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UNITED STATES |
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM N-CSRS |
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED |
Investment Company Act file number 811-21784
Name of Fund: BlackRock Enhanced Dividend AchieversTM Trust (BDJ)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Enhanced Dividend AchieversTM 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: 10/31/2010
Date of reporting period: 04/30/2010
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Item 1 – |
Report to Stockholders |
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Semi-Annual Report |
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APRIL 30, 2010 | (UNAUDITED) |
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BlackRock Dividend AchieversTM Trust (BDV) |
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BlackRock Enhanced Dividend AchieversTM Trust (BDJ) |
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BlackRock Strategic Dividend AchieversTM Trust (BDT) |
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BlackRock EcoSolutions Investment Trust (BQR) |
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BlackRock Energy and Resources Trust (BGR) |
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BlackRock Global Opportunities Equity Trust (BOE) |
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BlackRock Health Sciences Trust (BME) |
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BlackRock International Growth and Income Trust (BGY) |
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BlackRock Real Asset Equity Trust (BCF) |
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BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) |
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NOT FDIC INSURED |
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Table of Contents |
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Page |
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2 |
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3 |
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Semi-Annual Report: |
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4 |
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14 |
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Financial Statements: |
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15 |
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60 |
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62 |
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64 |
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68 |
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78 |
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86 |
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87 |
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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:
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Exchange Symbol |
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Amount Per Common Share |
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BDV |
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$0.162500 |
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BDJ |
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$0.245000 |
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BDT |
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$0.162500 |
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BQR |
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$0.300000 |
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BGR |
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$0.405000 |
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BOE |
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$0.568750 |
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BME |
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$0.384375 |
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BGY |
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$0.340000 |
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BCF |
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$0.271800 |
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BQY |
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$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.
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2 |
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SEMI-ANNUAL REPORT |
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APRIL 30, 2010 |
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Although overall global economic and financial conditions have generally improved over the past year, the period ended with high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe, concerns over the strength of the economic recovery and uncertainty surrounding the future of interest rate policies. Additionally, as the period drew to a close, the increasing likelihood of more stringent financial market regulations added to the overall sense of investment uncertainty. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode.
Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. There have been several corrections along the way and volatility levels have remained elevated—reflections of mixed economic data, lingering deflation issues (especially in Europe) and uncertainty surrounding financial regulations. On balance, however, improving corporate revenues and profits and a positive macro backdrop helped push stock prices higher over the last twelve and six months. From a geographic perspective, US equities have outpaced their international counterparts in recent months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down.
Within fixed income markets, yields have been moving unevenly as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, Treasury yields were falling as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. Over the course of the last twelve and six months, however, Treasuries underperformed other areas of the bond market, particularly the high yield sector, which has been benefiting from increased investor demand. Meanwhile, municipal bonds slightly outperformed taxable sectors over both the six- and twelve-month periods thanks to continued high demand levels, but have continued to face the headwinds of ongoing state and local budget problems. As in the taxable arena, high yield municipals have been outperforming the rest of the market.
Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”
Against this backdrop, the major market averages posted the following returns:
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Total Returns as of April 30, 2010 |
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6-month |
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12-month |
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US equities (S&P 500 Index) |
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15.66 |
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38.84 |
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Small cap US equities (Russell 2000 Index) |
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28.17 |
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48.95 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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2.48 |
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34.43 |
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3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index) |
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0.04 |
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0.15 |
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US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) |
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(0.54 |
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(1.32 |
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Taxable fixed income (Barclays Capital US Aggregate Bond Index) |
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2.54 |
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8.30 |
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Tax-exempt fixed income (Barclays Capital Municipal Bond Index) |
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3.68 |
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8.85 |
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High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) |
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11.60 |
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42.53 |
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Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.
Global financial markets continue to show signs of improvement, but questions about the strength and sustainability of the recovery abound. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.
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Sincerely, |
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Rob Kapito |
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President, BlackRock Advisors, LLC |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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3 |
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BlackRock Dividend AchieversTM Trust |
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Investment Objective |
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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 utilizes an option writing (selling) strategy to help enhance current gains. |
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No assurance can be given that the Trust’s investment objective will be achieved. |
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Performance |
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For the six months ended April 30, 2010, the Trust returned 16.39% based on market price and 12.78% based on net asset value (“NAV”). For the same period, the Mergent Broad Dividend Achievers Index (“Dividend Achievers Index”) returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, 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 biggest individual contributor to Trust performance relative to the Dividend Achievers Index was a combination of security selection and an underweight in the utilities sector. Despite the overall underweight to the utilities sector, the allocation to the electric utilities sub-sector provided the largest amount of relative return. Stock selection within materials also contributed to performance, with securities in the chemicals industry providing the most support. While the Trust carried a neutral weight in the telecommunication services sector versus the benchmark, security selection was beneficial, especially in diversified telecommunication services. The largest detractor from performance was the Trust’s overweight in the health care sector. Security selection in the pharmaceuticals industry also detracted from relative performance, along with weaker stock selection in the information technology and consumer staples sectors. The Trust’s cash weighting, though minimal, detracted marginally as markets appreciated, as did the covered call option strategy. |
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Trust Information |
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Symbol on New York Stock Exchange (“NYSE”) |
BDV |
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Initial Offering Date |
December 23, 2003 |
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Yield based on Closing Market Price as of April 30, 2010 ($9.30)1 |
6.99% |
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Current Quarterly Distribution per Common Share2 |
$0.1625 |
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Current Annualized Distribution per Common Share2 |
$0.6500 |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain. |
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The table below summarizes the changes in the Trust’s market price and net asset value per share: |
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4/30/10 |
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10/31/09 |
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Change |
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Low |
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Market Price |
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$ |
9.30 |
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8.27 |
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12.45 |
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$ |
9.63 |
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$ |
8.15 |
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Net Asset Value |
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$ |
9.96 |
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$ |
9.14 |
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8.97 |
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$ |
10.11 |
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$ |
9.14 |
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The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments: |
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Ten Largest Holdings |
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4/30/10 |
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International Business Machines Corp. |
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4 |
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Chevron Corp. |
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4 |
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Exxon Mobil Corp. |
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4 |
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Johnson & Johnson |
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3 |
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Abbott Laboratories |
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3 |
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McDonald’s Corp. |
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3 |
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Procter & Gamble Co. (The) |
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3 |
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AT&T Inc. |
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3 |
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General Dynamics Corp. |
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2 |
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Coca-Cola Co. (The) |
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2 |
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Sector Allocations |
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4/30/10 |
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10/31/09 |
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Consumer Staples |
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20 |
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22 |
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Industrials |
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15 |
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15 |
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Health Care |
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12 |
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15 |
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Energy |
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11 |
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9 |
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Utilities |
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10 |
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4 |
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Consumer Discretionary |
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8 |
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8 |
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Financials |
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7 |
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13 |
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Information Technology |
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7 |
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6 |
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Materials |
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6 |
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3 |
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Telecommunication Services |
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4 |
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5 |
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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. |
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4 |
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SEMI-ANNUAL REPORT |
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APRIL 30, 2010 |
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Trust Summary as of April 30, 2010 |
BlackRock Enhanced Dividend AchieversTM Trust |
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Investment Objective |
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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. |
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No assurance can be given that the Trust’s investment objective will be achieved. |
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Performance |
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For the six months ended April 30, 2010, the Trust returned 18.13% based on market price and 11.13% based on NAV. For the same period, the Dividend Achievers Index returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, respectively. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the difference between performance based on price and performance based on NAV. The Trust’s covered call option strategy was the largest detractor from returns relative to the Dividend Achievers Index, followed by the combination of an underweight and stock selection in the health care sector. Stock selection in the information technology sector, specifically within the computers & peripherals industry, also detracted from relative performance. Weaker stock selection in industrials was largely offset by an overweight in that sector, but the aggregate effect was still negative. Finally, an underweight in the financials sector detracted. Strong individual stock selection in the utilities sector was the largest contributor to relative performance, specifically within the electric and gas segments of the market. The Trust’s underweight in utilities also aided performance. Stock selection within the telecommunication services and materials sectors also enhanced relative returns during the period, helped mostly by holdings within the diversified telecommunication and chemicals industries, respectively. |
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Trust Information |
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Symbol on NYSE |
BDJ |
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Initial Offering Date |
August 31, 2005 |
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Yield based on Closing Market Price as of April 30, 2010 ($8.80)1 |
11.14% |
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Current Quarterly Distribution per Common Share2 |
$0.245 |
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Current Annualized Distribution per Common Share2 |
$0.980 |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain. |
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The table below summarizes the changes in the Trust’s market price and net asset value per share: |
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4/30/10 |
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10/31/09 |
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Change |
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High |
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Low |
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Market Price |
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$ |
8.80 |
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$ |
7.89 |
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11.53 |
% |
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$ |
9.28 |
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$ |
7.77 |
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Net Asset Value |
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$ |
8.53 |
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$ |
8.13 |
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4.92 |
% |
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$ |
8.64 |
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$ |
8.13 |
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The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments: |
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Ten Largest Holdings |
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4/30/10 |
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International Business Machines Corp. |
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4 |
% |
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Chevron Corp. |
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4 |
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Exxon Mobil Corp. |
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4 |
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Johnson & Johnson |
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3 |
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Abbott Laboratories |
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3 |
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Procter & Gamble Co. (The) |
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3 |
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McDonald’s Corp. |
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3 |
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AT&T Inc. |
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3 |
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General Dynamics Corp. |
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3 |
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Coca-Cola Co. (The) |
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3 |
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Sector Allocations |
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4/30/10 |
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10/31/09 |
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Consumer Staples |
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20 |
% |
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22 |
% |
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Industrials |
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14 |
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14 |
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Health Care |
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12 |
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16 |
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Energy |
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11 |
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9 |
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Utilities |
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10 |
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4 |
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Consumer Discretionary |
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8 |
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8 |
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Financials |
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8 |
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12 |
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Information Technology |
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7 |
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6 |
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Materials |
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6 |
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3 |
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Telecommunication Services |
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4 |
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6 |
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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. |
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SEMI-ANNUAL REPORT |
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APRIL 30, 2010 |
