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

Name of Fund: BlackRock Health Sciences Trust (BME)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Health Sciences Trust, 55 East 52nd Street, New York, NY 10055.

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

Date of fiscal year end: 10/31/2009

Date of reporting period: 10/31/2009



 

 

Item 1 –

Report to Stockholders


 

 

 

 

 

 

 

 

 

 

 

EQUITIES

 

FIXED INCOME

 

REAL ESTATE

 

LIQUIDITY

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 


(BLACKROCK LOGO)

 

Annual Report

 

 

 

 

 

 

 

 

 

 

 

 

OCTOBER 31, 2009

 

 

 

 

 

 

 


 

BlackRock Dividend AchieversTM Trust (BDV)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

BlackRock EcoSolutions Investment Trust (BQR)

 

BlackRock Energy and Resources Trust (BGR)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

BlackRock Health Sciences Trust (BME)

 

BlackRock International Growth and Income Trust (BGY)

 

BlackRock Real Asset Equity Trust (BCF)

 

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

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE




 

 



Table of Contents

 

 

 

   

 

Page

   

Section 19(b) Disclosure

2

Dear Shareholder

3

Annual Report:

 

Trust Summaries

4

Derivative Financial Instruments

14

Financial Statements:

 

Schedules of Investments

15

Statements of Assets and Liabilities

64

Statements of Operations

66

Statements of Changes in Net Assets

68

Financial Highlights

72

Notes to Financial Statements

82

Report of Independent Registered Public Accounting Firm

90

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

91

Automatic Dividend Reinvestment Plans

94

Important Tax Information

95

Officers and Trustees

96

Additional Information

99

 

 

 

Section 19(b) Disclosure

 

BlackRock Dividend AchieversTM Trust (BDV), BlackRock Enhanced Dividend AchieversTM Trust (BDJ), BlackRock Strategic Dividend AchieversTM Trust (BDT), BlackRock EcoSolutions Investment Trust (BQR), BlackRock Energy and Resources Trust (BGR), BlackRock Global Opportunities Equity Trust (BOE), BlackRock Health Sciences Trust (BME), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF) and BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) (collectively, the “Trusts”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Directors/Trustees (the “Board”), each have adopted a plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (“Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a quarterly basis:

 

 

 

 

 

Exchange Symbol

 

Amount Per Common Share

 

 

 

 

 

BDV

 

 

$ 0.162500

 

BDJ

 

 

$ 0.245000

 

BDT

 

 

$ 0.162500

 

BQR

 

 

$ 0.300000

 

BGR

 

 

$ 0.405000

 

BOE

 

 

$ 0.568750

 

BME

 

 

$ 0.384375

 

BGY

 

 

$ 0.455100

 

BCF

 

 

$ 0.271800

 

BQY

 

 

$ 0.187500

 

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a quarterly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each quarterly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Trusts to comply with the distribution requirements imposed by the Code.

Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance on net asset value is presented in its financial highlights table.

The Board may amend, suspend or terminate a Trust’s Plan without prior notice if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Trust’s prospectus for a more complete description of its risks.

Please refer to the Additional Information for a cumulative summary of the Section 19(a) notices for each Trust’s current fiscal period. Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website www.blackrock.com.

 

 

 

 

 

 

 

 

2

ANNUAL REPORT

OCTOBER 31, 2009

 




 



Dear Shareholder

Over the past 12 months, we have witnessed a seismic shift in market sentiment-from fear and pessimism during the worst economic decline and crisis of confidence in financial markets since The Great Depression to increasing optimism amid emerging signs of recovery. The period began in the midst of an intense deterioration in global economic activity and financial markets in the final months of 2008 and the early months of 2009. The collapse of confidence resulted in massive government policy intervention on a global scale in the financial system and the economy. The tide turned dramatically in March 2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises in corporate earnings.

Not surprisingly, global equity markets endured extreme volatility over the past 12 months, starting with steep declines and heightened risk aversion in the early part of the reporting period, which eventually gave way to an impressive rally that began in March. Although there have been fits and starts along the way and a few modest corrections, the new bull market has pushed all major US indices well into positive territory for 2009. The experience in international markets was similar to that in the United States. In particular, emerging markets (which were less affected by the global credit crunch and are experiencing faster economic growth rates when compared to the developed world) have posted impressive gains since the rally began.

In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, which drove yields sharply lower, but concerns about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. As economic and market conditions began to improve in early 2009, near-zero interest rates on risk-free assets prompted many investors to reallocate money from cash investments into higher-yielding and riskier non-Treasury assets. The high yield sector was the greatest beneficiary of this move, having decisively outpaced all other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following one of its worst years in 2008. Investor demand remains strong for munis, helping to create a highly favorable technical backdrop. Municipal bond mutual funds are seeing record inflows, reflecting the renewed investor interest in the asset class.

As a result of the rebound in sentiment and global market conditions, most major benchmark indexes are now in positive territory for both the 6- and 12-month periods.

 

 

 

 

 

 

 

 

Total Returns as of October 31, 2009

 

6-month

 

 

12-month

 

 

           

US equities (S&P 500 Index)

 

20.04

%

 

9.80

%

 

           

Small cap US equities (Russell 2000 Index)

 

16.21

 

 

6.46

 

 

           

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

 

31.18

 

 

27.71

 

 

           

US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*)

 

(0.79

)

 

8.12

 

 

           

Taxable fixed income (Barclays Capital US Aggregate Bond Index)

 

5.61

 

 

13.79

 

 

           

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

 

4.99

 

 

13.60

 

 

           

High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)

 

27.72

 

 

48.65

 

 

           

 

 

*

Formerly a Merrill Lynch index.

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

The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit the most recent issue of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.

 

Sincerely,

 

-s- Rob Kapito

 

Rob Kapito

President, BlackRock Advisors, LLC

 

 

Announcement to Shareholders

 

On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world’s preeminent investment management firms. The new company, operating under the BlackRock name, manages $3.19 trillion in assets** and offers clients worldwide a full complement of active management, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares platform of exchange traded funds.

 

 

**

Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management and other data at BlackRock, Inc. and Barclays Global Investors.


 

 

 

 

 

 

 

 

 

THIS PAGE NOT PART OF YOUR FUND REPORT

 

3




 

 

 



Trust Summary
as of October 31, 2009


BlackRock Dividend AchieversTM Trust

 

 

 

 

Investment Objective

 

 

 

 

 

BlackRock Dividend AchieversTM Trust (BDV) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing in common stocks that pay above average dividends and have the potential for capital appreciation. The Trust recently implemented an option writing (selling) strategy to help enhance current gains.

 

 

 

 

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

 

 

Performance

 

 

 

 

 

For the 12 months ended October 31, 2009, the Trust returned (2.21)% based on market price and (3.75)% based on net asset value (“NAV”). For the same period, the benchmark Mergent Broad Dividend Achievers Index (“Dividend Achievers Index”) returned (0.63)% on a NAV basis, and the broader market, measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 11.20% and 4.78%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s strategy is to generate above-average current income through positions in larger-cap stocks with attractive dividend yields, selected primarily from the Dividend Achievers Index. Over the period, this strategy was negatively affected by three factors: (1) higher-yielding stocks underperformed the broader market; (2) the drive for yield meant higher exposure to the financials sectors, which underperformed; and (3) mid-cap stocks outperformed large-cap stocks and growth stocks outperformed value stocks, each hurting the larger-cap, value-oriented Trust. Further, the enhancement in early 2009 to the Trust’s strategy — writing calls on approximately 20% of the portfolio — added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

 

 

 

 

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


 

 

 

 

Trust Information

 

 

 

 

 

 

Symbol on New York Stock Exchange (“NYSE”)

 

BDV

Initial Offering Date

 

December 23, 2003

Yield based on Closing Market Price as of October 31, 2009 ($8.27)1

 

7.86%

Current Quarterly Distribution per Common Share2

 

$0.1625

Current Annualized Distribution per Common Share2

 

$0.6500

     

 

 

1

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

2

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

8.27

 

$

9.20

 

(10.11

)%

 

$

9.84

 

$

5.05

 

Net Asset Value

 

$

9.14

 

$

10.33

 

(11.52

)%

 

$

10.71

 

$

6.69

 

                       

 

 

 

The following unaudited charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:


 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

10/31/09

   

International Business Machines Corp.

5

%

 

Chevron Corp.

5

 

 

Wells Fargo & Co.

5

 

 

Coca-Cola Co. (The)

4

 

Pfizer, Inc.

4

 

 

ExxonMobil Corp.

4

 

AT&T Inc.

4

 

 

Wal-Mart Stores, Inc.

4

 

Johnson & Johnson

3

 

 

Abbott Laboratories

3

 

   

 

 

 

 

 

 

 

 

 

Sector Allocations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

           

Consumer Staples

 

22

%

 

17

%

 

Health Care

 

15

 

 

15

 

 

Industrials

 

15

 

 

10

 

 

Financials

 

13

 

 

28

 

 

Energy

 

9

 

 

6

 

 

Consumer Discretionary

 

8

 

 

8

 

 

Information Technology

 

6

 

 

2

 

 

Telecommunication Services

 

5

 

 

5

 

 

Utilities

 

4

 

 

8

 

 

Materials

 

3

 

 

1

 

 

               

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


 

 

 

 

 

 

 

 

4

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

 

Trust Summary as of October 31, 2009

BlackRock Enhanced Dividend AchieversTM Trust


 

Investment Objective

 

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

No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

 

For the 12 months ended October 31, 2009, the Trust returned 8.08% based on market price and (1.63)% based on NAV. For the same period, the benchmark Dividend Achievers Index returned (0.63)% on a NAV basis, and the broader market, measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 11.20% and 4.78%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. In addition to covered call writing, the Trust seeks to generate income through positions in larger-cap stocks with attractive dividend yields, selected primarily from the Dividend Achievers Index. Over the period, this strategy was negatively affected by three factors: (1) higher-yielding stocks underperformed the market; (2) the drive for yield meant higher exposure to the financials sectors, which underperformed; and (3) mid-cap stocks outperformed large-cap stocks and growth stocks outperformed value stocks, each hurting the larger-cap, value-oriented Trust. Driven by near-record-high volatility, rich option call premiums received on the covered call portion of the Trust’s strategy during the early months of the period offset some of these negative impacts. This benefit was partially offset by the negative impact of the call options on capital appreciation as equity markets rallied in the second half of the period.

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

 

 

Trust Information


 

 

 

 

Symbol on NYSE

 

BDJ

 

Initial Offering Date

 

August 31, 2005

 

Yield based on Closing Market Price as of October 31, 2009 ($7.89)1

 

12.42%

 

Current Quarterly Distribution per Common Share2

 

$0.245

 

Current Annualized Distribution per Common Share2

 

$0.980

 

 

 

 

1

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

2

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

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

 

Market Price

 

$

7.89

 

$

8.47

 

(6.85

)%

 

$

9.30

 

$

5.04

 

Net Asset Value

 

$

8.13

 

$

9.59

 

(15.22

)%

 

$

9.93

 

$

6.39

 

 

The following unaudited charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

10/31/09

 

     

Chevron Corp.

5

%

 

International Business Machines Corp.

5

 

 

Coca-Cola Co. (The)

4

 

 

Wells Fargo & Co.

4

 

 

Pfizer, Inc.

4

 

 

ExxonMobil Corp.

4

 

 

AT&T Inc.

4

 

 

Wal-Mart Stores, Inc.

4

 

 

Johnson & Johnson

3

 

 

Abbott Laboratories

3

 

 

       

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

               

Consumer Staples

 

22

%

 

17

%

 

Health Care

 

16

 

 

16

 

 

Industrials

 

14

 

 

9

 

 

Financials

 

12

 

 

27

 

 

Energy

 

9

 

 

6

 

 

Consumer Discretionary

 

8

 

 

8

 

 

Information Technology

 

6

 

 

2

 

 

Telecommunication Services

 

6

 

 

6

 

 

Utilities

 

4

 

 

8

 

 

Materials

 

3

 

 

1

 

 

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

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

5




 

 


 

 

Trust Summary as of October 31, 2009

BlackRock Strategic Dividend AchieversTM Trust


 

Investment Objective

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

No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the 12 months ended October 31, 2009, the Trust returned 0.86% based on market price and (1.10)% based on NAV. For the same period, the benchmark Dividend Achievers Index returned (0.63)% on a NAV basis, and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 11.20% and 4.78%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s strategy is to generate above-average current income through positions in mid-and small-cap stocks with attractive dividend yields, selected primarily from the broad list of Dividend Achievers. Over the period, this strategy was negatively affected by three factors: (1) higher-yielding stocks underperformed the broader market; (2) the drive for yield meant higher exposure to the financials sectors, which underperformed; and (3) growth stocks outperformed value stocks, hurting the value-oriented Trust. Offsetting some of these negative impacts was the strong outperformance of mid-cap stocks, which represent almost half of the Trust. Further, the enhancement in early 2009 to the Trust’s strategy — writing calls on approximately 20% of the portfolio — added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

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

 

Trust Information


 

 

 

 

Symbol on NYSE

 

BDT

 

Initial Offering Date

 

March 30, 2004

 

Yield based on Closing Market Price as of October 31, 2009 ($8.37)1

 

7.77%

 

Current Quarterly Distribution per Common Share2

 

$0.1625

 

Current Annualized Distribution per Common Share2

 

$0.6500

 

 

 

 

1

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

2

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

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

 

Market Price

 

$

8.37

 

$

9.01

 

(7.10

)%

 

$

9.42

 

$

5.38

 

Net Asset Value

 

$

9.72

 

$

10.67

 

(8.90

)%

 

$

10.92

 

$

6.95

 

 

The following unaudited charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

10/31/09

 

 

J.M. Smucker Co. (The)

2

%

 

Nordstrom, Inc.

2

 

 

Avery Dennison Corp.

2

 

 

H&R Block, Inc.

2

 

 

Stanley Works (The)

2

 

 

Linear Technology Corp.

2

 

 

Dover Corp.

2

 

 

M&T Bank Corp.

2

 

 

Pitney Bowes, Inc.

2

 

 

Hormel Foods Corp.

2

 

 

 

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

 

Financials

 

33

%

 

38

%

 

Industrials

 

20

 

 

13

 

 

Utilities

 

13

 

 

18

 

 

Consumer Discretionary

 

11

 

 

16

 

 

Consumer Staples

 

9

 

 

5

 

 

Materials

 

6

 

 

6

 

 

Health Care

 

3

 

 

1

 

 

Information Technology

 

3

 

 

2

 

 

Energy

 

1

 

 

 

 

Telecommunication Services

 

1

 

 

1

 

 

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

 

 

 

 

 

 

 

 

6

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

Trust Summary as of October 31, 2009

BlackRock EcoSolutions Investment Trust


 

 

Investment Objective

 

BlackRock EcoSolutions Investment Trust (BQR) (the “Trust”) seeks to provide current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing substantially all of its assets in equity securities issued by companies that are engaged in one or more of the new energy, water resources and agriculture business segments and utilizing an option writing (selling) strategy to enhance current gains.

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

 

For the 12 months ended October 31, 2009, the Trust returned 28.88% based on market price and 19.64% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 22.81% on a market price basis and 15.51% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Some of the agribusiness companies involved in grain handling were among the contributors to the Trust’s performance during the reporting period. This has been driven by a good harvest — and therefore higher volumes — in the US. Companies with exposure to sugar and palm oil also performed well. In the alternative energy space, companies involved with smart grid technologies benefited from the US stimulus package. Conversely, fertilizer companies performed poorly during the year. The financial crisis meant that financing was withdrawn from the global farming business. Farmers around the world, therefore, cut back on fertilizer application in 2009, which resulted in a supply surplus and a collapse in fertilizer prices. The Trust’s cash position, which was 6% of net assets at period-end, had a slightly negative effect on performance. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

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

 

 

Trust Information

 


 

 

Symbol on NYSE

BQR

Initial Offering Date

September 28, 2007

Yield based on Closing Market Price as of October 31, 2009 ($10.23)1

11.73%

Current Quarterly Distribution per Common Share2

$0.30

Current Annualized Distribution per Common Share2

$1.20

 

 

1

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

2

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                               

Market Price

 

$

10.23

 

$

9.20

 

11.20%

 

$

12.58

 

$

5.68

 

Net Asset Value

 

$

10.56

 

$

10.23

 

3.23%

 

$

11.24

 

$

7.94

 

                               

The following unaudited charts show the ten largest holdings and industry allocations of the Trust’s long-term investments:

 

 

Ten Largest Holdings

 


 

 

 

 

 

10/31/09

 

     

Vestas Wind Systems A/S

3

%

 

Monsanto Co.

3

 

 

BrasilAgro - Companhia Brasileira de Propriedades Agricolas

3

 

 

Potash Corp. of Saskatchewan, Inc.

2

 

 

Tetra Tech, Inc.

2

 

 

Syngenta AG

2

 

 

Cia de Saneamento de Minas Gerias-COPASA

2

 

 

Itron, Inc.

2

 

 

Umicore

2

 

 

Johnson Matthey Plc

2

 

 

       

 

 

Industry Allocations

 


 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

           

Chemicals

 

26

%

 

27

%

 

Water Utilities

 

21

 

 

19

 

 

Food Products

 

11

 

 

7

 

 

Electrical Equipment

 

9

 

 

11

 

 

Machinery

 

8

 

 

10

 

 

Electric Utilities

 

3

 

 

3

 

 

Electronic Equipment, Instruments & Components

 

3

 

 

3

 

 

Commercial Services & Supplies

 

3

 

 

3

 

 

Multi-Utilities

 

3

 

 

5

 

 

Real Estate Investment Trusts (REITs)

 

3

 

 

3

 

 

Independent Power Producers & Energy Traders

 

3

 

 

2

 

 

Oil, Gas & Consumable Fuels

 

2

 

 

2

 

 

Construction & Engineering

 

2

 

 

1

 

 

Other1

 

3

 

 

4

 

 

               

 

 

1

Other includes a 1% holding in each of the following industries; for 10/31/09, Paper & Forest Products, Road & Rail and Industrial Conglomerates and for 10/31/08, Paper & Forest Products, Industrial Conglomerates, Investment Companies and Auto Components.

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

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

7




 

 


 

Trust Summary as of October 31, 2009

BlackRock Energy and Resources Trust


 

 

Investment Objective

 

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

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

 

For the 12 months ended October 31, 2009, the Trust returned 34.63% based on market price and 25.54% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 22.81% on a market price basis and 15.51% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Equity holdings in oil, gas and consumable fuels, metals and mining, and gold and other precious metals drove strong portfolio performance during the reporting period. These segments were among the first to rebound from market lows in March 2009, driven by a weaker US dollar, attractive valuations and improving supply/demand dynamics across natural resources. On the negative side, the Trust holds an outsized allocation to oil and gas exploration and production, which performed positively, but did not keep pace with other segments of the investment universe. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

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

 

 

Trust Information

 


 

 

Symbol on NYSE

BGR

Initial Offering Date

December 29, 2004

Yield based on Closing Market Price as of October 31, 2009 ($22.18)1

7.30%

Current Quarterly Distribution per Common Share2

$0.405

Current Annualized Distribution per Common Share2

$1.620

 

 

1

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

2

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                               

Market Price

 

$

22.18

 

$

17.99

 

23.29%

 

$

25.00

 

$

10.50

 

Net Asset Value

 

$

23.81

 

$

20.71

 

14.97%

 

$

25.99

 

$

13.88

 

                               

The following unaudited charts show the ten largest holdings and industry allocations of the Trust’s long-term investments:

 

 

Ten Largest Holdings

 


 

 

 

 

 

10/31/09

 

       

Whiting Petroleum Corp.

5

%

 

Transocean Ltd.

4

 

 

Consol Energy, Inc.

4

 

 

Occidental Petroleum Corp.

4

 

 

PetroHawk Energy Corp.

4

 

 

Petroleo Brasileiro SA - ADR

4

 

 

Massey Energy Co.

3

 

 

Peabody Energy Corp.

3

 

 

Penn Virginia Corp.

3

 

 

National Oilwell Varco, Inc.

3

 

 

       

 

 

Industry Allocations

 


 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

               

Oil, Gas & Consumable Fuels

 

70

%

 

74

%

 

Energy Equipment & Services

 

20

 

 

17

 

 

Metals & Mining

 

4

 

 

3

 

 

Gas Utilities

 

4

 

 

1

 

 

Chemicals

 

1

 

 

2

 

 

Construction & Engineering

 

1

 

 

 

 

Independent Power Producers & Energy Traders

 

 

 

2

 

 

Marine

 

 

 

1

 

 

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

 

 

 

 

 

 

 

 

8

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

 

Trust Summary as of October 31, 2009

BlackRock Global Opportunities Equity Trust


 

 

Investment Objective


 

 

 

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

 

 

 

The Board approved a change to the Trust’s non-fundamental investment policies during the period. Please refer to page 100 in the Additional Information section.

 

 

 

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2009, the Trust returned 34.97% based on market price and 20.50% based on NAV. For the same period, the benchmark S&P Global Broad Market Index posted a return of 25.44%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Stock selection was the main driver of performance. Positioning across materials, consumer discretionary, health care and consumer staples contributed positively to relative returns. In contrast, selection within financials, information technology and industrials were a drag on final results. Overweights in energy and materials were also detractors. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

 

 

 

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

 

Trust Information


 

 

 

 

 

Symbol on NYSE

 

 

BOE

 

Initial Offering Date

 

 

May 31, 2005

 

Yield based on Closing Market Price as of October 31, 2009 ($18.40)1

 

 

12.36%

 

Current Quarterly Distribution per Common Share2

 

 

$0.56875

 

Current Annualized Distribution per Common Share2

 

 

$2.27500

 

         

 

 

 

 

1

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

 

2

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

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

18.40

 

$

15.89

 

15.80

%

 

$

20.55

 

$

10.47

 

Net Asset Value

 

$

18.64

 

$

18.03

 

3.38

%

 

$

19.83

 

$

13.60

 

                                 

 

 

 

 

 

The following unaudited charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

10/31/09

 

       

Chevron Corp.

 

 

   1%

 

Novartis AG

 

 

1

 

Nestle SA

 

 

1

 

GlaxoSmithKline Plc

 

 

1

 

eBay, Inc.

 

 

1

 

Exxon Mobil Corp.

 

 

1

 

Pfizer, Inc.

 

 

1

 

Naspers Ltd.

 

 

1

 

Hewlett-Packard Co.

 

 

1

 

Cisco Systems, Inc.

 

 

1

 

         

 

 

 

 

 

 

 

 

Geographic Allocations

 

 

 

10/31/09

 

10/31/08

 

           

United States

 

46

%

 

56

%

 

United Kingdom

 

7

 

 

5

 

 

Japan

 

6

 

 

4

 

 

Switzerland

 

5

 

 

5

 

 

France

 

5

 

 

3

 

 

Canada

 

4

 

 

4

 

 

Germany

 

3

 

 

4

 

 

Spain

 

2

 

 

 

 

Singapore

 

2

 

 

2

 

 

Hong Kong

 

2

 

 

1

 

 

South Korea

 

2

 

 

1

 

 

Brazil

 

1

 

 

2

 

 

Italy

 

1

 

 

2

 

 

Other3

 

14

 

 

11

 

 

               

 

 

 

 

3

Other includes a 1% holding in each of the following countries; for 10/31/09, Netherlands, Taiwan, India, China, Bermuda, South Africa, Russia, Israel, Belgium, Mexico, Sweden, New Zealand, Luxembourg and Finland and for 10/31/08, Israel, Norway, China, Australia, Belgium, Russia, Finland, Bermuda, Luxembourg, Mexico and Taiwan.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

9




 

 


 

 

Trust Summary as of October 31, 2009

BlackRock Health Sciences Trust


 

 

Investment Objective

 

 

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

 

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2009, the Trust returned 13.44% based on market price and 16.31% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned 7.74% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Stock selection was the main driver of performance. Positive relative returns were led by positioning within the health care equipment and supplies, life sciences tools and services, and health care supplies sub-industries. Factors that detracted from results included the Trust’s underweight positioning in pharmaceuticals and health care providers and services, as well as its overweight in health care equipment and supplies. Cash held at period-end was 5% of net assets, which had a minimal impact on performance during the period. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

 

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

 

 

Trust Information


 

 

 

 

 

Symbol on NYSE

 

 

BME

 

Initial Offering Date

 

 

March 31, 2005

 

Yield based on Closing Market Price as of October 31, 2009 ($22.61)1

 

 

6.80%

 

Current Quarterly Distribution per Common Share2

 

 

$0.384375

 

Current Annualized Distribution per Common Share2

 

 

$1.537500

 

 

 

 

 

1

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

 

2

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

22.61

 

$

21.62

 

4.58

%

 

$

23.96

 

$

15.39

 

Net Asset Value

 

$

25.37

 

$

23.66

 

7.23

%

 

$

26.44

 

$

20.17

 

                       

 

 

 

 

 

The following unaudited charts show the ten largest holdings and industry allocations of the Trust’s long-term investments:

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

10/31/09

 

       

Alcon, Inc.

 

 

   4%

 

Pfizer, Inc.

 

 

4

 

Novartis AG

 

 

4

 

Johnson & Johnson

 

 

3

 

Abbott Laboratories

 

 

3

 

Bristol-Myers Squibb Co.

 

 

3

 

Coviden Plc

 

 

3

 

GlaxoSmithKline Plc

 

 

3

 

Dendreon Corp.

 

 

2

 

PerkinElmer, Inc.

 

 

2

 

       

 

 

 

 

 

 

 

 

 

 

 

 

Industry Allocations

 

 

 

 

10/31/09

 

 

10/31/08

 

               

Health Care Equipment & Supplies

 

 

 

28

%

 

 

 

29

%

 

Pharmaceuticals

 

 

 

28

 

 

 

 

20

 

 

Health Care Providers & Services

 

 

 

14

 

 

 

 

13

 

 

Biotechnology

 

 

 

13

 

 

 

 

28

 

 

Life Sciences Tools & Services

 

 

 

11

 

 

 

 

2

 

 

Food & Staples Retailing

 

 

 

3

 

 

 

 

1

 

 

Health Care Technology

 

 

 

2

 

 

 

 

7

 

 

Industrial Conglomerates

 

 

 

1

 

 

 

 

 

 

                       

 

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


 

 

 

 

 

 

 

 

10

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

 

Trust Summary as of October 31, 2009

BlackRock International Growth and Income Trust


 

 

Investment Objective

 

 

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

 

 

 

The Board approved a change to the Trust’s non-fundamental investment policies during the period. Please refer to page 100 in the Additional Information section.

 

 

 

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

 

 

For the 12 months ended October 31, 2009, the Trust returned 44.62% based on market price and 26.28% based on NAV. For the same period, the benchmark S&P Global Broad Market Index Ex-US returned 37.63% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which was eliminated as of October 31, 2009, accounts for the difference between performance based on price and performance based on NAV. On an absolute basis, contribution to fund performance was led by materials, financials and energy holdings, which appreciated meaningfully during the past 12 months. From a relative perspective, holding underweights in health care, consumer staples and utilities all helped, as did the Trust’s overweight in materials. In contrast, stock selection was led down by information technology and industrials holdings, which did not keep pace in the market’s rally. Cash held at period end was 8% of net assets, in-line with the average held over the time period. This marginally detracted from performance. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

 

 

 

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

 

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BGY

Initial Offering Date

 

May 30, 2007

Yield based on Closing Market Price as of October 31, 2009 ($10.92)1

 

16.67%

Current Quarterly Distribution per Common Share2

 

$0.4551

Current Annualized Distribution per Common Share2

 

$1.8204

     

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

10.92

 

$

9.09

 

20.13

%

 

$

12.68

 

$

6.15

 

Net Asset Value

 

$

10.92

 

$

10.41

 

4.90

%

 

$

11.59

 

$

8.40

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following unaudited charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

10/31/09

       

Singapore Telecommunications Ltd.

 

2

%

HSBC Holdings Plc

 

1

 

British American Tobacco Plc

 

1

 

Nestle SA

 

1

 

GlaxoSmithKline Plc

 

1

 

Novartis AG

 

1

 

MAN SE

 

1

 

Syngenta AG

 

1

 

Canadian Oil Sands Trust

 

1

 

ThyssenKrupp AG

 

1

 

 

Geographic Allocations


 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

             

United Kingdom

 

17

%

 

18

%

Japan

 

12

 

 

12

 

Canada

 

11

 

 

9

 

France

 

9

 

 

6

 

Switzerland

 

8

 

 

8

 

Germany

 

7

 

 

7

 

Hong Kong

 

4

 

 

4

 

Singapore

 

3

 

 

4

 

Australia

 

3

 

 

3

 

Taiwan

 

2

 

 

4

 

South Korea

 

2

 

 

1

 

Spain

 

2

 

 

1

 

China

 

2

 

 

1

 

Italy

 

2

 

 

2

 

Russia

 

2

 

 

1

 

Netherlands

 

2

 

 

2

 

Luxembourg

 

1

 

 

2

 

Brazil

 

1

 

 

3

 

Norway

 

1

 

 

2

 

Malaysia

 

1

 

 

2

 

Other3

 

8

 

 

8

 

             

 

 

3

Other includes a 1% holding in each of the following countries; for 10/31/09, Denmark, Sweden, United States, Belgium, Israel, Greece, India and Mexico and for 10/31/08, Russia, Belgium, Israel, Chile, Sweden, South Africa, Greece and Philippines.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

11




 

 


 

 

Trust Summary as of October 31, 2009

BlackRock Real Asset Equity Trust


 

 

Investment Objective

 

 

 

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

 

 

 

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

 

 

For the 12 months ended October 31, 2009, the Trust returned 67.81% based on market price and 40.96% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 22.81% on a market price basis and 15.51% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Metals and mining combined with gold and other precious metals drove strong portfolio performance. These segments were among the first to rebound from market lows in March 2009, driven by a weaker US dollar, attractive valuations and improving supply/demand dynamics. On the negative side, the Trust holds an outsized allocation to oil, gas and consumable fuels, which performed positively, but did not keep pace with other segments of the investment universe. The average cash position throughout the annual period was approximately 5% of net assets which detracted from relative returns as the market rebounded sharply and the Trust was not entirely invested. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

 

 

 

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

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BCF

Initial Offering Date

 

September 29, 2006

Yield based on Closing Market Price as of October 31, 2009 ($11.45)1

 

9.50%

Current Quarterly Distribution per Common Share2

 

$0.2718

Current Annualized Distribution per Common Share2

 

$1.0872

 

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

11.45

 

$

7.74

 

47.93

%

 

$

12.58

 

$

4.93

 

Net Asset Value

 

$

11.73

 

$

9.44

 

24.26

%

 

$

12.82

 

$

6.53

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following unaudited charts show the ten largest holdings and industry allocations of the Trust’s long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ten Largest Holdings


 

 

 

 

 

 

10/31/09

     

Rio Tinto Plc

 

4

%

BHP Billiton Plc

 

4

 

Vale SA - ADR

 

4

 

Xstrata Plc

 

3

 

E. I. du Pont de Nemours & Co.

 

3

 

Caterpillar, Inc.

 

2

 

Vedanta Resources Plc

 

2

 

Praxair, Inc.

 

2

 

Impala Platinum Holdings Ltd.

 

2

 

MeadWestvaco Corp.

 

2

 

       

 

 

 

 

Industry Allocations


 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

         

Metals & Mining

 

43

%

 

29

%

Oil, Gas & Consumable Fuels

 

26

 

 

32

 

Chemicals

 

10

 

 

14

 

Energy Equipment & Services

 

9

 

 

13

 

Paper & Forest Products

 

6

 

 

7

 

Machinery

 

3

 

 

3

 

Gas Utilities

 

2

 

 

1

 

Containers & Packaging

 

1

 

 

1

 

             

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


 

 

 

 

 

 

 

 

12

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

Trust Summary as of October 31, 2009

BlackRock S&P Quality Rankings Global Equity Managed Trust


 

 

Investment Objective

 

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing primarily in equity securities of issuers that pay above average dividends and have the potential for capital appreciation. The Trust recently implemented an option writing (selling) strategy to help enhance current gains.

The Board approved a change to the Trust’s non-fundamental investment policies during the period. Please refer to page 100 in the Additional Information section.

No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

 

For the 12 months ended October 31, 2009, the Trust returned 19.63% based on market price and 17.64% based on NAV. For the same period, the benchmark MSCI World Developed Value Index returned 17.50% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. One positive contribution to performance was the Trust’s allocation to the Asia-Pacific (ex-Japan) region, where stocks, on average, were up more than 50% over the period. Additionally, the Trust’s exposure to high-quality stocks led to significant relative strength as the credit crisis intensified in late 2008 and into 2009. This reversed somewhat after March as investors’ risk appetite increased when the markets began to stabilize. The Trust’s focus on higher-yielding stocks created some headwind as these stocks underperformed low- or non-yielding securities over the period. Further, the Trust’s strategy was enhanced to take advantage of historically-high stock volatility. A modest amount of covered call writing was added to the strategy, capitalizing on very high call premiums. Approximately 20% of the portfolio has calls written against it, initiated at approximately 5%-10% out-of-the-money. The call premiums added to current earnings, but at the expense of some capital appreciation, given the very strongly rising market.

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

 

 

Trust Information

 


 

 

Symbol on NYSE Amex

BQY

Initial Offering Date

May 28, 2004

Yield based on Closing Market Price as of October 31, 2009 ($11.54)1

6.50%

Current Quarterly Distribution per Common Share2

$0.1875

Current Annualized Distribution per Common Share2

$0.7500

   

 

 

1

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

2

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/09

 

10/31/08

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

11.54

 

$

10.50

 

9.90%

 

$

12.35

 

$

7.01

 

Net Asset Value

 

$

13.38

 

$

12.38

 

8.08%

 

$

14.05

 

$

9.02

 

                               

The following unaudited charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:

 

 

Ten Largest Holdings

 


 

 

 

 

 

 

10/31/09

       

Exxon Mobil Corp.

 

3

%

AT&T Inc.

 

3

 

BP Plc

 

2

 

Chevron Corp.

 

2

 

Royal Bank of Canada

 

2

 

HSBC Holdings Plc

 

2

 

Microsoft Corp.

 

2

 

Emerson Electric Co.

 

2

 

International Business Machines Corp.

 

2

 

Santos Ltd.

 

2

 

       

 

 

Geographic Allocations

 


 

 

 

 

 

 

 

 

 

 

10/31/09

 

10/31/08

 

           

United States

 

46

%

 

53

%

 

United Kingdom

 

11

 

 

10

 

 

Japan

 

6

 

 

5

 

 

Canada

 

6

 

 

5

 

 

France

 

5

 

 

4

 

 

Australia

 

5

 

 

5

 

 

Sweden

 

4

 

 

3

 

 

Germany

 

3

 

 

2

 

 

Spain

 

3

 

 

2

 

 

Hong Kong

 

3

 

 

3

 

 

Italy

 

2

 

 

2

 

 

Austria

 

 

 

2

 

 

Other3

 

6

 

 

4

 

 

               

 

 

3

Other includes a 1% holding in each of the following countries; for 10/31/09, Singapore, Greece, Switzerland, Finland, Netherlands and Portugal and for 10/31/08, Finland, Switzerland, Singapore and Denmark.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

13




 


 

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including foreign currency exchange contracts, options and swaps, as specified in Note 2 of the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market, equity and/or foreign currency exchange rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction and illiquidity of the derivative instrument. The Trusts’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Trusts to sell or purchase portfolio securities at inopportune times or at distressed values, may limit the amount of appreciation the Trusts can realize on an investment or may cause the Trusts to hold a security that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

 

 

 

 

 

 

 

 

14

ANNUAL REPORT

OCTOBER 31, 2008

 




 

 

 

 

 

Schedule of Investments October 31, 2009

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—2.4%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

56,000

 

$

3,511,200

 

United Technologies Corp.

 

 

138,000

 

 

8,480,100

 

 

 

 

 

 

     

 

 

 

 

 

 

11,991,300

 

               

Air Freight & Logistics—0.3%

 

 

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

 

27,600

 

 

1,521,036

 

               

Auto Components—0.4%

 

 

 

 

 

 

 

Johnson Controls, Inc.

 

 

92,700

 

 

2,217,384

 

               

Automobiles—0.4%

 

 

 

 

 

 

 

Harley-Davidson, Inc.

 

 

89,000

 

 

2,217,880

 

               

Beverages—6.7%

 

 

 

 

 

 

 

Coca-Cola Co. (The)

 

 

395,150

 

 

21,065,447

 

PepsiCo, Inc.

 

 

201,275

 

 

12,187,201

 

 

 

 

 

 

     

 

 

 

 

 

 

33,252,648

 

               

Building Products—0.2%

 

 

 

 

 

 

 

Masco Corp.

 

 

85,200

 

 

1,001,100

 

               

Capital Markets—1.1%

 

 

 

 

 

 

 

Federated Investors, Inc.

 

 

37,325

 

 

979,781

 

Northern Trust Corp.

 

 

25,600

 

 

1,286,400

 

T. Rowe Price Group, Inc.

 

 

69,100

 

 

3,367,243

 

 

 

 

 

 

     

 

 

 

 

 

 

5,633,424

 

               

Chemicals—2.0%

 

 

 

 

 

 

 

PPG Industries, Inc.

 

 

64,400

 

 

3,634,092

 

Praxair, Inc.

 

 

31,000

 

 

2,462,640

 

RPM International, Inc.

 

 

213,800

 

 

3,767,156

 

 

 

 

 

 

     

 

 

 

 

 

 

9,863,888

 

               

Commercial Banks—8.5%

 

 

 

 

 

 

 

Associated Banc-Corp

 

 

68,900

 

 

882,609

 

Bank of Hawaii Corp.

 

 

61,900

 

 

2,748,360

 

BB&T Corp.

 

 

231,200

 

 

5,527,992

 

TCF Financial Corp.

 

 

173,500

 

 

2,052,505

 

U.S. Bancorp

 

 

337,700

 

 

7,841,394

 

Valley National Bancorp

 

 

99,016

 

 

1,314,932

 

Wells Fargo & Co.

 

 

807,300

 

 

22,216,896

 

 

 

 

 

 

     

 

 

 

 

 

 

42,584,688

 

               

Commercial Services & Supplies—0.6%

 

 

 

 

 

 

 

Pitney Bowes, Inc.

 

 

125,954

 

 

3,085,873

 

               

Computers & Peripherals—4.6%

 

 

 

 

 

 

 

International Business Machines Corp.

 

 

191,500

 

 

23,096,815

 

               

Construction Materials—0.2%

 

 

 

 

 

 

 

Vulcan Materials Co.

 

 

23,300

 

 

1,072,499

 

               

Diversified Consumer Services—0.2%

 

 

 

 

 

 

 

H&R Block, Inc.

 

 

54,400

 

 

997,696

 

               

Diversified Telecommunication—5.2%

 

 

 

 

 

 

 

AT&T Inc.

 

 

728,300

 

 

18,695,461

 

CenturyTel, Inc.

 

 

222,900

 

 

7,235,334

 

 

 

 

 

 

     

 

 

 

 

 

 

25,930,795

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Electric Utilities—1.8%

 

 

 

 

 

 

 

FPL Group, Inc.

 

 

57,300

 

$

2,813,430

 

Progress Energy, Inc.

 

 

165,000

 

 

6,192,450

 

 

 

 

 

 

     

 

 

 

 

 

 

9,005,880

 

               

Electrical Equipment—1.7%

 

 

 

 

 

 

 

Emerson Electric Co.

 

 

228,000

 

 

8,607,000

 

               

Food & Staples Retailing—4.0%

 

 

 

 

 

 

 

Sysco Corp.

 

 

91,475

 

 

2,419,514

 

Wal-Mart Stores, Inc.

 

 

347,975

 

 

17,287,398

 

 

 

 

 

 

     

 

 

 

 

 

 

19,706,912

 

               

Food Products—0.7%

 

 

 

 

 

 

 

Archer-Daniels-Midland Co.

 

 

74,100

 

 

2,231,892

 

Hershey Co. (The)

 

 

30,450

 

 

1,150,706

 

 

 

 

 

 

     

 

 

 

 

 

 

3,382,598

 

               

Gas Utilities—0.6%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

113,200

 

 

3,152,620

 

               

Health Care Equipment & Supplies—1.8%

 

 

 

 

 

 

 

Becton Dickinson & Co.

 

 

37,800

 

 

2,584,008

 

Medtronic, Inc.

 

 

183,100

 

 

6,536,670

 

 

 

 

 

 

     

 

 

 

 

 

 

9,120,678

 

               

Hotels Restaurants & Leisure—2.8%

 

 

 

 

 

 

 

McDonald’s Corp.

 

 

234,200

 

 

13,726,462

 

               

Household Durables—0.4%

 

 

 

 

 

 

 

Leggett & Platt, Inc.

 

 

90,925

 

 

1,757,580

 

               

Household Products—6.0%

 

 

 

 

 

 

 

Clorox Co.

 

 

40,925

 

 

2,423,988

 

Colgate-Palmolive Co.

 

 

70,500

 

 

5,543,415

 

Kimberly-Clark Corp.

 

 

111,150

 

 

6,797,934

 

Procter & Gamble Co. (The)

 

 

259,875

 

 

15,072,750

 

 

 

 

 

 

     

 

 

 

 

 

 

29,838,087

 

               

Industrial Conglomerates—6.4%

 

 

 

 

 

 

 

3M Co.

 

 

216,900

 

 

15,957,333

 

General Electric Co.

 

 

1,125,200

 

 

16,045,352

 

 

 

 

 

 

     

 

 

 

 

 

 

32,002,685

 

               

Insurance—1.9%

 

 

 

 

 

 

 

Aflac, Inc.

 

 

83,460

 

 

3,462,755

 

Allstate Corp. (The)

 

 

82,100

 

 

2,427,697

 

Chubb Corp.

 

 

50,200

 

 

2,435,704

 

Mercury General Corp.

 

 

36,500

 

 

1,330,790

 

 

 

 

 

 

     

 

 

 

 

 

 

9,656,946

 

               

IT Services—1.0%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

88,200

 

 

3,510,360

 

Paychex, Inc.

 

 

50,200

 

 

1,426,182

 

 

 

 

 

 

     

 

 

 

 

 

 

4,936,542

 

               

Machinery—2.5%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

117,800

 

 

6,486,068

 

Dover Corp.

 

 

38,400

 

 

1,446,912

 

Parker Hannifin Corp.

 

 

28,000

 

 

1,482,880

 

Stanley Works (The)

 

 

71,400

 

 

3,229,422

 

 

 

 

 

 

     

 

 

 

 

 

 

12,645,282

 

               

 

Portfolio Abbreviations

To simplify the listings of the portfolio holdings in the Trusts Schedule of Investments, the names and descriptions of many securities have been abbreviated according to the following list:

 

 

ADR

American Depositary Receipt

AUD

Australian Dollar

BRL

Brazil Real

CAD

Canadian Dollar

CHF

Swiss Franc

CLP

Chilean Peso

DKK

Danish Krone

EUR

Euro

GBP

British Pound

GDR

Global Depositary Receipt

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

KRW

South Korean Won

MYR

Malaysian Ringgit

NOK

Norwegian Krone

PEN

Peruvian Neuvo Sol

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

TWD

Taiwan Dollar

USD

US Dollar

ZAR

South African Rand


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

15




 

 

 

 

 

Schedule of Investments (continued)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Media—0.2%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The)

 

 

41,900

 

$

1,205,882

 

               

Metals & Mining—0.4%

 

 

 

 

 

 

 

Nucor Corp.

 

 

53,200

 

 

2,120,020

 

               

Multi-Utilities—1.7%

 

 

 

 

 

 

 

Consolidated Edison, Inc.

 

 

166,300

 

 

6,765,084

 

Vectren Corp.

 

 

67,300

 

 

1,516,942

 

 

 

 

 

 

     

 

 

 

 

 

 

8,282,026

 

               

Multiline Retail—1.4%

 

 

 

 

 

 

 

Family Dollar Stores, Inc.

 

 

32,000

 

 

905,600

 

Target Corp.

 

 

122,850

 

 

5,949,625

 

 

 

 

 

 

     

 

 

 

 

 

 

6,855,225

 

               

Oil, Gas & Consumable Fuels—8.4%

 

 

 

 

 

 

 

Chevron Corp.

 

 

298,550

 

 

22,851,017

 

Exxon Mobil Corp.

 

 

262,800

 

 

18,834,876

 

 

 

 

 

 

     

 

 

 

 

 

 

41,685,893

 

               

Pharmaceuticals—13.0%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

324,000

 

 

16,384,680

 

Eli Lilly & Co.

 

 

372,700

 

 

12,675,527

 

Johnson & Johnson

 

 

281,600

 

 

16,628,480

 

Pfizer, Inc.

 

 

1,128,300

 

 

19,214,949

 

 

 

 

 

 

     

 

 

 

 

 

 

64,903,636

 

               

Real Estate Investment Trusts (REITs)—1.3%

 

 

 

 

 

 

 

HCP, Inc.

 

 

58,600

 

 

1,733,974

 

Liberty Property Trust

 

 

57,600

 

 

1,691,712

 

Realty Income Corp.

 

 

58,100

 

 

1,346,758

 

Vornado Realty Trust

 

 

28,652

 

 

1,706,513

 

 

 

 

 

 

     

 

 

 

 

 

 

6,478,957

 

               

Semiconductors & Semiconductor Equipment—0.5%

 

 

 

 

 

 

 

Linear Technology Corp.

 

 

89,600

 

 

2,318,848

 

               

Specialty Retail—2.2%

 

 

 

 

 

 

 

Home Depot, Inc.

 

 

85,875

 

 

2,154,604

 

Lowe’s Cos., Inc.

 

 

229,400

 

 

4,489,358

 

Sherwin-Williams Co. (The)

 

 

20,600

 

 

1,175,024

 

TJX Cos., Inc.

 

 

77,300

 

 

2,887,155

 

 

 

 

 

 

     

 

 

 

 

 

 

10,706,141

 

               

Textiles, Apparel & Luxury Goods—0.3%

 

 

 

 

 

 

 

VF Corp.

 

 

17,800

 

 

1,264,513

 

               

Tobacco—4.6%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

585,550

 

 

10,604,310

 

Philip Morris International, Inc.

 

 

196,300

 

 

9,296,768

 

Universal Corp.

 

 

66,300

 

 

2,757,417

 

 

 

 

 

 

     

 

 

 

 

 

 

22,658,495

 

               

Trading Companies & Distributors—0.5%

 

 

 

 

 

 

 

Fastenal Co.

 

 

32,575

 

 

1,123,838

 

W.W. Grainger, Inc.

 

 

14,400

 

 

1,349,712

 

 

 

 

 

 

     

 

 

 

 

 

 

2,473,550

 

               

Total Long-Term Investments
(Cost—$511,170,456)—98.9%

 

 

 

 

 

492,959,484

 

               

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.18% (a)(b)

 

 

7,282,466

 

 

7,282,466

 

               

Total Short-Term Securities
(Cost—$7,282,466)—1.5%

 

 

 

 

 

7,282,466

 

               

Total Investments Before Outstanding Options Written
(Cost—$518,452,922*)—100.4%

 

 

 

 

 

500,241,950

 

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written—(0.3)%

 

 

 

 

 

 

 

3M Co., Strike Price $75, Expires 11/23/09

 

 

433

 

$

(45,465

)

Abbott Laboratories, Strike Price $47.50,
Expires 11/23/09

 

 

650

 

 

(214,500

)

Aflac, Inc., Strike Price $44, Expires 11/23/09

 

 

167

 

 

(11,690

)

Allstate Corp. (The), Strike Price $33, Expires 12/21/09

 

 

165

 

 

(9,900

)

Archer-Daniels-Midland Co., Strike Price $31,
Expires 12/21/09

 

 

150

 

 

(16,500

)

Associated Banc-Corp, Strike Price $12.50, Expires 11/23/09

 

 

70

 

 

(5,250

)

Automatic Data Processing, Inc., Strike Price $41,
Expires 11/23/09

 

 

176

 

 

(9,680

)

BB&T Corp., Strike Price $30, Expires 11/23/09

 

 

460

 

 

(2,300

)

Becton Dickinson & Co., Strike Price $70, Expires 11/23/09

 

 

40

 

 

(3,900

)

Becton Dickinson & Co., Strike Price $75, Expires 11/23/09

 

 

40

 

 

(400

)

C.H. Robinson Worldwide, Inc., Strike Price $62.50,
Expires 12/18/09

 

 

55

 

 

(760

)

Chubb Corp., Strike Price $50, Expires 11/23/09

 

 

100

 

 

(8,500

)

Clorox Co., Strike Price $58.75, Expires 12/18/09

 

 

80

 

 

(15,303

)

Colgate-Palmolive Co., Strike Price $80, Expires 12/21/09

 

 

141

 

 

(26,438

)

Dover Corp., Strike Price $40, Expires 12/21/09

 

 

75

 

 

(6,000

)

Eli Lilly & Co., Strike Price $34, Expires 11/23/09

 

 

745

 

 

(44,700

)

Emerson Electric Co., Strike Price $41, Expires 12/21/09

 

 

300

 

 

(13,500

)

Emerson Electric Co., Strike Price $41, Expires 11/23/09

 

 

155

 

 

(2,712

)

Exxon Mobil Corp., Strike Price $75, Expires 11/23/09

 

 

525

 

 

(19,950

)

Federated Investors, Inc., Strike Price $28, Expires 12/29/09

 

 

75

 

 

(3,603

)

General Dynamics Corp., Strike Price $60, Expires 11/23/09

 

 

40

 

 

(13,800

)

General Dynamics Corp., Strike Price $65, Expires 11/23/09

 

 

70

 

 

(5,425

)

General Electric Co., Strike Price $16, Expires 12/21/09

 

 

700

 

 

(17,150

)

General Electric Co., Strike Price $16, Expires 11/23/09

 

 

775

 

 

(5,812

)

General Electric Co., Strike Price $17, Expires 12/21/09

 

 

775

 

 

(9,300

)

H&R Block, Inc., Strike Price $18, Expires 11/23/09

 

 

110

 

 

(7,975

)

Harley-Davidson, Inc., Strike Price $30, Expires 12/21/09

 

 

178

 

 

(5,340

)

HCP, Inc., Strike Price $30, Expires 12/21/09

 

 

57

 

 

(8,835

)

HCP, Inc., Strike Price $30, Expires 11/23/09

 

 

60

 

 

(5,400

)

Hershey Co., Strike Price $40, Expires 11/23/09

 

 

60

 

 

(1,500

)

Home Depot, Inc., Strike Price $28, Expires 12/21/09

 

 

171

 

 

(4,104

)

International Business Machines Corp., Strike Price $125,
Expires 12/21/09

 

 

385

 

 

(91,438

)

Johnson Controls, Inc., Strike Price $25, Expires 1/18/10

 

 

93

 

 

(12,555

)

Kimberly-Clark Corp., Strike Price $59, Expires 11/24/09

 

 

120

 

 

(29,986

)

Kimberly-Clark Corp., Strike Price $60, Expires 11/23/09

 

 

100

 

 

(19,250

)

Leggett & Platt, Inc., Strike Price $20, Expires 11/23/09

 

 

180

 

 

(8,100

)

Linear Technology Corp., Strike Price $29, Expires 11/23/09

 

 

180

 

 

(1,350

)

Lowe’s Cos., Inc., Strike Price $21, Expires 12/21/09

 

 

455

 

 

(23,888

)

Masco Corp., Strike Price $15, Expires 11/23/09

 

 

170

 

 

(1,700

)

McDonald’s Corp., Strike Price $60, Expires 12/21/09

 

 

465

 

 

(44,175

)

McGraw-Hill Cos., Inc., Strike Price $30, Expires 11/23/09

 

 

40

 

 

(3,300

)

McGraw-Hill Cos., Inc., Strike Price $30, Expires 12/21/09

 

 

40

 

 

(5,500

)

Medtronic, Inc., Strike Price $38, Expires 12/21/09

 

 

366

 

 

(24,705

)

Northern Trust Corp., Strike Price $60, Expires 11/23/09

 

 

50

 

 

(500

)

Nucor Corp., Strike Price $48, Expires 11/23/09

 

 

100

 

 

(1,000

)

Parker Hannifin Corp., Strike Price $60, Expires 11/23/09

 

 

56

 

 

(560

)

Paychex, Inc., Strike Price $29, Expires 12/29/09

 

 

100

 

 

(7,806

)

PepsiCo, Inc., Strike Price $60, Expires 11/23/09

 

 

400

 

 

(58,000

)

Pfizer, Inc., Strike Price $18, Expires 12/21/09

 

 

2,250

 

 

(67,500

)

Philip Morris International, Inc., Strike Price $48,
Expires 12/21/09

 

 

390

 

 

(51,675

)

PPG Industries, Inc., Strike Price $60, Expires 11/23/09

 

 

130

 

 

(5,200

)

Praxair, Inc., Strike Price $85, Expires 12/21/09

 

 

62

 

 

(7,750

)

Procter & Gamble Co. (The), Strike Price $57.50,
Expires 11/23/09

 

 

155

 

 

(23,250

)

Progress Energy, Inc., Strike Price $40, Expires 11/23/09

 

 

330

 

 

(3,300

)

Realty Income Corp., Strike Price $30, Expires 11/23/09

 

 

115

 

 

(575

)

Sherwin-Williams Co. (The), Strike Price $65, Expires 11/23/09

 

 

40

 

 

(400

)

Stanley Works (The), Strike Price $47.50, Expires 11/23/09

 

 

140

 

 

(6,300

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

16

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 


 

Schedule of Investments (continued)

 

BlackRock Dividend AchieversTM Trust (BDV)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Sysco Corp., Strike Price $25, Expires 11/23/09

 

 

180

 

$

(30,600

)

Target Corp., Strike Price $50, Expires 1/18/10

 

 

75

 

 

(16,275

)

Target Corp., Strike Price $50, Expires 11/23/09

 

 

85

 

 

(8,712

)

Target Corp., Strike Price $52.50, Expires 11/23/09

 

 

85

 

 

(3,230

)

TCF Financial Corp., Strike Price $15, Expires 12/21/09

 

 

175

 

 

(1,750

)

TJX Cos., Inc., Strike Price $40, Expires 11/23/09

 

 

155

 

 

(4,650

)

U.S. Bancorp, Strike Price $24, Expires 12/21/09

 

 

680

 

 

(74,800

)

United Technologies Corp., Strike Price $65,
Expires 11/23/09

 

 

275

 

 

(9,625

)

Universal Corp., Strike Price $40, Expires 11/23/09

 

 

135

 

 

(36,788

)

Valley National Bancorp, Strike Price $12.50,
Expires 12/21/09

 

 

200

 

 

(21,000

)

Vectren Corp., Strike Price $22.50, Expires 11/23/09

 

 

70

 

 

(4,200

)

VF Corp., Strike Price $80, Expires 11/23/09

 

 

2

 

 

(35

)

Vornado Realty Trust, Strike Price $65, Expires 11/23/09

 

 

55

 

 

(4,812

)

W.W. Grainger, Inc., Strike Price $95, Expires 11/23/09

 

 

28

 

 

(5,600

)

Wal-Mart Stores, Inc., Strike Price $50, Expires 12/21/09

 

 

430

 

 

(54,180

)

Wal-Mart Stores, Inc., Strike Price $52.50, Expires 12/21/09

 

 

265

 

 

(11,395

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(1,333,107

)

               

Over-the-Counter Call Options Written—(0.1)%

 

 

 

 

 

 

 

Altria Group, Inc., Strike Price $18.50,
Expires 12/11/09, Broker Goldman Sachs & Co.

 

 

117,000

 

 

(27,603

)

Associated Banc-Corp, Strike Price $14,
Expires 1/04/10, Broker Morgan Stanley & Co., Inc.

 

 

6,500

 

 

(4,225

)

AT&T Inc., Strike Price $26.60, Expires 12/15/09,
Broker UBS Securities LLC

 

 

145,000

 

 

(52,931

)

Atmos Energy Corp., Strike Price $28.37,
Expires 1/08/10, Broker UBS Securities LLC

 

 

22,600

 

 

(10,622

)

Bank of Hawaii Corp., Strike Price $45.86,
Expires 1/04/10, Broker Credit Suisse First Boston

 

 

12,500

 

 

(23,042

)

Caterpillar, Inc., Strike Price $63.21, Expires 12/23/09,
Broker Morgan Stanley & Co., Inc.

 

 

23,500

 

 

(19,457

)

CenturyTel, Inc., Strike Price $32.75, Expires 1/04/10,
Broker Credit Suisse First Boston

 

 

44,500

 

 

(43,017

)

Chevron Corp., Strike Price $79.18, Expires 11/30/09,
Broker UBS Securities LLC

 

 

60,000

 

 

(68,829

)

Coca-Cola Co. (The), Strike Price $55.25,
Expires 12/18/09, Broker Goldman Sachs & Co.

 

 

79,000

 

 

(47,751

)

Consolidated Edison, Inc., Strike Price $41.36,
Expires 12/18/09, Broker Morgan Stanley & Co., Inc.

 

 

33,200

 

 

(22,893

)

Family Dollar Stores, Inc., Strike Price $29.63,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

6,400

 

 

(1,612

)

Fastnel Co., Strike Price $36.99, Expires 12/15/09,
Broker Credit Suisse First Boston

 

 

6,500

 

 

(4,371

)

FPL Group, Inc., Strike Price $55.96, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

11,500

 

 

(112

)

Johnson & Johnson, Strike Price $60.96,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

28,300

 

 

(13,369

)

Johnson & Johnson, Strike Price $62, Expires 1/04/10,
Broker Banc of America Securities

 

 

28,000

 

 

(17,582

)

Johnson Controls, Inc., Strike Price $27.57,
Expires 1/06/10, Broker Morgan Stanley & Co., Inc.

 

 

9,300

 

 

(4,746

)

Liberty Property Trust, Strike Price $33.24,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

11,500

 

 

(3,071

)

Mercury General Corp., Strike Price $37.74,
Expires 1/06/10, Broker Morgan Stanley & Co., Inc.

 

 

7,300

 

 

(5,185

)

Pitney Bowes, Inc., Strike Price $25.82, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

13,100

 

 

(3,221

)

Pitney Bowes, Inc., Strike Price $26, Expires 11/20/09,
Broker UBS Securities LLC

 

 

12,000

 

 

(3,003

)

Procter & Gamble Co. (The), Strike Price $58.04,
Expires 12/08/09, Broker Credit Suisse First Boston

 

 

36,500

 

 

(53,333

)

RPM International, Inc., Strike Price $18.54,
Expires 11/16/09, Broker UBS Securities LLC

 

 

42,700

 

 

(4,324

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

T. Rowe Price Group, Inc., Strike Price $48,
Expires 11/20/09, Broker Citigroup Global Markets

 

 

14,000

 

$

(30,276

)

TCF Financial Corp., Strike Price $12.87,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

17,200

 

 

(5,164

)

Vectren Corp., Strike Price $23.20, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

6,400

 

 

(779

)

VF Corp., Strike Price $78.54, Expires 12/04/09,
Broker Morgan Stanley & Co., Inc.

 

 

3,300

 

 

(977

)

Vulcan Materials Co., Strike Price $57.50,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

4,500

 

 

(126

)

Wells Fargo & Co., Strike Price $30.75, Expires 11/20/09,
Broker Deutsche Bank Securities

 

 

80,800

 

 

(18,352

)

Wells Fargo & Co., Strike Price $31.50,
Expires 12/23/09, Broker Credit Suisse First Boston

 

 

80,000

 

 

(49,070

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(539,043

)

               

Total Options Written
(Premiums Received—$2,834,966)—(0.4)%

 

 

 

 

 

(1,872,150

)

               

Total Investments Net of Outstanding Options Written—100.0%

 

 

 

 

 

498,369,800

 

Liabilities in Excess of Other Assets—(0.0)%

 

 

 

 

 

(195,508

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

498,174,292

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

524,219,374

 

 

 

     

Gross unrealized appreciation

 

$

39,504,858

 

Gross unrealized depreciation

 

 

(63,482,282

)

 

 

     

Net unrealized depreciation

 

$

(23,977,424

)

 

 

     

 

 

(a)

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


 

 

 

 

 

 

 

 

               

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds, TempFund, Institutional Class

 

$

7,282,466

 

$

59,805

 

           

 

 

 

(b)

Represents current yield as of report date.

 

 

 

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

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

17




 

 

 


 

Schedule of Investments (concluded)

 

BlackRock Dividend AchieversTM Trust (BDV)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

492,959,484

 

 

 

 

 

$

492,959,484

 

Short-Term Securities

 

 

7,282,466

 

 

 

 

 

 

7,282,466

 

                           

Total

 

$

500,241,950

 

 

 

 

 

$

500,241,950

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

$

(1,275,649

)

$

(596,501

)

 

 

$

(1,872,150

)

                           

Total

 

$

(1,275,649

)

$

(596,501

)

 

 

$

(1,872,150

)

 

 

                       

 

 

2

Other financial instruments are options which are shown at market value.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

18

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 


 

Schedule of Investments October 31, 2009

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—2.3%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

58,600

 

$

3,674,220

 

United Technologies Corp.

 

 

150,900

 

 

9,272,805

 

 

 

 

 

 

     

 

 

 

 

 

 

12,947,025

 

               

Air Freight & Logistics—0.3%

 

 

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

 

32,300

 

 

1,780,053

 

               

Auto Components—0.4%

 

 

 

 

 

 

 

Johnson Controls, Inc.

 

 

89,100

 

 

2,131,272

 

               

Automobiles—0.4%

 

 

 

 

 

 

 

Harley-Davidson, Inc.

 

 

96,025

 

 

2,392,943

 

               

Beverages—6.6%

 

 

 

 

 

 

 

Coca-Cola Co. (The)

 

 

447,600

 

 

23,861,556

 

PepsiCo, Inc.

 

 

231,500

 

 

14,017,325

 

 

 

 

 

 

     

 

 

 

 

 

 

37,878,881

 

               

Building Products—0.2%

 

 

 

 

 

 

 

Masco Corp.

 

 

82,600

 

 

970,550

 

               

Capital Markets—1.1%

 

 

 

 

 

 

 

Federated Investors, Inc.

 

 

42,675

 

 

1,120,219

 

Northern Trust Corp.

 

 

27,600

 

 

1,386,900

 

T. Rowe Price Group, Inc.

 

 

73,700

 

 

3,591,401

 

 

 

 

 

 

     

 

 

 

 

 

 

6,098,520

 

               

Chemicals—1.9%

 

 

 

 

 

 

 

PPG Industries, Inc.

 

 

70,350

 

 

3,969,850

 

Praxair, Inc.

 

 

35,700

 

 

2,836,008

 

RPM International, Inc.

 

 

230,300

 

 

4,057,886

 

 

 

 

 

 

     

 

 

 

 

 

 

10,863,744

 

               

Commercial Banks—8.1%

 

 

 

 

 

 

 

Associated Banc-Corp

 

 

76,000

 

 

973,560

 

Bank of Hawaii Corp.

 

 

68,300

 

 

3,032,520

 

BB&T Corp.

 

 

263,300

 

 

6,295,503

 

TCF Financial Corp.

 

 

207,900

 

 

2,459,457

 

U.S. Bancorp

 

 

369,000

 

 

8,568,180

 

Valley National Bancorp

 

 

98,300

 

 

1,305,424

 

Wells Fargo & Co.

 

 

855,440

 

 

23,541,709

 

 

 

 

 

 

     

 

 

 

 

 

 

46,176,353

 

               

Commercial Services & Supplies—0.7%

 

 

 

 

 

 

 

Pitney Bowes, Inc.

 

 

157,946

 

 

3,869,677

 

               

Computers & Peripherals—4.7%

 

 

 

 

 

 

 

International Business Machines Corp.

 

 

223,000

 

 

26,896,030

 

               

Construction Materials—0.2%

 

 

 

 

 

 

 

Vulcan Materials Co.

 

 

26,000

 

 

1,196,780

 

               

Diversified Consumer Services—0.2%

 

 

 

 

 

 

 

H&R Block, Inc.

 

 

71,200

 

 

1,305,808

 

               

Diversified Telecommunication—5.3%

 

 

 

 

 

 

 

AT&T Inc.

 

 

864,700

 

 

22,196,849

 

CenturyTel, Inc.

 

 

256,900

 

 

8,338,974

 

 

 

 

 

 

     

 

 

 

 

 

 

30,535,823

 

               

Electric Utilities—1.8%

 

 

 

 

 

 

 

FPL Group, Inc.

 

 

63,700

 

 

3,127,670

 

Progress Energy, Inc.

 

 

190,800

 

 

7,160,724

 

 

 

 

 

 

     

 

 

 

 

 

 

10,288,394

 

               

Electrical Equipment—1.7%

 

 

 

 

 

 

 

Emerson Electric Co.

 

 

259,300

 

 

9,788,575

 

               

Food & Staples Retailing—4.1%

 

 

 

 

 

 

 

Sysco Corp.

 

 

109,600

 

 

2,898,920

 

Wal-Mart Stores, Inc.

 

 

415,400

 

 

20,637,072

 

 

 

 

 

 

     

 

 

 

 

 

 

23,535,992

 

               

Food Products—0.7%

 

 

 

 

 

 

 

Archer-Daniels-Midland Co.

 

 

85,600

 

 

2,578,272

 

Hershey Co. (The)

 

 

35,900

 

 

1,356,661

 

 

 

 

 

 

     

 

 

 

 

 

 

3,934,933

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Gas Utilities—0.6%

 

 

 

 

 

 

 

Atmos Energy Corp. (a)

 

 

131,900

 

$

3,673,415

 

               

Health Care Equipment & Supplies—1.8%

 

 

 

 

 

 

 

Becton Dickinson & Co.

 

 

44,700

 

 

3,055,692

 

Medtronic, Inc.

 

 

207,300

 

 

7,400,610

 

 

 

 

 

 

     

 

 

 

 

 

 

10,456,302

 

               

Hotels Restaurants & Leisure—2.9%

 

 

 

 

 

 

 

McDonald’s Corp.

 

 

280,100

 

 

16,416,661

 

               

Household Durables—0.3%

 

 

 

 

 

 

 

Leggett & Platt, Inc.

 

 

103,100

 

 

1,992,923

 

               

Household Products—6.0%

 

 

 

 

 

 

 

Clorox Co.

 

 

47,700

 

 

2,825,271

 

Colgate-Palmolive Co.

 

 

77,200

 

 

6,070,236

 

Kimberly-Clark Corp.

 

 

126,900

 

 

7,761,204

 

Procter & Gamble Co. (The)

 

 

303,800

 

 

17,620,400

 

 

 

 

 

 

     

 

 

 

 

 

 

34,277,111

 

               

Industrial Conglomerates—6.0%

 

 

 

 

 

 

 

3M Co.

