 

 

108,900

 

 

10,972,153

 

 

111,855

 

 

10,974,853

 

 

109,155

 

 

Health Sciences

 

7,178,604

 

 

101,362

 

 

7,179,376

 

 

100,590

 

 

7,178,836

 

 

101,130

 

 

S&P Quality Rankings

 

5,514,898

 

 

165,469

 

 

5,513,038

 

 

167,329

 

 

5,515,116

 

 

165,251

 

 

World Investment

 

51,214,862

 

 

274,471

 

 

51,195,945

 

 

293,388

 

 

51,197,721

 

 

291,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elected the Class III Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Andrew F. Brimmer

 

Kent Dixon

 

Robert S. Kapito

 

 

 


 


 


 

 

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

 

 


 


 


 


 


 


 

Dividend AchieversTM

 

51,382,817

 

 

1,058,435

 

 

51,422,076

 

 

1,019,176

 

 

51,435,009

 

 

1,006,243

 

 

87


          The Trusts listed for trading on the New York Stock Exchange (“NYSE”) have filed with the NYSE their annual 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’ shares 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, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding 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, Donald Burke, Anne Ackerley, Bartholomew Battista, Vincent Tritto and Brian Kindelan—Managing Directors of the Advisor and the Sub-Advisor, Neal Andrews and James Kong—Managing Director of the Sub-Advisor.

Important Information Regarding the BlackRock Closed-End Funds Annual Investor Update

          The Annual Investor Update (“Update”) is available on the Internet and may be accessed through BlackRock’s website at http://www.black-rock.com. The Update provides information on the fixed income markets and summaries of BlackRock Closed-End Funds’ investment objectives and strategies. It also contains recent news regarding the BlackRock Closed-End Funds.

          Historically, BlackRock provided this information in materials mailed with the Trusts’Annual report. However, we believe that making this information available through BlackRock’s website allows us to communicate more fully and efficiently with the Trusts’ shareholders.

          If you would like to receive a hard copy of the BlackRock Closed-End Funds Annual Investor Update, please call (800) 699-1BFM.

88



 

TRUSTEES INFORMATION (Unaudited)



 

 

 

 

 

 

 

 

 

 

 

 

 


Name, address, age

 

Current positions
held with the Trusts

 

Term of office
and length of time
served

 

Principal occupations
during the past five years

 

Number of
portfolios over-
seen within the
fund complex1

 

Other Directorships
held outside the
fund complex1

 

Events or transactions by
reason of which the Trustee
is an interested person as
defined in Section 2(a)
(19) of the 1940 Act


Interested Directors/Trustees2


Ralph L.
Schlosstein
BlackRock, Inc.
40 East 52nd Street
New York, NY
10022
Age: 55

 

Chairman of the Board3

 

3 years4/since inception

 

Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles.

 

68

 

Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education of The Public Theater in New York City and the James Baird Foundation. Formerly, a director of Pulte Corporation, the nation’s largest home- builder, a Trustee of Denison University and a member of Fannie Mae’s Advisory Council.

 

Director and President of the Advisor.














Robert S. Kapito
BlackRock, Inc.
40 East 52nd Street
New York, NY
10022
Age: 49

 

President and Trustee

 

3 years4/since August 22, 2002

 

Director since 2006, Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group. Responsible for the portfolio management of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.

 

58

 

Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.

 

Director and Vice Chairman of the Advisor.














89



 

TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 

 

 

 

 

 


Name, address, age

 

Current positions held
with the Trusts

 

Term of office and
length of time served

 

Principal occupations
during the past five years

 

Number of
portfolios overseen
within the fund
complex1

 

Other Directorships held
outside the fund complex


Independent Trustees












Andrew F. Brimmer
P.O. Box 4546
New York, NY
10163-4546
Age: 80

 

Lead Trustee
Audit Committee Chairman5

 

3 years4/since inception

 

President of Brimmer & Company, Inc., a Washington, D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts – Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Former Chairman, District of Columbia Financial Control Board.

 

58

 

Former Director of CarrAmerica Realty Corporation and Borg-Warner Automotive, Airborne Express, BankAmerica Corporation (Bank of America), BellSouth Corporation, College Retirement Equities Fund (Trustee), Commodity Exchange, Inc. (Public Governor), Connecticut Mutual Life Insurance Company, E.I. du Pont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines).