5 |
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Trust Summary as of April 30, 2010 |
BlackRock Strategic Dividend AchieversTM Trust |
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Investment Objective |
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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 utilizes an option writing (selling) strategy to help enhance current gains. |
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No assurance can be given that the Trust’s investment objective will be achieved. |
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Performance |
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For the six months ended April 30, 2010, the Trust returned 25.93% based on market price and 21.00% based on NAV. For the same period, the Dividend Achievers Index returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, 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. Stock selection in the financials sector provided the biggest boost to Trust performance relative to the Dividend Achievers Index, specifically within the commercial banking and insurance industries. The next largest contributor overall was security selection in the industrials sector, especially within the commercial services & supplies industry. A Trust overweight in industrials was also beneficial. Lastly, stock selection in materials played a key role in performance for the period. The Trust had positive absolute total returns in all 10 economic sectors. The aggregate effect of the Trust’s option positions was the largest single detractor from relative performance. Elsewhere, stock selection in consumer staples and utilities weighed on relative returns. Stock selection in consumer discretionary detracted, although a small sector underweight contributed slightly to returns. A marginal overweight in information technology also hurt returns. |
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Trust Information |
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Symbol on NYSE |
BDT |
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Initial Offering Date |
March 30, 2004 |
|
Yield based on Closing Market Price as of April 30, 2010 ($10.19)1 |
6.38% |
|
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: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
10.19 |
|
$ |
8.37 |
|
21.74 |
% |
|
$ |
10.43 |
|
$ |
8.25 |
|
|
Net Asset Value |
|
$ |
11.37 |
|
$ |
9.72 |
|
16.98 |
% |
|
$ |
11.65 |
|
$ |
9.69 |
|
The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
|
|
Nordstrom, Inc. |
|
|
|
|
3 |
% |
|
|
Dover Corp. |
|
|
|
|
2 |
|
|
|
Black & Decker, Inc. |
|
|
|
|
2 |
|
|
|
M&T Bank Corp. |
|
|
|
|
2 |
|
|
|
J.M. Smucker Co. (The) |
|
|
|
|
2 |
|
|
|
Fastenal Co. |
|
|
|
|
2 |
|
|
|
Masco Corp. |
|
|
|
|
2 |
|
|
|
Linear Technology Corp. |
|
|
|
|
2 |
|
|
|
Avery Dennison Corp. |
|
|
|
|
2 |
|
|
|
Genuine Parts Co. |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
Financials |
|
34 |
% |
|
33 |
% |
|
|
Industrials |
|
18 |
|
|
20 |
|
|
|
Consumer Discretionary |
|
14 |
|
|
11 |
|
|
|
Utilities |
|
12 |
|
|
13 |
|
|
|
Consumer Staples |
|
8 |
|
|
9 |
|
|
|
Materials |
|
6 |
|
|
6 |
|
|
|
Information Technology |
|
3 |
|
|
3 |
|
|
|
Health Care |
|
3 |
|
|
3 |
|
|
|
Energy |
|
1 |
|
|
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 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2010 |
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 six months ended April 30, 2010, the Trust returned 14.91% based on market price and 6.22% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 23.36% on a market price basis and 18.41% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the difference between performance based on price and performance based on NAV. The agriculture sleeve of the portfolio was the strongest performer during the period. Fertilizer companies, such as Potash Corp. and Agrium, were key drivers of performance as they made gains on volume recovery. The dominant contributor in the water resources sleeve was the nearly 60% of net assets invested in water utilities, particularly the non-US-based utilities that had significant price appreciation. Also contributing in the water resources sleeve were names in the commercial services & supplies industry and in the chemicals industry. The new energy sleeve was the portfolio laggard as this segment struggled to keep pace with broader equity markets due to four factors: the availability/cost of debt; the timing of stimulus package support; weak power prices; and a perceived loss of legislative momentum. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on NYSE |
|
BQR |
|
Initial Offering Date |
|
September 28, 2007 |
|
Yield based on Closing Market Price as of April 30, 2010 ($11.14)1 |
|
10.77% |
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
11.14 |
|
$ |
10.23 |
|
|
8.90 |
% |
$ |
12.02 |
|
$ |
9.90 |
|
|
Net Asset Value |
|
$ |
10.63 |
|
$ |
10.56 |
|
|
0.66 |
% |
$ |
11.67 |
|
$ |
10.26 |
|
|
|
|
|
|
The following charts show the ten largest holdings and industry allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
|
|
Potash Corp. of Saskatchewan, Inc. |
|
|
|
|
3 |
% |
|
|
Itron, Inc. |
|
|
|
|
3 |
|
|
|
Monsanto Co. |
|
|
|
|
3 |
|
|
|
Agrium, Inc. |
|
|
|
|
2 |
|
|
|
Syngenta AG |
|
|
|
|
2 |
|
|
|
BrasilAgro - Companhia Brasileira de |
|
|
|
|
2 |
|
|
|
Johnson Matthey Plc |
|
|
|
|
2 |
|
|
|
Vestas Wind Systems A/S |
|
|
|
|
2 |
|
|
|
Tetra Tech, Inc. |
|
|
|
|
2 |
|
|
|
Aqua America, Inc. |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Industry Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
Chemicals |
|
25 |
% |
|
26 |
% |
|
|
Water Utilities |
|
22 |
|
|
21 |
|
|
|
Food Products |
|
12 |
|
|
11 |
|
|
|
Machinery |
|
8 |
|
|
8 |
|
|
|
Electrical Equipment |
|
8 |
|
|
9 |
|
|
|
Electronic Equipment, Instruments |
|
4 |
|
|
3 |
|
|
|
Electric Utilities |
|
3 |
|
|
3 |
|
|
|
Commercial Services & Supplies |
|
3 |
|
|
3 |
|
|
|
Independent Power Producers & |
|
2 |
|
|
3 |
|
|
|
Oil, Gas & Consumable Fuels |
|
2 |
|
|
2 |
|
|
|
Real Estate Investment Trusts (REITs) |
|
2 |
|
|
3 |
|
|
|
Construction & Engineering |
|
2 |
|
|
2 |
|
|
|
Multi-Utilities |
|
2 |
|
|
3 |
|
|
|
Other1 |
|
5 |
|
|
3 |
|
|
|
|
|
|
1 |
Other includes a 1% holding in each of the following industries; for 4/30/10, Paper & Forest Products, Road & Rail, Auto Components, Industrial Conglomerates and Diversified Financial Services and for 10/31/09, Paper & Forest Products, Road & Rail and Industrial Conglomerates. |
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
7 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2010 |
BlackRock Energy and Resources Trust |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
BlackRock Energy and Resources Trust (BGR) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. |
|
|
|
No assurance can be given that the Trust’s investment objective will be achieved. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended April 30, 2010, the Trust returned 18.52% based on market price and 15.73% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 23.36% on a market price basis and 18.41% 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. During the reporting period, coal stocks overall rallied sharply amidst a global economic rebound and increased steel demand in China. Notably, metallurgical coal (the high-quality cooking coal used in steel production) prices in Asia rallied over the six months due to the increased Chinese steel demand. Precious metals also performed well. Conversely, oil & gas drilling was a relatively weak sub-sector for the fund, with Transocean declining notably toward the end of the period on the heels of the BP oil spill in the Gulf of Mexico. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on NYSE |
|
BGR |
|
Initial Offering Date |
|
December 29, 2004 |
|
Yield based on Closing Market Price as of April 30, 2010 ($25.50)1 |
|
6.35% |
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
25.50 |
|
$ |
22.18 |
|
|
14.97 |
% |
$ |
27.43 |
|
$ |
22.01 |
|
|
Net Asset Value |
|
$ |
26.73 |
|
$ |
23.81 |
|
|
12.26 |
% |
$ |
27.97 |
|
$ |
23.81 |
|
|
|
|
|
|
The following charts show the ten largest holdings and industry allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
|
|
Petrohawk Energy Corp. |
|
|
|
|
6 |
% |
|
|
Whiting Petroleum Corp. |
|
|
|
|
6 |
|
|
|
EOG Resources, Inc. |
|
|
|
|
4 |
|
|
|
Occidental Petroleum Corp. |
|
|
|
|
4 |
|
|
|
Massey Energy Co. |
|
|
|
|
3 |
|
|
|
Penn Virginia Corp. |
|
|
|
|
3 |
|
|
|
Transocean Ltd. |
|
|
|
|
3 |
|
|
|
Peabody Energy Corp. |
|
|
|
|
3 |
|
|
|
Schlumberger Ltd. |
|
|
|
|
3 |
|
|
|
Enterprise Products Partners LP |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Industry Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
Oil, Gas & Consumable Fuels |
|
71 |
% |
|
70 |
% |
|
|
Energy Equipment & Services |
|
19 |
|
|
20 |
|
|
|
Gas Utilities |
|
4 |
|
|
4 |
|
|
|
Metals & Mining |
|
3 |
|
|
4 |
|
|
|
Transportation |
|
1 |
|
|
— |
|
|
|
Pipelines |
|
1 |
|
|
— |
|
|
|
Construction & Engineering |
|
1 |
|
|
1 |
|
|
|
Chemicals |
|
— |
|
|
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 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2010 |
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. |
|
|
|
No assurance can be given that the Trust’s investment objective will be achieved. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended April 30, 2010, the Trust returned 15.44% based on market price and 9.00% based on NAV. For the same period, the benchmark MSCI All Country World Index posted a return of 9.78%. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the difference between performance based on price and performance based on NAV. On an absolute return basis, holdings within industrials and consumer discretionary led all sector returns, with each appreciating nearly 20% in US dollar terms over the trailing six months. Overall stock selection effects were positive and led by positioning across energy, industrials and utilities, where we favored more defensive, regulated players. With approximately half the portfolio overwritten during the time period, the impact of individual stock options was negative in instances where overwritten securities were called away below their market values. Outside of covered call writing, other negative effects came from stock selection in information technology and an underweight in materials. Cash held by the Trust at period-end was 6%. The performance impact of the Trust holding such cash in a positive market was negative. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on NYSE |
|
BOE |
|
Initial Offering Date |
|
May 31, 2005 |
|
Yield based on Closing Market Price as of April 30, 2010 ($20.00)1 |
|
11.38% |
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
20.00 |
|
$ |
18.40 |
|
|
8.70 |
% |
$ |
20.61 |
|
$ |
17.71 |
|
|
Net Asset Value |
|
$ |
19.13 |
|
$ |
18.64 |
|
|
2.63 |
% |
$ |
19.97 |
|
$ |
17.84 |
|
|
|
|
|
|
The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|||||||
|
|
|
|
|
|
4/30/10 |
|
|
|
General Electric Co. |
|
|
|
|
2 |
% |
|
|
Microsoft Corp. |
|
|
|
|
2 |
|
|
|
United Parcel Service, Inc., Class B |
|
|
|
|
1 |
|
|
|
Apple, Inc. |
|
|
|
|
1 |
|
|
|
JTEKT Corp. |
|
|
|
|
1 |
|
|
|
Exxon Mobil Corp. |
|
|
|
|
1 |
|
|
|
Deere & Co. |
|
|
|
|
1 |
|
|
|
Honda Motor Co. Ltd. |
|
|
|
|
1 |
|
|
|
Siemens AG |
|
|
|
|
1 |
|
|
|
PepsiCo, Inc. |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Allocations |
|||||||
|
|
|||||||
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
United States |
|
50 |
% |
|
46 |
% |
|
|
Japan |
|
11 |
|
|
6 |
|
|
|
Germany |
|
6 |
|
|
3 |
|
|
|
United Kingdom |
|
5 |
|
|
7 |
|
|
|
Canada |
|
4 |
|
|
4 |
|
|
|
France |
|
3 |
|
|
5 |
|
|
|
Switzerland |
|
2 |
|
|
5 |
|
|
|
Spain |
|
2 |
|
|
2 |
|
|
|
Brazil |
|
2 |
|
|
1 |
|
|
|
Netherlands |
|
2 |
|
|
1 |
|
|
|
Singapore |
|
1 |
|
|
2 |
|
|
|
Hong Kong |
|
1 |
|
|
2 |
|
|
|
South Korea |
|
1 |
|
|
2 |
|
|
|
Other3 |
|
10 |
|
|
14 |
|
|
|
|
|
|
3 |
Other includes a 1% holding in each of the following countries; for 4/30/10, Sweden, China, Mexico, Australia, Finland, Thailand, India, Belgium, Taiwan and Ireland and for 10/31/09, Italy, Taiwan, India, China, Bermuda, South Africa, Russia, Israel, Belgium, Mexico, Sweden, New Zealand, Luxembourg and Finland. |
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
9 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2010 |
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 six months ended April 30, 2010, the Trust returned 24.73% based on market price and 14.00% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned 13.63%. 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, in addition to the premium income collected from written options. Positive relative returns were achieved primarily by positioning within the biotechnology, life sciences tools & services, and health care equipment sub-industries. Factors that detracted from results included an underweight positioning in health care services and stock selection within pharmaceuticals. The impact of individual stock options was negative in instances where overwritten securities were called away below their market values. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on NYSE |
|
BME |
|
Initial Offering Date |
|
March 31, 2005 |
|
Yield based on Closing Market Price as of April 30, 2010 ($27.41)1 |
|
5.61% |
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
27.41 |
|
$ |
22.61 |
|
|
21.23 |
% |
$ |
27.54 |
|
$ |
22.29 |
|
|
Net Asset Value |
|
$ |
28.11 |
|
$ |
25.37 |
|
|
10.80 |
% |
$ |
28.74 |
|
$ |
25.37 |
|
|
|
|
|
|
The following charts show the ten largest holdings and industry allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|||||||
|
|
|
|
|
|
4/30/10 |
|
|
|
Amgen, Inc. |
|
|
|
|
3 |
% |
|
|
Novartis AG |
|
|
|
|
3 |
|
|
|
Johnson & Johnson |
|
|
|
|
3 |
|
|
|
Stryker Corp. |
|
|
|
|
3 |
|
|
|
Thermo Fisher Scientific, Inc. |
|
|
|
|
3 |
|
|
|
Bristol-Myers Squibb Co. |
|
|
|
|
2 |
|
|
|
AmerisourceBergen Corp. |
|
|
|
|
2 |
|
|
|
Genzyme Corp. |
|
|
|
|
2 |
|
|
|
Express Scripts, Inc. |
|
|
|
|
2 |
|
|
|
McKesson Corp. |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Industry Allocations |
|||||||
|
|
|||||||
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
Health Care Equipment & Supplies |
|
28 |
% |
|
28 |
% |
|
|
Pharmaceuticals |
|
22 |
|
|
28 |
|
|
|
Health Care Providers & Services |
|
20 |
|
|
14 |
|
|
|
Biotechnology |
|
11 |
|
|
13 |
|
|
|
Life Sciences Tools & Services |
|
8 |
|
|
11 |
|
|
|
Health Care Technology |
|
7 |
|
|
2 |
|
|
|
Electronic Equipment, |
|
2 |
|
|
— |
|
|
|
Industrial Conglomerates |
|
2 |
|
|
1 |
|
|
|
Food & Staples Retailing |
|
— |
|
|
3 |
|
|
|
|
|
|
|
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 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2010 |
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. |
|
|
|
No assurance can be given that the Trust’s investment objective will be achieved. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended April 30, 2010, the Trust returned 9.54% based on market price and 5.17% based on NAV. For the same period, the benchmark MSCI All Country World Index ex-US returned 5.76%. All returns reflect reinvestment of dividends. The Trust began the period with neither a discount nor a premium to NAV, and ended the period with a premium to NAV, which accounts for the difference between performance based on price and performance based on NAV. On an absolute basis, contribution to performance was led by industrials and information technology holdings, which appreciated meaningfully during the past six months. From a relative perspective, stock selection within industrials was strongest, led by our exposure to Japanese exporters;holding an underweight in financials also helped. With approximately half the portfolio overwritten during the time period, the impact of individual stock options was negative in instances where overwritten securities were called away below their market values. Outside of covered call writing, other negative effects came from our stock selection decisions within the financials and materials sectors. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on NYSE |
|
BGY |
|
Initial Offering Date |
|
May 30, 2007 |
|
Yield based on Closing Market Price as of April 30, 2010 ($11.03)1 |
|
16.50% |
|
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 Quarterly Distribution per Common Share, declared on June 1, 2010, was decreased to $0.3400 per share. The yield on Closing Market Price, Current Quarterly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. 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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
11.03 |
|
$ |
10.92 |
|
|
1.01 |
% |
$ |
12.67 |
|
$ |
9.87 |
|
|
Net Asset Value |
|
$ |
10.59 |
|
$ |
10.92 |
|
|
(3.02 |
)% |
$ |
11.67 |
|
$ |
10.27 |
|
|
|
|
|
|
The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|||||||
|
|
|
|
|
|
4/30/10 |
|
|
|
Singapore Telecommunications Ltd. |
|
|
|
|
2 |
% |
|
|
HSBC Holdings Plc |
|
|
|
|
1 |
|
|
|
Royal Dutch Shell Plc - ADR |
|
|
|
|
1 |
|
|
|
RWE AG |
|
|
|
|
1 |
|
|
|
Total SA |
|
|
|
|
1 |
|
|
|
Novartis AG |
|
|
|
|
1 |
|
|
|
NSK Ltd. |
|
|
|
|
1 |
|
|
|
Nestle SA |
|
|
|
|
1 |
|
|
|
Honda Motor Co. Ltd. |
|
|
|
|
1 |
|
|
|
Imperial Tobacco Group Plc |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Allocations |
|||||||
|
|
|||||||
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
United Kingdom |
|
17 |
% |
|
17 |
% |
|
|
Japan |
|
14 |
|
|
12 |
|
|
|
Germany |
|
9 |
|
|
7 |
|
|
|
Canada |
|
9 |
|
|
11 |
|
|
|
Switzerland |
|
8 |
|
|
8 |
|
|
|
France |
|
6 |
|
|
9 |
|
|
|
Singapore |
|
4 |
|
|
3 |
|
|
|
Hong Kong |
|
3 |
|
|
4 |
|
|
|
Brazil |
|
3 |
|
|
1 |
|
|
|
Taiwan |
|
3 |
|
|
2 |
|
|
|
Australia |
|
2 |
|
|
3 |
|
|
|
Spain |
|
2 |
|
|
2 |
|
|
|
Netherlands |
|
2 |
|
|
2 |
|
|
|
Italy |
|
2 |
|
|
2 |
|
|
|
South Korea |
|
2 |
|
|
2 |
|
|
|
China |
|
2 |
|
|
2 |
|
|
|
Russia |
|
— |
|
|
2 |
|
|
|
Other3 |
|
12 |
|
|
11 |
|
|
|
|
|
|
|
|
3 |
Other includes a 1% holding in each of the following countries; for 4/30/10, Denmark, Sweden, Mexico, Malaysia, Thailand, Belgium, South Africa, India, Cayman Islands, United States, Finland and Indonesia and for 10/31/09, Luxembourg, Norway, Malaysia, Denmark, Sweden, United States, Belgium, Israel, Greece, India and Mexico. |
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
11 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2010 |
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 six months ended April 30, 2010, the Trust returned 18.61% based on market price and 16.49% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 23.36% on a market price basis and 18.41% 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. On the whole, commodity prices rallied amidst an economic recovery in 2009. Oil &gas exploration &production and diversified metals &mining stocks contributed the most to fund performance over the six months. While almost every sub-sector performed well during the period, oil &gas drillers lagged on a relative basis.The Trust’s investments in the energy sector, particularly in the drilling industry, contributed to underperformance relative to its Lipper group, which includes funds whose investments are focused in equity sectors that had higher returns. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on NYSE |
|
BCF |
|
Initial Offering Date |
|
September 29, 2006 |
|
Yield based on Closing Market Price as of April 30, 2010 ($13.04)1 |
|
8.34% |
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
13.04 |
|
$ |
11.45 |
|
|
13.89 |
% |
$ |
14.05 |
|
$ |
10.57 |
|
|
Net Asset Value |
|
$ |
13.12 |
|
$ |
11.73 |
|
|
11.85 |
% |
$ |
13.66 |
|
$ |
11.70 |
|
|
|
|
|
|
The following charts show the ten largest holdings and industry allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|||||||
|
|
|
|
|
|
4/30/10 |
|
|
|
BHP Billiton Plc |
|
|
|
|
4 |
% |
|
|
Rio Tinto Plc |
|
|
|
|
4 |
|
|
|
Vale SA - ADR |
|
|
|
|
4 |
|
|
|
E.I. du Pont de Nemours & Co. |
|
|
|
|
3 |
|
|
|
Xstrata Plc |
|
|
|
|
3 |
|
|
|
Caterpillar, Inc. |
|
|
|
|
3 |
|
|
|
Vedanta Resources Plc |
|
|
|
|
2 |
|
|
|
Praxair, Inc. |
|
|
|
|
2 |
|
|
|
Impala Platinum Holdings Ltd. |
|
|
|
|
2 |
|
|
|
Alamos Gold, Inc. |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Industry Allocations |
|||||||
|
|
|||||||
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
Metals & Mining |
|
42 |
% |
|
43 |
% |
|
|
Oil, Gas & Consumable Fuels |
|
28 |
|
|
26 |
|
|
|
Chemicals |
|
10 |
|
|
10 |
|
|
|
Energy Equipment & Services |
|
7 |
|
|
9 |
|
|
|
Paper & Forest Products |
|
6 |
|
|
6 |
|
|
|
Machinery |
|
3 |
|
|
3 |
|
|
|
Gas Utilities |
|
2 |
|
|
2 |
|
|
|
Containers & Packaging |
|
1 |
|
|
1 |
|
|
|
Oil &Gas Services |
|
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 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2010 |
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 utilizes 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 six months ended April 30, 2010, the Trust returned 12.24% based on market price and 8.83% based on NAV. For the same period, the MSCI World Value Index returned 8.31%. 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. Trust performance relative to the MSCI World Value Index was generated through stock selection in the financials sector, specifically within the commercial banking and capital markets industries. Strong security selection in the integrated utilities sub-sector also contributed to relative performance. Finally, an overweight position in the information technology sector helped bolster Trust performance. The Trust’s option writing strategy was a notable detractor from relative performance during the period, given the rising market. Stock selection in the consumer discretionary sector also hurt performance, as the Trust’s selections in the household durables and specialty retail industries performed more poorly than their index counterparts. In addition, stock selection in the weaker-performing oil, gas & consumable fuels industry, housed within the energy sector, hurt relative performance. Lastly, the Trust’s relative underweight in the materials sector weighed on performance. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on NYSE Amex |
|
BQY |
|
Initial Offering Date |
|
May 28, 2004 |
|
Yield based on Closing Market Price as of April 30, 2010 ($12.56)1 |
|
5.97% |
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/10 |
|
10/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
12.56 |
|
$ |
11.54 |
|
|
8.84 |
% |
$ |
12.95 |
|
$ |
11.24 |
|
|
Net Asset Value |
|
$ |
14.12 |
|
$ |
13.38 |
|
|
5.53 |
% |
$ |
14.62 |
|
$ |
13.06 |
|
|
|
|
|
|
The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
|
|
|
|
Ten Largest Holdings |
|||||||
|
|
|||||||
|
|
|
|
|
|
4/30/10 |
|
|
|
Exxon Mobil Corp. |
|
|
|
|
3 |
% |
|
|
AT&T Inc. |
|
|
|
|
2 |
|
|
|
Chevron Corp. |
|
|
|
|
2 |
|
|
|
Royal Bank of Canada |
|
|
|
|
2 |
|
|
|
Emerson Electric Co. |
|
|
|
|
2 |
|
|
|
BP Plc |
|
|
|
|
2 |
|
|
|
Bank of Montreal |
|
|
|
|
2 |
|
|
|
Microsoft Corp. |
|
|
|
|
2 |
|
|
|
International Business Machines Corp. |
|
|
|
|
2 |
|
|
|
HSBC Holdings Plc |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Allocations |
|||||||
|
|
|||||||
|
|
|
4/30/10 |
|
10/31/09 |
|
||
|
United States |
|
48 |
% |
|
46 |
% |
|
|
United Kingdom |
|
9 |
|
|
11 |
|
|
|
Canada |
|
7 |
|
|
6 |
|
|
|
Japan |
|
7 |
|
|
6 |
|
|
|
Australia |
|
5 |
|
|
5 |
|
|
|
France |
|
5 |
|
|
5 |
|
|
|
Sweden |
|
4 |
|
|
4 |
|
|
|
Germany |
|
3 |
|
|
3 |
|
|
|
Hong Kong |
|
3 |
|
|
3 |
|
|
|
Spain |
|
2 |
|
|
3 |
|
|
|
Singapore |
|
2 |
|
|
1 |
|
|
|
Italy |
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1 |
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2 |
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Other3 |
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4 |
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5 |
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3 |
Other includes a 1% holding in each of the following countries; for 4/30/10, Finland, Belgium, Switzerland and Greece and for 10/31/09, Greece, Switzerland, Finland, Netherlands and Portugal. |
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SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
13 |
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The Trusts may invest in various derivative instruments, including
foreign currency exchange contracts and options, 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 or 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 for 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.