 

 

231,200

 

 

17,009,384

 

General Electric Co.

 

 

1,234,400

 

 

17,602,544

 

 

 

 

 

 

     

 

 

 

 

 

 

34,611,928

 

               

Insurance—1.9%

 

 

 

 

 

 

 

Aflac, Inc.

 

 

90,800

 

 

3,767,292

 

Allstate Corp. (The)

 

 

93,400

 

 

2,761,838

 

Chubb Corp.

 

 

56,700

 

 

2,751,084

 

Mercury General Corp.

 

 

40,200

 

 

1,465,692

 

 

 

 

 

 

     

 

 

 

 

 

 

10,745,906

 

               

IT Services—1.0%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

96,060

 

 

3,823,188

 

Paychex, Inc.

 

 

58,800

 

 

1,670,508

 

 

 

 

 

 

     

 

 

 

 

 

 

5,493,696

 

               

Machinery—2.3%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

121,000

 

 

6,662,260

 

Dover Corp.

 

 

43,200

 

 

1,627,776

 

Parker Hannifin Corp.

 

 

29,000

 

 

1,535,840

 

Stanley Works (The)

 

 

71,400

 

 

3,229,422

 

 

 

 

 

 

     

 

 

 

 

 

 

13,055,298

 

               

Media—0.2%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The)

 

 

46,700

 

 

1,344,026

 

               

Metals & Mining—0.4%

 

 

 

 

 

 

 

Nucor Corp.

 

 

63,700

 

 

2,538,445

 

               

Multi-Utilities—1.7%

 

 

 

 

 

 

 

Consolidated Edison, Inc.

 

 

195,000

 

 

7,932,600

 

Vectren Corp.

 

 

78,700

 

 

1,773,898

 

 

 

 

 

 

     

 

 

 

 

 

 

9,706,498

 

               

Multiline Retail—1.4%

 

 

 

 

 

 

 

Family Dollar Stores, Inc.

 

 

38,400

 

 

1,086,720

 

Target Corp.

 

 

139,700

 

 

6,765,671

 

 

 

 

 

 

     

 

 

 

 

 

 

7,852,391

 

               

Oil, Gas & Consumable Fuels—8.6%

 

 

 

 

 

 

 

Chevron Corp.

 

 

352,100

 

 

26,949,734

 

Exxon Mobil Corp.

 

 

310,100

 

 

22,224,867

 

 

 

 

 

 

     

 

 

 

 

 

 

49,174,601

 

               

Pharmaceuticals—13.4%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

370,700

 

 

18,746,299

 

Eli Lilly & Co.

 

 

449,400

 

 

15,284,094

 

Johnson & Johnson (a)

 

 

328,200

 

 

19,380,210

 

Pfizer, Inc.

 

 

1,370,000

 

 

23,331,100

 

 

 

 

 

 

     

 

 

 

 

 

 

76,741,703

 

               

Real Estate Investment Trusts (REITs)—1.1%

 

 

 

 

 

 

 

HCP, Inc.

 

 

65,000

 

 

1,923,350

 

Liberty Property Trust

 

 

44,800

 

 

1,315,776

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

19




 

 

 


 

Schedule of Investments (continued)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Real Estate Investment Trusts (REITs) (concluded)

 

 

 

 

 

 

 

Realty Income Corp. (b)

 

 

66,200

 

$

1,534,516

 

Vornado Realty Trust

 

 

28,920

 

 

1,722,475

 

 

 

 

 

 

     

 

 

 

 

 

 

6,496,117

 

               

Semiconductors & Semiconductor Equipment—0.5%

 

 

 

 

 

 

 

Linear Technology Corp.

 

 

102,600

 

 

2,655,288

 

               

Specialty Retail—2.2%

 

 

 

 

 

 

 

Home Depot, Inc.

 

 

99,900

 

 

2,506,491

 

Lowe’s Cos., Inc.

 

 

274,800

 

 

5,377,836

 

Sherwin-Williams Co. (The)

 

 

23,800

 

 

1,357,552

 

TJX Cos., Inc.

 

 

83,200

 

 

3,107,520

 

 

 

 

 

 

     

 

 

 

 

 

 

12,349,399

 

               

Textiles, Apparel & Luxury Goods—0.3%

 

 

 

 

 

 

 

VF Corp.

 

 

20,200

 

 

1,435,008

 

               

Tobacco—4.5%

 

 

 

 

 

 

 

Altria Group, Inc. (a)

 

 

676,100

 

 

12,244,171

 

Philip Morris International, Inc.

 

 

220,400

 

 

10,438,144

 

Universal Corp.

 

 

70,961

 

 

2,951,268

 

 

 

 

 

 

     

 

 

 

 

 

 

25,633,583

 

               

Trading Companies & Distributors—0.5%

 

 

 

 

 

 

 

Fastenal Co. (b)

 

 

38,500

 

 

1,328,250

 

W.W. Grainger, Inc.

 

 

16,200

 

 

1,518,426

 

 

 

 

 

 

 

2,846,676

 

               

Total Long-Term Investments
(Cost—$644,815,969)—98.3%

 

 

 

 

 

562,088,328

 

               

 

 

 

 

 

 

 

 









 

 

Shares/

 

 

 

 

 

 

Beneficial

 

 

 

 

Short-Term Securities

 

Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.18% (c)(d)

 

 

16,074,127

 

 

16,074,127

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.33% (c)(d)(e)

 

 

1,991,000

 

 

1,991,000

 

               

Total Short-Term Securities
(Cost—$18,065,127)—3.1%

 

 

 

 

 

18,065,127

 

               

Total Investments Before Outstanding Options Written
(Cost—$662,881,096*)—101.4%

 

 

 

 

 

580,153,455

 

               

 

 

 

 

 

 

 

 









Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.7)%

 

 

 

 

 

 

 

3M Co., Strike Price $75, Expires 11/23/09

 

 

360

 

 

(37,800

)

3M Co., Strike Price $75, Expires 12/21/09

 

 

912

 

 

(173,280

)

Abbott Laboratories, Strike Price $47.50,
Expires 11/23/09

 

 

2,030

 

 

(669,900

)

Aflac, Inc., Strike Price $44, Expires 11/23/09

 

 

500

 

 

(35,000

)

Allstate Corp. (The), Strike Price $33, Expires 12/21/09

 

 

510

 

 

(30,600

)

Archer-Daniels-Midland Co., Strike Price $31,
Expires 12/21/09

 

 

470

 

 

(51,700

)

Associated Banc-Corp, Strike Price $12.50,
Expires 11/23/09

 

 

215

 

 

(16,125

)

Automatic Data Processing, Inc., Strike Price $41,
Expires 11/23/09

 

 

525

 

 

(28,875

)

BB&T Corp., Strike Price $30, Expires 11/23/09

 

 

630

 

 

(3,150

)

BB&T Corp., Strike Price $30, Expires 12/21/09

 

 

160

 

 

(1,600

)

Becton Dickinson & Co., Strike Price $70, Expires 11/23/09

 

 

115

 

 

(11,212

)

Becton Dickinson & Co., Strike Price $75, Expires 11/23/09

 

 

130

 

 

(1,300

)

C.H. Robinson Worldwide, Inc., Strike Price $62.50,
Expires 12/18/09

 

 

180

 

 

(2,488

)

Chubb Corp., Strike Price $50, Expires 11/23/09

 

 

310

 

 

(26,350

)

Clorox Co., Strike Price $58.75, Expires 12/18/09

 

 

260

 

 

(49,734

)

Coca-Cola Co. (The), Strike Price $55, Expires 11/23/09

 

 

560

 

 

(19,600

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Colgate-Palmolive Co., Strike Price $80, Expires 12/21/09

 

 

424

 

$

(79,500

)

Dover Corp., Strike Price $40, Expires 12/21/09

 

 

240

 

 

(19,200

)

Eli Lilly & Co., Strike Price $35, Expires 11/23/09

 

 

2,465

 

 

(61,625

)

Emerson Electric Co., Strike Price $41, Expires 12/21/09

 

 

520

 

 

(23,400

)

Emerson Electric Co., Strike Price $41, Expires 11/23/09

 

 

905

 

 

(15,837

)

Exxon Mobil Corp., Strike Price $75, Expires 11/23/09

 

 

1,705

 

 

(64,790

)

Federated Investors, Inc., Strike Price $28, Expires 12/29/09

 

 

235

 

 

(11,291

)

General Dynamics Corp., Strike Price $65,
Expires 11/23/09

 

 

320

 

 

(24,800

)

General Electric Co., Strike Price $16, Expires 12/21/09

 

 

1,140

 

 

(27,930

)

General Electric Co., Strike Price $16, Expires 11/23/09

 

 

2,825

 

 

(21,188

)

General Electric Co., Strike Price $17, Expires 12/21/09

 

 

2,825

 

 

(33,900

)

H&R Block, Inc., Strike Price $18, Expires 11/23/09

 

 

240

 

 

(17,400

)

H&R Block, Inc., Strike Price $20, Expires 12/21/09

 

 

150

 

 

(4,500

)

Harley-Davidson, Inc., Strike Price $26, Expires 11/23/09

 

 

530

 

 

(39,750

)

HCP, Inc., Strike Price $30, Expires 11/23/09

 

 

220

 

 

(19,800

)

Hershey Co., Strike Price $40, Expires 11/23/09

 

 

200

 

 

(5,000

)

Home Depot, Inc., Strike Price $28, Expires 12/21/09

 

 

200

 

 

(4,800

)

International Business Machines Corp., Strike Price $125,
Expires 12/21/09

 

 

1,225

 

 

(290,938

)

Johnson Controls, Inc., Strike Price $25, Expires 1/18/10

 

 

245

 

 

(33,075

)

Kimberly-Clark Corp., Strike Price $59, Expires 11/24/09

 

 

350

 

 

(87,461

)

Kimberly-Clark Corp., Strike Price $60, Expires 11/23/09

 

 

350

 

 

(67,375

)

Leggett & Platt, Inc., Strike Price $20, Expires 11/23/09

 

 

570

 

 

(25,650

)

Linear Technology Corp., Strike Price $29, Expires 11/23/09

 

 

565

 

 

(4,237

)

Lowe’s Cos., Inc., Strike Price $21, Expires 12/21/09

 

 

1,510

 

 

(79,275

)

Masco Corp., Strike Price $15, Expires 11/23/09

 

 

215

 

 

(2,150

)

McDonald’s Corp., Strike Price $57.50, Expires 11/23/09

 

 

750

 

 

(135,000

)

McDonald’s Corp., Strike Price $60, Expires 12/21/09

 

 

790

 

 

(75,050

)

McGraw-Hill Cos., Inc., Strike Price $30, Expires 11/23/09

 

 

130

 

 

(10,725

)

McGraw-Hill Cos., Inc., Strike Price $30, Expires 12/21/09

 

 

130

 

 

(17,875

)

Medtronic, Inc., Strike Price $38, Expires 12/21/09

 

 

1,140

 

 

(76,950

)

Northern Trust Corp., Strike Price $60, Expires 11/23/09

 

 

150

 

 

(1,500

)

Nucor Corp., Strike Price $48, Expires 11/23/09

 

 

350

 

 

(3,500

)

Parker Hannifin Corp., Strike Price $60, Expires 11/23/09

 

 

159

 

 

(1,590

)

Paychex, Inc., Strike Price $29, Expires 12/29/09

 

 

320

 

 

(24,980

)

PepsiCo, Inc., Strike Price $60, Expires 11/23/09

 

 

1,275

 

 

(184,875

)

Pfizer, Inc., Strike Price $17, Expires 11/23/09

 

 

2,675

 

 

(108,338

)

Pfizer, Inc., Strike Price $18, Expires 12/21/09

 

 

4,860

 

 

(145,800

)

Philip Morris International, Inc., Strike Price $48,
Expires 12/21/09

 

 

560

 

 

(74,200

)

Philip Morris International, Inc., Strike Price $50,
Expires 12/21/09

 

 

650

 

 

(39,000

)

PPG Industries, Inc., Strike Price $60, Expires 11/23/09

 

 

390

 

 

(15,600

)

Praxair, Inc., Strike Price $85, Expires 12/21/09

 

 

200

 

 

(25,000

)

Procter & Gamble Co. (The), Strike Price $57.50,
Expires 11/23/09

 

 

1,015

 

 

(152,250

)

Progress Energy, Inc., Strike Price $40, Expires 11/23/09

 

 

100

 

 

(1,000

)

Progress Energy, Inc., Strike Price $40, Expires 12/19/09

 

 

950

 

 

(21,375

)

Realty Income Corp., Strike Price $30, Expires 11/23/09

 

 

365

 

 

(1,825

)

Sherwin-Williams Co. (The), Strike Price $65, Expires 11/23/09

 

 

130

 

 

(1,300

)

Stanley Works (The), Strike Price $47.50, Expires 11/23/09

 

 

390

 

 

(17,550

)

Sysco Corp., Strike Price $25, Expires 11/23/09

 

 

600

 

 

(102,000

)

T. Rowe Price Group, Inc., Strike Price $45,
Expires 11/23/09

 

 

210

 

 

(93,450

)

Target Corp., Strike Price $50, Expires 11/23/09

 

 

385

 

 

(39,463

)

Target Corp., Strike Price $52.50, Expires 11/23/09

 

 

385

 

 

(14,630

)

TCF Financial Corp., Strike Price $15, Expires 12/21/09

 

 

575

 

 

(5,750

)

TJX Cos., Inc., Strike Price $40, Expires 11/23/09

 

 

455

 

 

(13,650

)

U.S. Bancorp, Strike Price $22, Expires 11/23/09

 

 

1,100

 

 

(198,000

)

U.S. Bancorp, Strike Price $24, Expires 12/21/09

 

 

930

 

 

(102,300

)

United Technologies Corp., Strike Price $65,
Expires 11/23/09

 

 

830

 

 

(29,050

)

Universal Corp., Strike Price $40, Expires 11/23/09

 

 

390

 

 

(106,275

)

Vectren Corp., Strike Price $22.50, Expires 11/23/09

 

 

210

 

 

(12,600

)

VF Corp., Strike Price $80, Expires 11/23/09

 

 

33

 

 

(577

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

20

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

Schedule of Investments (continued)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Vornado Realty Trust, Strike Price $65, Expires 11/23/09

 

 

160

 

$

(14,000

)

W.W. Grainger, Inc., Strike Price $95, Expires 11/23/09

 

 

89

 

 

(17,800

)

Wal-Mart Stores, Inc., Strike Price $50, Expires 12/21/09

 

 

1,400

 

 

(176,400

)

Wal-Mart Stores, Inc., Strike Price $52.50, Expires 12/21/09

 

 

885

 

 

(38,055

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(4,322,869

)

               

Over-the-Counter Call Options Written—(0.3)%

 

 

 

 

 

 

 

Altria Group, Inc., Strike Price $18.50,
Expires 12/11/09, Broker Goldman Sachs & Co.

 

 

372,000

 

 

(87,762

)

Associated Banc-Corp, Strike Price $14, Expires 1/04/10,
Broker Morgan Stanley & Co., Inc.

 

 

20,000

 

 

(13,000

)

AT&T Inc., Strike Price $26.60, Expires 12/15/09,
Broker UBS Securities LLC

 

 

475,000

 

 

(173,394

)

Atmos Energy Corp., Strike Price $28.37,
Expires 1/08/10, Broker UBS Securities LLC

 

 

72,500

 

 

(34,075

)

Bank of Hawaii Corp., Strike Price $45.86,
Expires 1/04/10, Broker Credit Suisse First Boston

 

 

37,500

 

 

(69,127

)

BB&T Corp., Strike Price $27.90, Expires 12/07/09,
Broker Citigroup Global Markets

 

 

69,000

 

 

(9,907

)

Caterpillar, Inc., Strike Price $63.21, Expires 12/23/09,
Broker Morgan Stanley & Co., Inc.

 

 

66,500

 

 

(55,058

)

CenturyTel, Inc., Strike Price $32.75, Expires 1/04/10,
Broker Credit Suisse First Boston

 

 

141,200

 

 

(136,495

)

Chevron Corp., Strike Price $79.18, Expires 11/30/09,
Broker UBS Securities LLC

 

 

140,000

 

 

(160,601

)

Chevron Corp., Strike Price $79.45, Expires 12/23/09,
Broker UBS Securities LLC

 

 

53,500

 

 

(89,395

)

Coca-Cola Co. (The), Strike Price $55.25,
Expires 12/18/09, Broker Goldman Sachs & Co.

 

 

190,000

 

 

(114,845

)

Consolidated Edison, Inc., Strike Price $42.23,
Expires 1/06/10, Broker UBS Securities LLC

 

 

60,000

 

 

(27,231

)

Consolidated Edison, Inc., Strike Price $41.36,
Expires 12/18/09, Broker Morgan Stanley & Co., Inc.

 

 

47,600

 

 

(32,823

)

Family Dollar Stores, Inc., Strike Price $29.63,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

21,000

 

 

(5,289

)

Fastnel Co., Strike Price $36.99, Expires 12/15/09,
Broker Credit Suisse First Boston

 

 

21,100

 

 

(14,188

)

FPL Group, Inc., Strike Price $55.96, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

18,000

 

 

(175

)

HCP, Inc., Strike Price $31.22, Expires 12/16/09,
Broker Citigroup Global Markets

 

 

14,000

 

 

(13,769

)

Johnson & Johnson, Strike Price $60.96,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

64,700

 

 

(30,564

)

Johnson & Johnson, Strike Price $62, Expires 1/04/10,
Broker Banc of America Securities

 

 

65,000

 

 

(40,815

)

Johnson & Johnson, Strike Price $61.25,
Expires 12/15/09, Broker Credit Suisse First Boston

 

 

51,000

 

 

(20,717

)

Johnson Controls, Inc., Strike Price $27.57,
Expires 1/06/10, Broker Morgan Stanley & Co., Inc.

 

 

24,500

 

 

(12,503

)

Liberty Property Trust, Strike Price $33.24,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

24,500

 

 

(6,544

)

Masco Corp., Strike Price $13.50, Expires 12/04/09,
Broker UBS Securities LLC

 

 

24,000

 

 

(4,699

)

Mercury General Corp., Strike Price $36.88,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

22,000

 

 

(8,920

)

Pitney Bowes, Inc., Strike Price $25.82, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

43,800

 

 

(10,769

)

Pitney Bowes, Inc., Strike Price $26, Expires 11/20/09,
Broker UBS Securities LLC

 

 

43,000

 

 

(10,759

)

Procter & Gamble Co. (The), Strike Price $58.04,
Expires 12/08/09, Broker Credit Suisse First Boston

 

 

65,500

 

 

(95,708

)

RPM International, Inc., Strike Price $18.54,
Expires 11/16/09, Broker UBS Securities LLC

 

 

21,100

 

 

(2,137

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

RPM International, Inc., Strike Price $19.07,
Expires 12/07/09, Broker Credit Suisse First Boston

 

 

58,000

 

$

(9,217

)

RPM International, Inc., Strike Price $19.59,
Expires 1/08/10, Broker Credit Suisse First Boston

 

 

47,500

 

 

(10,218

)

T. Rowe Price Group, Inc., Strike Price $48,
Expires 11/20/09, Broker Citigroup Global Markets

 

 

20,000

 

 

(43,251

)

TCF Financial Corp., Strike Price $12.87, Expires 12/15/09,
Broker Morgan Stanley & Co., Inc.

 

 

56,800

 

 

(17,054

)

Valley National Bancorp, Strike Price $13.96,
Expires 1/08/10, Broker Credit Suisse First Boston

 

 

54,000

 

 

(20,236

)

Vectren Corp., Strike Price $23.20, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

22,200

 

 

(2,701

)

VF Corp., Strike Price $78.54, Expires 12/04/09,
Broker Morgan Stanley & Co., Inc.

 

 

7,500

 

 

(2,220

)

Vulcan Materials Co., Strike Price $57.50,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

14,500

 

 

(405

)

Wells Fargo & Co., Strike Price $30.75, Expires 11/20/09,
Broker Deutsche Bank Securities

 

 

373,000

 

 

(84,719

)

Wells Fargo & Co., Strike Price $31.50,
Expires 12/23/09, Broker Credit Suisse First Boston

 

 

97,500

 

 

(59,804

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,531,094

)

               

Total Options Written
(Premiums Received—$8,463,610)—(1.0)%

 

 

 

 

 

(5,853,963

)

               

Total Investments Net of Outstanding Options Written—100.4%

 

 

 

 

 

574,299,492

 

Liabilities in Excess of Other Assets—(0.4)%

 

 

 

 

 

(2,233,963

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

572,065,529

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

681,817,530

 

 

 

     

Gross unrealized appreciation

 

$

8,931,057

 

Gross unrealized depreciation

 

 

(110,595,132

)

 

 

     

Net unrealized depreciation

 

$

(101,664,075

)

 

 

     

 

 

(a)

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

(b)

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

(c)

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


 

 

 

 

 

 

 

 

           

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds,
TempFund, Institutional Class

 

$

16,074,127

 

$

129,329

 

BlackRock Liquidity Series, LLC
Money Market Series

 

$

(19,583,000

)

$

39,144

 

           

 

 

(d)

Represents current yield as of report date.

(e)

Security purchased with the cash collateral from securities loans.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

21




 

 

 

 

Schedule of Investments (concluded)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

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

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

562,088,328

 

 

 

 

 

$

562,088,328

 

Short-Term Securities

 

 

16,074,127

 

$

1,991,000

 

 

 

 

18,065,127

 

                           

Total

 

$

578,162,455

 

$

1,991,000

 

 

 

$

580,153,455

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

$

(4,146,915

)

$

(1,707,048

)

 

 

$

(5,853,963

)

                           

Total

 

$

(4,146,915

)

$

(1,707,048

)

 

 

$

(5,853,963

)

 

 

                       

 

 

2

Other financial instruments are options which are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

22

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

Schedule of Investments October 31, 2009

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Building Products—2.0%

 

 

 

 

 

 

 

Masco Corp.

 

 

436,400

 

$

5,127,700

 

               

Capital Markets—3.4%

 

 

 

 

 

 

 

Eaton Vance Corp.

 

 

178,224

 

 

5,059,779

 

Federated Investors, Inc.

 

 

106,946

 

 

2,807,333

 

W.P. Carey & Co. LLC

 

 

38,148

 

 

1,056,700

 

 

 

 

 

 

     

 

 

 

 

 

 

8,923,812

 

               

Chemicals—1.7%

 

 

 

 

 

 

 

RPM International, Inc.

 

 

163,200

 

 

2,875,584

 

Stepan Co.

 

 

27,350

 

 

1,565,514

 

 

 

 

 

 

     

 

 

 

 

 

 

4,441,098

 

               

Commercial Banks—12.9%

 

 

 

 

 

 

 

BancFirst Corp.

 

 

29,499

 

 

1,065,209

 

BancorpSouth, Inc.

 

 

123,554

 

 

2,789,849

 

Bank of Hawaii Corp.

 

 

62,300

 

 

2,766,120

 

Bank of the Ozarks, Inc.

 

 

49,259

 

 

1,120,642

 

Chemical Financial Corp.

 

 

57,945

 

 

1,271,893

 

Community Bank System, Inc.

 

 

74,600

 

 

1,388,306

 

Community Trust Bancorp, Inc.

 

 

43,115

 

 

1,061,491

 

Cullen/Frost Bankers, Inc.

 

 

97,938

 

 

4,582,519

 

Iberiabank Corp.

 

 

25,485

 

 

1,103,755

 

M&T Bank Corp.

 

 

87,455

 

 

5,496,547

 

Park National Corp.

 

 

36,834

 

 

2,139,319

 

S&T Bancorp, Inc.

 

 

59,800

 

 

941,850

 

Sterling Bancshares, Inc.

 

 

176,778

 

 

984,653

 

Trustmark Corp.

 

 

112,308

 

 

2,128,237

 

United Bankshares, Inc.

 

 

90,625

 

 

1,617,656

 

Valley National Bancorp

 

 

166,081

 

 

2,205,556

 

WesBanco, Inc.

 

 

68,400

 

 

967,860

 

 

 

 

 

 

     

 

 

 

 

 

 

33,631,462

 

               

Commercial Services & Supplies—7.0%

 

 

 

 

 

 

 

ABM Industries, Inc.

 

 

139,330

 

 

2,616,617

 

Avery Dennison Corp.

 

 

167,941

 

 

5,987,097

 

HNI Corp.

 

 

47,825

 

 

1,258,754

 

McGrath RentCorp

 

 

59,661

 

 

1,178,305

 

Mine Safety Appliances Co.

 

 

74,600

 

 

1,901,554

 

Pitney Bowes, Inc.

 

 

218,775

 

 

5,359,987

 

 

 

 

 

 

     

 

 

 

 

 

 

18,302,314

 

               

Computers & Peripherals—1.0%

 

 

 

 

 

 

 

Diebold, Inc.

 

 

90,130

 

 

2,725,531

 

               

Construction Materials—1.7%

 

 

 

 

 

 

 

Vulcan Materials Co.

 

 

93,800

 

 

4,317,614

 

               

Containers & Packaging—2.4%

 

 

 

 

 

 

 

Bemis Co., Inc.

 

 

97,162

 

 

2,509,694

 

Myers Industries, Inc.

 

 

122,248

 

 

1,072,115

 

Sonoca Products Co.

 

 

105,100

 

 

2,811,425

 

 

 

 

 

 

     

 

 

 

 

 

 

6,393,234

 

               

Distributors—2.0%

 

 

 

 

 

 

 

Genuine Parts Co.

 

 

146,254

 

 

5,117,428

 

               

Diversified Consumer Services—2.3%

 

 

 

 

 

 

 

H&R Block, Inc.

 

 

324,621

 

 

5,953,549

 

               

Diversified Telecommunication—1.0%

 

 

 

 

 

 

 

CenturyTel, Inc.

 

 

83,400

 

 

2,707,164

 

               

Electric Utilities—0.6%

 

 

 

 

 

 

 

MGE Energy, Inc.

 

 

41,071

 

 

1,438,306

 

               

Electrical Equipment—1.8%

 

 

 

 

 

 

 

AO Smith Corp.

 

 

38,814

 

 

1,538,199

 

Brady Corp.

 

 

113,991

 

 

3,086,876

 

 

 

 

 

 

     

 

 

 

 

 

 

4,625,075

 

               

Energy Equipment & Services—1.1%

 

 

 

 

 

 

 

Helmerich & Payne, Inc.

 

 

73,240

 

 

2,784,585

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Food & Staples Retailing—2.0%

 

 

 

 

 

 

 

SUPERVALU, Inc.

 

 

327,400

 

$

5,195,838

 

               

Food Products—5.3%

 

 

 

 

 

 

 

Hormel Foods Corp.

 

 

145,444

 

 

5,302,888

 

J.M. Smucker Co. (The)

 

 

119,505

 

 

6,301,499

 

Lancaster Colony Corp.

 

 

48,600

 

 

2,360,988

 

 

 

 

 

 

     

 

 

 

 

 

 

13,965,375

 

               

Gas Utilities—7.2%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

95,862

 

 

2,669,757

 

National Fuel Gas Co.

 

 

73,600

 

 

3,337,024

 

New Jersey Resources Corp.

 

 

76,559

 

 

2,694,877

 

Northwest Natural Gas Co.

 

 

59,121

 

 

2,471,849

 

Piedmont Natural Gas Co.

 

 

103,112

 

 

2,400,447

 

UGI Corp.

 

 

107,422

 

 

2,565,237

 

WGL Holdings, Inc.

 

 

81,485

 

 

2,693,894

 

 

 

 

 

 

     

 

 

 

 

 

 

18,833,085

 

               

Health Care Equipment & Supplies—2.7%

 

 

 

 

 

 

 

Beckman Coulter, Inc.

 

 

44,191

 

 

2,842,807

 

Meridian Bioscience, Inc.

 

 

67,081

 

 

1,488,527

 

Teleflex, Inc.

 

 

55,304

 

 

2,751,374

 

 

 

 

 

 

     

 

 

 

 

 

 

7,082,708

 

               

Household Durables—2.1%

 

 

 

 

 

 

 

Fortune Brands, Inc.

 

 

58,989

 

 

2,297,622

 

Leggett & Platt, Inc.

 

 

160,033

 

 

3,093,438

 

 

 

 

 

 

     

 

 

 

 

 

 

5,391,060

 

               

Industrial Conglomerates—1.0%

 

 

 

 

 

 

 

Otter Tail Corp.

 

 

59,461

 

 

1,383,063

 

Raven Industries, Inc.

 

 

49,981

 

 

1,234,531

 

 

 

 

 

 

     

 

 

 

 

 

 

2,617,594

 

               

Insurance—6.4%

 

 

 

 

 

 

 

Arthur J. Gallagher & Co.

 

 

111,700

 

 

2,492,027

 

Cincinnati Financial Corp.

 

 

190,442

 

 

4,829,609

 

Erie Indemnity Co., Class A

 

 

72,876

 

 

2,568,879

 

Harleysville Group, Inc.

 

 

49,400

 

 

1,547,702

 

Mercury General Corp.

 

 

72,700

 

 

2,650,642

 

Old Republic International Corp.

 

 

244,920

 

 

2,615,746

 

 

 

 

 

 

     

 

 

 

 

 

 

16,704,605

 

               

Leisure Equipment & Products—1.1%

 

 

 

 

 

 

 

Polaris Industries, Inc.

 

 

71,200

 

 

2,995,384

 

               

Machinery—5.8%

 

 

 

 

 

 

 

Dover Corp.

 

 

147,675

 

 

5,564,394

 

NACCO Industries, Inc.

 

 

32,226

 

 

1,920,670

 

Stanley Works (The)

 

 

124,348

 

 

5,624,260

 

Tennant Co.

 

 

71,902

 

 

1,916,907

 

 

 

 

 

 

     

 

 

 

 

 

 

15,026,231

 

               

Media—1.4%

 

 

 

 

 

 

 

Gannet Co., Inc.

 

 

103,300

 

 

1,014,406

 

Harte-Hanks, Inc.

 

 

127,312

 

 

1,494,643

 

Meredith Corp.

 

 

45,093

 

 

1,220,217

 

 

 

 

 

 

     

 

 

 

 

 

 

3,729,266

 

               

Multi-Utilities—3.8%

 

 

 

 

 

 

 

Black Hills Corp.

 

 

60,400

 

 

1,471,948

 

Integrys Energy Group, Inc.

 

 

83,100

 

 

2,875,260

 

MDU Resources Group, Inc.

 

 

142,500

 

 

2,956,875

 

Vectren Corp.

 

 

113,850

 

 

2,566,179

 

 

 

 

 

 

     

 

 

 

 

 

 

9,870,262

 

               

Multiline Retail—2.4%

 

 

 

 

 

 

 

Nordstrom, Inc.

 

 

198,126

 

 

6,296,444

 

               

Real Estate Investment Trusts (REITs)—9.6%

 

 

 

 

 

 

 

EastGroup Properties, Inc.

 

 

42,000

 

 

1,546,020

 

Getty Realty Corp.

 

 

94,190

 

 

2,308,597

 

HCP, Inc.

 

 

76,263

 

 

2,256,622

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

23




 

 


 

 

Schedule of Investments (continued)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Real Estate Investment Trusts (REITs) (concluded)

 

 

 

 

 

 

 

Home Properties, Inc.

 

 

48,734

 

$

1,909,398

 

Liberty Property Trust

 

 

68,400

 

 

2,008,908

 

National Retail Properties, Inc.

 

 

96,841

 

 

1,876,779

 

Realty Income Corp.

 

 

75,818

 

 

1,757,461

 

Regency Centers Corp.

 

 

44,582

 

 

1,495,726

 

Sovran Self Storage, Inc.

 

 

77,680

 

 

2,338,168

 

UDR, Inc.

 

 

157,800

 

 

2,269,164

 

Universal Health Realty Income Trust

 

 

54,725

 

 

1,737,519

 

Washington Real Estate Investment Trust

 

 

67,100

 

 

1,791,570

 

Weingarten Realty Investors

 

 

100,432

 

 

1,857,992

 

 

 

 

 

 

     

 

 

 

 

 

 

25,153,924

 

               

Semiconductors & Semiconductor Equipment—2.1%

 

 

 

 

 

 

 

Linear Technology Corp. (a)

 

 

216,900

 

 

5,613,372

 

               

Thrifts & Mortgage Finance—0.9%

 

 

 

 

 

 

 

First Niagara Financial Group, Inc.

 

 

190,915

 

 

2,451,349

 

               

Tobacco—1.7%

 

 

 

 

 

 

 

Universal Corp.

 

 

38,208

 

 

1,589,071

 

Vector Group Ltd.

 

 

193,503

 

 

2,807,728

 

 

 

 

 

 

     

 

 

 

 

 

 

4,396,799

 

               

Trading Companies & Distributors—1.8%

 

 

 

 

 

 

 

Fastenal Co.

 

 

138,992

 

 

4,795,224

 

               

Water Utilities—0.9%

 

 

 

 

 

 

 

American States Water Co.

 

 

34,125

 

 

1,131,244

 

California Water Service Group

 

 

33,859

 

 

1,238,223

 

 

 

 

 

 

     

 

 

 

 

 

 

2,369,467

 

               

Total Long-Term Investments
(Cost—$286,310,059)—99.1%

 

 

 

 

 

258,976,859

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.18% (b)(c)

 

 

3,951,206

 

 

3,951,206

 

               

Total Short-Term Securities
(Cost—$3,951,206)—1.5%

 

 

 

 

 

3,951,206

 

               

Total Investments Before Outstanding Options Written
(Cost—$290,261,265*)—100.6%

 

 

 

 

 

262,928,065

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.2)%

 

 

 

 

 

 

 

AO Smith Corp., Strike Price $45, Expires 12/21/09

 

 

78

 

 

(2,340

)

Arthur J. Gallagher & Co., Strike Price $25, Expires 11/23/09

 

 

225

 

 

(3,375

)

Bank of Hawaii Corp., Strike Price $45, Expires 12/21/09

 

 

125

 

 

(19,375

)

Bemis Co., Inc., Strike Price $27, Expires 12/18/09

 

 

194

 

 

(9,663

)

Black Hills Corp., Strike Price $25, Expires 11/23/09

 

 

20

 

 

(700

)

Brady Corp., Class A, Strike Price $30, Expires 11/23/09

 

 

230

 

 

(7,475

)

Chemical Financial Corp., Strike Price $22.50,
Expires 11/23/09

 

 

101

 

 

(5,555

)

Cincinnati Financial Corp., Strike Price $25,
Expires 11/23/09

 

 

80

 

 

(7,400

)

Diebold, Inc., Strike Price $32.50, Expires 12/29/09

 

 

180

 

 

(10,442

)

Dover Corp., Strike Price $40, Expires 11/23/09

 

 

295

 

 

(10,325

)

Fastnel Co., Strike Price $40, Expires 11/23/09

 

 

280

 

 

(2,100

)

Fortune Brands, Inc., Strike Price $45, Expires 12/21/09

 

 

118

 

 

(4,130

)

Gannet Co., Inc., Strike Price $15, Expires 12/21/09

 

 

200

 

 

(3,000

)

H&R Block, Inc., Strike Price $18, Expires 11/23/09

 

 

650

 

 

(47,125

)

Harte-Hanks, Inc., Strike Price $15, Expires 11/23/09

 

 

250

 

 

(5,000

)

HCP, Inc., Strike Price $30, Expires 12/21/09

 

 

52

 

 

(8,060

)

HCP, Inc., Strike Price $30, Expires 11/23/09

 

 

100

 

 

(9,000

)

Helmerich & Payne, Inc., Strike Price $40, Expires 11/23/09

 

 

145

 

 

(17,400

)

HNI Corp., Strike Price $30, Expires 1/18/10

 

 

20

 

 

(1,750

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Home Properties, Inc., Strike Price $45, Expires 11/23/09

 

 

97

 

$

(1,940

)

Leggett & Platt, Inc., Strike Price $20, Expires 11/23/09

 

 

320

 

 

(14,400

)

Linear Technology Corp., Strike Price $29, Expires 11/23/09

 

 

430

 

 

(3,225

)

M&T Bank Corp., Strike Price $70, Expires 11/23/09

 

 

175

 

 

(6,125

)

Masco Corp., Strike Price $15, Expires 11/23/09

 

 

870

 

 

(8,700

)

MDU Resources Group, Inc., Strike Price $20.75,
Expires 11/20/09

 

 

285

 

 

(7,537

)

Meridian Bioscience, Inc., Strike Price $25, Expires 12/21/09

 

 

134

 

 

(3,685

)

National Fuel Gas Co., Strike Price $50, Expires 12/21/09

 

 

27

 

 

(1,417

)

National Retail Properties, Inc., Strike Price $22.50,
Expires 11/23/09

 

 

190

 

 

(2,850

)

Nordstrom, Inc., Strike Price $37, Expires 12/21/09

 

 

400

 

 

(28,000

)

Northwest Natural Gas Co., Strike Price $45,
Expires 12/21/09

 

 

120

 

 

(9,000

)

Old Republic International Group, Strike Price $12.50,
Expires 11/23/09

 

 

489

 

 

(4,890

)

Otter Tail Corp., Strike Price $25, Expires 12/21/09

 

 

50

 

 

(1,375

)

Piedmont Natural Gas Co., Inc., Strike Price $25,
Expires 11/23/09

 

 

106

 

 

(3,180

)

Polaris Industries, Inc., Strike Price $50, Expires 11/23/09

 

 

140

 

 

(1,400

)

Realty Income Corp., Strike Price $30, Expires 11/23/09

 

 

150

 

 

(750

)

Regency Centers Corp., Strike Price $45, Expires 11/23/09

 

 

90

 

 

(2,250

)

S&T Bancorp, Inc., Strike Price $15, Expires 12/21/09

 

 

120

 

 

(18,300

)

Stanley Works (The), Strike Price $47.50, Expires 11/23/09

 

 

250

 

 

(11,250

)

Sterling Bancshares, Inc., Strike Price $7.50, Expires 12/21/09

 

 

350

 

 

(3,500

)

Teleflex, Inc., Strike Price $50, Expires 11/23/09

 

 

110

 

 

(9,900

)

Trustmark Corp., Strike Price $20, Expires 11/23/09

 

 

75

 

 

(1,875

)

UGI Corp., Strike Price $25, Expires 12/21/09

 

 

214

 

 

(8,025

)

United Bankshares, Inc., Strike Price $17.50,
Expires 12/21/09

 

 

180

 

 

(23,850

)

Universal Corp., Strike Price $40, Expires 11/23/09

 

 

75

 

 

(20,438

)

Valley National Bancorp, Strike Price $12.50,
Expires 12/21/09

 

 

330

 

 

(34,650

)

Vectren Corp., Strike Price $22.50, Expires 11/23/09

 

 

115

 

 

(6,900

)

Weingarten Realty Investors, Strike Price $20,
Expires 11/23/09

 

 

32

 

 

(960

)

Weingarten Realty Investors, Strike Price $20,
Expires 12/21/09

 

 

148

 

 

(8,140

)

Weingarten Realty Investors, Strike Price $22.50,
Expires 11/23/09

 

 

20

 

 

(300

)

WGL Holdings, Inc., Strike Price $35, Expires 12/21/09

 

 

160

 

 

(5,600

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(428,627

)

               

Over-the-Counter Call Options Written—(0.2)%

 

 

 

 

 

 

 

ABM Industries, Inc., Strike Price $20.81,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

13,600

 

 

(2,508

)

ABM Industries, Inc., Strike Price $21.43,
Expires 11/10/09, Broker JPMorgan Chase Securities

 

 

14,300

 

 

(7

)

American States Water Co., Strike Price $34.72,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

6,800

 

 

(5,002

)

Atmos Energy Corp., Strike Price $28.37, Expires 1/08/10,
Broker UBS Securities LLC

 

 

19,200

 

 

(9,024

)

Avery Dennison Corp., Strike Price $36.99,
Expires 11/10/09, Broker JPMorgan Chase Securities

 

 

33,500

 

 

(9,836

)

BancFirst Corp., Strike Price $37.67, Expires 12/07/09,
Broker Citigroup Global Markets

 

 

5,900

 

 

(4,310

)

BancorpSouth, Inc., Strike Price $25.50,
Expires 12/02/09, Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

 

(1,138

)

Bank of the Ozarks, Inc., Strike Price $23.15,
Expires 12/15/09, Broker Credit Suisse First Boston

 

 

9,800

 

 

(8,023

)

Beckman Coulter, Inc., Strike Price $72.10,
Expires 11/20/09, Broker Deutsche Bank Securities

 

 

8,500

 

 

(296

)

Black Hills Corp., Strike Price $26.17, Expires 12/21/09,
Broker Credit Suisse First Boston

 

 

10,000

 

 

(1,368

)

California Water Service Group, Strike Price $39.60,
Expires 1/06/10, Broker UBS Securities LLC

 

 

6,800

 

 

(2,764

)

CenturyTel, Inc., Strike Price $32.75, Expires 1/04/10,
Broker Credit Suisse First Boston

 

 

16,500

 

 

(15,950

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

24

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



 

 

Schedule of Investments (continued)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Cincinnati Financial Corp., Strike Price $26,
Expires 12/04/09, Broker Citigroup Global Markets

 

 

30,000

 

$

(11,715

)

Community Bank System, Inc., Strike Price $18,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

15,000

 

 

(13,230

)

Community Trust Bancorp, Inc., Strike Price $25.66,
Expires 1/05/10, Broker Morgan Stanley & Co., Inc.

 

 

8,600

 

 

(4,308

)

Cullen/Frost Bankers, Inc., Strike Price $52.50,
Expires 11/18/09, Broker Credit Suisse First Boston

 

 

20,000

 

 

(78

)

EastGroup Properties, Inc., Strike Price $37.94,
Expires 1/05/10, Broker Morgan Stanley & Co., Inc.

 

 

8,400

 

 

(12,026

)

Eaton Vance Corp., Strike Price $31.68, Expires 12/16/09,
Broker Goldman Sachs & Co.

 

 

35,000

 

 

(15,510

)

Erie Indemnity Co., Class A, Strike Price $36.36,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

14,500

 

 

(4,128

)

Federated Investors, Inc., Strike Price $27.67,
Expires 1/04/10, Broker Credit Suisse First Boston

 

 

21,000

 

 

(21,766

)

First Niagara Financial Group, Inc., Strike Price $13.75,
Expires 1/04/10, Broker Credit Suisse First Boston

 

 

38,000

 

 

(13,074

)

Genuine Parts Co., Strike Price $37.63, Expires 12/23/09,
Broker Citigroup Global Markets

 

 

29,000

 

 

(9,317

)

Getty Realty Corp., Strike Price $26.52, Expires 11/20/09,
Broker Goldman Sachs & Co.

 

 

18,800

 

 

(1,135

)

Harleysville Group, Inc., Strike Price $32.20,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

10,000

 

 

(7,250

)

HNI Corp., Strike Price $27.81, Expires 1/05/10,
Broker Credit Suisse First Boston

 

 

7,500

 

 

(7,500

)

Hormel Foods Corp., Strike Price $37.46, Expires 1/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

29,000

 

 

(22,266

)

Iberiabank Corp., Strike Price $45.95, Expires 12/07/09,
Broker Morgan Stanley & Co., Inc.

 

 

5,000

 

 

(1,870

)

Integrys Energy Group, Inc., Strike Price $38,
Expires 11/20/09, Broker JPMorgan Chase Securities

 

 

16,500

 

 

(354

)

J.M. Smucker Co. (The), Strike Price $55.90,
Expires 12/16/09, Broker Morgan Stanley & Co., Inc.

 

 

24,000

 

 

(17,687

)

Lancaster Colony Corp., Strike Price $52.74,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

9,500

 

 

(1,712

)

Liberty Property Trust, Strike Price $33.24,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

13,500

 

 

(3,606

)

Mcgrath Rentcorp, Strike Price $20.78, Expires 12/15/09,
Broker Morgan Stanley & Co., Inc.

 

 

12,000

 

 

(8,407

)

Mercury General Corp., Strike Price $37.74,
Expires 1/06/10, Broker Morgan Stanley & Co., Inc.

 

 

14,500

 

 

(10,300

)

Meredith Corp., Strike Price $31.20, Expires 12/29/09,
Broker Credit Suisse First Boston

 

 

9,000

 

 

(2,925

)

MGE Energy, Inc., Strike Price $36.33, Expires 11/20/09,
Broker Morgan Stanley & Co., Inc.

 

 

8,000

 

 

(1,116

)

Mine Safety Appliances Co., Strike Price $27.76,
Expires 12/18/09, Broker Morgan Stanley & Co., Inc.

 

 

15,000

 

 

(4,162

)

Myers Industries, Inc., Strike Price $11.12,
Expires 11/10/09, Broker UBS Securities LLC

 

 

25,000

 

 

(7

)

Nacco Industries, Inc., Strike Price $64.89,
Expires 12/07/09, Broker Goldman Sachs & Co.

 

 

6,500

 

 

(16,008

)

National Fuel Gas Co., Strike Price $48, Expires 12/07/09,
Broker UBS Securities LLC

 

 

12,000

 

 

(6,900

)

New Jersey Resources Corp., Strike Price $36.62,
Expires 12/07/09, Broker Credit Suisse First Boston

 

 

15,300

 

 

(5,944

)

Otter Tail Corp., Strike Price $23.76, Expires 1/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

6,800

 

 

(2,961

)

Park National Corp., Strike Price $62.29, Expires 12/29/09,
Broker Credit Suisse First Boston

 

 

7,000

 

 

(6,853

)

Piedmont National Gas Co., Inc., Strike Price $23.97,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(2,306

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Pitney Bowes, Inc., Strike Price $25.82,
Expires 11/17/09, Broker Credit Suisse First Boston

 

 

19,700

 

$

(4,843

)

Pitney Bowes, Inc., Strike Price $26, Expires 11/20/09,
Broker UBS Securities LLC

 

 

24,000

 

 

(6,005

)

Raven Industries, Inc., Strike Price $26.54,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(5,485

)

RPM International, Inc., Strike Price $18.54,
Expires 11/16/09, Broker UBS Securities LLC

 

 

32,600

 

 

(3,301

)

Sonoca Products Co., Strike Price $29.42,
Expires 12/23/09, Broker Morgan Stanley & Co., Inc.

 

 

21,000

 

 

(4,080

)

Sovran Self Storage, Inc., Strike Price $30.99,
Expires 12/15/09, Broker Credit Suisse First Boston

 

 

15,500

 

 

(14,164

)

Stepan Co., Strike Price $64.73, Expires 11/16/09,
Broker JPMorgan Chase Securities

 

 

5,500

 

 

(471

)

SUPERVALU, Inc., Strike Price $15.50, Expires 11/03/09,
Broker Goldman Sachs & Co.

 

 

62,500

 

 

(27,770

)

Tennant Co., Strike Price $31.18, Expires 11/24/09,
Broker Credit Suisse First Boston

 

 

14,300

 

 

(6,452

)

UDR, Inc., Strike Price $16.28, Expires 12/18/09,
Broker Morgan Stanley & Co., Inc.

 

 

31,500

 

 

(10,877

)

Universal Health Realty Income Trust, Strike Price $32.37,
Expires 1/06/10, Broker Credit Suisse First Boston

 

 

11,000

 

 

(7,764

)

Vector Group Ltd., Strike Price $17.04, Expires 11/13/09,
Broker Citigroup Global Markets

 

 

37,000

 

 

 

Vectren Corp., Strike Price $23.20, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

11,200

 

 

(1,363

)

Vulcan Materials Co., Strike Price $57.50,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

18,500

 

 

(516

)

Washington REIT, Strike Price $27.56, Expires 1/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

13,400

 

 

(12,949

)

WesBanco, Inc., Strike Price $15.23, Expires 1/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

13,700

 

 

(9,695

)

WP Carey & Co. LLC, Strike Price $28.83,
Expires 12/15/09, Broker Morgan Stanley & Co., Inc.

 

 

7,600

 

 

(3,689

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(416,071

)

               

Total Options Written
(Premiums Received—$1,745,202)—(0.4)%

 

 

 

 

 

(844,698

)

               

Total Investments Net of Outstanding Options Written—100.2%

 

 

 

 

 

262,083,367

 

Liabilities in Excess of Other Assets—(0.2)%

 

 

 

 

 

(611,720

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

261,471,647

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

292,187,739

 

 

 

     

Gross unrealized appreciation

 

$

15,417,376

 

Gross unrealized depreciation

 

 

(44,677,050

)

 

 

     

Net unrealized depreciation

 

$

(29,259,674

)

 

 

     

 

 

(a)

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

(b)

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


 

 

 

 

 

 

 

 

           

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds, TempFund, Institutional Class

 

$

3,951,206

 

$

28,476

 

               

 

 

(c)

Represents current yield as of report date.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

25




 

 



 

 

Schedule of Investments (concluded)

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

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

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

258,976,859

 

 

 

 

 

$

258,976,859

 

Short-Term Securities

 

 

3,951,206

 

 

 

 

 

 

3,951,206

 

                           

Total

 

$

262,928,065

 

 

 

 

 

$

262,928,065

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

$

(400,985

)

$

(443,713

)

 

 

$

(844,698

)

                           

Total

 

$

(400,985

)

$

(443,713

)

 

 

$

(844,698

)

 

 

                       

 

 

2

Other financial instruments are options which are shown at market value.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

26

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

 

Schedule of Investments October 31, 2009

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Auto Components—0.5%

 

 

 

 

 

 

 

Johnson Controls, Inc.

 

 

27,200

 

$

650,624

 

               

Building Products—0.2%

 

 

 

 

 

 

 

Kingspan Group Plc (a)

 

 

23,600

 

 

199,071

 

               

Chemicals—25.2%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

50,050

 

 

2,349,847

 

CF Industries Holdings, Inc.

 

 

13,650

 

 

1,136,363

 

Incitec Pivot Ltd.

 

 

377,500

 

 

880,583

 

Israel Chemicals Ltd.

 

 

90,000

 

 

1,051,240

 

Johnson Matthey Plc

 

 

112,200

 

 

2,583,890

 

K+S AG

 

 

42,960

 

 

2,345,037

 

Makhteshim-Agan Industries Ltd.

 

 

190,000

 

 

888,042

 

Monsanto Co.

 

 

52,700

 

 

3,540,386

 

Mosaic Co. (The)

 

 

49,550

 

 

2,315,472

 

Nalco Holding Co.

 

 

58,000

 

 

1,226,700

 

Novozymes A/S

 

 

13,100

 

 

1,198,286

 

Nufarm Ltd.

 

 

97,400

 

 

995,577

 

Potash Corp. of Saskatchewan, Inc.

 

 

31,700

 

 

2,941,126

 

Sinofert Holdings Ltd.

 

 

4,244,500

 

 

2,100,636

 

Syngenta AG

 

 

12,100

 

 

2,865,053

 

Umicore

 

 

86,000

 

 

2,612,111

 

Wacker Chemie AG

 

 

6,800

 

 

976,976

 

 

 

 

 

 

     

 

 

 

 

 

 

32,007,325

 

               

Commercial Services & Supplies—2.7%

 

 

 

 

 

 

 

Tetra Tech, Inc. (a)

 

 

113,000

 

 

2,907,490

 

Tianjin Capital Environmental Protection Group Co. Ltd.

 

 

2,083,000

 

 

582,457

 

 

 

 

 

 

     

 

 

 

 

 

 

3,489,947

 

               

Construction & Engineering—1.8%

 

 

 

 

 

 

 

Insituform Technologies, Inc. (a)

 

 

23,800

 

 

504,560

 

Layne Christensen Co. (a)

 

 

14,000

 

 

362,600

 

Quanta Services, Inc. (a)

 

 

27,900

 

 

591,480

 

Shaw Group, Inc. (The) (a)

 

 

31,900

 

 

818,554

 

 

 

 

 

 

     

 

 

 

 

 

 

2,277,194

 

               

Diversified Financial Services—0.5%

 

 

 

 

 

 

 

Climate Exchange Plc (a)

 

 

47,500

 

 

661,237

 

               

Electric Utilities—3.2%

 

 

 

 

 

 

 

Acciona SA

 

 

5,550

 

 

676,079

 

FPL Group, Inc. (b)

 

 

35,800

 

 

1,757,780

 

Iberdrola SA

 

 

183,500

 

 

1,662,249

 

 

 

 

 

 

     

 

 

 

 

 

 

4,096,108

 

               

Electrical Equipment—9.0%

 

 

 

 

 

 

 

American Superconductor Corp. (a)

 

 

57,600

 

 

1,930,752

 

First Solar, Inc. (a)

 

 

6,600

 

 

804,738

 

Gamesa Corp. Tecnologica SA

 

 

75,100

 

 

1,372,302

 

General Cable Corp. (a)

 

 

14,100

 

 

439,074

 

Nordex AG (a)

 

 

18,900

 

 

307,910

 

Renewable Energy Corp. AS (a)

 

 

47,300

 

 

281,716

 

Roper Industries, Inc.

 

 

16,300

 

 

823,965

 

Solarworld AG

 

 

55,700

 

 

1,205,471

 

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

 

 

18,350

 

 

455,264

 

Suntech Power Holdings Co. Ltd. - ADR (a)(c)

 

 

15,700

 

 

198,919

 

Vestas Wind Systems A/S (a)

 

 

52,400

 

 

3,675,153

 

 

 

 

 

 

     

 

 

 

 

 

 

11,495,264

 

               

Electronic Equipment, Instruments & Components—2.9%

 

 

 

 

 

 

 

Itron, Inc. (a)(b)

 

 

44,500

 

 

2,671,780

 

Trimble Navigation Ltd. (a)

 

 

47,310

 

 

992,091

 

 

 

 

 

 

     

 

 

 

 

 

 

3,663,871

 

               

Food Products—10.3%

 

 

 

 

 

 

 

Agria Corp. - ADR (a)

 

 

100,000

 

 

251,000

 

Archer-Daniels-Midland Co.

 

 

55,000

 

 

1,656,600

 

BrasilAgro - Companhia Brasileira de
Propriedades Agricolas (a)

 

 

525,200

 

 

3,190,077

 

Bunge Ltd.

 

 

33,600

 

 

1,917,216

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Food Products (concluded)

 

 

 

 

 

 

 

Cosan Ltd. (a)

 

 

124,500

 

$

829,170

 

Cresud SACIF y A - ADR (a)

 

 

66,600

 

 

820,512

 

IOI Corp. Bhd

 

 

500,000

 

 

775,254

 

Sao Martinho SA (a)

 

 

185,000

 

 

1,816,814

 

SLC Agricola SA

 

 

120,000

 

 

871,935

 

SunOpta, Inc. (a)

 

 

90,000

 

 

332,100

 

Viterra, Inc. (a)

 

 

62,346

 

 

593,470

 

 

 

 

 

 

     

 

 

 

 

 

 

13,054,148

 

               

Independent Power Producers & Energy Traders—2.5%

 

 

 

 

 

 

 

EDF Energies Nouvelles SA

 

 

13,900

 

 

741,980

 

Iberdrola Renovables SA

 

 

331,600

 

 

1,474,010

 

Ormat Technologies, Inc. (b)

 

 

23,800

 

 

899,640

 

 

 

 

 

 

     

 

 

 

 

 

 

3,115,630

 

               

Industrial Conglomerates—0.6%

 

 

 

 

 

 

 

Orkla ASA

 

 

77,500

 

 

716,468

 

               

Machinery—7.8%

 

 

 

 

 

 

 

AGCO Corp. (a)

 

 

59,100

 

 

1,661,301

 

CNH Global NV (a)

 

 

46,300

 

 

884,793

 

Deere & Co.

 

 

28,100

 

 

1,279,955

 

Duoyuan Global Water, Inc. - ADR (a)(c)

 

 

7,200

 

 

236,016

 

IDEX Corp.

 

 

17,500

 

 

497,525

 

Kurita Water Industries Ltd.

 

 

74,800

 

 

2,287,671

 

Pentair, Inc.

 

 

63,600

 

 

1,850,760

 

Watts Water Technologies, Inc.

 

 

42,600

 

 

1,203,450

 

 

 

 

 

 

     

 

 

 

 

 

 

9,901,471

 

               

Multi-Utilities—2.7%

 

 

 

 

 

 

 

GDF Suez

 

 

21,695

 

 

907,012

 

Hera SpA

 

 

506,100

 

 

1,119,039

 

Suez Environnement Co.

 

 

12,425

 

 

276,115

 

United Utilities Group Plc

 

 

91,181

 

 

657,361

 

Veolia Environnement

 

 

12,500

 

 

408,367

 

 

 

 

 

 

     

 

 

 

 

 

 

3,367,894

 

               

Oil, Gas & Consumable Fuels—2.0%

 

 

 

 

 

 

 

Cheniere Energy, Inc. (a)

 

 

12,500

 

 

29,125

 

D1 Oils Plc (a)

 

 

360,099

 

 

32,801

 

Rentech, Inc. (a)

 

 

500,000

 

 

625,000

 

Sasol Ltd.

 

 

33,500

 

 

1,255,088

 

Sasol Ltd. - ADR

 

 

15,900

 

 

594,501

 

 

 

 

 

 

     

 

 

 

 

 

 

2,536,515

 

               

Paper & Forest Products—0.9%

 

 

 

 

 

 

 

Aracruz Celulose SA - ADR (a)

 

 

23,800

 

 

443,156

 

Precious Woods Holding AG (a)

 

 

20,000

 

 

749,264

 

 

 

 

 

 

     

 

 

 

 

 

 

1,192,420

 

               

Real Estate Investment Trusts (REITs)—2.6%

 

 

 

 

 

 

 

Plum Creek Timber Co., Inc.

 

 

73,300

 

 

2,293,557

 

Rayonier, Inc.

 

 

24,750

 

 

954,855

 

 

 

 

 

 

     

 

 

 

 

 

 

3,248,412

 

               

Road & Rail—0.8%

 

 

 

 

 

 

 

All America Latina Logistica SA

 

 

133,000

 

 

976,209

 

               

Semiconductors & Semiconductor Equipment—0.2%

 

 

 

 

 

 

 

MEMC Electronic Materials, Inc. (a)

 

 

24,000

 

 

298,080

 

               

Water Utilities—20.1%

 

 

 

 

 

 

 

American States Water Co.

 

 

55,000

 

 

1,823,250

 

American Water Works Co., Inc

 

 

79,700

 

 

1,511,909

 

Aqua America, Inc. (c)

 

 

144,200

 

 

2,227,890

 

Artesian Resources Corp., Class A

 

 

39,400

 

 

638,674

 

Athens Water Supply & Sewage Co. SA (The)

 

 

89,950

 

 

765,119

 

California Water Service Group

 

 

54,800

 

 

2,004,036

 

Cascal NV

 

 

72,000

 

 

390,240

 

China Water Affairs Group Ltd.

 

 

4,556,000

 

 

1,325,202

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

 

81,000

 

 

1,563,352

 

Cia de Saneamento de Minas Gerias-COPASA

 

 

160,000

 

 

2,815,622

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

27




 

 

 

 

 

Schedule of Investments (continued)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

 

Water Utilities (concluded)

 

 

 

 

 

 

 

Hyflux Ltd.

 

 

708,000

 

$

1,538,657

 

Inversiones Aguas Metropolitanas SA

 

 

1,500,000

 

 

1,771,353

 

Manila Water Co., Inc.

 

 

5,610,000

 

 

1,893,556

 

Northumbrian Water Group Plc

 

 

430,900

 

 

1,626,974

 

Pennon Group Plc

 

 

215,200

 

 

1,598,799

 

Severn Trent Plc

 

 

113,500

 

 

1,768,040

 

Southwest Water Co.

 

 

55,100

 

 

306,906

 

 

 

 

 

 

     

 

 

 

 

 

 

25,569,579

 

               

Total Common Stocks—96.5%

 

 

 

 

 

122,517,467

 

               

 

 

 

 

 

 

 

 

 

Rights

 

 

 

 

 

 

 

               

Road & Rail—0.0%

 

 

 

 

 

 

 

All America Latina Logistica SA (a)

 

 

2,490

 

 

8,481

 

               

Total Long-Term Investments
(Cost—$179,894,958)—96.5%

 

 

 

 

 

122,525,948

 

               

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/
Beneficial
Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund, Institutional Class
0.18% (d)(e)

 

 

7,177,667

 

 

7,177,667

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.33% (d)(e)(f)

 

 

2,141,500

 

 

2,141,500

 

               

Total Short-Term Securities
(Cost—$9,319,167)—7.3%

 

 

 

 

 

9,319,167

 

               

Total Investments Before Outstanding Options Written
(Cost—$189,214,125*)—103.8%

 

 

 

 

 

131,845,115

 

               

 

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.3)%

 

 

 

 

 

 

 

Acciona SA, Strike Price 92 EUR, Expires 12/18/09

 

 

25

 

 

(4,810

)

AGCO Corp., Strike Price 30 USD, Expires 11/23/09

 

 

31

 

 

(1,705

)

AGCO Corp., Strike Price 30 USD, Expires 12/21/09

 

 

235

 

 

(25,850

)

American Superconductor Corp., Strike Price 36 USD,
Expires 11/23/09

 

 

130

 

 

(13,325

)

American Superconductor Corp., Strike Price 37 USD,
Expires 11/23/09

 

 

130

 

 

(10,075

)

Aqua America, Inc., Strike Price 17.50 USD, Expires 11/23/09

 

 

165

 

 

(1,650

)

Archer-Daniels-Midland Co., Strike Price 31, USD
Expires 12/21/09

 

 

210

 

 

(23,100

)

Archer-Daniels-Midland Co., Strike Price 31 USD,
Expires 11/23/09

 

 

10

 

 

(700

)

Archer-Daniels-Midland Co., Strike Price 32 USD,
Expires 12/21/09

 

 

25

 

 

(1,875

)

Bunge Ltd., Strike Price 70 USD, Expires 11/23/09

 

 

150

 

 

(1,500

)

California Water Service Group, Strike Price 40 USD,
Expires 12/21/09

 

 

25

 

 

(1,750

)

CF Industries Holdings, Inc., Strike Price 95 USD,
Expires 12/21/09

 

 

62

 

 

(6,975

)

CNH Global NV, Strike Price 22.50 USD, Expires 12/21/09

 

 

22

 

 

(1,210

)

Deere & Co., Strike Price 48 USD, Expires 11/23/09

 

 

15

 

 

(1,463

)

Deere & Co., Strike Price 49 USD, Expires 12/21/09

 

 

115

 

 

(18,688

)

First Solar, Inc., Strike Price 160 USD, Expires 11/23/09

 

 

18

 

 

(450

)

First Solar, Inc., Strike Price 165 USD, Expires 11/23/09

 

 

12

 

 

(210

)

FPL Group, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

15

 

 

(112

)

General Cable Corp., Strike Price 45 USD, Expires 11/23/09

 

 

64

 

 

(320

)

GDF Suez, Strike Price 30 EUR, Expires 11/21/09

 

 

100

 

 

(3,015

)

IDEX Corp., Strike Price 30 USD, Expires 11/23/09

 

 

10

 

 

(425

)

Insituform Technologies, Inc., Strike Price 20 USD,
Expires 11/23/09

 

 

107

 

 

(17,120

)


 

 

 

 

 

 

 

 

Options Written

 

 

Contracts

 

 

Value

 

               

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Itron, Inc., Strike Price 60 USD, Expires 11/23/09

 

 

20

 

$

(4,700

)

Itron, Inc., Strike Price 60 USD, Expires 12/21/09

 

 

180

 

 

(61,200

)

Johnson Controls, Inc., Strike Price 25 USD, Expires 1/18/10

 

 

62

 

 

(8,370

)

K+S AG, Strike Price 40 EUR, Expires 11/20/09

 

 

120

 

 

(4,787

)

K+S AG, Strike Price 41 EUR, Expires 12/18/09

 

 

75

 

 

(5,955

)

MEMC Electronic Materials, Inc., Strike Price 17 USD,
Expires 12/21/09

 

 

108

 

 

(810

)

Mosaic Co. (The), Strike Price 55 USD, Expires 12/21/09

 

 

225

 

 

(23,625

)

Nalco Holding Co., Strike Price 22.50 USD, Expires 12/21/09

 

 

145

 

 

(10,513

)

Ormat Technologies, Inc., Strike Price 40 USD,
Expires 12/21/09

 

 

107

 

 

(10,165

)

Pentair, Inc., Strike Price 35 USD, Expires 12/21/09

 

 

29

 

 

(580

)

Plum Creek Timber Co., Inc., Strike Price 35 USD,
Expires 12/21/09

 

 

32

 

 

(1,120

)

Potash Corp. of Saskatchewan, Inc., Strike Price 105 USD,
Expires 11/23/09

 

 

150

 

 

(12,000

)

Quanta Services, Inc., Strike Price 25 USD, Expires 11/23/09

 

 

50

 

 

(500

)

Rayonier, Inc., Strike Price 40 USD, Expires 12/21/09

 

 

111

 

 

(14,430

)

Roper Industries, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

74

 

 

(1,110

)

Sasol Ltd. - ADR, Strike Price 40 USD, Expires 11/23/09

 

 

159

 

 

(9,540

)

Shaw Group, Inc., Strike Price 30 USD, Expires 11/23/09

 

 

70

 

 

(1,050

)

Shaw Group, Inc., Strike Price 31 USD, Expires 11/23/09

 

 

70

 

 

(700

)

Solarworld AG, Strike Price 15.50 EUR, Expires 11/12/09,

 

 

500

 

 

(15,268

)

Suez Environnement Co., Strike Price 16 EUR,
Expires 12/18/09

 

 

56

 

 

(2,064

)

SunPower Corp., Class A, Strike Price 36 USD, Expires 11/23/09

 

 

83

 

 

(830

)

Suntech Power Holdings Co. Ltd. - ADR, Strike Price 16 USD,
Expires 11/23/09

 

 

35

 

 

(612

)

Suntech Power Holdings Co. Ltd. - ADR, Strike Price 17 USD,
Expires 11/23/09

 

 

35

 

 

(262

)

Syngenta AG, Strike Price 260 CHF, Expires 11/20/09

 

 

545

 

 

(7,570

)

Trimble Navigation Ltd., Strike Price 22.50 USD,
Expires 12/21/09

 

 

54

 

 

(3,375

)

Wacker Chemie AG, Strike Price 115 EUR, Expires 12/18/09

 

 

30

 

 

(5,576

)

Watts Industries, Inc., Strike Price 35 USD, Expires 12/21/09

 

 

20

 

 

(300

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(343,340

)

               

Over-the-Counter Call Options Written—(0.7)%

 

 

 

 

 

 

 

Agria Corp. - ADR, Strike Price 3.32 USD, Expires 12/07/09,
Broker Credit Suisse First Boston

 

 

45,000

 

 

(3,163

)

Agrium, Inc., Strike Price 58.43 USD, Expires 11/20/09,
Broker Citigroup Global Markets

 

 

22,500

 

 

(3,470

)

All America Latina Logistica SA, Strike Price 13.13 BRL,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

59,900

 

 

(25,521

)

American States Water Co., Strike Price 34.72 USD,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

22,000

 

 

(16,183

)

American Water Works Co., Inc., Strike Price 19.51 USD,
Expires 1/06/10, Broker Citigroup Global Markets

 

 

24,800

 

 

(8,709

)

American Water Works Co., Inc., Strike Price 19.75 USD,
Expires 1/06/10, Broker Credit Suisse First Boston

 

 

11,100

 

 

(3,118

)

Aracruz Celulose SA - ADR, Strike Price 25.23 USD,
Expires 12/04/09, Broker Citigroup Global Markets

 

 

10,700

 

 

(1,577

)

Artesian Resources Corp., Class A, Strike Price 17.07 USD,
Expires 12/21/09, Broker Credit Suisse First Boston

 

 

17,700

 

 

(5,317

)

BrasilAgro - Companhia Brasileira
de Propriedades Agricolas, Strike Price
11.56 BRL, Expires 1/05/10,
Broker Goldman Sachs & Co.