Richard E. Cavanagh
P.O. Box 4546
New York, NY
10163-4546
Age: 60

 

Trustee
Audit Committee Member

 

3 years4/since inception

 

President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Co-author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions).

 

58

 

Trustee: Aircraft Finance Trust (AFT) and Chairman of the Board of Trustees, Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.












Kent Dixon
P.O. Box 4546
New York, NY
10163-4546
Age: 69

 

Trustee
Audit Committee Member5

 

3 years4/since inception

 

Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.

 

58

 

Former Director of ISFA (the owner of INVEST, a national securities brokerage service designed for banks and thrift institutions).












Frank J. Fabozzi
P.O. Box 4546
New York, NY
10163-4546
Age: 58

 

Trustee
Audit Committee Member5

 

3 years4/since inception

 

Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance at the School of Management at Yale University. Author and editor of several books on fixed income portfolio management.

 

58

 

Director, Guardian Mutual Funds Group (18 portfolios).












90



 

TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 

 

 

 

 

 


Name, address, age

 

Current positions
held with the Trusts

 

Term of office and
length of time served

 

Principal occupations
during the past five years

 

Number of
portfolios overseen
within the fund
complex1

 

Other Directorships held
outside the fund complex


Independent Trustees (continued)


Kathleen F. Feldstein
P.O. Box 4546
New York, NY
10163-4546
Age: 65

 

Trustee

 

3 years4/since
January 19, 2005

 

President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.

 

58

 

Director of BellSouth Inc. and McClatchy Company; Trustee of the Museum of Fine Arts, Boston, and of the Committee for Economic Development; Corporation Member, Partners HealthCare and Sherrill House; Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.












R. Glenn Hubbard
P.O. Box 4546
New York, NY
10163-4546
Age: 48

 

Trustee

 

3 years4/since November 16, 2004

 

Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Co-director of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting professor at the John F. Kennedy School of Government at Harvard and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. Treasury Department for Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under the President of the United States 2001–2003.

 

58

 

Director of ADP, R.H. Donnelly, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.












 

 

1

The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

Interested Director/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.

3

Director/Trustee since inception; appointed Chairman of the Board on August 22, 2002.

4

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.

5

The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, each of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

91



 

TAX INFORMATION (Unaudited)


          The information set forth below is for the Trusts’ tax year as required by the Internal Revenue Service. Shareholders, however, must report distributions on a calendar year basis for income tax purposes. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January 2007 Please consult your tax advisor for proper treatment of this information.

          For the tax year ended October 31, 2006, the Trusts designated distributions paid during the year as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable Date

 

Ordinary
Income
Per Share ($)

 

Non-Taxable
Return
of Capital
Per Share ($)

 

Long-term
Capital Gains
Per Share ($)

 

Total ($)

 

Qualifying
Dividend
Income for
Individuals†

 

Dividends
Qualifying
for the
Dividends
Received
Deduction
for
Corporations†

 

Short-Term
Capital
Gain
Dividends
for
Non-U.S.
Residents†

 

Foreign
Taxes
Paid††*

 

 

 


 


 


 


 


 


 


 


 


 

Dividend AchieversTM

 

12/30/05

 

0.225000

 

 

 

 

 

 

0.225000

 

100

%

 

100

%

 

 

 

 

 

 

 

3/31/06

 

0.123212

 

 

0.101788

 

 

 

 

0.225000

 

100

%

 

100

%

 

5.19

%

 

 

 

 

 

6/30/06

 

0.076147

 

 

0.062907

 

 

0.085946

 

 

0.225000

 

100

%

 

100

%

 

5.19

%

 

 

 

 

 

9/29/06

 

 

 

 

 

0.225000

 

 

0.225000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enhanced Dividend AchieversTM

 

11/30/05 –12/31/06

 

0.203750

 

 

 

 

 

 

0.203750

 

100

%

 

100

%

 

 

 

 

 

 

 

1/31/06 – 5/31/06

 

0.509375

 

 

 

 

 

 