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14 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
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BlackRock Dividend AchieversTM Trust (BDV) |
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|
(Percentages shown are based on Net Assets) |
|
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|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Aerospace & Defense—5.9% |
|
|
|
|
|
|
|
|
General Dynamics Corp. |
|
|
176,400 |
|
$ |
13,469,904 |
|
|
Raytheon Co. |
|
|
129,700 |
|
|
7,561,510 |
|
|
United Technologies Corp. |
|
|
147,200 |
|
|
11,032,640 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
32,064,054 |
|
|
Beverages—6.1% |
|
|
|
|
|
|
|
|
Brown-Forman Corp., Class B |
|
|
119,700 |
|
|
6,964,146 |
|
|
Coca-Cola Co. (The) |
|
|
249,550 |
|
|
13,338,447 |
|
|
PepsiCo, Inc. |
|
|
195,875 |
|
|
12,774,968 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
33,077,561 |
|
|
Capital Markets—0.7% |
|
|
|
|
|
|
|
|
T. Rowe Price Group, Inc. |
|
|
63,600 |
|
|
3,657,636 |
|
|
Chemicals—3.7% |
|
|
|
|
|
|
|
|
Air Products & Chemicals, Inc. |
|
|
27,400 |
|
|
2,103,772 |
|
|
E.I. du Pont de Nemours & Co. |
|
|
191,200 |
|
|
7,617,408 |
|
|
PPG Industries, Inc. |
|
|
62,200 |
|
|
4,377,014 |
|
|
RPM International, Inc. |
|
|
202,800 |
|
|
4,477,824 |
|
|
Valspar Corp. |
|
|
55,300 |
|
|
1,731,996 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,308,014 |
|
|
Commercial Banks—2.1% |
|
|
|
|
|
|
|
|
Bank of Hawaii Corp. |
|
|
56,500 |
|
|
2,987,720 |
|
|
Cullen/Frost Bankers, Inc. |
|
|
47,700 |
|
|
2,831,472 |
|
|
Toronto-Dominion Bank (The) |
|
|
35,900 |
|
|
2,673,114 |
|
|
U.S. Bancorp |
|
|
105,600 |
|
|
2,826,912 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,319,218 |
|
|
Commercial Services & Supplies—0.6% |
|
|
|
|
|
|
|
|
Pitney Bowes, Inc. |
|
|
134,754 |
|
|
3,422,752 |
|
|
Computers & Peripherals—4.7% |
|
|
|
|
|
|
|
|
Hewlett-Packard Co. |
|
|
51,500 |
|
|
2,676,455 |
|
|
International Business Machines Corp. |
|
|
177,300 |
|
|
22,871,700 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,548,155 |
|
|
Diversified Financial Services—2.0% |
|
|
|
|
|
|
|
|
JPMorgan Chase & Co. |
|
|
257,700 |
|
|
10,972,866 |
|
|
Diversified Telecommunication—4.3% |
|
|
|
|
|
|
|
|
AT&T Inc. |
|
|
627,600 |
|
|
16,355,256 |
|
|
CenturyTel, Inc. |
|
|
209,000 |
|
|
7,128,990 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,484,246 |
|
|
Electric Utilities—4.5% |
|
|
|
|
|
|
|
|
FPL Group, Inc. |
|
|
172,100 |
|
|
8,957,805 |
|
|
Northeast Utilities |
|
|
253,900 |
|
|
7,055,881 |
|
|
PPL Corp. |
|
|
77,600 |
|
|
1,921,376 |
|
|
Progress Energy, Inc. |
|
|
167,500 |
|
|
6,686,600 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
24,621,662 |
|
|
Electrical Equipment—2.1% |
|
|
|
|
|
|
|
|
Emerson Electric Co. |
|
|
220,500 |
|
|
11,516,715 |
|
|
Energy Equipment & Services—0.7% |
|
|
|
|
|
|
|
|
Halliburton Co. |
|
|
124,100 |
|
|
3,803,665 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Food & Staples Retailing—1.7% |
|
|
|
|
|
|
|
|
Sysco Corp. |
|
|
94,875 |
|
$ |
2,992,357 |
|
|
Wal-Mart Stores, Inc. |
|
|
119,575 |
|
|
6,415,199 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,407,556 |
|
|
Food Products—1.4% |
|
|
|
|
|
|
|
|
General Mills, Inc. |
|
|
66,200 |
|
|
4,712,116 |
|
|
Kraft Food, Inc. |
|
|
90,600 |
|
|
2,681,760 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,393,876 |
|
|
Gas Utilities—3.4% |
|
|
|
|
|
|
|
|
Atmos Energy Corp. |
|
|
117,000 |
|
|
3,460,860 |
|
|
National Fuel Gas Co. |
|
|
51,200 |
|
|
2,663,424 |
|
|
Questar Corp. |
|
|
195,800 |
|
|
9,388,610 |
|
|
UGI Corp. |
|
|
103,600 |
|
|
2,847,964 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
18,360,858 |
|
|
Health Care Equipment & Supplies—2.3% |
|
|
|
|
|
|
|
|
Becton Dickinson & Co. |
|
|
40,900 |
|
|
3,123,533 |
|
|
Medtronic, Inc. |
|
|
213,200 |
|
|
9,314,708 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,438,241 |
|
|
Hotels Restaurants & Leisure—3.1% |
|
|
|
|
|
|
|
|
McDonald’s Corp. |
|
|
235,500 |
|
|
16,623,945 |
|
|
Household Products—6.3% |
|
|
|
|
|
|
|
|
Clorox Co. |
|
|
89,700 |
|
|
5,803,590 |
|
|
Colgate-Palmolive Co. |
|
|
61,600 |
|
|
5,180,560 |
|
|
Kimberly-Clark Corp. |
|
|
105,950 |
|
|
6,490,497 |
|
|
Procter & Gamble Co. (The) |
|
|
265,575 |
|
|
16,508,142 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
33,982,789 |
|
|
Industrial Conglomerates—2.9% |
|
|
|
|
|
|
|
|
3M Co. |
|
|
135,000 |
|
|
11,970,450 |
|
|
General Electric Co. |
|
|
188,400 |
|
|
3,553,224 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
15,523,674 |
|
|
Insurance—2.6% |
|
|
|
|
|
|
|
|
Chubb Corp. |
|
|
111,400 |
|
|
5,889,718 |
|
|
Travelers Cos., Inc. (The) |
|
|
163,400 |
|
|
8,290,916 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,180,634 |
|
|
IT Services—0.7% |
|
|
|
|
|
|
|
|
Automatic Data Processing, Inc. |
|
|
55,500 |
|
|
2,406,480 |
|
|
Paychex, Inc. |
|
|
51,500 |
|
|
1,575,900 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,982,380 |
|
|
Machinery—3.6% |
|
|
|
|
|
|
|
|
Caterpillar, Inc. |
|
|
131,200 |
|
|
8,933,408 |
|
|
Deere & Co. |
|
|
155,100 |
|
|
9,278,082 |
|
|
Pentair, Inc. |
|
|
43,000 |
|
|
1,554,880 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
19,766,370 |
|
|
Media—0.3% |
|
|
|
|
|
|
|
|
McGraw-Hill Cos., Inc. (The) |
|
|
41,700 |
|
|
1,406,124 |
|
|
Metals & Mining—1.8% |
|
|
|
|
|
|
|
|
BHP Billiton Ltd. - ADR |
|
|
92,100 |
|
|
6,703,959 |
|
|
Nucor Corp. |
|
|
73,600 |
|
|
3,335,552 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,039,511 |
|
|
|
|
Portfolio Abbreviations |
|
|
|
To simplify the listings of the portfolio holdings in the Schedules of Investments, the names and descriptions of many securities have been abbreviated according to the following list: |
|
|
|
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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 |
|
HKD |
Hong Kong Dollar |
|
ILS |
Israeli Shekel |
|
IDR |
Indonesian Rupiah |
|
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.
|
|
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|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
15 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Dividend AchieversTM Trust (BDV) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Multi-Utilities—0.8% |
|
|
|
|
|
|
|
|
NSTAR |
|
|
75,300 |
|
$ |
2,755,980 |
|
|
Vectren Corp. |
|
|
68,700 |
|
|
1,718,187 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,474,167 |
|
|
Multiline Retail—1.5% |
|
|
|
|
|
|
|
|
Family Dollar Stores, Inc. |
|
|
30,100 |
|
|
1,190,756 |
|
|
Target Corp. |
|
|
120,750 |
|
|
6,867,052 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,057,808 |
|
|
Oil, Gas & Consumable Fuels—10.4% |
|
|
|
|
|
|
|
|
Chevron Corp. |
|
|
253,050 |
|
|
20,608,392 |
|
|
Exxon Mobil Corp. |
|
|
280,100 |
|
|
19,004,785 |
|
|
Marathon Oil Corp. |
|
|
144,400 |
|
|
4,642,460 |
|
|
Murphy Oil Corp. |
|
|
206,100 |
|
|
12,396,915 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
56,652,552 |
|
|
Personal Products—0.8% |
|
|
|
|
|
|
|
|
Avon Products, Inc. |
|
|
126,400 |
|
|
4,086,512 |
|
|
Pharmaceuticals—9.4% |
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
|
338,800 |
|
|
17,333,008 |
|
|
Eli Lilly & Co. |
|
|
150,700 |
|
|
5,269,979 |
|
|
Johnson & Johnson |
|
|
290,500 |
|
|
18,679,150 |
|
|
Merck & Co., Inc. |
|
|
160,000 |
|
|
5,606,400 |
|
|
Pfizer, Inc. |
|
|
243,000 |
|
|
4,062,960 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
50,951,497 |
|
|
Semiconductors & Semiconductor Equipment—1.2% |
|
|
|
|
|
|
|
|
Intel Corp. |
|
|
176,200 |
|
|
4,022,646 |
|
|
Linear Technology Corp. |
|
|
87,000 |
|
|
2,615,220 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,637,866 |
|
|
Specialty Retail—2.5% |
|
|
|
|
|
|
|
|
Lowe’s Cos., Inc. |
|
|
273,200 |
|
|
7,409,184 |
|
|
Sherwin-Williams Co. (The) |
|
|
21,100 |
|
|
1,647,277 |
|
|
TJX Cos., Inc. |
|
|
92,000 |
|
|
4,263,280 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
13,319,741 |
|
|
Textiles, Apparel & Luxury Goods—1.1% |
|
|
|
|
|
|
|
|
VF Corp. |
|
|
67,500 |
|
|
5,833,350 |
|
|
Tobacco—3.5% |
|
|
|
|
|
|
|
|
Altria Group, Inc. |
|
|
617,700 |
|
|
13,089,063 |
|
|
Philip Morris International, Inc. |
|
|
50,200 |
|
|
2,463,816 |
|
|
Universal Corp. |
|
|
61,300 |
|
|
3,174,114 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
18,726,993 |
|
|
Water Utilities—0.8% |
|
|
|
|
|
|
|
|
Aqua America, Inc. |
|
|
155,800 |
|
|
2,855,814 |
|
|
California Water Service Group |
|
|
42,500 |
|
|
1,646,025 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,501,839 |
|
|
Total Long-Term Investments |
|
|
|
|
|
540,144,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
BlackRock
Liquidity Funds, TempFund, Institutional Class, |
|
|
4,740,064 |
|
|
4,740,064 |
|
|
Total Short-Term Securities |
|
|
|
|
|
4,740,064 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
544,884,891 |
|
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written—(0.1)% |
|
|
|
|
|
|
|
|
Altria Group, Inc., Strike Price USD 21, Expires 6/21/10 |
|
|
9 |
|
$ |
(517 |
) |
|
Becton Dickinson & Co., Strike Price USD 80, Expires 5/24/10 |
|
|
81 |
|
|
(1,822 |
) |
|
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10 |
|
|
230 |
|
|
(93,150 |
) |
|
Chubb Corp., Strike Price USD 53.50, Expires 5/28/10 |
|
|
92 |
|
|
(7,536 |
) |
|
Clorox Co., Strike Price USD 65, Expires 5/24/10 |
|
|
180 |
|
|
(17,550 |
) |
|
Coca-Cola Co. (The), Strike Price USD 55, Expires 5/24/10 |
|
|
500 |
|
|
(16,750 |
) |
|
Eli Lilly & Co., Strike Price USD 36.55, Expires 5/20/10 |
|
|
300 |
|
|
(3,420 |
) |
|
Family Dollar Stores, Inc., Strike Price USD 39, Expires 5/24/10 |
|
|
60 |
|
|
(7,350 |
) |
|
FPL Group, Inc., Strike Price USD 50, Expires 5/24/10 |
|
|
100 |
|
|
(23,250 |
) |
|
General Electric Co., Strike Price USD 20, Expires 5/24/10 |
|
|
34 |
|
|
(561 |
) |
|
International
Business Machines Corp., Strike Price USD 130, |
|
|
15 |
|
|
(3,968 |
) |
|
Kimberly-Clark Corp., Strike Price USD 63.50, Expires 5/24/10 |
|
|
110 |
|
|
(1,390 |
) |
|
Medtronic, Inc., Strike Price USD 46, Expires 5/24/10 |
|
|
425 |
|
|
(14,875 |
) |
|
Paychex, Inc., Strike Price USD 32.50, Expires 5/24/10 |
|
|
100 |
|
|
(1,000 |
) |
|
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10 |
|
|
390 |
|
|
(6,435 |
) |
|
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10 |
|
|
1,100 |
|
|
(6,050 |
) |
|
Philip
Morris International, Inc., Strike Price USD 52.50, |
|
|
318 |
|
|
(3,339 |
) |
|
Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10 |
|
|
270 |
|
|
(20,250 |
) |
|
Progress Energy, Inc., Strike Price USD 40, Expires 6/21/10 |
|
|
335 |
|
|
(25,963 |
) |
|
RPM
International, Inc., Strike Price USD 20.25, |
|
|
420 |
|
|
(76,860 |
) |
|
Sherwin-Williams
Co. (The), Strike Price USD 75, |
|
|
42 |
|
|
(18,690 |
) |
|
U.S. Bancorp, Strike Price USD 27, Expires 5/24/10 |
|
|
540 |
|
|
(35,370 |
) |
|
United
Technologies Corp., Strike Price USD 77.25, |
|
|
40 |
|
|