 

 

136,000

 

 

(47,967

)

BrasilAgro - Companhia Brasileira
de Propriedades Agricolas, Strike Price
11.97 BRL, Expires 12/04/09,
Broker Credit Suisse First Boston

 

 

100,000

 

 

(15,038

)

California Water Service Group, Strike Price 39.60 USD,
Expires 1/06/10, Broker UBS Securities LLC

 

 

22,000

 

 

(8,941

)

Cascal NV, Strike Price 5.12 USD, Expires 1/06/10,
Broker Deutsche Bank Securities

 

 

10,800

 

 

(7,303

)

Cascal NV, Strike Price 5.37 USD, Expires 12/11/09,
Broker Deutsche Bank Securities

 

 

21,600

 

 

(9,519

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

28

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

 

Schedule of Investments (continued)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

China Water Affairs Group Ltd., Strike Price 2.44 HKD,
Expires 12/01/09, Broker Deutsche Bank Securities

 

 

1,824,000

 

$

(11,865

)

Cia de Saneamento Basico do Estado de Sao Paulo,
Strike Price 35.54 BRL, Expires 1/05/10,
Broker Credit Suisse First Boston

 

 

36,500

 

 

(22,754

)

Cia de Saneamento de Minas Gerais-COPASA,
Strike Price 34.48 BRL, Expires 1/05/10,
Broker Credit Suisse First Boston

 

 

72,000

 

 

(21,513

)

Climate Exchange Plc, Strike Price 8.67 GBP,
Expires 12/10/09, Broker Morgan Stanley & Co., Inc.

 

 

21,400

 

 

(11,820

)

CNH Global NV, Strike Price 21.50 USD, Expires 12/18/09,
Broker Credit Suisse First Boston

 

 

18,600

 

 

(20,553

)

Cosan Ltd., Strike Price 8.80 USD, Expires 11/20/09,
Broker Morgan Stanley & Co., Inc.

 

 

56,000

 

 

(1,445

)

Cresud SACIF y A - ADR, Strike Price 12.92 USD,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

30,000

 

 

(23,388

)

EDF Energies Nouvelles SA, Strike Price 38.01 EUR,
Expires 1/07/10, Broker Citigroup Global Markets

 

 

6,300

 

 

(10,440

)

Eydap SA, Strike Price 5.97 EUR, Expires 12/10/09,
Broker Citigroup Global Markets

 

 

20,500

 

 

(4,533

)

Eydap SA, Strike Price 6.42 EUR, Expires 12/03/09,
Broker Credit Suisse First Boston

 

 

20,000

 

 

(1,141

)

FPL Group, Inc., Strike Price 55.96 USD, Expires 11/17/09,
Broker Credit Suisse First Boston

 

 

6,200

 

 

(60

)

Gamesa Corp. Tecnologica SA, Strike Price 15.24 EUR,
Expires 12/08/09, Broker Citigroup Global Markets

 

 

30,000

 

 

(3,708

)

Hera SpA, Strike Price 1.57 EUR, Expires 1/07/10,
Broker Citigroup Global Markets

 

 

228,000

 

 

(8,225

)

Hyflux Ltd., Strike Price 3.03 SGD, Expires 12/16/09,
Broker Goldman Sachs & Co.

 

 

320,000

 

 

(33,058

)

Iberdrola Renovables SA, Strike Price 3.41 EUR,
Expires 12/08/09, Broker Citigroup Global Markets

 

 

133,000

 

 

(1,646

)

Iberdrola SA, Strike Price 6.71 EUR, Expires 12/08/09,
Broker Citigroup Global Markets

 

 

73,000

 

 

(2,795

)

IDEX Corp., Strike Price 28.21 USD, Expires 11/20/09,
Broker JPMorgan Chase Securities

 

 

7,000

 

 

(6,081

)

Incitec Pivot Ltd., Strike Price 2.83 AUD, Expires 12/16/09,
Broker Morgan Stanley & Co., Inc.

 

 

170,000

 

 

(8,611

)

Inversiones Aguas Metropolitanas SA,
Strike Price 638.01 CLP, Expires 1/05/10,
Broker Goldman Sachs & Co.

 

 

675,000

 

 

(10,483

)

IOI Corp. Bhd, Strike Price 5.50 MYR, Expires 1/05/10,
Broker Credit Suisse First Boston

 

 

225,000

 

 

(7,241

)

Israel Chemicals Ltd., Strike Price 46.62 ILS,
Expires 12/08/09, Broker Goldman Sachs & Co.

 

 

36,000

 

 

(9,201

)

Johnson Controls, Inc., Strike Price 27.57 USD,
Expires 1/06/10, Broker Morgan Stanley & Co., Inc.

 

 

6,200

 

 

(3,164

)

Johnson Matthey Plc, Strike Price 14.43 GBP,
Expires 12/10/09, Broker Deutsche Bank Securities

 

 

50,000

 

 

(34,279

)

Kingspan Group Plc, Strike Price 5.95 EUR, Expires 12/10/09,
Broker UBS Securities LLC

 

 

10,600

 

 

(4,790

)

Kurita Water Industries Ltd., Strike Price 2,933.16 JPY,
Expires 12/16/09, Broker Goldman Sachs & Co.

 

 

35,000

 

 

(24,690

)

Makhteshim-Agan Industries Ltd., Strike Price 17.43 ILS,
Expires 12/08/09, Broker UBS Securities LLC

 

 

76,000

 

 

(16,720

)

Manila Water Co., Inc., Strike Price 16.33 PHP,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

2,244,000

 

 

(33,368

)

Nalco Holding Co., Strike Price 22.61 USD,
Expires 1/08/10, Broker Credit Suisse First Boston

 

 

11,600

 

 

(8,735

)

Nordex AG, Strike Price 12.40 EUR, Expires 12/10/09,
Broker BNP Paribas

 

 

8,500

 

 

(2,860

)

Northumbrian Water Group Plc, Strike Price 2.30 GBP,
Expires 1/07/10, Broker Citigroup Global Markets

 

 

86,200

 

 

(12,191

)

Northumbrian Water Group Plc, Strike Price 2.35 GBP,
Expires 1/07/10, Broker Citigroup Global Markets

 

 

107,700

 

 

(11,465

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Novozymes A/S, Strike Price 470.76 DKK,
Expires 1/07/10, Broker BNP Paribas

 

 

5,900

 

$

(24,159

)

Nufarm Ltd., Strike Price 12.14 AUD, Expires 12/16/09,
Broker Morgan Stanley & Co., Inc.

 

 

43,900

 

 

(18,804

)

Orkla ASA, Strike Price 52.74 NOK, Expires 12/10/09,
Broker UBS Securities LLC

 

 

35,000

 

 

(15,682

)

Pennon Group Plc, Strike Price 4.58 GBP, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

95,000

 

 

(18,458

)

Pentair, Inc., Strike Price 32.44 USD, Expires 1/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

25,700

 

 

(13,781

)

Plum Creek Timber Co., Strike Price 32.83 USD,
Expires 1/08/10, Broker Morgan Stanley & Co., Inc.

 

 

29,800

 

 

(30,793

)

Quanta Services, Inc., Strike Price 23.23 USD,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

7,600

 

 

(1,613

)

Sao Martinho SA, Strike Price 17.72 BRL, Expires 1/05/10,
Broker Credit Suisse First Boston

 

 

37,000

 

 

(19,840

)

Sao Martinho SA, Strike Price 17.90 BRL, Expires 1/05/10,
Broker Credit Suisse First Boston

 

 

46,300

 

 

(22,913

)

Severn Trent Plc, Strike Price 9.69 GBP, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

51,000

 

 

(16,300

)

Sinofert Holdings Ltd., Strike Price 4.11 HKD,
Expires 12/16/09, Broker Credit Suisse First Boston

 

 

1,700,000

 

 

(34,305

)

SLC Agricola SA, Strike Price 13.55 BRL,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

24,000

 

 

(11,004

)

SLC Agricola SA, Strike Price 14.77 BRL, Expires 1/05/10,
Broker Credit Suisse First Boston

 

 

30,000

 

 

(6,894

)

Southwest Water Co., Strike Price 5.91 USD, Expires 1/08/10,
Broker Credit Suisse First Boston

 

 

24,800

 

 

(6,696

)

Tetra Tech, Inc., Strike Price 26.99 USD, Expires 11/30/09,
Broker Morgan Stanley & Co., Inc.

 

 

44,800

 

 

(31,059

)

Tetra Tech, Inc., Strike Price 28.40 USD, Expires 11/30/09,
Broker Morgan Stanley & Co., Inc.

 

 

6,100

 

 

(2,659

)

Tianjin Capital Environmental Protection Group Co. Ltd.,
Strike Price 2.04 HKD, Expires 12/01/09,
Broker Deutsche Bank Securities

 

 

834,000

 

 

(20,550

)

Umicore, Strike Price 22.00 EUR, Expires 1/07/10,
Broker BNP Paribas

 

 

38,700

 

 

(40,838

)

United Utilities Group Plc, Strike Price 4.48 GBP,
Expires 12/10/09, Broker Deutsche Bank Securities

 

 

27,000

 

 

(3,244

)

United Utilities Group Plc, Strike Price 4.57 GBP,
Expires 12/08/09, Broker Citigroup Global Markets

 

 

14,000

 

 

(980

)

Veolia Environnement, Strike Price 22.65 EUR,
Expires 12/10/09, Broker Citigroup Global Markets

 

 

5,000

 

 

(4,528

)

Vestas Wind Systems A/S, Strike Price 368.58 DKK,
Expires 12/10/09, Broker Morgan Stanley & Co., Inc.

 

 

23,600

 

 

(56,292

)

Viterra, Inc., Strike Price 11.58 CAD, Expires 11/30/09,
Broker Deutsche Bank Securities

 

 

28,000

 

 

(3,479

)

Watts Water Industries, Inc., Strike Price 30.70 USD,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

15,000

 

 

(4,799

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(938,319

)

               

Total Options Written
(Premiums Received—$1,871,244)—(1.0)%

 

 

 

 

 

(1,281,659

)

               

Total Investments Net of Outstanding Options Written—102.8%

 

 

 

 

 

130,563,456

 

Liabilities in Excess of Other Assets—(2.8)%

 

 

 

 

 

(3,538,093

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

127,025,363

 

 

 

 

 

 

     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

29




 

 



Schedule of Investments (concluded)


BlackRock EcoSolutions Investment Trust (BQR)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

195,230,564

 

 

 

     

Gross unrealized appreciation

 

$

1,766,342

 

Gross unrealized depreciation

 

 

(65,151,791

)

 

 

     

Net unrealized depreciation

 

$

(63,385,449

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

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


 

 

 

 

 

 

 

 

           

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds,
TempFund, Institutional Class

 

$

7,177,667

 

$

22,174

 

BlackRock Liquidity Series, LLC
Money Market Series

 

$

447,000

 

$

26,030

 

               

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

 

 

Foreign currency exchange contracts as of October 31, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                         

Currency
Purchased

 

 

 

Currency
Sold

 

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                         

AUD

 

410,000

 

USD

 

 

370,267

 

 

Deutsche Bank Securities

 

11/02/09

 

$

(1,207

)

EUR

 

800,000

 

USD

 

 

1,182,960

 

 

Citigroup Global Markets

 

11/02/09

 

 

(5,641

)

SGD

 

800,000

 

USD

 

 

571,204

 

 

Citigroup Global Markets

 

11/02/09

 

 

(407

)

USD

 

16,300

 

DKK

 

 

82,000

 

 

Citigroup Global Markets

 

11/03/09

 

 

86

 

USD

 

52,280

 

DKK

 

 

263,000

 

 

Citigroup Global Markets

 

11/03/09

 

 

275

 

USD

 

13,307

 

EUR

 

 

9,000

 

 

UBS Securities LLC

 

11/02/09

 

 

62

 

USD

 

32,527

 

EUR

 

 

22,000

 

 

UBS Securities LLC

 

11/02/09

 

 

151

 

USD

 

30,977

 

EUR

 

 

21,000

 

 

Citigroup Global Markets

 

11/03/09

 

 

72

 

USD

 

38,097

 

GBP

 

 

23,000

 

 

Goldman Sachs & Co.

 

11/02/09

 

 

348

 

USD

 

41,410

 

GBP

 

 

25,000

 

 

Goldman Sachs & Co.

 

11/02/09

 

 

379

 

USD

 

43,580

 

JPY

 

 

3,967,000

 

 

Citigroup Global Markets

 

11/02/09

 

 

(491

)

                                 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(6,373

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

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

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto Components

 

$

650,624

 

 

 

 

 

$

650,624

 

Building Products

 

 

 

$

199,071

 

 

 

 

199,071

 

Chemicals

 

 

13,509,894

 

 

18,497,431

 

 

 

 

32,007,325

 

Commercial Services & Supplies

 

 

2,907,490

 

 

582,457

 

 

 

 

3,489,947

 

Construction & Engineering

 

 

2,277,194

 

 

 

 

 

 

2,277,194

 

Diversified Financial Services

 

 

 

 

661,237

 

 

 

 

661,237

 

Electric Utilities

 

 

1,757,780

 

 

2,338,328

 

 

 

 

4,096,108

 

Electrical Equipment

 

 

4,652,712

 

 

6,842,552

 

 

 

 

11,495,264

 

Electronic Equipment, Instruments & Components

 

 

3,663,871

 

 

 

 

 

 

3,663,871

 

Food Products

 

 

12,278,894

 

 

775,254

 

 

 

 

13,054,148

 

Independent Power Producers & Energy Traders

 

 

899,640

 

 

2,215,990

 

 

 

 

3,115,630

 

Industrial Conglomerates

 

 

 

 

716,468

 

 

 

 

716,468

 

Machinery

 

 

7,613,800

 

 

2,287,671

 

 

 

 

9,901,471

 

Multi-Utilities

 

 

 

 

3,367,894

 

 

 

 

3,367,894

 

Oil, Gas & Consumable Fuels

 

 

1,281,427

 

 

1,255,088

 

 

 

 

2,536,515

 

Paper & Forest Products

 

 

443,156

 

 

749,264

 

 

 

 

1,192,420

 

Real Estate Investment Trusts (REITs)

 

 

3,248,412

 

 

 

 

 

 

3,248,412

 

Road & Rail

 

 

976,209

 

 

 

 

 

 

976,209

 

Semiconductors & Semiconductor Equipment

 

 

298,080

 

 

 

 

 

 

298,080

 

Water Utilities

 

 

15,053,232

 

 

10,516,347

 

 

 

 

25,569,579

 

Rights

 

 

 

 

8,481

 

 

 

 

8,481

 

Short-Term Securities

 

 

7,177,667

 

 

2,141,500

 

 

 

 

9,319,167

 

                           

Total

 

$

78,690,082

 

$

53,155,033

 

 

 

$

131,845,115

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

1,373

 

 

 

$

1,373

 

Liabilities:

 

$

(309,563

)

 

(979,842

)

 

 

 

(1,289,405

)

                           

Total

 

$

(309,563

)

$

(978,469

)

 

 

$

(1,288,032

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

30

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



Schedule of Investments
October 31, 2009


BlackRock Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—1.0%

 

 

 

 

 

 

 

Potash Corp. of Saskatchewan, Inc.

 

 

80,600

 

$

7,478,068

 

               

Construction & Engineering—0.6%

 

 

 

 

 

 

 

MYR Group, Inc. (a)(b)

 

 

269,231

 

 

4,625,388

 

               

Energy Equipment & Services—19.6%

 

 

 

 

 

 

 

Cameron International Corp. (a)

 

 

329,600

 

 

12,185,312

 

Core Laboratories NV

 

 

50,231

 

 

5,239,093

 

Halliburton Co.

 

 

582,400

 

 

17,011,904

 

National Oilwell Varco, Inc. (a)

 

 

496,016

 

 

20,331,696

 

Noble Corp.

 

 

304,000

 

 

12,384,960

 

Saipem SpA

 

 

241,100

 

 

7,113,626

 

Schlumberger Ltd.

 

 

264,800

 

 

16,470,560

 

Transocean Ltd. (a)

 

 

342,100

 

 

28,705,611

 

Weatherford International Ltd. (a)

 

 

1,119,300

 

 

19,621,329

 

 

 

 

 

 

     

 

 

 

 

 

 

139,064,091

 

               

Gas Utilities—4.0%

 

 

 

 

 

 

 

EQT Corp.

 

 

465,100

 

 

19,469,086

 

Questar Corp.

 

 

218,500

 

 

8,705,040

 

 

 

 

 

 

     

 

 

 

 

 

 

28,174,126

 

               

Metals & Mining—4.4%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd.

 

 

64,500

 

 

3,452,685

 

BHP Billiton Ltd. - ADR

 

 

192,500

 

 

12,624,150

 

Goldcorp, Inc.

 

 

242,736

 

 

8,925,403

 

Silver Wheaton Corp. (a)

 

 

485,000

 

 

6,052,800

 

 

 

 

 

 

     

 

 

 

 

 

 

31,055,038

 

               

Oil, Gas & Consumable Fuels—68.9%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc. (a)

 

 

286,100

 

 

9,718,817

 

AltaGas Income Trust

 

 

451,400

 

 

7,509,080

 

Apache Corp. (c)

 

 

197,500

 

 

18,588,700

 

Arch Coal, Inc.

 

 

600,800

 

 

13,013,328

 

Arena Resources, Inc. (a)

 

 

386,600

 

 

14,404,716

 

Buckeye Partners LP

 

 

51,600

 

 

2,565,552

 

Cabot Oil & Gas Corp.

 

 

368,300

 

 

14,168,501

 

Cimarex Energy Co.

 

 

154,300

 

 

6,042,388

 

Consol Energy, Inc.

 

 

646,221

 

 

27,664,721

 

Crescent Point Energy Corp.

 

 

320,900

 

 

10,913,654

 

Diamond Offshore Drilling, Inc.

 

 

72,200

 

 

6,877,050

 

Enbridge Energy Partners LP

 

 

73,200

 

 

3,402,336

 

Energy Transfer Partners LP

 

 

316,800

 

 

13,733,280

 

Enterprise Products Partners LP

 

 

653,105

 

 

18,313,064

 

EOG Resources, Inc.

 

 

127,500

 

 

10,411,650

 

EXCO Resources, Inc.

 

 

1,237,400

 

 

19,328,188

 

Exxon Mobil Corp.

 

 

63,000

 

 

4,515,210

 

Galleon Energy, Inc. (a)

 

 

1,040,800

 

 

5,232,616

 

Keyera Facilities Income Fund

 

 

613,800

 

 

11,254,371

 

MarkWest Energy Partners LP

 

 

666,400

 

 

16,000,264

 

Massey Energy Co.

 

 

800,300

 

 

23,280,727

 

Occidental Petroleum Corp.

 

 

346,400

 

 

26,284,832

 

ONEOK Partners LP (d)

 

 

145,800

 

 

7,931,520

 

Peabody Energy Corp.

 

 

532,600

 

 

21,085,634

 

Pembina Pipeline Income Fund

 

 

265,500

 

 

3,832,642

 

Penn Virginia Corp.

 

 

1,027,875

 

 

20,814,469

 

PetroHawk Energy Corp. (a)(c)

 

 

1,102,200

 

 

25,923,744

 

Petroleo Brasileiro SA - ADR

 

 

639,500

 

 

25,656,740

 

Plains All American Pipeline LP

 

 

220,400

 

 

10,541,732

 

Range Resources Corp.

 

 

309,000

 

 

15,465,450

 

Ship Finance International Ltd.

 

 

515,600

 

 

5,862,372

 

Southwestern Energy Co. (a)

 

 

456,700

 

 

19,902,986

 

St. Mary Land & Exploration Co.

 

 

93,800

 

 

3,198,580

 

Targa Resources Partners LP

 

 

300,000

 

 

5,943,000

 

Whiting Petroleum Corp. (a)(d)

 

 

573,100

 

 

32,322,840

 

Williams Partners LP

 

 

245,200

 

 

6,252,600

 

 

 

 

 

 

     

 

 

 

 

 

 

487,957,354

 

               

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

             

Total Long-Term Investments
(Cost—$672,229,224)—98.5%

 

 

 

 

$

698,354,065

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

Shares/
Beneficial
Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund,

 

 

 

 

 

 

 

     Institutional Class, 0.18% (e)(f)

 

 

18,701,414

 

 

18,701,414

 

BlackRock Liquidity Series, LLC, Money Market Series,
     0.33% (e)(f)(g)

 

 

5,894,700

 

 

5,894,700

 

               

Total Short-Term Securities
(Cost—$24,596,114)—3.5%

 

 

 

 

 

24,596,114

 

               

 

 

 

 

 

 

 

 









Options Purchased

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Purchased—0.0%

 

 

 

 

 

 

 

Hess Corp., Strike Price 59.75 USD, Expires 11/20/09

 

 

300

 

 

24,750

 

               

Total Options Purchased
(Cost—$25,050)—0.0%

 

 

 

 

 

24,750

 

               

Total Investments Before Outstanding Options Written
(Cost—$696,825,338*)—102.0%

 

 

 

 

 

722,974,929

 

               

 

 

 

 

 

 

 

 









Options Written

 

 

 

 

 

 

 

               

Exchange-Traded Call Options Written—(0.6)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., Strike Price 60 USD,
Expires 11/23/09

 

 

160

 

 

(14,800

)

Agnico-Eagle Mines Ltd., Strike Price 65 USD,
Expires 11/23/09

 

 

100

 

 

(3,750

)

Alpha Natural Resources, Inc., Strike Price 40 USD,
Expires 12/21/09

 

 

400

 

 

(42,000

)

Alpha Natural Resources, Inc., Strike Price 41 USD,
Expires 11/23/09

 

 

200

 

 

(5,500

)

Alpha Natural Resources, Inc., Strike Price 42 USD,
Expires 12/21/09

 

 

450

 

 

(32,625

)

Arch Coal, Inc., Strike Price 23 USD, Expires 1/18/10

 

 

100

 

 

(15,000

)

Arch Coal, Inc., Strike Price 26 USD, Expires 12/21/09

 

 

100

 

 

(3,750

)

Arena Resources, Inc., Strike Price 40 USD,
Expires 12/21/09

 

 

800

 

 

(132,000

)

BHP Billiton Ltd. - ADR, Strike Price 65 USD,
Expires 11/23/09

 

 

425

 

 

(136,000

)

BHP Billiton Ltd. - ADR, Strike Price 70 USD,
Expires 11/23/09

 

 

625

 

 

(75,000

)

Cabot Oil & Gas Corp., Strike Price 40 USD,
Expires 11/23/09

 

 

2

 

 

(230

)

Cabot Oil & Gas Corp., Strike Price 45 USD,
Expires 1/18/10

 

 

250

 

 

(28,125

)

Cameron International Corp., Strike Price 40 USD,
Expires 11/23/09

 

 

485

 

 

(29,100

)

Cimarex Energy Co., Strike Price 45 USD, Expires 12/21/09

 

 

100

 

 

(7,750

)

EOG Resources, Inc., Strike Price 95 USD,
Expires 11/23/09

 

 

400

 

 

(12,000

)

EQT Corp., Strike Price 45 USD, Expires 12/21/09

 

 

200

 

 

(18,000

)

EXCO Resources, Inc., Strike Price 17.50 USD,
Expires 12/21/09

 

 

460

 

 

(36,800

)

EXCO Resources, Inc., Strike Price 20 USD,
Expires 12/21/09

 

 

500

 

 

(15,000

)

Halliburton Co., Strike Price 28 USD, Expires 11/23/09

 

 

920

 

 

(182,160

)

Halliburton Co., Strike Price 32 USD, Expires 11/23/09

 

 

1,400

 

 

(43,400

)

Hess Corp., Strike Price 60 USD, Expires 11/23/09

 

 

300

 

 

(19,500

)

National-Oilwell Varco, Inc., Strike Price 40 USD,
Expires 11/23/09

 

 

750

 

 

(193,125

)

National-Oilwell Varco, Inc., Strike Price 41 USD,
Expires 11/23/09

 

 

500

 

 

(100,000

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

31




 

 


 

 

Schedule of Investments (continued)

BlackRock Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

National-Oilwell Varco, Inc., Strike Price 42 USD,
Expires 11/23/09

 

 

600

 

$

(93,000

)

National-Oilwell Varco, Inc., Strike Price 43 USD,
Expires 11/23/09

 

 

100

 

 

(11,500

)

National-Oilwell Varco, Inc., Strike Price 44 USD,
Expires 11/23/09

 

 

100

 

 

(8,750

)

Occidental Petroleum Corp., Strike Price 75 USD,
Expires 11/23/09

 

 

100

 

 

(33,500

)

Occidental Petroleum Corp., Strike Price 80 USD,
Expires 11/23/09

 

 

1,190

 

 

(145,775

)

Peabody Energy Corp., Strike Price 41 USD,
Expires 12/21/09

 

 

250

 

 

(57,500

)

Peabody Energy Corp., Strike Price 50 USD,
Expires 12/21/09

 

 

150

 

 

(4,500

)

Penn Virginia Corp., Strike Price 20 USD,
Expires 12/21/09

 

 

1,000

 

 

(187,500

)

Penn Virginia Corp., Strike Price 22.50 USD,
Expires 12/21/09

 

 

250

 

 

(21,875

)

Petrohawk Energy Corp., Strike Price 27 USD,
Expires 12/21/09

 

 

400

 

 

(26,000

)

Petrohawk Energy Corp., Strike Price 28 USD,
Expires 12/21/09

 

 

500

 

 

(25,000

)

Petrohawk Energy Corp., Strike Price 30 USD,
Expires 12/21/09

 

 

600

 

 

(15,000

)

Petroleo Brasileiro SA - ADR, Strike Price 40 USD,
Expires 12/21/09

 

 

400

 

 

(108,000

)

Plains All American Pipeline LP, Strike Price 50 USD,
Expires 11/23/09

 

 

500

 

 

(17,500

)

Plains All American Pipeline LP, Strike Price 50 USD,
Expires 12/21/09

 

 

220

 

 

(14,850

)

Potash Corp. of Saskatchewan, Inc., Strike Price 100 USD,
Expires 12/21/09

 

 

100

 

 

(34,000

)

Potash Corp. of Saskatchewan, Inc., Strike Price 105 USD,
Expires 12/21/09

 

 

100

 

 

(21,500

)

Questar Corp., Strike Price 40 USD, Expires 11/23/09

 

 

75

 

 

(10,875

)

Range Resources Corp., Strike Price 55 USD, Expires 12/21/09

 

 

100

 

 

(15,000

)

Schlumberger Ltd., Strike Price 60 USD, Expires 11/23/09

 

 

250

 

 

(97,500

)

Schlumberger Ltd., Strike Price 65 USD, Expires 11/23/09

 

 

730

 

 

(102,200

)

Ship Finance International Ltd., Strike Price 12.50 USD,
Expires 11/23/09

 

 

250

 

 

(1,875

)

Silver Wheaton Corp., Strike Price 13 USD,
Expires 11/23/09

 

 

1,140

 

 

(65,550

)

Silver Wheaton Corp., Strike Price 14 USD,
Expires 12/21/09

 

 

250

 

 

(17,500

)

Southwestern Energy Co., Strike Price 44 USD,
Expires 11/23/09

 

 

250

 

 

(50,625

)

Transocean, Inc., Strike Price 80 USD, Expires 11/23/09

 

 

650

 

 

(390,000

)

Transocean, Inc., Strike Price 85 USD, Expires 11/23/09

 

 

700

 

 

(224,000

)

Transocean, Inc., Strike Price 90 USD, Expires 11/23/09

 

 

100

 

 

(14,500

)

Weatherford International Ltd., Strike Price 22 USD,
Expires 11/23/09

 

 

900

 

 

(6,750

)

Weatherford International Ltd., Strike Price 23 USD,
Expires 11/23/09

 

 

2,300

 

 

(11,500

)

Weatherford International Ltd., Strike Price 24 USD,
Expires 11/23/09

 

 

450

 

 

(2,250

)

Whiting Petroleum Corp., Strike Price 45 USD,
Expires 12/21/09

 

 

250

 

 

(301,250

)

Whiting Petroleum Corp., Strike Price 50 USD,
Expires 12/21/09

 

 

900

 

 

(720,000

)

Whiting Petroleum Corp., Strike Price 55 USD,
Expires 12/21/09

 

 

200

 

 

(95,000

)

           

Total Exchange-Traded Call Options Written

 

 

 

 

 

(4,097,740

)

           

Exchange-Traded Put Option Written—(0.0)%

 

 

 

 

 

 

 

St. Mary Land & Exploration Co., Strike Price 29.50 USD,
Expires 11/02/09

 

 

350

 

 

(74

)

           

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written—(1.1)%

 

 

 

 

 

 

 

Apache Corp., Strike Price 81 USD, Expires 11/10/09,
Broker Goldman Sachs & Co.

 

 

35,000

 

$

(460,656

)

Apache Corp., Strike Price 96 USD, Expires 11/20/09,
Broker Goldman Sachs & Co.

 

 

30,000

 

 

(74,801

)

Apache Corp., Strike Price 98.27 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

10,000

 

 

(16,651

)

Arch Coal, Inc., Strike Price 17.67 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(99,750

)

Arch Coal, Inc., Strike Price 18.06 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(90,000

)

Arch Coal, Inc., Strike Price 18.26 USD,
Expires 11/03/09, Broker Credit Suisse First Boston

 

 

100,000

 

 

(340,000

)

Arch Coal, Inc., Strike Price 19.14 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

25,000

 

 

(63,039

)

Arena Resources, Inc., Strike Price 33.42 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

56,000

 

 

(216,160

)

Cabot Oil & Gas Corp., Strike Price 36.50 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(62,262

)

Cabot Oil & Gas Corp., Strike Price 38.83 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

25,800

 

 

(13,880

)

Cabot Oil & Gas Corp., Strike Price 40.28 USD,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(73,928

)

Cameron International Corp., Strike Price 31.58 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

60,000

 

 

(323,446

)

Cimarex Energy Co., Strike Price 33.65 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(137,750

)

Cimarex Energy Co., Strike Price 33.95 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(130,250

)

Consol Energy, Inc., Strike Price 36.84 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

100,000

 

 

(597,000

)

Consol Energy, Inc., Strike Price 41.53 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(86,427

)

Consol Energy, Inc., Strike Price 43.50 USD,
Expires 11/20/09, Broker JPMorgan Chase Securities

 

 

100,000

 

 

(167,724

)

Consol Energy, Inc., Strike Price 52 USD,
Expires 11/09/09, Broker UBS Securities LLC

 

 

40,000

 

 

(538

)

Core Laboratories NV, Strike Price 98.50 USD,
Expires 11/12/09, Broker Credit Suisse First Boston

 

 

16,500

 

 

(106,204

)

Crescent Point Energy Corp., Strike Price 35.18 CAD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

50,000

 

 

(74,858

)

Crescent Point Energy Corp., Strike Price 36.68 CAD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

15,000

 

 

(6,166

)

Crescent Point Energy Corp., Strike Price 37.27 CAD,
Expires 11/12/09, Broker Goldman Sachs & Co.

 

 

40,800

 

 

(10,668

)

Diamond Offshore Drilling, Inc., Strike Price 89.95 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(98,158

)

Energy Transfer Partners LP, Strike Price 43.08 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

100,000

 

 

(41,118

)

EQT Corp., Strike Price 36.92 USD, Expires 11/03/09,
Broker Goldman Sachs & Co.

 

 

75,000

 

 

(370,500

)

EQT Corp., Strike Price 39.03 USD, Expires 11/03/09,
Broker Credit Suisse First Boston

 

 

25,000

 

 

(70,788

)

EQT Corp., Strike Price 41.74 USD, Expires 11/06/09,
Broker UBS Securities LLC

 

 

66,500

 

 

(49,826

)

EXCO Resources, Inc., Strike Price 15 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

100,000

 

 

(78,195

)

EXCO Resources, Inc., Strike Price 15.55 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

50,000

 

 

(22,038

)

EXCO Resources, Inc., Strike Price 16 USD,
Expires 11/20/09, Broker Goldman Sachs & Co.

 

 

100,000

 

 

(76,168

)

EXCO Resources, Inc., Strike Price 18 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

50,000

 

 

(566

)

Exxon Mobil Corp., Strike Price 70.81 USD,
Expires 11/13/09, Broker Citigroup Global Markets

 

 

25,000

 

 

(44,443

)

Goldcorp, Inc., Strike Price 40.25 USD, Expires 11/20/09,
Broker Deutsche Bank Securities

 

 

40,000

 

 

(15,196

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

32

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

 

Schedule of Investments (continued)

BlackRock Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written—(0.0)%

 

 

 

 

 

 

 

Goldcorp, Inc., Strike Price 41 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

40,000

 

$

(412

)

Goldcorp, Inc., Strike Price 44 USD, Expires 11/03/09,
Broker Citigroup Global Markets

 

 

20,000

 

 

(3

)

Massey Energy Co., Strike Price 25.63 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(86,762

)

Massey Energy Co., Strike Price 26.24 USD,
Expires 11/03/09, Broker Credit Suisse First Boston

 

 

25,000

 

 

(72,158

)

Massey Energy Co., Strike Price 26.76 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

150,000

 

 

(359,717

)

Massey Energy Co., Strike Price 33 USD,
Expires 11/20/09, Broker BNP Paribas

 

 

95,000

 

 

(42,139

)

Noble Corp., Strike Price 35.72 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

25,000

 

 

(125,505

)

Noble Corp., Strike Price 38 USD, Expires 11/20/09,
Broker UBS Securities LLC

 

 

100,000

 

 

(335,492

)

Peabody Energy Corp., Strike Price 36.50 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

50,000

 

 

(155,702

)

Peabody Energy Corp., Strike Price 37.24 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

135,000

 

 

(333,123

)

Penn Virginia Corp., Strike Price 20 USD,
Expires 11/05/09, Broker UBS Securities LLC

 

 

150,000

 

 

(103,155

)

Penn Virginia Corp., Strike Price 21 USD,
Expires 11/20/09, Broker UBS Securities LLC

 

 

50,000

 

 

(36,355

)

Penn Virginia Corp., Strike Price 21.07 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(4,137

)

Petrohawk Energy Corp., Strike Price 23.54 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

100,000

 

 

(49,998

)

Petrohawk Energy Corp., Strike Price 25 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

100,000

 

 

(8,483

)

Petrohawk Energy Corp., Strike Price 27.84 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

50,000

 

 

(10

)

Petroleo Brasileiro SA - ADR, Strike Price 36.04 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

50,000

 

 

(204,000

)

Petroleo Brasileiro SA - ADR, Strike Price 37.02 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

100,000

 

 

(310,000

)

Petroleo Brasileiro SA - ADR, Strike Price 37.59 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

50,000

 

 

(126,715

)

Potash Corp. of Saskatchewan, Inc.,
Strike Price 105.29 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

20,000

 

 

(93

)

Questar Corp., Strike Price 35.44 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

25,000

 

 

(110,000

)

Questar Corp., Strike Price 37.25 USD, Expires 11/06/09,
Broker Morgan Stanley & Co., Inc.

 

 

57,500

 

 

(151,694

)

Range Resources Corp., Strike Price 47.88 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(59,770

)

Range Resources Corp., Strike Price 54.72 USD,
Expires 11/06/09, Broker Credit Suisse First Boston

 

 

83,000

 

 

(8,054

)

Saipem SpA, Strike Price 20.09 EUR, Expires 11/05/09,
Broker Morgan Stanley & Co., Inc.

 

 

85,000

 

 

(53,545

)

Ship Finance International Ltd., Strike Price 13.21 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

65,000

 

 

(1

)

Silver Wheaton Corp., Strike Price 10.56 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

55,000

 

 

(105,810

)

Southwestern Energy Co., Strike Price 43.81 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(17,093

)

Southwestern Energy Co., Strike Price 46.19 USD,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

135,000

 

 

(138,437

)

Weatherford International Ltd., Strike Price 24 USD,
Expires 12/18/09, Broker Credit Suisse First Boston

 

 

50,000

 

 

(1,441

)

Whiting Petroleum Corp., Strike Price 42.40 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

50,000

 

 

(700,000

)

Whiting Petroleum Corp., Strike Price 52.42 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

31,800

 

 

(129,386

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(7,848,344

)

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Put Options Written—(0.0)%

 

 

 

 

 

 

 

Exxon Mobil Corp., Strike Price 67 USD, Expires 11/02/09,
Broker Goldman Sachs & Co.

 

 

72,000

 

$

(522

)

St. Mary Land & Exploration Co., Strike Price 29.50 USD,
Expires 11/02/09, Broker UBS Securities LLC

 

 

110,000

 

 

(232

)

               

Total Over-the-Counter Put Options Written

 

 

 

 

 

(754

)

               

Total Options Written
(Premiums Received—$11,892,803)—(1.7)%

 

 

 

 

 

(11,946,912

)

               

Total Investments Net of Outstanding Options Written—100.3%

 

 

 

 

 

711,028,017

 

Liabilities in Excess of Other Assets—(0.3)%

 

 

 

 

 

(2,439,157

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

708,588,860

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

678,982,897

 

 

 

     

Gross unrealized appreciation

 

$

83,884,349

 

Gross unrealized depreciation

 

 

(39,892,317

)

 

 

     

Net unrealized appreciation

 

$

43,992,032

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

Restricted security as to resale acquired 12/20/07. As of report date the Trust held 0.7% of its net assets, with a current market value of $4,625,388 and an original cost of $3,500,003 in these securities.

(c)

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

(d)

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

(e)

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


 

 

 

 

 

 

 

 

           

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds, TempFund,
Institutional Class

 

$

18,701,414

 

$

104,436

 

BlackRock Liquidity Series, LLC
Money Market Series

 

$

(19,642,550

)

$

82,464

 

               

 

 

(f)

Represents current yield as of report date.

(g)

Security purchased with the cash collateral from securities loans.

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

33




 

 


 

 

Schedule of Investments (concluded)

BlackRock Energy and Resources Trust (BGR)


 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

       

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

691,240,439

 

$

7,113,626

 

 

 

$

698,354,065

 

Short-Term Securities

 

 

18,701,414

 

 

5,894,700

 

 

 

 

24,596,114

 

                           

Total

 

$

709,941,853

 

$

13,008,326

 

 

 

$

722,950,179

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry excluding Level 2, Energy Equipment & Services, within the table.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

       

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

24,750

 

 

 

$

24,750

 

Liabilities:

 

$

(4,097,740

)

 

(7,849,172

)

 

 

 

(11,946,912

)

                           

Total

 

$

(4,097,740

)

$

(7,824,422

)

 

 

$

(11,922,162

)

 

 

                       

 

 

2

Other financial instruments are options which are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

34

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

 

Schedule of Investments October 31, 2009

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Belgium—0.6%

 

 

 

 

 

 

 

Anheuser-Busch InBev NV

 

 

169,900

 

$

7,976,835

 

               

Bermuda—0.9%

 

 

 

 

 

 

 

Bunge Ltd.

 

 

95,900

 

 

5,472,054

 

Invesco Ltd.

 

 

291,400

 

 

6,163,110

 

 

 

 

 

 

     

 

 

 

 

 

 

11,635,164

 

               

Brazil—0.7%

 

 

 

 

 

 

 

Banco Bradesco SA - ADR

 

 

216,000

 

 

4,255,200

 

Banco Santander Brasil SA - ADR (a)

 

 

222,200

 

 

2,635,292

 

BM&FBOVESPA SA

 

 

395,144

 

 

2,545,915

 

 

 

 

 

 

     

 

 

 

 

 

 

9,436,407

 

               

Canada—4.0%

 

 

 

 

 

 

 

Canadian Oil Sands Trust

 

 

285,900

 

 

7,709,960

 

EnCana Corp.

 

 

138,300

 

 

7,660,437

 

Kinross Gold Corp.

 

 

269,500

 

 

5,006,192

 

Pan American Silver Corp. (a)

 

 

261,000

 

 

5,460,120

 

Royal Bank of Canada

 

 

84,400

 

 

4,274,405

 

Suncor Energy, Inc.

 

 

216,964

 

 

7,164,151

 

Toronto-Dominion Bank (The)

 

 

118,715

 

 

6,767,101

 

TransCanada Corp.

 

 

210,000

 

 

6,435,562

 

 

 

 

 

 

     

 

 

 

 

 

 

50,477,928

 

               

Cayman Islands—0.2%

 

 

 

 

 

 

 

Herbalife Ltd.

 

 

75,000

 

 

2,523,750

 

               

China—1.1%

 

 

 

 

 

 

 

AirMedia Group, Inc. - ADR (a)

 

 

237,311

 

 

1,962,562

 

China Construction Bank Corp., Class H

 

 

4,463,800

 

 

3,848,383

 

Focus Media Holding Ltd. - ADR (a)(b)

 

 

313,700

 

 

3,776,948

 

Industrial & Commercial Bank of China

 

 

5,136,100

 

 

4,086,358

 

Noah Education Holdings Ltd. - ADR

 

 

38,300

 

 

183,074

 

 

 

 

 

 

     

 

 

 

 

 

 

13,857,325

 

               

Denmark—0.3%

 

 

 

 

 

 

 

Novo Nordisk A/S

 

 

57,400

 

 

3,566,045

 

               

Finland—0.4%

 

 

 

 

 

 

 

Fortum Oyj

 

 

239,400

 

 

5,666,316

 

               

France—5.2%

 

 

 

 

 

 

 

Air France-KLM (a)

 

 

499,800

 

 

7,662,865

 

AXA SA

 

 

272,000

 

 

6,764,683

 

BNP Paribas

 

 

91,080

 

 

6,861,433

 

Cie de Saint-Gobain

 

 

176,600

 

 

8,605,669

 

France Telecom SA

 

 

175,700

 

 

4,353,627

 

PPR

 

 

55,900

 

 

6,092,165

 

Renault SA (a)

 

 

127,800

 

 

5,719,146

 

Societe Generale

 

 

60,900

 

 

4,044,966

 

Total SA

 

 

104,909

 

 

6,277,782

 

Unibail-Rodamco SE - REIT

 

 

30,400

 

 

6,731,943

 

Vivendi

 

 

116,554

 

 

3,233,479

 

 

 

 

 

 

     

 

 

 

 

 

 

66,347,758

 

               

Germany—3.4%

 

 

 

 

 

 

 

Allianz SE

 

 

22,000

 

 

2,521,723

 

Bayerische Motoren Werke AG

 

 

145,200

 

 

7,102,943

 

Deutche Boerse AG

 

 

59,200

 

 

4,794,764

 

Deutsche Lufthansa AG

 

 

384,700

 

 

5,940,335

 

MAN SE

 

 

106,600

 

 

8,778,151

 

RWE AG

 

 

94,000

 

 

8,245,002

 

SAP AG - ADR

 

 

126,100

 

 

5,708,547

 

 

 

 

 

 

     

 

 

 

 

 

 

43,091,465

 

               

Hong Kong—1.8%

 

 

 

 

 

 

 

Cheung Kong Holdings Ltd.

 

 

629,000

 

 

7,982,825

 

China Mobile Ltd.

 

 

394,400

 

 

3,697,275

 

Sun Kung Kai Properties Ltd.

 

 

524,800

 

 

7,950,985

 

Wing Hang Bank Ltd.

 

 

405,000

 

 

3,929,217

 

 

 

 

 

 

     

 

 

 

 

 

 

23,560,302

 

           

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

India—1.2%

 

 

 

 

 

 

 

Bharti Airtel Ltd.

 

 

697,200

 

$

4,309,703

 

Punjab National Bank Ltd.

 

 

279,600

 

 

5,022,633

 

Sterlite Industries India Ltd. - ADR

 

 

412,000

 

 

6,497,240

 

 

 

 

 

 

     

 

 

 

 

 

 

15,829,576

 

               

Indonesia—0.2%

 

 

 

 

 

 

 

Bank Negara Indonesia Persero Tbk PT

 

 

11,344,400

 

 

2,151,812

 

               

Ireland—0.3%

 

 

 

 

 

 

 

Coviden Plc

 

 

74,800

 

 

3,150,576

 

               

Israel—0.7%

 

 

 

 

 

 

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

180,700

 

 

9,121,736

 

               

Italy—0.5%

 

 

 

 

 

 

 

A2A SpA

 

 

2,319,888

 

 

4,276,646

 

Intesa Sanpaolo SpA

 

 

634,400

 

 

2,068,608

 

 

 

 

 

 

     

 

 

 

 

 

 

6,345,254

 

               

Japan—5.9%

 

 

 

 

 

 

 

Amada Co. Ltd.

 

 

1,303,000

 

 

7,971,494

 

Fujitsu Ltd.

 

 

514,000

 

 

3,026,843

 

Honda Motor Co. Ltd.

 

 

175,700

 

 

5,426,790

 

ITOCHU Corp.

 

 

1,587,100

 

 

10,031,719

 

Japan Tobacco, Inc.

 

 

2,850

 

 

7,995,689

 

Kawasaki Kisen Kaisha Ltd. (a)

 

 

1,426,000

 

 

5,195,945

 

Kenedix Realty Investment Corp. - REIT

 

 

500

 

 

1,433,952

 

Mitsubishi Estate Co. Ltd.

 

 

106,600

 

 

1,610,184

 

Mitsubishi UFJ Financial Group, Inc.

 

 

156,300

 

 

832,517

 

Mitsui & Co. Ltd.

 

 

666,400

 

 

8,751,797

 

Mitsui Fudosan Co. Ltd.

 

 

107,400

 

 

1,737,733

 

Nippon Steel Corp.

 

 

1,321,000

 

 

5,039,650

 

Sumitomo Mitsui Financial Group, Inc.

 

 

87,800

 

 

2,984,333

 

Toyo Suisan Kaisha Ltd.

 

 

247,000

 

 

6,463,226

 

Toyota Motor Corp.

 

 

175,700

 

 

6,936,100

 

 

 

 

 

 

     

 

 

 

 

 

 

75,437,972

 

               

Luxembourg—0.5%

 

 

 

 

 

 

 

ArcelorMittal, NY Registered Shares

 

 

182,800

 

 

6,218,856

 

               

Malaysia—0.4%

 

 

 

 

 

 

 

Bumiputra-Commerce Holdings Bhd

 

 

1,263,800

 

 

4,584,985

 

               

Mexico—0.6%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR

 

 

168,900

 

 

7,315,059

 

               

Netherlands—1.4%

 

 

 

 

 

 

 

Aegon NV (a)

 

 

1,199,900

 

 

8,528,211

 

Corio NV - REIT

 

 

35,900

 

 

2,434,319

 

Randstad Holding NV (a)

 

 

181,000

 

 

6,867,573

 

 

 

 

 

 

     

 

 

 

 

 

 

17,830,103

 

               

New Zealand—0.5%

 

 

 

 

 

 

 

Telecom Corp. of New Zealand Ltd.

 

 

3,495,500

 

 

6,312,033

 

               

Russia—0.8%

 

 

 

 

 

 

 

Lukoil OAO - ADR

 

 

90,000

 

 

5,148,900

 

Vimpel-Communications - ADR (a)

 

 

286,600

 

 

5,138,738

 

 

 

 

 

 

     

 

 

 

 

 

 

10,287,638

 

               

Singapore—2.1%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,387,451

 

 

4,023,448

 

DBS Group Holdings Ltd.

 

 

403,000

 

 

3,690,502

 

Singapore Telecommunications Ltd.

 

 

2,812,555

 

 

5,832,487

 

United Overseas Bank Ltd.

 

 

415,600

 

 

4,981,739

 

Wilmar International Ltd.

 

 

1,841,900

 

 

8,120,861

 

 

 

 

 

 

     

 

 

 

 

 

 

26,649,037

 

               

South Africa—0.8%

 

 

 

 

 

 

 

Naspers Ltd.

 

 

292,200

 

 

10,547,970

 

           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

35




 

 


 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

South Korea—1.7%

 

 

 

 

 

 

 

GS Engineering & Construction Corp.

 

 

104,000

 

$

9,119,988

 

Korea Zinc Co. Ltd.

 

 

43,600

 

 

6,738,653

 

Samsung Electronics Co. Ltd.

 

 

10,500

 

 

6,318,198

 

 

 

 

 

 

     

 

 

 

 

 

 

22,176,839

 

               

Spain—2.1%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA

 

 

342,400

 

 

6,120,401

 

Banco Santander SA

 

 

297,545

 

 

4,788,170

 

Inditex SA

 

 

152,400

 

 

8,945,756

 

Telefonica SA

 

 

268,900

 

 

7,509,433

 

 

 

 

 

 

     

 

 

 

 

 

 

27,363,760

 

               

Sweden—0.5%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

644,300

 

 

6,915,542

 

               

Switzerland—5.3%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

53,700

 

 

7,667,823

 

Nestle SA

 

 

293,699

 

 

13,657,466

 

Novartis AG

 

 

262,300

 

 

13,659,051

 

Roche Holding AG

 

 

60,900

 

 

9,753,923

 

Swiss Reinsurance Co. Ltd.

 

 

110,400

 

 

4,495,554

 

Transocean Ltd. (a)

 

 

74,800

 

 

6,276,468

 

Tyco International Ltd.

 

 

174,900

 

 

5,867,895

 

UBS AG (a)

 

 

122,300

 

 

2,039,321

 

Zurich Financial Services AG

 

 

17,208

 

 

3,940,504

 

 

 

 

 

 

     

 

 

 

 

 

 

67,358,005

 

               

Taiwan—1.4%

 

 

 

 

 

 

 

ASUSTeK Computer, Inc.

 

 

2,698,102

 

 

4,955,483

 

Chang Hwa Commercial Bank

 

 

5,334,000

 

 

2,320,806

 

Mega Financial Holding Co. Ltd.

 

 

7,705,800

 

 

4,291,195

 

Siliconware Precision Industries Co. - ADR

 

 

643,500

 

 

4,330,755

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

172,330

 

 

1,644,028

 

 

 

 

 

 

     

 

 

 

 

 

 

17,542,267

 

               

Thailand—0.2%

 

 

 

 

 

 

 

Bangkok Bank PCL

 

 

849,700

 

 

2,849,892

 

               

United Kingdom—7.3%

 

 

 

 

 

 

 

Aviva Plc

 

 

803,500

 

 

5,024,422

 

Barclays Plc (a)

 

 

856,800

 

 

4,490,559

 

BG Group Plc

 

 

431,400

 

 

7,425,826

 

GlaxoSmithKline Plc

 

 

656,036

 

 

13,457,089

 

HSBC Holdings Plc

 

 

740,330

 

 

8,180,740

 

Legal & General Group Plc

 

 

3,495,600

 

 

4,485,354

 

Persimmon Plc (a)

 

 

460,700

 

 

3,037,338

 

Prudential Plc

 

 

643,500

 

 

5,845,171

 

Standard Chartered Plc

 

 

177,508

 

 

4,354,636

 

Tesco Plc

 

 

1,480,700

 

 

9,872,876

 

Unilever Plc

 

 

263,500

 

 

7,872,288

 

Vodafone Group Plc

 

 

819,393

 

 

1,805,806

 

Vodafone Group Plc - ADR

 

 

172,200

 

 

3,821,118

 

WPP Plc

 

 

740,100

 

 

6,632,712

 

Xstrata Plc (a)

 

 

484,000

 

 

6,971,322

 

 

 

 

 

 

     

 

 

 

 

 

 

93,277,257

 

               

United States—45.4%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

131,900

 

 

6,670,183

 

Alcoa, Inc.

 

 

752,300

 

 

9,343,566

 

Alpha Natural Resources, Inc. (a)(b)

 

 

202,200

 

 

6,868,734

 

American Electric Power Co., Inc.

 

 

209,700

 

 

6,337,134

 

Amerprise Financial, Inc.

 

 

205,400

 

 

7,121,218

 

Analog Devices, Inc.

 

 

228,400

 

 

5,853,892

 

Apache Corp.

 

 

77,100

 

 

7,256,652

 

Apple, Inc. (a)

 

 

49,200

 

 

9,274,200

 

Applied Materials, Inc.

 

 

477,200

 

 

5,821,840

 

Boston Properties, Inc. - REIT

 

 

42,300

 

 

2,570,571

 

Bristol-Myers Squibb Co.

 

 

352,000

 

 

7,673,600

 

CB Richard Ellis Group, Inc. (a)

 

 

384,500

 

 

3,979,575

 

CBS Corp., Class B

 

 

557,700

 

 

6,564,129

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

United States (continued)

 

 

 

 

 

 

 

Celanese Corp., Series A

 

 

238,400

 

$

6,544,080

 

Celgene Corp. (a)

 

 

87,100

 

 

4,446,455

 

Charles Schwab Corp. (The)

 

 

286,800

 

 

4,973,112

 

Chesapeake Energy Corp.

 

 

206,600

 

 

5,061,700

 

Chevron Corp. (c)

 

 

191,800

 

 

14,680,372

 

Cisco Systems, Inc. (a)

 

 

451,800

 

 

10,323,630

 

Citigroup, Inc.

 

 

1,402,600

 

 

5,736,634

 

ConAgra Foods, Inc.

 

 

205,300

 

 

4,311,300

 

ConocoPhillips

 

 

171,600

 

 

8,610,888

 

Consol Energy, Inc.

 

 

132,600

 

 

5,676,606

 

CVS Caremark Corp.

 

 

178,300

 

 

6,293,990

 

Dominion Resources, Inc.

 

 

172,100

 

 

5,866,889

 

eBay, Inc. (a)

 

 

565,200

 

 

12,587,004

 

EMC Corp. (a)

 

 

305,100

 

 

5,024,997

 

Energizer Holdings, Inc. (a)

 

 

91,900

 

 

5,593,953

 

EOG Resources, Inc.

 

 

116,000

 

 

9,472,560

 

Exxon Mobil Corp.

 

 

173,600

 

 

12,441,912

 

Federal Realty Investment Trust - REIT

 

 

62,100

 

 

3,665,763

 

General Electric Co.

 

 

587,200

 

 

8,373,472

 

General Mills, Inc.

 

 

108,600

 

 

7,158,912

 

Google, Inc., Class A (a)

 

 

15,900

 

 

8,524,308

 

Halliburton Co.

 

 

251,700

 

 

7,352,157

 

Hartford Financial Services Group, Inc.

 

 

175,000

 

 

4,291,000

 

Helmerich & Payne, Inc.

 

 

154,200

 

 

5,862,684

 

Hewlett-Packard Co.

 

 

221,100

 

 

10,493,406

 

Hudson City Bancorp, Inc.

 

 

281,400

 

 

3,697,596

 

Intel Corp. (c)

 

 

363,600

 

 

6,948,396

 

International Business Machines Corp.

 

 

82,700

 

 

9,974,447

 

JCPenney Co., Inc.

 

 

150,300

 

 

4,979,439

 

Johnson & Johnson

 

 

96,800

 

 

5,716,040

 

Jones Lang LaSalle, Inc.

 

 

90,900

 

 

4,258,665

 

JPMorgan Chase & Co.

 

 

96,400

 

 

4,026,628

 

Kla-Tencor Corp.

 

 

258,100

 

 

8,390,831

 

Kohl’s Corp. (a)(c)

 

 

175,100

 

 

10,019,222

 

Las Vegas Sands Corp. (a)(b)

 

 

245,600

 

 

3,706,104

 

LaSalle Hotel Properties - REIT

 

 

239,200

 

 

4,104,672

 

Lincoln National Corp.

 

 

248,600

 

 

5,924,138

 

Mack-Cali Realty Corp. - REIT

 

 

116,200

 

 

3,596,390

 

Macy’s, Inc.

 

 

302,900

 

 

5,321,953

 

Manpower, Inc.

 

 

110,200

 

 

5,224,582

 

Marathon Oil Corp.

 

 

300,500

 

 

9,606,985

 

Medco Health Solutions, Inc. (a)

 

 

59,000

 

 

3,311,080

 

Medtronic, Inc.

 

 

125,100

 

 

4,466,070

 

MetLife, Inc.

 

 

161,900

 

 

5,509,457

 

Microsoft Corp. (c)

 

 

352,500

 

 

9,774,825

 

Monster Worldwide, Inc. (a)

 

 

454,900

 

 

6,605,148

 

Morgan Stanley

 

 

210,800

 

 

6,770,896

 

Newmont Mining Corp.

 

 

176,300

 

 

7,661,998

 

NII Holdings, Inc. (a)

 

 

175,000

 

 

4,712,750

 

Nike, Inc.

 

 

103,500

 

 

6,435,630

 

Oracle Corp.

 

 

275,000

 

 

5,802,500

 

Parametric Technology Corp. (a)

 

 

422,400

 

 

6,297,984

 

People’s United Financial, Inc.

 

 

211,500

 

 

3,390,345

 

PepsiCo, Inc.

 

 

144,500

 

 

8,749,475

 

Pfizer, Inc.

 

 

721,100

 

 

12,280,333

 

Piper Jaffray Cos. (a)

 

 

65,500

 

 

3,038,545

 

Prudential Financial, Inc.

 

 

115,500

 

 

5,224,065

 

QUALCOMM, Inc.

 

 

82,300

 

 

3,408,043

 

Ralcorp Holdings, Inc. (a)

 

 

102,200

 

 

5,488,140

 

Sempra Energy

 

 

156,100

 

 

8,031,345

 

SPX Corp.

 

 

97,300

 

 

5,135,494

 

State Street Corp.

 

 

76,400

 

 

3,207,272

 

Stryker Corp.

 

 

138,900

 

 

6,389,400

 

SunTrust Banks, Inc.

 

 

301,100

 

 

5,754,021

 

T. Rowe Price Group, Inc.

 

 

104,000

 

 

5,067,920

 

Texas Instruments, Inc.

 

 

330,000

 

 

7,738,500

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

36

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 


 

Schedule of Investments (continued)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States (concluded)

 

 

 

 

 

 

 

Travelers Cos., Inc. (The)

 

 

143,300

 

$

7,134,907

 

U.S. Bancorp

 

 

109,100

 

 

2,533,302

 

UnitedHealth Group, Inc.

 

 

130,100

 

 

3,376,095

 

Urban Outfitters, Inc. (a)

 

 

236,200

 

 

7,411,956

 

Virgin Media, Inc.

 

 

489,800

 

 

6,842,506

 

Wabtec Corp.

 

 

100,700

 

 

3,701,732

 

Walt Disney Co. (The)

 

 

269,100

 

 

7,365,267

 

WellPoint, Inc. (a)

 

 

62,700

 

 

2,931,852

 

Wells Fargo & Co.

 

 

219,900

 

 

6,051,648

 

Weyerhauser Co.

 

 

170,400

 

 

6,192,336

 

XTO Energy, Inc.

 

 

181,200

 

 

7,530,672

 

Yum! Brands, Inc.

 

 

133,600

 

 

4,402,121

 

 

 

 

 

 

     

 

 

 

 

 

 

579,924,796

 

               

Total Long-Term Investments
(Cost—$1,229,541,176)—98.4%

 

 

 

 

 

1,257,330,260

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

Shares/
Beneficial
Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.18% (d)(e)

 

 

5,139,633

 

 

5,139,633

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.33% (d)(e)(f)

 

 

7,602,800

 

 

7,602,800

 

               

Total Short-Term Securities
(Cost—$12,742,433)—1.0%

 

 

 

 

 

12,742,433

 

               

 

 

 

 

 

 

 

 


Options Purchased

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Purchased—0.0%

 

 

 

 

 

 

 

Research In Motion Ltd., Strike Price 85 USD,
Expires 11/23/09

 

 

111

 

 

277

 

United States Steel Corp., Strike Price 53 USD,
Expires 12/04/09

 

 

880

 

 

369

 

               

Total Options Purchased
(Cost—$57,288)—0.0%

 

 

 

 

 

646

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,242,340,897*)—99.4%

 

 

 

 

 

1,270,073,339

 

               

 

 

 

 

 

 

 

 


Options Written

 

 

 

 

 

 

 

               

Exchange-Traded Call Options Written—(0.4)%

 

 

 

 

 

 

 

Abbott Laboratories, Strike Price 50 USD, Expires 11/23/09

 

 

355

 

 

(49,700

)

Alcoa, Inc., Strike Price 16 USD, Expires 11/23/09

 

 

200

 

 

(800

)

Alcon, Inc., Strike Price 145 USD, Expires 11/23/09

 

 

300

 

 

(80,250

)

Alpha Natural Resources, Inc., Strike Price 36.50 USD,
Expires 11/03/09

 

 

520

 

 

(5,504

)

Alpha Natural Resources, Inc., Strike Price 42 USD,
Expires 12/21/09

 

 

600

 

 

(43,500

)

American Electric Power Co., Inc., Strike Price 32.50 USD,
Expires 11/23/09

 

 

1,150

 

 

(11,500

)

Amerprise Financial, Inc., Strike Price 32 USD,
Expires 11/03/09

 

 

250

 

 

(67,475

)

Amerprise Financial, Inc., Strike Price 35 USD,
Expires 11/23/09

 

 

415

 

 

(60,175

)

Analog Devices, Inc., Strike Price 30 USD,
Expires 12/21/09

 

 

1,250

 

 

(21,875

)

Apple, Inc., Strike Price 210 USD, Expires 12/21/09

 

 

50

 

 

(12,125

)

Applied Materials, Inc., Strike Price 14 USD,
Expires 11/23/09

 

 

940

 

 

(7,050

)

ArcelorMittal, NY Registered Shares, Strike Price 40 USD,
Expires 11/06/09

 

 

545

 

 

(893

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

ArcelorMittal, NY Registered Shares, Strike Price 42 USD,
Expires 11/23/09

 

 

257

 

$

(3,855

)

Banco Bradesco SA - ADR, Strike Price 20 USD,
Expires 11/23/09

 

 

720

 

 

(59,400

)

Banco Bradesco SA - ADR, Strike Price 22.50 USD,
Expires 12/21/09

 

 

470

 

 

(16,450

)

Bristol-Myers Squibb Co., Strike Price 23 USD,
Expires 11/23/09

 

 

440

 

 

(5,500

)

Canadian Oil Sands Trust, Strike Price 30 CAD,
Expires 12/19/09

 

 

280

 

 

(25,230

)

Celgene Corp., Strike Price 57.50 USD, Expires 11/23/09

 

 

650

 

 

(11,375

)

Chesapeake Energy Corp., Strike Price 31 USD,
Expires 11/23/09

 

 

800

 

 

(6,000

)

Chevron Corp., Strike Price 75 USD, Expires 12/21/09

 

 

775

 

 

(279,000

)

Cisco Systems, Inc., Strike Price 24 USD, Expires 1/18/10

 

 

340

 

 

(29,750

)

Citigroup, Inc., Strike Price 5 USD, Expires 11/23/09

 

 

1,215

 

 

(4,253

)

ConAgra Foods, Inc., Strike Price 22.50 USD,
Expires 12/21/09

 

 

1,130

 

 

(22,600

)

Consol Energy, Inc., Strike Price 50 USD, Expires 11/23/09

 

 

500

 

 

(16,250

)

Consol Energy, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

250

 

 

(1,875

)

Covidien Plc, Strike Price 42.50 USD, Expires 11/23/09

 

 

400

 

 

(51,000

)

CVS Caremark Corp., Strike Price 37 USD,
Expires 11/23/09

 

 

1,000

 

 

(45,000

)

EMC Corp., Strike Price 18 USD, Expires 12/21/09

 

 

1,670

 

 

(49,265

)

EnCana Corp., Strike Price 60 USD, Expires 11/23/09

 

 

550

 

 

(34,375

)

Energizer Holdings, Inc., Strike Price 70 USD,
Expires 11/23/09

 

 

500

 

 

(12,500

)

Exxon Mobil Corp., Strike Price 75 USD, Expires 12/21/09

 

 

950

 

 

(109,250

)

Federal Realty Investment Trust - REIT,
Strike Price 60 USD, Expires 11/23/09

 

 

370

 

 

(75,850

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price 37 USD, Expires 11/03/09

 

 

950

 

 

(599,450

)

General Electric Co., Strike Price 18 USD,
Expires 11/23/09

 

 

855

 

 

(1,282

)

General Mills, Inc., Strike Price 65 USD, Expires 11/23/09

 

 

600

 

 

(105,000

)

Google, Inc., Strike Price 480 USD, Expires 12/21/09

 

 

33

 

 

(201,300

)

Google, Inc., Strike Price 510 USD, Expires 11/23/09

 

 

55

 

 

(169,125

)

Halliburton Co., Strike Price 32 USD, Expires 11/23/09

 

 

1,500

 

 

(46,500

)

Herbalife Ltd., Strike Price 35 USD, Expires 11/23/09

 

 

750

 

 

(82,500

)

Hewlett-Packard Co., Strike Price 45 USD,
Expires 11/23/09

 

 

202

 

 

(60,600

)

Hewlett-Packard Co., Strike Price 49 USD,
Expires 11/23/09

 

 

950

 

 

(57,000

)

Intel Corp., Strike Price 21 USD, Expires 11/12/09

 

 

670

 

 

(251

)

Intel Corp., Strike Price 21 USD, Expires 11/23/09

 

 

650

 

 

(3,575

)

Intel Corp., Strike Price 21 USD, Expires 12/21/09

 

 

680

 

 

(15,640

)

International Business Machines Corp.,
Strike Price 125 USD, Expires 12/21/09

 

 

500

 

 

(118,750

)

JCPenney Co., Inc., Strike Price 36 USD, Expires 11/23/09

 

 

825

 

 

(45,375

)

Jones Lang LaSalle, Inc., Strike Price 55 USD,
Expires 12/21/09

 

 

500

 

 

(32,500

)

JPMorgan Chase & Co., Strike Price 48 USD,
Expires 12/21/09

 

 

500

 

 

(31,250

)

Kinross Gold Corp., Strike Price 23 CAD, Expires 11/21/09

 

 

1,430

 

 

(29,074

)

Kinross Gold Corp., Strike Price 26 CAD, Expires 11/21/09

 

 

1,265

 

 

(5,261

)

Kohl’s Corp., Strike Price 60 USD, Expires 11/23/09

 

 

200

 

 

(20,000

)

Lincoln National Corp., Strike Price 28 USD,
Expires 11/23/09

 

 

800

 

 

(24,000

)

Lincoln National Corp., Strike Price 28 USD,

 

 

 

 

 

 

 

Expires 12/21/09

 

 

570

 

 

(45,600

)

Macy’s, Inc., Strike Price 15 USD, Expires 11/23/09

 

 

1,665

 

 

(466,200

)

Manpower, Inc., Strike Price 60 USD, Expires 11/23/09

 

 

600

 

 

(6,000

)

Marathon Oil Corp., Strike Price 34 USD,
Expires 12/04/09

 

 

300

 

 

(19,696

)

Medtronic, Inc., Strike Price 40 USD, Expires 11/23/09

 

 

690

 

 

(3,450

)

MetLife, Inc., Strike Price 39 USD, Expires 11/23/09

 

 

250

 

 

(6,875

)

MetLife, Inc., Strike Price 43 USD, Expires 12/21/09

 

 

165

 

 

(3,712

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

37




 

 

 


 

Schedule of Investments (continued)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

MetLife, Inc., Strike Price 44 USD, Expires 12/21/09

 

 

310

$

(5,425

)

Microsoft Corp., Strike Price 26 USD, Expires 11/23/09

 

 

1,100

 

 

(207,900

)

Microsoft Corp., Strike Price 29 USD, Expires 12/21/09

 

 

520

 

 

(29,120

)

Monster Worldwide, Inc., Strike Price 20 USD,
Expires 11/23/09

 

 

2,500

 

 

(12,500

)

Nike, Inc., Strike Price 65 USD, Expires 11/23/09

 

 

230

 

 

(13,800

)

Pan American Silver Corp., Strike Price 26 USD,
Expires 11/23/09

 

 

1,315

 

 

(19,725

)

People’s United Financial, Inc., Strike Price 17.50 USD,
Expires 11/23/09

 

 

1,160

 

 

(8,700

)

PepsiCo, Inc., Strike Price 62.50 USD, Expires 11/23/09

 

 

200

 

 

(8,000

)

Pfizer, Inc., Strike Price 17 USD, Expires 11/23/09

 

 

725

 

 

(29,363

)

Piper Jaffray Cos., Strike Price 55 USD, Expires 12/21/09

 

 

180

 

 

(13,500

)

Piper Jaffray Cos., Strike Price 60 USD, Expires 12/21/09

 

 

180

 

 

(3,600

)

PPR, Strike Price 90 EUR, Expires 12/20/09

 

 

80

 

 

(5,760

)

Prudential Financial, Inc., Strike Price 55 USD,
Expires 12/21/09

 

 

120

 

 

(9,000

)

QUALCOMM, Inc., Strike Price 44 USD, Expires 12/21/09

 

 

450

 

 

(43,425

)

Ralcorp Holdings, Inc., Strike Price 60 USD,
Expires 11/23/09

 

 

560

 

 

(7,000

)

Royal Bank of Canada, Strike Price 58 CAD, Expires 11/21/09

 

 

460

 

 

(10,203

)

SAP AG - ADR, Strike Price 55 USD, Expires 12/21/09

 

 

700

 

 

(3,500

)

Sempra Energy, Strike Price 50 USD, Expires 11/23/09

 

 

860

 

 

(191,350

)

State Street Corp., Strike Price 55 USD, Expires 11/23/09

 

 

420

 

 

(2,100

)

Stryker Corp., Strike Price 48 USD, Expires 11/23/09

 

 

750

 

 

(35,625

)

Suncor Energy, Inc., Strike Price 36 USD,
Expires 12/21/09

 

 

650

 

 

(74,750

)

Suncor Energy, Inc., Strike Price 39 USD, Expires 11/23/09

 

 

500

 

 

(8,750

)

Suncor Energy, Inc., Strike Price 40 USD, Expires 11/23/09

 

 

690

 

 

(8,625

)

SunTrust Banks, Inc., Strike Price 24 USD,
Expires 11/23/09

 

 

420

 

 

(4,200

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 52.50 USD, Expires 11/23/09

 

 

410

 

 

(20,500

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 52.50 USD, Expires 12/21/09

 

 

580

 

 

(60,900

)

Toronto-Dominion Bank (The), Strike Price 68 CAD,
Expires 12/19/09

 

 

415

 

 

(23,971

)

Toronto-Dominion Bank (The), Strike Price 70 CAD,
Expires 11/21/09

 

 

246

 

 

(2,273

)

Transocean, Inc., Strike Price 85 USD, Expires 11/23/09

 

 

293

 

 

(93,760

)

Transocean, Inc., Strike Price 90 USD, Expires 11/23/09

 

 

120

 

 

(17,400

)

Travelers Cos., Inc. (The), Strike Price 50 USD,
Expires 11/23/09

 

 

800

 

 

(110,000

)

U.S. Bancorp, Strike Price 23 USD, Expires 11/23/09

 

 

100

 

 

(11,250

)

U.S. Bancorp, Strike Price 24 USD, Expires 12/21/09

 

 

535

 

 

(58,850

)

UnitedHealth Group, Inc., Strike Price 28 USD,
Expires 12/21/09

 

 

715

 

 

(64,350

)

Virgin Media, Inc., Strike Price 15 USD, Expires 12/21/09

 

 

360

 

 

(19,800

)

Walt Disney Co. (The), Strike Price 30 USD,
Expires 11/23/09

 

 

400

 

 

(8,000

)

Walt Disney Co. (The), Strike Price 31 USD,
Expires 12/21/09

 

 

320

 

 

(8,000

)

WellPoint, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

310

 

 

(3,875

)

WellPoint, Inc., Strike Price 60 USD, Expires 12/21/09

 

 

53

 

 

(1,060

)

Weyerhauser Co., Strike Price 39 USD, Expires 11/23/09

 

 

850

 

 

(46,750

)

XTO Energy, Inc., Strike Price 43 USD, Expires 11/23/09

 

 

380

 

 

(42,750

)

XTO Energy, Inc., Strike Price 45 USD, Expires 11/23/09

 

 

640

 

 

(35,200

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(4,804,201

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Herbalife Ltd., Strike Price 30 USD, Expires 11/23/09

 

 

750

 

 

(33,750

)

Corio NV, Strike Price 42 EUR, Expires 12/18/09

 

 

183

 

 

(22,990

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(56,740

)

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written—(1.2)%

 

 

 

 

 

 

 

A2A SpA, Strike Price 1.33 EUR, Expires 11/05/09,
Broker Goldman Sachs & Co.