0.509375

 

39.86

%

 

39.86

%

 

97.97

%

 

 

 

 

 

6/30/06

 

0.038653

 

 

 

 

0.063222

 

 

0.101875

 

39.86

%

 

39.86

%

 

97.97

%

 

 

 

 

 

7/31/06 – 10/31/06

 

 

 

 

 

0.407500

 

 

0.407500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic Dividend AchieversTM

 

12/30/05

 

0.225000

 

 

 

 

 

 

0.225000

 

97.73

%

 

97.73

%

 

 

 

 

 

 

 

3/31/06

 

0.148558

 

 

 

 

0.076442

 

 

0.225000

 

100

%

 

100

%

 

15.83

%

 

 

 

 

 

6/30/06

 

 

 

 

 

0.225000

 

 

0.225000

 

 

 

 

 

 

 

 

 

 

 

9/29/06

 

 

 

 

 

0.225000

 

 

0.225000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

12/30/05

 

1.033450

 

 

 

 

 

 

1.033450

 

12.10

%

 

13.45

%

 

 

 

 

 

 

 

3/31/06

 

0.375000

 

 

 

 

 

 

0.375000

 

58.57

%

 

35.50

%

 

75.87

%

 

 

 

 

 

6/30/06

 

0.024649

 

 

 

 

0.350351

 

 

0.375000

 

58.57

%

 

35.50

%

 

75.87

%

 

 

 

 

 

9/29/06

 

 

 

 

 

1.060000

 

 

1.060000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Opportunities

 

11/30/05

 

0.568750

 

 

 

 

 

 

0.568750

 

21.42

%

 

3.92

%

 

 

 

 

 

 

 

2/28/06

 

0.568750

 

 

 

 

 

 

0.568750

 

16.63

%

 

3.92

%

 

86.24

%

 

 

 

 

 

5/31/06

 

0.568750

 

 

 

 

 

 

0.568750

 

16.63

%

 

3.92

%

 

86.24

%

 

 

 

 

 

8/31/06

 

0.528112

 

 

 

 

0.040638

 

 

0.568750

 

16.63

%

 

3.92

%

 

86.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

12/30/05

 

0.384375

 

 

 

 

 

 

0.384375

 

 

 

 

 

 

 

 

 

 

 

3/31/06

 

0.384375

 

 

 

 

 

 

0.384375

 

7.10

%

 

7.10

%

 

100

%

 

 

 

 

 

6/30/06

 

0.384375

 

 

 

 

 

 

0.384375

 

7.10

%

 

7.10

%

 

100

%

 

 

 

 

 

9/29/06

 

0.499132

 

 

 

 

0.270868

 

 

0.770000

 

7.10

%

 

7.10

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P Quality Rankings

 

11/30/05

 

0.225000

 

 

 

 

 

 

0.225000

 

100

%

 

100

%

 

 

 

 

 

 

 

12/30/05

 

0.137900

 

 

 

 

 

 

0.137900

 

100

%

 

100

%

 

 

 

 

 

 

 

2/28/06

 

0.220298

 

 

0.004702

 

 

 

 

0.225000

 

100

%

 

100

%

 

6.47

%

 

 

 

 

 

5/31/06

 

0.007470

 

 

0.000160

 

 

0.217370

 

 

0.225000

 

100

%

 

100

%

 

6.47

%

 

 

 

 

 

8/31/06

 

 

 

0.001621

 

 

0.223379

 

 

0.225000

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

12/30/05

 

0.113750

 

 

 

 

 

 

0.113750

 

12.50

%

 

2.94

%

 

 

 

 

 

 

 

1/31/06 – 10/31/06

 

1.137500

 

 

 

 

 

 

1.137500

 

11.80

%

 

2.94

%

 

78.87

%

 

2.06

%

 


 

 


Expressed as a percentage of the ordinary income distributions paid grossed-up for foreign taxes paid.

††

Expressed as a percentage of the ordinary income distributions paid.

*

The foreign taxes paid represent taxes incurred by the Fund on interest received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

          In January 2007, a form 1099-DIV will be sent to shareholders which will state the amount and composition of distributions and provide information with respect to their appropriate tax treatment.