(3,890 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(389,986 |
) |
|
Over-the-Counter Call Options Written—(0.4)% |
|
|
|
|
|
|
|
|
3M Co.,
Strike Price USD 82.02, Expires 5/10/10, |
|
|
28,000 |
|
|
(187,718 |
) |
|
Abbott
Laboratories, Strike Price USD 53.18, |
|
|
62,000 |
|
|
(5,599 |
) |
|
Abbott
Laboratories, Strike Price USD 53.37, |
|
|
6,000 |
|
|
(216 |
) |
|
Air
Products & Chemicals, Inc., Strike Price USD 73.91, |
|
|
6,000 |
|
|
(18,110 |
) |
|
Altria
Group, Inc., Strike Price USD 20.78, |
|
|
11,000 |
|
|
(4,852 |
) |
|
Altria
Group, Inc., Strike Price USD 21.58, |
|
|
111,600 |
|
|
(35,712 |
) |
|
Aqua
America, Inc., Strike Price USD 17.72, |
|
|
32,000 |
|
|
(21,562 |
) |
|
AT&T
Inc., Strike Price USD 25.97, Expires 5/21/10, |
|
|
72,000 |
|
|
(29,634 |
) |
|
AT&T
Inc., Strike Price USD 26.72, Expires 5/28/10, |
|
|
72,000 |
|
|
(8,929 |
) |
|
Atmos
Energy Corp., Strike Price USD 29.82, |
|
|
23,500 |
|
|
(38,145 |
) |
|
Automatic
Data Processing, Inc., Strike Price USD 44.72, |
|
|
11,000 |
|
|
(555 |
) |
|
Avon
Products, Inc., Strike Price USD 34.17, |
|
|
25,000 |
|
|
(2,213 |
) |
|
Bank of
Hawaii Corp., Strike Price USD 51.20, |
|
|
11,000 |
|
|
(29,949 |
) |
|
BHP
Billiton Ltd. - ADR, Strike Price USD 80.86, |
|
|
19,000 |
|
|
(538 |
) |
|
Brown-Forman
Corp., Class B, Strike Price USD 59.53, |
|
|
24,000 |
|
|
(7,742 |
) |
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
4,300 |
|
|
(3,748 |
) |
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
4,300 |
|
|
(5,000 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
16 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Dividend AchieversTM Trust (BDV) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Caterpillar,
Inc., Strike Price USD 63.73, |
|
|
4,000 |
|
$ |
(18,217 |
) |
|
CenturyTel,
Inc., Strike Price USD 36.51, Expires 6/25/10, |
|
|
42,000 |
|
|
(3,927 |
) |
|
Chevron
Corp., Strike Price USD 81.13, Expires 6/02/10, |
|
|
50,500 |
|
|
(103,666 |
) |
|
Chubb
Corp., Strike Price USD 52.67, Expires 5/10/10, |
|
|
13,000 |
|
|
(9,957 |
) |
|
Clorox Co.,
Strike Price USD 65.22, Expires 5/10/10, |
|
|
10,000 |
|
|
(4,507 |
) |
|
Colgate-Palmolive
Co., Strike Price USD 85.73, |
|
|
12,500 |
|
|
(5,532 |
) |
|
Cullen/Frost
Bankers, Inc., Strike Price USD 56.38, |
|
|
10,000 |
|
|
(30,546 |
) |
|
Deere &
Co., Strike Price USD 61.49, Expires 5/10/10, |
|
|
32,000 |
|
|
(25,276 |
) |
|
E.I. du
Pont de Nemours & Co., Strike Price USD 37.71, |
|
|
39,000 |
|
|
(83,968 |
) |
|
Emerson
Electric Co., Strike Price USD 49.25, |
|
|
44,000 |
|
|
(136,683 |
) |
|
Exxon Mobil
Corp., Strike Price USD 69.03, |
|
|
56,000 |
|
|
(66,220 |
) |
|
FPL Group,
Inc., Strike Price USD 48.64, Expires 5/10/10, |
|
|
24,000 |
|
|
(81,792 |
) |
|
General Dynamics
Corp., Strike Price USD 76.51, |
|
|
10,000 |
|
|
(19,332 |
) |
|
General
Dynamics Corp., Strike Price USD 78.75, |
|
|
25,000 |
|
|
(5,385 |
) |
|
General
Electric Co., Strike Price USD 19.18, |
|
|
34,000 |
|
|
(19,330 |
) |
|
General
Mills, Inc., Strike Price USD 71.17, |
|
|
14,000 |
|
|
(8,166 |
) |
|
Halliburton
Co., Strike Price USD 30, Expires 5/10/10, |
|
|
25,000 |
|
|
(34,595 |
) |
|
Hewlett-Packard
Co., Strike Price USD 53.27, |
|
|
21,000 |
|
|
(9,025 |
) |
|
Intel
Corp., Strike Price USD 22.41, Expires 5/10/10, |
|
|
36,000 |
|
|
(21,779 |
) |
|
International
Business Machines Corp., Strike Price |
|
|
34,000 |
|
|
(55,780 |
) |
|
Johnson
& Johnson, Strike Price USD 65.70, |
|
|
58,000 |
|
|
(35,048 |
) |
|
JPMorgan
Chase & Co., Strike Price USD 44.88, |
|
|
52,000 |
|
|
(10,051 |
) |
|
Kimberly-Clark
Corp., Strike Price USD 62.69, |
|
|
10,000 |
|
|
(5,198 |
) |
|
Kraft Food,
Inc., Class A, Strike Price USD 30.65, |
|
|
29,000 |
|
|
(1,565 |
) |
|
Linear
Technology Corp., Strike Price USD 29.44, |
|
|
17,500 |
|
|
(18,912 |
) |
|
Lowe’s
Cos., Inc., Strike Price USD 24.48, |
|
|
12,000 |
|
|
(31,972 |
) |
|
Lowe’s
Cos., Inc., Strike Price USD 25.96, |
|
|
42,500 |
|
|
(73,999 |
) |
|
Marathon
Oil Corp., Strike Price USD 31.60, |
|
|
29,000 |
|
|
(25,799 |
) |
|
McDonald’s
Corp., Strike Price USD 67.63, |
|
|
24,000 |
|
|
(71,173 |
) |
|
McDonald’s
Corp., Strike Price USD 71.03, |
|
|
23,000 |
|
|
(33,928 |
) |
|
McGraw-Hill
Cos., Inc., Strike Price USD 35.96, |
|
|
4,500 |
|
|
(445 |
) |
|
McGraw-Hill
Cos., Inc., Strike Price USD 36.16, |
|
|
4,000 |
|
|
(10 |
) |
|
Merck &
Co., Inc., Strike Price USD 38.19, |
|
|
32,000 |
|
|
(305 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Murphy Oil
Corp., Strike Price USD 56.70, |
|
|
42,000 |
|
$ |
(164,424 |
) |
|
National
Fuel Gas Co., Strike Price USD 51.15, |
|
|
10,000 |
|
|
(17,710 |
) |
|
Northeast
Utilities, Strike Price USD 28.26, |
|
|
26,000 |
|
|
(7,973 |
) |
|
Northeast
Utilities, Strike Price USD 28.26, |
|
|
26,000 |
|
|
(20,376 |
) |
|
NSTAR,
Strike Price USD 35.83, Expires 5/17/10, |
|
|
15,000 |
|
|
(14,730 |
) |
|
Nucor
Corp., Strike Price USD 46.31, Expires 5/10/10, |
|
|
15,000 |
|
|
(6,225 |
) |
|
Pentair,
Inc., Strike Price USD 35.03, Expires 5/10/10, |
|
|
9,000 |
|
|
(11,543 |
) |
|
PPG
Industries, Inc., Strike Price USD 66.94, |
|
|
12,500 |
|
|
(44,278 |
) |
|
PPL Corp.,
Strike Price USD 28.02, Expires 5/10/10, |
|
|
16,000 |
|
|
(933 |
) |
|
Procter
& Gamble Co. (The), Strike Price USD 63.42, |
|
|
38,000 |
|
|
(12,509 |
) |
|
Procter
& Gamble Co. (The), Strike Price USD 63.75, |
|
|
15,000 |
|
|
(419 |
) |
|
Questar
Corp., Strike Price USD 43.47, Expires 5/17/10, |
|
|
40,000 |
|
|
(179,934 |
) |
|
Raytheon
Co., Strike Price USD 57.88, Expires 5/10/10, |
|
|
27,000 |
|
|
(23,943 |
) |
|
Sysco
Corp., Strike Price USD 30.95, Expires 7/06/10, |
|
|
19,000 |
|
|
(25,128 |
) |
|
T. Rowe
Price Group, Inc., Strike Price USD 53.81, |
|
|
13,500 |
|
|
(50,355 |
) |
|
Target
Corp., Strike Price USD 54.34, Expires 6/04/10, |
|
|
24,000 |
|
|
(80,057 |
) |
|
TJX Cos.,
Inc., Strike Price USD 43.24, Expires 5/10/10, |
|
|
4,000 |
|
|
(12,545 |
) |
|
TJX Cos.,
Inc., Strike Price USD 43.58, Expires 5/17/10, |
|
|
15,000 |
|
|
(43,163 |
) |
|
Toronto-Dominion
Bank (The), Strike Price USD 73.86, |
|
|
7,000 |
|
|
(9,470 |
) |
|
Travelers
Cos., Inc. (The), Strike Price USD 54.97, |
|
|
33,000 |
|
|
(78 |
) |
|
UGI Corp.,
Strike Price USD 26.83, Expires 5/17/10, |
|
|
21,000 |
|
|
(20,221 |
) |
|
United
Technologies Corp., Strike Price USD 76.26, |
|
|
25,500 |
|
|
(31,724 |
) |
|
Universal
Corp., Strike Price USD 54.79, Expires 5/07/10, |
|
|
12,700 |
|
|
(2,358 |
) |
|
Valspar
Corp., Strike Price USD 29.48, Expires 5/10/10, |
|
|
11,000 |
|
|
(20,525 |
) |
|
Vectren
Corp., Strike Price USD 24.82, Expires 6/25/10, |
|
|
6,000 |
|
|
(3,307 |
) |
|
Vectren Corp.,
Strike Price USD 25.22, Expires 6/08/10, |
|
|
8,000 |
|
|
(2,508 |
) |
|
VF Corp.,
Strike Price USD 80.67, Expires 5/10/10, |
|
|
10,000 |
|
|
(57,500 |
) |
|
VF Corp.,
Strike Price USD 83.33, Expires 5/27/10, |
|
|
3,500 |
|
|
(12,565 |
) |
|
Wal-Mart
Stores, Inc., Strike Price USD 54.77, |
|
|
8,000 |
|
|
(4,907 |
) |
|
Wal-Mart
Stores, Inc., Strike Price USD 54.96, |
|
|
16,000 |
|
|
(8,885 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(2,342,603 |
) |
|
Total Options Written |
|
|
|
|
|
(2,732,589 |
) |
|
Total Investments Net of Outstanding Options Written—99.9% |
|
|
|
|
|
542,152,302 |
|
|
Other Assets Less Liabilities—0.1% |
|
|
|
|
|
710,674 |
|
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
542,862,976 |
|
|
|
|
|
|
|
|||
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
17 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Dividend AchieversTM Trust (BDV) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
515,871,960 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
43,331,341 |
|
|
Gross unrealized depreciation |
|
|
(14,318,410 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
29,012,931 |
|
|
|
|
|
|
|
|
(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 |
|
Shares |
|
Net Activity |
|
Shares |
|
Income |
|
||||
|
BlackRock
Liquidity Funds, |
|
|
7,282,466 |
|
|
(2,542,402 |
) |
|
4,740,064 |
|
$ |
4,931 |
|
|
|
|
|
|
(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 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 methodologies 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 April 30, 2010 in determining the investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks1 |
|
$ |
540,144,827 |
|
|
— |
|
|
— |
|
$ |
540,144,827 |
|
|
Short-Term Securities |
|
|
4,740,064 |
|
|
— |
|
|
— |
|
|
4,740,064 |
|
|
Total |
|
$ |
544,884,891 |
|
|
— |
|
|
— |
|
$ |
544,884,891 |
|
|
|
|
||||||||||||
|
|
|
|
1 |
See above Schedule of Investments for values in each industry. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments2 |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Liabilities: |
|
$ |
(296,890 |
) |
$ |
(2,435,699 |
) |
|
— |
|
$ |
(2,732,589 |
) |
|
Total |
|
$ |
(296,890 |
) |
$ |
(2,435,699 |
) |
|
— |
|
$ |
(2,732,589 |
) |
|
|
|
||||||||||||
|
|
|
|
2 |
Other financial instruments are options which are shown at value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
18 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock Enhanced Dividend AchieversTM Trust (BDJ) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Aerospace & Defense—4.9% |
|
|
|
|
|
|
|
|
General Dynamics Corp. |
|
|
195,500 |
|
$ |
14,928,380 |
|
|
Raytheon Co. |
|
|
144,900 |
|
|
8,447,670 |
|
|
United Technologies Corp. |
|
|
84,000 |
|
|
6,295,800 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
29,671,850 |
|
|
Beverages—6.1% |
|
|
|
|
|
|
|
|
Brown-Forman Corp., Class B |
|
|
133,700 |
|
|
7,778,666 |
|
|
Coca-Cola Co. (The) |
|
|
278,700 |
|
|
14,896,515 |
|
|
PepsiCo, Inc. |
|
|
219,000 |
|
|
14,283,180 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
36,958,361 |
|
|
Capital Markets—0.7% |
|
|
|
|
|
|
|
|
T. Rowe Price Group, Inc. |
|
|
71,100 |
|
|
4,088,961 |
|
|
Chemicals—3.7% |
|
|
|
|
|
|
|
|
Air Products & Chemicals, Inc. |
|
|
30,500 |
|
|
2,341,790 |
|
|
E.I. du Pont de Nemours & Co. |
|
|
213,600 |
|
|
8,509,824 |
|
|
PPG Industries, Inc. |
|
|
68,450 |
|
|
4,816,826 |
|
|
RPM International, Inc. |
|
|
219,400 |
|
|
4,844,352 |
|
|
Valspar Corp. |
|
|
61,800 |
|
|
1,935,576 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
22,448,368 |
|
|
Commercial Banks—2.0% |
|
|
|
|
|
|
|
|
Bank of Hawaii Corp. |
|
|
61,400 |
|
|
3,246,832 |
|
|
Cullen/Frost Bankers, Inc. |
|
|
53,300 |
|
|
3,163,888 |
|
|
Toronto-Dominion Bank (The) |
|
|
40,000 |
|
|
2,978,400 |
|
|
U.S. Bancorp |
|
|
108,400 |
|
|
2,901,868 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,290,988 |
|
|
Commercial Services & Supplies—0.6% |
|
|
|
|
|
|
|
|
Pitney Bowes, Inc. |
|
|
147,146 |
|
|
3,737,508 |
|
|
Computers & Peripherals—4.7% |
|
|
|
|
|
|
|
|
Hewlett-Packard Co. |
|
|
57,800 |
|
|
3,003,866 |
|
|
International Business Machines Corp. |
|
|
197,600 |
|
|
25,490,400 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
28,494,266 |
|
|
Diversified Financial Services—2.0% |
|
|
|
|
|
|
|
|
JPMorgan Chase & Co. |
|
|
287,900 |
|
|
12,258,782 |
|
|
Diversified Telecommunication—4.3% |
|
|
|
|
|
|
|
|