 

 

882,000

 

$

(981

)

A2A SpA, Strike Price 1.38 EUR, Expires 11/18/09,
Broker UBS Securities LLC

 

 

393,900

 

 

(829

)

Abbott Laboratories, Strike Price 50 USD,
Expires 12/18/09, Broker UBS Securities LLC

 

 

37,000

 

 

(72,375

)

Aegon NV, Strike Price 5.91 EUR, Expires 11/18/09,
Broker Credit Suisse First Boston

 

 

659,900

 

 

(14,490

)

Air France-KLM, Strike Price 12.48 EUR,
Expires 11/05/09, Broker Goldman Sachs & Co.

 

 

300,000

 

 

(815

)

AirMedia Group, Inc. - ADR, Strike Price 7.50 USD,
Expires 11/20/09, Broker UBS Securities LLC

 

 

48,000

 

 

(43,972

)

AirMedia Group, Inc. - ADR, Strike Price 7.50 USD,
Expires 12/18/09, Broker UBS Securities LLC

 

 

48,000

 

 

(53,034

)

AirMedia Group, Inc. - ADR, Strike Price 8.13 USD,
Expires 11/03/09, Broker JPMorgan Chase Securities

 

 

46,000

 

 

(8,718

)

Alcoa, Inc., Strike Price 13.75 USD, Expires 11/12/09,
Broker Citigroup Global Markets

 

 

93,700

 

 

(8,415

)

Alcoa, Inc., Strike Price 14.79 USD, Expires 11/06/09,
Broker UBS Securities LLC

 

 

170,000

 

 

(896

)

Alcoa, Inc., Strike Price 15.23 USD, Expires 11/06/09,
Broker Citigroup Global Markets

 

 

150,000

 

 

(265

)

Allianz SE, Strike Price 81.86 EUR, Expires 1/07/10,
Broker UBS Securities LLC

 

 

12,100

 

 

(36,096

)

Amada Co. Ltd., Strike Price 647.85 JPY,
Expires 11/10/09, Broker UBS Securities LLC

 

 

716,800

 

 

(564

)

Amerprise Financial, Inc., Strike Price 31 USD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

57,000

 

 

(214,141

)

Apache Corp., Strike Price 92.64 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

42,000

 

 

(88,194

)

Apple, Inc., Strike Price 179.04 USD,
Expires 11/13/09, Broker Morgan Stanley & Co., Inc.

 

 

27,000

 

 

(302,400

)

Applied Materials, Inc., Strike Price 14 USD,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

130,000

 

 

(7,155

)

Applied Materials, Inc., Strike Price 14.43 USD,
Expires 11/13/09, Broker Morgan Stanley & Co., Inc.

 

 

38,500

 

 

(278

)

ASUSTeK Computer, Inc., Strike Price 54.57 TWD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

1,500,000

 

 

(295,575

)

Aviva Plc, Strike Price 3.63 GBP, Expires 11/05/09,
Broker Goldman Sachs & Co.

 

 

282,000

 

 

(83,498

)

Aviva Plc, Strike Price 3.90 GBP, Expires 11/05/09,
Broker Citigroup Global Markets

 

 

159,000

 

 

(12,399

)

AXA SA, Strike Price 17.19 EUR, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

149,600

 

 

(54,356

)

Banco Bilbao Vizcaya Argentaria SA, Strike Price 12.07 EUR,
Expires 11/05/09, Broker Morgan Stanley & Co., Inc.

 

 

188,000

 

 

(64,664

)

Banco Santander SA, Strike Price 11.55 EUR,
Expires 11/05/09, Broker Morgan Stanley & Co., Inc.

 

 

253,500

 

 

(7,971

)

Barclays Plc, Strike Price 3.50 GBP, Expires 11/05/09,
Broker UBS Securities LLC

 

 

50,000

 

 

(458

)

Barclays Plc, Strike Price 3.90 GBP, Expires 11/05/09,
Broker UBS Securities LLC

 

 

425,000

 

 

(153

)

Bayerische Motoren Werke AG, Strike Price 34.63 EUR,
Expires 11/05/09, Broker Morgan Stanley & Co., Inc.

 

 

80,000

 

 

(17,359

)

BG Group Plc, Strike Price 10.94 GBP, Expires 11/05/09,
Broker UBS Securities LLC

 

 

205,000

 

 

(16,199

)

BG Group Plc, Strike Price 11.45 GBP, Expires 12/03/09,
Broker Citigroup Global Markets

 

 

33,000

 

 

(6,417

)

BM&FBOVESPA SA, Strike Price 12.47 BRL,
Expires 11/06/09, Broker Credit Suisse First Boston

 

 

49,000

 

 

(246

)

BM&FBOVESPA SA, Strike Price 12.64 BRL,
Expires 1/05/10, Broker Goldman Sachs & Co.

 

 

168,400

 

 

(27,163

)

BNP Paribas, Strike Price 54.29 EUR, Expires 12/10/09,
Broker UBS Securities LLC

 

 

50,000

 

 

(105,896

)

Boston Properties, Inc. - REIT, Strike Price 62.42 USD,
Expires 11/12/09, Broker Credit Suisse First Boston

 

 

23,200

 

 

(33,583

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

38

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Bristol-Myers Squibb Co., Strike Price 20.50 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

52,000

 

$

(67,600

)

Bristol-Myers Squibb Co., Strike Price 23.20 USD,
Expires 11/13/09, Broker Credit Suisse First Boston

 

 

97,500

 

 

(3,317

)

Bunge Ltd., Strike Price 70 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

50,000

 

 

(1

)

Canadian Oil Sands Trust, Strike Price 34.62 CAD,
Expires 12/15/09, Broker Goldman Sachs & Co.

 

 

214,500

 

 

(33,617

)

CapitaLand Ltd., Strike Price 3.91 SGD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

763,000

 

 

(105,285

)

CB Richard Ellis Group, Inc., Strike Price 14.41 USD,
Expires 12/23/09, Broker UBS Securities LLC

 

 

210,000

 

 

(13,345

)

CBS Corp., Class B, Strike Price 13.38 USD,
Expires 11/06/09, Broker Goldman Sachs & Co.

 

 

306,700

 

 

(13,943

)

Celanese Corp., Series A, Strike Price 25.93 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

130,000

 

 

(205,426

)

Chang Hwa Commercial Bank, Strike Price 14.15 TWD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

1,500,000

 

 

(16,170

)

Chang Hwa Commercial Bank, Strike Price 14.52 TWD,
Expires 11/10/09, Broker Credit Suisse First Boston

 

 

1,500,000

 

 

(7,035

)

Charles Schwab Corp., Strike Price 18.50 USD,
Expires 11/05/09, Broker Credit Suisse First Boston

 

 

67,700

 

 

(1,103

)

Charles Schwab Corp., Strike Price 19.34 USD,
Expires 11/20/09, Broker Citigroup Global Markets

 

 

90,000

 

 

(3,592

)

Cheung Kong Holdings Ltd., Strike Price 110.21 HKD,
Expires 12/16/09, Broker Credit Suisse First Boston

 

 

346,000

 

 

(58,475

)

Chevron Corp., Strike Price 71.20 USD,
Expires 11/06/09, Broker Citigroup Global Markets

 

 

66,000

 

 

(352,440

)

China Construction Bank Corp., Class H,
Strike Price 6.13 HKD, Expires 11/10/09,
Broker Credit Suisse First Boston

 

 

2,319,000

 

 

(166,118

)

China Mobile Ltd., Strike Price 82.66 HKD,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

217,000

 

 

(657

)

Cie de Saint-Gobain, Strike Price 36.40 EUR,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

97,000

 

 

(104,653

)

CIMB Group Holdings Bhd, Strike Price 10.46 MYR,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

145,000

 

 

(86,034

)

CIMB Group Holdings Bhd, Strike Price 11.40 MYR,
Expires 12/01/09, Broker Credit Suisse First Boston

 

 

450,000

 

 

(146,016

)

Cisco Systems, Inc., Strike Price 23.19 USD,
Expires 11/13/09, Broker UBS Securities LLC

 

 

215,000

 

 

(59,394

)

Citigroup, Inc., Strike Price 5.15 USD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

650,000

 

 

(1,118

)

ConocoPhillips, Strike Price 54.12 USD,
Expires 11/13/09, Broker UBS Securities LLC

 

 

95,000

 

 

(14,358

)

Corio NV - REIT, Strike Price 41.02 EUR,
Expires 11/05/09, Broker Goldman Sachs & Co.

 

 

21,500

 

 

(161,348

)

DBS Group Holdings Ltd., Strike Price 13.41 SGD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

221,000

 

 

(7,605

)

Deutche Borse AG, Strike Price 58.45 EUR,
Expires 11/05/09, Broker UBS Securities LLC

 

 

15,900

 

 

(2,150

)

Deutche Borse AG, Strike Price 59.55 EUR,
Expires 11/05/09, Broker Goldman Sachs & Co.

 

 

16,300

 

 

(806

)

Deutsche Lufthansa AG, Strike Price 12.32 EUR,
Expires 12/15/09, Broker Deutsche Bank Securities

 

 

212,000

 

 

(18,406

)

Dominion Resources, Inc., Strike Price 34.19 USD,
Expires 11/06/09, Broker Citigroup Global Markets

 

 

95,000

 

 

(21,214

)

eBay, Inc., Strike Price 22.73 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

125,000

 

 

(18,306

)

eBay, Inc., Strike Price 23.38 USD, Expires 11/13/09,
Broker Citigroup Global Markets

 

 

185,000

 

 

(39,954

)

EnCana Corp., Strike Price 53.60 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

21,000

 

 

(41,587

)

EOG Resources, Inc., Strike Price 86.88 USD,
Expires 11/06/09, Broker UBS Securities LLC

 

 

64,000

 

 

(38,090

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Focus Media Holding Ltd. - ADR, Strike Price 10.19 USD,
Expires 11/06/09, Broker Morgan Stanley & Co., Inc.

 

 

172,500

 

$

(321,064

)

Fortum Oyj, Strike Price 19.06 EUR, Expires 11/04/09,
Broker Citigroup Global Markets

 

 

131,700

 

 

(2

)

France Telecom SA, Strike Price 18.20 EUR,
Expires 11/05/09, Broker Morgan Stanley & Co., Inc.

 

 

97,000

 

 

(118

)

Fujitsu Ltd., Strike Price 646.80 JPY, Expires 11/10/09,
Broker Deutsche Bank Securities

 

 

283,000

 

 

(36

)

General Electric Co., Strike Price 16 USD,
Expires 11/06/09, Broker JPMorgan Chase Securities

 

 

238,000

 

 

(831

)

GlaxoSmithKline Plc, Strike Price 12 GBP,
Expires 11/05/09, Broker Morgan Stanley & Co., Inc.

 

 

215,000

 

 

(177,721

)

GlaxoSmithKline Plc, Strike Price 12.38 GBP,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

145,000

 

 

(66,083

)

GS Engineering & Construction Corp.,
Strike Price 99,746 KRW, Expires 11/10/09,
Broker Deutsche Bank Securities

 

 

57,200

 

 

(350,098

)

Hartford Financial Services Group, Inc.,
Strike Price 18 USD, Expires 11/13/09,
Broker Goldman Sachs & Co.

 

 

175,000

 

 

(1,144,654

)

Helmerich & Payne, Inc., Strike Price 36.53 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

84,800

 

 

(225,850

)

Honda Motor Co. Ltd., Strike Price 3,270.07 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

98,000

 

 

(394

)

HSBC Holdings Plc, Strike Price 7.02 GBP,
Expires 11/05/09, Broker Morgan Stanley & Co., Inc.

 

 

407,000

 

 

(19,687

)

Hudson City Bancorp, Strike Price 14 USD,
Expires 11/03/09, Broker Credit Suisse First Boston

 

 

57,000

 

 

(114

)

Hudson City Bancorp, Strike Price 14.14 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

98,000

 

 

(73

)

InBev NV, Strike Price 28.49 EUR, Expires 11/05/09,
Broker Morgan Stanley & Co., Inc.

 

 

114,300

 

 

(579,126

)

Inditex SA, Strike Price 39.99 EUR, Expires 11/05/09,
Broker Morgan Stanley & Co., Inc.

 

 

84,000

 

 

(80,425

)

Industrial & Commercial Bank of China,
Strike Price 6.23 HKD, Expires 11/10/09,
Broker Deutsche Bank Securities

 

 

2,825,000

 

 

(37,686

)

Intesa Sanpaolo SpA, Strike Price 2.43 EUR,
Expires 11/12/09, Broker Goldman Sachs & Co.

 

 

183,300

 

 

(5,115

)

Intesa Sanpaolo SpA, Strike Price 2.47 EUR,
Expires 11/05/09, Broker UBS Securities LLC

 

 

165,600

 

 

(744

)

Invesco Ltd., Strike Price 21.24 USD,
Expires 11/06/09, Broker Citigroup Global Markets

 

 

87,000

 

 

(40,992

)

Invesco Ltd., Strike Price 23.37 USD,
Expires 11/12/09, Broker Credit Suisse First Boston

 

 

116,900

 

 

(12,028

)

ITOCHU Corp., Strike Price 611.77 JPY,
Expires 12/01/09, Broker Deutsche Bank Securities

 

 

149,000

 

 

(13,660

)

ITOCHU Corp., Strike Price 727.24 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

724,000

 

 

(11

)

Japan Tobacco, Inc., Strike Price 292,314 JPY,
Expires 12/16/09, Broker Morgan Stanley & Co., Inc.

 

 

1,570

 

 

(30,673

)

Johnson & Johnson, Strike Price 60.80 USD,
Expires 11/06/09, Broker Morgan Stanley & Co., Inc.

 

 

53,300

 

 

(1,155

)

Kawasaki Kisen Kaisha Ltd., Strike Price 407.40 JPY,
Expires 11/10/09, Broker Morgan Stanley & Co., Inc.

 

 

784,000

 

 

(175

)

Kenedix Realty Investment Corp. - REIT,
Strike Price 331,100 JPY, Expires 11/10/09,
Broker UBS Securities LLC

 

 

275

 

 

(44

)

Kla-Tencor Corp., Strike Price 33.74 USD,
Expires 11/03/09, Broker Credit Suisse First Boston

 

 

142,000

 

 

(19,122

)

Kohl’s Corp., Strike Price 53.56 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

76,000

 

 

(278,678

)

Korea Zinc Co. Ltd., Strike Price 180,440 KRW,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

24,000

 

 

(222,008

)

Las Vegas Sands Corp., Strike Price 13.46 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

135,000

 

 

(226,225

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

39




 

 


 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

LaSalle Hotel Properties - REIT, Strike Price 17.55 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

143,000

 

$

(31,481

)

Legal & General Group Plc, Strike Price 0.66 GBP,
Expires 11/05/09, Broker Goldman Sachs & Co.

 

 

935,000

 

 

(186,699

)

Legal & General Group Plc, Strike Price 0.79 GBP,
Expires 11/05/09, Broker JPMorgan Chase Securities

 

 

891,000

 

 

(25,067

)

Lukoil OAO - ADR, Strike Price 57.23 USD,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

90,000

 

 

(249,983

)

Mack-Cali Realty Corp. - REIT, Strike Price 34 USD,
Expires 11/09/09, Broker Morgan Stanley & Co., Inc.

 

 

64,000

 

 

(7,008

)

MAN SE, Strike Price 57.34 EUR, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

58,600

 

 

(166,955

)

Marathon Oil Corp., Strike Price 33 USD,
Expires 11/03/09, Broker JPMorgan Chase Securities

 

 

135,000

 

 

(21,525

)

Medco Health Solutions, Inc., Strike Price 59.13 USD,
Expires 11/30/09, Broker UBS Securities LLC

 

 

35,000

 

 

(27,328

)

Mega Financial Holding Co. Ltd., Strike Price 17.28 TWD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

2,000,000

 

 

(79,340

)

Mega Financial Holding Co. Ltd., Strike Price 17.38 TWD,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

2,239,000

 

 

(82,641

)

MetLife, Inc., Strike Price 38 USD, Expires 11/13/09,
Broker Citigroup Global Markets

 

 

18,000

 

 

(3,961

)

Microsoft Corp., Strike Price 25 USD, Expires 11/06/09,
Broker Deutsche Bank Securities

 

 

32,000

 

 

(87,360

)

Mitsubishi Estate Co. Ltd., Strike Price 1,761.37 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

59,000

 

 

(1

)

Mitsui & Co. Ltd., Strike Price 1,288.56 JPY,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

69,700

 

 

(3,702

)

Mitsui & Co. Ltd., Strike Price 1,338.75 JPY,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

296,800

 

 

(4,754

)

Mitsui Fudosan Co. Ltd., Strike Price 1,901.80 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

59,000

 

 

(1

)

Morgan Stanley, Strike Price 30.42 USD,
Expires 11/03/09, Broker Credit Suisse First Boston

 

 

65,000

 

 

(114,202

)

Morgan Stanley, Strike Price 33 USD,
Expires 12/04/09, Broker Deutsche Bank Securities

 

 

51,000

 

 

(68,340

)

Naspers Ltd., Strike Price 242.99 ZAR,
Expires 11/05/09, Broker Credit Suisse First Boston

 

 

160,000

 

 

(798,864

)

Nestle SA, Strike Price 43.97 CHF, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

161,500

 

 

(588,986

)

Newmont Mining Corp., Strike Price 48.60 USD,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

96,900

 

 

(14,011

)

NII Holdings, Inc., Strike Price 28.87 USD,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

96,200

 

 

(28,792

)

Nike, Inc., Strike Price 59.12 USD, Expires 11/03/09,
Broker Goldman Sachs & Co.

 

 

34,000

 

 

(104,596

)

Nippon Steel Corp., Strike Price 408.96 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

727,000

 

 

(234

)

Nordea Bank AB, Strike Price 75.76 SEK,
Expires 12/10/09, Broker BNP Paribas

 

 

92,000

 

 

(48,752

)

Nordea Bank AB, Strike Price 79.59 SEK,
Expires 12/10/09, Broker BNP Paribas

 

 

263,000

 

 

(75,838

)

Novartis AG, Registered Shares, Strike Price 50.48 CHF,
Expires 11/05/09, Broker Credit Suisse First Boston

 

 

126,700

 

 

(366,126

)

Novartis AG, Registered Shares, Strike Price 50.64 CHF,
Expires 11/18/09, Broker UBS Securities LLC

 

 

90,900

 

 

(248,291

)

Novartis AG, Registered Shares, Strike Price 50.79 CHF,
Expires 11/05/09, Broker UBS Securities LLC

 

 

27,500

 

 

(70,661

)

Novo Nordisk A/S, Class B, Strike Price 319.24 DKK,
Expires 11/05/09, Broker Goldman Sachs & Co.

 

 

31,500

 

 

(15,335

)

Oracle Corp., Strike Price 22.60 USD, Expires 11/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

77,000

 

 

(278

)

Oracle Corp., Strike Price 23 USD, Expires 11/03/09,
Broker Deutsche Bank Securities

 

 

84,000

 

 

(56

)

Parametric Technology Corp., Strike Price 15.55 USD,
Expires 12/07/09, Broker Morgan Stanley & Co., Inc.

 

 

193,500

 

 

(70,082

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

PepsiCo, Inc., Strike Price 59 USD, Expires 11/03/09,
Broker Goldman Sachs & Co.

 

 

60,000

 

$

(94,344

)

Persimmon Plc, Strike Price 5.01 GBP,
Expires 11/12/09, Broker UBS Securities LLC

 

 

147,000

 

 

(362

)

Persimmon Plc, Strike Price 5.33 GBP, Expires 11/04/09,
Broker JPMorgan Chase Securities

 

 

106,500

 

 

(2

)

Pfizer, Inc., Strike Price 16.19 USD, Expires 11/06/09,
Broker Citigroup Global Markets

 

 

648,600

 

 

(565,229

)

PPR, Strike Price 82.17 EUR, Expires 11/05/09,
Broker Goldman Sachs & Co.

 

 

7,000

 

 

(210

)

PPR, Strike Price 82.47 EUR, Expires 11/18/09,
Broker Citigroup Global Markets

 

 

10,100

 

 

(2,962

)

PPR, Strike Price 83.38 EUR, Expires 12/18/09,
Broker JPMorgan Chase Securities

 

 

6,000

 

 

(7,778

)

Prudential Financial, Inc., Strike Price 55 USD,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

54,400

 

 

(2,532

)

Prudential Plc, Strike Price 6.13 GBP,
Expires 12/08/09, Broker UBS Securities LLC

 

 

354,000

 

 

(47,806

)

Randstad Holding NV, Strike Price 26.30 EUR,
Expires 11/05/09, Broker UBS Securities LLC

 

 

108,600

 

 

(54,287

)

Renault SA, Strike Price 36.93 EUR,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

71,000

 

 

(14,910

)

Research In Motion Ltd., Strike Price 85 USD,
Expires 11/12/09, Broker Credit Suisse First Boston

 

 

11,100

 

 

(2

)

Roche Holding AG, Strike Price 173.57 CHF,
Expires 11/05/09, Broker Credit Suisse First Boston

 

 

48,300

 

 

(1,689

)

RWE AG, Strike Price 64.67 EUR, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

52,000

 

 

(80

)

Samsung Electronics Co. Ltd., Strike Price 768,500 KRW,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

5,900

 

 

(15,022

)

Samsung Electronics Co. Ltd., Strike Price 816,900 KRW,
Expires 11/10/09, Broker JPMorgan Chase Securities

 

 

2,000

 

 

(406

)

Siliconware Precision Industries Co. - ADR,
Strike Price 6.83 USD, Expires 11/06/09,
Broker Citigroup Global Markets

 

 

350,000

 

 

(35,392

)

Singapore Telecommunications Ltd.,
Strike Price 3.28 SGD, Expires 11/10/09,
Broker Goldman Sachs & Co.

 

 

1,550,000

 

 

(151

)

Societe Generale, Strike Price 45.81 EUR,
Expires 11/05/09, Broker Credit Suisse First Boston

 

 

35,345

 

 

(33,404

)

Standard Chartered Plc, Strike Price 15.20 GBP,
Expires 11/05/09, Broker Credit Suisse First Boston

 

 

97,700

 

 

(30,625

)

Sterlite Industries India Ltd. - ADR,
Strike Price 16.19 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

226,000

 

 

(56,500

)

Sumitomo Mitsui Financial Group, Inc.,
Strike Price 4,326 JPY, Expires 11/10/09,
Broker UBS Securities LLC

 

 

22,800

 

 

 

Sumitomo Mitsui Financial Group, Inc.,
Strike Price 4,328.65 JPY, Expires 11/10/09,
Broker Deutsche Bank Securities

 

 

26,000

 

 

 

Sun Kung Kai Properties Ltd., Strike Price 133.91 HKD,
Expires 12/16/09, Broker Credit Suisse First Boston

 

 

289,000

 

 

(69,686

)

SunTrust Banks, Inc., Strike Price 23.10 USD,
Expires 11/03/09, Broker Deutsche Bank Securities

 

 

82,500

 

 

(12

)

SunTrust Banks, Inc., Strike Price 23.36 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

41,200

 

 

(3

)

Swiss Reinsurance Co. Ltd., Strike Price 49.96 CHF,
Expires 11/05/09, Broker UBS Securities LLC

 

 

60,800

 

 

(149

)

T. Rowe Price Group, Inc., Strike Price 48 USD,
Expires 11/20/09, Broker Citigroup Global Markets

 

 

57,000

 

 

(123,265

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price 11 USD, Expires 11/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

172,300

 

 

(2

)

Telefonica SA, Strike Price 18.29 EUR, Expires 11/05/09,
Broker Morgan Stanley & Co., Inc.

 

 

148,000

 

 

(149,723

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

40

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Tesco Plc, Strike Price 3.82 GBP, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

550,000

 

$

(218,391

)

Tesco Plc, Strike Price 3.85 GBP, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

143,400

 

 

(51,274

)

Tesco Plc, Strike Price 3.88 GBP, Expires 11/04/09,
Broker Morgan Stanley & Co., Inc.

 

 

140,000

 

 

(42,691

)

Texas Instruments, Inc., Strike Price 24.80 USD,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

165,000

 

 

(48,952

)

Total SA, Strike Price 41.96 EUR, Expires 11/12/09,
Broker Goldman Sachs & Co.

 

 

50,000

 

 

(22,436

)

Total SA, Strike Price 42.36 EUR, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

54,900

 

 

(7,010

)

Toyo Suisan Kaisha Ltd., Strike Price 2,544.94 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

136,000

 

 

(4,865

)

Toyota Motor Corp., Strike Price 3,911.96 JPY,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

20,000

 

 

(489

)

Toyota Motor Corp., Strike Price 4,271.80 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

78,000

 

 

(36

)

TransCanada Corp., Strike Price 33.59 CAD,
Expires 11/17/09, Broker Goldman Sachs & Co.

 

 

115,500

 

 

(18,032

)

Tyco International Ltd., Strike Price 32.50 USD,
Expires 11/17/09, Broker Morgan Stanley & Co., Inc.

 

 

97,000

 

 

(126,270

)

Tyco International Ltd., Strike Price 32.50 USD,
Expires 11/24/09, Broker Morgan Stanley & Co., Inc.

 

 

77,000

 

 

(107,534

)

UBS AG, Strike Price 20 CHF, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

67,000

 

 

(15

)

Unibail-Rodamco SE - REIT, Strike Price 143.48 EUR,
Expires 11/05/09, Broker Credit Suisse First Boston

 

 

4,500

 

 

(47,241

)

Unibail-Rodamco SE - REIT, Strike Price 153 EUR,
Expires 12/08/09, Broker BNP Paribas

 

 

16,700

 

 

(127,079

)

Unilever Plc, Strike Price 17.57 GBP, Expires 11/12/09,
Broker JPMorgan Chase Securities

 

 

132,000

 

 

(147,374

)

United Overseas Bank Ltd., Strike Price 16.99 SGD,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

229,000

 

 

(68,941

)

United States Steel Corp., Strike Price 53 USD,
Expires 12/04/09, Broker Deutsche Bank Securities

 

 

88,000

 

 

(369

)

Urban Outfitters, Inc., Strike Price 26.35 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

130,000

 

 

(653,731

)

Vimpel-Communications - ADR, Strike Price 18 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

157,000

 

 

(66,793

)

Virgin Media, Inc., Strike Price 13.01 USD,
Expires 11/06/09, Broker Goldman Sachs & Co.

 

 

116,000

 

 

(117,493

)

Virgin Media, Inc., Strike Price 13.25 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

120,000

 

 

(122,436

)

Vivendi, Strike Price 20.20 EUR, Expires 12/10/09,
Broker Credit Suisse First Boston

 

 

64,000

 

 

(19,959

)

Vodafone Group Plc - ADR, Strike Price 22.19 USD,
Expires 11/06/09, Broker Citigroup Global Markets

 

 

34,400

 

 

(10,054

)

Vodafone Group Plc - ADR, Strike Price 24.08 USD,
Expires 11/03/09, Broker BNP Paribas

 

 

50,000

 

 

(11

)

Vodafone Group Plc, Strike Price 1.41 GBP,
Expires 12/10/09, Broker Citigroup Global Markets

 

 

819,393

 

 

(27,879

)

Walt Disney Co. (The), Strike Price 28.50 USD,
Expires 11/09/09, Broker Morgan Stanley & Co., Inc.

 

 

76,000

 

 

(17,100

)

Wells Fargo & Co., Strike Price 28 USD,
Expires 11/03/09, Broker Deutsche Bank Securities

 

 

132,000

 

 

(40,457

)

Wilmar International Ltd., Strike Price 6.49 SGD,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

1,430,000

 

 

(47,210

)

Wing Hang Bank Ltd., Strike Price 82.69 HKD,
Expires 11/10/09, Broker JPMorgan Chase Securities

 

 

223,000

 

 

(1,258

)

WPP Plc, Strike Price 5.87 GBP, Expires 12/03/09,
Broker BNP Paribas

 

 

407,000

 

 

(44,223

)

Xstrata Plc, Strike Price 10.09 GBP, Expires 11/25/09,
Broker Morgan Stanley & Co., Inc.

 

 

214,000

 

 

(53,117

)

Xstrata Plc, Strike Price 9.18 GBP, Expires 11/05/09,
Broker UBS Securities LLC

 

 

270,000

 

 

(58,501

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Yum! Brands, Inc., Strike Price 36.10 USD,
Expires 11/20/09, Broker Deutsche Bank Securities

 

 

80,000

 

$

(3,048

)

Yum! Brands, Inc., Strike Price 37 USD,
Expires 11/03/09, Broker Goldman Sachs & Co.

 

 

50,000

 

 

(1

)

Zurich Financial Services AG, Strike Price 219.98 CHF,
Expires 11/05/09, Broker UBS Securities LLC

 

 

4,000

 

 

(58,492

)

Zurich Financial Services AG, Strike Price 258.32 CHF,
Expires 12/10/09, Broker Credit Suisse First Boston

 

 

5,500

 

 

(9,211

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(14,531,066

)

               

Over-the-Counter Put Options Written—(0.0)%

 

 

 

 

 

 

 

Chesapeake Energy Corp., Strike Price 27 USD,
Expires 11/09/09, Broker UBS Securities LLC

 

 

70,000

 

 

(183,571

)

Consol Energy, Inc., Strike Price 46 USD,
Expires 11/09/09, Broker UBS Securities LLC

 

 

40,000

 

 

(144,398

)

Vivendi, Strike Price 19.41 EUR, Expires 11/24/09,
Broker Credit Suisse First Boston

 

 

73,000

 

 

(104,326

)

               

Total Over-the-Counter Put Options Written

 

 

 

 

 

(432,295

)

               

Total Options Written
(Premiums Received—$30,390,223)—(1.6)%

 

 

 

 

 

(19,824,302

)

               

Total Investments Net of Outstanding Options Written—97.8%

 

 

 

 

 

1,250,249,037

 

Other Assets Less Liabilities—2.2%

 

 

 

 

 

27,921,286

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,278,170,323

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,259,201,911

 

 

 

     

Gross unrealized appreciation

 

$

68,230,625

 

Gross unrealized depreciation

 

 

(57,359,197

)

 

 

     

Net unrealized appreciation

 

$

10,871,428

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

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


 

 

 

 

 

 

 

 

               

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds, TempFund,
Institutional Class

 

$

5,139,633

 

$

83,886

 

BlackRock Liquidity Series, LLC
Money Market Series

 

$

6,472,300

 

$

29,075

 

               

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

41




 

 



 

 

Schedule of Investments (concluded)

BlackRock Global Opportunities Equity Trust (BOE)


 

 

Foreign currency exchange contracts as of October 31, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                   

JPY

 

17,327,000

 

 

USD

 

190,347

 

Deutsche Bank Securities

 

11/02/09

 

 

$

2,143

 

 

JPY

 

17,831,000

 

 

USD

 

195,430

 

Goldman Sachs & Co.

 

11/04/09

 

 

 

2,664

 

 

JPY

 

18,298,000

 

 

USD

 

202,278

 

Citigroup Global Markets

 

11/05/09

 

 

 

999

 

 

SEK

 

19,472,000

 

 

USD

 

2,786,730

 

Citigroup Global Markets

 

11/02/09

 

 

 

(41,198

)

 

USD

 

2,295,433

 

 

CAD

 

2,463,000

 

Deutsche Bank Securities

 

11/02/09

 

 

 

19,198

 

 

USD

 

1,327,654

 

 

CAD

 

1,434,000

 

Citigroup Global Markets

 

11/03/09

 

 

 

2,391

 

 

USD

 

484,706

 

 

CAD

 

523,000

 

Citigroup Global Markets

 

11/04/09

 

 

 

1,365

 

 

USD

 

1,231,591

 

 

EUR

 

833,000

 

UBS Securities LLC

 

11/02/09

 

 

 

5,707

 

 

USD

 

42,778

 

 

EUR

 

29,000

 

Citigroup Global Markets

 

11/03/09

 

 

 

100

 

 

USD

 

33,128

 

 

GBP

 

20,000

 

Goldman Sachs & Co.

 

11/02/09

 

 

 

303

 

 

                                   

Total

 

 

 

 

 

 

 

 

 

 

 

$

(6,328

)

 

 

 

 

 

 

 

 

 

 

 

 

         

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Belgium

 

 

 

$

7,976,835

 

 

 

$

7,976,835

 

Bermuda

 

$

11,635,164

 

 

 

 

 

 

11,635,164

 

Brazil

 

 

9,436,407

 

 

 

 

 

 

9,436,407

 

Canada

 

 

50,477,928

 

 

 

 

 

 

50,477,928

 

Cayman Islands

 

 

2,523,750

 

 

 

 

 

 

2,523,750

 

China

 

 

5,922,584

 

 

7,934,741

 

 

 

 

13,857,325

 

Denmark

 

 

 

 

3,566,045

 

 

 

 

3,566,045

 

Finland

 

 

 

 

5,666,316

 

 

 

 

5,666,316

 

France

 

 

 

 

66,347,758

 

 

 

 

66,347,758

 

Germany

 

 

5,708,547

 

 

37,382,918

 

 

 

 

43,091,465

 

Hong Kong

 

 

 

 

23,560,302

 

 

 

 

23,560,302

 

India

 

 

6,497,240

 

 

9,332,336

 

 

 

 

15,829,576

 

Indonesia

 

 

 

 

2,151,812

 

 

 

 

2,151,812

 

Ireland

 

 

3,150,576

 

 

 

 

 

 

3,150,576

 

Israel

 

 

9,121,736

 

 

 

 

 

 

9,121,736

 

Italy

 

 

 

 

6,345,254

 

 

 

 

6,345,254

 

Japan

 

 

 

 

75,437,972

 

 

 

 

75,437,972

 

Luxembourg

 

 

6,218,856

 

 

 

 

 

 

6,218,856

 

Malaysia

 

 

 

 

4,584,985

 

 

 

 

4,584,985

 

Mexico

 

 

7,315,059

 

 

 

 

 

 

7,315,059

 

Netherlands

 

 

 

 

17,830,103

 

 

 

 

17,830,103

 

New Zealand

 

 

 

 

6,312,033

 

 

 

 

6,312,033

 

Russia

 

 

10,287,638

 

 

 

 

 

 

10,287,638

 

Singapore

 

 

 

 

26,649,037

 

 

 

 

26,649,037

 

South Africa

 

 

 

 

10,547,970

 

 

 

 

10,547,970

 

South Korea

 

 

 

 

22,176,839

 

 

 

 

22,176,839

 

Spain

 

 

 

 

27,363,760

 

 

 

 

27,363,760

 

Sweden

 

 

 

 

6,915,542

 

 

 

 

6,915,542

 

Switzerland

 

 

19,812,186

 

 

47,545,819

 

 

 

 

67,358,005

 

Taiwan

 

 

5,974,783

 

 

11,567,484

 

 

 

 

17,542,267

 

Thailand

 

 

 

 

2,849,892

 

 

 

 

2,849,892

 

United Kingdom

 

 

3,821,118

 

 

89,456,139

 

 

 

 

93,277,257

 

United States

 

 

579,924,796

 

 

 

 

 

 

579,924,796

 

Short-Term Securities

 

 

5,139,633

 

 

7,602,800

 

 

 

 

12,742,433

 

                           

Total

 

$

742,968,001

 

$

527,104,692

 

 

 

$

1,270,072,693

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

$

277

 

$

35,239

 

 

 

$

35,516

 

Liabilities:

 

 

(4,138,922

)

 

(15,726,578

)

 

 

 

(19,865,500

)

                           

Total

 

$

(4,138,645

)

$

(15,691,339

)

 

 

$

(19,829,984

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

42

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



 

 

Schedule of Investments October 31, 2009

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Biotechnology—12.1%

 

 

 

 

 

 

 

3SBio, Inc. - ADR (a)

 

 

31,000

 

$

320,230

 

Abraxis Bioscience, Inc. (a)

 

 

5,700

 

 

177,954

 

Alexion Pharmaceuticals, Inc. (a)

 

 

78,100

 

 

3,468,421

 

Amgen, Inc. (a)

 

 

50,000

 

 

2,686,500

 

Amylin Pharmaceuticals, Inc. (a)

 

 

225,500

 

 

2,489,520

 

Ariad Pharmaceuticals, Inc. (a)

 

 

24,100

 

 

43,380

 

Celera Corp.

 

 

193,300

 

 

1,196,527

 

Celgene Corp. (a)

 

 

36,700

 

 

1,873,535

 

Dendreon Corp. (a)

 

 

165,000

 

 

4,169,550

 

Facet Biotech Corp. (a)

 

 

11,000

 

 

188,430

 

Gilead Sciences, Inc. (a)

 

 

35,160

 

 

1,496,058

 

Human Genome Sciences, Inc. (a)

 

 

33,600

 

 

627,984

 

Incyte Corp. Ltd. (a)

 

 

35,700

 

 

210,273

 

Momenta Pharmaceuticals, Inc. (a)

 

 

12,900

 

 

117,648

 

Nanosphere, Inc. (a)

 

 

14,000

 

 

93,520

 

Pharmasset, Inc. (a)

 

 

15,700

 

 

294,846

 

Talecris Biotherapeutics Holdings Corp. (a)

 

 

51,200

 

 

1,027,072

 

Vertex Pharmaceuticals, Inc. (a)

 

 

86,190

 

 

2,892,536

 

 

 

 

 

 

     

 

 

 

 

 

 

23,373,984

 

               

Food & Staples Retailing—2.7%

 

 

 

 

 

 

 

China Nepstar Chain Drugstore Ltd.

 

 

232,800

 

 

1,529,496

 

CVS Caremark Corp.

 

 

102,400

 

 

3,614,720

 

 

 

 

 

 

     

 

 

 

 

 

 

5,144,216

 

               

Health Care Equipment & Supplies—26.1%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

55,800

 

 

7,967,682

 

Beckman Coulter, Inc.

 

 

17,180

 

 

1,105,189

 

CareFusion Corp. (a)

 

 

24,500

 

 

548,065

 

Cie Generale d’Optique Essilor International SA

 

 

24,500

 

 

1,371,783

 

Cooper Cos., Inc. (The)

 

 

60,100

 

 

1,683,401

 

Coviden Plc

 

 

113,560

 

 

4,783,147

 

CR Bard, Inc. (b)

 

 

38,500

 

 

2,890,195

 

DiaSorin SpA

 

 

45,500

 

 

1,665,492

 

Elekta AB

 

 

65,200

 

 

1,228,947

 

Gen-Probe, Inc. (a)

 

 

37,200

 

 

1,551,984

 

Given Imaging Ltd.

 

 

16,800

 

 

239,232

 

Henry Schein, Inc. (a)

 

 

62,200

 

 

3,286,026

 

Hill-Rom Holdings, Inc.

 

 

97,000

 

 

1,900,230

 

Medtronic, Inc.

 

 

82,590

 

 

2,948,463

 

Mindray Medical International Ltd. - ADR (c)

 

 

52,100

 

 

1,601,033

 

Smith & Nephew Plc

 

 

194,600

 

 

1,720,238

 

Sonova Holding AG

 

 

29,800

 

 

3,067,155

 

Stryker Corp.

 

 

75,400

 

 

3,468,400

 

Varian Medical Systems, Inc. (a)

 

 

57,900

 

 

2,372,742

 

Wright Medical Group, Inc. (a)

 

 

12,400

 

 

201,500

 

Zimmer Holdings, Inc. (a)

 

 

77,300

 

 

4,063,661

 

Zoll Medical Corp. (a)

 

 

28,200

 

 

547,644

 

 

 

 

 

 

     

 

 

 

 

 

 

50,212,209

 

               

Health Care Providers & Services—13.0%

 

 

 

 

 

 

 

Aetna, Inc.

 

 

110,300

 

 

2,871,109

 

AmerisourceBergen Corp.

 

 

91,700

 

 

2,031,155

 

Coventry Health Care, Inc. (a)

 

 

99,900

 

 

1,981,017

 

DaVita, Inc. (a)

 

 

17,380

 

 

921,661

 

Express Scripts, Inc. (a)

 

 

24,880

 

 

1,988,410

 

Fresenius Medical Care AG & Co. KGaA

 

 

22,500

 

 

1,091,956

 

McKesson Corp.

 

 

46,010

 

 

2,702,167

 

Medco Health Solutions, Inc. (a)

 

 

65,210

 

 

3,659,585

 

Patterson Cos., Inc. (a)

 

 

13,800

 

 

352,314

 

UnitedHealth Group, Inc.

 

 

110,600

 

 

2,870,070

 

VCA Antech, Inc. (a)

 

 

20,000

 

 

476,400

 

WellPoint, Inc. (a)

 

 

86,400

 

 

4,040,064

 

 

 

 

 

 

     

 

 

 

 

 

 

24,985,908

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Health Care Technology—2.2%

 

 

 

 

 

 

 

Allscripts-Misys Healthcare Solutions, Inc. (a)

 

 

104,000

 

$

2,028,000

 

Cerner Corp. (a)(c)

 

 

30,800

 

 

2,342,032

 

 

 

 

 

 

     

 

 

 

 

 

 

4,370,032

 

               

Industrial Conglomerates—1.0%

 

 

 

 

 

 

 

Koninklijke Philips Electronics NV

 

 

74,400

 

 

1,868,989

 

               

Life Sciences Tools & Services—10.5%

 

 

 

 

 

 

 

Gerresheimer AG

 

 

23,800

 

 

676,030

 

Life Technologies Corp. (a)

 

 

54,900

 

 

2,589,633

 

Mettler-Toledo International, Inc. (a)

 

 

11,200

 

 

1,092,000

 

Millipore Corp. (a)

 

 

40,300

 

 

2,700,503

 

PerkinElmer, Inc.

 

 

221,400

 

 

4,120,254

 

QIAGEN NV (a)

 

 

192,000

 

 

3,999,360

 

Tecan Group AG

 

 

31,100

 

 

1,905,554

 

Thermo Fisher Scientific, Inc. (a)

 

 

71,900

 

 

3,235,500

 

 

 

 

 

 

     

 

 

 

 

 

 

20,318,834

 

               

Pharmaceuticals—25.8%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

104,840

 

 

5,301,759

 

Allergan, Inc.

 

 

27,000

 

 

1,518,750

 

ARYx Therapeutics, Inc. (a)

 

 

4,500

 

 

11,250

 

BioForm Medical, Inc. (a)

 

 

12,800

 

 

46,336

 

Bristol-Myers Squibb Co.

 

 

241,500

 

 

5,264,700

 

GlaxoSmithKline Plc

 

 

220,200

 

 

4,516,903

 

Johnson & Johnson

 

 

92,070

 

 

5,436,734

 

MAP Pharmaceuticals, Inc. (a)

 

 

15,700

 

 

129,054

 

Merck & Co., Inc.

 

 

115,600

 

 

3,575,508

 

Mylan, Inc. (a)

 

 

81,500

 

 

1,323,560

 

Novartis AG

 

 

104,100

 

 

5,420,920

 

Novartis AG - ADR

 

 

23,490

 

 

1,220,306

 

Novo Nordisk A/S

 

 

19,500

 

 

1,211,460

 

Pfizer, Inc.

 

 

451,200

 

 

7,683,936

 

Roche Holding AG

 

 

25,150

 

 

4,028,098

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

60,250

 

 

3,041,420

 

 

 

 

 

 

     

 

 

 

 

 

 

49,730,694

 

               

Total Long-Term Investments
(Cost—$162,564,338)—93.4%

 

 

 

 

 

180,004,866

 

               

 

 

 

 

 

 

 

 









 

 

Shares/

 

 

 

 

 

 

Beneficial

 

 

 

 

Short-Term Securities

 

Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.18% (d)(e)

 

 

9,732,338

 

 

9,732,338

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.33% (d)(e)(f)

 

 

2,152,000

 

 

2,152,000

 

               

Total Short-Term Securities
(Cost—$11,884,338)—6.2%

 

 

 

 

 

11,884,338

 

               

 

 

 

 

 

 

 

 









Options Purchased

 

 

Contracts

 

 

 

 

               

Exchange-Traded Put Option Purchased—0.0%

 

 

 

 

 

 

 

CVS Caremark Corp., Strike Price 31 USD,
Expires 11/23/09

 

 

100

 

 

1,250

 

               

Over-The-Counter Call Options Purchased—0.0%

 

 

 

 

 

 

 

BioMarin Pharmaceutical, Inc., Strike Price 17.40 USD,
Expires 11/09/09, Broker Deutsche Bank Securities

 

 

10,000

 

 

700

 

BioMarin Pharmaceutical, Inc., Strike Price 19.90 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

20,000

 

 

2,000

 

               

Total Over-The-Counter Call Options Purchased

 

 

 

 

 

2,700

 

               

Total Options Purchased
(Cost—$5,550)—0.0%

 

 

 

 

 

3,950

 

               

Total Investments Before Outstanding Options Written
(Cost—$174,454,226*)—99.6%

 

 

 

 

 

191,893,154

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

43




 

 



 

 

Schedule of Investments (continued)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written—(0.7)%

 

 

 

 

 

 

 

3SBio, Inc. - ADR, Strike Price 10 USD, Expires 12/21/09

 

 

65

 

$

(6,013

)

3SBio, Inc. - ADR, Strike Price 12.50 USD, Expires 11/23/09

 

 

30

 

 

(750

)

Abbott Laboratories, Strike Price 47.50 USD,
Expires 11/23/09

 

 

150

 

 

(49,500

)

Abbott Laboratories, Strike Price 49 USD, Expires 11/23/09

 

 

150

 

 

(30,750

)

Aetna, Inc., Strike Price 31.50 USD, Expires 11/03/09

 

 

160

 

 

 

Alcon, Inc., Strike Price 120 USD, Expires 11/23/09

 

 

100

 

 

(233,000

)

Alcon, Inc., Strike Price 130 USD, Expires 11/23/09

 

 

100

 

 

(131,500

)

Alexion Pharmaceuticals, Inc., Strike Price 40 USD,
Expires 11/23/09

 

 

101

 

 

(48,480

)

Alexion Pharmaceuticals, Inc., Strike Price 45 USD,
Expires 11/23/09

 

 

100

 

 

(12,500

)

Allergan, Inc., Strike Price 65 USD, Expires 1/18/10

 

 

70

 

 

(3,850

)

Allscripts-Misys Healthcare Solutions, Inc.,
Strike Price 17 USD, Expires 11/03/09

 

 

150

 

 

(37,508

)

AmerisourceBergen Corp., Strike Price 22.50 USD,
Expires 11/23/09

 

 

130

 

 

(7,800

)

Amgen, Inc., Strike Price 65 USD, Expires 11/23/09

 

 

100

 

 

(500

)

Amylin Pharmaceuticals, Inc., Strike Price 15 USD,
Expires 11/23/09

 

 

400

 

 

(4,000

)

Beckman Coulter, Inc., Strike Price 65 USD, Expires 11/23/09

 

 

30

 

 

(4,800

)

BioMarin Pharmaceutical, Inc., Strike Price 20 USD,
Expires 11/23/09

 

 

200

 

 

(3,000

)

Bristol-Myers Squibb Co., Strike Price 21 USD,
Expires 12/21/09

 

 

100

 

 

(12,750

)

CareFusion Corp., Strike Price 22.50 USD, Expires 11/23/09

 

 

75

 

 

(7,500

)

Celgene Corp., Strike Price 60 USD, Expires 11/23/09

 

 

200

 

 

(1,500

)

Cerner Corp., Strike Price 75 USD, Expires 12/21/09

 

 

120

 

 

(56,400

)

China Nepstar Chain Drugstore Ltd. - ADR,
Strike Price 6 USD, Expires 11/23/09

 

 

390

 

 

(26,325

)

China Nepstar Chain Drugstore Ltd. - ADR,
Strike Price 7.50 USD, Expires 12/21/09

 

 

400

 

 

(7,000

)

Cooper Cos., Inc. (The), Strike Price 30 USD,
Expires 11/23/09

 

 

170

 

 

(5,100

)

Covidien Plc, Strike Price 42.50 USD, Expires 11/23/09

 

 

100

 

 

(12,750

)

CR Bard, Inc., Strike Price 85 USD, Expires 1/18/10

 

 

50

 

 

(875

)

CVS Caremark Corp., Strike Price 36 USD, Expires 11/23/09

 

 

700

 

 

(56,000

)

DaVita, Inc., Strike Price 60 USD, Expires 12/21/09

 

 

35

 

 

(962

)

Dendreon Corp., Strike Price 29 USD, Expires 11/23/09

 

 

200

 

 

(14,700

)

Dendreon Corp., Strike Price 30 USD, Expires 11/23/09

 

 

430

 

 

(24,940

)

Dendreon Corp., Strike Price 31 USD, Expires 11/23/09

 

 

100

 

 

(4,700

)

Dendreon Corp., Strike Price 35 USD, Expires 11/23/09

 

 

100

 

 

(2,350

)

Express Scripts, Inc., Strike Price 75 USD, Expires 11/23/09

 

 

150

 

 

(86,250

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price 34 EUR, Expires 12/18/09

 

 

60

 

 

(5,576

)

Gen-Probe, Inc., Strike Price 45 USD, Expires 11/23/09

 

 

20

 

 

(450

)

Gen-Probe, Inc., Strike Price 45 USD, Expires 12/21/09

 

 

50

 

 

(4,625

)

Gilead Sciences, Inc., Strike Price 47.50 USD,
Expires 11/23/09

 

 

347

 

 

(4,337

)

Given Imaging Ltd., Strike Price 17.50 USD,
Expires 12/21/09

 

 

50

 

 

(1,375

)

GlaxoSmithKline Plc, Strike Price 12.50 GBP,
Expires 11/20/09

 

 

45

 

 

(15,403

)

Hill-Rom Holdings, Inc., Strike Price 17.50 USD,
Expires 11/13/09

 

 

175

 

 

(36,642

)

Hill-Rom Holdings, Inc., Strike Price 22.50 USD,
Expires 12/21/09

 

 

80

 

 

(2,600

)

Human Genome Sciences, Inc., Strike Price 25 USD,
Expires 11/23/09

 

 

100

 

 

(17,250

)

Koninklijke Philips Electronics NV, Strike Price 19 EUR,
Expires 11/21/09

 

 

200

 

 

(1,527

)

Life Technologies Corp., Strike Price 45 USD,
Expires 11/23/09

 

 

95

 

 

(28,263

)

Life Technologies Corp., Strike Price 50 USD,
Expires 11/23/09

 

 

100

 

 

(4,750

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

McKesson Corp., Strike Price 50 USD, Expires 11/23/09

 

 

50

 

$

(44,000

)

McKesson Corp., Strike Price 55 USD, Expires 11/23/09

 

 

50

 

 

(20,750

)

McKesson Corp., Strike Price 57.50 USD, Expires 11/23/09

 

 

35

 

 

(7,875

)

Medtronic, Inc., Strike Price 40 USD, Expires 11/23/09

 

 

235

 

 

(1,175

)

Merck & Co., Inc., Strike Price 35 USD, Expires 1/18/10

 

 

100

 

 

(3,500

)

Mettler-Toledo International, Inc., Strike Price 95 USD,
Expires 1/18/10

 

 

20

 

 

(13,700

)

Mindray Medical International Ltd. - ADR,
Strike Price 35 USD, Expires 11/23/09

 

 

30

 

 

(1,125

)

Mylan, Inc., Strike Price 17 USD, Expires 11/23/09

 

 

50

 

 

(1,375

)

Mylan, Inc., Strike Price 17 USD, Expires 12/21/09

 

 

50

 

 

(2,875

)

Mylan, Inc., Strike Price 17.50 USD, Expires 1/18/10

 

 

130

 

 

(7,800

)

Novartis AG - ADR, Strike Price 50 USD, Expires 11/23/09

 

 

100

 

 

(23,750

)

PerkinElmer, Inc., Strike Price 18 USD, Expires 11/03/09

 

 

150

 

 

(9,548

)

PerkinElmer, Inc., Strike Price 20 USD, Expires 11/23/09

 

 

50

 

 

(1,000

)

PerkinElmer, Inc., Strike Price 20 USD, Expires 12/21/09

 

 

450

 

 

(19,125

)

Pfizer, Inc., Strike Price 17 USD, Expires 11/23/09

 

 

600

 

 

(24,300

)

QIAGEN NV, Strike Price 20 USD, Expires 11/23/09

 

 

150

 

 

(18,000

)

QIAGEN NV, Strike Price 22.50 USD, Expires 11/23/09

 

 

300

 

 

(5,250

)

QIAGEN NV, Strike Price 22.50 USD, Expires 12/21/09

 

 

100

 

 

(4,250

)

Stryker Corp., Strike Price 48 USD, Expires 11/23/09

 

 

150

 

 

(7,125

)

Talecris Biotherapeutics Holdings Corp.,
Strike Price 20 USD, Expires 12/21/09

 

 

100

 

 

(10,500

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 52.50 USD, Expires 11/23/09

 

 

50

 

 

(2,500

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 52.50 USD, Expires 12/21/09

 

 

96

 

 

(10,080

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 55 USD, Expires 12/21/09

 

 

40

 

 

(1,800

)

Thermo Fisher Scientific, Inc., Strike Price 47.50 USD,
Expires 11/06/09

 

 

200

 

 

(844

)

UnitedHealth Group, Inc., Strike Price 30 USD,
Expires 12/21/09

 

 

300

 

 

(13,500

)

Varian Medical Systems, Inc., Strike Price 40 USD,
Expires 11/23/09

 

 

100

 

 

(18,000

)

Varian Medical Systems, Inc., Strike Price 45 USD,
Expires 11/23/09

 

 

100

 

 

(1,250

)

VCA Antech, Inc., Strike Price 25 USD, Expires 11/23/09

 

 

140

 

 

(5,250

)

WellPoint, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

315

 

 

(3,937

)

WellPoint, Inc., Strike Price 60 USD, Expires 12/21/09

 

 

209

 

 

(4,180

)

Zimmer Holdings, Inc., Strike Price 50 USD, Expires 12/21/09

 

 

50

 

 

(19,500

)

Zimmer Holdings, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

150

 

 

(9,000

)

Zimmer Holdings, Inc., Strike Price 55 USD, Expires 12/21/09

 

 

90

 

 

(11,700

)

Zoll Medical Corp., Strike Price 22.50 USD, Expires 12/21/09

 

 

55

 

 

(1,650

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(1,347,065

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Alcon, Inc., Strike Price 115 USD, Expires 11/23/09

 

 

25

 

 

(250

)

Alcon, Inc., Strike Price 125 USD, Expires 11/23/09

 

 

10

 

 

(225

)

Cerner Corp., Strike Price 75 USD, Expires 11/23/09

 

 

10

 

 

(2,125

)

Coventry Health Care, Inc., Strike Price 20 USD,
Expires 11/23/09

 

 

20

 

 

(2,400

)

CR Bard, Inc., Strike Price 75 USD, Expires 11/23/09

 

 

15

 

 

(2,100

)

CVS Caremark Corp., Strike Price 30 USD,
Expires 11/23/09

 

 

100

 

 

(750

)

DaVita, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

110

 

 

(30,250

)

Eli Lilly & Co., Strike Price 32 USD, Expires 11/23/09

 

 

140

 

 

(3,150

)

Medtronic, Inc., Strike Price 35 USD, Expires 11/23/09

 

 

90

 

 

(6,300

)

Qiagen NV, Strike Price 20 USD, Expires 11/23/09

 

 

150

 

 

(5,625

)

Roche Holding AG, Strike Price 160 CHF, Expires 11/20/09

 

 

20

 

 

(2,865

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 47.50 USD, Expires 12/21/09

 

 

40

 

 

(3,800

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(59,840

)

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

44

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 


Schedule of Investments (continued)


BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written—(0.3)%

 

 

 

 

 

 

 

Allergan, Inc., Strike Price 50 USD, Expires 11/20/09,
Broker UBS Securities LLC

 

 

15,000

 

$

(94,000

)

Allscripts-Misys Healthcare Solutions, Inc.,
Strike Price 17.50 USD, Expires 11/20/09,
Broker Credit Suisse First Boston

 

 

18,000

 

 

(38,352

)

AmerisourceBergen Corp., Strike Price 23.40 USD,
Expires 12/04/09, Broker Credit Suisse First Boston

 

 

15,800

 

 

(4,535

)

Amgen, Inc., Strike Price 61.95 USD, Expires 11/03/09,
Broker Banc of America Securities

 

 

20,000

 

 

(1

)

Amylin Pharmaceuticals, Inc., Strike Price 16 USD,
Expires 11/10/09, Broker Citigroup Global Markets

 

 

20,000

 

 

(1

)

Beckman Coulter, Inc., Strike Price $72.10,
Expires 11/20/09, Broker Deutsche Bank Securities

 

 

2,500

 

 

(87

)

BioMarin Pharmaceutical, Inc., Strike Price 17.50 USD,
Expires 11/09/09, Broker UBS Securities LLC

 

 

10,000

 

 

(101

)

Bristol-Myers Squibb Co., Strike Price 20.50 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

18,800

 

 

(24,440

)

Bristol-Myers Squibb Co., Strike Price 22 USD,
Expires 11/03/09, Broker Banc of America Securities

 

 

20,000

 

 

(3,103

)

Bristol-Myers Squibb Co., Strike Price 23.20 USD,
Expires 11/13/09, Broker Credit Suisse First Boston

 

 

25,000

 

 

(850

)

Cie Generale d’Optique Essilor International SA,
Strike Price 39.32 EUR, Expires 11/09/09,
Broker Morgan Stanley & Co., Inc.

 

 

17,000

 

 

(2,217

)

Coventry Health Care, Inc., Strike Price 24 USD,
Expires 11/06/09, Broker UBS Securities LLC

 

 

25,000

 

 

(69

)

Coviden Ltd., Strike Price 42.39 USD,
Expires 11/13/09, Broker Credit Suisse First Boston

 

 

25,000

 

 

(17,711

)

DiaSorin SpA, Strike Price 23.22 EUR,
Expires 11/09/09, Broker UBS Securities LLC

 

 

8,000

 

 

(19,718

)

DiaSorin SpA, Strike Price 23.57 EUR,
Expires 11/09/09, Broker Morgan Stanley & Co., Inc.

 

 

8,000

 

 

(16,531

)

Elekta AB, Strike Price 112.01 SEK,
Expires 11/05/09, Broker Goldman Sachs & Co.

 

 

18,600

 

 

(56,844

)

GlaxoSmithKline Plc, Strike Price 12.04 GBP,
Expires 11/04/09, Broker UBS Securities LLC

 

 

53,000

 

 

(41,540

)

Henry Schein, Inc., Strike Price 53.98 USD,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

17,100

 

 

(5,288

)

Henry Schein, Inc., Strike Price 56.78 USD,
Expires 11/03/09, Broker JPMorgan Chase Securities

 

 

4,000

 

 

(26

)

Johnson & Johnson, Strike Price 61.25 USD,
Expires 12/15/09, Broker Credit Suisse First Boston

 

 

19,000

 

 

(7,718

)

Johnson & Johnson, Strike Price 65 USD,
Expires 11/03/09, Broker Banc of America Securities

 

 

15,000

 

 

 

Medco Health Solutions, Inc., Strike Price 55 USD,
Expires 11/03/09, Broker Banc of America Securities

 

 

15,000

 

 

(18,357

)

Medco Hleath Solutions, Inc., Strike Price 56 USD,
Expires 11/03/09, Broker Morgan Stanley & Co., Inc.

 

 

17,000

 

 

(9,000

)

Merck & Co., Inc., Strike Price 34 USD,
Expires 11/06/09, Broker UBS Securities LLC

 

 

35,000

 

 

(132

)

Millipore Corp., Strike Price 71.11 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

10,000

 

 

(155

)

Mindray Medical International Ltd. - ADR,
Strike Price 32.91 USD, Expires 11/12/09,
Broker Morgan Stanley & Co., Inc.