92



 

SECTION 19 NOTICES


Set forth below is a summary of distributions which required each Trust, if any, to notify shareholders of the type of distributions paid 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 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 or other properties. These notices are not for tax reporting purposes and 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

 

 

 

 

 


 


 


 


 

Dividend AchieversTM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

$

0.22500

 

$

0.09195

 

$

0.07945

 

$

0.05360

 

 

 

 

Jun-06

 

 

0.22500

 

 

0.10095

 

 

0.07045

 

 

0.05360

 

 

 

 

Sep-06

 

 

0.22500

 

 

 

 

0.17140

 

 

0.05360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enhanced Dividend AchieversTM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Feb-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Mar-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Apr-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

May-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Jun-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Jul-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Aug-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Sep-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

Oct-06

 

 

0.101875

 

 

 

 

0.101875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic Dividend AchieversTM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

 

0.22500

 

 

0.12500

 

 

0.10000

 

 

 

 

 

 

Jun-06

 

 

0.22500

 

 

 

 

0.22500

 

 

 

 

 

 

Sep-06

 

 

0.22500

 

 

 

 

0.22500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

 

0.37500

 

 

0.37500

 

 

 

 

 

 

 

 

Jun-06

 

 

0.37500

 

 

0.37500

 

 

 

 

 

 

 

 

Sep-06

 

 

1.06000

 

 

0.02147

 

 

1.03853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-06

 

 

0.56875

 

 

0.03105

 

 

0.53770

 

 

 

 

 

 

May-06

 

 

0.56875

 

 

 

 

0.56875

 

 

 

 

 

 

Aug-06

 

 

0.56875

 

 

 

 

0.56875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

 

0.38438

 

 

 

 

0.38438

 

 

 

 

 

 

Jun-06

 

 

0.38438

 

 

 

 

0.38438

 

 

 

 

 

 

Sep-06

 

 

0.77000

 

 

 

 

0.77000

 

 

 

93


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
distributions

 

Net Investment
Income

 

Distributions
from proceeds
from the sale
of securities

 

Distributions
from return
of capital

 

 

 

 

 

 


 


 


 


 

S&P Quality Rankings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-06

 

$

0.22500

 

$

0.22500

 

$

 

$

 

 

 

 

May-06

 

 

0.22500

 

 

0.08496

 

 

0.14004

 

 

 

 

 

 

Aug-06

 

 

0.22500

 

 

 

 

0.22014

 

 

0.00486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-06

 

 

0.113750

 

 

0.11375

 

 

 

 

 

 

 

 

Feb-06

 

 

0.113750

 

 

0.11375

 

 

 

 

 

 

 

 

Mar-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

 

 

 

Apr-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

 

 

 

May-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

 

 

 

Jun-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

 

 

 

Jul-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

 

 

 

Aug-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

 

 

 

Sep-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

 

 

 

Oct-06

 

 

0.113750

 

 

 

 

0.113750

 

 

 

94


[THIS PAGE INTENTIONALLY LEFT BLANK]


[THIS PAGE INTENTIONALLY LEFT BLANK]


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
Donald C. Burke, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Neal Andrews, Assistant Treasurer
Jay Fife, Assistant Treasurer
Spencer Fleming, Assistant Treasurer
James Kong, Assistant Treasurer
Robert Mahar, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, LLC
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

1   For all Trusts except Global Energy and Resources.
2   For Global Energy and Resources.

 

 

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

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-ANN-4-1006



Item 2. Code of Ethics.

(a)      The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)      Not applicable.

(c)      The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)      The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)      Not applicable.

(f)      The Registrant's Code of Ethics is available without charge at www.blackrock.com.

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that it has three audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer, Kent Dixon and Frank Fabozzi. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification. Dr. Brimmer retired from the Board of Trustees as of December 31, 2006.

Item 4. Principal Accountant Fees and Services.

(a)      Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $34,500 for the fiscal year ended October 31, 2006 and $28,900 for the fiscal year ended October 31, 2005.