AT&T Inc. |
|
|
701,200 |
|
|
18,273,272 |
|
|
CenturyTel, Inc. |
|
|
231,000 |
|
|
7,879,410 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
26,152,682 |
|
|
Electric Utilities—4.6% |
|
|
|
|
|
|
|
|
FPL Group, Inc. |
|
|
190,900 |
|
|
9,936,345 |
|
|
Northeast Utilities |
|
|
283,700 |
|
|
7,884,023 |
|
|
PPL Corp. |
|
|
86,700 |
|
|
2,146,692 |
|
|
Progress Energy, Inc. |
|
|
186,300 |
|
|
7,437,096 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
27,404,156 |
|
|
Electrical Equipment—2.1% |
|
|
|
|
|
|
|
|
Emerson Electric Co. |
|
|
246,300 |
|
|
12,864,249 |
|
|
Energy Equipment & Services—0.7% |
|
|
|
|
|
|
|
|
Halliburton Co. |
|
|
138,700 |
|
|
4,251,155 |
|
|
Food & Staples Retailing—1.8% |
|
|
|
|
|
|
|
|
Sysco Corp. |
|
|
104,300 |
|
|
3,289,622 |
|
|
Wal-Mart Stores, Inc. |
|
|
145,400 |
|
|
7,800,710 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,090,332 |
|
|
Food Products—1.4% |
|
|
|
|
|
|
|
|
General Mills, Inc. |
|
|
74,000 |
|
|
5,267,320 |
|
|
Kraft Food, Inc. |
|
|
101,500 |
|
|
3,004,400 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,271,720 |
|
|
Gas Utilities—3.4% |
|
|
|
|
|
|
|
|
Atmos Energy Corp. |
|
|
127,900 |
|
|
3,783,282 |
|
|
National Fuel Gas Co. |
|
|
57,200 |
|
|
2,975,544 |
|
|
Questar Corp. |
|
|
218,700 |
|
|
10,486,665 |
|
|
UGI Corp. |
|
|
115,700 |
|
|
3,180,593 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,426,084 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Health Care Equipment & Supplies—2.3% |
|
|
|
|
|
|
|
|
Becton Dickinson & Co. |
|
|
45,600 |
|
$ |
3,482,472 |
|
|
Medtronic, Inc. |
|
|
236,700 |
|
|
10,341,423 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
13,823,895 |
|
|
Hotels Restaurants & Leisure—3.0% |
|
|
|
|
|
|
|
|
McDonald’s Corp. |
|
|
259,400 |
|
|
18,311,046 |
|
|
Household Products—6.3% |
|
|
|
|
|
|
|
|
Clorox Co. |
|
|
99,400 |
|
|
6,431,180 |
|
|
Colgate-Palmolive Co. |
|
|
69,900 |
|
|
5,878,590 |
|
|
Kimberly-Clark Corp. |
|
|
117,700 |
|
|
7,210,302 |
|
|
Procter & Gamble Co. (The) |
|
|
296,600 |
|
|
18,436,656 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
37,956,728 |
|
|
Industrial Conglomerates—2.9% |
|
|
|
|
|
|
|
|
3M Co. |
|
|
150,800 |
|
|
13,371,436 |
|
|
General Electric Co. |
|
|
209,000 |
|
|
3,941,740 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
17,313,176 |
|
|
Insurance—2.6% |
|
|
|
|
|
|
|
|
Chubb Corp. |
|
|
124,400 |
|
|
6,577,028 |
|
|
Travelers Cos., Inc. (The) |
|
|
182,600 |
|
|
9,265,124 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
15,842,152 |
|
|
IT Services—0.8% |
|
|
|
|
|
|
|
|
Automatic Data Processing, Inc. |
|
|
62,060 |
|
|
2,690,922 |
|
|
Paychex, Inc. |
|
|
57,500 |
|
|
1,759,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,450,422 |
|
|
Machinery—3.6% |
|
|
|
|
|
|
|
|
Caterpillar, Inc. |
|
|
143,800 |
|
|
9,791,342 |
|
|
Deere & Co. |
|
|
173,200 |
|
|
10,360,824 |
|
|
Pentair, Inc. |
|
|
48,100 |
|
|
1,739,296 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
21,891,462 |
|
|
Media—0.3% |
|
|
|
|
|
|
|
|
McGraw-Hill Cos., Inc. (The) |
|
|
46,600 |
|
|
1,571,352 |
|
|
Metals & Mining—1.9% |
|
|
|
|
|
|
|
|
BHP Billiton Ltd. - ADR |
|
|
102,900 |
|
|
7,490,091 |
|
|
Nucor Corp. |
|
|
82,200 |
|
|
3,725,304 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,215,395 |
|
|
Multi-Utilities—0.8% |
|
|
|
|
|
|
|
|
NSTAR |
|
|
84,100 |
|
|
3,078,060 |
|
|
Vectren Corp. |
|
|
75,700 |
|
|
1,893,257 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,971,317 |
|
|
Multiline Retail—1.5% |
|
|
|
|
|
|
|
|
Family Dollar Stores, Inc. |
|
|
32,500 |
|
|
1,285,700 |
|
|
Target Corp. |
|
|
132,200 |
|
|
7,518,214 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,803,914 |
|
|
Oil, Gas & Consumable Fuels—10.3% |
|
|
|
|
|
|
|
|
Chevron Corp. |
|
|
271,800 |
|
|
22,135,392 |
|
|
Exxon Mobil Corp. |
|
|
311,300 |
|
|
21,121,705 |
|
|
Marathon Oil Corp. |
|
|
161,400 |
|
|
5,189,010 |
|
|
Murphy Oil Corp. |
|
|
230,300 |
|
|
13,852,545 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
62,298,652 |
|
|
Personal Products—0.8% |
|
|
|
|
|
|
|
|
Avon Products, Inc. |
|
|
141,100 |
|
|
4,561,763 |
|
|
Pharmaceuticals—9.4% |
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
|
378,500 |
|
|
19,364,060 |
|
|
Eli Lilly & Co. |
|
|
171,900 |
|
|
6,011,343 |
|
|
Johnson & Johnson (a) |
|
|
322,000 |
|
|
20,704,600 |
|
|
Merck & Co., Inc. |
|
|
178,800 |
|
|
6,265,152 |
|
|
Pfizer, Inc. |
|
|
272,200 |
|
|
4,551,184 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
56,896,339 |
|
|
Semiconductors & Semiconductor Equipment—1.2% |
|
|
|
|
|
|
|
|
Intel Corp. |
|
|
196,800 |
|
|
4,492,944 |
|
|
Linear Technology Corp. |
|
|
96,200 |
|
|
2,891,772 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,384,716 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
19 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Enhanced Dividend AchieversTM Trust (BDJ) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Specialty Retail—2.4% |
|
|
|
|
|
|
|
|
Lowe’s Cos., Inc. |
|
|
298,600 |
|
$ |
8,098,032 |
|
|
Sherwin-Williams Co. (The) |
|
|
22,700 |
|
|
1,772,189 |
|
|
TJX Cos., Inc. |
|
|
102,700 |
|
|
4,759,118 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,629,339 |
|
|
Textiles, Apparel & Luxury Goods—1.1% |
|
|
|
|
|
|
|
|
VF Corp. |
|
|
75,100 |
|
|
6,490,142 |
|
|
Tobacco—3.5% |
|
|
|
|
|
|
|
|
Altria Group, Inc. |
|
|
686,200 |
|
|
14,540,578 |
|
|
Philip Morris International, Inc. |
|
|
56,000 |
|
|
2,748,480 |
|
|
Universal Corp. |
|
|
68,461 |
|
|
3,544,911 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,833,969 |
|
|
Water Utilities—0.8% |
|
|
|
|
|
|
|
|
Aqua America, Inc. |
|
|
174,000 |
|
|
3,189,420 |
|
|
California Water Service Group |
|
|
47,500 |
|
|
1,839,675 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,029,095 |
|
|
Total Long-Term Investments |
|
|
|
|
|
594,684,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
BlackRock
Liquidity Funds, TempFund, Institutional Class, |
|
|
13,025,768 |
|
|
13,025,768 |
|
|
Total Short-Term Securities |
|
|
|
|
|
13,025,768 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
607,710,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.2)% |
|
|
|
|
|
|
|
|
Abbott Laboratories, Strike Price USD 52.50, Expires 5/24/10 |
|
|
200 |
|
|
(7,100 |
) |
|
Abbott Laboratories, Strike Price USD 55, Expires 5/24/10 |
|
|
1,300 |
|
|
(7,150 |
) |
|
Becton Dickinson & Co., Strike Price USD 80, Expires 5/24/10 |
|
|
255 |
|
|
(5,737 |
) |
|
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10 |
|
|
640 |
|
|
(259,200 |
) |
|
Chubb Corp., Strike Price USD 53.50, Expires 5/28/10 |
|
|
315 |
|
|
(25,803 |
) |
|
Clorox Co., Strike Price USD 65, Expires 5/24/10 |
|
|
250 |
|
|
(24,375 |
) |
|
Coca-Cola Co. (The), Strike Price USD 55, Expires 5/24/10 |
|
|
980 |
|
|
(32,830 |
) |
|
Coca-Cola Co. (The), Strike Price USD 55, Expires 6/02/10 |
|
|
550 |
|
|
(24,370 |
) |
|
Eli Lilly & Co., Strike Price USD 36, Expires 6/21/10 |
|
|
425 |
|
|
(16,575 |
) |
|
Eli Lilly & Co., Strike Price USD 36.50, Expires 5/22/10 |
|
|
519 |
|
|
(7,110 |
) |
|
Emerson Electric Co., Strike Price USD 49, Expires 5/10/10 |
|
|
250 |
|
|
(81,414 |
) |
|
Family Dollar Stores, Inc., Strike Price USD 39, Expires 5/24/10 |
|
|
180 |
|
|
(22,050 |
) |
|
FPL Group, Inc., Strike Price USD 50, Expires 5/24/10 |
|
|
340 |
|
|
(79,050 |
) |
|
International
Business Machines Corp., Strike Price USD 130, |
|
|
60 |
|
|
(15,870 |
) |
|
Kimberly-Clark Corp., Strike Price USD 63.50, Expires 5/24/10 |
|
|
340 |
|
|
(4,295 |
) |
|
Lowe’s Cos., Inc., Strike Price USD 25, Expires 5/24/10 |
|
|
110 |
|
|
(26,455 |
) |
|
Medtronic, Inc., Strike Price USD 46, Expires 5/24/10 |
|
|
1,295 |
|
|
(45,325 |
) |
|
Paychex, Inc., Strike Price USD 32.50, Expires 5/24/10 |
|
|
300 |
|
|
(3,000 |
) |
|
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10 |
|
|
1,200 |
|
|
(19,800 |
) |
|
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10 |
|
|
2,700 |
|
|
(14,850 |
) |
|
Philip
Morris International, Inc., Strike Price USD 52.50, |
|
|
550 |
|
|
(5,775 |
) |
|
Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10 |
|
|
810 |
|
|
(60,750 |
) |
|
Progress Energy, Inc., Strike Price USD 40, Expires 6/21/10 |
|
|
1,025 |
|
|
(79,438 |
) |
|
RPM
International, Inc., Strike Price USD 20.25, |
|
|
210 |
|
|
(38,430 |
) |
|
Sherwin-Williams
Co. (The), Strike Price USD 75, |
|
|
125 |
|
|
(55,625 |
) |
|
U.S. Bancorp, Strike Price USD 27, Expires 5/24/10 |
|
|
130 |
|
|
(8,515 |
) |
|
U.S. Bancorp, Strike Price USD 28, Expires 5/24/10 |
|
|
141 |
|
|
(3,736 |
) |
|
U.S. Bancorp, Strike Price USD 28, Expires 6/21/10 |
|
|
320 |
|
|
(19,840 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written (concluded) |
|
|
|
|
|
|
|
|
United
Technologies Corp., Strike Price USD 77.25, |
|
|
100 |
|
$ |
(9,726 |
) |
|
Universal Corp., Strike Price USD 55, Expires 5/24/10 |
|
|
35 |
|
|
(2,975 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(1,007,169 |
) |
|
Over-the-Counter Call Options Written—(1.1)% |
|
|
|
|
|
|
|
|
3M Co.,
Strike Price USD 82, Expires 5/07/10, |
|
|
33,000 |
|
|
(220,110 |
) |
|
3M Co.,
Strike Price USD 82.02, Expires 5/10/10, |
|
|
50,000 |
|
|
(335,211 |
) |
|
Abbott
Laboratories, Strike Price USD 53.18, |
|
|
43,000 |
|
|
(3,883 |
) |
|
Abbott
Laboratories, Strike Price USD 53.37, |
|
|
17,000 |
|
|
(613 |
) |
|
Air
Products & Chemicals, Inc., Strike Price USD 73.91, |
|
|
17,000 |
|
|
(51,312 |
) |
|
Altria
Group, Inc., Strike Price USD 20.78, |
|
|
26,000 |
|
|
(11,469 |
) |
|
Altria Group,
Inc., Strike Price USD 21.58, |
|
|
351,400 |
|
|
(112,448 |
) |
|
Aqua
America, Inc., Strike Price USD 17.72, |
|
|
96,000 |
|
|
(64,685 |
) |
|
AT&T
Inc., Strike Price USD 25.97, Expires 5/21/10, |
|
|
127,000 |
|
|
(52,271 |
) |
|
AT&T
Inc., Strike Price USD 26.51, Expires 6/04/10, |
|
|
26,500 |
|
|
(5,477 |
) |
|
AT&T
Inc., Strike Price USD 26.72, Expires 5/28/10, |
|
|
232,000 |
|
|
(28,770 |
) |
|
Atmos
Energy Corp., Strike Price USD 29.82, |
|
|
70,500 |
|
|
(114,435 |
) |
|
Automatic
Data Processing, Inc., Strike Price USD 44.72, |
|
|
34,000 |
|
|
(1,717 |
) |
|
Avon
Products, Inc., Strike Price USD 34.17, |
|
|
77,000 |
|
|
(6,818 |
) |
|
Bank of
Hawaii Corp., Strike Price USD 51.20, |
|
|
34,000 |
|
|
(92,570 |
) |
|
BHP
Billiton Ltd. - ADR, Strike Price USD 80.86, |
|
|
56,000 |
|
|
(1,586 |
) |
|
Brown-Forman
Corp., Class B, Strike Price USD 59.53, |
|
|
73,000 |
|
|
(23,549 |
) |
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
13,100 |
|
|
(11,419 |
) |
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
13,100 |
|
|
(15,232 |
) |
|
Caterpillar,
Inc., Strike Price USD 63.73, |
|
|
15,000 |
|
|
(68,312 |
) |
|
CenturyTel,
Inc., Strike Price USD 36.51, |
|
|
127,000 |
|
|
(11,873 |
) |
|
Chevron
Corp., Strike Price USD 81.13, |
|
|
133,500 |
|
|
(274,049 |
) |
|
Chevron
Corp., Strike Price USD 81.35, |
|
|
16,000 |
|
|
(27,459 |
) |
|
Chubb
Corp., Strike Price USD 52.67, |
|
|
37,000 |
|
|
(28,338 |
) |
|
Clorox Co.,
Strike Price USD 65.22, |
|
|
30,000 |
|
|
(13,521 |
) |