 

 

13,200

 

 

(5,274

)

Novartis AG, Registered Shares, Strike Price 50.67 CHF,
Expires 11/09/09, Broker UBS Securities LLC

 

 

25,000

 

 

(67,063

)

Novo Nordisk A/S, Class B, Strike Price 331.80 DKK,
Expires 11/09/09, Broker Morgan Stanley & Co., Inc.

 

 

6,000

 

 

(944

)

Pfizer, Inc., Strike Price 16.19 USD, Expires 11/06/09,
Broker Citigroup Global Markets

 

 

87,000

 

 

(75,817

)

Roche Holding AG, Strike Price 162.75 CHF,
Expires 11/04/09, Broker Citigroup Global Markets

 

 

11,000

 

 

(27,115

)

Smith & Nephew Plc, Strike Price 5.46 GBP,
Expires 11/04/09, Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(3,089

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Smith & Nephew Plc, Strike Price 5.82 GBP,
Expires 11/04/09, Broker Citigroup Global Markets

 

 

35,000

 

$

(224

)

Sonova Holding AG, Strike Price 109.75 CHF,
Expires 12/10/09, Broker UBS Securities LLC

 

 

8,500

 

 

(18,344

)

Tecan Group AG, Strike Price 56.66 CHF,
Expires 11/09/09, Broker UBS Securities LLC

 

 

10,000

 

 

(60,485

)

Vertex Pharmaceuticals, Inc., Strike Price 38 USD,
Expires 11/03/09, Broker Banc of America Securities

 

 

15,000

 

 

(36

)

Vertex Pharmaceuticals, Inc., Strike Price 39 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

25,000

 

 

(9

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(619,176

)

               

Total Options Written
(Premiums Received—$2,434,393)—(1.0)%

 

 

 

 

 

(2,026,081

)

               

Total investments net of outstanding options written—98.6%

 

 

 

 

 

189,867,073

 

Other Assets Less Liabilities—1.4%

 

 

 

 

 

2,734,717

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

192,601,790

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

176,531,598

 

 

 

     

Gross unrealized appreciation

 

$

19,266,595

 

Gross unrealized depreciation

 

 

(3,905,039

)

 

 

     

Net unrealized appreciation

 

$

15,361,556

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

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


 

 

 

 

 

 

 

 

               

Affiliate

 

 

Net Activity

 

 

Income

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class

 

$

9,732,338

 

$

49,217

 

BlackRock Liquidity Series, LLC
Money Market Series

 

$

(74,500

)

$

6,789

 

               

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

 

Foreign currency exchange contracts as of October 31, 2009 were as follows:


 

 

 

 

 

 

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

 

USD 2,950

EUR 2,000

Citigroup Global Markets

11/03/09

$                  7

 

 

 

 

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

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

Level 3 - unobservable inputs based on the best information available


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

45




 

 

 

 

Schedule of Investments (concluded)

BlackRock Health Sciences Trust (BME)


In the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

23,373,984

 

 

 

 

$

23,373,984

 

Food & Staples
Retailing

 

 

5,144,216

 

 

 

 

 

5,144,216

 

Health Care
Equipment
& Supplies

 

 

41,158,594

 

$

9,053,615

 

 

 

50,212,209

 

Health Care Providers
& Services

 

 

23,893,952

 

 

1,091,956

 

 

 

24,985,908

 

Health Care
Technology

 

 

4,370,032

 

 

 

 

 

4,370,032

 

Industrial
Conglomerates

 

 

 

 

1,868,989

 

 

 

1,868,989

 

Life Sciences Tools
& Services

 

 

17,737,250

 

 

2,581,584

 

 

 

20,318,834

 

Pharmaceuticals

 

 

34,553,313

 

 

15,177,381

 

 

 

49,730,694

 

Short-Term
Securities

 

 

9,732,338

 

 

2,152,000

 

 

 

11,884,338

 

                           

Total

 

$

159,963,679

 

$

31,925,525

 

 

$

191,889,204

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

Assets:

 

$

1,250

 

$

2,707

 

 

$

3,957

 

Liabilities:

 

 

(1,296,992

)

 

(729,089

)

 

 

(2,026,081

)

                           

Total

 

$

(1,295,742

)

$

(726,382

)

 

$

(2,022,124

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

46

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



 

 

Schedule of Investments October 31, 2009

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—2.5%

 

 

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

 

264,500

 

$

5,394,773

 

BHP Billiton Ltd. - ADR

 

 

75,100

 

 

4,925,058

 

Commonwealth Bank of Australia

 

 

115,100

 

 

5,318,935

 

National Australia Bank Ltd.

 

 

201,300

 

 

5,318,676

 

Santos Ltd.

 

 

610,900

 

 

8,143,186

 

 

 

 

 

 

     

 

 

 

 

 

 

29,100,628

 

               

Austria—0.3%

 

 

 

 

 

 

 

Erste Group Bank AG

 

 

80,400

 

 

3,232,316

 

               

Belgium—0.7%

 

 

 

 

 

 

 

Anheuser-Busch InBev NV

 

 

135,800

 

 

6,375,834

 

Belgacom SA

 

 

65,900

 

 

2,468,198

 

 

 

 

 

 

     

 

 

 

 

 

 

8,844,032

 

               

Bermuda—0.3%

 

 

 

 

 

 

 

Arch Capital Group Ltd. (a)

 

 

51,500

 

 

3,469,555

 

               

Brazil—1.1%

 

 

 

 

 

 

 

Banco Bradesco SA - ADR

 

 

189,500

 

 

3,733,150

 

Banco Santander Brasil SA - ADR (a)

 

 

204,700

 

 

2,427,742

 

BM&FBOVESPA SA

 

 

377,444

 

 

2,431,874

 

Cia Energetica de Minas Gerais - ADR

 

 

310,700

 

 

4,905,953

 

 

 

 

 

 

     

 

 

 

 

 

 

13,498,719

 

               

Canada—10.1%

 

 

 

 

 

 

 

Bank of Nova Scotia

 

 

134,500

 

 

5,624,625

 

Barrick Gold Corp.

 

 

141,300

 

 

5,076,909

 

Bombardier, Inc., Class B

 

 

1,370,700

 

 

5,561,086

 

Canadian Natural Resources Ltd.

 

 

130,500

 

 

8,468,842

 

Canadian Oil Sands Trust

 

 

400,500

 

 

10,800,416

 

Crescent Point Energy Corp.

 

 

58,400

 

 

1,986,156

 

Eldorado Gold Corp. (a)

 

 

822,600

 

 

9,168,297

 

EnCana Corp. (b)

 

 

168,200

 

 

9,316,598

 

Goldcorp, Inc.

 

 

179,700

 

 

6,606,410

 

Kinross Gold Corp.

 

 

200,000

 

 

3,715,170

 

Magna International, Inc., Class A

 

 

137,400

 

 

5,445,162

 

Pacific Rubiales Energy Corp. (a)

 

 

155,600

 

 

1,893,861

 

Pan American Silver Corp. (a)

 

 

236,000

 

 

4,937,120

 

Progress Energy Resources Corp.

 

 

483,500

 

 

6,184,224

 

Royal Bank of Canada

 

 

92,600

 

 

4,689,691

 

Suncor Energy, Inc.

 

 

200,600

 

 

6,623,812

 

Talisman Energy, Inc. (b)

 

 

415,400

 

 

7,049,338

 

TELUS Corp.

 

 

167,600

 

 

5,264,751

 

Toronto-Dominion Bank (The)

 

 

82,170

 

 

4,683,929

 

TransCanada Corp.

 

 

187,600

 

 

5,749,102

 

 

 

 

 

 

     

 

 

 

 

 

 

118,845,499

 

               

Chile—0.3%

 

 

 

 

 

 

 

Banco Santander Chile - ADR

 

 

58,100

 

 

3,058,384

 

               

China—1.8%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

6,461,800

 

 

5,570,923

 

China Life Insurance Co. Ltd., Class H

 

 

995,400

 

 

4,576,686

 

Industrial & Commercial Bank of China

 

 

7,235,800

 

 

5,756,911

 

Netease.com - ADR (a)

 

 

81,750

 

 

3,157,185

 

PICC Property & Casualty Co. Ltd. (a)

 

 

2,384,000

 

 

1,755,955

 

 

 

 

 

 

     

 

 

 

 

 

 

20,817,660

 

               

Denmark—1.0%

 

 

 

 

 

 

 

AP Moller - Maersk A/S

 

 

1,000

 

 

6,828,036

 

TrygVesta AS

 

 

69,900

 

 

5,036,663

 

 

 

 

 

 

     

 

 

 

 

 

 

11,864,699

 

               

Finland—0.4%

 

 

 

 

 

 

 

Fortum Oyj

 

 

213,000

 

 

5,041,459

 

               

France—8.5%

 

 

 

 

 

 

 

Alstom SA

 

 

83,200

 

 

5,764,766

 

AXA SA

 

 

252,000

 

 

6,267,280

 

BNP Paribas

 

 

82,940

 

 

6,248,213

 

Cap Gemini SA

 

 

109,600

 

 

5,077,376

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

France (concluded)

 

 

 

 

 

 

 

Casino Guichard Perrachon SA

 

 

28,497

 

$

2,264,412

 

Cie de Saint-Gobain

 

 

163,600

 

 

7,972,183

 

Compagnie Generale des Etablissements Michelin, Class B

 

 

72,200

 

 

5,348,358

 

Eramet

 

 

17,500

 

 

5,449,597

 

France Telecom SA

 

 

164,400

 

 

4,073,627

 

GDF Suez

 

 

146,360

 

 

6,118,935

 

Lafarge SA

 

 

78,400

 

 

6,363,711

 

PPR

 

 

33,300

 

 

3,629,143

 

Renault SA (a)

 

 

117,500

 

 

5,258,213

 

Sanofi-Aventis SA

 

 

80,500

 

 

5,900,820

 

Societe Generale

 

 

58,000

 

 

3,852,348

 

Total SA

 

 

173,000

 

 

10,352,366

 

Unibail-Rodamco SE - REIT

 

 

28,000

 

 

6,200,474

 

Vivendi

 

 

166,400

 

 

4,616,324

 

 

 

 

 

 

     

 

 

 

 

 

 

100,758,146

 

               

Germany—6.2%

 

 

 

 

 

 

 

Allianz SE

 

 

27,300

 

 

3,129,229

 

BASF SE

 

 

88,000

 

 

4,710,637

 

Bayerische Motoren Werke AG

 

 

167,000

 

 

8,169,362

 

Deutsche Bank AG

 

 

43,500

 

 

3,160,335

 

Deutsche Lufthansa AG

 

 

353,400

 

 

5,457,017

 

E.ON AG

 

 

44,500

 

 

1,705,457

 

Fresenius Medical Care AG & Co. KGaA

 

 

37,400

 

 

1,815,074

 

MAN SE

 

 

144,800

 

 

11,923,793

 

RWE AG

 

 

87,000

 

 

7,631,013

 

Salzgitter AG

 

 

49,901

 

 

4,486,107

 

SAP AG - ADR

 

 

115,300

 

 

5,219,631

 

Software AG

 

 

55,000

 

 

4,893,561

 

ThyssenKrupp AG

 

 

332,400

 

 

10,707,189

 

 

 

 

 

 

     

 

 

 

 

 

 

73,008,405

 

               

Greece—0.7%

 

 

 

 

 

 

 

OPAP SA

 

 

317,500

 

 

8,081,878

 

               

Hong Kong—3.5%

 

 

 

 

 

 

 

Cheung Kong Holdings Ltd.

 

 

673,000

 

 

8,541,242

 

China Mobile Ltd.

 

 

654,000

 

 

6,130,876

 

Hong Kong Exchanges and Clearing Ltd.

 

 

269,400

 

 

4,742,142

 

Hutchison Whampoa Ltd.

 

 

1,037,400

 

 

7,281,392

 

New World Development Ltd.

 

 

2,761,900

 

 

5,944,834

 

Sun Kung Kai Properties Ltd.

 

 

556,200

 

 

8,426,712

 

 

 

 

 

 

     

 

 

 

 

 

 

41,067,198

 

               

India—0.6%

 

 

 

 

 

 

 

Sterlite Industries India Ltd. - ADR

 

 

457,800

 

 

7,219,506

 

               

Indonesia—0.4%

 

 

 

 

 

 

 

Bank Negara Indonesia Persero Tbk PT

 

 

11,498,800

 

 

2,181,099

 

Telekomunikasi Indonesia Tbk PT - ADR

 

 

59,800

 

 

2,027,818

 

 

 

 

 

 

     

 

 

 

 

 

 

4,208,917

 

               

Ireland—0.5%

 

 

 

 

 

 

 

Coviden Plc

 

 

137,100

 

 

5,774,652

 

               

Israel—0.7%

 

 

 

 

 

 

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

172,900

 

 

8,727,992

 

               

Italy—1.8%

 

 

 

 

 

 

 

Assicurazioni Generali SpA

 

 

83,268

 

 

2,096,626

 

Enel SpA

 

 

845,700

 

 

5,032,172

 

Intesa Sanpaolo SpA (a)

 

 

1,821,800

 

 

7,667,008

 

UniCredit SpA (a)

 

 

1,791,418

 

 

6,001,618

 

 

 

 

 

 

     

 

 

 

 

 

 

20,797,424

 

               

Japan—11.0%

 

 

 

 

 

 

 

Bank of Yokohama Ltd. (The)

 

 

1,171,500

 

 

5,752,577

 

Chiba Bank Ltd.

 

 

613,900

 

 

3,785,858

 

Daito Trust Construction Co. Ltd.

 

 

88,000

 

 

3,657,844

 

Fujitsu Ltd.

 

 

936,200

 

 

5,513,094

 

Honda Motor Co. Ltd.

 

 

302,400

 

 

9,340,133

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

47




 

 



 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Japan (concluded)

 

 

 

 

 

 

 

INPEX Corp.

 

 

740

 

$

6,043,076

 

ITOCHU Corp.

 

 

1,509,400

 

 

9,540,594

 

Japan Tobacco, Inc.

 

 

2,240

 

 

6,284,331

 

Konica Minolta Holdings, Inc.

 

 

358,000

 

 

3,362,953

 

Marubeni Corp.

 

 

1,639,200

 

 

8,110,070

 

Matsui Securities Co. Ltd.

 

 

619,800

 

 

4,461,049

 

Mitsubishi Estate Co. Ltd.

 

 

96,000

 

 

1,450,072

 

Mitsubishi UFJ Financial Group, Inc.

 

 

585,600

 

 

3,119,142

 

Mitsui Chemicals, Inc.

 

 

1,209,000

 

 

4,152,098

 

Mitsui Fudosan Co. Ltd.

 

 

125,000

 

 

2,022,502

 

Mizuho Securities Co. Ltd.

 

 

1,115,000

 

 

3,847,996

 

Nikon Corp.

 

 

319,600

 

 

5,956,591

 

Nippon Steel Corp.

 

 

1,067,000

 

 

4,070,633

 

NSK Ltd.

 

 

1,340,000

 

 

7,785,082

 

Panasonic Corp.

 

 

376,400

 

 

5,312,899

 

Sumitomo Corp.

 

 

1,094,300

 

 

10,623,148

 

Sumitomo Mitsui Financial Group, Inc.

 

 

73,300

 

 

2,491,476

 

Toyo Suisan Kaisha Ltd.

 

 

231,500

 

 

6,057,639

 

Toyota Motor Corp.

 

 

170,100

 

 

6,715,029

 

 

 

 

 

 

     

 

 

 

 

 

 

129,455,886

 

               

Luxembourg—1.3%

 

 

 

 

 

 

 

ArcelorMittal

 

 

261,900

 

 

8,863,362

 

SES SA

 

 

289,290

 

 

6,268,263

 

 

 

 

 

 

     

 

 

 

 

 

 

15,131,625

 

               

Malaysia—0.7%

 

 

 

 

 

 

 

Bumiputra-Commerce Holdings Bhd

 

 

2,115,600

 

 

7,675,260

 

               

Mexico—0.5%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR (b)

 

 

136,300

 

 

5,903,153

 

               

Netherlands—1.5%

 

 

 

 

 

 

 

Aegon NV (a)

 

 

1,092,700

 

 

7,766,294

 

ASML Holding NV, NY Registered Shares

 

 

204,300

 

 

5,503,842

 

Corio NV - REIT

 

 

20,700

 

 

1,403,632

 

Heineken NV

 

 

77,000

 

 

3,403,741

 

 

 

 

 

 

     

 

 

 

 

 

 

18,077,509

 

               

New Zealand—0.2%

 

 

 

 

 

 

 

Telecom Corp. of New Zealand Ltd.

 

 

325,000

 

 

2,912,000

 

               

Norway—0.7%

 

 

 

 

 

 

 

Norsk Hydro ASA (a)

 

 

820,000

 

 

5,374,254

 

Yara International ASA

 

 

87,900

 

 

2,905,717

 

 

 

 

 

 

     

 

 

 

 

 

 

8,279,971

 

               

Philippines—0.3%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. - ADR (b)

 

 

72,900

 

 

3,885,570

 

               

Russia—1.7%

 

 

 

 

 

 

 

Lukoil OAO - ADR

 

 

143,900

 

 

8,232,519

 

Rosneft Oil Co. - GDR (a)

 

 

1,093,400

 

 

8,314,023

 

Vimpel-Communications - ADR (a)

 

 

222,000

 

 

3,980,460

 

 

 

 

 

 

     

 

 

 

 

 

 

20,527,002

 

               

Singapore—2.8%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,134,771

 

 

3,290,705

 

DBS Group Holdings Ltd.

 

 

683,000

 

 

6,254,621

 

Singapore Telecommunications Ltd.

 

 

8,739,100

 

 

18,122,557

 

United Overseas Bank Ltd.

 

 

439,000

 

 

5,262,232

 

 

 

 

 

 

     

 

 

 

 

 

 

32,930,115

 

               

South Korea—2.0%

 

 

 

 

 

 

 

Korea Electric Power Corp. (a)

 

 

237,800

 

 

6,738,308

 

Korea Zinc Co. Ltd.

 

 

41,600

 

 

6,429,540

 

Samsung Electronics Co. Ltd.

 

 

9,700

 

 

5,836,811

 

Samsung Securities Co. Ltd.

 

 

89,900

 

 

4,406,570

 

 

 

 

 

 

     

 

 

 

 

 

 

23,411,229

 

               

Spain—1.9%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA

 

 

373,600

 

 

6,678,101

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Spain (concluded)

 

 

 

 

 

 

 

Banco Popular Espanol SA

 

 

224,910

 

$

2,003,411

 

Banco Santander SA

 

 

365,350

 

 

5,879,305

 

Telefonica SA

 

 

295,000

 

 

8,238,315

 

 

 

 

 

 

     

 

 

 

 

 

 

22,799,132

 

               

Sweden—1.0%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

541,824

 

 

5,815,624

 

Skanska AB, B Shares

 

 

212,000

 

 

3,111,085

 

TeliaSonera AB

 

 

368,900

 

 

2,445,046

 

 

 

 

 

 

     

 

 

 

 

 

 

11,371,755

 

               

Switzerland—7.3%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

44,800

 

 

6,396,992

 

Credit Suisse Group AG

 

 

123,100

 

 

6,580,579

 

Julius Baer Group Ltd.

 

 

117,900

 

 

4,438,345

 

Julius Baer Holding AG

 

 

117,900

 

 

1,438,389

 

Nestle SA

 

 

320,300

 

 

14,894,454

 

Novartis AG

 

 

231,200

 

 

12,039,545

 

Roche Holding AG

 

 

56,200

 

 

9,001,157

 

Sonova Holding AG

 

 

49,000

 

 

5,043,309

 

Swiss Reinsurance Co. Ltd.

 

 

108,400

 

 

4,414,112

 

Syngenta AG

 

 

47,000

 

 

11,128,718

 

UBS AG (a)

 

 

427,100

 

 

7,121,783

 

Zurich Financial Services AG

 

 

14,800

 

 

3,389,090

 

 

 

 

 

 

     

 

 

 

 

 

 

85,886,473

 

               

Taiwan—2.3%

 

 

 

 

 

 

 

AU Optronics Corp. - ADR (c)

 

 

584,407

 

 

5,160,314

 

Mega Financial Holding Co. Ltd.

 

 

7,811,100

 

 

4,349,834

 

Nan Ya Plastics Corp.

 

 

4,512,880

 

 

7,178,995

 

Siliconware Precision Industries Co. - ADR

 

 

759,900

 

 

5,114,127

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (c)

 

 

555,884

 

 

5,303,134

 

 

 

 

 

 

     

 

 

 

 

 

 

27,106,404

 

               

Thailand—0.2%

 

 

 

 

 

 

 

Bangkok Bank PCL

 

 

800,500

 

 

2,684,875

 

               

Turkey—0.2%

 

 

 

 

 

 

 

Turkcell Iletisim Hizmet AS - ADR

 

 

125,700

 

 

2,065,251

 

               

United Kingdom—16.3%

 

 

 

 

 

 

 

Anglo American Plc (a)

 

 

223,600

 

 

8,090,541

 

Aviva Plc

 

 

708,000

 

 

4,427,244

 

Barclays Plc (a)

 

 

51,500

 

 

1,076,350

 

Barclays Plc (a)

 

 

1,111,800

 

 

5,827,035

 

BG Group Plc

 

 

518,800

 

 

8,930,271

 

BP Plc

 

 

1,124,800

 

 

10,539,684

 

British Airways Plc (a)

 

 

1,961,200

 

 

5,824,206

 

British American Tobacco Plc

 

 

481,703

 

 

15,349,968

 

Catlin Group Ltd.

 

 

422,300

 

 

2,280,200

 

GlaxoSmithKline Plc

 

 

614,100

 

 

12,596,867

 

Hays Plc

 

 

4,170,200

 

 

6,680,396

 

HSBC Holdings Plc

 

 

1,482,500

 

 

16,381,811

 

Imperial Tobacco Group Plc

 

 

251,300

 

 

7,405,662

 

Intercontinental Hotels Group Plc

 

 

466,550

 

 

5,963,958

 

International Power Plc

 

 

2,033,400

 

 

8,442,039

 

Legal & General Group Plc

 

 

3,324,800

 

 

4,266,193

 

Next Plc

 

 

220,000

 

 

6,454,211

 

Persimmon Plc (a)

 

 

494,400

 

 

3,259,518

 

Prudential Plc

 

 

630,300

 

 

5,725,270

 

Royal Dutch Shell Plc - ADR

 

 

152,700

 

 

9,071,907

 

Smiths Group Plc

 

 

236,200

 

 

3,447,562

 

Standard Chartered Plc

 

 

400,600

 

 

9,827,541

 

Standard Life Plc

 

 

386,500

 

 

1,377,787

 

Tesco Plc

 

 

999,300

 

 

6,663,041

 

Unilever Plc

 

 

261,000

 

 

7,797,598

 

Vodafone Group Plc

 

 

2,026,400

 

 

4,465,849

 

Vodafone Group Plc - ADR

 

 

178,200

 

 

3,954,258

 

WPP Plc

 

 

704,500

 

 

6,313,668

 

 

 

 

 

 

     

 

 

 

 

 

 

192,440,635

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

48

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States—0.8%

 

 

 

 

 

 

 

Amkor Technology, Inc. (a)

 

 

693,800

 

$

3,822,838

 

NII Holdings, Inc. (a)(b)

 

 

206,400

 

 

5,558,352

 

 

 

 

 

 

     

 

 

 

 

 

 

9,381,190

 

               

Total Long-Term Investments
(Cost—$1,209,894,142)—94.1%

 

 

 

 

 

1,109,342,104

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

Shares/
Beneficial
Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.18% (d)(e)

 

 

73,117,275

 

 

73,117,275

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.33% (d)(e)(f)

 

 

4,855,000

 

 

4,855,000

 

               

Total Short-Term Securities
(Cost—$77,972,275)—6.6%

 

 

 

 

 

77,972,275

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,287,866,417*)—100.7%

 

 

 

 

 

1,187,314,379

 

               

 

 

 

 

 

 

 

 









Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.2)%

 

 

 

 

 

 

 

Alcon, Inc., Strike Price 145 USD, Expires 11/23/09

 

 

250

 

 

(66,875

)

Anglo American Plc, Strike Price 24 GBP, Expires 11/20/09

 

 

10

 

 

(5,805

)

ASML Holding NV, NY Registered Shares,
Strike Price 30 USD, Expires 12/21/09

 

 

780

 

 

(40,950

)

AU Optronics Corp., Strike Price 10 USD, Expires 1/18/10

 

 

3,200

 

 

(88,000

)

Banco Bradesco SA - ADR, Strike Price 20 USD,
Expires 11/23/09

 

 

100

 

 

(8,250

)

Banco Bradesco SA - ADR, Strike Price 22.50 USD,
Expires 12/21/09

 

 

1,050

 

 

(36,750

)

Bank of Nova Scotia, Strike Price 50 CAD, Expires 11/21/09

 

 

1,345

 

 

(8,701

)

Barclays Plc, Strike Price 3.40 GBP, Expires 11/20/09,

 

 

225

 

 

(29,543

)

Barrick Gold Corp., Strike Price 39 USD, Expires 11/23/09

 

 

275

 

 

(17,875

)

Barrick Gold Corp., Strike Price 40 USD, Expires 12/21/09

 

 

575

 

 

(63,250

)

BHP Billiton Ltd. - ADR, Strike Price 65 USD, Expires 11/23/09

 

 

150

 

 

(48,000

)

BHP Billiton Ltd. - ADR, Strike Price 70 USD, Expires 12/21/09

 

 

260

 

 

(63,050

)

Bombardier, Inc., Class B, Strike Price 5 CAD,
Expires 1/16/10

 

 

7,500

 

 

(114,366

)

Canadian Natural Resources Ltd.,
Strike Price 80 CAD, Expires 11/21/09,

 

 

1,305

 

 

(33,166

)

Canadian Oil Sands Trust, Strike Price 29 CAD,
Expires 11/21/09

 

 

520

 

 

(49,258

)

Canadian Oil Sands Trust, Strike Price 30 CAD,
Expires 12/19/09

 

 

400

 

 

(36,043

)

Cia Energetica de Minas Gerais - ADR,
Strike Price 15 USD, Expires 11/23/09

 

 

1,150

 

 

(109,250

)

Covidien Plc, Strike Price 45 USD, Expires 11/23/09

 

 

750

 

 

(30,000

)

Crescent Point Energy Corp., Strike Price 38 CAD,
Expires 12/19/09

 

 

584

 

 

(33,732

)

Deutsche Bank AG, Registered Shares,
Strike Price 52 EUR, Expires 11/20/09,

 

 

250

 

 

(46,357

)

EnCana Corp., Strike Price 60 USD, Expires 11/23/09

 

 

900

 

 

(56,250

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price 45 USD, Expires 12/21/09

 

 

750

 

 

(159,375

)

Goldcorp, Inc., Strike Price 46 CAD, Expires 11/21/09

 

 

890

 

 

(20,563

)

Goldcorp, Inc., Strike Price 50 CAD, Expires 11/21/09

 

 

100

 

 

(1,109

)

Kinross Gold Corp., Strike Price 24 CAD, Expires 11/23/09

 

 

2,000

 

 

(24,029

)

Magna International, Inc., Class A, Strike Price 50 USD,
Expires 12/21/09

 

 

750

 

 

(16,875

)

Netease.com, Inc., Strike Price 40 USD, Expires 12/21/09

 

 

450

 

 

(96,750

)

Pan American Silver Corp., Strike Price 26 USD,
Expires 11/23/09

 

 

1,200

 

 

(18,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Progress Energy Resources Corp., Strike Price 14 CAD,
Expires 11/22/09

 

 

3,735

 

$

(138,071

)

Progress Energy Resources Corp., Strike Price 15 CAD,
Expires 11/21/09,

 

 

1,100

 

 

(14,741

)

Royal Bank of Canada, Strike Price 56 CAD,
Expires 12/19/09

 

 

200

 

 

(28,649

)

Royal Bank of Canada, Strike Price 58 CAD,
Expires 11/21/09

 

 

335

 

 

(7,430

)

SAP AG - ADR, Strike Price 55 USD, Expires 12/21/09

 

 

635

 

 

(3,175

)

Siliconware Precision Industries Co. - ADR,
Strike Price 7.50 USD, Expires 1/18/10

 

 

1,350

 

 

(43,875

)

Sterlite Industries India Ltd. - ADR,
Strike Price 17.50 USD, Expires 12/21/09

 

 

2,500

 

 

(218,750

)

Suncor Energy, Inc., Strike Price 36 USD, Expires 12/21/09

 

 

600

 

 

(69,000

)

Suncor Energy, Inc., Strike Price 40 USD, Expires 11/23/09

 

 

1,105

 

 

(13,813

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price 10 USD, Expires 12/21/09

 

 

2,500

 

 

(75,000

)

TELUS Corp., Strike Price 34 CAD, Expires 11/21/09

 

 

725

 

 

(48,577

)

TELUS Corp., Strike Price 34 CAD, Expires 12/19/09

 

 

250

 

 

(24,837

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 52.50 USD, Expires 11/23/09

 

 

450

 

 

(22,500

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price 52.50 USD, Expires 12/21/09

 

 

584

 

 

(61,320

)

Toronto-Dominion Bank (The), Strike Price 68 CAD,
Expires 12/19/09

 

 

450

 

 

(25,992

)

UBS AG, Strike Price 18 CHF, Expires 11/20/09

 

 

300

 

 

(12,574

)

Vimpel-Communications - ADR, Strike Price 20 USD,
Expires 12/21/09

 

 

1,220

 

 

(118,950

)

Vivendi, Strike Price 21.50 EUR, Expires 11/22/09

 

 

360

 

 

(2,019

)

Vodafone Group Plc - ADR, Strike Price 23 USD,
Expires 11/30/09

 

 

500

 

 

(17,050

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(2,268,495

)

               

Exchange-Traded Put Option Written—(0.0)%

 

 

 

 

 

 

 

Chunghwa Telecom Co. Ltd. - ADR,
Strike Price 17.50 USD, Expires 11/23/09

 

 

1,250

 

 

(56,250

)

               

Over-the-Counter Call Options Written—(1.2)%

 

 

 

 

 

 

 

Aegon NV, Strike Price 5.35 EUR, Expires 1/07/10,
Broker BNP Paribas

 

 

45,800

 

 

(14,882

)

Aegon NV, Strike Price 5.81 EUR, Expires 11/18/09,
Broker Citigroup Global Markets

 

 

148,900

 

 

(4,438

)

Aegon NV, Strike Price 6.08 EUR, Expires 12/08/09,
Broker Morgan Stanley & Co., Inc.

 

 

407,000

 

 

(19,329

)

Allianz SE, Strike Price 81.86 EUR, Expires 1/07/10,
Broker UBS Securities LLC

 

 

15,000

 

 

(44,747

)

Alstom SA, Strike Price 52.21 EUR, Expires 12/03/09,
Broker JPMorgan Chase Securities

 

 

33,000

 

 

(19,933

)

Alstom SA, Strike Price 52.98 EUR, Expires 11/12/09,
Broker Morgan Stanley & Co., Inc.

 

 

13,000

 

 

(855

)

Amkor Technology, Inc., Strike Price 7.65 USD,
Expires 12/15/09, Broker Goldman Sachs & Co.

 

 

191,000

 

 

(14,296

)

Amkor Technology, Inc., Strike Price 7.65 USD,
Expires 12/18/09, Broker Goldman Sachs & Co.

 

 

191,000

 

 

(16,061

)

Anglo American Plc, Strike Price 21.94 GBP,
Expires 11/12/09, Broker JPMorgan Chase Securities

 

 

135,000

 

 

(177,580

)

Anheuser-Busch InBev NV, Strike Price 35.35 EUR,
Expires 12/10/09, Broker BNP Paribas

 

 

108,700

 

 

(43,852

)

AP Moller - Maersk A/S, Strike Price 36,088 DKK,
Expires 1/07/10, Broker Citigroup Global Markets

 

 

550

 

 

(156,351

)

ArcelorMittal, Strike Price 28.45 EUR,
Expires 12/18/09, Broker Credit Suisse First Boston

 

 

131,000

 

 

(32,784

)

Arch Capital Group Ltd., Strike Price 71 USD,
Expires 12/18/09, Broker Credit Suisse First Boston

 

 

28,000

 

 

(19,413

)

ASML Holding NV, NY Registered Shares,
Strike Price 28.79 USD, Expires 11/30/09,
Broker Morgan Stanley & Co., Inc.

 

 

32,500

 

 

(11,709

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

49




 

 



 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Assicurazioni Generali SpA, Strike Price 19.01 EUR,
Expires 12/10/09, Broker Credit Suisse First Boston

 

 

46,000

 

$

(10,587

)

Australia & New Zealand Banking Group Ltd.,
Strike Price 24.11 AUD, Expires 12/16/09,
Broker Citigroup Global Markets

 

 

146,000

 

 

(59,290

)

Aviva Plc, Strike Price 4.28 GBP, Expires 11/18/09,
Broker BNP Paribas

 

 

425,000

 

 

(13,055

)

AXA SA, Strike Price 18.51 EUR, Expires 12/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

139,000

 

 

(50,733

)

Banco Bilbao Vizcaya Argentaria SA,
Strike Price 12.14 EUR, Expires 12/08/09,
Broker Goldman Sachs & Co.

 

 

205,000

 

 

(139,680

)

Banco Popular Espanol SA, Strike Price 6.76 EUR,
Expires 12/08/09, Broker UBS Securities LLC

 

 

62,000

 

 

(4,839

)

Banco Santander Chile - ADR, Strike Price 57.35 USD,
Expires 11/02/09, Broker Goldman Sachs & Co.

 

 

32,000

 

 

(3

)

Banco Santander SA, Strike Price 11.46 EUR,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

51,000

 

 

(13,881

)

Banco Santander SA, Strike Price 11.58 EUR,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

150,000

 

 

(23,099

)

Bank of Yokohama Ltd. (The), Strike Price 469.87 JPY,
Expires 1/12/10, Broker Goldman Sachs & Co.

 

 

645,000

 

 

(90,294

)

Barclays Plc, Strike Price 3.50 GBP, Expires 11/05/09,
Broker UBS Securities LLC

 

 

667,000

 

 

(6,113

)

BASF AG, Strike Price 38.84 EUR, Expires 12/10/09,
Broker BNP Paribas

 

 

16,000

 

 

(18,552

)

BASF AG, Strike Price 41.27 EUR, Expires 12/08/09,
Broker BNP Paribas

 

 

33,000

 

 

(12,677

)

Bayerische Motoren Werke AG, Strike Price 34.92 EUR,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

105,000

 

 

(49,800

)

Belgacom SA, Strike Price 27.35 EUR,
Expires 12/10/09, Broker BNP Paribas

 

 

65,900

 

 

(2,966

)

BG Group Plc, Strike Price 11.42 GBP,
Expires 11/18/09, Broker Credit Suisse First Boston

 

 

69,800

 

 

(5,511

)

BG Group Plc, Strike Price 11.45 GBP,
Expires 12/03/09, Broker Citigroup Global Markets

 

 

154,000

 

 

(29,945

)

BG Group Plc, Strike Price 11.85 GBP,
Expires 12/03/09, Broker BNP Paribas

 

 

61,500

 

 

(6,531

)

BM&FBOVESPA SA, Strike Price 12.47 BRL,
Expires 11/06/09, Broker Credit Suisse First Boston

 

 

226,400

 

 

(1,137

)

BNP Paribas, Strike Price 54.29 EUR,
Expires 12/10/09, Broker UBS Securities LLC

 

 

46,500

 

 

(98,483

)

BP Plc, Strike Price 5.82 GBP, Expires 12/03/09,
Broker Citigroup Global Markets

 

 

620,000

 

 

(115,782

)

British Airways Plc, Strike Price 2.10 GBP,
Expires 1/07/10, Broker Citigroup Global Markets

 

 

1,176,700

 

 

(105,494

)

British American Tobacco Plc, Strike Price 20.11 GBP,
Expires 12/10/09, Broker Citigroup Global Markets

 

 

481,700

 

 

(167,610

)

Canadian Oil Sands Trust, Strike Price 34.62 CAD,
Expires 12/15/09, Broker Goldman Sachs & Co.

 

 

248,500

 

 

(38,945

)

Cap Gemini SA, Strike Price 35.16 EUR,
Expires 12/10/09, Broker Credit Suisse First Boston

 

 

45,000

 

 

(24,900

)

Cap Gemini SA, Strike Price 36.81 EUR,
Expires 11/12/09, Broker Jpmorgan Chase Securities

 

 

16,000

 

 

(485

)

CapitaLand Ltd., Strike Price 4.36 SGD,
Expires 12/16/09, Broker Goldman Sachs & Co.

 

 

625,000

 

 

(37,318

)

Casino Guichard Perrachon SA,
Strike Price 55.27 EUR, Expires 12/10/09,
Broker Citigroup Global Markets

 

 

28,400

 

 

(42,392

)

Catlin Group Ltd., Strike Price 3.49 GBP,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

253,000

 

 

(3,302

)

Cheung Kong Holdings Ltd., Strike Price 110.21 HKD,
Expires 12/16/09, Broker Credit Suisse First Boston

 

 

370,000

 

 

(62,531

)

Chiba Bank Ltd. (The), Strike Price 581.60 JPY,
Expires 1/05/10, Broker Goldman Sachs & Co.

 

 

338,000

 

 

(78,384

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

China Construction Bank Corp., Class H,
Strike Price 7.07 HKD, Expires 1/12/10,
Broker Deutsche Bank Securities

 

 

3,554,000

 

$

(75,530

)

China Life Insurance Co. Ltd., Class H,
Strike Price 35.38 HKD, Expires 12/01/09,
Broker Credit Suisse First Boston

 

 

597,000

 

 

(118,043

)

China Mobile Ltd., Strike Price 76.86 HKD,
Expires 12/16/09, Broker Deutsche Bank Securities

 

 

360,000

 

 

(82,649

)

Cia Energetica de Minas Gerais - ADR, Strike Price
16.68 USD, Expires 11/30/09, Broker BNP Paribas

 

 

62,000

 

 

(5,058

)

Cie de Saint-Gobain, Strike Price 36.40 EUR,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

90,000

 

 

(97,101

)

CIMB Group Holdings Bhd, Strike Price 12.61 MYR,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

1,150,000

 

 

(146,326

)

Commonwealth Bank of Australia,
Strike Price 55.91 AUD, Expires 1/05/10,
Broker UBS Securities LLC

 

 

64,000

 

 

(54,844

)

Compagnie Generale des Etablissements Michelin,
Class B, Strike Price 53.40 EUR, Expires 1/07/10,
Broker BNP Paribas

 

 

39,700

 

 

(129,250

)

Corio NV, Strike Price 46.92 EUR, Expires 1/07/10,
Broker BNP Paribas

 

 

11,400

 

 

(31,351

)

Credit Suisse Group AG, Strike Price 57.41 CHF,
Expires 1/07/10, Broker BNP Paribas

 

 

67,700

 

 

(155,438

)

Daito Trust Construction Co. Ltd.,
Strike Price 3,733.41 JPY, Expires 1/05/10,
Broker Goldman Sachs & Co.

 

 

88,000

 

 

(184,829

)

DBS Group Holdings Ltd., Strike Price 13.10 SGD,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

375,000

 

 

(99,054

)

Deutsche Lufthansa AG, Strike Price 12.32 EUR,
Expires 12/15/09, Broker Deutsche Bank Securities

 

 

195,000

 

 

(16,930

)

E.ON AG, Strike Price 27.36 EUR, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

44,500

 

 

(22,626

)

Eldorado Gold Corp., Strike Price 12.25 CAD,
Expires 1/08/10, Broker Morgan Stanley & Co., Inc.

 

 

220,000

 

 

(166,111

)

Eldorado Gold Corp., Strike Price 12.25 CAD,
Expires 12/29/09, Broker Morgan Stanley & Co., Inc.

 

 

200,000

 

 

(138,626

)

Enel SpA, Strike Price 4.31 EUR, Expires 12/10/09,
Broker Credit Suisse First Boston

 

 

465,000

 

 

(23,913

)

Eramet, Strike Price 236.99 EUR, Expires 11/04/09,
Broker BNP Paribas

 

 

10,000

 

 

(5,503

)

Erste Group Bank AG, Strike Price 28.44 EUR,
Expires 1/07/10, Broker UBS Securities LLC

 

 

44,300

 

 

(96,398

)

Fortum Oyj, Strike Price 17.53 EUR, Expires 12/08/09,
Broker Citigroup Global Markets

 

 

127,800

 

 

(17,452

)

France Telecom SA, Strike Price 18.34 EUR,
Expires 12/08/09, Broker Credit Suisse First Boston

 

 

25,000

 

 

(1,631

)

France Telecom SA, Strike Price 18.58 EUR,
Expires 12/08/09, Broker BNP Paribas

 

 

65,000

 

 

(3,118

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price 32.90 EUR, Expires 12/10/09,
Broker BNP Paribas

 

 

37,400

 

 

(62,554

)

Fujitsu Ltd., Strike Price 619.03 JPY,
xpires 12/16/09, Broker Goldman Sachs & Co.

 

 

515,000

 

 

(22,331

)

GAM Holding Ltd., Strike Price 12.80 CHF,
Expires 1/07/10, Broker UBS Securities LLC

 

 

64,900

 

 

(44,440

)

GDF Suez, Strike Price 30.66 EUR, Expires 11/18/09,
Broker Citigroup Global Markets

 

 

87,800

 

 

(9,111

)

GlaxoSmithKline Plc, Strike Price 12.38 GBP,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

259,000

 

 

(118,038

)

GlaxoSmithKline Plc, Strike Price 12.43 GBP,
Expires 12/08/09, Broker Citigroup Global Markets

 

 

80,000

 

 

(50,061

)

Hays Plc, Strike Price 1.04 GBP, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

802,600

 

 

(14,481

)

Hays Plc, Strike Price 1.05 GBP, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

1,491,000

 

 

(22,093

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Heineken NV, Strike Price 32.31 EUR,
Expires 11/12/09, Broker JPMorgan Chase Securities

 

 

77,000

 

$

(5,687

)

Honda Motor Co. Ltd., Strike Price 3,014.10 JPY,
Expires 1/05/10, Broker Goldman Sachs & Co.

 

 

181,000

 

 

(162,516

)

Hong Kong Exchanges and Clearing Ltd.,
Strike Price 146.77 HKD, Expires 1/12/10,
Broker Deutsche Bank Securities

 

 

150,000

 

 

(82,841

)

HSBC Holdings Plc, Strike Price 7.59 GBP,
Expires 12/03/09, Broker Citigroup Global Markets

 

 

815,000

 

 

(44,265

)

Hutchison Whampoa Ltd., Strike Price 56.51 HKD,
Expires 12/01/09, Broker Credit Suisse First Boston

 

 

623,000

 

 

(74,658

)

Imperial Tobacco Group Plc, Strike Price 17.98 GBP,
Expires 11/12/09, Broker Deutsche Bank Securities

 

 

251,000

 

 

(107,897

)

Industrial & Commercial Bank of China,
Strike Price 6.03 HKD, Expires 12/01/09,
Broker Deutsche Bank Securities

 

 

2,383,000

 

 

(88,221

)

Industrial & Commercial Bank of China,
Strike Price 6.51 HKD, Expires 12/16/09,
Broker Deutsche Bank Securities

 

 

1,597,000

 

 

(25,457

)

INPEX Corp., Strike Price 790,037.07 JPY,
Expires 12/16/09, Broker Morgan Stanley & Co., Inc.

 

 

258

 

 

(39,812

)

INPEX Corp., Strike Price 801,340 JPY,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

149

 

 

(11,934

)

Intercontinental Hotels Group Plc,
Strike Price 7.86 GBP, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

188,000

 

 

(100,048

)

Intercontinental Hotels Group Plc,
Strike Price 8.50 GBP, Expires 11/12/09,
Broker UBS Securities LLC

 

 

92,000

 

 

(3,888

)

International Power Plc, Strike Price 2.56 GBP,
Expires 12/10/09, Broker Citigroup Global Markets

 

 

618,500

 

 

(93,346

)

International Power Plc, Strike Price 2.98 GBP,
Expires 12/08/09, Broker Goldman Sachs & Co.

 

 

600,000

 

 

(9,665

)

Intesa Sanpaolo SpA, Strike Price 3.04 EUR,
Expires 1/07/10, Broker BNP Paribas

 

 

1,002,000

 

 

(172,615

)

ITOCHU Corp., Strike Price 604.88 JPY,
Expires 12/16/09, Broker Morgan Stanley & Co., Inc.

 

 

575,000

 

 

(87,492

)

ITOCHU Corp., Strike Price 611.77 JPY,
Expires 12/01/09, Broker Deutsche Bank Securities

 

 

255,000

 

 

(23,377

)

Japan Tobacco, Inc., Strike Price 271,354 JPY,
Expires 12/16/09, Broker Goldman Sachs & Co.

 

 

1,232

 

 

(70,224

)

Julius Baer Group Ltd., Strike Price 41.47 CHF,
Expires 1/07/10, Broker BNP Paribas

 

 

64,900

 

 

(135,381

)

Konica Minolta Holdings, Inc., Strike Price 908.82 JPY,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

197,000

 

 

(85,047

)

Korea Electric Power Corp., Strike Price 35,002.56 KRW,
Expires 1/05/10, Broker Goldman Sachs & Co.

 

 

118,000

 

 

(64,255

)

Korea Zinc Co., Strike Price 209,525.79 KRW,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

23,000

 

 

(193,128

)

Lafarge SA, Strike Price 62.77 EUR, Expires 11/12/09,
Broker Morgan Stanley & Co., Inc.

 

 

43,000

 

 

(5,893

)

Legal & General Group Plc, Strike Price 0.90 GBP,
Expires 12/08/09, Broker Goldman Sachs & Co.

 

 

1,825,000

 

 

(45,330

)

Lukoil OAO - ADR, Strike Price 57.23 USD,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

73,000

 

 

(202,764

)

Lukoil OAO - ADR, Strike Price 64.16 USD,
Expires 1/07/10, Broker Morgan Stanley & Co., Inc.

 

 

6,200

 

 

(14,665

)

MAN SE, Strike Price 57.34 EUR, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

38,700

 

 

(110,259

)

MAN SE, Strike Price 60.04 EUR, Expires 12/10/09,
Broker UBS Securities LLC

 

 

41,000

 

 

(67,016

)

Marubeni Corp., Strike Price 475.89 JPY,
Expires 1/05/10, Broker Goldman Sachs & Co.

 

 

902,000

 

 

(141,286

)

Matsui Securities Co. Ltd., Strike Price 673.16 JPY,
Expires 12/16/09, Broker Deutsche Bank Securities

 

 

341,000

 

 

(77,887

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Mega Financial Holding Co. Ltd., Strike Price 20 TWD,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

2,000,000

 

$

(34,700

)

Mega Financial Holding Co. Ltd.,
Strike Price 20.13 TWD, Expires 12/01/09,
Broker Credit Suisse First Boston

 

 

2,300,000

 

 

(17,365

)

Mitsubishi Estate Co. Ltd., Strike Price 1,394.50 JPY,
Expires 1/12/10, Broker Goldman Sachs & Co.

 

 

53,000

 

 

(37,670

)

Mitsui Chemicals, Inc., Strike Price 320.51 JPY,
Expires 1/12/10, Broker Morgan Stanley & Co., Inc.

 

 

665,000

 

 

(149,748

)

Mitsui Fudosan Co. Ltd., Strike Price 1,531.61 JPY,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

69,000

 

 

(45,231

)

Mizuho Securities Co. Ltd., Strike Price 330.62 JPY,
Expires 1/12/10, Broker Goldman Sachs & Co.

 

 

613,000

 

 

(139,060

)

Nan Ya Plastics Corp., Strike Price 50.35 TWD,
Expires 12/01/09, Broker Credit Suisse First Boston

 

 

1,100,000

 

 

(101,431

)

Nan Ya Plastics Corp., Strike Price 56.71 TWD,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

1,400,000

 

 

(49,000

)

National Australia Bank Ltd., Strike Price 31.47 AUD,
Expires 1/05/10, Broker Citigroup Global Markets

 

 

111,000

 

 

(64,488

)

Nestle SA, Strike Price 44.36 CHF, Expires 12/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

177,000

 

 

(599,004

)

New World Development Ltd., Strike Price 16.49 HKD,
Expires 12/01/09, Broker Credit Suisse First Boston

 

 

768,000

 

 

(96,318

)

New World Development Ltd., Strike Price 17.51 HKD,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

750,000

 

 

(74,030

)

Next Plc, Strike Price 18.73 GBP, Expires 12/03/09,
Broker Citigroup Global Markets

 

 

121,000

 

 

(63,016

)

NII Holdings, Inc., Strike Price 30.78 USD,
Expires 12/07/09, Broker Morgan Stanley & Co., Inc.

 

 

113,500

 

 

(50,320

)

Nikon Corp., Strike Price 1,810.57 JPY,
Expires 12/16/09, Broker Deutsche Bank Securities

 

 

176,000

 

 

(131,245

)

Nippon Steel Corp., Strike Price 353.94 JPY,
Expires 1/12/10, Broker Goldman Sachs & Co.

 

 

587,000

 

 

(129,184

)

Nordea Bank AB, Strike Price 75.76 SEK,
Expires 12/10/09, Broker BNP Paribas

 

 

47,000

 

 

(24,906

)

Nordea Bank AB, Strike Price 79.59 SEK,
Expires 12/10/09, Broker BNP Paribas

 

 

251,000

 

 

(72,378

)

Norsk Hydro ASA, Strike Price 43.524 NOK,
Expires 12/08/09, Broker Citigroup Global Markets

 

 

451,000

 

 

(26,852

)

Novartis AG, Registered Shares, Strike Price 51.96 CHF,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

149,500

 

 

(293,410

)

Novartis AG, Registered Shares, Strike Price 53.34 CHF,
Expires 12/10/09, Broker UBS Securities LLC

 

 

81,700

 

 

(105,170

)

NSK Ltd., Strike Price 561.71 JPY, Expires 1/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

737,000

 

 

(227,434

)

OPAP SA, Strike Price 18.47 EUR, Expires 12/10/09,
Broker Credit Suisse First Boston

 

 

174,600

 

 

(85,488

)

Panasonic Corp., Strike Price 1,252.46 JPY,
Expires 1/12/10, Broker Morgan Stanley & Co., Inc.

 

 

207,000

 

 

(180,266

)

Persimmon Plc, Strike Price 4.45 GBP,
Expires 1/07/10, Broker UBS Securities LLC

 

 

123,500

 

 

(30,004

)

Persimmon Plc, Strike Price 5.01 GBP,
Expires 11/12/09, Broker UBS Securities LLC

 

 

148,500

 

 

(366

)

Philippine Long Distance Telephone Co. - ADR,
Strike Price 57.06 USD, Expires 11/30/09,
Broker Deutsche Bank Securities

 

 

40,000

 

 

(9,599

)

PICC Property & Casualty Co. Ltd.,
Strike Price 6.26 HKD, Expires 1/12/10,
Broker Deutsche Bank Securities

 

 

2,384,000

 

 

(86,361

)

PPR, Strike Price 78.98 EUR, Expires 1/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

18,300

 

 

(65,121

)

Prudential Plc, Strike Price 6.13 GBP,
Expires 12/08/09, Broker UBS Securities LLC

 

 

347,000

 

 

(46,860

)

Renault SA, Strike Price 36.93 EUR, Expires 12/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

65,000

 

 

(13,650

)

Roche Holding AG, Strike Price 171.52 CHF,
Expires 11/12/09, Broker JPMorgan Chase Securities

 

 

45,000

 

 

(16,576

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

51




 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Rosneft Oil Co. - GDR, Strike Price 8.034 USD,
Expires 11/12/09, Broker Goldman Sachs & Co.

 

 

466,700

 

$

(54,091

)

Rosneft Oil Co. - GDR, Strike Price 8.62 USD,
Expires 1/07/10, Broker Morgan Stanley & Co., Inc.

 

 

134,700

 

 

(33,170

)

Royal Dutch Shell Plc - ADR, Strike Price 62.67 USD,
Expires 11/30/09, Broker UBS Securities LLC

 

 

100,000

 

 

(32,419

)

RWE AG, Strike Price 63.01 EUR, Expires 1/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

47,900

 

 

(51,664

)

Salzgitter AG, Strike Price 71.08 EUR,
Expires 12/10/09, Broker BNP Paribas

 

 

27,500

 

 

(15,094

)

Samsung Electronics Co. Ltd.,
Strike Price 752,084.22 KRW, Expires 1/05/10,
Broker Deutsche Bank Securities

 

 

7,300

 

 

(171,845

)

Samsung Securities Co. Ltd., Strike Price 63,109 KRW,
Expires 1/05/10, Broker Credit Suisse First Boston

 

 

50,000

 

 

(69,312

)

Sanofi-Aventis SA, Strike Price 53.29 EUR,
Expires 12/10/09, Broker Citigroup Global Markets

 

 

45,000

 

 

(35,160

)

Santos Ltd., Strike Price 15.69 AUD, Expires 12/16/09,
Broker UBS Securities LLC

 

 

336,000

 

 

(107,589

)

SES SA, Strike Price 14.87 EUR, Expires 1/07/10,
Broker BNP Paribas

 

 

159,100

 

 

(118,187

)

Siliconware Precision Industries Co. - ADR,
Strike Price 7.20 USD, Expires 11/16/09,
Broker JPMorgan Chase Securities

 

 

285,000

 

 

(19,810

)

Singapore Telecommunications Ltd.,
Strike Price 3.08 SGD, Expires 1/12/10,
Broker Credit Suisse First Boston

 

 

4,800,000

 

 

(219,429

)

Skanska AB, B Shares, Strike Price 107.67 SEK,
Expires 12/10/09, Broker BNP Paribas

 

 

116,600

 

 

(37,989

)

Smiths Group Plc, Strike Price 9.26 GBP,
Expires 12/10/09, Broker BNP Paribas

 

 

120,000

 

 

(22,681

)

Societe Generale, Strike Price 53.09 EUR,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

33,763

 

 

(1,941

)

Software AG, Strike Price 65.20 EUR,
Expires 12/03/09, Broker UBS Securities LLC

 

 

33,000

 

 

(58,473

)

Sonova Holding AG, Strike Price 109.75 CHF,
Expires 12/10/09, Broker UBS Securities LLC

 

 

27,000

 

 

(58,268

)

Standard Chartered Plc, Strike Price 15.26 GBP,
Expires 12/10/09, Broker Morgan Stanley & Co., Inc.

 

 

150,000

 

 

(139,133

)

Standard Chartered Plc, Strike Price 15.54 GBP,
Expires 12/03/09, Broker Credit Suisse First Boston

 

 

75,000

 

 

(50,093

)

Standard Life Plc, Strike Price 2.22 GBP,
Expires 12/10/09, Broker BNP Paribas

 

 

193,500

 

 

(19,115

)

Standard Life Plc, Strike Price 2.25 GBP,
Expires 12/08/09, Broker Goldman Sachs & Co.

 

 

193,000

 

 

(14,978

)

Sumitomo Corp., First Section, Strike Price 911.79 JPY,
Expires 1/12/10, Broker Morgan Stanley & Co., Inc.

 

 

600,000

 

 

(198,489

)

Sumitomo Mitsui Financial Group, Inc.,
Strike Price 3,234.20 JPY, Expires 12/16/09,
Broker Morgan Stanley & Co., Inc.

 

 

41,000

 

 

(44,852

)

Sun Kung Kai Properties Ltd., Strike Price 121.23 HKD,
Expires 1/05/10, Broker Deutsche Bank Securities

 

 

145,000

 

 

(120,059

)

Sun Kung Kai Properties Ltd., Strike Price 133.91 HKD,
Expires 12/16/09, Broker Credit Suisse First Boston

 

 

161,000

 

 

(38,821

)

Swiss Reinsurance Co. Ltd., Strike Price 44.82 CHF,
Expires 1/07/10, Broker BNP Paribas

 

 

59,600

 

 

(117,645

)

Syngenta AG, Strike Price 247.56 CHF,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

28,200

 

 

(87,678

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price 11 USD, Expires 11/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

57,700

 

 

(1

)

Talisman Energy, Inc., Strike Price 18.40 USD,
Expires 1/04/10, Broker Credit Suisse First Boston

 

 

228,500

 

 

(147,437

)

Telecom Corp. of New Zealand Ltd.,
Strike Price 9.44 USD, Expires 12/11/09,
Broker UBS Securities LLC

 

 

325,000

 

 

(65,000

)


 

 

 

 

 

 

 

 

Options Written

 

 

Contracts

 

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Telefonica SA, Strike Price 19.09 EUR,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

177,000

 

$

(59,332

)

Telekomunikasi Indonesia Tbk PT - ADR,
Strike Price 37.25 USD, Expires 11/30/09,
Broker Credit Suisse First Boston

 

 

59,800

 

 

(9,422

)

TeliaSonera AB, Strike Price 49.68 SEK,
Expires 12/10/09, Broker BNP Paribas

 

 

368,900

 

 

(19,399

)

Tesco Plc, Strike Price 4.01 GBP, Expires 12/03/09,
Broker Citigroup Global Markets

 

 

550,000

 

 

(125,251

)

ThyssenKrupp AG, Strike Price 22.64 EUR,
Expires 12/10/09, Broker UBS Securities LLC

 

 

183,000

 

 

(184,323

)

Total SA, Strike Price 43.30 EUR, Expires 12/10/09,
Broker BNP Paribas

 

 

173,000

 

 

(102,224

)

Toyo Suisan Kaisha Ltd., Strike Price 2,407.20 JPY,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

58,000

 

 

(35,847

)

Toyo Suisan Kaisha Ltd., Strike Price 2,549.07 JPY,
Expires 1/12/10, Broker Goldman Sachs & Co.

 

 

70,000

 

 

(38,133

)

Toyota Motor Corp., Strike Price 3,962.40 JPY,
Expires 12/16/09, Broker Deutsche Bank Securities

 

 

94,000

 

 

(26,611

)

TransCanada Corp., Strike Price 33.59 CAD,
Expires 11/17/09, Broker Goldman Sachs & Co.

 

 

112,500

 

 

(17,564

)

TrygVesta AS, Strike Price 387.09 DKK,
Expires 12/10/09, Broker UBS Securities LLC

 

 

38,500

 

 

(36,779

)

Turkcell Iletisim Hizmet AS - ADR, Strike Price 17.92 USD,
Expires 11/30/09, Broker Goldman Sachs & Co.

 

 

125,700

 

 

(8,698

)

UBS AG, Strike Price 17.92 CHF, Expires 1/07/10,
Broker UBS Securities LLC

 

 

202,000

 

 

(155,740

)

Unibail-Rodamco SE - REIT, Strike Price 145.50 EUR,
Expires 12/03/09, Broker JPMorgan Chase Securities

 

 

8,100

 

 

(105,933

)

Unibail-Rodamco SE - REIT, Strike Price 153 EUR,
Expires 12/08/09, Broker BNP Paribas

 

 

15,400

 

 

(117,187

)

UniCredit SpA, Strike Price 2.78 EUR, Expires 12/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

985,000

 

 

(14,613

)

Unilever Plc, Strike Price 17.57 GBP, Expires 11/12/09,
Broker JPMorgan Chase Securities

 

 

51,000

 

 

(56,940

)

Unilever Plc, Strike Price 18.50 GBP, Expires 12/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

92,000

 

 

(59,172

)

United Overseas Bank Ltd., Strike Price 16.99 SGD,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

241,500

 

 

(72,704

)

Vivendi, Strike Price 20.20 EUR, Expires 12/10/09,
Broker Credit Suisse First Boston

 

 

55,000

 

 

(17,152

)

Vodafone Group Plc - ADR, Strike Price 22.19 USD,
Expires 11/06/09, Broker Citigroup Global Markets

 

 

30,000

 

 

(8,768

)

Vodafone Group Plc - ADR, Strike Price 24.08 USD,
Expires 11/03/09, Broker BNP Paribas

 

 

30,000

 

 

(7

)

Vodafone Group Plc, Strike Price 1.41 GBP,
Expires 12/10/09, Broker Citigroup Global Markets

 

 

2,026,400

 

 

(68,947

)

WPP Plc, Strike Price 5.87 GBP, Expires 12/03/09,
Broker BNP Paribas

 

 

387,500

 

 

(42,104

)

Yara International ASA, Strike Price 195.22 NOK,
Expires 1/07/10, Broker BNP Paribas

 

 

48,400

 

 

(86,840

)

Zurich Financial Services AG, Strike Price 258.32 CHF,
Expires 12/10/09, Broker Credit Suisse First Boston

 

 

8,200

 

 

(13,732

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(12,952,389

)

               

Total Options Written
(Premiums Received—$25,746,699)—(1.3)%

 

 

 

 

 

(15,277,134

)

               

Total Investments Net of Outstanding Options Written—99.4%

 

 

 

 

 

1,172,037,245

 

Other Assets Less Liabilities—0.6%

 

 

 

 

 

6,610,163

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,178,647,408

 

 

 

 

 

 

     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

52

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

 

Schedule of Investments (concluded)

BlackRock International Growth and Income Trust (BGY)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,325,423,837

 

 

 

     

Gross unrealized appreciation

 

$

37,432,971

 

Gross unrealized depreciation

 

 

(175,542,429

)

 

 

     

Net unrealized depreciation

 

$

(138,109,458

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

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


 

 

 

 

 

 

 

 

               

Affiliate

 

Net Activity

 

Income

 

               

BlackRock Liquidity Funds, TempFund,

 

 

 

 

 

 

 

Institutional Class

 

$

73,117,275

 

$

247,024

 

BlackRock Liquidity Series, LLC

 

 

 

 

 

 

 

Money Market Series

 

$

4,855,000

 

$

4,186

 

               

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

 

 

Foreign currency exchange contracts as of October 31, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Currency
Purchased

 

 

 

Currency
Sold

 

 

Counterparty    

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                         

AUD

 

6,751,000

 

USD

 

 

6,120,274

 

 

Citigroup Global Markets

 

11/02/09

 

$

(43,384

)

AUD

 

3,385,000

 

USD

 

 

3,056,960

 

 

Deutsche Bank Securities

 

11/02/09

 

 

(9,963

)

CAD

 

2,551,000

 

USD

 

 

2,361,173

 

 

UBS Securities LLC

 

11/03/09

 

 

(3,611

)

CHF

 

480,000

 

USD

 

 

469,529

 

 

Citigroup Global Markets

 

11/03/09

 

 

(1,648

)

EUR

 

510,000

 

USD

 

 

754,137

 

 

Citigroup Global Markets

 

11/02/09

 

 

(3,596

)

EUR

 

2,167,000

 

USD

 

 

3,206,943

 

 

Citigroup Global Markets

 

11/03/09

 

 

(17,881

)

HKD

 

25,315,000

 

USD

 

 

3,266,409

 

 

Citigroup Global Markets

 

11/03/09

 

 

(42

)

JPY

 

360,937,000

 

USD

 

 

3,965,094

 

 

Deutsche Bank Securities

 

11/02/09

 

 

44,648

 

JPY

 

1,147,287,000

 

USD

 

 

12,682,880

 

 

Citigroup Global Markets

 

11/05/09

 

 

62,629

 

JPY

 

66,844,000

 

USD

 

 

732,617

 

 

Goldman Sachs & Co.

 

11/04/09

 

 

9,985

 

NOK

 

16,178,000

 

USD

 

 

2,849,895

 

 

Deutsche Bank Securities

 

11/02/09

 

 

(24,488

)

SEK

 

18,117,000

 

USD

 

 

2,592,810

 

 

Citigroup Global Markets

 

11/02/09

 

 

(38,331

)

SGD

 

1,742,000

 

USD

 

 

1,243,797

 

 

Citigroup Global Markets

 

11/02/09

 

 

(887

)

USD

 

304,753

 

CAD

 

 

327,000

 

 

Deutsche Bank Securities

 

11/02/09

 

 

2,549

 

USD

 

308,618

 

CAD

 

 

333,000

 

 

Citigroup Global Markets

 

11/04/09

 

 

869

 

USD

 

171,351

 

DKK

 

 

862,000

 

 

Citigroup Global Markets

 

11/03/09

 

 

903

 

USD

 

1,527,477

 

GBP

 

 

922,000

 

 

UBS Securities LLC

 

11/02/09

 

 

14,241

 

USD

 

29,816,856

 

GBP

 

 

18,001,000

 

 

Goldman Sachs & Co.

 

11/02/09

 

 

272,633

 

USD

 

188,453

 

GBP

 

 

114,000

 

 

Citigroup Global Markets

 

11/03/09

 

 

1,350

 

                                 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

265,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

$

4,925,058

 

$

24,175,570

 

 

 

$

29,100,628

 

Austria

 

 

 

 

3,232,316

 

 

 

 

3,232,316

 

Belgium

 

 

 

 

8,844,032

 

 

 

 

8,844,032

 

Bermuda

 

 

3,469,555

 

 

 

 

 

 

3,469,555

 

Brazil

 

 

13,498,719

 

 

 

 

 

 

13,498,719

 

Canada

 

 

118,845,499

 

 

 

 

 

 

118,845,499

 

Chile

 

 

3,058,384

 

 

 

 

 

 

3,058,384

 

China

 

 

3,157,185

 

 

17,660,475

 

 

 

 

20,817,660

 

Denmark

 

 

 

 

11,864,699

 

 

 

 

11,864,699

 

Finland

 

 

 

 

5,041,459

 

 

 

 

5,041,459

 

France

 

 

 

 

100,758,146

 

 

 

 

100,758,146

 

Germany

 

 

5,219,631

 

 

67,788,774

 

 

 

 

73,008,405

 

Greece

 

 

 

 

8,081,878

 

 

 

 

8,081,878

 

Hong Kong

 

 

 

 

41,067,198

 

 

 

 

41,067,198

 

India

 

 

7,219,506

 

 

 

 

 

 

7,219,506

 

Indonesia

 

 

2,027,818

 

 

2,181,099

 

 

 

 

4,208,917

 

Ireland

 

 

5,774,652

 

 

 

 

 

 

5,774,652

 

Israel

 

 

8,727,992

 

 

 

 

 

 

8,727,992

 

Italy

 

 

 

 

20,797,424

 

 

 

 

20,797,424

 

Japan

 

 

 

 

129,455,886

 

 

 

 

129,455,886

 

Luxembourg

 

 

 

 

15,131,625

 

 

 

 

15,131,625

 

Malaysia

 

 

 

 

7,675,260

 

 

 

 

7,675,260

 

Mexico

 

 

5,903,153

 

 

 

 

 

 

5,903,153

 

Netherlands

 

 

5,503,842

 

 

12,573,667

 

 

 

 

18,077,509

 

New Zealand

 

 

2,912,000

 

 

 

 

 

 

2,912,000

 

Norway

 

 

 

 

8,279,971

 

 

 

 

8,279,971

 

Philippines

 

 

3,885,570

 

 

 

 

 

 

3,885,570

 

Russia

 

 

12,212,979

 

 

8,314,023

 

 

 

 

20,527,002

 

Singapore

 

 

 

 

32,930,115

 

 

 

 

32,930,115

 

South Korea

 

 

 

 

23,411,229

 

 

 

 

23,411,229

 

Spain

 

 

 

 

22,799,132

 

 

 

 

22,799,132

 

Sweden

 

 

 

 

11,371,755

 

 

 

 

11,371,755

 

Switzerland

 

 

10,835,337

 

 

75,051,136

 

 

 

 

85,886,473

 

Taiwan

 

 

15,577,575

 

 

11,528,829

 

 

 

 

27,106,404

 

Thailand

 

 

 

 

2,684,875

 

 

 

 

2,684,875

 

Turkey

 

 

2,065,251

 

 

 

 

 

 

2,065,251

 

United Kingdom

 

 

14,102,515

 

 

178,338,120

 

 

 

 

192,440,635

 

United States

 

 

9,381,190

 

 

 

 

 

 

9,381,190

 

Short-Term Securities

 

 

73,117,275

 

 

4,855,000

 

 

 

 

77,972,275

 

                           

Total

 

$

331,420,686

 

$

855,893,693

 

 

 

$

1,187,314,379

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

409,807

 

 

 

$

409,807

 

Liabilities:

 

$

(2,299,871

)

 

(13,121,094

)

 

 

 

(15,420,965

)

                           

Total

 

$

(2,299,871

)

$

(12,711,287

)

 

 

$

(15,011,158

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

53




 

 


 

 

Schedule of Investments October 31, 2009

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—9.8%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

95,300

 

$

4,474,335

 

Air Products & Chemicals, Inc.