(b)      Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were $0 for the fiscal year ended October 31, 2006 and $0 for the fiscal year ended October 31, 2005. The nature of the service includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

(c)      Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $8,000 for the fiscal year ended October 31, 2006 and $3,000 for the fiscal year ended October 31, 2005. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d)      All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c) were $1,200 for the fiscal year ended October 31, 2006 and $1,200 for the fiscal year ended October 31, 2005. The nature of the service includes a review of compliance procedures and provided an attestation regarding such review.

(e)      Audit Committee Pre-Approval Policies and Procedures.

          (1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Trust's independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

          For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Trust to be provided by the Independent Auditor to any Covered Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Trust.

          In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each



scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.

          Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

          The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.

          In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          The Audit Committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent



Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.

           (2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)      Not applicable.

(g)     The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, the Registrant’s investment adviser (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years were $286,200 for the fiscal year ended October 31, 2006 and $286,200 for the fiscal year ended October 31, 2005.

(h)      The Registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The Audit Committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank J. Fabozzi. Dr. Brimmer retired from the Board of Trustees as of December 31, 2006.

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form.



Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, BlackRock Advisors, LLC (the "Advisor"), and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

(a)(1) BlackRock’s fund management team involved with the Registrant is led by a team of investment professionals, including the following individuals who have day-to-day responsibility: Erin Xie, Kyle G. McClements and Thomas P. Callan.

 

Erin Xie, Managing Director and portfolio manager, is a member of BlackRock's Global Opportunities team. She is a lead manager of the BlackRock Health Sciences Portfolio. Prior to joining BlackRock in 2005, Ms. Xie was a Senior Vice President and portfolio manager with State Street Research & Management responsible for managing the State Street Health Sciences Fund. Prior to joining State Street Research in 2001, Ms. Xie was a research associate with Sanford Bernstein covering the pharmaceutical industry.

 

Kyle G. McClements, CFA, Director and equity derivatives trader, is a member of the US equity trading group. Prior to joining BlackRock in 2005, Mr. McClements was a Vice President and senior derivatives strategist responsible for equity derivative strategy and trading in the Quantitative Equity Group at State Street Research. Prior to joining State Street Research in 2004, Mr. McClements was a senior trader/analyst at Deutsche Asset Management, responsible for derivatives, equity program, technology and energy sector, and foreign exchange trading.

 

Thomas P. Callan, CFA, Managing Director and senior portfolio manager, is head of BlackRock's Global Opportunities equity team. He is lead manager for all global small cap portfolios and is chief strategist for all of the team's portfolios. Mr. Callan has been a portfolio manager with BlackRock since 1998.

 

(a)(2) As of October 31, 2006, Erin Xie managed or was a member of the management team for the following client accounts:

 


Type of Account

Number of
Accounts

Assets of
Accounts

Number of
Accounts Subject
to a Performance
Fee

Assets Subject to
a Performance
Fee


Registered Investment Companies

2

$1,140,638,260

0

0


Pooled Investment Vehicles Other Than Registered Investment Companies

1

$15,598,761

1

$15,598,761


Other Accounts

2

$115,738,425

0

0


 


As of October 31, 2006, Kyle G. McClements managed or was a member of the management team for the following client accounts:

 


Type of Account

Number of
Accounts

Assets of
Accounts

Number of
Accounts Subject
to a Performance
Fee

Assets Subject to
a Performance
Fee


Registered Investment Companies

6

$4,124,808,406

0

0


Pooled Investment Vehicles Other Than Registered Investment Companies

0

0

0

0


Other Accounts

0

0

0

0


 

As of October 31, 2006, Thomas P. Callan managed or was a member of the management team for the following client accounts:

 


Type of Account

Number of
Accounts

Assets of
Accounts

Number of
Accounts Subject
to a Performance
Fee

Assets Subject to
a Performance
Fee


Registered Investment Companies

11

$4,042,687,209

0

0


Pooled Investment Vehicles Other Than Registered Investment Companies

1

$15,598,761

1

$15,598,761


Other Accounts

7

$903,856,767

1

$504,080,795



          BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Registrant, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Registrant. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Registrant. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Registrant by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for the Registrant. In this connection, it should be noted that portfolio management team may manage certain accounts that are subject to performance fees. In addition, the portfolio management team may assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

          As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock



attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

(a)(3) BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan and Restricted Stock Program.