|
Colgate-Palmolive
Co., Strike Price USD 85.73, |
|
|
38,500 |
|
|
(17,039 |
) |
|
Cullen/Frost
Bankers, Inc., Strike Price USD 56.38, |
|
|
29,000 |
|
|
(88,583 |
) |
|
Deere &
Co., Strike Price USD 61.49, Expires 5/10/10, |
|
|
95,000 |
|
|
(75,038 |
) |
|
E.I. du
Pont de Nemours & Co., Strike Price USD 37.71, |
|
|
118,000 |
|
|
(254,056 |
) |
|
Emerson
Electric Co., Strike Price USD 49.25, |
|
|
106,000 |
|
|
(329,282 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
20 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Enhanced Dividend AchieversTM Trust (BDJ) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Exxon Mobil
Corp., Strike Price USD 69.03, |
|
|
171,000 |
|
$ |
(202,207 |
) |
|
FPL Group,
Inc., Strike Price USD 48.64, Expires 5/10/10, |
|
|
71,000 |
|
|
(241,968 |
) |
|
General
Dynamics Corp., Strike Price USD 76.51, |
|
|
30,500 |
|
|
(58,962 |
) |
|
General
Dynamics Corp., Strike Price USD 78.75, |
|
|
77,000 |
|
|
(16,586 |
) |
|
General
Electric Co., Strike Price USD 19.18, |
|
|
115,000 |
|
|
(65,380 |
) |
|
General
Mills, Inc., Strike Price USD 71.17, |
|
|
41,000 |
|
|
(23,914 |
) |
|
Halliburton
Co., Strike Price USD 30, Expires 5/10/10, |
|
|
76,000 |
|
|
(105,168 |
) |
|
Hewlett-Packard
Co., Strike Price USD 53.27, |
|
|
57,000 |
|
|
(24,496 |
) |
|
Intel
Corp., Strike Price USD 22.41, Expires 5/10/10, |
|
|
108,000 |
|
|
(65,338 |
) |
|
International
Business Machines Corp., Strike Price |
|
|
103,000 |
|
|
(168,982 |
) |
|
Johnson
& Johnson, Strike Price USD 65.70, |
|
|
177,000 |
|
|
(106,956 |
) |
|
JPMorgan
Chase & Co., Strike Price USD 44.88, |
|
|
158,000 |
|
|
(30,538 |
) |
|
Kimberly-Clark
Corp., Strike Price USD 62.69, |
|
|
31,000 |
|
|
(16,112 |
) |
|
Kraft Food,
Inc., Class A, Strike Price USD 30.65, |
|
|
66,000 |
|
|
(3,562 |
) |
|
Linear
Technology Corp., Strike Price USD 29.44, |
|
|
53,000 |
|
|
(57,276 |
) |
|
Lowe’s
Cos., Inc., Strike Price USD 24.48, |
|
|
29,000 |
|
|
(77,266 |
) |
|
Lowe’s
Cos., Inc., Strike Price USD 25.96, |
|
|
124,500 |
|
|
(216,774 |
) |
|
Marathon
Oil Corp., Strike Price USD 31.60, |
|
|
89,000 |
|
|
(79,177 |
) |
|
McDonald’s
Corp., Strike Price USD 67.63, |
|
|
71,000 |
|
|
(210,553 |
) |
|
McDonald’s
Corp., Strike Price USD 71.03, |
|
|
71,000 |
|
|
(104,734 |
) |
|
McGraw-Hill
Cos., Inc., Strike Price USD 35.96, |
|
|
13,500 |
|
|
(1,336 |
) |
|
McGraw-Hill
Cos., Inc., Strike Price USD 36.16, |
|
|
12,000 |
|
|
(31 |
) |
|
Merck &
Co., Inc., Strike Price USD 38.19, |
|
|
98,000 |
|
|
(935 |
) |
|
Murphy Oil
Corp., Strike Price USD 56.70, |
|
|
126,000 |
|
|
(493,271 |
) |
|
National
Fuel Gas Co., Strike Price USD 51.15, |
|
|
31,000 |
|
|
(54,902 |
) |
|
Northeast
Utilities, Strike Price USD 28.26, |
|
|
78,000 |
|
|
(23,920 |
) |
|
Northeast
Utilities, Strike Price USD 28.26, |
|
|
78,000 |
|
|
(61,127 |
) |
|
NSTAR,
Strike Price USD 35.83, Expires 5/17/10, |
|
|
46,000 |
|
|
(45,172 |
) |
|
Nucor
Corp., Strike Price USD 46.31, Expires 5/10/10, |
|
|
45,000 |
|
|
(18,676 |
) |
|
Pentair, Inc.,
Strike Price USD 35.03, Expires 5/10/10, |
|
|
26,000 |
|
|
(33,347 |
) |
|
PPG
Industries, Inc., Strike Price USD 66.94, |
|
|
37,500 |
|
|
(132,834 |
) |
|
PPL Corp.,
Strike Price USD 28.02, Expires 5/10/10, |
|
|
48,000 |
|
|
(2,800 |
) |
|
Procter
& Gamble Co. (The), Strike Price USD 63.42, |
|
|
67,000 |
|
|
(22,055 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Procter
& Gamble Co. (The), Strike Price USD 63.75, |
|
|
96,000 |
|
$ |
(2,681 |
) |
|
Questar
Corp., Strike Price USD 43.47, Expires 5/17/10, |
|
|
120,000 |
|
|
(539,801 |
) |
|
Raytheon
Co., Strike Price USD 57.88, Expires 5/10/10, |
|
|
80,000 |
|
|
(70,942 |
) |
|
RPM
International, Inc., Strike Price USD 21.17, |
|
|
45,500 |
|
|
(43,489 |
) |
|
RPM
International, Inc., Strike Price USD 22.88, |
|
|
54,000 |
|
|
(9,026 |
) |
|
Sysco
Corp., Strike Price USD 30.95, Expires 7/06/10, |
|
|
57,000 |
|
|
(75,385 |
) |
|
T. Rowe
Price Group, Inc., Strike Price USD 53.81, |
|
|
38,000 |
|
|
(141,740 |
) |
|
Target
Corp., Strike Price USD 54.34, Expires 6/04/10, |
|
|
73,000 |
|
|
(243,506 |
) |
|
TJX Cos.,
Inc., Strike Price USD 43.24, Expires 5/10/10, |
|
|
14,000 |
|
|
(43,907 |
) |
|
TJX Cos.,
Inc., Strike Price USD 43.58, Expires 5/17/10, |
|
|
43,000 |
|
|
(123,735 |
) |
|
Toronto-Dominion
Bank (The), Strike Price USD 73.86, |
|
|
22,000 |
|
|
(29,764 |
) |
|
Travelers
Cos., Inc. (The), Strike Price USD 54.97, |
|
|
100,000 |
|
|
(237 |
) |
|
UGI Corp.,
Strike Price USD 26.83, Expires 5/17/10, |
|
|
64,000 |
|
|
(61,626 |
) |
|
Universal
Corp., Strike Price USD 54.79, Expires 5/07/10, |
|
|
34,000 |
|
|
(6,314 |
) |
|
Valspar
Corp., Strike Price USD 29.48, Expires 5/10/10, |
|
|
34,000 |
|
|
(63,441 |
) |
|
Vectren
Corp., Strike Price USD 24.82, Expires 6/25/10, |
|
|
20,000 |
|
|
(11,023 |
) |
|
Vectren
Corp., Strike Price USD 25.22, Expires 6/08/10, |
|
|
21,300 |
|
|
(6,678 |
) |
|
VF Corp.,
Strike Price USD 80.67, Expires 5/10/10, |
|
|
30,000 |
|
|
(172,500 |
) |
|
VF Corp.,
Strike Price USD 83.33, Expires 5/27/10, |
|
|
11,500 |
|
|
(41,285 |
) |
|
Wal-Mart
Stores, Inc., Strike Price USD 54.77, |
|
|
30,500 |
|
|
(18,707 |
) |
|
Wal-Mart
Stores, Inc., Strike Price USD 54.96, |
|
|
49,500 |
|
|
(27,483 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(6,840,750 |
) |
|
Total Options Written |
|
|
|
|
|
(7,847,919 |
) |
|
Total Investments Net of Outstanding Options Written—99.4% |
|
|
|
|
|
599,862,185 |
|
|
Other Assets Less Liabilities—0.6% |
|
|
|
|
|
3,840,543 |
|
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
603,702,728 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
||||
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
626,106,142 |
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
$ |
21,364,784 |
|
|
|
Gross unrealized depreciation |
|
|
(39,760,822 |
) |
|
|
|
|
|||
|
|
Net unrealized depreciation |
|
$ |
(18,396,038 |
) |
|
|
|
|
|||
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
21 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Enhanced Dividend AchieversTM Trust (BDJ) |
|
|
|
|
(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 |
|
Shares/ |
|
Net Activity |
|
Shares/ |
|
Income |
|
||||
|
|
||||||||||||||
|
|
BlackRock
Liquidity |
|
|
16,074,127 |
|
|
(3,048,359 |
) |
|
13,025,768 |
|
$ |
12,914 |
|
|
|
BlackRock
Liquidity |
|
|
1,991,000 |
|
|
(1,991,000 |
) |
|
— |
|
$ |
29,864 |
|
|
|
||||||||||||||
|
|
|
|
|
(c) |
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 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 methodologies 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 April 30, 2010 in determining the investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|||||||||||||
|
|
||||||||||||||
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|
||||||||||||||
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks1 |
|
$ |
594,684,336 |
|
|
— |
|
|
— |
|
$ |
594,684,336 |
|
|
|
Short-Term Securities |
|
|
13,025,768 |
|
|
— |
|
|
— |
|
|
13,025,768 |
|
|
|
||||||||||||||
|
|
Total |
|
$ |
607,710,104 |
|
|
— |
|
|
— |
|
$ |
607,710,104 |
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each industry. |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments2 |
|||||||||||||
|
|
||||||||||||||
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|
||||||||||||||
|
|
Liabilities: |
|
$ |
(816,021 |
) |
$ |
(7,031,898 |
) |
|
— |
|
$ |
(7,847,919 |
) |
|
|
||||||||||||||
|
|
Total |
|
$ |
(816,021 |
) |
$ |
(7,031,898 |
) |
|
— |
|
$ |
(7,847,919 |
) |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Other financial instruments are options which are shown at value. |
|||||||||||||
See Notes to Financial Statements.
|
|
|
|
|
|
|
22 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock Strategic Dividend AchieversTM Trust (BDT) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Building Products—2.3% |
|
|
|
|
|
|
|
|
Masco Corp. |
|
|
425,500 |
|
$ |
6,905,865 |
|
|
Capital Markets—2.9% |
|
|
|
|
|
|
|
|
Eaton Vance Corp. |
|
|
173,824 |
|
|
6,125,558 |
|
|
Federated Investors, Inc. |
|
|
106,946 |
|
|
2,579,537 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,705,095 |
|
|
Chemicals—1.8% |
|
|
|
|
|
|
|
|
RPM International, Inc. |
|
|
159,600 |
|
|
3,523,968 |
|
|
Stepan Co. |
|
|
27,150 |
|
|
2,056,612 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,580,580 |
|
|
Commercial Banks—13.8% |
|
|
|
|
|
|
|
|
BancFirst Corp. |
|
|
28,699 |
|
|
1,266,774 |
|
|
BancorpSouth, Inc. |
|
|
123,554 |
|
|
2,735,486 |
|
|
Bank of Hawaii Corp. |
|
|
60,900 |
|
|
3,220,392 |
|
|
Bank of the Ozarks, Inc. |
|
|
45,459 |
|
|
1,748,808 |
|
|
Chemical Financial Corp. |
|
|
56,145 |
|
|
1,330,636 |
|
|
Community Bank System, Inc. |
|
|
72,700 |
|
|
1,793,509 |
|
|
Community Trust Bancorp, Inc. |
|
|
42,115 |
|
|
1,264,292 |
|
|
Cullen/Frost Bankers, Inc. |
|
|
96,738 |
|
|
5,742,368 |
|
|
Iberiabank Corp. |
|
|
24,585 |
|
|
1,515,419 |
|
|
M&T Bank Corp. |
|
|
84,855 |
|
|
7,412,084 |
|
|
Park National Corp. |
|
|
35,300 |
|
|
2,418,050 |
|
|
S&T Bancorp, Inc. |
|
|
55,900 |
|
|
1,344,395 |
|
|
Sterling Bancshares, Inc. |
|
|
176,778 |
|
|
1,039,455 |
|
|
Trustmark Corp. |
|
|
107,608 |
|
|
2,634,244 |
|
|
United Bankshares, Inc. |
|
|
95,775 |
|
|
2,781,306 |
|
|
Valley National Bancorp |
|
|
160,100 |
|
|
2,600,024 |
|
|
WesBanco, Inc. |
|
|
65,500 |
|
|
1,262,840 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
42,110,082 |
|
|
Commercial Services & Supplies—6.5% |
|
|
|
|
|
|
|
|
ABM Industries, Inc. |
|
|
139,330 |
|
|
2,994,202 |
|
|
Avery Dennison Corp. |
|
|
161,941 |
|
|
6,320,557 |
|
|
HNI Corp. |
|
|
47,825 |
|
|
1,484,488 |
|
|
McGrath RentCorp |
|
|
58,461 |
|
|
1,519,401 |
|
|
Mine Safety Appliances Co. |
|
|
72,700 |
|
|
2,136,653 |
|
|
Pitney Bowes, Inc. |
|
|
215,675 |
|
|
5,478,145 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
19,933,446 |
|
|
Computers & Peripherals—0.9% |
|
|
|
|
|
|
|
|
Diebold, Inc. |
|
|
88,130 |
|
|
2,762,875 |
|
|
Construction Materials—1.8% |
|
|
|
|
|
|
|
|
Vulcan Materials Co. |
|
|
93,600 |
|
|
5,361,408 |
|
|
Containers & Packaging—2.5% |
|
|
|
|
|
|
|
|
Bemis Co., Inc. |
|
|
95,162 |
|
|
2,893,877 |
|
|
Myers Industries, Inc. |
|
|
120,148 |
|
|
1,304,807 |
|
|
Sonoca Products Co. |
|
|
103,700 |
|
|
3,435,581 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,634,265 |
|
|
Distributors—2.0% |
|
|
|
|
|
|
|
|
Genuine Parts Co. |
|
|
144,954 |
|
|
6,204,031 |
|
|
Diversified Consumer Services—1.9% |
|
|
|
|
|
|
|
|
H&R Block, Inc. |
|
|
312,321 |
|
|
5,718,598 |
|
|
Diversified Telecommunication—0.9% |
|
|
|
|
|
|
|
|
CenturyTel, Inc. |
|
|
81,000 |
|
|
2,762,910 |
|
|
Electric Utilities—0.5% |
|
|
|
|
|
|
|
|
MGE Energy, Inc. |
|
|
40,771 |
|
|
1,498,742 |
|
|
Electrical Equipment—1.9% |
|
|
|
|
|
|
|
|
AO Smith Corp. |
|
|
37,214 |
|
|
1,921,359 |
|
|
Brady Corp. |
|
|
113,991 |
|
|
3,916,731 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,838,090 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Energy Equipment & Services—0.9% |
|
|
|
|
|
|
|
|
Helmerich & Payne, Inc. |
|