 

 

102,800

 

 

7,928,964

 

Celanese Corp., Series A

 

 

119,100

 

 

3,269,295

 

Dow Chemical (The)

 

 

197,525

 

 

4,637,887

 

E. I. du Pont de Nemours & Co.

 

 

510,979

 

 

16,259,352

 

Monsanto Co.

 

 

40,000

 

 

2,687,200

 

Mosaic Co. (The)

 

 

22,800

 

 

1,065,444

 

Olin Corp.

 

 

211,100

 

 

3,223,497

 

Potash Corp. of Saskatchewan, Inc.

 

 

80,900

 

 

7,505,902

 

Praxair, Inc.

 

 

179,000

 

 

14,219,760

 

 

 

 

 

 

     

 

 

 

 

 

 

65,271,636

 

               

Containers & Packaging—0.9%

 

 

 

 

 

 

 

Temple-Inland, Inc.

 

 

376,583

 

 

5,818,207

 

               

Energy Equipment & Services—8.2%

 

 

 

 

 

 

 

Cameron International Corp. (a)

 

 

98,400

 

 

3,637,848

 

Core Laboratories NV

 

 

66,200

 

 

6,904,660

 

ENSCO International, Inc.

 

 

47,200

 

 

2,161,288

 

FMC Technologies, Inc. (a)

 

 

179,578

 

 

9,445,803

 

Halliburton Co. (b)

 

 

230,800

 

 

6,741,668

 

Helmerich & Payne, Inc.

 

 

78,700

 

 

2,992,174

 

Noble Corp.

 

 

77,400

 

 

3,153,276

 

Schlumberger Ltd. (b)

 

 

91,800

 

 

5,709,960

 

Smith International, Inc.

 

 

75,900

 

 

2,104,707

 

Transocean Ltd. (a)

 

 

69,300

 

 

5,814,963

 

Unit Corp. (a)

 

 

68,000

 

 

2,657,440

 

Weatherford International Ltd. (a)

 

 

198,600

 

 

3,481,458

 

 

 

 

 

 

     

 

 

 

 

 

 

54,805,245

 

               

Gas Utilities—1.8%

 

 

 

 

 

 

 

EQT Corp.

 

 

162,600

 

 

6,806,436

 

Questar Corp.

 

 

125,500

 

 

4,999,920

 

 

 

 

 

 

     

 

 

 

 

 

 

11,806,356

 

               

Machinery—3.0%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

282,025

 

 

15,528,297

 

Deere & Co.

 

 

90,366

 

 

4,116,171

 

 

 

 

 

 

     

 

 

 

 

 

 

19,644,468

 

               

Metals & Mining—40.6%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

5,397,045

 

Agnico-Eagle Mines Ltd.

 

 

143,650

 

 

7,689,584

 

Alamos Gold, Inc. (a)

 

 

1,000,000

 

 

7,984,844

 

Alcoa, Inc.

 

 

307,750

 

 

3,822,255

 

Allegheny Technologies, Inc.

 

 

47,800

 

 

1,475,108

 

Alumina, Ltd. (a)

 

 

1,782,066

 

 

2,615,158

 

Anglo American Plc (a)

 

 

97,945

 

 

3,543,953

 

Anglo Platinum Ltd. (a)

 

 

45,700

 

 

3,950,169

 

Barrick Gold Corp.

 

 

104,100

 

 

3,740,313

 

BHP Billiton Plc

 

 

896,700

 

 

24,161,551

 

Carpenter Technology Corp.

 

 

51,366

 

 

1,080,227

 

Cia de Minas Buenaventura SA - ADR

 

 

256,000

 

 

8,593,920

 

Cliffs Natural Resources, Inc.

 

 

36,500

 

 

1,298,305

 

Eramet

 

 

17,450

 

 

5,434,027

 

First Quantum Minerals Ltd.

 

 

137,300

 

 

9,392,307

 

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

 

 

82,800

 

 

6,074,208

 

Fresnillo Plc

 

 

500,000

 

 

6,059,050

 

Goldcorp, Inc.

 

 

196,550

 

 

7,227,144

 

Harry Winston Diamond Corp.

 

 

181,350

 

 

1,486,599

 

Iluka Resources Ltd. (a)

 

 

1,990,286

 

 

6,165,967

 

Impala Platinum Holdings Ltd.

 

 

560,200

 

 

12,326,358

 

Industrias Penoles SAB de CV

 

 

513,569

 

 

9,378,140

 

Jiangxi Copper Co. Ltd.

 

 

1,936,600

 

 

4,387,841

 

Kazakhmys Plc (a)

 

 

251,400

 

 

4,474,081

 

Lihir Gold Ltd.

 

 

1,294,650

 

 

3,541,073

 

Minara Resources Ltd. (a)

 

 

1,856,150

 

 

1,433,543

 

Minsur SA

 

 

1,504,804

 

 

3,724,506

 

MMC Norilsk Nickel (a)

 

 

17,866

 

 

2,318,653

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Metals & Mining (concluded)

 

 

 

 

 

 

 

MMC Norilsk Nickel - ADR (a)

 

 

26,623

 

$

349,734

 

Newmont Mining Corp.

 

 

72,450

 

 

3,148,677

 

OZ Minerals Ltd. (a)

 

 

6,607,357

 

 

6,909,102

 

Rio Tinto Plc

 

 

552,104

 

 

24,408,469

 

Southern Copper Corp. (c)

 

 

90,100

 

 

2,838,150

 

Straits Resources Ltd. (a)

 

 

804,450

 

 

1,135,657

 

Teck Resources Ltd., Class B (a)

 

 

340,700

 

 

9,889,919

 

United States Steel Corp.

 

 

45,300

 

 

1,562,397

 

Vale SA - ADR

 

 

924,200

 

 

23,557,858

 

Vedanta Resources Plc

 

 

432,700

 

 

14,805,430

 

Xstrata Plc (a)

 

 

1,207,996

 

 

17,399,441

 

Zijin Mining Group Co. Ltd.

 

 

5,165,750

 

 

5,000,126

 

 

 

 

 

 

     

 

 

 

 

 

 

269,780,889

 

               

Oil, Gas & Consumable Fuels—24.8%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc. (a)

 

 

41,600

 

 

1,413,152

 

Apache Corp.

 

 

97,500

 

 

9,176,700

 

Arch Coal, Inc.

 

 

151,900

 

 

3,290,154

 

BG Group Plc

 

 

259,000

 

 

4,458,250

 

Bill Barrett Corp. (a)

 

 

111,800

 

 

3,463,564

 

Canadian Natural Resources Ltd.

 

 

63,000

 

 

4,074,210

 

Consol Energy, Inc.

 

 

240,379

 

 

10,290,625

 

Crescent Point Energy Corp.

 

 

166,700

 

 

5,669,387

 

Dana Petroleum Plc (a)

 

 

126,100

 

 

2,638,294

 

Denbury Resources, Inc. (a)

 

 

339,400

 

 

4,955,240

 

EnCana Corp.

 

 

108,250

 

 

5,995,967

 

EOG Resources, Inc.

 

 

97,900

 

 

7,994,514

 

Forest Oil Corp. (a)

 

 

147,600

 

 

2,892,960

 

Galleon Energy, Inc. (a)

 

 

380,000

 

 

1,910,448

 

Gasco Energy, Inc. (a)

 

 

579,700

 

 

347,820

 

Hess Corp.

 

 

59,800

 

 

3,273,452

 

Massey Energy Co. (b)

 

 

288,700

 

 

8,398,283

 

Newfield Exploration Co. (a)

 

 

92,200

 

 

3,782,044

 

Noble Energy, Inc.

 

 

80,100

 

 

5,256,963

 

Occidental Petroleum Corp.

 

 

119,200

 

 

9,044,896

 

Patriot Coal Corp. (a)

 

 

31,560

 

 

356,628

 

Peabody Energy Corp.

 

 

189,000

 

 

7,482,510

 

Penn West Energy Trust

 

 

185,800

 

 

3,056,410

 

PetroBakken Energy Ltd.

 

 

42,727

 

 

1,232,787

 

PetroChina Co. Ltd. - ADR

 

 

15,200

 

 

1,824,608

 

Petroleo Brasileiro SA - ADR

 

 

116,400

 

 

5,380,008

 

Plains Exploration & Production Co. (a)

 

 

84,500

 

 

2,239,250

 

Premier Oil Plc (a)

 

 

112,700

 

 

2,172,900

 

Quicksilver Resources, Inc. (a)

 

 

238,200

 

 

2,906,040

 

Range Resources Corp.

 

 

134,500

 

 

6,731,725

 

Southwestern Energy Co. (a)

 

 

199,200

 

 

8,681,136

 

StatoilHydro ASA

 

 

113,936

 

 

2,684,810

 

StatoilHydro ASA - ADR

 

 

89,600

 

 

2,119,936

 

Suncor Energy, Inc.

 

 

112,100

 

 

3,701,542

 

Tullow Oil Plc

 

 

174,800

 

 

3,386,223

 

Whiting Petroleum Corp. (a)

 

 

128,700

 

 

7,258,680

 

XTO Energy, Inc.

 

 

125,125

 

 

5,200,195

 

 

 

 

 

 

     

 

 

 

 

 

 

164,742,311

 

               

Paper & Forest Products—5.8%

 

 

 

 

 

 

 

International Paper Co.

 

 

471,100

 

 

10,510,241

 

MeadWestvaco Corp.

 

 

519,900

 

 

11,869,317

 

Mondi Ltd.

 

 

19,005

 

 

86,969

 

Mondi Plc

 

 

322,512

 

 

1,780,175

 

Votorantim Celulose e Papel SA - ADR (a)

 

 

362,836

 

 

4,985,366

 

Weyerhauser Co.

 

 

265,600

 

 

9,651,904

 

 

 

 

 

 

     

 

 

 

 

 

 

38,883,972

 

               

Total Long-Term Investments

 

 

 

 

 

 

 

(Cost—$671,644,290)—94.9%

 

 

 

 

 

630,753,084

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

54

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/Beneficial
Interest

 

Value

 

           

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.18% (d)(e)

 

 

35,341,819

 

$

35,341,819

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.33% (d)(e)(f)

 

 

1,360,000

 

 

1,360,000

 

               

Total Short-Term Securities
(Cost—$36,701,819)—5.5%

 

 

 

 

 

36,701,819

 

               

Total Investments Before Outstanding Options Written
(Cost—$708,346,109*)—100.4%

 

 

 

 

 

667,454,903

 

               

 

 

 

 

 

 

 

 


Options Written

 

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.5)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., Strike Price 60 USD,
Expires 11/23/09

 

 

475

 

 

(43,938

)

Agnico-Eagle Mines Ltd., Strike Price 75 USD,
Expires 11/23/09

 

 

100

 

 

(750

)

Agnico-Eagle Mines Ltd., Strike Price 80 USD,
Expires 11/23/09

 

 

100

 

 

(500

)

Agrium, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

100

 

 

(3,750

)

Air Products & Chemicals, Inc., Strike Price 85 USD,
Expires 11/23/09

 

 

330

 

 

(9,075

)

Air Products & Chemicals, Inc., Strike Price 85 USD,
Expires 12/21/09

 

 

50

 

 

(4,000

)

Alcoa, Inc., Strike Price 16 USD, Expires 11/23/09

 

 

176

 

 

(704

)

Allegheny Technologies, Inc., Strike Price 32 USD,
Expires 11/03/09

 

 

165

 

 

(6,604

)

Alpha Natural Resources, Inc., Strike Price 40 USD,
Expires 12/21/09

 

 

140

 

 

(14,700

)

Alpha Natural Resources, Inc., Strike Price 41 USD,
Expires 11/23/09

 

 

20

 

 

(550

)

Anglo American Plc, Strike Price 24 GBP, Expires 11/20/09

 

 

5

 

 

(2,903

)

Anglo American Plc, Strike Price 25 GBP, Expires 11/21/09

 

 

5

 

 

(1,374

)

Apache Corp., Strike Price 95 USD, Expires 11/23/09

 

 

100

 

 

(30,250

)

Arch Coal, Inc., Strike Price 25 USD, Expires 11/23/09

 

 

410

 

 

(8,200

)

Arch Coal, Inc., Strike Price 26 USD, Expires 12/21/09

 

 

90

 

 

(3,375

)

Barrick Gold Corp., Strike Price 40 USD, Expires 12/21/09

 

 

365

 

 

(40,150

)

BHP Billiton Plc, Strike Price 19 GBP, Expires 11/20/09

 

 

40

 

 

(2,423

)

Cameron International Corp., Strike Price 40 USD,
Expires 11/23/09

 

 

345

 

 

(20,700

)

Cameron International Corp., Strike Price 42.50 USD,
Expires 12/21/09

 

 

100

 

 

(6,000

)

Canadian Natural Resources Ltd., Strike Price 65 USD,
Expires 12/21/09

 

 

270

 

 

(117,450

)

Carpenter Technology Corp., Strike Price 22.50 USD,
Expires 12/21/09

 

 

170

 

 

(17,850

)

Caterpillar, Inc., Strike Price 50 USD, Expires 11/23/09

 

 

60

 

 

(35,100

)

Caterpillar, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

570

 

 

(133,665

)

Caterpillar, Inc., Strike Price 60 USD, Expires 11/23/09

 

 

200

 

 

(11,000

)

Caterpillar, Inc., Strike Price 60 USD, Expires 12/21/09

 

 

300

 

 

(46,050

)

Cia de Minas Buenaventura SA - ADR, Strike Price 40 USD,
Expires 11/23/09

 

 

125

 

 

(4,062

)

Consol Energy, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

100

 

 

(750

)

Consol Energy, Inc., Strike Price 55 USD, Expires 12/21/09

 

 

100

 

 

(3,000

)

Deere & Co., Strike Price 48 USD, Expires 11/23/09

 

 

85

 

 

(8,288

)

Deere & Co., Strike Price 49 USD, Expires 12/21/09

 

 

250

 

 

(40,625

)

Dow Chemical Co. (The), Strike Price 27 USD,
Expires 11/23/09

 

 

250

 

 

(5,625

)

E. I. Du Pont de Nemours & Co., Strike Price 35 USD,
Expires 11/23/09

 

 

1,500

 

 

(22,500

)

EnCana Corp., Strike Price 60 USD, Expires 11/23/09

 

 

350

 

 

(21,875

)

ENSCO International, Inc., Strike Price 45 USD,
Expires 12/21/09

 

 

150

 

 

(53,250

)

EOG Resources, Inc., Strike Price 85 USD, Expires 11/23/09

 

 

90

 

 

(18,450

)

EOG Resources, Inc., Strike Price 90 USD, Expires 11/23/09

 

 

90

 

 

(7,425

)

EQT Corp., Strike Price 45 USD, Expires 12/21/09

 

 

250

 

 

(22,500

)

First Quantum Minerals Ltd., Strike Price 70 CAD,
Expires 11/21/09

 

 

200

 

 

(119,680

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

First Quantum Minerals Ltd., Strike Price 74 CAD,
Expires 11/23/09

 

 

200

 

$

(76,244

)

First Quantum Minerals Ltd., Strike Price 76 CAD,
Expires 1/16/10

 

 

180

 

 

(109,376

)

FMC Technologies, Inc., Strike Price 60 USD, Expires 11/23/09

 

 

100

 

 

(3,750

)

Forest Oil Corp., Strike Price 20 USD, Expires 11/23/09

 

 

485

 

 

(60,625

)

Freeport-McMoRan Copper & Gold, Inc., Strike Price 70 USD,
Expires 11/23/09

 

 

300

 

 

(169,500

)

Freeport-McMoRan Copper & Gold, Inc., Strike Price 75 USD,
Expires 11/23/09

 

 

50

 

 

(14,800

)

Galleon Energy, Inc., Strike Price 7 CAD, Expires 11/21/09

 

 

500

 

 

(3,697

)

Galleon Energy, Inc., Strike Price 7 CAD, Expires 12/19/09

 

 

500

 

 

(4,621

)

Goldcorp, Inc., Strike Price 45 USD, Expires 11/23/09

 

 

300

 

 

(4,500

)

Halliburton Co., Strike Price 29 USD, Expires 11/23/09

 

 

500

 

 

(68,500

)

Halliburton Co., Strike Price 32 USD, Expires 11/23/09

 

 

420

 

 

(13,020

)

Harry Winston Diamond Corp., Strike Price 10 CAD,
Expires 11/21/09

 

 

300

 

 

(3,882

)

Harry Winston Diamond Corp., Strike Price 11 CAD,
Expires 12/19/09

 

 

340

 

 

(6,284

)

Helmerich & Payne, Inc., Strike Price 40 USD,
Expires 11/23/09

 

 

235

 

 

(28,200

)

Hess Corp., Strike Price 60 USD, Expires 11/23/09

 

 

200

 

 

(13,000

)

International Paper Co., Strike Price 24 USD,
Expires 12/21/09

 

 

1,065

 

 

(101,175

)

International Paper Co., Strike Price 25 USD,
Expires 11/23/09

 

 

490

 

 

(12,250

)

Massey Energy Co., Strike Price 34 USD, Expires 11/23/09

 

 

110

 

 

(3,850

)

Massey Energy Co., Strike Price 36 USD, Expires 11/23/09

 

 

100

 

 

(1,500

)

MeadWestvaco Corp., Strike Price 25 USD, Expires 12/21/09

 

 

200

 

 

(11,000

)

Monsanto Co., Strike Price 80 USD, Expires 11/23/09

 

 

400

 

 

(3,000

)

Mosaic Co. (The), Strike Price 60 USD, Expires 11/23/09

 

 

75

 

 

(1,125

)

Newfield Exploration Co., Strike Price 45 USD,
Expires 12/21/09

 

 

300

 

 

(39,750

)

Newmont Mining Corp., Strike Price 47 USD,
Expires 12/21/09

 

 

130

 

 

(18,915

)

Newmont Mining Corp., Strike Price 49 USD,
Expires 11/23/09

 

 

110

 

 

(4,015

)

Noble Corp., Strike Price 40 USD, Expires 11/23/09

 

 

270

 

 

(59,400

)

Noble Energy, Inc., Strike Price 65 USD, Expires 11/23/09

 

 

150

 

 

(40,875

)

Noble Energy, Inc., Strike Price 70 USD, Expires 11/23/09

 

 

130

 

 

(10,725

)

Occidental Petroleum Corp., Strike Price 80 USD,
Expires 11/23/09

 

 

520

 

 

(63,700

)

Olin Corp., Strike Price 17.50 USD, Expires 11/23/09

 

 

100

 

 

(750

)

Olin Corp., Strike Price 20 USD, Expires 11/23/09

 

 

390

 

 

(3,900

)

Patriot Coal Corp., Strike Price 15 USD, Expires 12/21/09

 

 

100

 

 

(2,750

)

Peabody Energy Corp., Strike Price 40 USD, Expires 12/21/09

 

 

100

 

 

(27,500

)

Peabody Energy Corp., Strike Price 41 USD, Expires 12/21/09

 

 

100

 

 

(23,000

)

Peabody Energy Corp., Strike Price 50 USD, Expires 12/21/09

 

 

100

 

 

(3,000

)

Penn West Energy Trust, Strike Price 17.50 USD,
Expires 12/21/09

 

 

600

 

 

(27,000

)

PetroChina Co. Ltd. - ADR, Strike Price 135 USD,
Expires 11/23/09

 

 

55

 

 

(3,437

)

Petroleo Brasileiro SA - ADR, Strike Price 47 USD,
Expires 11/23/09

 

 

200

 

 

(36,000

)

Plains Exploration & Production Co., Strike Price 30 USD,
Expires 11/23/09

 

 

300

 

 

(16,500

)

Potash Corp. of Saskatchewan, Inc., Strike Price 100 USD,
Expires 12/21/09

 

 

200

 

 

(68,000

)

Potash Corp. of Saskatchewan, Inc., Strike Price 105 USD,
Expires 11/23/09

 

 

50

 

 

(4,000

)

Potash Corp. of Saskatchewan, Inc., Strike Price 105 USD,
Expires 12/21/09

 

 

100

 

 

(21,500

)

Praxair, Inc., Strike Price 85 USD, Expires 11/23/09

 

 

100

 

 

(5,000

)

Praxair, Inc., Strike Price 85 USD, Expires 12/21/09

 

 

525

 

 

(65,625

)

Questar Corp., Strike Price 40 USD, Expires 11/23/09

 

 

184

 

 

(26,680

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

55




 

 


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Quicksilver Resources, Inc., Strike Price 12.50 USD,
Expires 12/21/09

 

 

450

 

$

(47,250

)

Quicksilver Resources, Inc., Strike Price 15 USD,
Expires 11/23/09

 

 

200

 

 

(2,500

)

Quicksilver Resources, Inc., Strike Price 15 USD,
Expires 12/21/09

 

 

400

 

 

(14,000

)

Range Resources Corp., Strike Price 55 USD,
Expires 12/21/09

 

 

100

 

 

(15,000

)

Range Resources Corp., Strike Price 60 USD,
Expires 12/21/09

 

 

100

 

 

(5,750

)

Schlumberger Ltd., Strike Price 60 USD, Expires 11/23/09

 

 

180

 

 

(70,200

)

Schlumberger Ltd., Strike Price 65 USD, Expires 11/23/09

 

 

180

 

 

(25,200

)

Southern Copper Corp., Strike Price 30 USD, Expires 12/21/09

 

 

50

 

 

(15,250

)

Southwestern Energy Co., Strike Price 44 USD,
Expires 11/23/09

 

 

100

 

 

(20,250

)

Southwestern Energy Co., Strike Price 46 USD,
Expires 11/23/09

 

 

50

 

 

(6,125

)

Suncor Energy, Inc., Strike Price 40 USD, Expires 11/23/09

 

 

370

 

 

(4,625

)

Teck Resources Ltd., Strike Price 30 CAD, Expires 11/21/09

 

 

1,200

 

 

(262,834

)

Temple-Inland, Inc., Strike Price 17.50 USD, Expires 11/23/09

 

 

400

 

 

(13,000

)

Temple-Inland, Inc., Strike Price 20 USD, Expires 11/23/09

 

 

940

 

 

(9,400

)

Transocean, Inc., Strike Price 85 USD, Expires 11/23/09

 

 

325

 

 

(104,000

)

Transocean, Inc., Strike Price 90 USD, Expires 11/23/09

 

 

50

 

 

(7,250

)

Unit Corp., Strike Price 50 USD, Expires 11/23/09

 

 

100

 

 

(1,250

)

United States Steel Corp., Strike Price 45 USD,
Expires 12/21/09

 

 

150

 

 

(4,500

)

Vale SA - ADR, Strike Price 24 USD, Expires 11/23/09

 

 

1,700

 

 

(382,500

)

Vale SA - ADR, Strike Price 25 USD, Expires 12/21/09

 

 

250

 

 

(55,250

)

Vale SA - ADR, Strike Price 27 USD, Expires 12/21/09

 

 

1,300

 

 

(171,600

)

Votorantim Celulose e Papel - ADR, Strike Price 17.50 USD,
Expires 11/23/09

 

 

350

 

 

(3,500

)

Votorantim Celulose e Papel - ADR, Strike Price 17.50 USD,
Expires 12/21/09

 

 

250

 

 

(5,000

)

Weatherford International Ltd., Strike Price 23 USD,
Expires 11/23/09

 

 

850

 

 

(4,250

)

Weyerhauser Co., Strike Price 40 USD, Expires 11/23/09

 

 

100

 

 

(3,500

)

Weyerhauser Co., Strike Price 41 USD, Expires 11/23/09

 

 

360

 

 

(7,200

)

Whiting Petroleum Corp., Strike Price 50 USD,
Expires 12/21/09

 

 

100

 

 

(80,000

)

Whiting Petroleum Corp., Strike Price 65 USD,
Expires 11/23/09

 

 

100

 

 

(3,250

)

XTO Energy, Inc., Strike Price 43 USD, Expires 11/23/09

 

 

100

 

 

(11,250

)

XTO Energy, Inc., Strike Price 44 USD, Expires 11/23/09

 

 

100

 

 

(7,750

)

XTO Energy, Inc., Strike Price 45 USD, Expires 11/23/09

 

 

250

 

 

(13,750

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(3,552,196

)

               

Exchange-Traded Put Options Written—(0.1)%

 

 

 

 

 

 

 

Monsanto Co., Strike Price 75 USD, Expires 11/23/09

 

 

400

 

 

(324,000

)

Newfield Exploration Co., Strike Price 40 USD,
Expires 11/23/09

 

 

275

 

 

(39,875

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(363,875

)

               

Over-the-Counter Call Options Written—(0.6)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., Strike Price 160.34 ZAR,
Expires 12/18/09, Broker BNP Paribas

 

 

50,000

 

 

(30,519

)

African Rainbow Minerals Ltd., Strike Price 165.95 ZAR,
Expires 11/18/09, Broker Credit Suisse First Boston

 

 

47,000

 

 

(5,624

)

Agrium, Inc., Strike Price 58.43 USD, Expires 11/20/09,
Broker Citigroup Global Markets

 

 

22,500

 

 

(3,470

)

Alcoa, Inc., Strike Price 13.50 USD, Expires 11/10/09,
Broker Deutsche Bank Securities

 

 

87,000

 

 

(8,909

)

Alcoa, Inc., Strike Price 14.79 USD, Expires 11/06/09,
Broker UBS Securities LLC

 

 

15,000

 

 

(79

)

Alumina Ltd., Strike Price 1.72 AUD, Expires 11/10/09,
Broker UBS Securities LLC

 

 

588,000

 

 

(6,865

)

Anglo American Plc, Strike Price 21.94 GBP,
Expires 11/12/09, Broker JPMorgan Chase Securities

 

 

21,000

 

 

(27,624

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Anglo American Plc, Strike Price 22.31 GBP,
Expires 11/04/09, Broker JPMorgan Chase Securities

 

 

11,300

 

$

(7,107

)

Anglo Platinum Ltd., Strike Price 723.98 ZAR,
Expires 11/18/09, Broker Credit Suisse First Boston

 

 

15,000

 

 

(16,719

)

Apache Corp., Strike Price 81 USD,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

30,000

 

 

(394,848

)

Apache Corp., Strike Price 98.27 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

5,000

 

 

(8,325

)

BG Group Plc, Strike Price 11.87 GBP, Expires 11/20/09,
Broker Credit Suisse First Boston

 

 

85,000

 

 

(3,126

)

BHP Billiton Plc, Strike Price 17.47 GBP, Expires 11/04/09,
Broker Morgan Stanley & Co., Inc.

 

 

148,000

 

 

(9,819

)

BHP Billiton Plc, Strike Price 18.04 GBP, Expires 11/12/09,
Broker Morgan Stanley & Co., Inc.

 

 

148,000

 

 

(13,447

)

Bill Barrett Corp., Strike Price 32.75 USD,
Expires 11/10/09, Broker Morgan Stanley & Co., Inc.

 

 

35,000

 

 

(14,612

)

Celanese Corp., Series A, Strike Price 28.50 USD,
Expires 11/12/09, Broker Goldman Sachs & Co.

 

 

39,300

 

 

(17,369

)

Cia de Minas Buenaventura SA - ADR, Strike Price 27 USD,
Expires 12/04/09, Broker Citigroup Global Markets

 

 

85,000

 

 

(571,752

)

Cliff Natural Resources, Inc., Strike Price 42.03 USD,
Expires 12/18/09, Broker Citigroup Global Markets

 

 

13,000

 

 

(12,553

)

Consol Energy, Inc., Strike Price 52 USD,
Expires 11/09/09, Broker UBS Securities LLC

 

 

70,000

 

 

(942

)

Core Laboratories NV, Strike Price 98.50 USD,
Expires 11/12/09, Broker Credit Suisse First Boston

 

 

21,800

 

 

(140,318

)

Crescent Point Energy Corp., Strike Price 37.05 CAD,
Expires 11/06/09, Broker Deutsche Bank Securities

 

 

18,200

 

 

(4,169

)

Crescent Point Energy Corp., Strike Price 37.27 CAD,
Expires 11/12/09, Broker Goldman Sachs & Co.

 

 

12,200

 

 

(3,190

)

Crescent Point Energy Corp., Strike Price 37.74 CAD,
Expires 11/20/09, Broker Goldman Sachs & Co.

 

 

25,000

 

 

(5,829

)

Dana Petroleum Plc, Strike Price 14.96 GBP,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

41,000

 

 

(142

)

Denbury Resources, Inc., Strike Price 17.50 USD,
Expires 11/03/09, Broker UBS Securities LLC

 

 

120,000

 

 

(1

)

Dow Chemical Co. (The), Strike Price 23.28 USD,
Expires 11/03/09, Broker Deutsche Bank Securities

 

 

45,000

 

 

(27,367

)

E. I. Du Pont de Nemours & Co., Strike Price 34.87 USD,
Expires 12/23/09, Broker UBS Securities LLC

 

 

20,000

 

 

(11,196

)

EOG Resources, Inc., Strike Price 86.88 USD,
Expires 11/06/09, Broker UBS Securities LLC

 

 

15,000

 

 

(8,927

)

EQT Corp., Strike Price 41.74 USD, Expires 11/06/09,
Broker UBS Securities LLC

 

 

12,500

 

 

(9,366

)

EQT Corp., Strike Price 42 USD, Expires 11/03/09,
Broker Goldman Sachs & Co.

 

 

24,000

 

 

(10,628

)

Eramet, Strike Price 258.67 EUR, Expires 11/04/09,
Broker UBS Securities LLC

 

 

5,800

 

 

(97

)

FMC Technologies, Inc., Strike Price 52.03 USD,
Expires 11/06/09, Broker Morgan Stanley & Co., Inc.

 

 

49,000

 

 

(66,615

)

Fresnillo Plc, Strike Price 6.38 GBP, Expires 11/04/09,
Broker UBS Securities LLC

 

 

110,000

 

 

(181,129

)

Fresnillo Plc, Strike Price 6.38 GBP, Expires 11/05/09,
Broker UBS Securities LLC

 

 

55,000

 

 

(90,354

)

Fresnillo Plc, Strike Price 8.65 GBP, Expires 11/12/09,
Broker UBS Securities LLC

 

 

25,000

 

 

(795

)

Goldcorp, Inc., Strike Price 40.25 USD, Expires 11/20/09,
Broker Deutsche Bank Securities

 

 

10,000

 

 

(3,799

)

Goldcorp, Inc., Strike Price 41 USD, Expires 11/03/09,
Broker UBS Securities LLC

 

 

25,000

 

 

(258

)

Helmerich & Payne, Inc., Strike Price 36.53 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

21,000

 

 

(55,930

)

Iluka Resources Ltd., Strike Price 4.02 AUD,
Expires 11/10/09, Broker Morgan Stanley & Co., Inc.

 

 

657,000

 

 

(2,904

)

Impala Platinum Holdings Ltd., Strike Price 198.53 ZAR,
Expires 11/18/09, Broker Morgan Stanley & Co., Inc.

 

 

185,000

 

 

(11,124

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

56

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Industrias Penoles SAB de CV, Strike Price 223.50 MXN,
Expires 11/24/09, Broker Goldman Sachs & Co.

 

 

66,000

 

$

(122,348

)

Industrias Penoles SAB de CV, Strike Price 229.84 MXN,
Expires 11/13/09, Broker Goldman Sachs & Co.

 

 

19,000

 

 

(25,183

)

Industrias Penoles SAB de CV, Strike Price 279.50 MXN,
Expires 1/05/10, Broker Goldman Sachs & Co.

 

 

85,000

 

 

(38,258

)

Jiangxi Copper Co. Ltd., Strike Price 17.38 HKD,
Expires 11/10/09, Broker JPMorgan Chase Securities

 

 

328,000

 

 

(32,641

)

Jiangxi Copper Co. Ltd., Strike Price 18.02 HKD,
Expires 12/01/09, Broker Credit Suisse First Boston

 

 

311,000

 

 

(37,197

)

Kazakhmys Plc, Strike Price 11.79 GBP,
Expires 11/12/09, Broker Credit Suisse First Boston

 

 

42,000

 

 

(8,102

)

Kazakhmys Plc, Strike Price 11.90 GBP,
Expires 11/04/09, Broker UBS Securities LLC

 

 

42,000

 

 

(1,652

)

Lihir Gold Ltd., Strike Price 2.99 AUD, Expires 11/10/09,
Broker Citigroup Global Markets

 

 

428,000

 

 

(37,700

)

Massey Energy Co., Strike Price 33 USD,
Expires 11/20/09, Broker BNP Paribas

 

 

60,000

 

 

(26,614

)

Massey Energy Co., Strike Price 34.62 USD,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(7,047

)

MeadWestvaco Corp., Strike Price 23.54 USD,
Expires 11/03/09, Broker Deutsche Bank Securities

 

 

125,000

 

 

(11,649

)

MeadWestvaco Corp., Strike Price 24.13 USD,
Expires 11/06/09, Broker Morgan Stanley & Co., Inc.

 

 

37,500

 

 

(2,688

)

Minsur SA, Strike Price 7.84 PEN, Expires 1/05/10,
Broker Goldman Sachs & Co.

 

 

250,000

 

 

(10,705

)

Minsur SA, Strike Price 8.26 PEN, Expires 12/04/09,
Broker Goldman Sachs & Co.

 

 

250,000

 

 

(454

)

MMC Norilsk Nickel - ADR, Strike Price 13.68 USD,
Expires 11/12/09, Broker Credit Suisse First Boston

 

 

26,600

 

 

(8,766

)

Modi Plc, Strike Price 3.06 GBP, Expires 11/05/09,
Broker UBS Securities LLC

 

 

106,500

 

 

(52,626

)

Olin Corp., Strike Price 15.83 USD, Expires 11/06/09,
Broker UBS Securities LLC

 

 

25,000

 

 

(2,755

)

OZ Minerals Ltd., Strike Price 1.11 AUD,
Expires 11/10/09, Broker Citigroup Global Markets

 

 

2,180,000

 

 

(130,002

)

Peabody Energy Corp., Strike Price 37.24 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

55,000

 

 

(135,717

)

PetroBakken Energy Ltd., Strike Price 15.09 CAD,
Expires 11/20/09, Broker Goldman Sachs & Co.

 

 

10,300

 

 

(11,889

)

PetroBakken Energy Ltd., Strike Price 16.07 CAD,
Expires 11/20/09, Broker Deutsche Bank Securities

 

 

12,300

 

 

(6,738

)

Petroleo Brasileiro SA - ADR, Strike Price 51.50 USD,
Expires 11/30/09, Broker Goldman Sachs & Co.

 

 

20,000

 

 

(14,436

)

Premier Oil Plc, Strike Price 13.68 GBP,
Expires 12/03/09, Broker Citigroup Global Markets

 

 

40,000

 

 

(3,740

)

Questar Corp., Strike Price 37.25 USD,
Expires 11/06/09, Broker Morgan Stanley & Co., Inc.

 

 

30,500

 

 

(80,464

)

Range Resources Corp., Strike Price 54.72 USD,
Expires 11/06/09, Broker Credit Suisse First Boston

 

 

47,000

 

 

(4,561

)

Rio Tinto Plc, Strike Price 26.31 GBP, Expires 11/05/09,
Broker Credit Suisse First Boston

 

 

75,000

 

 

(128,889

)

Rio Tinto Plc, Strike Price 28.35 GBP,
Expires 11/12/09, Broker UBS Securities LLC

 

 

107,200

 

 

(72,749

)

Rio Tinto Plc, Strike Price 29.60 GBP, Expires 11/12/09,
Broker BNP Paribas

 

 

25,000

 

 

(6,635

)

Smith International, Inc., Strike Price 31.36 USD,
Expires 11/06/09, Broker UBS Securities LLC

 

 

25,000

 

 

(503

)

Southern Copper Corp., Strike Price 31.11 USD,
Expires 11/06/09, Broker Credit Suisse First Boston

 

 

25,000

 

 

(26,713

)

Southwestern Energy Co., Strike Price 46.19 USD,
Expires 11/20/09, Broker Morgan Stanley & Co., Inc.

 

 

65,000

 

 

(66,655

)

StatoilHydro ASA, Strike Price 144.58 NOK,
Expires 12/10/09, Broker Credit Suisse First Boston

 

 

38,000

 

 

(11,166

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

StatoilHydro ASA, Strike Price 23 USD,
Expires 11/20/09, Broker UBS Securities LLC

 

 

30,000

 

$

(32,400

)

Straits Resources Ltd., Strike Price 2.23 AUD,
Expires 11/10/09, Broker Morgan Stanley & Co., Inc.

 

 

265,500

 

 

(2

)

Tullow Oil Plc, Strike Price 10.86 GBP,
Expires 11/09/09, Broker Goldman Sachs & Co.

 

 

57,000

 

 

(95,740

)

Unit Corp., Strike Price 41.32 USD, Expires 11/12/09,
Broker Goldman Sachs & Co.

 

 

15,800

 

 

(10,592

)

Vale SA - ADR, Strike Price 22 USD, Expires 11/03/09,
Broker Deutsche Bank Securities

 

 

50,000

 

 

(174,500

)

Vedanta Resources Plc, Strike Price 20.58 GBP,
Expires 11/12/09, Broker JPMorgan Chase Securities

 

 

142,800

 

 

(216,999

)

Vedanta Resources Plc, Strike Price 22.82 GBP,
Expires 11/12/09, Broker BNP Paribas

 

 

50,000

 

 

(12,878

)

Votorantim Celulose e Papel SA - ADR, Strike Price 18 USD,
Expires 11/13/09, Broker UBS Securities LLC

 

 

70,000

 

 

(84

)

Weatherford International Ltd., Strike Price 24 USD,
Expires 12/18/09, Broker Credit Suisse First Boston

 

 

20,000

 

 

(577

)

Weyerhauser Co., Strike Price 38.08 USD,
Expires 11/06/09, Broker Goldman Sachs & Co.

 

 

49,500

 

 

(11,346

)

Whiting Petroleum Corp., Strike Price 60.84 USD,
Expires 11/03/09, Broker Citigroup Global Markets

 

 

35,000

 

 

(1,864

)

Xstrata Plc, Strike Price 10.34 GBP, Expires 11/12/09,
Broker Credit Suisse First Boston

 

 

349,000

 

 

(19,425

)

Xstrata Plc, Strike Price 8.18 GBP, Expires 11/09/09,
Broker UBS Securities LLC

 

 

50,000

 

 

(59,681

)

Zijin Mining Group Co. Ltd., Strike Price 6.64 HKD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

1,704,000

 

 

(194,612

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(3,745,789

)

               

Total Options Written
(Premiums Received—$10,656,448)—(1.2)%

 

 

 

 

 

(7,661,860

)

               

Total Investments Net of Outstanding Options Written—99.2%

 

 

 

 

 

659,793,043

 

Other Assets Less Liabilities—0.8%

 

 

 

 

 

5,135,249

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

664,928,292

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

725,693,933

 

 

 

     

Gross unrealized appreciation

 

$

65,235,219

 

Gross unrealized depreciation

 

 

(123,474,249

)

 

 

     

Net unrealized depreciation

 

$

(58,239,030

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

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


 

 

 

 

 

 

 

 

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds,
TempFund, Institutional Class

 

$

35,341,819

 

$

138,012

 

BlackRock Liquidity Series, LLC
Money Market Series

 

$

(252,600

)

$

1,915

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

57




 

 


 

 

Schedule of Investments (concluded)

BlackRock Real Asset Equity Trust (BCF)


 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

Foreign currency exchange contracts as of October 31, 2009 were as follows:


 

 

 

 

 

         

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

         

USD 4,969

GBP 3,000

Goldman Sachs & Co.

11/02/09

$                 45

         

 

 

 

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

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

$

65,271,636

 

 

 

 

 

$

65,271,636

 

Containers &
Packaging

 

 

5,818,207

 

 

 

 

 

 

5,818,207

 

Energy Equipment
& Services

 

 

54,805,245

 

 

 

 

 

 

54,805,245

 

Gas Utilities

 

 

11,806,356

 

 

 

 

 

 

11,806,356

 

Machinery

 

 

19,644,468

 

 

 

 

 

 

19,644,468

 

Metals & Mining

 

 

113,964,461

 

$

155,816,428

 

 

 

 

269,780,889

 

Oil, Gas &
Consumable
Fuels

 

 

149,401,834

 

 

15,340,477

 

 

 

 

164,742,311

 

Paper & Forest
Products

 

 

37,016,828

 

 

1,867,144

 

 

 

 

38,883,972

 

Short-Term
Securities

 

 

35,341,819

 

 

1,360,000

 

 

 

 

36,701,819

 

                           

Total

 

$

493,070,854

 

$

174,384,049

 

 

 

$

667,454,903

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

Valuation Inputs

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Assets:

 

 

 

$

45

 

 

 

$

45

 

Liabilities:

 

$

(3,902,767

)

 

(3,759,093

)

 

 

 

(7,661,860

)

                           

Total

 

$

(3,902,767

)

$

(3,759,048

)

 

 

$

(7,661,815

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

58

ANNUAL REPORT

OCTOBER 31, 2009

 



 

 

 

 

 

Schedule of Investments October 31, 2009

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—5.0%

 

 

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

 

23,100

 

$

471,150

 

BHP Billiton Ltd.

 

 

18,325

 

 

600,998

 

Foster’s Group Ltd.

 

 

116,100

 

 

569,387

 

National Australia Bank Ltd.

 

 

43,800

 

 

1,157,268

 

Santos Ltd.

 

 

91,300

 

 

1,217,013

 

 

 

 

 

 

     

 

 

 

 

 

 

4,015,816

 

               

Belgium—0.5%

 

 

 

 

 

 

 

Mobistar SA

 

 

5,700

 

 

391,577

 

               

Canada—6.2%

 

 

 

 

 

 

 

Bank of Montreal

 

 

23,500

 

 

1,087,205

 

Bank of Nova Scotia

 

 

13,600

 

 

568,735

 

Enbridge, Inc.

 

 

15,700

 

 

610,705

 

Manulife Financial Corp.

 

 

18,700

 

 

350,825

 

National Bank of Canada

 

 

7,400

 

 

385,644

 

Royal Bank of Canada

 

 

29,400

 

 

1,488,952

 

Suncor Energy, Inc.

 

 

4,450

 

 

147,723

 

TransCanada Corp.

 

 

12,675

 

 

388,432

 

 

 

 

 

 

     

 

 

 

 

 

 

5,028,221

 

               

Finland—0.9%

 

 

 

 

 

 

 

Kesko Oyj, B Shares

 

 

11,300

 

 

376,054

 

Nokia Oyj

 

 

26,900

 

 

339,780

 

 

 

 

 

 

     

 

 

 

 

 

 

715,834

 

               

France—5.2%

 

 

 

 

 

 

 

AXA SA

 

 

14,800

 

 

368,078

 

Bouygues SA

 

 

11,000

 

 

518,014

 

PPR

 

 

2,100

 

 

228,865

 

Sanofi-Aventis SA

 

 

4,700

 

 

344,520

 

Schneider Electric SA

 

 

5,825

 

 

605,735

 

Societe Generale

 

 

5,000

 

 

332,099

 

Total SA

 

 

17,200

 

 

1,029,253

 

Vinci SA

 

 

14,000

 

 

730,632

 

 

 

 

 

 

     

 

 

 

 

 

 

4,157,196

 

               

Germany—3.3%

 

 

 

 

 

 

 

Allianz SE

 

 

6,000

 

 

687,743

 

BASF SE

 

 

14,800

 

 

792,243

 

RWE AG

 

 

4,300

 

 

377,165

 

SAP AG

 

 

8,200

 

 

371,420

 

Siemens AG

 

 

4,900

 

 

442,798

 

 

 

 

 

 

     

 

 

 

 

 

 

2,671,369

 

               

Greece—1.0%

 

 

 

 

 

 

 

National Bank of Greece SA (a)

 

 

11,000

 

 

402,164

 

OPAP SA

 

 

14,950

 

 

380,548

 

 

 

 

 

 

     

 

 

 

 

 

 

782,712

 

               

Hong Kong—2.5%

 

 

 

 

 

 

 

Esprit Holdings Ltd.

 

 

67,200

 

 

447,347

 

Hang Seng Bank Ltd.

 

 

21,500

 

 

303,733

 

Hongkong Electric Holdings Ltd.

 

 

134,000

 

 

716,615

 

Hopewell Holdings Ltd.

 

 

185,000

 

 

582,011

 

 

 

 

 

 

     

 

 

 

 

 

 

2,049,706

 

               

Italy—1.8%

 

 

 

 

 

 

 

Enel SpA

 

 

62,700

 

 

373,084

 

ENI SpA

 

 

42,100

 

 

1,042,681

 

 

 

 

 

 

     

 

 

 

 

 

 

1,415,765

 

               

Japan—6.2%

 

 

 

 

 

 

 

Canon, Inc.

 

 

11,500

 

 

433,583

 

Hitachi Koki Co. Ltd.

 

 

38,900

 

 

430,593

 

Mitsui & Co. Ltd.

 

 

52,400

 

 

688,167

 

Nintendo Co. Ltd.

 

 

600

 

 

150,495

 

Oracle Corp. Japan

 

 

14,700

 

 

647,768

 

Ricoh Co. Ltd.

 

 

52,000

 

 

706,692

 

Sharp Corp.

 

 

39,000

 

 

416,106

 

Takeda Pharmaceutical Co. Ltd.

 

 

14,500

 

 

579,906

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Japan (concluded)

 

 

 

 

 

 

 

Toyota Motor Corp.

 

 

24,800

 

$

979,029

 

 

 

 

 

 

     

 

 

 

 

 

 

5,032,339

 

               

Netherlands—0.6%

 

 

 

 

 

 

 

Koninklijke (Royal) KPN NV

 

 

28,000

 

 

507,884

 

               

Portugal—0.6%

 

 

 

 

 

 

 

Portugal Telecom SGPS SA

 

 

42,300

 

 

483,510

 

               

Singapore—1.4%

 

 

 

 

 

 

 

Keppel Corp. Ltd.

 

 

72,000

 

 

413,791

 

Singapore Technologies Engineering Ltd.

 

 

173,000

 

 

348,536

 

United Overseas Bank Ltd.

 

 

27,900

 

 

334,433

 

 

 

 

 

 

     

 

 

 

 

 

 

1,096,760

 

               

Spain—2.6%

 

 

 

 

 

 

 

ACS Actividadas de Construccion y Servicios SA

 

 

8,100

 

 

388,934

 

Banco Santander SA (a)

 

 

18,433

 

 

292,801

 

Banco Santander SA

 

 

43,700

 

 

703,231

 

Iberdrola SA

 

 

40,900

 

 

370,496

 

Indra Sistemas SA

 

 

15,900

 

 

373,918

 

 

 

 

 

 

     

 

 

 

 

 

 

2,129,380

 

               

Sweden—3.5%

 

 

 

 

 

 

 

Axfood AB

 

 

9,600

 

 

286,439

 

Hennes & Mauritz AB

 

 

14,700

 

 

834,985

 

Ratos AB, B Shares

 

 

26,500

 

 

616,336

 

Scania AB, B Shares

 

 

52,500

 

 

673,502

 

TeliaSonera AB

 

 

61,300

 

 

406,293

 

 

 

 

 

 

     

 

 

 

 

 

 

2,817,555

 

               

Switzerland—0.9%

 

 

 

 

 

 

 

Nestle SA

 

 

7,500

 

 

348,762

 

Zurich Financial Services AG

 

 

1,700

 

 

389,287

 

 

 

 

 

 

     

 

 

 

 

 

 

738,049

 

               

United Kingdom—10.8%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

18,000

 

 

808,049

 

Barclays Plc (a)

 

 

68,100

 

 

356,918

 

BHP Billiton Plc

 

 

14,450

 

 

389,355

 

BP Plc

 

 

193,550

 

 

1,813,616

 

British American Tobacco Plc

 

 

17,300

 

 

551,283

 

GlaxoSmithKline Plc

 

 

32,425

 

 

665,125

 

HSBC Holdings Plc

 

 

128,500

 

 

1,419,941

 

Man Group Plc

 

 

76,400

 

 

386,369

 

Rio Tinto Plc

 

 

8,692

 

 

384,273

 

Royal Dutch Shell A Shares

 

 

17,500

 

 

518,851

 

Scottish & Southern Energy Plc

 

 

35,000

 

 

617,742

 

Standard Chartered Plc

 

 

33,550

 

 

823,050

 

 

 

 

 

 

     

 

 

 

 

 

 

8,734,572

 

               

United States—45.7%

 

 

 

 

 

 

 

3M Co. (b)

 

 

6,700

 

 

492,919

 

Abbott Laboratories

 

 

14,625

 

 

739,586

 

Aflac, Inc.

 

 

9,250

 

 

383,783

 

Altria Group, Inc.

 

 

56,100

 

 

1,015,971

 

Ameren Corp.

 

 

27,600

 

 

671,784

 

American Express Co.

 

 

11,900

 

 

414,596

 

AT&T Inc. (b)

 

 

80,850

 

 

2,075,419

 

Automatic Data Processing, Inc.

 

 

12,100

 

 

481,580

 

Bank of America Corp.

 

 

23,475

 

 

342,266

 

Bristol-Myers Squibb Co. (b)

 

 

48,700

 

 

1,061,660

 

Caterpillar, Inc.

 

 

15,450

 

 

850,677

 

CenturyTel, Inc.

 

 

17,200

 

 

558,312

 

Chevron Corp.

 

 

22,525

 

 

1,724,063

 

Chubb Corp.

 

 

8,225

 

 

399,077

 

Cincinnati Financial Corp.

 

 

15,400

 

 

390,544

 

Coca-Cola Co. (The)

 

 

13,700

 

 

730,347

 

Consolidated Edison, Inc.

 

 

19,500

 

 

793,260

 

Dominion Resources, Inc.

 

 

11,800

 

 

402,262

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

59




 

 

 

 

 

Schedule of Investments (continued)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States (concluded)

 

 

 

 

 

 

 

Eaton Vance Corp.

 

 

14,100

 

$

400,299

 

Emerson Electric Co.

 

 

34,400

 

 

1,298,600

 

Equity Residential - REIT

 

 

14,400

 

 

415,872

 

Exxon Mobil Corp.

 

 

35,500

 

 

2,544,285

 

General Electric Co.

 

 

71,000

 

 

1,012,460

 

Genuine Parts Co.

 

 

8,500

 

 

297,415

 

Goldman Sachs Group, Inc. (The)

 

 

3,650

 

 

621,120

 

HCP, Inc. - REIT

 

 

14,325

 

 

423,877

 

Health Care REIT, Inc.

 

 

13,200

 

 

585,684

 

Hewlett-Packard Co.

 

 

8,300

 

 

393,918

 

Home Depot, Inc.

 

 

16,100

 

 

403,949

 

Hudson City Bancorp, Inc.

 

 

30,625

 

 

402,413

 

Intel Corp.

 

 

54,400

 

 

1,039,584

 

International Business Machines Corp.

 

 

10,425

 

 

1,257,359

 

Johnson & Johnson

 

 

9,100

 

 

537,355

 

Kraft Food, Inc.

 

 

15,508

 

 

426,780

 

Liberty Property Trust - REIT

 

 

10,300

 

 

302,511

 

M&T Bank Corp.

 

 

6,400

 

 

402,240

 

McDonald’s Corp.

 

 

17,300

 

 

1,013,953

 

Merck & Co., Inc.

 

 

24,200

 

 

748,506

 

MetLife, Inc.

 

 

10,600

 

 

360,718

 

Microchip Technology, Inc.

 

 

24,800

 

 

594,208

 

Microsoft Corp.

 

 

47,400

 

 

1,314,402

 

Nationwide Health Properties, Inc. - REIT

 

 

18,225

 

 

587,756

 

PepsiCo, Inc.

 

 

10,100

 

 

611,555

 

Pfizer, Inc.

 

 

37,400

 

 

636,922

 

Philip Morris International, Inc.

 

 

16,000

 

 

757,760

 

PPG Industries, Inc.

 

 

9,625

 

 

543,139

 

Reynolds American, Inc.

 

 

8,600

 

 

416,928

 

Southern Co.

 

 

12,500

 

 

389,875

 

T. Rowe Price Group, Inc.

 

 

8,900

 

 

433,697

 

United Technologies Corp.

 

 

13,000

 

 

798,850

 

Wal-Mart Stores, Inc.

 

 

12,100

 

 

601,128

 

Wells Fargo & Co.

 

 

28,600

 

 

787,073

 

 

 

 

 

 

     

 

 

 

 

 

 

36,890,297

 

               

Total Common Stocks—98.7%

 

 

 

 

 

79,658,542

 

               

 

 

 

 

 

 

 

 


Rights

 

 

 

 

 

 

 

               

Spain—0.0%

 

 

 

 

 

 

 

Banco Santander SA (a)

 

 

18,433

 

 

3,255

 

               

Total Long-Term Investments
(Cost—$80,992,286)—98.7%

 

 

 

 

 

79,661,797

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.18% (c)(d)

 

 

2,037,764

 

 

2,037,764

 

               

Total Short-Term Securities
(Cost—$2,037,764)—2.5%

 

 

 

 

 

2,037,764

 

               

Total Investments Before Outstanding Options Written
(Cost—$83,030,050*)—101.2%

 

 

 

 

 

81,699,561

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.1)%

 

 

 

 

 

 

 

3M Co., Strike Price 75 USD, Expires 11/23/09

 

 

13

 

 

(1,365

)

Abbott Laboratories, Strike Price 47.50 USD, Expires 11/23/09

 

 

30

 

 

(9,900

)

ACS Actividades de Construccion y Servicios SA, Strike Price
35 EUR, Expires 11/20/09

 

 

7

 

 

(44

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

ACS Actividades de Construccion y Servicios SA, Strike Price
36 EUR, Expires 11/22/09

 

 

9

 

$

(12

)

Aflac, Inc., Strike Price 48 USD, Expires 11/23/09

 

 

18

 

 

(180

)

Allianz SE, Strike Price 94 EUR, Expires 12/18/09

 

 

62

 

 

(400

)

American Express Co., Strike Price 38 USD, Expires 11/23/09

 

 

24

 

 

(900

)

Automatic Data Processing, Inc., Strike Price 41 USD,
Expires 11/23/09

 

 

24

 

 

(1,320

)

Banco Santander SA, Strike Price 11.19 EUR,
Expires 11/22/09

 

 

35

 

 

(1,393

)

Bank of America Corp., Strike Price 19 USD,
Expires 11/23/09

 

 

63

 

 

(220

)

Bank of Montreal, Strike Price 56 CAD, Expires 11/21/09

 

 

47

 

 

(391

)

Bank of Nova Scotia, Strike Price 48 CAD, Expires 11/21/09

 

 

7

 

 

(171

)

Bank of Nova Scotia, Strike Price 50 CAD, Expires 11/21/09

 

 

20

 

 

(129

)

Barclays Plc, Strike Price 3.90 GBP, Expires 12/18/09

 

 

13

 

 

(557

)

BASF AG, Strike Price 40 EUR, Expires 12/20/09

 

 

9

 

 

(1,772

)

BHP Billiton Plc, Strike Price 18 GBP, Expires 11/22/09

 

 

3

 

 

(690

)

BP Plc, Strike Price 5.60 GBP, Expires 11/22/09

 

 

24

 

 

(7,672

)

Caterpillar, Inc., Strike Price 55 USD, Expires 11/23/09

 

 

31

 

 

(7,270

)

Chevron Corp., Strike Price 75 USD, Expires 11/23/09

 

 

20

 

 

(5,450

)

Dominion Resources, Inc., Strike Price 35 USD,
Expires 1/18/10

 

 

23

 

 

(1,552

)

Eaton Vance Corp., Strike Price 30 USD, Expires 11/23/09

 

 

28

 

 

(1,470

)

Emerson Electric Co., Strike Price 41 USD, Expires 11/23/09

 

 

68

 

 

(1,190

)

Enbridge, Inc., Strike Price 44 CAD, Expires 12/19/09

 

 

31

 

 

(501

)

Enel SpA, Strike Price 4.40 EUR, Expires 12/20/09

 

 

25

 

 

(300

)

ENI SpA, Strike Price 19 EUR, Expires 12/18/09

 

 

17

 

 

(285

)

Equity Residential - REIT, Strike Price 30 USD,
Expires 11/23/09

 

 

28

 

 

(1,750

)

Exxon Mobil Corp., Strike Price 75 USD, Expires 11/23/09

 

 

70

 

 

(2,660

)

General Electric Co., Strike Price 16 USD, Expires 11/23/09

 

 

71

 

 

(532

)

General Electric Co., Strike Price 17 USD, Expires 12/21/09

 

 

71

 

 

(852

)

Genuine Parts Co., Strike Price 40 USD, Expires 11/23/09

 

 

17

 

 

(170

)

Goldman Sachs Group, Inc., Strike Price 195 USD,
Expires 11/23/09

 

 

7

 

 

(231

)

HCP, Inc. - REIT, Strike Price 30 USD, Expires 11/23/09

 

 

29

 

 

(2,610

)

Health Care REIT, Inc., Strike Price 45 USD, Expires 11/23/09

 

 

73

 

 

(7,300

)

Hennes & Mauritz AB, Strike Price 430 SEK, Expires 12/18/09

 

 

30

 

 

(1,499

)

Hewlett-Packard Co., Strike Price 50 USD, Expires 12/21/09

 

 

16

 

 

(1,600

)

Home Depot, Inc., Strike Price 28 USD, Expires 12/21/09

 

 

21

 

 

(504

)

Home Depot, Inc., Strike Price 29 USD, Expires 11/23/09

 

 

12

 

 

(60

)

HSBC Holdings Plc, Strike Price 7.20 GBP, Expires 11/22/09

 

 

11

 

 

(1,024

)

Iberdrola SA, Strike Price 6.50 EUR, Expires 11/22/09

 

 

82

 

 

(394

)

Intel Corp., Strike Price 21 USD, Expires 12/21/09

 

 

108

 

 

(2,484

)

International Business Machines Corp., Strike Price 125 USD,
Expires 12/21/09

 

 

21

 

 

(4,988

)

Kraft Food, Inc., Class A, Strike Price 28 USD,
Expires 12/21/09

 

 

30

 

 

(2,250

)

M&T Bank Corp., Strike Price 70 USD, Expires 11/23/09

 

 

13

 

 

(455

)

Man Group Plc, Strike Price 3.60 GBP, Expires 12/20/09

 

 

15

 

 

(570

)

Manulife Financial Corp., Strike Price 24 CAD, Expires 1/18/10

 

 

37

 

 

(1,180

)

McDonald’s Corp., Strike Price 60 USD, Expires 12/21/09

 

 

35

 

 

(3,325

)

MetLife, Inc., Strike Price 40 USD, Expires 11/23/09

 

 

21

 

 

(420

)

Microsoft Corp., Strike Price 27 USD, Expires 12/21/09

 

 

95

 

 

(13,918

)

Mobistar SA, Strike Price 50.11 EUR, Expires 12/20/09

 

 

10

 

 

(928

)

National Bank of Canada, Strike Price 62 CAD,
Expires 12/19/09

 

 

15

 

 

(762

)

Nationwide Health Properties, Inc. - REIT, Strike Price 35 USD,
Expires 12/21/09

 

 

36

 

 

(1,800

)

Nokia Oyj, Strike Price 9.50 EUR, Expires 12/18/09

 

 

54

 

 

(1,075

)

PepsiCo, Inc., Strike Price 60 USD, Expires 11/23/09

 

 

25

 

 

(3,625

)

Pfizer, Inc., Strike Price 18 USD, Expires 12/21/09

 

 

75

 

 

(2,250

)

Philip Morris International, Inc., Strike Price 50 USD,
Expires 12/21/09

 

 

60

 

 

(3,600

)

PPR, Strike Price 90 EUR, Expires 12/20/09

 

 

4

 

 

(288

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

60

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

 

Schedule of Investments (continued)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Reynolds American, Inc., Strike Price 50 USD,
Expires 11/23/09

 

 

25

 

$

(875

)

Royal Bank of Canada, Strike Price 58 CAD, Expires 11/21/09

 

 

60

 

 

(1,331

)

RWE AG, Strike Price 66 EUR, Expires 12/18/09

 

 

8

 

 

(272

)

Sanofi-Aventis SA, Strike Price 52 EUR, Expires 12/20/09

 

 

10

 

 

(1,513

)

Societe Generale, Strike Price 56.87 EUR, Expires 12/20/09

 

 

10

 

 

(359

)

Southern Co. (The), Strike Price 32 USD, Expires 1/18/10

 

 

25

 

 

(2,125

)

Standard Chartered Plc, Strike Price 15 GBP, Expires 11/20/09

 

 

3

 

 

(2,724

)

Standard Chartered Plc, Strike Price 16 GBP, Expires 11/22/09

 

 

4

 

 

(1,185

)

Suncor Energy, Inc., Strike Price 42 CAD, Expires 11/21/09

 

 

9

 

 

(92

)

T. Rowe Price Group, Inc., Strike Price 45 USD,
Expires 11/23/09

 

 

18

 

 

(8,010

)

Total SA, Strike Price 44 EUR, Expires 12/18/09

 

 

35

 

 

(1,996

)

TransCanada Corp., Strike Price 34 CAD, Expires 1/18/10

 

 

25

 

 

(1,040

)

United Technologies Corp., Strike Price 65 USD,
Expires 11/23/09

 

 

25

 

 

(875

)

Wal-Mart Stores, Inc., Strike Price 50 USD, Expires 12/21/09

 

 

25

 

 

(3,150

)

Zurich Financial Services AG, Strike Price 270 CHF,
Expires 12/18/09

 

 

34

 

 

(287

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(136,072

)

               

Over-the-Counter Call Options Written—(0.2)%

 

 

 

 

 

 

 

Allianz SE, Strike Price 85.73 EUR, Expires 11/18/09,
Broker BNP Paribas

 

 

580

 

 

(209

)

Altria Group, Inc., Strike Price 18.50 USD, Expires 12/11/09,
Broker Goldman Sachs & Co.

 

 

11,500

 

 

(2,713

)

Ameren Corp., Strike Price 25.51 USD, Expires 1/06/10,
Broker Goldman Sachs & Co.

 

 

5,500

 

 

(2,057

)

AstraZeneca Plc, Strike Price 29.13 GBP, Expires 12/03/09,
Broker Morgan Stanley & Co., Inc.

 

 

3,600

 

 

(1,086

)

AT&T Inc., Strike Price 26.60 USD, Expires 12/15/09,
Broker UBS Securities LLC

 

 

16,000

 

 

(5,841

)

Australia & New Zealand Banking Group Ltd., Strike Price
25.39 AUD, Expires 12/16/09,
Broker Citigroup Global Markets

 

 

4,600

 

 

(759

)

AXA SA, Strike Price 18.30 EUR, Expires 11/18/09,
Broker Morgan Stanley & Co., Inc.

 

 

3,000

 

 

(639

)

Axfood AB, Strike Price 217.02 SEK, Expires 12/10/09,
Broker UBS Securities LLC

 

 

1,900

 

 

(1,046

)

Banco Santander SA, Strike Price 11.46 EUR,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

5,000

 

 

(1,361

)

BASF AG, Strike Price 38.84 EUR,
Expires 12/10/09, Broker BNP Paribas

 

 

2,000

 

 

(2,319

)

BHP Billiton Ltd., Strike Price 39.73 AUD,
Expires 12/16/09, Broker Citigroup Global Markets

 

 

3,700

 

 

(1,863

)

Bouygues SA, Strike Price 35.87 EUR,
Expires 11/18/09, Broker Credit Suisse First Boston

 

 

2,200

 

 

(541

)

BP Plc, Strike Price 5.77 GBP,
Expires 12/18/09, Broker Morgan Stanley & Co., Inc.

 

 

14,600

 

 

(3,862

)

Bristol-Myers Squibb Co., Strike Price 23.20 USD,
Expires 11/13/09, Broker Credit Suisse First Boston

 

 

10,000

 

 

(340

)

British American Tobacco Plc, Strike Price 20.11 GBP,
Expires 12/10/09, Broker Citigroup Global Markets

 

 

3,400

 

 

(1,183

)

Cannon, Inc., Strike Price 3,567.20 JPY,
Expires 12/16/09, Broker Deutsche Bank Securities

 

 

2,300

 

 

(2,240

)

CenturyTel, Inc., Strike Price 32.75 USD,
Expires 1/04/10, Broker Credit Suisse First Boston

 

 

3,400

 

 

(3,287

)

Chevron Corp., Strike Price 79.18 USD,
Expires 11/30/09, Broker UBS Securities LLC

 

 

4,500

 

 

(5,162

)

Chubb Corp., Strike Price 51.51 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

1,600

 

 

(599

)

Cincinnati Financial Corp., Strike Price 26.47 USD,
Expires 11/20/09, Broker Credit Suisse First Boston

 

 

3,000

 

 

(538

)

Coca-Cola Co. (The), Strike Price 55.25 USD,
Expires 12/18/09, Broker Goldman Sachs & Co.