          Base compensation. Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm.

          Discretionary compensation. In addition to base compensation, portfolio managers may receive discretionary compensation, which can be a substantial portion of total compensation. Discretionary compensation can include a discretionary cash bonus as well as one or more of the following:

          Long-Term Retention and Incentive Plan (LTIP) —The LTIP is a long-term incentive plan that seeks to reward certain key employees. The plan provides for the grant of awards that are expressed as an amount of cash that, if properly vested and subject to the attainment of certain performance goals, will be settled in cash and/or in BlackRock, Inc. common stock.

          Deferred Compensation Program —A portion of the compensation paid to each portfolio manager may be voluntarily deferred by the portfolio manager into an account that tracks the performance of certain of the firm’s investment products. Each portfolio manager is permitted to allocate his deferred amounts among various options, including to certain of the firm’s hedge funds and other unregistered products. In addition, prior to 2005, a portion of the annual compensation of certain senior managers was mandatorily deferred in a similar manner for a number of years. Beginning in 2005, a portion of the annual compensation of certain senior managers was paid in the form of BlackRock, Inc. restricted stock units which vest ratably over a number of years.

          Options and Restricted Stock Awards —While incentive stock options are not currently being awarded to BlackRock employees, BlackRock, Inc. previously granted stock options to key employees, including certain portfolio managers who may still hold unexercised or unvested options. BlackRock, Inc. also has a restricted stock award



program designed to reward certain key employees as an incentive to contribute to the long-term success of BlackRock. These awards vest over a period of years.

          Incentive Savings Plans —BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including an Employee Stock Purchase Plan (ESPP) and a 401(k) plan. The 401(k) plan may involve a company match of the 50% employee’s pre-tax contribution of up to 6% of the employee’s salary, limited to $4,000 per year. BlackRock also offers a Company Retirement Contribution equal to 3% to 5% of eligible compensation, depending on BlackRock, Inc.’s overall net operating income. The company match is made in cash. The firm’s 401(k) plan offers a range of investment options, including registered investment companies managed by the firm. Each portfolio manager is eligible to participate in these plans.

          Annual incentive compensation for each portfolio manager is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns and income generation, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s teamwork and contribution to the overall performance of these portfolios and BlackRock. Unlike many other firms, portfolio managers at BlackRock compete against benchmarks rather than each other. In most cases, including for the portfolio managers of the Registrant, these benchmarks are the same as the benchmark or benchmarks against which the investment performance, including risk-adjusted returns and income generation, of the Registrant or other accounts are measured. These benchmarks include the Dividend AchieversTM Index, Lipper peer groups and a subset of other closed-end funds. A group of BlackRock, Inc.’s officers determines which benchmarks against which to compare the performance of funds and other accounts managed by each portfolio manager.

          The group of BlackRock, Inc.’s officers then makes a subjective determination with respect to the portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. This determination may take into consideration the fact that a benchmark may not perfectly correlate to the way the Registrant or other accounts are managed, even if it is the benchmark that is most appropriate for the Registrant or other account. For example, a benchmark’s return may be based on the total return of the securities comprising the benchmark, but the Registrant or other account may be managed to maximize income and not total return. Senior portfolio managers who perform additional management functions within BlackRock may receive additional compensation for serving in these other capacities.

(a)(4) As of October 31, 2006, the end of the Registrant’s most recently completed fiscal year, the dollar range of securities beneficially owned by each portfolio manager in the Registrant is shown below:



Erin Xie: None
Kyle G. McClements: $1-$10,000
Thomas P. Callan: None

(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Registrant’s Governance Committee will consider nominees to the Board of Trustees recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and sets forth the qualifications of the proposed nominee to the Registrant’s Secretary. There have been no material changes to these procedures.

Item 11. Controls and Procedures.

(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 principle executive and principle 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 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (2) Certifications of Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the 1940 Act attached as EX-99.CERT.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

Proxy Voting Policies attached as EX-99.PROXYPOL.



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/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: January 12, 2007
   
           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: President and Principal Executive Officer
Date: January 12, 2007
   
By:    /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: January 12, 2007