|
70,940 |
|
$ |
2,881,583 |
|
|
Food & Staples Retailing—1.6% |
|
|
|
|
|
|
|
|
SUPERVALU, Inc. |
|
|
327,400 |
|
|
4,878,260 |
|
|
Food Products—5.1% |
|
|
|
|
|
|
|
|
Hormel Foods Corp. |
|
|
143,144 |
|
|
5,834,550 |
|
|
J.M. Smucker Co. (The) |
|
|
117,405 |
|
|
7,169,923 |
|
|
Lancaster Colony Corp. |
|
|
47,100 |
|
|
2,589,087 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
15,593,560 |
|
|
Gas Utilities—6.8% |
|
|
|
|
|
|
|
|
Atmos Energy Corp. |
|
|
94,562 |
|
|
2,797,144 |
|
|
National Fuel Gas Co. |
|
|
72,800 |
|
|
3,787,056 |
|
|
New Jersey Resources Corp. |
|
|
75,059 |
|
|
2,831,976 |
|
|
Northwest Natural Gas Co. |
|
|
58,621 |
|
|
2,778,049 |
|
|
Piedmont Natural Gas Co. |
|
|
100,900 |
|
|
2,774,750 |
|
|
UGI Corp. |
|
|
105,822 |
|
|
2,909,047 |
|
|
WGL Holdings, Inc. |
|
|
80,585 |
|
|
2,880,108 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,758,130 |
|
|
Health Care Equipment & Supplies—2.4% |
|
|
|
|
|
|
|
|
Beckman Coulter, Inc. |
|
|
44,191 |
|
|
2,757,519 |
|
|
Meridian Bioscience, Inc. |
|
|
67,081 |
|
|
1,340,949 |
|
|
Teleflex, Inc. |
|
|
52,600 |
|
|
3,225,432 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,323,900 |
|
|
Household Durables—4.7% |
|
|
|
|
|
|
|
|
Fortune Brands, Inc. |
|
|
57,889 |
|
|
3,034,541 |
|
|
Leggett & Platt, Inc. |
|
|
158,833 |
|
|
3,896,174 |
|
|
Stanley Black & Decker, Inc. |
|
|
120,548 |
|
|
7,492,058 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,422,773 |
|
|
Industrial Conglomerates—0.9% |
|
|
|
|
|
|
|
|
Otter Tail Corp. |
|
|
58,061 |
|
|
1,290,116 |
|
|
Raven Industries, Inc. |
|
|
48,181 |
|
|
1,462,775 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,752,891 |
|
|
Insurance—6.5% |
|
|
|
|
|
|
|
|
Arthur J. Gallagher & Co. |
|
|
109,400 |
|
|
2,873,938 |
|
|
Cincinnati Financial Corp. |
|
|
186,242 |
|
|
5,289,273 |
|
|
Erie Indemnity Co., Class A |
|
|
71,076 |
|
|
3,291,530 |
|
|
Harleysville Group, Inc. |
|
|
49,000 |
|
|
1,568,980 |
|
|
Mercury General Corp. |
|
|
72,200 |
|
|
3,248,278 |
|
|
Old Republic International Corp. |
|
|
240,120 |
|
|
3,604,201 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
19,876,200 |
|
|
Leisure Equipment & Products—1.3% |
|
|
|
|
|
|
|
|
Polaris Industries, Inc. |
|
|
69,300 |
|
|
4,100,481 |
|
|
Machinery—4.1% |
|
|
|
|
|
|
|
|
Dover Corp. |
|
|
143,975 |
|
|
7,518,375 |
|
|
NACCO Industries, Inc. |
|
|
30,426 |
|
|
2,645,236 |
|
|
Tennant Co. |
|
|
71,002 |
|
|
2,448,859 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,612,470 |
|
|
Media—1.6% |
|
|
|
|
|
|
|
|
Gannet Co., Inc. |
|
|
101,200 |
|
|
1,722,424 |
|
|
Harte-Hanks, Inc. |
|
|
123,912 |
|
|
1,784,333 |
|
|
Meredith Corp. |
|
|
36,093 |
|
|
1,296,821 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,803,578 |
|
|
Multi-Utilities—3.8% |
|
|
|
|
|
|
|
|
Black Hills Corp. |
|
|
59,700 |
|
|
1,963,533 |
|
|
Integrys Energy Group, Inc. |
|
|
80,000 |
|
|
3,968,800 |
|
|
MDU Resources Group, Inc. |
|
|
140,100 |
|
|
2,970,120 |
|
|
Vectren Corp. |
|
|
111,250 |
|
|
2,782,362 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,684,815 |
|
|
Multiline Retail—2.6% |
|
|
|
|
|
|
|
|
Nordstrom, Inc. |
|
|
192,526 |
|
|
7,957,100 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
|
|
|||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
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)—9.7% |
|
|
|
|
|
|
|
|
EastGroup Properties, Inc. |
|
|
42,000 |
|
$ |
1,716,960 |
|
|
Getty Realty Corp. |
|
|
92,790 |
|
|
2,298,408 |
|
|
HCP, Inc. |
|
|
75,663 |
|
|
2,430,296 |
|
|
Home Properties, Inc. |
|
|
48,734 |
|
|
2,421,592 |
|
|
Liberty Property Trust |
|
|
66,400 |
|
|
2,244,984 |
|
|
National Retail Properties, Inc. |
|
|
94,741 |
|
|
2,229,256 |
|
|
Realty Income Corp. |
|
|
72,518 |
|
|
2,377,865 |
|
|
Regency Centers Corp. |
|
|
44,182 |
|
|
1,813,671 |
|
|
Sovran Self Storage, Inc. |
|
|
75,780 |
|
|
2,795,524 |
|
|
UDR, Inc. |
|
|
153,300 |
|
|
3,113,523 |
|
|
Universal Health Realty Income Trust |
|
|
53,925 |
|
|
1,791,389 |
|
|
Washington REIT |
|
|
66,800 |
|
|
2,100,860 |
|
|
Weingarten Realty Investors |
|
|
99,132 |
|
|
2,291,932 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
29,626,260 |
|
|
Semiconductors & Semiconductor Equipment—2.1% |
|
|
|
|
|
|
|
|
Linear Technology Corp. (a) |
|
|
215,900 |
|
|
6,489,954 |
|
|
Thrifts & Mortgage Finance—0.9% |
|
|
|
|
|
|
|
|
First Niagara Financial Group, Inc. |
|
|
189,515 |
|
|
2,634,258 |
|
|
Tobacco—1.6% |
|
|
|
|
|
|
|
|
Universal Corp. |
|
|
36,308 |
|
|
1,880,028 |
|
|
Vector Group Ltd. |
|
|
190,468 |
|
|
3,121,771 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,001,799 |
|
|
Trading Companies & Distributors—2.3% |
|
|
|
|
|
|
|
|
Fastenal Co. |
|
|
130,592 |
|
|
7,142,076 |
|
|
Water Utilities—0.8% |
|
|
|
|
|
|
|
|
American States Water Co. |
|
|
33,425 |
|
|
1,247,421 |
|
|
California Water Service Group |
|
|
33,659 |
|
|
1,303,613 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,551,034 |
|
|
Total Long-Term Investments |
|
|
|
|
|
304,107,109 |
|
|
|
|||||||
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
BlackRock
Liquidity Funds, TempFund, Institutional |
|
|
5,868,505 |
|
|
5,868,505 |
|
|
Total Short-Term Securities |
|
|
|
|
|
5,868,505 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
309,975,614 |
|
|
|
|||||||
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.4)% |
|
|
|
|
|
|
|
|
AO Smith Corp., Strike Price USD 55, Expires 6/21/10 |
|
|
75 |
|
|
(4,687 |
) |
|
BancorpSouth, Inc., Strike Price USD 22.50, Expires 5/24/10 |
|
|
250 |
|
|
(8,750 |
) |
|
Beckman Coulter, Inc., Strike Price USD 65, Expires 5/24/10 |
|
|
88 |
|
|
(2,640 |
) |
|
Bemis Co., Inc., Strike Price USD 30, Expires 5/24/10 |
|
|
190 |
|
|
(15,675 |
) |
|
Brady Corp., Strike Price USD 30, Expires 5/24/10 |
|
|
230 |
|
|
(115,000 |
) |
|
Community
Bank System, Inc., Strike Price USD 25, |
|
|
145 |
|
|
(19,213 |
) |
|
Cullen/Frost
Bankers, Inc., Strike Price USD 58.75, |
|
|
195 |
|
|
(33,825 |
) |
|
Diebold, Inc., Strike Price USD 35, Expires 5/24/10 |
|
|
30 |
|
|
(450 |
) |
|
Dover Corp., Strike Price USD 47.25, Expires 5/24/10 |
|
|
290 |
|
|
(145,153 |
) |
|
EastGroup
Properties, Inc., Strike Price USD 40, |
|
|
84 |
|
|
(14,700 |
) |
|
Fortune Brands, Inc., Strike Price USD 50, Expires 5/24/10 |
|
|
115 |
|
|
(31,338 |
) |
|
Gannet Co., Inc., Strike Price USD 19, Expires 5/24/10 |
|
|
200 |
|
|
(2,000 |
) |
|
Genuine Parts Co., Strike Price USD 42.75, Expires 7/06/10 |
|
|
290 |
|
|
(35,957 |
) |
|
H&R Block, Inc., Strike Price USD 19, Expires 5/24/10 |
|
|
220 |
|
|
(5,500 |
) |
|
H&R Block, Inc., Strike Price USD 19, Expires 6/21/10 |
|
|
315 |
|
|
(17,701 |
) |
|
Helmerich
& Payne, Inc., Strike Price USD 40, |
|
|
140 |
|
|
(26,600 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written (concluded) |
|
|
|
|
|
|
|
|
HNI Corp., Strike Price USD 30, Expires 6/21/10 |
|
|
95 |
|
$ |
(19,000 |
) |
|
Home Properties, Inc., Strike Price USD 50, Expires 6/21/10 |
|
|
100 |
|
|
(13,500 |
) |
|
Iberiabank Corp., Strike Price USD 60, Expires 5/24/10 |
|
|
50 |
|
|
(16,500 |
) |
|
Lancaster Colony Corp., Strike Price USD 60, Expires 5/24/10 |
|
|
100 |
|
|
(6,000 |
) |
|
Liberty
Property Trust - REIT, Strike Price USD 35, |
|
|
130 |
|
|
(5,200 |
) |
|
M&T Bank Corp., Strike Price USD 85, Expires 5/24/10 |
|
|
170 |
|
|
(68,000 |
) |
|
Meridian
Bioscience, Inc., Strike Price USD 20, |
|
|
135 |
|
|
(12,488 |
) |
|
Mine Safety Appliances Co., Strike Price USD 30, |
|
|
145 |
|
|
(12,325 |
) |
|
National Fuel Gas Co., Strike Price USD 55, Expires 5/24/10 |
|
|
145 |
|
|
(8,337 |
) |
|
Nordstrom, Inc., Strike Price USD 44, Expires 5/24/10 |
|
|
385 |
|
|
(27,143 |
) |
|
Old
Republic International Corp., Strike Price USD 12.50, |
|
|
480 |
|
|
(122,400 |
) |
|
Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10 |
|
|
430 |
|
|
(32,250 |
) |
|
Polaris Industries, Inc., Strike Price USD 55, Expires 6/21/10 |
|
|
139 |
|
|
(79,925 |
) |
|
Regency Centers Corp., Strike Price USD 40, Expires 5/24/10 |
|
|
88 |
|
|
(16,060 |
) |
|
RPM
International, Inc., Strike Price USD 20.25, |
|
|
320 |
|
|
(58,560 |
) |
|
Sovran Self
Storage, Inc., Strike Price USD 35, |
|
|
152 |
|
|
(34,200 |
) |
|
Sterling
Bancshares, Inc., Strike Price USD 6.10, |
|
|
175 |
|
|
(2,819 |
) |
|
Sterling
Bancshares, Inc., Strike Price USD 6.20, |
|
|
178 |
|
|
(7,118 |
) |
|
United
Bankshares, Inc., Strike Price USD 30, |
|
|
10 |
|
|
(375 |
) |
|
Vulcan Materials Co., Strike Price USD 50, Expires 5/24/10 |
|
|
187 |
|
|
(143,055 |
) |
|
Weingarten
Realty Investors, Strike Price USD 25, |
|
|
202 |
|
|
(12,120 |
) |
|
WGL Holdings, Inc., Strike Price USD 35, Expires 5/24/10 |
|
|
160 |
|
|
(16,400 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(1,192,964 |
) |
|
Over-the-Counter Call Options Written—(0.4)% |
|
|
|
|
|
|
|
|
ABM
Industries, Inc., Strike Price USD 21.58, |
|
|
28,000 |
|
|
(15,943 |
) |
|
American
States Water Co., Strike Price USD 38.38, |
|
|
6,700 |
|
|
(1,962 |
) |
|
Arthur J.
Gallagher & Co., Strike Price USD 25.32, |
|
|
21,900 |
|
|
(26,415 |
) |
|
Atmos
Energy Corp., Strike Price USD 29.82, |
|
|
19,000 |
|
|
(30,841 |
) |
|
Avery
Dennison Corp., Strike Price USD 37.87, |
|
|
32,500 |
|
|
(57,123 |
) |
|
BancFirst
Corp., Strike Price USD 44.37, |
|
|
5,500 |
|
|
(6,104 |
) |
|
Bank of
Hawaii Corp., Strike Price USD 51.20, |
|
|
12,000 |
|
|
(32,672 |
) |
|
Bank of the
Ozarks, Inc., Strike Price USD 37.74, |
|
|
9,000 |
|
|
(15,714 |
) |
|
Black Hills
Corp., Strike Price USD 31.94, |
|
|
12,000 |
|
|
(13,143 |
) |
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
3,400 |
|
|
(2,964 |
) |
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
3,400 |
|
|
(3,953 |
) |
|
CenturyTel,
Inc., Strike Price USD 36.51, |
|
|
16,000 |
|
|
(1,496 |
) |
|
Chemical
Financial Corp., Strike Price USD 24.33, |
|
|
11,500 |
|
|
(8,742 |
) |
|
Cincinnati
Financial Corp., Strike Price USD 29.65, |
|
|
37,000 |
|
|
(6,161 |
) |
|
Community
Trust Bancorp, Inc., Strike Price USD 27.77, |
|
|
8,500 |
|
|
(19,813 |
) |
|
Diebold,
Inc., Strike Price USD 35.68, |
|
|
14,500 |
|
|
(1,209 |
) |
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
|
|
|||||
|
|
|
|
|
|
|
|
24 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Eaton Vance
Corp., Strike Price USD 34.69, |
|
|
35,000 |
|
$ |
(56,238 |
) |
|
Erie
Indemnity Co., Class A, Strike Price USD 43.18, |
|
|
14,200 |
|
|
(40,214 |
) |
|
Fastnel
Co., Strike Price USD 57.58, |
|
|
26,000 |
|
|
(25,740 |
) |
|
First
Niagara Financial Group, Inc., Strike Price USD 14.15, |
|
|
37,900 |
|
|
(10,669 |
) |
|
Getty
Realty Corp., Strike Price USD 24.34, |
|
|
18,600 |
|
|
(9,265 |
) |
|
Harleysville
Group, Inc., Strike Price USD 33.13, |
|
|
9,800 |
|
|
(2,500 |
) |
|
Harte-Hanks,
Inc., Strike Price USD 13.08, |
|
|
25,000 |
|
|
(36,138 |
) |
|
HCP, Inc.,
Strike Price USD 32, |
|
|
15,000 |
|
|
(20,125 |
) |
|
Hormel
Foods Corp., Strike Price USD 42.12, |
|
|
29,000 |
|
|
(3,553 |
) |
|
Integrys
Energy Group, Inc., Strike Price USD 50.18, |
|
|
16,000 |
|
|
(23,542 |
) |
|
J.M.