 

 

2,700

 

 

(1,632

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Consolidated Edison, Inc., Strike Price 41.36 USD,
Expires 12/18/09, Broker Morgan Stanley & Co., Inc.

 

 

3,900

 

$

(2,689

)

Esprit Holdings Ltd., Strike Price 55.63 HKD,
Expires 12/16/09, Broker Deutsche Bank Securities

 

 

13,400

 

 

(4,033

)

Foster’s Group Ltd., Strike Price 5.72 AUD,
Expires 11/10/09, Broker Morgan Stanley & Co., Inc.

 

 

23,300

 

 

(219

)

GlaxoSmithKline Plc, Strike Price 12.38 GBP,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

13,000

 

 

(5,925

)

Hang Seng Bank Ltd., Strike Price 116.29 HKD,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

4,300

 

 

(44

)

Hitachi Koki Co. Ltd., Strike Price 1,019.55 JPY,
Expires 12/16/09, Broker Goldman Sachs & Co.

 

 

7,800

 

 

(3,150

)

Hongkong Electric Holdings Ltd., Strike Price 42.96 HKD,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

41,000

 

 

(573

)

Hopewell Holdings Ltd., Strike Price 23.89 HKD,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

37,000

 

 

(4,363

)

HSBC Holdings Plc, Strike Price 7.59 GBP,
Expires 12/03/09, Broker Citigroup Global Markets

 

 

14,000

 

 

(760

)

Hudson City Bancorp, Inc., Strike Price 13.54 USD,
Expires 12/15/09, Broker Credit Suisse First Boston

 

 

6,100

 

 

(2,276

)

Indra Sistemas SA, Strike Price 17.61 EUR,
Expires 12/08/09, Broker UBS Securities LLC

 

 

6,000

 

 

(644

)

Johnson & Johnson, Strike Price 61.25 USD,
Expires 12/15/09, Broker Credit Suisse First Boston

 

 

1,800

 

 

(731

)

Keppel Corp. Ltd., Strike Price 8.50 SGD,
Expires 12/16/09, Broker Goldman Sachs & Co.

 

 

14,000

 

 

(1,563

)

Kesko Oyj, B Shares, Strike Price 23.22 EUR,
Expires 1/07/10, Broker Citigroup Global Markets

 

 

2,250

 

 

(2,486

)

Koninklijke (Royal) KPN NV, Strike Price 12.61 EUR,
Expires 12/10/09, Broker BNP Paribas

 

 

5,600

 

 

(2,082

)

Liberty Property Trust - REIT, Strike Price 33.24 USD,
Expires 12/04/09, Broker Morgan Stanley & Co., Inc.

 

 

2,000

 

 

(534

)

Merck & Co., Inc., Strike Price 34 USD,
Expires 11/06/09, Broker UBS Securities LLC

 

 

4,000

 

 

(15

)

Microchip Technology, Inc., Strike Price 26.73 USD,
Expires 12/21/09, Broker Morgan Stanley & Co., Inc.

 

 

5,000

 

 

(983

)

Mitsui & Co. Ltd., Strike Price 1,292.13 JPY,
Expires 11/10/09, Broker Morgan Stanley & Co., Inc.

 

 

10,400

 

 

(484

)

National Australia Bank Ltd., Strike Price 31.47 AUD,
Expires 1/05/10, Broker Citigroup Global Markets

 

 

8,800

 

 

(5,113

)

National Bank of Greece SA, Strike Price 26.93 EUR,
Expires 12/08/09, Broker Citigroup Global Markets

 

 

2,200

 

 

(2,254

)

Nestle SA, Strike Price 44.36 CHF,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

3,000

 

 

(10,153

)

Nintendo Co. Ltd., Strike Price 24,653.40 JPY,
Expires 12/16/09, Broker Deutsche Bank Securities

 

 

100

 

 

(192

)

OPAP SA, Strike Price 18.77 EUR,
Expires 12/08/09, Broker Citigroup Global Markets

 

 

3,000

 

 

(997

)

Oracle Corp. Japan, Strike Price 3,931.78 JPY,
Expires 11/10/09, Broker Goldman Sachs & Co.

 

 

2,900

 

 

(2,295

)

Portugal Telecom SGPS SA, Strike Price 8.18 EUR,
Expires 12/10/09, Broker BNP Paribas

 

 

8,400

 

 

(1,104

)

PPG Industries, Inc., Strike Price 62.32 USD,
Expires 12/15/09, Broker Credit Suisse First Boston

 

 

1,900

 

 

(1,066

)

Ratos AB, B Shares, Strike Price 164.13 SEK,
Expires 12/10/09, Broker UBS Securities LLC

 

 

5,300

 

 

(4,045

)

Ricoh Co. Ltd., Strike Price 1,413.30 JPY,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

11,000

 

 

(34

)

Rio Tinto Plc, Strike Price 29.01 GBP,
Expires 12/03/09, Broker Morgan Stanley & Co., Inc.

 

 

1,700

 

 

(1,952

)

Royal Dutch Shell, A Shares, Strike Price 20.27 EUR,
Expires 11/12/09, Broker Morgan Stanley & Co., Inc.

 

 

9,000

 

 

(3,609

)

Santos Ltd., Strike Price 15.81 AUD, Expires 11/10/09,
Broker Morgan Stanley & Co., Inc.

 

 

24,700

 

 

(941

)

SAP AG, Strike Price 33.92 EUR, Expires 11/18/09,
Broker BNP Paribas

 

 

3,000

 

 

(119

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

61




 

 

 

 

 

Schedule of Investments (continued)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Scania AB, B Shares, Strike Price 89.70 SEK,
Expires 12/03/09, Broker Citigroup Global Markets

 

 

21,000

 

$

(14,155

)

Schneider Electric SA, Strike Price 72.98 EUR,
Expires 11/18/09, Broker Credit Suisse First Boston

 

 

900

 

 

(1,921

)

Scottish & Southern Energy Plc, Strike Price 11.17 GBP,
Expires 1/07/10, Broker Morgan Stanley & Co., Inc.

 

 

7,000

 

 

(2,166

)

Sharp Corp., Strike Price 1,159.95 JPY,
Expires 11/10/09, Broker Morgan Stanley & Co., Inc.

 

 

8,000

 

 

(1

)

Siemens AG, Strike Price 66.73 EUR, Expires 11/18/09,
Broker Morgan Stanley & Co., Inc.

 

 

1,000

 

 

(532

)

Singapore Technologies Engineering Ltd.,
Strike Price 2.96 SGD, Expires 1/05/10,
Broker Deutsche Bank Securities

 

 

34,000

 

 

(1,157

)

Takeda Pharmaceutical Co. Ltd., Strike Price 3,743.40 JPY,
Expires 12/16/09, Broker Goldman Sachs & Co.

 

 

1,000

 

 

(393

)

Takeda Pharmaceutical Co. Ltd., Strike Price 3,848.10 JPY,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

1,900

 

 

(208

)

TeliaSonera AB, Strike Price 49.68 SEK, Expires 12/10/09,
Broker BNP Paribas

 

 

12,200

 

 

(642

)

Toyota Motor Corp., Strike Price 3,712.80 JPY,
Expires 12/16/09, Broker Goldman Sachs & Co.

 

 

1,600

 

 

(1,403

)

Toyota Motor Corp., Strike Price 3,911.96 JPY,
Expires 11/10/09, Broker Deutsche Bank Securities

 

 

3,400

 

 

(83

)

United Overseas Bank Ltd., Strike Price 16.99 SGD,
Expires 12/01/09, Broker Goldman Sachs & Co.

 

 

5,500

 

 

(1,656

)

Vinci SA, Strike Price 37.26 EUR, Expires 1/07/10,
Broker Citigroup Global Markets

 

 

2,800

 

 

(5,009

)

Wells Fargo & Co., Strike Price 31.50 USD,
Expires 12/23/09, Broker Credit Suisse First Boston

 

 

5,500

 

 

(3,374

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(139,405

)

               

Total Options Written
(Premiums Received—$465,726)—(0.3)%

 

 

 

 

 

(275,477

)

               

Total Investments Net of Outstanding Options Written—100.9%

 

 

 

 

 

81,424,084

 

Liabilities in Excess of Other Assets—(0.9)%

 

 

 

 

 

(707,605

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

80,716,479

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

84,104,252

 

 

 

     

Gross unrealized appreciation

 

$

6,536,449

 

Gross unrealized depreciation

 

 

(8,941,140

)

 

 

     

Net unrealized depreciation

 

$

(2,404,691

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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


 

 

 

 

 

 

 

 

           

Affiliate

 

Net Activity

 

Income

 

           

BlackRock Liquidity Funds, TempFund, Institutional Class

 

$

2,037,764

 

$

8,784

 

               

 

 

(d)

Represents current yield as of report date.

 

 

Foreign currency exchange contracts as of October 31, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                         

Currency
Purchased

 

Currency
Sold

 

 

Counterparty

 

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                         

AUD

357,000

 

USD

323,647

 

 

Citigroup Global Markets

 

 

11/02/09

 

$

(2,294

)

EUR

143,000

 

USD

211,454

 

 

Citigroup Global Markets

 

 

11/02/09

 

 

(1,008

)

SEK

552,000

 

USD

78,999

 

 

Citigroup Global Markets

 

 

11/02/09

 

 

(1,168

)

SEK

596,000

 

USD

84,664

 

 

UBS Securities LLC

 

 

11/02/09

 

 

(629

)

SGD

90,000

 

USD

64,260

 

 

Citigroup Global Markets

 

 

11/02/09

 

 

(46

)

USD

4,660

 

CAD

5,000

 

 

Deutsche Bank Securities

 

 

11/02/09

 

 

39

 

USD

4,175

 

JPY

380,000

 

 

Citigroup Global Markets

 

 

11/02/09

 

 

(47

)

                             

Total

 

 

 

 

 

 

 

 

 

 

 

$

(5,153

)

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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

 

 

 

 

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

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

62

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

 

Schedule of Investments (concluded)

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

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

$

4,015,816

 

 

 

$

4,015,816

 

Belgium

 

 

 

 

391,577

 

 

 

 

391,577

 

Canada

 

$

5,028,221

 

 

 

 

 

 

5,028,221

 

Finland

 

 

 

 

715,834

 

 

 

 

715,834

 

France

 

 

 

 

4,157,196

 

 

 

 

4,157,196

 

Germany

 

 

 

 

2,671,369

 

 

 

 

2,671,369

 

Greece

 

 

 

 

782,712

 

 

 

 

782,712

 

Hong Kong

 

 

 

 

2,049,706

 

 

 

 

2,049,706

 

Italy

 

 

 

 

1,415,765

 

 

 

 

1,415,765

 

Japan

 

 

 

 

5,032,339

 

 

 

 

5,032,339

 

Netherlands

 

 

 

 

507,884

 

 

 

 

507,884

 

Portugal

 

 

 

 

483,510

 

 

 

 

483,510

 

Singapore

 

 

 

 

1,096,760

 

 

 

 

1,096,760

 

Spain

 

 

 

 

2,129,380

 

 

 

 

2,129,380

 

Sweden

 

 

 

 

2,817,555

 

 

 

 

2,817,555

 

Switzerland

 

 

 

 

738,049

 

 

 

 

738,049

 

United Kingdom

 

 

 

 

8,734,572

 

 

 

 

8,734,572

 

United States

 

 

36,890,297

 

 

 

 

 

 

36,890,297

 

Rights

 

 

3,255

 

 

 

 

 

 

3,255

 

Short-Term
Securities

 

 

2,037,764

 

 

 

 

 

 

2,037,764

 

                           

Total

 

$

43,959,537

 

$

37,740,024

 

$

 

$

81,699,561

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

39

 

 

 

$

39

 

Liabilities:

 

$

(108,833

)

 

(171,836

)

 

 

 

(280,669

)

                           

Total

 

$

(108,833

)

$

(171,797

)

 

 

$

(280,630

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at market value.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

63



 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2009

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Energy and
Resources
Trust (BGR)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value - unaffiliated1,2

 

$

492,959,484

 

$

562,088,328

 

$

258,976,859

 

$

122,525,948

 

$

698,378,815

 

Investments at value - affiliated3

 

 

7,282,466

 

 

18,065,127

 

 

3,951,206

 

 

9,319,167

 

 

24,596,114

 

Cash

 

 

 

 

519,475

 

 

13,617

 

 

70,796

 

 

106,250

 

Foreign currency at value4

 

 

 

 

 

 

 

 

230,014

 

 

3,142

 

Investments sold receivable

 

 

6,844,484

 

 

19,465,139

 

 

1,827,929

 

 

2,121,785

 

 

5,019,617

 

Cash collateral pledged for options written

 

 

150,000

 

 

165,000

 

 

 

 

50,000

 

 

6,108,125

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

1,373

 

 

 

Dividend and interest receivable

 

 

891,537

 

 

1,027,536

 

 

291,784

 

 

208,376

 

 

1,870,282

 

Securities lending income receivable - affiliated

 

 

 

 

1,930

 

 

 

 

4,032

 

 

754

 

Other assets

 

 

188,231

 

 

181,260

 

 

69,557

 

 

15,908

 

 

335,423

 

 

 

                             

Total assets

 

 

508,316,202

 

 

601,513,795

 

 

265,130,952

 

 

134,547,399

 

 

736,418,522

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

 

 

1,991,000

 

 

 

 

2,141,500

 

 

5,894,700

 

Investments purchased payable

 

 

7,394,812

 

 

20,409,693

 

 

2,306,368

 

 

3,849,551

 

 

8,458,238

 

Options written at value5

 

 

1,872,150

 

 

5,853,963

 

 

844,698

 

 

1,281,659

 

 

11,946,912

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

7,746

 

 

 

Bank overdraft

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fees payable

 

 

273,274

 

 

478,914

 

 

169,917

 

 

130,200

 

 

740,747

 

Officer’s and Trustees’ fees payable

 

 

128,511

 

 

112,486

 

 

41,107

 

 

 

 

133,963

 

Licensing fee payable

 

 

164,093

 

 

189,671

 

 

87,293

 

 

 

 

 

Other liabilities

 

 

 

 

 

 

 

 

21,562

 

 

372,869

 

Other accrued expenses payable

 

 

309,070

 

 

412,539

 

 

209,922

 

 

89,818

 

 

282,233

 

 

 

                             

Total liabilities

 

 

10,141,910

 

 

29,448,266

 

 

3,659,305

 

 

7,522,036

 

 

27,829,662

 

 

 

                             

Net Assets

 

$

498,174,292

 

$

572,065,529

 

$

261,471,647

 

$

127,025,363

 

$

708,588,860

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in capital

 

$

695,895,859

 

$

897,273,460

 

$

350,660,160

 

$

210,959,812

 

$

680,602,964

 

Undistributed (distributions in excess of) net investment income

 

 

(23,999

)

 

(13,016

)

 

313,497

 

 

16,122

 

 

6,618,029

 

Accumulated net realized gain (loss)

 

 

(180,449,412

)

 

(245,076,921

)

 

(63,069,314

)

 

(27,166,348

)

 

(4,699,481

)

Net unrealized appreciation/depreciation

 

 

(17,248,156

)

 

(80,117,994

)

 

(26,432,696

)

 

(56,784,223

)

 

26,067,348

 

 

 

                             

Net Assets

 

$

498,174,292

 

$

572,065,529

 

$

261,471,647

 

$

127,025,363

 

$

708,588,860

 

 

 

                             

Net asset value6

 

$

9.14

 

$

8.13

 

$

9.72

 

$

10.56

 

$

23.81

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

511,170,456

 

$

644,815,969

 

$

286,310,059

 

$

179,894,958

 

$

672,254,274

 

 

2 Securities on loan at value

 

$

 

$

1,879,720

 

$

 

$

2,046,670

 

$

5,510,680

 

 

3 Investments at cost - affiliated

 

$

7,282,466

 

$

18,065,127

 

$

3,951,206

 

$

9,319,167

 

$

24,596,114

 

 

4 Foreign currency at cost

 

$

 

$

 

$

 

$

230,382

 

$

3,122

 

 

5 Premiums received

 

$

2,834,966

 

$

8,463,610

 

$

1,745,202

 

$

1,871,244

 

$

11,892,803

 

 

6 Shares outstanding, unlimited number of shares authorized, $0.001 par value

 

 

54,518,315

 

 

70,329,131

 

 

26,908,028

 

 

12,024,324

 

 

29,766,217

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

64

ANNUAL REPORT

OCTOBER 31, 2009

 




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2009

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value - unaffiliated1,2

 

$

1,257,330,906

 

$

180,008,816

 

$

1,109,342,104

 

$

630,753,084

 

$

79,661,797

 

Investments at value - affiliated3

 

 

12,742,433

 

 

11,884,338

 

 

77,972,275

 

 

36,701,819

 

 

2,037,764

 

Cash

 

 

527,534

 

 

 

 

21,323,318

 

 

232,975

 

 

 

Foreign currency at value4

 

 

7,742,603

 

 

97,690

 

 

 

 

13,318

 

 

 

Investments sold receivable

 

 

23,063,751

 

 

4,380,567

 

 

80,278,268

 

 

 

 

445,819

 

Cash collateral pledged for options written

 

 

13,604,089

 

 

2,985,400

 

 

18,152,875

 

 

8,665,000

 

 

 

Unrealized appreciation on foreign currency exchange contracts

 

 

34,870

 

 

7

 

 

409,807

 

 

45

 

 

39

 

Dividend and interest receivable

 

 

2,861,119

 

 

696,379

 

 

3,886,940

 

 

706,526

 

 

144,951

 

Securities lending income receivable - affiliated

 

 

9,549

 

 

1,304

 

 

750

 

 

464

 

 

 

Other assets

 

 

221,514

 

 

28,183

 

 

316,763

 

 

305,738

 

 

17,838

 

 

 

                             

Total assets

 

 

1,318,138,368

 

 

200,082,684

 

 

1,311,683,100

 

 

677,378,969

 

 

82,308,208

 

 

 

                             

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

7,602,800

 

 

2,152,000

 

 

4,855,000

 

 

1,360,000

 

 

 

Investments purchased payable

 

 

10,685,171

 

 

2,894,007

 

 

96,135,279

 

 

2,373,015

 

 

1,108,212

 

Options written at value5

 

 

19,824,302

 

 

2,026,081

 

 

15,277,134

 

 

7,661,860

 

 

275,477

 

Unrealized depreciation on foreign currency exchange contracts

 

 

41,198

 

 

 

 

143,831

 

 

 

 

5,192

 

Bank overdraft

 

 

 

 

 

 

15,100,889

 

 

 

 

70,513

 

Investment advisory fees payable

 

 

1,113,424

 

 

161,330

 

 

1,003,609

 

 

688,087

 

 

51,748

 

Officer’s and Trustees’ fees payable

 

 

197,914

 

 

12,189

 

 

169,075

 

 

104,952

 

 

9,915

 

Licensing fee payable

 

 

 

 

 

 

7,460

 

 

 

 

10,546

 

Other liabilities

 

 

 

 

161,605

 

 

13,418

 

 

 

 

 

Other accrued expenses payable

 

 

503,236

 

 

73,682

 

 

329,997

 

 

262,763

 

 

60,126

 

 

 

                             

Total liabilities

 

 

39,968,045

 

 

7,480,894

 

 

133,035,692

 

 

12,450,677

 

 

1,591,729

 

 

 

                             

Net Assets

 

$

1,278,170,323

 

$

192,601,790

 

$

1,178,647,408

 

$

664,928,292

 

$

80,716,479

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in capital

 

$

1,565,449,948

 

$

176,834,894

 

$

1,832,607,169

 

$

755,745,036

 

$

82,951,843

 

Undistributed (distributions in excess of) net investment income

 

 

(157,624

)

 

(8,091

)

 

(429,423

)

 

(103,830

)

 

3,339

 

Accumulated net realized gain (loss)

 

 

(325,538,766

)

 

(2,084,957

)

 

(563,520,530

)

 

(52,836,141

)

 

(1,092,738

)

Net unrealized appreciation/depreciation

 

 

38,416,765

 

 

17,859,944

 

 

(90,009,808

)

 

(37,876,773

)

 

(1,145,965

)

 

 

                             

Net Assets

 

$

1,278,170,323

 

$

192,601,790

 

$

1,178,647,408

 

$

664,928,292

 

$

80,716,479

 

 

 

                             

Net asset value6

 

$

18.64

 

$

25.37

 

$

10.92

 

$

11.73

 

$

13.38

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

1,229,598,464

 

$

162,569,888

 

$

1,209,894,142

 

$

671,644,290

 

$

80,992,286

 

 

2 Securities on loan at value

 

$

7,074,328

 

$

2,051,756

 

$

4,468,700

 

$

1,260,000

 

$

 

 

3 Investments at cost - affiliated

 

$

12,742,433

 

$

11,884,338

 

$

77,972,275

 

$

36,701,819

 

$

2,037,764

 

 

4 Foreign currency at cost

 

$

7,635,650

 

$

97,581

 

$

(15,279,784

)

$

13,225

 

$

(70,919

)

 

5 Premiums received

 

$

30,390,223

 

$

2,434,393

 

$

25,746,699

 

$

10,656,448

 

$

465,726

 

 

6 Shares outstanding, unlimited number of shares authorized,$0.001 par value

 

 

68,569,694

 

 

7,591,500

 

 

107,944,072

 

 

56,708,028

 

 

6,033,028

 


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

65




 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2009

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Energy and
Resources
Trust (BGR)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

20,266,166

 

$

23,748,610

 

$

11,448,350

 

$

2,602,383

 

$

17,194,969

 

Foreign taxes withheld

 

 

 

 

 

 

 

 

(159,364

)

 

(647,712

)

Income - affiliated

 

 

59,805

 

 

129,329

 

 

28,476

 

 

22,174

 

 

104,436

 

Interest

 

 

34,886

 

 

116,596

 

 

14,327

 

 

55,832

 

 

71,816

 

Securities lending income - affiliated

 

 

 

 

39,144

 

 

 

 

26,030

 

 

82,464

 

 

 

                             

Total income

 

 

20,360,857

 

 

24,033,679

 

 

11,491,153

 

 

2,547,055

 

 

16,805,973

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

3,068,177

 

 

5,575,426

 

 

1,854,795

 

 

1,418,026

 

 

7,040,809

 

Licensing

 

 

472,027

 

 

557,543

 

 

247,306

 

 

 

 

 

Printing

 

 

155,798

 

 

178,816

 

 

72,663

 

 

49,387

 

 

171,082

 

Professional

 

 

92,564

 

 

107,150

 

 

74,713

 

 

70,769

 

 

112,593

 

Officer and Trustees

 

 

89,984

 

 

99,193

 

 

47,209

 

 

16,862

 

 

99,173

 

Custodian

 

 

75,332

 

 

94,027

 

 

55,477

 

 

144,658

 

 

127,244

 

Insurance

 

 

39,981

 

 

47,212

 

 

20,081

 

 

9,393

 

 

46,625

 

Registration

 

 

15,075

 

 

22,837

 

 

6,582

 

 

9,167

 

 

7,549

 

Transfer agent

 

 

11,034

 

 

11,212

 

 

10,580

 

 

10,186

 

 

10,499

 

Miscellaneous

 

 

4,291

 

 

13,258

 

 

4,288

 

 

50,930

 

 

13,815

 

 

 

                             

Total expenses

 

 

4,024,263

 

 

6,706,674

 

 

2,393,694

 

 

1,779,378

 

 

7,629,389

 

Less fees waived by advisor

 

 

(6,767

)

 

(13,890

)

 

(3,370

)

 

(2,975

)

 

(1,186,331

)

 

 

                             

Total expenses after fees waived

 

 

4,017,496

 

 

6,692,784

 

 

2,390.324

 

 

1,776,403

 

 

6,443,058

 

 

 

                             

Net investment income

 

 

16,343,361

 

 

17,340,895

 

 

9,100,829

 

 

770,652

 

 

10,362,915

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(135,796,356

)

 

(231,817,386

)

 

(58,814,495

)

 

(34,384,298

)

 

(39,673,676

)

Foreign currency transactions

 

 

 

 

 

 

 

 

66,734

 

 

(18,684

)

Options written

 

 

7,924,410

 

 

41,159,819

 

 

4,414,665

 

 

7,148,505

 

 

47,504,778

 

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

 

 

 

(127,871,946

)

 

(190,657,567

)

 

(54,399,830

)

 

(27,169,059

)

 

7,812,418

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

81,146,914

 

 

155,291,109

 

 

36,219,366

 

 

48,503,063

 

 

149,897,519

 

Foreign currency transactions

 

 

 

 

 

 

 

 

23,260

 

 

(6,677

)

Options written

 

 

962,816

 

 

(2,054,385

)

 

900,504

 

 

(447,498

)

 

(27,735,389

)

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

 

 

 

82,109,730

 

 

153,236,724

 

 

37,119,870

 

 

48,078,825

 

 

122,155,453

 

 

 

                             

Total realized and unrealized gain (loss)

 

 

(45,762,216

)

 

(37,420,843

)

 

(17,279,960

)

 

20,909,766

 

 

129,967,871

 

 

 

                             

Net Increase (Decrease) in Net Assets Resulting from Operation

 

$

(29,418,855

)

$

(20,079,948

)

$

(8,179,131

)

$

21,680,418

 

$

140,330,786

 

 

 

                             

 

 

1

Net of $(121,282) foreign capital gain tax.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

66

ANNUAL REPORT

OCTOBER 31, 2009

 




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2009

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

11,780,021

 

$

2,701,299

 

$

44,434,864

 

$

9,767,070

 

$

3,377,393

 

Foreign taxes withheld

 

 

(629,909

)

 

(112,677

)

 

(3,796,600

)

 

(231,180

)

 

(159,368

)

Income - affiliated

 

 

83,886

 

 

49,217

 

 

247,024

 

 

138,012

 

 

8,784

 

Interest

 

 

21,795

 

 

55,990

 

 

141,041

 

 

68,948

 

 

3,715

 

Securities lending income - affiliated

 

 

29,075

 

 

6,789

 

 

4,186

 

 

1,915

 

 

 

 

 

                             

Total income

 

 

11,284,868

 

 

2,700,618

 

 

41,030,515

 

 

9,744,765

 

 

3,230,524

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

4,998,255

 

 

1,771,001

 

 

10,824,686

 

 

6,511,275

 

 

532,371

 

Licensing

 

 

 

 

 

 

 

 

 

 

106,474

 

Printing

 

 

281,068

 

 

47,461

 

 

292,248

 

 

171,456

 

 

24,269

 

Professional

 

 

141,484

 

 

69,730

 

 

163,685

 

 

101,783

 

 

56,756

 

Officer and Trustees

 

 

106,457

 

 

26,113

 

 

168,189

 

 

86,767

 

 

12,377

 

Custodian

 

 

231,544

 

 

88,993

 

 

444,198

 

 

192,131

 

 

65,627

 

Insurance

 

 

16,884

 

 

12,180

 

 

85,586

 

 

43,522

 

 

5,512

 

Registration

 

 

75,184

 

 

8,806

 

 

30,443

 

 

16,169

 

 

2,011

 

Transfer agent

 

 

31,848

 

 

10,104

 

 

11,374

 

 

10,228

 

 

9,915

 

Miscellaneous

 

 

143,342

 

 

9,523

 

 

81,156

 

 

24,765

 

 

12,616

 

 

 

                             

Total expenses

 

 

6,026,066

 

 

2,043,911

 

 

12,101,565

 

 

7,158,096

 

 

827,928

 

Less fees waived by advisor

 

 

(12,845

)

 

(5,856

)

 

(29,263

)

 

(1,105,014

)

 

(982

)

 

 

                             

Total expenses after fees waived

 

 

6,013,221

 

 

2,038,055

 

 

12,072,302

 

 

6,053,082

 

 

826,946

 

 

 

                             

Net investment income

 

 

5,271,647

 

 

662,563

 

 

28,958,213

 

 

3,691,683

 

 

2,403,578

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(45,457,861

)1

 

(4,748,315

)

 

(644,788,039

)

 

(84,639,079

)

 

184,723

 

Foreign currency transactions

 

 

32,864

 

 

31,448

 

 

1,550,934

 

 

(61,621

)

 

60,031

 

Options written

 

 

13,780,945

 

 

8,038,243

 

 

83,320,912

 

 

35,673,310

 

 

847,672

 

Swaps

 

 

 

 

 

 

299,729

 

 

 

 

 

 

 

                             

 

 

 

(31,644,052

)

 

3,321,376

 

 

(559,616,464

)

 

(49,027,390

)

 

1,092,426

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

95,741,496

 

 

23,121,997

 

 

769,356,474

 

 

250,997,249

 

 

7,074,433

 

Foreign currency transactions

 

 

73,442

 

 

2,509

 

 

283,153

 

 

9,901

 

 

(9,624

)

Options written

 

 

16,345,419

 

 

(1,176,523

)

 

8,482,530

 

 

(14,347,609

)

 

190,249

 

Swaps

 

 

 

 

 

 

1,061,948

 

 

 

 

 

 

 

                             

 

 

 

112,160,357

 

 

21,947,983

 

 

779,184,105

 

 

236,659,541

 

 

7,255,058

 

 

 

                             

Total realized and unrealized gain (loss)

 

 

80,516,305

 

 

25,269,359

 

 

219,567,641

 

 

187,632,151

 

 

8,347,484

 

 

 

                             

Net Increase (Decrease) in Net Assets Resulting from Operation

 

$

85,787,952

 

$

25,931,922

 

$

248,525,854

 

$

191,323,834

 

$

10,751,062

 

 

 

                             

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

67




 


 

 

Statements of Changes in Net Assets


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Dividend Achievers™
Trust (BDV)

 

BlackRock
Enhanced Dividend
Achievers™ Trust (BDJ)

 

 

 

 

 

 

 

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

 

Increase (Decrease) in Net Assets:

 

2009

 

2008

 

 

2009

 

2008

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

16,343,361

 

$

24,232,203

 

 

$

17,340,895

 

$

26,271,376

 

Net realized gain (loss)

 

 

(127,871,946

)

 

(54,852,838

)

 

 

(190,657,567

)

 

(46,984,333

)

Net change in unrealized appreciation/depreciation

 

 

82,109,730

 

 

(201,915,360

)

 

 

153,236,724

 

 

(215,885,148

)

 

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(29,418,855

)

 

(232,535,995

)

 

 

(20,079,948

)

 

(236,598,105

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(16,244,237

)

 

(23,269,463

)

 

 

(17,467,300

)

 

(36,568,327

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

Tax return of capital

 

 

(19,192,668

)

 

(25,797,022

)

 

 

(63,684,763

)

 

(41,626,799

)

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(35,436,905

)

 

(49,066,485

)

 

 

(81,152,063

)

 

(78,195,126

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

 

4,328,556

 

 

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(64,855,760

)

 

(281,602,480

)

 

 

(96,903,455

)

 

(314,793,231

)

Beginning of year

 

 

563,030,052

 

 

844,632,532

 

 

 

668,968,984

 

 

983,762,215

 

 

 

           

 

           

End of year

 

$

498,174,292

 

$

563,030,052

 

 

$

572,065,529

 

$

668,968,984

 

 

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

(23,999

)

$

84,691

 

 

$

(13,016

)

$

281,977

 

 

 

           

 

           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

68

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

BlackRock
Strategic Dividend
Achievers™ Trust (BDT)

 

BlackRock
EcoSolutions
Investment Trust (BQR)

 

BlackRock
Energy and
Resources Trust (BGR)

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

 

 

 

Increase (Decrease) in Net Assets:

 

2009

 

2008

 

 

2009

 

2008

 

 

2009

 

2008

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,100,829

 

$

12,034,545

 

 

$

770,652

 

$

818,561

 

 

$

10,362,915

 

$

14,442,007

 

Net realized gain (loss)

 

 

(54,399,830

)

 

(11,706,289

)

 

 

(27,169,059

)

 

18,966,066

 

 

 

7,812,418

 

 

43,477,431

 

Net change in unrealized appreciation/depreciation

 

 

37,119,870

 

 

(98,616,276

)

 

 

48,078,825

 

 

(119,422,702

)

 

 

122,155,453

 

 

(458,340,416

)

 

 

           

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(8,179,131

)

 

(98,288,020

)

 

 

21,680,418

 

 

(99,638,075

)

 

 

140,330,786

 

 

(400,420,978

)

 

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(8,355,545

)

 

(10,691,257

)

 

 

(776,099

)

 

(197,349

)

 

 

(13,891,389

)

 

(28,642,573

)

Net realized gains

 

 

 

 

 

 

 

(1,032,348

)

 

(18,613,793

)

 

 

(5,568,031

)

 

(73,767,114

)

Tax return of capital

 

 

(9,134,673

)

 

(13,525,968

)

 

 

(15,909,385

)

 

 

 

 

(28,761,852

)

 

 

 

 

           

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(17,490,218

)

 

(24,217,225

)

 

 

(17,717,832

)

 

(18,811,142

)

 

 

(48,221,272

)

 

(102,409,687

)

 

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

 

2,781,185

 

 

 

 

 

 

 

 

 

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(25,669,349

)

 

(122,505,245

)

 

 

6,743,771

 

 

(118,449,217

)

 

 

92,109,514

 

 

(502,830,665

)

Beginning of year

 

 

287,140,996

 

 

409,646,241

 

 

 

120,281,592

 

 

238,730,809

 

 

 

616,479,346

 

 

1,119,310,011

 

 

 

           

 

           

 

           

End of year

 

$

261,471,647

 

$

287,140,996

 

 

$

127,025,363

 

$

120,281,592

 

 

$

708,588,860

 

$

616,479,346

 

 

 

           

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

313,497

 

$

535,250

 

 

$

16,122

 

$

131,452

 

 

$

6,618,029

 

$

8,357,111

 

 

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

69



 


 

Statements of Changes in Net Assets (concluded)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Global Opportunities
Equity Trust (BOE)

 

 

BlackRock
Health Sciences
Trust (BME)

 

 

 

   

 

   

 

 

Year Ended October 31,

 

 

Year Ended October 31,

 

 

 

   

 

   

Increase (Decrease) in Net Assets:

 

2009

 

2008

 

 

2009

 

2008

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

5,271,647

 

$

5,279,605

 

 

$

662,563

 

$

428,710

 

Net realized gain (loss)

 

 

(31,644,052

)

 

23,855,281

 

 

 

3,321,376

 

 

11,657,369

 

Net change in unrealized appreciation/depreciation

 

 

112,160,357

 

 

(155,095,659

)

 

 

21,947,983

 

 

(46,993,721

)

 

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

85,787,952

 

 

(125,960,773

)

 

 

25,931,922

 

 

(34,907,642

)

 

 

           

 

           

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(5,179,012

)

 

(7,049,171

)

 

 

(949,596

)

 

(706,588

)

Net realized gains

 

 

 

 

(31,369,148

)

 

 

(7,700,487

)

 

(15,024,124

)

Tax return of capital

 

 

(55,376,808

)

 

(305,125

)

 

 

(4,321,847

)

 

 

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(60,555,820

)

 

(38,723,444

)

 

 

(12,971,930

)

 

(15,730,712

)

 

 

           

 

           

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

1,025,103,621

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

2,777,501

 

 

 

 

 

 

 

 

           

 

           

Net increase in net assets derived from share transactions

 

 

1,025,103,621

 

 

2,777,501

 

 

 

 

 

 

 

 

           

 

           

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

1,050,335,753

 

 

(161,906,716

)

 

 

12,959,992

 

 

(50,638,354

)

Beginning of year

 

 

227,834,570

 

 

389,741,286

 

 

 

179,641,798

 

 

230,280,152

 

 

 

           

 

           

End of year

 

$

1,278,170,323

 

$

227,834,570

 

 

$

192,601,790

 

$

179,641,798

 

 

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

(157,624

)

$

21,527

 

 

$

(8,091

)

$

247,494

 

 

 

           

 

           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

70

ANNUAL REPORT

OCTOBER 31, 2009

 




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
International Growth
and Income Trust (BGY)

 

 

BlackRock
Real Asset
Equity Trust (BCF)

 

 

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

 

 

 

   

 

   

 

   

 

 

Year Ended October 31,

 

 

Year Ended October 31,

 

 

Year Ended October 31,

 

 

 

   

 

   

 

   

Increase (Decrease) in Net Assets:

 

2009

 

2008

 

 

2009

 

2008

 

 

2009

 

2008

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

28,958,213

 

$

41,662,352

 

 

$

3,691,683

 

$

11,960,821

 

 

$

2,403,578

 

$

3,270,350

 

Net realized gain (loss)

 

 

(559,616,464

)

 

81,394,441

 

 

 

(49,027,390

)

 

48,498,401

 

 

 

1,092,426

 

 

(482,350

)

Net change in unrealized appreciation/depreciation

 

 

779,184,105

 

 

(977,670,522

)

 

 

236,659,541

 

 

(625,770,770

)

 

 

7,255,058

 

 

(49,347,668

)

 

 

           

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

248,525,854

 

 

(854,613,729

)

 

 

191,323,834

 

 

(565,311,548

)

 

 

10,751,062

 

 

(46,559,668

)

 

 

           

 

           

 

           

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(32,190,952

)

 

(31,621,671

)

 

 

(6,325,350

)

 

(9,394,325

)

 

 

(2,343,114

)

 

(3,107,404

)

Net realized gains

 

 

 

 

(93,583,511

)

 

 

 

 

(69,123,611

)

 

 

(1,969,353

)

 

 

Tax return of capital

 

 

(161,725,283

)

 

(52,187,938

)

 

 

(55,327,618

)

 

 

 

 

(438,543

)

 

(2,322,321

)

 

 

           

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(193,916,235

)

 

(177,393,120

)

 

 

(61,652,968

)

 

(78,517,936

)

 

 

(4,751,010

)

 

(5,429,725

)

 

 

           

 

           

 

           

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

17,521,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

 

           

 

           

Net increase in net assets derived from share transactions

 

 

17,521,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

 

           

 

           

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

72,131,394

 

 

(1,032,006,849

)

 

 

129,670,866

 

 

(643,829,484

)

 

 

6,000,052

 

 

(51,989,393

)

Beginning of year

 

 

1,106,516,014

 

 

2,138,522,863

 

 

 

535,257,426

 

 

1,179,086,910

 

 

 

74,716,427

 

 

126,705,820

 

 

 

           

 

           

 

           

End of year

 

$

1,178,647,408

 

$

1,106,516,014

 

 

$

664,928,292

 

$

535,257,426

 

 

$

80,716,479

 

$

74,716,427

 

 

 

           

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

(429,423

)

$

952,653

 

 

$

(103,830

)

$

1,465,037

 

 

$

3,339

 

$

157,407

 

 

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

71




 

 

 


Financial Highlights


BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of year

 

$

10.33

 

$

15.49

 

$

15.95

 

$

14.21

 

$

14.67

 

 

 

                 

Net investment income

 

 

0.30

 

 

0.41

 

 

0.45

 

 

0.42

 

 

0.43

 

Net realized and unrealized gain (loss)

 

 

(0.84

)

 

(4.67

)

 

(0.01

)

 

2.21

 

 

0.01

 

 

 

                 

Net increase (decrease) from investment operations

 

 

(0.54

)

 

(4.26

)

 

0.44

 

 

2.63

 

 

0.44

 

 

 

                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.30

)

 

(0.43

)

 

(0.44

)

 

(0.41

)

 

(0.43

)

Net realized gain

 

 

 

 

 

 

(0.38

)

 

(0.32

)

 

(0.28

)

Tax return of capital

 

 

(0.35

)

 

(0.47

)

 

(0.08

)

 

(0.16

)

 

(0.19

)

 

 

                 

Total dividends and distributions

 

 

(0.65

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.90

)

 

 

                 

Net asset value, end of year

 

$

9.14

 

$

10.33

 

$

15.49

 

$

15.95

 

$

14.21

 

 

 

                 

Market price, end of year

 

$

8.27

 

$

9.20

 

$

13.64

 

$

14.86

 

$

12.77

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Total Investment Return1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

(3.75

)%

 

(27.56

)%

 

3.15

%

 

19.89

%

 

3.11

%

 

 

                 

Based on market price

 

 

(2.21

)%

 

(26.73

)%

 

(2.50

)%

 

24.31

%

 

(9.25

)%

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

0.85

%

 

0.83

%

 

0.82

%

 

0.84

%

 

0.84

%

 

 

                 

Total expenses after fees waived

 

 

0.85

%

 

0.83

%

 

0.82

%

 

0.84

%

 

0.84

%

 

 

                 

Net investment income

 

 

3.46

%

 

3.46

%

 

2.87

%

 

2.90

%

 

2.93

%

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of year (000)

 

$

498,174

 

$

563,030

 

$

844,633

 

$

869,703

 

$

774,691

 

 

 

                 

Portfolio turnover

 

 

56

%

 

23

%

 

12

%

 

11

%

 

27

%

 

 

                 

 

 

1

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

72

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

Financial Highlights

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
August 31, 20051
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Net asset value, beginning of period

 

$

9.59

 

$

14.10

 

$

14.88

 

$

14.01

 

$

14.33

2

 

 

                             

Net investment income

 

 

0.25

 

 

0.34

 

 

0.39

 

 

0.37

 

 

0.06

 

Net realized and unrealized gain (loss)

 

 

(0.55

)

 

(3.73

)

 

0.06

 

 

1.71

 

 

(0.26

)

 

 

                             

Net increase (decrease) from investment operations

 

 

(0.30

)

 

(3.39

)

 

0.45

 

 

2.08

 

 

(0.20

)

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.25

)

 

(0.52

)

 

(0.43

)

 

(0.15

)

 

(0.06

)

Net realized gain

 

 

 

 

 

 

(0.80

)

 

(1.06

)

 

(0.04

)

Tax return of capital

 

 

(0.91

)

 

(0.60

)

 

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

(1.16

)

 

(1.12

)

 

(1.23

)

 

(1.21

)

 

(0.10

)

 

 

                             

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

                             

Net asset value, end of period

 

$

8.13

 

$

9.59

 

$

14.10

 

$

14.88

 

$

14.01

 

 

 

                             

Market price, end of period

 

$

7.89

 

$

8.47

 

$

12.68

 

$

14.92

 

$

13.79

 

 

 

                             

 

                       

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Based on net asset value

 

 

(1.63

)%

 

(24.35

)%

 

3.21

%

 

15.72

%

 

(1.42

)%4

 

 

                             

Based on market price

 

 

8.08

%

 

(25.70

)%

 

(7.43

)%

 

17.97

%

 

(7.40

)%4

 

 

                             

 

                       

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Total expenses

 

 

1.20

%

 

1.18

%

 

1.17

%

 

1.19

%

 

1.25

%5

 

 

                             

Total expenses after fees waived

 

 

1.20

%

 

1.18

%

 

1.17

%

 

1.19

%

 

1.25

%5

 

 

                             

Net investment income

 

 

3.11

%

 

3.20

%

 

2.76

%

 

2.73

%

 

2.44

%5

 

 

                             

 

                       

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Net assets, end of period (000)

 

$

572,066

 

$

668,969

 

$

983,762

 

$

1,033,127

 

$

968,245

 

 

 

                             

Portfolio turnover

 

 

117

%

 

86

%

 

91

%

 

138

%

 

5

%

 

 

                             

 

 

1

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

2

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

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

73




 

 

 

 

Financial Highlights

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Net asset value, beginning of year

 

$

10.67

 

$

15.22

 

$

16.13

 

$

15.14

 

$

14.96

 

 

 

                             

Net investment income

 

 

0.30

 

 

0.37

 

 

0.40

 

 

0.37

 

 

0.46

 

Net realized and unrealized gain (loss)

 

 

(0.60

)

 

(4.02

)

 

(0.41

)

 

1.52

 

 

0.62

 

 

 

                             

Net increase (decrease) from investment operations

 

 

(0.30

)

 

(3.65

)

 

(0.01

)

 

1.89

 

 

1.08

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.31

)

 

(0.40

)

 

(0.40

)

 

(0.35

)

 

(0.46

)

Net realized gain

 

 

 

 

 

 

(0.38

)

 

(0.55

)

 

(0.42

)

Tax return of capital

 

 

(0.34

)

 

(0.50

)

 

(0.12

)

 

 

 

(0.02

)

 

 

                             

Total dividends and distributions

 

 

(0.65

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 

                             

Net asset value, end of year

 

$

9.72

 

$

10.67

 

$

15.22

 

$

16.13

 

$

15.14

 

 

 

                             

Market price, end of year

 

$

8.37

 

$

9.01

 

$

13.19

 

$

14.53

 

$

13.20

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Total Investment Return1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

(1.10

)%

 

(23.93

)%

 

0.24

%

 

13.65

%

 

7.62

%

 

 

                             

Based on market price

 

 

0.86

%

 

(25.88

)%

 

(3.56

)%

 

17.43

%

 

(3.46

)%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

0.97

%

 

0.94

%

 

0.95

%

 

0.96

%

 

0.96

%

 

 

                             

Total expenses after fees waived

 

 

0.97

%

 

0.94

%

 

0.95

%

 

0.96

%

 

0.96

%

 

 

                             

Net investment income

 

 

3.68

%

 

3.40

%

 

2.75

%

 

2.57

%

 

3.01

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of year (000)

 

$

261,472

 

$

287,141

 

$

409,646

 

$

433,938

 

$

407,366

 

 

 

                             

Portfolio turnover

 

 

66

%

 

20

%

 

18

%

 

18

%

 

24

%

 

 

                             

 

 

1

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

74

ANNUAL REPORT

OCTOBER 31, 2009

 



 

 

 

 

 

Financial Highlights

BlackRock EcoSolutions Investment Trust (BQR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
September 28, 20071
through October 31,
2007

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2009

 

2008

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

10.23

 

$

20.31

 

 

$

19.10

2

 

 

 

                     

Net investment income

 

 

0.06

 

 

0.03

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

1.78

 

 

(8.51

)

 

 

1.25

 

 

 

 

                     

Net increase (decrease) from investment operations

 

 

1.84

 

 

(8.48

)

 

 

1.25

 

 

 

 

                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.07

)

 

(0.02

)

 

 

 

 

Net realized gain

 

 

(0.09

)

 

(1.58

)

 

 

 

 

Tax return of capital

 

 

(1.35

)

 

 

 

 

 

 

 

 

                     

Total dividends and distributions

 

 

(1.51

)

 

(1.60

)

 

 

 

 

 

 

                     

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

(0.04

)

 

 

 

                     

Net asset value, end of period

 

$

10.56

 

$

10.23

 

 

$

20.31

 

 

 

 

                     

Market price, end of period

 

$

10.23

 

$

9.20

 

 

$

19.75

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

19.64

%

 

(43.99

)%

 

 

6.28

%4

 

 

 

                     

Based on market price

 

 

28.88

%

 

(48.20

)%

 

 

(1.25

)%4

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.51

%

 

1.36

%

 

 

1.70

%5

 

 

 

                     

Total expenses after fees waived and paid indirectly

 

 

1.50

%

 

1.35

%

 

 

1.68

%5

 

 

 

                     

Net investment income

 

 

0.65

%

 

0.38

%

 

 

0.97

%5

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

127,025

 

$

120,282

 

 

$

238,731

 

 

 

 

                     

Portfolio turnover

 

 

62

%

 

45

%

 

 

4

%

 

 

 

                     

 

 

1

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

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

75




 

 

 

 

 

Financial Highlights

BlackRock Energy and Resources Trust (BGR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
December 29, 20041
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

20.71

 

$

37.60

 

$

29.67

 

$

28.12

 

 

$

23.88

2

 

 

 

                                 

Net investment income

 

 

0.41

 

 

1.18

 

 

0.49

 

 

0.75

 

 

 

0.56

 

 

Net realized and unrealized gain (loss)

 

 

4.32

 

 

(14.63

)

 

9.27

 

 

3.65

 

 

 

4.85

 

 

 

 

                                 

Net increase (decrease) from investment operations

 

 

4.73

 

 

(13.45

)

 

9.76

 

 

4.40

 

 

 

5.41

 

 

 

 

                                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.47

)

 

(0.96

)

 

(0.70

)

 

(0.49

)

 

 

(0.54

)

 

Net realized gain

 

 

(0.19

)

 

(2.48

)

 

(1.13

)

 

(2.36

)

 

 

(0.59

)

 

Tax return of capital

 

 

(0.97

)

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total dividends and distributions

 

 

(1.63

)

 

(3.44

)

 

(1.83

)

 

(2.85

)

 

 

(1.13

)

 

 

 

                                 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                                 

Net asset value, end of period

 

$

23.81

 

$

20.71

 

$

37.60

 

$

29.67

 

 

$

28.12

 

 

 

 

                                 

Market price, end of period

 

$

22.18

 

$

17.99

 

$

32.14

 

$

26.73

 

 

$

25.16

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

25.54

%

 

(38.15

)%

 

34.98

%

 

17.30

%

 

 

22.99

%4

 

 

 

                                 

Based on market price

 

 

34.63

%

 

(37.14

)%

 

28.07

%

 

18.11

%

 

 

5.10

%4

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.30

%

 

1.27

%

 

1.27

%

 

1.28

%

 

 

1.30

%5

 

 

 

                                 

Total expenses after fees waived and paid indirectly

 

 

1.10

%

 

1.07

%

 

1.07

%

 

1.08

%

 

 

1.10

%5

 

 

 

                                 

Net investment income

 

 

1.77

%

 

1.38

%

 

1.69

%

 

2.47

%

 

 

2.59

%5

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

708,589

 

$

616,479

 

$

1,119,310

 

$

883,104

 

 

$

836,924

 

 

 

 

                                 

Portfolio turnover

 

 

62

%

 

54

%

 

47

%

 

40

%

 

 

64

%

 

 

 

                                 

 

 

1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

76

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 

 

 

Financial Highlights

BlackRock Global Opportunities Equity Trust (BOE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
May 31, 20051
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

18.03

 

$

31.09

 

$

26.72

 

$

23.77

 

 

$

23.88

2

 

 

 

                                 

Net investment income

 

 

0.19

 

 

0.39

 

 

0.55

 

 

0.58

 

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

2.70

 

 

(10.39

)

 

6.32

 

 

4.64

 

 

 

0.13

 

 

 

 

                                 

Net increase (decrease) from investment operations

 

 

2.89

 

 

(10.00

)

 

6.87

 

 

5.22

 

 

 

0.50

 

 

 

 

                                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.56

)

 

(0.36

)

 

(0.59

)

 

 

(0.23

)

 

Net realized gain

 

 

 

 

(2.48

)

 

(2.14

)

 

(1.68

)

 

 

(0.33

)

 

Tax return of capital

 

 

(2.08

)

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

                                 

Total dividends and distributions

 

 

(2.28

)

 

(3.06

)

 

(2.50

)

 

(2.27

)

 

 

(0.56

)

 

 

 

                                 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

                                 

Net asset value, end of period

 

$

18.64

 

$

18.03

 

$

31.09

 

$

26.72

 

 

$

23.77

 

 

 

 

                                 

Market price, end of period

 

$

18.40

 

$

15.89

 

$

28.76

 

$

27.61

 

 

$

23.88

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

20.50

%

 

(35.08

)%

 

27.47

%

 

24.48

%

 

 

0.81

%4

 

 

 

                                 

Based on market price

 

 

34.97

%

 

(38.15

)%

 

14.11

%

 

26.64

%

 

 

(2.21

)%4

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.21

%

 

1.14

%

 

1.15

%

 

1.16

%

 

 

1.19

%5

 

 

 

                                 

Total expenses after fees waived

 

 

1.20

%

 

1.14

%

 

1.15

%

 

1.16

%

 

 

1.19

%5

 

 

 

                                 

Net investment income

 

 

1.05

%

 

1.60

%

 

1.87

%

 

2.45

%

 

 

3.66

%5

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

1,278,170

 

$

227,835

 

$

389,741

 

$

331,744

 

 

$

294,195

 

 

 

 

                                 

Portfolio turnover

 

 

300

%

 

120

%

 

111

%

 

184

%

 

 

55

%

 

 

 

                                 

 

 

1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

77



 

 

 


 

Financial Highlights

 

BlackRock Health Sciences Trust (BME)

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
March 31, 20051
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

Per Share Operating Performance

Net asset value, beginning of period

 

$

23.66

 

$

30.33

 

$

27.74

 

$

26.38

 

$

23.88

2

 

 

                             

Net investment income

 

 

0.10

 

 

0.10

 

 

0.05

 

 

0.00

3

 

(0.03

)

Net realized and unrealized gain (loss)

 

 

3.32

 

 

(4.70

)

 

4.76

 

 

3.28

 

 

3.34

 

 

 

                             

Net increase (decrease) from investment operations

 

 

3.42

 

 

(4.60

)

 

4.81

 

 

3.28

 

 

3.31

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.13

)

 

(0.09

)

 

(0.02

)

 

 

 

 

Net realized gain

 

 

(1.01

)

 

(1.98

)

 

(2.20

)

 

(1.92

)

 

(0.77

)

Tax return of capital

 

 

(0.57

)

 

 

 

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

(1.71

)

 

(2.07

)

 

(2.22

)

 

(1.92

)

 

(0.77

)

 

 

                             

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

                             

Net asset value, end of period

 

$

25.37

 

$

23.66

 

$

30.33

 

$

27.74

 

$

26.38

 

 

 

                             

Market price, end of period

 

$

22.61

 

$

21.62

 

$

27.05

 

$

27.32

 

$

25.19

 

 

 

                             

 

 

 

Total Investment Return4

Based on net asset value

 

 

16.31

%

 

(15.55

)%

 

18.62

%

 

13.00

%

 

13.88

%5

 

 

                             

Based on market price

 

 

13.44

%

 

(13.47

)%

 

7.42

%

 

16.59

%

 

3.81

%5

 

 

                             

 

 

 

Ratios to Average Net Assets

Total expenses

 

 

1.15

%

 

1.13

%

 

1.13

%

 

1.15

%

 

1.18

%6

 

 

                             

Total expenses after fees waived

 

 

1.15

%

 

1.13

%

 

1.13

%

 

1.15

%

 

1.18

%6

 

 

                             

Net investment income

 

 

0.37

%

 

0.20

%

 

0.15

%

 

(0.11

)%

 

(0.19

)%6

 

 

                             

 

 

 

Supplemental Data

Net assets, end of period (000)

 

$

192,602

 

$

179,642

 

$

230,280

 

$

208,151

 

$

198,005

 

 

 

                             

Portfolio turnover

 

 

167

%

 

121

%

 

89

%

 

181

%

 

104

%

 

 

                             

 

 

1

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

2

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

3

Amounted to less than $0.01 per share outstanding.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

5

Aggregate total investment return.

6

Annualized.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

78

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 

 


 

Financial Highlights

 

BlackRock International Growth and Income Trust (BGY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
May 30, 20071
through October 31,
2007

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2009

 

2008

 

 

Per Share Operating Performance

Net asset value, beginning of period

 

$

10.41

 

$

20.12

 

$

19.10

2

 

 

                 

Net investment income

 

 

0.29

 

 

0.27

 

 

0.14

 

Net realized and unrealized gain (loss)

 

 

2.04

 

 

(8.31

)

 

1.50

 

 

 

                 

Net increase (decrease) from investment operations

 

 

2.33

 

 

(8.04

)

 

1.64

 

 

 

                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.30

)

 

(0.30

)

 

(0.10

)

Net realized gain

 

 

 

 

(0.88

)

 

(0.50

)

Tax return of capital

 

 

(1.52

)

 

(0.49

)

 

 

 

 

                 

Total dividends and distributions

 

 

(1.82

)

 

(1.67

)

 

(0.60

)

 

 

                 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

(0.02

)

 

 

                 

Net asset value, end of period

 

$

10.92

 

$

10.41

 

$

20.12

 

 

 

                 

Market price, end of period

 

$

10.92

 

$

9.09

 

$

17.76

 

 

 

                 

 

Total Investment Return3

Based on net asset value

 

 

26.28

%

 

(41.76

)%

 

8.93

%4

 

 

                 

Based on market price

 

 

44.62

%

 

(42.39

)%

 

(8.17

)%4

 

 

                 

 

Ratios to Average Net Assets

Total expenses

 

 

1.12

%

 

1.11

%

 

1.07

%5

 

 

                 

Total expenses after fees waived

 

 

1.12

%

 

1.11

%

 

1.07

%5

 

 

                 

Net investment income

 

 

2.68

%

 

2.34

%

 

1.75

%5

 

 

                 

 

Supplemental Data

Net assets, end of period (000)

 

$

1,178,647

 

$

1,106,516

 

$

2,138,523

 

 

 

                 

Portfolio turnover

 

 

198

%

 

123

%

 

46

%

 

 

                 

 

 

1

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

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

79



 

 

 



 

 

Financial Highlights

BlackRock Real Asset Equity Trust (BCF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
September 29, 20061
through October 31,
2006

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2009

 

2008

 

2007

 

 

                   

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Net asset value, beginning of period

 

$

9.44

 

$

20.79

 

$

15.33

 

 

$

14.33

2

 

 

 

                           

Net investment income

 

 

0.08

 

 

0.20

 

 

0.20

 

 

 

0.04

 

 

Net realized and unrealized gain (loss)

 

 

3.30

 

 

(10.16

)

 

6.35

 

 

 

0.98

 

 

 

 

                           

Net increase (decrease) from investment operations

 

 

3.38

 

 

(9.96

)

 

6.55

 

 

 

1.02

 

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.11

)

 

(0.17

)

 

(0.29

)

 

 

 

 

Net realized gain

 

 

 

 

(1.22

)

 

(0.80

)

 

 

 

 

Tax return of capital

 

 

(0.98

)

 

 

 

 

 

 

 

 

 

 

                           

Total dividends and distributions

 

 

(1.09

)

 

(1.39

)

 

(1.09

)

 

 

 

 

 

 

                           

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                           

Net asset value, end of period

 

$

11.73

 

$

9.44

 

$

20.79

 

 

$

15.33

 

 

 

 

                           

Market price, end of period

 

$

11.45

 

$

7.74

 

$

17.59

 

 

$

15.00

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Based on net asset value

 

 

40.96

%

 

(50.14

)%

 

45.34

%

 

 

6.98

%4

 

 

 

                           

Based on market price

 

 

67.81

%

 

(51.69

)%

 

25.67

%

 

 

%4

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Total expenses

 

 

1.32

%

 

1.29

%

 

1.21

%

 

 

1.42

%5

 

 

 

                           

Total expenses after fees waived and paid indirectly

 

 

1.12

%

 

1.09

%

 

1.08

%

 

 

1.22

%5

 

 

 

                           

Net investment income

 

 

0.68

%

 

1.14

%

 

1.37

%

 

 

2.63

%5

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Net assets, end of period (000)

 

$

664,928

 

$

535,257

 

$

1,179,087

 

 

$

820,283

 

 

 

 

                           

Portfolio turnover

 

 

58

%

 

29

%

 

61

%

 

 

%

 

 

 

                           

 

 

1

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

2

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

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

80

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 



 

 

Financial Highlights

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of year

 

$

12.38

 

$

21.00

 

$

18.55

 

$

15.98

 

$

15.29

 

 

 

                             

Net investment income

 

 

0.36

 

 

0.50

 

 

0.46

 

 

0.39

 

 

0.56

 

Net realized and unrealized gain (loss)

 

 

1.43

 

 

(8.22

)

 

2.90

 

 

3.22

 

 

0.88

 

 

 

                             

Net increase (decrease) from investment operations

 

 

1.79

 

 

(7.72

)

 

3.36

 

 

3.61

 

 

1.44

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.39

)

 

(0.52

)

 

(0.44

)

 

(0.49

)

 

(0.37

)

Net realized gain

 

 

(0.33

)

 

 

 

(0.40

)

 

(0.55

)

 

(0.38

)

Tax return of capital

 

 

(0.07

)

 

(0.38

)

 

(0.07

)

 

0.00

1

 

 

 

 

                             

Total dividends and distributions

 

 

(0.79

)

 

(0.90

)

 

(0.91

)

 

(1.04

)

 

(0.75

)

 

 

                             

Net asset value, end of year

 

$

13.38

 

$

12.38

 

$

21.00

 

$

18.55

 

$

15.98

 

 

 

                             

Market price, end of year

 

$

11.54

 

$

10.50

 

$

18.07

 

$

16.36

 

$

14.54

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

17.64

%

 

(37.53

)%

 

19.10

%

 

24.34

%

 

10.08

%

 

 

                             

Based on market price

 

 

19.63

%

 

(38.42

)%

 

16.20

%

 

20.52

%

 

10.97

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

1.17

%

 

0.96

%

 

1.20

%

 

1.13

%

 

1.14

%

 

 

                             

Total expenses after fees waived

 

 

1.16

%

 

0.96

%

 

1.20

%

 

1.13

%

 

1.14

%

 

 

                             

Net investment income

 

 

3.39

%

 

3.11

%

 

2.45

%

 

2.45

%

 

3.35

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of year (000)

 

$

80,716

 

$

74,716

 

$

126,706

 

$

111,925

 

$

96,402

 

 

 

                             

Portfolio turnover

 

 

64

%

 

10

%

 

12

%

 

10

%

 

38

%

 

 

                             

 

 

1

Amounted to less than $0.01 per share outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

81




 


 

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Dividend AchieversTM Trust (“BDV”), BlackRock Enhanced Dividend AchieversTM Trust (“BDJ”), BlackRock Strategic Dividend AchieversTM Trust (“BDT”), BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”) (formerly known as BlackRock Global Energy and Resources Trust), BlackRock Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”) and BlackRock S&P Quality Rankings Global Equity Managed Trust (“BQY”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except BQR, BGR, BME, BGY and BCF, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). BQR, BGR, BME, BGY and BCF are registered as non-diversified, closed-end management investment companies under the 1940 Act. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Trusts determine and make available for publication the net asset values of their shares on a daily basis.

BOE Reorganization: The Board of Trustees (the “Board”) and the shareholders of each of BlackRock Global Equity Income Trust (“BFD”), BlackRock World Investment Trust (“BWC”) (the “Target Trusts”) and BOE approved the reorganization of each Target Trust into BOE (the “Reorganizations”). The Reorganizations were tax-free events and were effective as of the opening for business of the New York Stock Exchange (“NYSE”) on July 27, 2009.

 

 

   

Target Trusts

Acquiring Trust

   

BFD

BOE

BWC

BOE

   

Under the agreement and plan of reorganization between each Target Trust and BOE, the shares of each Target Trust (“Target Trust Shares”) were exchanged for BOE shares. The conversion ratios for Target Trust Shares were as follows:

 

 

 

     

BFD/BOE

 

0.55125638

BWC/BOE

 

0.59681881

     

The net assets of BOE before and after the Reorganizations and BOE shares issued and Target Trust Shares redeemed in connection with the Reorganizations were as follows:

 

 

 

 

 

 

 

 

 

 

                   

Acquiring
Trust

 

Net Assets
After the
Reorganizations

 

Net Assets
Prior to the
Reorganizations

 

Shares Issued

 

Target
Trusts
Shares
Redeemed

 

                   

BOE

 

$1,256,641,195

 

$231,537,574

 

55,935,668

 

97,158,060

 

                   

Included in the net assets acquired by BOE were the following components:

 

 

 

 

 

 

 

 

 

 

 

 

                       

Target
Trusts

 

Paid-In
Capital

 

Distributions in
Excess of Net
Investment
Income

 

Realized
Loss

 

Net Unrealized
Appreciation
(Depreciation)

 

Net Assets

 

                       

BFD

 

$707,107,343

 

$(46,391)

 

$(277,649,990)

 

$   25,155,884

 

$454,566,846

 

                       

BWC

 

$702,754,061

 

$(60,604)

 

$(105,511,570)

 

$ (26,645,112)

 

$570,536,775

 

                       

The following is a summary of significant accounting policies followed by the Trusts:

Valuation: Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used unless it is determined that such prior day’s price no longer reflects the fair value of the security. Investments in open-end investment companies are valued at net asset value each business day. Swap agreements are valued utilizing quotes received daily by the Trusts’ pricing service or through brokers, which are derived using daily swap curves and trades of underlying securities. Short-term securities with maturities less than 60 days may be valued at amortized cost, which approximates fair value. The Trusts value their investments in the BlackRock Liquidity Series, LLC Money Market Series at fair value, which is ordinarily based upon their pro rata ownership in the net assets of the underlying fund.

Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of business on the NYSE. Foreign currency exchange contracts are valued at the mid between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used unless it is determined that such prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by an independent pricing service or through brokers using a mathematical model which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued by a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. The values of such instruments used in computing the net assets of each Trust are determined as of such times. Occasionally, events affecting the values of such

 

 

 

 

 

 

 

82

ANNUAL REPORT

OCTOBER 31, 2009

 




 


 

Notes to Financial Statements (continued)

instruments may occur between the times at which they are determined and the close of business on the NYSE that may not be reflected in the computation of each Trust’s net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Assets and be valued at their fair value as determined in good faith by the Board or by the investment advisor using a pricing service and/or procedures approved by the Board.

Foreign Currency Transactions: Foreign currency amounts are translated into United States dollars on the following basis: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the rates of exchange prevailing on the respective dates of such transactions.

Each Trust reports foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that a Trust either delivers collateral or segregates assets in connection with certain investments (e.g., swaps, written options or foreign currency exchange contracts), each Trust will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trust has determined the ex-dividend date. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis.

Dividends and Distributions: Dividends from net investment income are declared and paid quarterly. Distributions of capital gains are recorded on the ex-dividend dates. 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 return of capital.

Securities Lending: The Trusts may lend securities to financial institutions that provide cash as collateral which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Trusts and any additional required collateral is delivered to the Trusts on the next business day. The Trusts typically receive income on the loaned securities but do not receive the income on the collateral. The Trusts may invest the cash collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Trusts may pay reasonable lending agent, administrative and custodial fees in connection with their loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Trusts could experience delays and costs in gaining access to the collateral. The Trusts also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Income Taxes: It is the Trusts’ policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provisions are required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

The Trusts file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ US federal tax returns remains open for the year ended October 31, 2009 and the preceding three taxable years of the respective Trust, if applicable. The statute of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was issued by the Financial Accounting Standards Board for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Trusts’ financial statements and disclosures, if any, is currently being assessed.

Bank Overdraft: As of October 31, 2009, BGY and BQY recorded a bank overdraft resulting from the estimation of available cash. The overdraft balance incurs fees charged by the custodian which are included in custodian on the Statements of Operations.

Dividend Achievers Universe: BDV, BDJ and BDT have been granted a revocable license by Mergent®, Inc. (“Mergent”) to use the Dividend AchieversTM universe of common stocks. If Mergent revokes each Trust’s license to use the Dividend AchieversTM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

83




 


 

Notes to Financial Statements (continued)

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 BDV, BDJ, and BDT. 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 in the Statements of Operations as licensing.

S&P Quality Rankings: BQY 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 policies. 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 in the Statements of Operations as licensing.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in the other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover the Trusts’ deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income - affiliated in the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.

2. Derivative Financial Instruments:

The Trusts may engage in various portfolio investment strategies both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as equity risk and foreign currency exchange rate risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. The Trusts may mitigate counterparty risk through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Trust and each of its counterparties. The ISDA Master Agreement allows each Trust to offset with its counterparty certain derivative financial instrument’s payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $500,000. To the extent amounts due to the Trusts from their counter-parties are not fully collateralized contractually or otherwise, the Trusts bear the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for additional information with respect to collateral practices.

The Trusts’ maximum risk of loss from counterparty credit risk on over-the counter derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Trusts. For over-the-counter purchased options, the Trusts bear the risk of loss in the amount of the premiums paid and change in market value of the options should the counterparty not perform under the contracts. Options written by the Trusts do not give rise to counterparty credit risk, as written options obligate the Trusts to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event a Trust’s net assets decline by a stated percentage or a Trust fails to meet the terms of its ISDA Master Agreements, which would cause the Trust to accelerate payment of any net liability owed to the counterparty. Counterparty risk related to exchange-traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade.

Foreign Currency Exchange Contracts: Certain Trusts may enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio positions (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Trust, help to manage the overall exposure to the currency backing some of the investments held by a Trust. The contract is marked-to-market daily and the change in market value is recorded by a Trust as an unrealized gain or loss. When the contract is closed, a Trust records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that counterparties may not meet the terms of the agreement or unfavorable movements in the value of a currency relative to the US dollar.

Options: Certain Trusts may purchase and write call and put options to increase or decrease their exposure to underlying instruments (equity risk). A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at

 

 

 

 

 

 

 

84

ANNUAL REPORT

OCTOBER 31, 2009

 




 


 

Notes to Financial Statements (continued)

any time or at a specified time during the option period. When a Trust purchases (writes) an option, an amount equal to the premium paid (received) by a Trust is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Trust enters into a closing transaction), a Trust realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Trust writes a call option, such option is “covered,” meaning that a Trust holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Trust writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Trust bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Trusts may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Trust purchasing or selling a security at a price different from the current market value. The Trusts may execute transactions in both listed and over-the-counter options.

Swaps: The Trusts may enter into swap agreements, in which a Trust and a counterparty agree to make periodic net payments on a specified notional amount. These periodic payments received or made by the Trusts are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When the swap is terminated, the Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any. Such risks involve the possibility that there will be no liquid market for these agreements, that the counter-party to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

 

 

Total return swaps — The Trusts may enter into total return swaps to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party commits to pay interest in exchange for the total return (coupons plus capital gains/losses) of an underlying asset. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Trust will receive a payment from or make a payment to the counterparty.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Instruments Categorized by Risk Exposure:

 

                                                                     

Value of Derivative Instruments as of October 31, 2009*

 

                                                                     

Asset Derivatives

 

                                                                     

 

 

 

Statements of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

 

 

 

 

 

 

 

 

 

                                                                     

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

appreciation on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

 

foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

exchange contracts

 

 

exchange contracts

 

$

1,373

 

 

 

$

34,870

 

$

7

 

$

409,807

 

$

45

 

$

39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

 

value—unaffiliated

 

 

 

$

24,750

 

 

646

 

 

3,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                     

Total

 

 

 

 

$

1,373

 

$

24,750

 

$

35,516

 

$

3,957

 

$

409,807

 

$

45

 

$

39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives

 

                                                                     

 

 

 

Statements of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                                                     

Equity contracts

 

 

Options written

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

at value

 

$

1,872,150

 

$

5,853,963

 

$

844,698

 

$

1,281,659

 

$

11,946,912

 

$

19,824,302

 

$

2,026,081

 

$

15,277,134

 

$

7,661,860

 

$

275,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

depreciation on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

 

foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

exchange contracts

 

 

exchange contracts

 

 

 

 

 

 

 

 

7,746

 

 

 

 

41,198

 

 

 

 

143,831

 

 

 

 

5,192

 

                                                                     

Total

 

 

 

 

$

1,872,150

 

$

5,853,963

 

$

844,698

 

$

1,289,405

 

$

11,946,912

 

$

19,865,500

 

$

2,026,081

 

$

15,420,965

 

$

7,661,860

 

$

280,669

 

 

 

 

 

 

                                                           

* For open derivative instruments as of October 31, 2009, see the Schedule of Investments, which is also indicative of activity for the year ended October 31, 2009. For BDV, BDT and BQY, the Trusts recently implemented an option writing (selling) strategy. The activity shown is consistent with what would be reported for a full year.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

85




 


 

Notes to Financial Statements (continued)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                               

The Effect of Derivative Instruments on the Statements of Operations Year Ended October 31, 2009

 

                                                               

Net Realized Gain (Loss) from

 

                                                               

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                                               

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency transactions

 

 

 

 

 

 

 

$

16,770

 

$

63,691

 

$

(1,145,358

)

$

5,048

 

$

(667,857

)

$

168,921

 

$

62,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options**

 

$

7,866,512

 

$

41,020,222

 

$

4,408,000

 

 

5,407,273

 

 

44,114,069

 

 

13,518,722

 

 

7,984,672

 

 

83,048,144

 

 

34,388,012

 

 

847,390

 

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

299,729

 

 

 

 

 

                                                               

Total

 

$

7,866,512

 

$

41,020,222

 

$

4,408,000

 

$

5,424,043

 

$

44,177,760

 

$

12,373,364

 

$

7,989,720

 

$

82,680,016

 

$

34,556,933

 

$

909,771

 

 

 

                                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation/Depreciation on

 

                                                               

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                                               

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency transactions

 

 

 

 

 

 

 

$

23,260

 

$

(6,677

)

$

115,876

 

$

2,509

 

$

(66,786

)

$

9,901

 

$

(9,624

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options**

 

$

962,816

 

$

(2,054,385

)

$

900,504

 

 

(447,498

)

 

(27,735,389

)

 

3,916,911

 

 

(1,176,523

)

 

8,482,530

 

 

(14,347,609

)

 

190,249

 

                                                               

Total

 

$

962,816

 

$

(2,054,385

)

$

900,504

 

$

(424,238

)

$

(27,742,066

)

$

4,032,787

 

$

(1,174,014

)

$

8,415,744

 

$

(14,337,708

)

$

180,625

 

 

 

                                                           

** Options purchased are included in the net realized gain (loss) from investments and net change in unrealized appreciation/depreciation on investments.

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). BAC became a stockholder of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Trusts under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services.

The Manager is responsible for the management of the each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Trusts. For such services, the Trusts pay the Manager a monthly fee at the following annual rates of the average weekly value of each Trust’s net assets: 0.65% for BDV, 1.00% for BDJ, 0.75% for BDT, 1.20% for BQR, 1.20% for BGR, 1.00% for BOE, 1.00% for BME, 1.00% for BGY, 1.20% for BCF and 0.75% for BQY. The Manager has voluntarily agreed to waive a portion of the investment advisory fees on BGR and BCF as a percentage of their average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2004 through 2009 for BGR and 2006 through 2011 for BCF), 0.15% in 2010 for BGR and in 2012 for BCF, 0.10% in 2011 for BGR and in 2013 for BCF and 0.05% in 2012 for BGR and in 2014 for BCF.

The Manager has entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. for BDV, BDJ, BDT and BQY, State Street Research & Management Company for BGR and BlackRock Investment Management, LLC (“BIM”), BlackRock Capital Management, Inc. for BGY and BCF and BlackRock International Limited for BQR and BCF, each an affiliate of the Manager. The Manager pays each sub-advisor for services they provide, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Manager.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, for the period November 1, 2008 to December 31, 2008 (after which time Merrill Lynch was no longer considered an affiliate), earned commissions on transactions of securities as follows:

 

 

 

 

 

 

BDV

 

$

1,900

 

BDJ

 

$

3,021

 

BDT

 

$

1,370

 

BQR

 

$

583

 

BGR

 

$

2,015

 

BOE

 

$

5,585

 

BME

 

$

8,619

 

BGY

 

$

695

 

BCF

 

$

1,689

 

 

The Trusts have received an exemptive order from the SEC permitting them to lend portfolio securities to MLPF&S or its affiliates. Pursuant to that order, the Trusts have retained BIM as the securities lending agent for a fee based on a share of the income from investment of cash collateral. BIM may, on behalf of the Trusts, invest cash collateral received by the Trusts for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The share of income earned by the Trusts on such investments is shown as securities lending - affiliated in the Statements of Operations. For the year ended October 31, 2009, BIM received $66,834 in securities lending agent fees.

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock, Inc. or its affiliates. The Trusts reimburse the Manager for compensation paid to the Trusts’ Chief Compliance Officer.

 

 

 

 

 

 

 

 

86

ANNUAL REPORT

OCTOBER 31, 2009

 




 


 

Notes to Financial Statements (continued)

4. Investments:

Purchases and sales of investment securities, excluding short-term securities for the year ended October 31, 2009, were as follows:

 

 

 

 

 

 

 

 

               

 

 

Purchases

 

Sales

 

           

BDV

 

$

262,011,922

 

$

268,962,957

 

BDJ

 

$

658,171,239

 

$

645,427,835

 

BDT

 

$

164,872,133

 

$

164,004,504

 

BQR

 

$

71,611,087

 

$

75,391,077

 

BGR

 

$

357,588,741

 

$

360,359,234

 

BOE

 

$

1,593,411,055

 

$

1,551,536,480

 

BME

 

$

299,848,009

 

$

273,465,061

 

BGY

 

$

2,038,269,974

 

$

2,069,779,201

 

BCF

 

$

299,418,329

 

$

341,222,229

 

BQY

 

$

45,250,804

 

$

45,487,226

 

               

Transactions in options written for the year ended October 31, 2009 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums
Received

 

Contracts

 

Premiums
Received

 

                   

BDV

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

 

 

 

 

 

 

 

Options written

 

 

5,063,122

 

$

17,114,386

 

 

3,096

 

$

868,497

 

Options expired

 

 

(1,940,719

)

 

(6,468,329

)

 

(40

)

 

(960

)

Options closed

 

 

(1,092,451

)

 

(3,614,967

)

 

(3,056

)

 

(867,537

)

Options exercised

 

 

(1,049,447

)

 

(4,196,124

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

980,505

 

$

2,834,966

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDJ

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

2,302,738

 

$

11,580,993

 

 

 

 

 

Options written

 

 

16,804,436

 

 

59,476,775

 

 

3,549

 

$

1,007,519

 

Options expired

 

 

(8,259,582

)

 

(36,479,687

)

 

 

 

 

Options closed

 

 

(3,334,255

)

 

(10,978,610

)

 

(3,549

)

 

(1,007,519

)

Options exercised

 

 

(4,440,180

)

 

(15,135,861

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

3,073,157

 

$

8,463,610

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDT

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

5,749,613

 

$

10,332,317

 

 

 

 

 

 

 

Options expired

 

 

(2,123,952

)

 

(3,932,159

)

 

 

 

 

 

 

Options closed

 

 

(1,232,088

)

 

(2,026,782

)

 

 

 

 

 

 

Options exercised

 

 

(1,370,678

)

 

(2,628,174

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of year

 

 

1,022,895

 

$

1,745,202

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQR

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

991,747

 

$

1,793,449

 

 

30,243

 

$

42,102

 

Options written

 

 

48,624,343

 

 

12,686,048

 

 

440

 

 

49,119

 

Options expired

 

 

(15,608,550

)

 

(6,939,726

)

 

(420

)

 

(47,520

)

Options closed

 

 

(11,130,610

)

 

(3,069,388

)

 

 

 

 

Options exercised

 

 

(12,531,509

)

 

(2,599,139

)

 

(30,263

)

 

(43,701

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

10,345,421

 

$

1,871,244

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums
Received

 

Contracts

 

Premiums
Received

 

                   

BGR

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

2,819,111

 

$

29,384,101

 

 

2,750

 

$

690,995

 

Options written

 

 

9,028,826

 

 

40,305,765

 

 

474,550

 

 

2,926,014

 

Options expired

 

 

(5,369,144

)

 

(42,754,000

)

 

(202,200

)

 

(1,251,031

)

Options closed

 

 

(1,719,311

)

 

(8,939,188

)

 

(5,105

)

 

(1,054,692

)

Options exercised

 

 

(1,095,900

)

 

(6,440,001

)

 

(87,645

)

 

(975,160

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

3,663,582

 

$

11,556,677

 

 

182,350

 

$

336,126

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOE

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

5,903,329

 

$

8,394,632

 

 

145

 

$

59,055

 

Options written

 

 

138,949,400

 

 

88,294,396

 

 

1,779,733

 

 

4,764,449

 

Options expired

 

 

(27,366,338

)

 

(20,712,500

)

 

(1,103,432

)

 

(1,579,131

)

Options closed

 

 

(50,040,593

)

 

(30,301,099

)

 

(283,837

)

 

(2,306,643

)

Options exercised

 

 

(20,534,811

)

 

(15,637,910

)

 

(208,676

)

 

(585,026

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

46,910,987

 

$

30,037,519

 

 

183,933

 

$

352,704

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BME

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

111,442

 

$

2,513,406

 

 

154,677

 

$

3,039,139

 

Options written

 

 

1,557,039

 

 

10,878,232

 

 

12,742

 

 

1,314,498

 

Options expired

 

 

(466,789

)

 

(5,665,655

)

 

(6,500

)

 

(576,823

)

Options closed

 

 

(344,299

)

 

(3,709,886

)

 

(94,958

)

 

(1,042,489

)

Options exercised

 

 

(128,420

)

 

(1,664,659

)

 

(65,231

)

 

(2,651,370

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

728,973

 

$

2,351,438

 

 

730

 

$

82,955

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGY

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

48,073,175

 

$

19,940,508

 

 

 

 

 

Options written

 

 

428,161,805

 

 

177,200,935

 

 

7,375,943

 

$

12,865,939

 

Options expired

 

 

(185,452,612

)

 

(89,353,312

)

 

(5,146,680

)

 

(6,154,569

)

Options closed

 

 

(90,298,127

)

 

(35,067,237

)

 

(710,333

)

 

(3,977,853

)

Options exercised

 

 

(135,622,171

)

 

(47,063,630

)

 

(1,517,680

)

 

(2,644,082

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

64,862,070

 

$

25,657,264

 

 

1,250

 

$

89,435

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCF

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

7,954,427

 

$

19,707,535

 

 

15,650

 

$

320,858

 

Options written

 

 

51,658,880

 

 

50,579,539

 

 

181,582

 

 

4,287,740

 

Options expired

 

 

(25,182,272

)

 

(38,513,011

)

 

(132,208

)

 

(2,947,374

)

Options closed

 

 

(7,185,597

)

 

(9,952,699

)

 

(44,963

)

 

(777,680

)

Options exercised

 

 

(16,326,093

)

 

(11,276,438

)

 

(19,386

)

 

(772,022

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

10,919,345

 

$

10,544,926

 

 

675

 

$

111,522

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQY

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

3,009,352

 

$

2,283,005

 

 

 

 

 

 

 

Options expired

 

 

(1,342,168

)

 

(814,378

)

 

 

 

 

 

 

Options closed

 

 

(446,072

)

 

(390,677

)

 

 

 

 

 

 

Options exercised

 

 

(708,223

)

 

(612,224

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of year

 

 

512,889

 

$

465,726

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

87




 


 

Notes to Financial Statements (continued)

As of October 31, 2009, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

       

 

 

Value

 

       

BDV

 

$

98,415,141

 

BDJ

 

$

307,384,988

 

BDT

 

$

51,255,948

 

BQR

 

$

49,945,250

 

BGR

 

$

230,515,477

 

BOE

 

$

721,985,948

 

BME

 

$

62,287,553

 

BGY

 

$

663,778,150

 

BCF

 

$

232,507,711

 

BQY

 

$

17,159,840

 

       

5. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of October 31, 2009 attributable to the accounting for swap agreements, foreign currency transactions, the sale of stock of passive foreign investment companies, income recognized from pass-thru entities, limitations on the utilization of capital loss carryforwards and the accounting for Real Estate Investment Trusts were reclassified to the following accounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                           

Paid-in capital

 

 

 

 

 

 

 

 

 

 

 

$

(90,599,853

)

$

 

 

 

 

 

 

 

Undistributed (distributions
in excess of) net
investment income

 

$

(207,814

)

$

(168,588

)

$

(967,037

)

$

(109,883

)

$

1,789,392

 

$

(164,791

)

$

31,448

 

$

1,850,663

 

$

1,064,800

 

$

(214,532

)

Accumulated net
realized gain (loss)

 

$

207,814

 

$

168,588

 

$

967,037

 

$

109,883

 

$

(1,789,392

)

$

90,764,644

 

$

(31,448

)

$

(1,850,663

)

$

(1,064,800

)

$

214,532

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The tax character of distributions paid during the fiscal years ended October 31, 2009 and October 31, 2008, was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                           

Ordinary Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2009

 

$

16,244,237

 

$

17,467,300

 

$

8,355,545

 

$

1,808,447

 

$

19,459,420

 

$

5,179,012

 

$

4,872,648

 

$

32,190,952

 

$

6,325,350

 

$

3,102,756

 

10/31/2008

 

$

23,269,463

 

$

36,568,327

 

$

10,691,257

 

$

18,811,142

 

$

28,642,573

 

$

21,251,376

 

$

6,224,792

 

$

125,205,182

 

$

58,332,922

 

$

3,107,404

 

 

Long-Term Capital Gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,777,435

 

 

 

 

 

$

1,209,711

 

10/31/2008

 

 

 

 

 

 

 

 

 

$

73,767,114

 

$

17,166,943

 

$

9,505,920

 

 

 

$

20,185,014

 

 

 

 

Tax Return of Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2009

 

$

19,192,668

 

$

63,684,763

 

$

9,134,673

 

$

15,909,385

 

$

28,761,852

 

$

55,376,808

 

$

4,321,847

 

$

161,725,283

 

$

55,327,618

 

$

438,543

 

10/31/2008

 

$

25,797,022

 

$

41,626,799

 

$

13,525,968

 

 

 

 

 

$

305,125

 

 

 

$

52,187,938

 

 

 

$

2,322,321

 

 

Total Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2009

 

$

35,436,905

 

$

81,152,063

 

$

17,490,218

 

$

17,717,832

 

$

48,221,272

 

$

60,555,820

 

$

12,971,930

 

$

193,916,235

 

$

61,652,968

 

$

4,751,010

 

                                           

10/31/2008

 

$

49,066,485

 

$

78,195,126

 

$

24,217,225

 

$

18,811,142

 

$

102,409,687

 

$

38,723,444

 

$

15,730,712

 

$

177,393,120

 

$

78,517,936

 

$

5,429,725

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of October 31, 2009 the tax components of accumulated earnings (losses) were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                           

Capital loss carryforwards

 

$

(174,562,963

)

$

(226,035,968

)

$

(60,776,495

)

$

(21,140,114

)

 

 

$

(307,378,988

)

 

 

$

(525,935,486

)

$

(35,164,443

)

 

 

Net unrealized gains (losses)*

 

 

(23,158,604

)

 

(99,171,963

)

 

(28,412,018

)

 

(62,794,335

)

$

27,985,896

 

 

20,099,363

 

$

15,766,896

 

 

(128,024,275

)

 

(55,652,301

)

$

(2,235,364

)

                                                               

Total

 

$

(197,721,567

)

$

(325,207,931

)

$

(89,188,513

)

$

(83,934,449

)

$

27,985,896

 

$

(287,279,625

)

$

15,766,896

 

$

(653,959,761

)

$

(90,816,744

)

$

(2,235,364

)

                                                               

 

 

*

The differences between book-basis and tax-basis net unrealized gains (losses) were attributable primarily to the tax deferral of losses on wash sales, the tax deferral of losses on straddles, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts, the timing and recognition of partnership income, investments in passive foreign investment companies, the deferral of compensation to trustees, the treatment of certain security lending transactions and the accounting for Real Estate Investment Trusts.

As of October 31, 2009, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Expires October 31,

 

BDV

 

BDJ

 

BDT

 

BQR

 

BOE

 

BGY

 

BCF

 

                               

2015

 

 

 

 

 

 

 

 

 

$

67,573,002

 

 

 

 

 

2016

 

$

52,785,280

 

$

29,702,025

 

$

9,636,519

 

 

 

 

188,242,686

 

 

 

 

 

2017

 

 

121,777,683

 

 

196,333,943

 

 

51,139,976

 

$

21,140,114

 

 

51,563,300

 

$

525,935,486

 

$

35,164,443

 

                                             

Total

 

$

174,562,963

 

$

226,035,968

 

$

60,776,495

 

$

21,140,114

 

$

307,378,988

 

$

525,935,486

 

$

35,164,443

 

                                             

 

 

 

 

 

 

 

 

88

ANNUAL REPORT

OCTOBER 31, 2009

 



 

 


 

Notes to Financial Statements (concluded)

6. Concentration, Market and Credit Risk:

BOE, BGY and BQY invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When such Trusts concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance.

In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may default. Financial assets, which potentially expose the Trusts to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Trusts’ exposure to credit and counterparty risks with respect to these financial assets is generally approximated by their value recorded in the Trusts’ Statement of Assets and Liabilities, less any collateral held by the Trusts.

The Trusts listed below invest a significant portion of their assets in securities in the following sectors:

 

 

 

 

       

Financials

 

BDV, BDJ, BDT

 

Materials

 

BQR, BCF

 

Utilities

 

BQR

 

Energy

 

BGR, BCF

 

Health Care

 

BME

 

       

Changes in economic conditions affecting these sectors would have a greater impact on these Trusts, and could affect the value, income and/or liquidity of positions in such securities.

As of October 31, 2009, the Trusts listed below had the following industry classifications:

 

 

 

 

 

 

 

 

 

 

 

               

Industry

 

BOE

 

BGY

 

BQY

 

               

Oil, Gas & Consumable Fuels

 

11

%

 

12

%

 

14

%

 

Commercial Banks

 

10

 

 

16

 

 

14

 

 

Pharmaceuticals

 

7

 

 

4

 

 

8

 

 

Insurance

 

6

 

 

5

 

 

4

 

 

Metals & Mining

 

5

 

 

9

 

 

2

 

 

Food Products

 

5

 

 

3

 

 

1

 

 

Diversified Telecommunication

 

2

 

 

4

 

 

5

 

 

Other*

 

54

 

 

47

 

 

52

 

 

                     

 

 

*

All other industries held were each less than 5% of long-term investments.

7. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. At October 31, 2009, the shares owned by an affiliate of the Manager of the Trusts were as follows:

 

 

 

 

 

       

 

 

Common
Shares Owned

 

       

BDV

 

8,028

 

 

BDJ

 

8,028

 

 

BDT

 

8,028

 

 

BQR

 

6,964

 

 

BGR

 

4,817

 

 

BOE

 

12,927

 

 

BME

 

4,817

 

 

BGY

 

6,178

 

 

BCF

 

8,028

 

 

BQY

 

8,028

 

 

         

Shares issued and outstanding during the year ended October 31, 2009 and the year ended October 31, 2008 increased by the following amounts as a result of dividend reinvestments:

 

 

 

 

 

 

 

 

           

 

 

Year Ended
October 31, 2009

 

Year Ended
October 31, 2008

 

           

BDJ

 

550,993

 

 

 

 

BQR

 

267,360

 

 

 

 

BOE

 

 

 

99,860

 

 

BGY

 

1,637,894

 

 

 

 

               

Shares issued and outstanding remained constant for BDV, BDT, BGR, BME, BCF and BQY for the years ended October 31, 2009 and October 31, 2008.

For the year ended October 31, 2009, shares issued and outstanding for BOE increased 55,935,668 as a result of a reorganization as discussed in Note 1 “BOE Reorganization”.

8. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through December 24, 2009, the date the financial statements were issued.

Subsequent to October 31, 2009, the Board declared distributions per common share as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

Distribution
per Common
Share

 

 

 

 

Ex-Date

 

 

Record
Date

 

 

Payable
Date

 

 

                   

BDV

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.162500

 

BDJ

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.245000

 

BDT

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.162500

 

BQR

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.300000

 

BGR

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.405000

 

BOE

 

 

11/10/09

 

 

11/13/09

 

 

11/30/09

 

 

$0.568750

 

BME

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.384375

 

BGY

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.455100

 

BCF

 

 

12/18/09

 

 

12/22/09

 

 

12/31/09

 

 

$0.271800

 

BQY

 

 

11/10/09

 

 

11/13/09

 

 

11/30/09

 

 

$0.187500

 

                           

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

89




 

 


 

Report of Independent Registered Public Accounting Firm


 

 

To the Board of Trustees and Shareholders of:

 

BlackRock Dividend AchieversTM Trust

 

BlackRock Enhanced Dividend AchieversTM Trust

 

BlackRock Strategic Dividend AchieversTM Trust

 

BlackRock EcoSolutions Investment Trust

 

BlackRock Energy and Resources Trust

 

BlackRock Global Opportunities Equity Trust

 

BlackRock Health Sciences Trust

 

BlackRock International Growth and Income Trust

 

BlackRock Real Asset Equity Trust

 

BlackRock S&P Quality Rankings Global Equity Managed Trust

 

(Collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the schedules of investments, as of October 31, 2009, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended 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, 2009, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2009, the results of their operations for the period then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
New York, New York
December 24, 2009

 

 

 

 

 

 

 

 

90

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Trustees (each, a “Board” and, collectively, the “Boards,” and the members of which are referred to as “Board Members”) of each of BlackRock Dividend AchieversTM Trust (“BDV”), BlackRock Enhanced Dividend AchieversTM Trust (“BDJ”), BlackRock Strategic Dividend AchieversTM Trust (“BDT”), BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”), BlackRock Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”) and BlackRock S&P Quality Rankings Global Equity Managed Trust (“BQY,” and together with BDV, BDJ, BDT, BQR, BGR, BOE, BME, BGY and BCF, each a “Fund,” and, collectively, the “Funds”) met on April 14, 2009 and May 28-29, 2009 to consider the approval of its respective Fund’s investment advisory agreement (each, an “Advisory Agreement”) with BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board of each of BDV, BDJ, BDT, BQR, BGR, BGY, BCF and BQY also considered the approval of a sub-advisory agreement (each, a “Sub-Advisory Agreement”) between its respective Fund, the Manager and one of the following sub-advisors, as the case may be: BlackRock Financial Management, Inc.; State Street Research & Management Company; BlackRock Investment Management, LLC; BlackRock International Limited; and BlackRock Capital Management, Inc. (each, a “Sub-Advisor”). The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.” Unless otherwise indicated, references to actions taken by the “Board” or the “Boards” shall mean each Board acting independently with respect to its respective Fund.

Activities and Composition of the Boards

Each Board consists of twelve individuals, ten of whom are not “interested persons” of the Funds as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members of each Fund are responsible for the oversight of the operations of such Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chairman of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which has one interested Board Member) and is chaired by an Independent Board Member.

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continuation of the Agreements on an annual basis. In connection with this process, each Board assessed, among other things, the nature, scope and quality of the services provided to its respective Fund by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.

Throughout the year, the Boards, acting directly and through their committees, consider at each of their meetings factors that are relevant to their annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Funds and their shareholders. Among the matters the Boards considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management and portfolio managers’ analysis of the reasons for any out performance or underperformance against its peers; (b) fees, including advisory and other amounts paid to BlackRock and its affiliates by the Funds for services such as call center and fund accounting; (c) the Funds’ operating expenses; (d) the resources devoted to, and compliance reports relating to, the Funds’ investment objectives, policies and restrictions; (e) the Funds’ compliance with their Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting policies approved by the Boards; (i) the use of brokerage commissions and execution quality; (j) BlackRock’s implementation of the Funds’ valuation and liquidity procedures; and (k) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 14, 2009 meeting, each Board requested and received materials specifically relating to the Agreements. Each Board is engaged in an ongoing process with BlackRock to continuously review the nature and scope of the information provided to better assist their deliberations. The materials provided in connection with the April meeting included (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on Fund fees and expenses, and the investment performance of each Fund as compared with a peer group of funds as determined by Lipper (collectively, “Peers”); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates and significant shareholders; (c) a general analysis provided by BlackRock concerning investment advisory fees charged to other clients, such as institutional clients and open-end funds, under similar investment mandates, as well as the performance of such other clients; (d) the impact of economies of scale; (e) a summary of aggregate amounts paid by each Fund to BlackRock; and (f) an internal comparison of management fees classified by Lipper, if applicable.

At an in-person meeting held on April 14, 2009, each Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April 14, 2009 meeting, the Boards presented BlackRock with questions and requests for additional information and BlackRock responded to these requests with additional written information in advance of the May 28-29, 2009 Board meeting.

At an in-person meeting held on May 28-29, 2009, each Fund’s Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and such Fund and the Sub-Advisory Agreement between such Fund, the Manager and such Fund’s Sub-Advisor, as applicable, each for a one-year term ending

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

91




 

 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

June 30, 2010. The Boards considered all factors they believed relevant with respect to the Funds, including, among other factors: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Funds and BlackRock portfolio management; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and certain affiliates from their relationship with the Funds; (d) economies of scale; and (e) other factors.

Each Board also considered other matters it deemed important to the approval process, such as services related to the valuation and pricing of its respective Fund’s portfolio holdings, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with such Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Boards noted the willingness of BlackRock personnel to engage in open, candid discussions with the Boards. The Boards did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.

A.   Nature, Extent and Quality of the Services

Each Board, including its Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of its respective Fund. Throughout the year, each Board compared its respective Fund’s performance to the performance of a comparable group of closed-end funds, and the performance of a relevant benchmark, if any. The Boards met with BlackRock’s senior management personnel responsible for investment operations, including the senior investment officers. Each Board also reviewed the materials provided by its respective Fund’s portfolio management team discussing such Fund’s performance and such Fund’s investment objective, strategies and outlook.

Each Board considered, among other factors, the number, education and experience of BlackRock’s investment personnel generally and its respective Fund’s portfolio management team, investments by portfolio managers in the funds they manage, BlackRock’s portfolio trading capabilities, BlackRock’s use of technology, BlackRock’s commitment to compliance and BlackRock’s approach to training and retaining portfolio managers and other research, advisory and management personnel. Each Board also reviewed a general description of BlackRock’s compensation structure with respect to its respective Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, each Board considered the quality of the administrative and non-investment advisory services provided to its respective Fund. BlackRock and its affiliates and significant shareholders provide the Funds with certain administrative and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In addition to investment advisory services, BlackRock and its affiliates provide the Funds with other services, including (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Funds; (iii) assisting with daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; and (viii) performing other administrative functions necessary for the operation of the Funds, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Boards reviewed the structure and duties of BlackRock’s fund administration, accounting, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B.   The Investment Performance of the Funds and BlackRock

Each Board, including its Independent Board Members, also reviewed and considered the performance history of its respective Fund. In preparation for the April 14, 2009 meeting, the Boards were provided with reports, independently prepared by Lipper, which included a comprehensive analysis of each Fund’s performance. The Boards also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper’s rankings. In connection with its review, each Board received and reviewed information regarding the investment performance of its respective Fund as compared to a representative group of similar funds as determined by Lipper and to all funds in such Fund’s applicable Lipper category. Each Board was provided with a description of the methodology used by Lipper to select peer funds. Each Board regularly reviews the performance of its respective Fund throughout the year.

The Board of each of BOE and BQY noted that, in general, BOE and BQY performed better than their respective Peers in that the performance of each of BOE and BQY was at or above the median of their respective Lipper performance universe in two of the one-year, three-year and since inception periods reported.

The Board of each of BDV, BME, and BDT noted that, in general, BDV, BME, and BDT performed better than their respective Peers in that the performance of each of BDV, BME, and BDT was at or above the median of their respective Lipper performance universe in each of the one-year, three-year and since inception periods reported.

The Board of BQR noted that BQR performed below the median of its Lipper performance universe in the one-year and since inception periods reported. The Board of BQR and BlackRock reviewed the reasons for BQR’s underperformance during these periods compared with its Peers. The Board of BQR was informed that, among other things, all three sectors in which BQR primarily invests struggled. The Board of BQR was also informed that BQR’s peer group includes many different single sector funds, including more defensive areas which could considerably outperform in the current market environment.

The Board of BGR noted that BGR performed below the median of its Lipper performance universe in the one-year, three-year and since inception periods reported. The Board of BGR and BlackRock reviewed the reasons for BGR’s

 

 

 

 

 

 

 

 

92

ANNUAL REPORT

OCTOBER 31, 2009

 




 

 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

underperformance during these periods compared with its Peers. The Board of BGR was informed that, among other things, a lack of exposure to refining and marketing and gas utility stocks detracted from performance.

The Board of BDJ noted that BDJ performed below the median of its Lipper performance universe in the three-year and since inception periods reported and BDJ performed above the median of its Lipper performance universe in the one-year period reported. The Board of BDJ and BlackRock reviewed the reasons for BDJ’s underperformance during these periods compared with its Peers. The Board of BDJ was informed that, among other things, BDJ’s position in high yielding stocks significantly underperformed stocks with lower yield and no yield and the drive for yield in the portfolio resulted in a relatively sizable exposure to financial stocks, which have been one of the weakest performing sectors.

The Board of BGY noted that BGY performed below the median of its Lipper performance universe in the one-year and since inception periods reported. The Board of BGY and BlackRock reviewed the reasons for BGY’s underperformance during these periods compared with its Peers. The Board of BGY was informed that, among other things, BGY invests primarily in non-US companies, which detracted from performance relative to its Peers, which invest primarily in US stocks.

The Board of BCF noted that BCF performed below the median of its Lipper performance universe in the one-year and since inception periods reported. The Board of BCF and BlackRock reviewed the reasons for BCF’s underperformance during these periods compared with its Peers. The Board of BCF was informed that, among other things, all major areas of BCF’s exposure, including Energy, Materials and Mining, posted significant declines over the course of the year. The Board of BCF was also informed that BCF’s peer group includes many different single sector funds

For BQR, BGR, BDJ, BGY and BCF, the Board of each respective Fund and BlackRock discussed BlackRock’s commitment to providing the resources necessary to assist the portfolio managers and to improve each such Fund’s performance.

 

 

C.

Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds

Each Board, including its Independent Board Members, reviewed its respective Fund’s contractual advisory fee rates compared with the other funds in its respective Lipper category. Each Board also compared its respective Fund’s total expenses, as well as actual management fees, to those of other comparable funds. Each Board considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s financial condition and profitability with respect to the services it provided the Funds. The Boards were also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Funds. The Boards reviewed BlackRock’s profitability with respect to the Funds and other funds the Boards currently oversee for the year ended December 31, 2008 compared to available aggregate profitability data provided for the year ended December 31, 2007. The Boards reviewed BlackRock’s profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Manager, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited.

The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Nevertheless, to the extent such information is available, the Boards considered BlackRock’s overall operating margin, in general, compared to the operating margin for leading investment management firms whose operations include advising closed-end funds, among other product types. The comparison indicated that operating margins for BlackRock with respect to its registered funds are generally consistent with margins earned by similarly situated publicly traded competitors. In addition, the Boards considered, among other things, certain third-party data comparing BlackRock’s operating margin with that of other publicly-traded asset management firms, which concluded that larger asset bases do not, in themselves, translate to higher profit margins.

In addition, the Boards considered the cost of the services provided to the Funds by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of the Funds and the other funds advised by BlackRock and its affiliates. As part of their analysis, the Boards reviewed BlackRock’s methodology in allocating its costs to the management of the Funds. The Boards also considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Boards.

The Board of each of BDV, BGR, BDJ, BOE, BME, BGY, BCF, BQY and BDT noted that its respective Fund paid contractual management fees, which do not take into account any expense reimbursement or fee waivers, lower than or equal to the median contractual management fees paid by such Fund’s Peers.

The Board of BQR noted that although BQR paid contractual management fees higher than the median of its Peers, its actual management fees were lower than or equal to the median of its Peers.

D.   Economies of Scale

Each Board, including its Independent Board Members, considered the extent to which economies of scale might be realized as the assets of its respective Fund increase and whether there should be changes in the advisory fee rate or structure in order to enable such Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the assets of such Fund. The Boards considered that the funds in the BlackRock fund complex share some

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

93




 

 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

common resources and, as a result, an increase in the overall size of the complex could permit each fund to incur lower expenses than it would otherwise as a stand-alone entity. The Boards also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations.

The Boards noted that most closed-end fund complexes do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering and each fund is managed independently, consistent with its own investment objectives. The Boards noted that only one closed-end fund in the Fund Complex has breakpoints in its fee structure. Information provided by Lipper also revealed that only one closed-end fund complex used a complex-level breakpoint structure.

E.   Other Factors

The Boards also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates and significant shareholders may derive from their relationship with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates and significant shareholders as service providers to the Funds, including for administrative and distribution services. The Boards also noted that BlackRock may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

In connection with their consideration of the Agreements, the Boards also received information regarding BlackRock’s brokerage and soft dollar practices. The Boards received reports from BlackRock, which included information on brokerage commissions and trade execution practices throughout the year.

Conclusion

Each Board, including its Independent Board Members, unanimously approved the continuation of the Advisory Agreement between its respective Fund and the Manager for a one-year term ending June 30, 2010 and the Sub-Advisory Agreement between such Fund, the Manager and such Fund’s Sub-Advisor, as applicable, for a one-year term ending June 30, 2010. Based upon its evaluation of all these factors in their totality, each Board, including its Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of its respective Fund and its shareholders. In arriving at a decision to approve the Agreements, each Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for each Fund reflects the results of several years of review by such Fund’s Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

 

 


 

Automatic Dividend Reinvestment Plans

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled, to have all distributions of dividends and capital gains reinvested by The Bank of New York Mellon (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.

After a Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants who request a sale of shares through the Plan Agent are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at BNY Mellon Shareowner Services, P.O. Box 358035, Pittsburgh, PA 15252-8035; or by calling 1-866-216-0242.

 

 

 

 

 

 

 

 

94

ANNUAL REPORT

OCTOBER 31, 2009

 



 


 

Important Tax Information (unaudited)

The following information is provided with respect to the distributions paid during the taxable period ended October 31, 2009.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

 

 

Payable Date

 

Long-term
Capital Gains

 

Non-Taxable
Return of
Capital

 

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 Source
Income

 

Foreign Taxes
Paid*

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDV

 

12/31/08

 

 

 

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

03/31/09 - 9/30/09

 

 

 

72.21

%

 

27.79

%

 

27.79

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDJ

 

12/31/08

 

 

 

 

 

36.25

%

 

36.25

%

 

 

 

 

 

 

 

 

 

03/31/09 - 9/30/09

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDT

 

12/31/08

 

 

 

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

03/31/09 - 9/30/09

 

 

 

69.64

%

 

30.36

%

 

30.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQR

 

12/31/08

 

 

 

 

 

12.86

%

 

4.11

%

 

21.95

%

 

0.54

%

 

0.28

%

 

 

 

3/31/09 - 9/30/09

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGR

 

12/31/08

 

 

 

 

 

51.87

%

 

18.84

%

 

 

 

 

 

 

 

 

 

3/31/09 - 9/30/09

 

 

 

79.53

%

 

20.47

%

 

19.18

%

 

15.40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOE

 

11/28/08

 

 

 

 

 

19.86

%

 

8.83

%

 

 

 

 

 

 

 

 

 

2/27/09 - 8/31/09

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BME

 

12/31/08

 

89.56

%

 

 

 

5.45

%

 

4.92

%

 

7.43

%

 

 

 

 

 

 

 

3/31/09 - 9/30/09

 

 

 

49.37

%

 

24.22

%

 

6.67

%

 

41.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGY

 

12/31/08

 

 

 

 

 

16.55

%

 

 

 

 

 

21.10

%

 

0.71

%

 

 

 

3/31/09 - 9/30/09

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCF

 

12/31/08

 

 

 

 

 

31.98

%

 

20.07

%

 

7.56

%

 

 

 

 

 

 

 

3/31/09 - 9/30/09

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQY

 

11/28/08

 

 

 

 

 

100.00

%

 

54.11

%

 

 

 

 

 

 

 

 

 

2/27/09

 

 

 

12.92

%

 

61.75

%

 

26.04

%

 

33.58

%

 

61.97

%

 

5.97

%

 

 

 

5/29/09

 

19.86

%

 

12.92

%

 

61.75

%

 

26.04

%

 

33.58

%

 

61.97

%

 

5.97

%

 

 

 

8/31/09

 

87.08

%

 

12.92

%

 

 

 

 

 

 

 

 

 

 

 


 

 

The Trusts hereby designate the percentages indicated above to the maximum amount allowable by law.

††

Represents the portion of the dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

*

The foreign taxes paid represent taxes incurred by the fund on dividends 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.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

95



 


 

Officers and Trustees


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trust

 

Length of
Time Served as
a Trustee2

 

Principal Occupation(s)
During Past Five Years

 

Number of BlackRock-
Advised Registered
Investment Companies
(“RICs”) Consisting of
Investment Portfolios
(“Portfolios”) Overseen

 

Public Directorships

 

Non-Interested Trustees1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard E. Cavanagh
40 East 52nd Street
New York, NY 10022

1946

 

Chairman of the Board and Trustee

 

Since 2003

 

Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life Insurance Company of America since 1998; Trustee, Educational Testing Service since 1997; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Adjunct Lecturer, Harvard University since 2007; President and Chief Executive Officer of The Conference Board, Inc. (global business research organization) from 1995 to 2007.

 

102 RICs consisting of
100 Portfolios

 

Arch Chemical (chemical and allied products)

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Karen P. Robards
40 East 52nd Street
New York, NY 10022

1950

 

Vice Chair of the Board, Chair of the Audit Committee and Trustee

 

Since 2007

 

Partner of Robards & Company, LLC, (financial advisory firm) since 1987; Co-founder and Director of the Cooke Center for Learning and Development, (a not-for-profit organization) since 1987; Director of Enable Medical Corp. from 1996 to 2005.

 

102 RICs consisting of
100 Portfolios

 

AtriCure, Inc. (medical devices); Care Investment Trust, Inc. (health care real estate investment trust)

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

G. Nicholas Beckwith, III
40 East 52nd Street
New York, NY 10022

1945

 

Trustee

 

Since 2007

 

Chairman and Chief Executive Officer, Arch Street Management, LLC (Beckwith Family Foundation) and various Beckwith property companies since 2005; Chairman of the Board of Directors, University of Pittsburgh Medical Center since 2002; Board of Directors, Shady Side Hospital Foundation since 1977; Board of Directors, Beckwith Institute for Innovation In Patient Care since 1991; Member, Advisory Council on Biology and Medicine, Brown University since 2002; Trustee, Claude Worthington Benedum Foundation (charitable foundation) since 1989; Board of Trustees, Chatham University since 1981; Board of Trustees, University of Pittsburgh since 2002; Emeritus Trustee, Shady Side Academy since 1977; Chairman and Manager, Penn West Industrial Trucks LLC (sales, rental and servicing of material handling equipment) from 2005 to 2007; Chairman, President and Chief Executive Officer, Beckwith Machinery Company (sales, rental and servicing of construction and equipment) from 1985 to 2005; Board of Directors, National Retail Properties (REIT) from 2006 to 2007.

 

102 RICs consisting of
100 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Kent Dixon
40 East 52nd Street
New York, NY 10022

1937

 

Trustee And Member of the Audit Committee

 

Since 2003

 

Consultant/Investor since 1988.

 

102 RICs consisting of
100 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Frank J. Fabozzi
40 East 52nd Street
New York, NY 10022

1948

 

Trustee and Member of the Audit Committee

 

Since 2003

 

Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in the Practice of Finance and Becton Fellow, Yale University, School of Management, since 2006; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.

 

102 RICs consisting of
100 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

96

ANNUAL REPORT

OCTOBER 31, 2009

 




 


 

Officers and Trustees (continued)


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trust

 

Length of
Time Served as
a Trustee2

 

Principal Occupation(s)
During Past Five Years

 

Number of BlackRock-
Advised Registered
Investment Companies
(“RICs”) Consisting of
Investment Portfolios
(“Portfolios”) Overseen

 

Public Directorships

 

Non-Interested Trustees1

 

 

Kathleen F. Feldstein
40 East 52nd Street
New York, NY 10022

1941

 

Trustee

 

Since 2005

 

President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the Board of Partners Community Healthcare, Inc. since 2005; Member of the Corporation of Partners HealthCare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the Visiting Committee to the Harvard University Art Museum since 2003.

 

102 RICs consisting of
100 Portfolios

 

The McClatchy Company (publishing)

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

James T. Flynn
40 East 52nd Street
New York, NY 10022

1939

 

Trustee and Member of the Audit Committee

 

Since 2007

 

Chief Financial Officer of JP Morgan & Co., Inc. from 1990 to 1995.

 

102 RICs consisting of
100 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Jerrold B. Harris
40 East 52nd Street
New York, NY 10022

1942

 

Trustee

 

Since 2007

 

Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment) since 2000.

 

102 RICs consisting of
100 Portfolios

 

BlackRock Kelso Capital Corp.

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

R. Glenn Hubbard
40 East 52nd Street
New York, NY 10022

1958

 

Trustee

 

Since 2004

 

Dean, Columbia Business School since 2004; Columbia faculty member since 1988; Co-Director, Columbia Business School’s Entrepreneurship Program from 1997 to 2004; Visiting Professor, John F. Kennedy School of Government at Harvard University and the Harvard Business School since 1985 and at the University of Chicago since 1994; Chairman, U.S. Council of Economic Advisers under the President of the United States from 2001 to 2003.

 

102 RICs consisting of
100 Portfolios

 

ADP (data and information services), KKR Financial Corporation (finance), Duke Realty (real estate), Metropolitan Life Insurance Company (insurance), Information Services Group (media/technology)

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

W. Carl Kester
40 East 52nd Street
New York, NY 10022

1951

 

Trustee and Member of the Audit Committee

 

Since 2007

 

George Fisher Baker Jr. Professor of Business Administration, Harvard Business School; Deputy Dean for Academic Affairs, since 2006; Unit Head, Finance, Harvard Business School, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program of Harvard Business School, from 1999 to 2005; Member of the faculty of Harvard Business School since 1981; Independent Consultant since 1978.

 

102 RICs consisting of
100 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

1

Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

2

Date shown is the earliest date a person has served for any of Trusts covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows certain trustees as joining the Fund’s board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: G. Nicholas Beckwith, III, 1999; Richard E. Cavanagh, 1994; Kent Dixon, 1988; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1998 and Karen P. Robards, 1998.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

97




 


 

Officers and Trustees (concluded)


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trust

 

Length of
Time Served as
a Trustee2

 

Principal Occupation(s)
During Past Five Years

 

Number of BlackRock-
Advised Registered
Investment Companies
(“RICs”) Consisting of
Investment Portfolios
(“Portfolios”) Overseen

 

Public Directorships

 

Interested Trustees1

 

 

Richard S. Davis
40 East 52nd Street
New York, NY 10022

1945

 

Trustee

 

Since 2007

 

Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005; Chairman, SSR Realty from 2000 to 2004.

 

171 RICs consisting of
282 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Henry Gabbay
440 East 52nd Street
New York, NY 10022

1947

 

Trustee

 

Since 2007

 

Consultant, BlackRock, Inc. since 2007; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.

 

171 RICs consisting of
282 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

 

Trust Officers2

 

 

 

 

 

 

 

 

 

 

 

 

Anne F. Ackerley
40 East 52nd Street
New York, NY 10022

1962

 

President and Chief Executive Officer

 

Since 2009

 

Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 2009; Chief Operating Officer of BlackRock’s Global Client Group (GCG) since 2009; Chief Operating Officer of BlackRock’s U.S. Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 to 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Brendan Kyne
40 East 52nd Street
New York, NY 10022

1977

 

Vice President

 

Since 2009

 

Director of BlackRock, Inc. since 2008; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008; Associate of BlackRock, Inc. from 2002 to 2004.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Neal J. Andrews
40 East 52nd Street
New York, NY 10022

1966

 

Chief Financial Officer

 

Since 2007

 

Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Jay M. Fife
40 East 52nd Street
New York, NY 10022

1970

 

Treasurer

 

Since 2007

 

Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the MLIM/FAM advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Brian P. Kindelan
40 East 52nd Street
New York, NY 10022

1959

 

Chief Compliance Officer

 

Since 2007

 

Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005; Director and Senior Counsel of BlackRock Advisors, LLC from 2001 to 2004.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Howard B. Surloff
40 East 52nd Street
New York, NY 10022

1965

 

Secretary

 

Since 2007

 

Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; General Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

1

Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Trusts based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Trusts based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and PNC securities. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

2

Officers of the Trusts serve at the pleasure of the Board.


 

 

 

 

 

 

 

 

98

ANNUAL REPORT

OCTOBER 31, 2009

 



 


 

Additional Information


 

Proxy Results

 

The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009, to elect director or trustee nominees of each Trust. The Board is organized into three classes, one class of which is elected annually. Each Trustee serves a three-year term concurrent with the class into which he or she is elected.

Approved the Class II Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard S. Davis

 

Frank J. Fabozzi

 

James T. Flynn

 

Karen P. Robards

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

                                   

BDV

 

44,855,545

 

 

3,129,562

 

 

44,855,545

 

 

3,129,562

 

 

44,907,856

 

 

3,077,251

 

 

44,780,114

 

 

3,204,993

 

 

BDJ

 

60,841,074

 

 

1,775,959

 

 

60,841,074

 

 

1,775,959

 

 

60,828,071

 

 

1,788,962

 

 

60,789,759

 

 

1,827,274

 

 

BDT

 

17,995,601

 

 

3,046,607

 

 

17,995,601

 

 

3,046,607

 

 

17,999,435

 

 

3,042,773

 

 

17,987,838

 

 

3,054,370

 

 

BQR

 

11,127,183

 

 

162,170

 

 

11,127,183

 

 

162,170

 

 

11,068,804

 

 

220,549

 

 

11,118,543

 

 

170,810

 

 

BGR

 

26,829,767

 

 

467,941

 

 

26,829,767

 

 

467,941

 

 

26,835,194

 

 

462,514

 

 

26,794,901

 

 

502,807

 

 

BOE

 

10,404,959

 

 

237,502

 

 

10,404,959

 

 

237,502

 

 

10,400,101

 

 

242,360

 

 

10,373,431

 

 

269,030

 

 

BME

 

7,142,002

 

 

80,550

 

 

7,142,002

 

 

80,550

 

 

7,153,559

 

 

68,993

 

 

7,143,379

 

 

79,173

 

 

BGY

 

98,129,334

 

 

1,899,523

 

 

98,129,334

 

 

1,899,523

 

 

98,077,841

 

 

1,951,016

 

 

97,931,109

 

 

2,097,748

 

 

BCF

 

49,622,317

 

 

1,438,033

 

 

49,622,317

 

 

1,438,033

 

 

49,614,530

 

 

1,445,820

 

 

49,629,218

 

 

1,431,132

 

 

BQY

 

4,827,783

 

 

374,540

 

 

4,827,783

 

 

374,540

 

 

4,827,594

 

 

374,729

 

 

4,826,556

 

 

375,767

 

 


 

Trust Certification

 

Certain Trusts are listed for trading on the New York Stock Exchange (“NYSE”) and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

 

 

 

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

 

 

Sub-Advisor

BlackRock Financial

Management, Inc.1

New York, NY 10022

 

Sub-Advisor

State Street Research &

Management Co.2

One Financial Center

Boston, MA 02111

 

Sub-Advisor

BlackRock Capital

Management, Inc3

Wilmington, DE 19809

 

Sub-Advisor

BlackRock Investment

Management, LLC4

Plainsboro, NJ 08536

 

Sub-Advisor

BlackRock International Ltd.4

Edinburgh, Scotland

United Kingdom EH38JB

 

Custodian

The Bank of New York Mellon

New York, NY 10286

 

Transfer Agent

BNY Mellon Shareowner

Services

Jersey City, NJ 07310

 

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

 

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

New York, NY 10281

 

Legal Counsel

Skadden, Arps, Slate,

Meagher & Flom LLP

New York, NY 10036

 

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


 

 

1

For BDV, BDJ, BDT and BQY.

2

For BGR.

3

For BGY and BCF.

4

For BQR and BCF.


 

 

Effective July 31, 2009, Donald C. Burke, President and Chief Executive Officer of the Trusts retired. The Trusts’ Board wishes Mr. Burke well in his retirement.

 

Effective August 1, 2009, Anne F. Ackerley became President and Chief Executive Officer of the Trusts, and Brendan Kyne became Vice President of the Trusts.

 


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

99




 


 

Additional Information (continued)


 

Section 19(a) Notices

 

These reported amounts and sources of distributions are estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

October 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                               

 

 

Total Cumulative Distributions
for the Fiscal Year

 

% Breakdown of the Total Cumulative
Distributions for the Fiscal Year

 

 

 

 

 

   

 

 

Net
Investment
Income

 

Net Realized
Capital Gains
(Short-Term)

 

Net Realized
Capital Gains
(Long-Term)

 

Return
of
Capital

 

Total Per
Common Share

 

Net
Investment
Income

 

Net Realized
Capital Gains
(Short-Term)

 

Net Realized
Capital Gains
(Long-Term)

 

Return
of
Capital

 

Total Per
Common Share

 

                                           

BDV

 

$

0.285880

 

$

 

 

$

 

 

$

0.364120

 

$

0.650000

 

44

%

 

0

%

 

0

%

 

56

%

 

100

%

 

BDJ

 

$

0.239158

 

$

 

 

$

 

 

$

0.922717

 

$

1.161875

 

21

%

 

0

%

 

0

%

 

79

%

 

100

%

 

BDT

 

$

0.318127

 

$

 

 

$

 

 

$

0.331873

 

$

0.650000

 

49

%

 

0

%

 

0

%

 

51

%

 

100

%

 

BQR

 

$

0.155363

 

$

 

 

$

 

 

$

1.344637

 

$

1.500000

 

10

%

 

0

%

 

0

%

 

90

%

 

100

%

 

BGR

 

$

0.238114

 

$

0.571800

 

 

$

 

 

$

0.810086

 

$

1.620000

 

15

%

 

35

%

 

0

%

 

50

%

 

100

%

 

BOE

 

$

0.060488

 

$

 

 

$

 

 

$

2.214512

 

$

2.275000

 

3

%

 

0

%

 

0

%

 

97

%

 

100

%

 

BME

 

$

0.052841

 

$

0.538862

 

 

$

 

 

$

1.117041

 

$

1.708744

 

3

%

 

32

%

 

0

%

 

65

%

 

100

%

 

BGY

 

$

0.266575

 

$

 

 

$

 

 

$

1.553825

 

$

1.820400

 

15

%

 

0

%

 

0

%

 

85

%

 

100

%

 

BCF

 

$

0.086040

 

$

 

 

$

 

 

$

1.001160

 

$

1.087200

 

8

%

 

0

%

 

0

%

 

92

%

 

100

%

 

BQY

 

$

0.346804

 

$

 

 

$

 

 

$

0.440696

 

$

0.787500

 

44

%

 

0

%

 

0

%

 

56

%

 

100

%

 

                                                                   

Each Trust estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’

 

General Information

 

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BOE’s, BGY’s and BQY’s Boards each approved a change to certain non-fundamental investment policies of the Trusts. Under normal circumstances, the Trusts anticipate it will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the Advisor, in which case the Trusts would invest at least 30%) — of its total assets in securities of (i) foreign government issuers, (ii) issuers organized or located outside the U.S., (iii) issuers which primarily trade in a market located outside the U.S., or (iv) issuers doing a substantial amount of business outside the U.S., which the Trusts consider to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Trusts will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). This change in the Trusts’ non-fundamental investment policy may reduce the Trusts’ flexibility to respond to global market events. For temporary defensive purposes, the Trusts may deviate very substantially from the allocation described above.

BGR’s Board recently approved a change to the Trust’s name from “BlackRock Global Energy and Resources Trust” to “BlackRock Energy and Resources Trust.”

Other than the revisions to BOE’s, BGY’s and BQY’s investment policy discussed above, during the period there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principal risk factors associated with 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.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

 

 

 

 

 

 

 

 

100

ANNUAL REPORT

OCTOBER 31, 2009

 




 


 

Additional Information (concluded)


 

General Information (concluded)

 

Householding

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762.

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (202) 551-8090. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

 

BlackRock Privacy Principles

 

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

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

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

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

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2009

101



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

 

 

(GO PAPERLESS LOGO)

(BLACKROCK LOGO)

 

 

   

 

 

 

#CEF-ANN-BK10-1009




 

 

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.

 

 

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors or trustees, as applicable (the “board of directors”) has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

 

Kent Dixon

 

Frank J. Fabozzi

 

James T. Flynn

 

W. Carl Kester

 

Karen P. Robards

 

Robert S. Salomon, Jr. (retired effective December 31, 2008)

 

 

 

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

 

 

 

Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.

 

 

 

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

 

 

 

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.




 

 

Item 4 –

Principal Accountant Fees and Services


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

 

 

(a) Audit Fees

 

(b) Audit-Related Fees1

 

(c) Tax Fees2

 

(d) All Other Fees3

 

                                   

 

 

Current

 

Previous

 

Current

 

Previous

 

Current

 

Previous

 

Current

 

Previous

 

 

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Entity Name

 

End

 

End

 

End

 

End

 

End

 

End

 

End

 

End

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

BlackRock Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sciences Trust

 

$41,900

 

$40,200

 

$0

 

$0

 

$6,100

 

$6,521

 

$1,028

 

$1,049

 

                                   
1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

 

 

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

 

 

 

          The registrant’s audit committee (the “Committee”) has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the registrant’s affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operation or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the Committee oversees. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

 

 

 

          Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to one or more of its members the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

 

 

 

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

 

 

(f) Not Applicable

 

 

 

(g) Affiliates’ Aggregate Non-Audit Fees:


 

 

 

 

 

 

           

 

 

Current Fiscal Year

 

Previous Fiscal Year

 

Entity Name

 

End

 

End

 

           

 

 

 

 

 

 

           

BlackRock Health Sciences

 

 

 

 

 

Trust

 

$414,628

 

$412,570

 

           



 

 

 

(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 

 

 

Regulation S-X Rule 2-01(c)(7)(ii) – $407,500, 0%

 

 

Item 5 –

Audit Committee of Listed Registrants – The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

 

 

 

Kent Dixon

 

Frank J. Fabozzi

 

James T. Flynn

 

W. Carl Kester

 

Karen P. Robards

 

Robert S. Salomon, Jr. (retired effective December 31, 2008)

 

 

Item 6 –

Investments

 

 

 

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

 

 

 

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

 

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund securities to the Fund’s investment adviser (“Investment Adviser”) pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on




 

 

 

how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

 

 

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – as of October 31, 2009.

 

 

 

(a)(1) The registrant (or “Fund”) is managed by a team of investment professionals comprised of Thomas P. Callan, CFA, Managing Director at BlackRock, Erin Xie, PhD, MBA, Managing Director at BlackRock and Kyle G. McClements, CFA, Managing Director at BlackRock. Messrs. Callan and McClements and Ms. Xie are the Fund’s portfolio managers responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Callan and McClements and Ms. Xie have been members of the Fund’s portfolio management team since 2005.


 

 

 

 

   

 

  Portfolio Manager

Biography

 

   

 

  Thomas P. Callan, CFA

Managing Director of BlackRock, Inc. since 1998; Head of BlackRock’s Global Opportunities equity team; Member of BlackRock’s Leadership Committee.

 

   

 

  Erin Xie, PhD, MBA

Managing Director of BlackRock, Inc. since 2006; Director of BlackRock, Inc. from 2005 to 2006; Senior Vice President of State Street Research & Management from 2001 to 2005.

 

   

 

  Kyle G. McClements, CFA

Managing Director of BlackRock since 2009; Director of BlackRock, Inc. since 2006; Vice President of BlackRock, Inc. in 2005; Vice President of State Street Research & Management from 2004 to 2005.

 

   

 

 

 

 

(a)(2) As of October 31, 2009:


 

 

 

 

 

 

 

 

 

 

 

 

 

         

 

 

(ii) Number of Other Accounts Managed
and Assets by Account Type

 

(iii) Number of Other Accounts and
Assets for Which Advisory Fee is
Performance-Based

         

(i) Name of
Portfolio Manager

 

Other
Registered
Investment
Companies

 

Other Pooled
Investment
Vehicles

 

Other
Accounts

 

Other
Registered
Investment
Companies

 

Other Pooled
Investment
Vehicles

 

Other
Accounts

                         

Thomas P. Callan

 

12

 

14

 

6

 

0

 

1

 

1

                         

 

 

$8.5 Billion

 

$1.29 Billion

 

$1.22 Billion

 

$0

 

$477 Million

 

$129.9 Million

                         

Erin Xie

 

4

 

7

 

1

 

0

 

1

 

1

                         

 

 

$2.55 Billion

 

$676.5 Million

 

$129.9 Million

 

$0

 

$477 Million

 

$129.9 Million

                         

Kyle G. McClements

 

8

 

5

 

2

 

0

 

0

 

0

                         

 

 

$4.78 Billion

 

$414 Million

 

$20.8 Million

 

$0

 

$0

 

$0

                         

 

 

 

(iv) Potential Material Conflicts of Interest

 

 

 

BlackRock and its affiliates (collectively, herein “BlackRock”) has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock




 

 

 

furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders 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 a fund. In this connection, it should be noted that Mr. Callan and Ms. Xie currently manage certain accounts that are subject to performance fees. In addition, Mr. Callan and Ms. Xie assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

 

 

 

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

 

 

 

(a)(3) As of October 31, 2009:

 

 

 

Portfolio Manager Compensation Overview

 

 

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance- and, for certain portfolio managers, revenue-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan and Restricted Stock Program.

 

 

 

Base compensation. Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm. Senior portfolio managers who perform additional




 

 

 

management functions within the portfolio management group or within BlackRock may receive additional compensation for serving in these other capacities.

 

 

 

Discretionary Incentive Compensation for Mr. Callan and Ms. Xie

 

 

 

Discretionary incentive compensation is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program includes: pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods and a team revenue component. If a portfolio manager’s tenure is less than five years, performance periods will reflect time in position. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to the portfolio managers, such benchmarks for the Fund include the following:


 

 

   

Portfolio Manager

Benchmarks Applicable to Each Manager

   

Thomas P. Callan

A combination of market-based indices (e.g., Standard & Poor’s 500 Index, Lipper Health/Biotechnology Funds Index, The Russell 3000 Healthcare Index, The S&P/Citigroup Extended Market Index U.S., The S&P/Citigroup Global BMI, NYSE Arca Tech 100 Index, S&P Citigroup Broad Market Index Global Ex-U.S., S&P/Citigroup Extended Market Index Global Ex-U.S.), certain customized indices and certain fund industry peer groups.

   

Erin Xie

A combination of market-based indices (e.g., Standard & Poor’s 500 Index, Lipper Health/Biotechnology Funds Index, The Russell 3000 Healthcare Index, NYSE Arca Tech 100 Index), certain customized indices and certain fund industry peer groups.

   

 

 

 

Portfolio managers who meet relative investment performance and financial management objectives during a specified performance time period are eligible to receive an additional bonus which may or may not be a large part of their overall compensation. A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.

 

 

 

Discretionary Incentive Compensation for Mr. McClements

 

 

 

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s seniority, role within the portfolio management team, teamwork and contribution to the overall performance of these portfolios and BlackRock. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured.




 

 

 

BlackRock’s Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to Mr. McClements, such benchmarks for the Fund’s option strategy include the Lipper Options Arbitrage/Options Strategies Funds classification.

 

 

 

BlackRock’s Chief Investment Officers make a subjective determination with respect to the portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks noted above. Performance is measured on a pre-tax basis over various time periods including 1, 3 and 5-year periods, as applicable.

 

 

 

Distribution of Discretionary Incentive Compensation

 

 

 

Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods.

 

 

 

          Long-Term Retention and Incentive Plan (“LTIP”) — The LTIP is a long-term incentive plan that seeks to reward certain key employees. Prior to 2006, the plan provided for the grant of awards that were expressed as an amount of cash that, if properly vested and subject to the attainment of certain performance goals, will be settled in cash and/or in BlackRock, Inc. common stock. Beginning in 2006, awards are granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly vested and subject to the attainment of certain performance goals, will be settled in BlackRock, Inc. common stock. Messrs. Callan and McClements and Ms. Xie have each received awards under the LTIP.

 

 

 

          Deferred Compensation Program — A portion of the compensation paid to eligible BlackRock employees may be voluntarily deferred into an account that tracks the performance of certain of the firm’s investment products. Each participant in the deferred compensation program is permitted to allocate his deferred amounts among the various investment options. Messrs. Callan and McClements and Ms. Xie have each participated in the deferred compensation program.

 

 

 

Other compensation benefits. In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

 

 

 

          Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay contributed to the plan capped at $4,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation. The RSP offers a range of investment options, including registered investment companies managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or,




 

 

 

absent employee investment direction, are invested into a balanced portfolio. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of $25,000. Each portfolio manager is eligible to participate in these plans.

 

 

 

(a)(4) Beneficial Ownership of Securities – October 31, 2009.


 

 

 

Portfolio Manager

 

Dollar Range of Equity
Securities Beneficially Owned

Thomas P. Callan

 

None

Erin Xie

 

None

Kyle G. McClements

 

$1 - $10,000


 

 

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

 

 

Item 10 –

Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.

 

 

Item 11 –

Controls and Procedures

 

 

11(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

11(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


 

 

Item 12 –

Exhibits attached hereto

 

 

12(a)(1) –

Code of Ethics – See Item 2

 

 

12(a)(2) –

Certifications – Attached hereto

 

 

12(a)(3) –

Not Applicable

 

 

12(b) –

Certifications – Attached hereto

 

 

12(c) –

Notices to the registrant’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-11


 

 

 

 

 

 

 

1 The Trust has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Trust to make the disclosures to the holders of the Trust’s common shares, in addition to the information required by Section 19(a) of the Investment Company Act and Rule 19a-1 thereunder. The Trust is likewise obligated to file with the Commission the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.




 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Health Sciences Trust

 

 

 

By:

/s/ Anne F. Ackerley

 

 

 

 

Anne F. Ackerley

 

Chief Executive Officer of

 

BlackRock Health Sciences Trust

 

 

 

Date: December 21, 2009

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

 

By:

/s/ Anne F. Ackerley

 

 

 

 

Anne F. Ackerley

 

Chief Executive Officer (principal executive officer) of

 

BlackRock Health Sciences Trust

 

 

 

Date: December 21, 2009

 

 

 

By:

/s/ Neal J. Andrews

 

 

 

 

Neal J. Andrews

 

Chief Financial Officer (principal financial officer) of

 

BlackRock Health Sciences Trust

 

 

 

Date: December 21, 2009