Smucker Co. (The), Strike Price USD 60.82, |
|
|
23,500 |
|
|
(16,398 |
) |
|
Leggett
& Platt, Inc., Strike Price USD 21.59, |
|
|
32,000 |
|
|
(93,952 |
) |
|
Linear
Technology Corp., Strike Price USD 29.44, |
|
|
43,000 |
|
|
(46,469 |
) |
|
Masco
Corp., Strike Price USD 16.69, |
|
|
85,000 |
|
|
(45,024 |
) |
|
McGrath
RentCorp, Strike Price USD 25.35, |
|
|
11,500 |
|
|
(12,154 |
) |
|
MDU
Resources Group, Inc., Strike Price USD 22, |
|
|
14,000 |
|
|
(3,025 |
) |
|
MDU
Resources Group, Inc., Strike Price USD 22.57, |
|
|
14,000 |
|
|
(1,467 |
) |
|
Mercury
General Corp., Strike Price USD 42.96, |
|
|
14,500 |
|
|
(29,435 |
) |
|
MGE Energy,
Inc., Strike Price USD 35.20, |
|
|
8,100 |
|
|
(12,636 |
) |
|
Myers
Industries, Inc., Strike Price USD 11.44, |
|
|
24,000 |
|
|
(8,171 |
) |
|
Nacco
Industries, Inc., Strike Price USD 90.90, |
|
|
6,100 |
|
|
(24,482 |
) |
|
National
Retail Properties, Inc., Strike Price USD 23.27, |
|
|
19,000 |
|
|
(12,200 |
) |
|
New Jersey
Resources Corp., Strike Price USD 38.27, |
|
|
15,000 |
|
|
(16,186 |
) |
|
Northwest
Natural Gas Co., Strike Price USD 47.31, |
|
|
11,700 |
|
|
(5,908 |
) |
|
Otter Tail
Corp., Strike Price USD 23.05, |
|
|
11,600 |
|
|
(1,783 |
) |
|
Park
National Corp., Strike Price USD 69.74, |
|
|
7,100 |
|
|
(10,331 |
) |
|
Piedmont
Natural Gas Co., Inc., Strike Price USD 28.50, |
|
|
20,200 |
|
|
(11,487 |
) |
|
Raven
Industries, Inc., Strike Price USD 30.39, |
|
|
9,600 |
|
|
(9,560 |
) |
|
Realty
Income Corp., Strike Price USD 31.96, |
|
|
14,500 |
|
|
(16,865 |
) |
|
S&T
Bancorp, Inc., Strike Price USD 24.46, |
|
|
11,000 |
|
|
(8,646 |
) |
|
Sonoca
Products Co., Strike Price USD 32.26, |
|
|
21,000 |
|
|
(27,126 |
) |
|
Stanley
Black & Decker, Inc., Strike Price USD 59.59, |
|
|
22,000 |
|
|
(62,942 |
) |
|
Stepan Co.,
Strike Price USD 58.25, |
|
|
5,400 |
|
|
(94,792 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (concluded) |
|
|
|
|
|
|
|
|
SUPERVALU,
Inc., Strike Price USD 16.30, |
|
|
65,500 |
|
$ |
(370 |
) |
|
Teleflex,
Inc., Strike Price USD 67.12, |
|
|
10,500 |
|
|
(516 |
) |
|
Tennant
Co., Strike Price USD 26.88, |
|
|
14,000 |
|
|
(106,731 |
) |
|
Trustmark
Corp., Strike Price USD 25.25, |
|
|
21,500 |
|
|
(5,471 |
) |
|
UDR, Inc.,
Strike Price USD 19.35, |
|
|
30,500 |
|
|
(36,526 |
) |
|
UGI Corp.,
Strike Price USD 27.14, |
|
|
21,200 |
|
|
(21,343 |
) |
|
United
Bankshares, Inc., Strike Price USD 26.87, |
|
|
17,500 |
|
|
(38,275 |
) |
|
Universal
Corp., Strike Price USD 54.79, |
|
|
7,300 |
|
|
(1,356 |
) |
|
Universal
Health Realty Income Trust, Strike Price USD 36, |
|
|
11,000 |
|
|
(164 |
) |
|
Valley
National Bancorp, Strike Price USD 14.61, |
|
|
31,000 |
|
|
(50,530 |
) |
|
Vector
Group Ltd., Strike Price USD 16.06, |
|
|
38,000 |
|
|
(18,465 |
) |
|
Vectren
Corp., Strike Price USD 24.82, |
|
|
9,000 |
|
|
(4,960 |
) |
|
Vectren
Corp., Strike Price USD 25.22, |
|
|
13,300 |
|
|
(4,170 |
) |
|
Washington
REIT, Strike Price USD 31.57, |
|
|
13,500 |
|
|
(13,328 |
) |
|
WesBanco,
Inc., Strike Price USD 16.40, |
|
|
13,000 |
|
|
(37,440 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(1,382,923 |
) |
|
Total Options Written |
|
|
|
|
|
(2,575,887 |
) |
|
Total Investments Net of Outstanding Options Written—100.5% |
|
|
|
|
|
307,399,727 |
|
|
Liabilities in Excess of Other Assets—(0.5)% |
|
|
|
|
|
(1,466,693 |
) |
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
305,933,034 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
295,116,990 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
39,211,355 |
|
|
Gross unrealized depreciation |
|
|
(24,352,731 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
14,858,624 |
|
|
|
|
|
|
|
|
(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 |
|
Shares |
|
Net Activity |
|
Shares |
|
Income |
|
||||
|
BlackRock Liquidity |
|
|
3,951,206 |
|
|
1,917,299 |
|
|
5,868,505 |
|
$ |
2,938 |
|
|
|
|
|
(c) |
Represents current yield as of report date. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
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 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 methodologies 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 April 30, 2010 in determining the investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks1 |
|
$ |
304,107,109 |
|
|
— |
|
|
— |
|
$ |
304,107,109 |
|
|
Short-Term Securities |
|
|
5,868,505 |
|
|
— |
|
|
— |
|
|
5,868,505 |
|
|
Total |
|
$ |
309,975,614 |
|
|
— |
|
|
— |
|
$ |
309,975,614 |
|
|
|
|
||||||||||||
|
|
|
|
1 |
See above Schedule of Investments for values in each industry. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments2 |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Liabilities: |
|
$ |
(891,831 |
) |
$ |
(1,684,056 |
) |
|
— |
|
$ |
(2,575,887 |
) |
|
Total |
|
$ |
(891,831 |
) |
$ |
(1,684,056 |
) |
|
— |
|
$ |
(2,575,887 |
) |
|
|
|
||||||||||||
|
|
|
|
2 |
Other financial instruments are options which are shown at value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
26 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock EcoSolutions Investment Trust (BQR) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Auto Components—0.9% |
|
|
|
|
|
|
|
|
Johnson Controls, Inc. (a) |
|
|
34,700 |
|
$ |
1,165,573 |
|
|
Building Products—0.2% |
|
|
|
|
|
|
|
|
Kingspan Group Plc (b) |
|
|
23,600 |
|
|
220,070 |
|
|
Chemicals—23.9% |
|
|
|
|
|
|
|
|
Agrium, Inc. |
|
|
47,150 |
|
|
2,942,631 |
|
|
CF Industries Holdings, Inc. |
|
|
13,650 |
|
|
1,142,095 |
|
|
Incitec Pivot Ltd. |
|
|
349,600 |
|
|
1,033,611 |
|
|
Israel Chemicals Ltd. |
|
|
90,000 |
|
|
1,077,252 |
|
|
Johnson Matthey Plc |
|
|
100,000 |
|
|
2,659,507 |
|
|
K+S AG |
|
|
20,000 |
|
|
1,150,177 |
|
|
Makhteshim-Agan Industries Ltd. |
|
|
190,000 |
|
|
797,504 |
|
|
Monsanto Co. |
|
|
50,300 |
|
|
3,171,918 |
|
|
Mosaic Co. (The) |
|
|
47,700 |
|
|
2,439,378 |
|
|
Nalco Holding Co. |
|
|
53,800 |
|
|
1,330,474 |
|
|
Novozymes A/S |
|
|
6,400 |
|
|
769,484 |
|
|
Nufarm Ltd. |
|
|
90,360 |
|
|
634,370 |
|
|
Potash Corp. of Saskatchewan, Inc. |
|
|
30,400 |
|
|
3,359,200 |
|
|
Sinofert Holdings Ltd. |
|
|
3,661,500 |
|
|
1,961,158 |
|
|
Syngenta AG |
|
|
11,600 |
|
|
2,939,089 |
|
|
Umicore |
|
|
54,000 |
|
|
1,974,538 |
|
|
Wacker Chemie AG (b) |
|
|
9,700 |
|
|
1,416,902 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
30,799,288 |
|
|
Commercial Services & Supplies—2.6% |
|
|
|
|
|
|
|
|
Tetra Tech, Inc. (b) |
|
|
107,600 |
|
|
2,620,060 |
|
|
Tianjin Capital Environmental Protection Group Co. Ltd. |
|
|
2,083,000 |
|
|
700,684 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,320,744 |
|
|
Construction & Engineering—2.0% |
|
|
|
|
|
|
|
|
Insituform Technologies, Inc. (b) |
|
|
20,400 |
|
|
488,988 |
|
|
Layne Christensen Co. (b) |
|
|
14,000 |
|
|
383,320 |
|
|
Quanta Services, Inc. (b) |
|
|
27,400 |
|
|
551,562 |
|
|
Shaw Group, Inc. (The) (b) |
|
|
29,200 |
|
|
1,117,776 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,541,646 |
|
|
Diversified Financial Services—0.4% |
|
|
|
|
|
|
|
|
Climate Exchange Plc (b) |
|
|
47,500 |
|
|
539,632 |
|
|
Electric Utilities—3.1% |
|
|
|
|
|
|
|
|
Acciona SA |
|
|
5,450 |
|
|
540,208 |
|
|
FPL Group, Inc. |
|
|
37,200 |
|
|
1,936,260 |
|
|
Iberdrola SA |
|
|
183,500 |
|
|
1,456,265 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,932,733 |
|
|
Electrical Equipment—7.0% |
|
|
|
|
|
|
|
|
American Superconductor Corp. (b) |
|
|
54,000 |
|
|
1,575,720 |
|
|
First Solar, Inc. (b)(c) |
|
|
6,200 |
|
|
890,010 |
|
|
Gamesa Corp. Tecnologica SA |
|
|
75,100 |
|
|
922,822 |
|
|
General Cable Corp. (b) |
|
|
12,900 |
|
|
368,553 |
|
|
Nordex SE (b) |
|
|
18,900 |
|
|
195,923 |
|
|
Renewable Energy Corp. AS (b) |
|
|
47,300 |
|
|
160,708 |
|
|
Roper Industries, Inc. |
|
|
15,900 |
|
|
970,218 |
|
|
Solarworld AG |
|
|
55,700 |
|
|
805,202 |
|
|
SunPower Corp., Class A(b) |
|
|
18,350 |
|
|
303,693 |
|
|
Suntech Power Holdings Co. Ltd. - ADR (b)(c) |
|
|
15,700 |
|
|
213,520 |
|
|
Vestas Wind Systems A/S (b) |
|
|
43,200 |
|
|
2,635,960 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,042,329 |
|
|
Electronic Equipment, Instruments & Components—3.5% |
|
|
|
|
|
|
|
|
Itron, Inc. (b)(a) |
|
|
41,100 |
|
|
3,271,971 |
|
|
Trimble Navigation Ltd. (b) |
|
|
36,210 |
|
|
1,184,429 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,456,400 |
|
|
Food Products—11.3% |
|
|
|
|
|
|
|
|
Agria Corp. - ADR (b) |
|
|
100,000 |
|
|
183,000 |
|
|
Archer-Daniels-Midland Co. (a) |
|
|
54,800 |
|
|
1,531,112 |
|
|
BrasilAgro
- Companhia Brasileira de Propriedades |
|
|
525,200 |
|
|
2,776,694 |
|
|
Bunge Ltd. |
|
|
32,900 |
|
|
1,742,055 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Food Products (concluded) |
|
|
|
|
|
|
|
|
Cosan Ltd. (b) |
|
|
113,400 |
|
$ |
1,204,308 |
|
|
Cresud SACIF y A - ADR |
|
|
63,240 |
|
|
887,257 |
|
|
Illovo Sugar Ltd. |
|
|
234,900 |
|
|
924,476 |
|
|
IOI Corp. Bhd |
|
|
533,333 |
|
|
905,253 |
|
|
Sao Martinho SA |
|
|
200,000 |
|
|
1,800,661 |
|
|
SLC Agricola SA |
|
|
150,000 |
|
|
1,408,313 |
|
|
SunOpta, Inc. (b) |
|
|
90,000 |
|
|
407,700 |
|
|
Viterra, Inc. (b) |
|
|
62,346 |
|
|
527,836 |
|
|
Wilmar International Ltd. |
|
|
55,000 |
|
|
276,158 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,574,823 |
|
|
Independent Power Producers & Energy Traders—2.3% |
|
|
|
|
|
|
|
|
EDF Energies Nouvelles SA |
|
|
17,800 |
|
|
803,364 |
|
|
Iberdrola Renovables SA |
|
|
351,600 |
|
|
1,363,092 |
|
|
Ormat Technologies, Inc. (a) |
|
|
23,300 |
|
|
742,338 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,908,794 |
|
|
Industrial Conglomerates—0.5% |
|
|
|
|
|
|
|
|
Orkla ASA |
|
|
72,500 |
|
|
610,862 |
|
|
Machinery—8.0% |
|
|
|
|
|
|
|
|
AGCO Corp. (b) |
|
|
30,500 |
|
|
1,068,110 |
|
|
CNH Global NV (b) |
|
|
38,900 |
|
|
1,179,837 |
|
|
Deere & Co. |
|
|
25,800 |
|
|
1,543,356 |
|
|
Duoyuan Global Water, Inc. - ADR (b) |
|
|
6,900 |
|
|
184,092 |
|
|
IDEX Corp. |
|
|
16,400 |
|
|
551,040 |
|
|
Kurita Water Industries Ltd. |
|
|
71,900 |
|
|
2,079,101 |
|
|
Pentair, Inc. |
|
|
60,300 |
|
|
2,180,448 |
|
|
Watts Water Technologies, Inc. |
|
|
40,500 |
|
|
1,436,940 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,222,924 |
|
|
Multi-Utilities—1.9% |
|
|
|
|
|
|
|
|
Hera SpA |
|
|
486,500 |
|
|
1,032,697 |
|
|
Suez Environnement Co. |
|
|
12,425 |
|
|
269,290 |
|
|
United Utilities Group Plc |
|
|
91,181 |
|
|
746,163 |
|
|
Veolia Environnement |
|
|
11,700 |
|
|
367,561 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,415,711 |
|
|
Oil, Gas & Consumable Fuels—2.0% |
|
|
|
|
|
|
|
|
Cheniere Energy, Inc. (b) |
|
|
12,500 |
|
|
51,875 |
|
|
D1 Oils Plc (b) |
|
|
360,099 |
|
|
24,794 |
|
|
Rentech, Inc. (b) |
|
|
500,000 |
|
|
625,000 |
|
|
Sasol Ltd. |
|
|
33,500 |
|
|
1,355,477 |
|
|
Sasol Ltd. - ADR (a) |
|
|
13,900 |
|
|
565,035 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,622,181 |
|
|
Paper & Forest Products—0.9% |
|
|
|
|
|
|
|
|
Fibria Celulose SA - ADR (b) |
|
|
29,800 |
|
|
591,530 |
|
|
Precious Woods Holding AG (b) |
|
|
20,000 |
|
|
613,672 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,205,202 |
|
|
Real Estate Investment Trusts (REITs)—2.0% |
|
|
|
|
|
|
|
|
Plum Creek Timber Co., Inc. |
|
|
37,500 |
|
|
1,492,500 |
|
|
Rayonier, Inc. |
|
|
22,850 |
|
|
1,119,193 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,611,693 |
|
|
Road & Rail—0.9% |
|
|
|
|
|
|
|
|
All America Latina Logistica SA |
|
|
133,000 |
|
|
1,189,788 |
|
|
Semiconductors & Semiconductor Equipment—0.2% |
|
|
|
|
|
|
|
|
MEMC Electronic Materials, Inc. (b) |
|
|
21,800 |
|
|
282,746 |
|
|
Water Utilities—20.8% |
|
|
|
|
|
|
|
|
American States Water Co. |
|
|
52,700 |
|
|
1,966,764 |
|
|
American Water Works Co., Inc |
|
|
74,100 |
|
|
1,613,898 |
|
|
Aqua America, Inc. |
|
|
134,200 |
|
|
2,459,886 |
|
|
Artesian Resources Corp., Class A |
|
|
39,400 |
|
|
746,236 |
|
|
Athens Water Supply & Sewage Co. SA (The) |
|
|
89,950 |
|
|
745,037 |
|
|
California Water Service Group |
|
|
54,300 |
|
|
2,103,039 |
|
|
Cascal NV |
|
|
62,200 |
|
|
419,228 |
|
|
China Water Affairs Group Ltd. |
|
|
4,556,000 |
|
|
1,824,935 |
|
|
Cia de Saneamento Basico do Estado de Sao Paulo |
|
|
81,000 |
|
|
1,562,917 |
|
|
See Notes to Financial Statements. |
|||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
27 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock EcoSolutions Investment Trust (BQR) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Water Utilities (concluded) |
|
|
|
|
|
|
|
|
Cia de Saneamento de Minas Gerias-COPASA |
|
|
160,000 |
|
$ |
2,319,574 |
|
|
Hyflux Ltd. |
|
|
665,000 |
|
|
1,669,356 |
|
|
Inversiones Aguas Metropolitanas SA |
|
|
1,500,000 |
|
|
1,965,507 |
|
|
Manila Water Co., Inc. |
|
|
5,610,000 |
|
|
1,916,030 |
|
|
Northumbrian Water Group Plc |
|
|
430,900 |
|
|
1,781,654 |
|
|
Pennon Group Plc |
|
|
215,200 |
|
|
1,709,549 |
|
|
Severn Trent Plc |
|
|
113,500 |
|
|
2,007,008 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
26,810,618 |
|
|
Total Common Stocks—94.4% |
|
|
|
|
|
121,473,757 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Rights—0.0% |
|
|
|
|
|
|
|
|
Electrical Equipment—0.0% |
|
|
|
|
|
|
|
|
Renewable Energy Corp. ASA (b) |
|
|
23,650 |
|
|
32,795 |
|
|
Total Long-Term Investments |
|
|
|
|
|
121,506,552 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares/ |
|
|
|
|
|
|
BlackRock
Liquidity Funds, TempFund, Institutional |
|
|
5,681,918 |
|
|
5,681,918 |
|
|
BlackRock
Liquidity Series, LLC, Money Market Series, |
|
|
646,850 |
|
|
646,850 |
|
|
Total Short-Term Securities |
|
|
|
|
|
6,328,768 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
127,835,320 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.3)% |
|
|
|
|
|
|
|
|
Agrium, Inc., Strike Price USD 70, Expires 5/24/10 |
|
|
222 |
|
|
(7,770 |
) |
|
American
Superconductor Corp., Strike Price USD 30, |
|
|
124 |
|
|
(18,290 |
) |
|
American
Superconductor Corp., Strike Price USD 31, |
|
|
120 |
|
|
(12,900 |
) |
|
Archer-Daniels-Midland
Co., Strike Price USD 30, |
|
|
250 |
|
|
(4,375 |
) |
|
CF
Industries Holdings, Inc., Strike Price USD 90, |
|
|
62 |
|
|
(6,975 |
) |
|
Cheniere Energy, Inc., Strike Price USD 5, Expires 5/24/10 |
|
|
56 |
|
|
(840 |
) |
|
CNH Global NV, Strike Price USD 30, Expires 5/24/10 |
|
|
10 |
|
|
(1,425 |
) |
|
Deere & Co., Strike Price USD 60, Expires 5/24/10 |
|
|
120 |
|
|
(24,120 |
) |
|
First Solar, Inc., Strike Price USD 120, Expires 5/24/10 |
|
|
15 |
|
|
(35,925 |
) |
|
First Solar, Inc., Strike Price USD 140, Expires 5/24/10 |
|
|
13 |
|
|
(9,978 |
) |
|
FPL Group, Inc., Strike Price USD 50, Expires 5/24/10 |
|
|
170 |
|
|
(39,525 |
) |
|
Itron, Inc., Strike Price USD 70, Expires 5/24/10 |
|
|
10 |
|
|
(10,650 |
) |
|
Itron, Inc., Strike Price USD 75, Expires 5/24/10 |
|
|
175 |
|
|
(105,875 |
) |
|
Johnson Controls, Inc., Strike Price USD 33, Expires 5/24/10 |
|
|
57 |
|
|
(8,265 |
) |
|
Johnson Controls, Inc., Strike Price USD 34, Expires 5/24/10 |
|
|
99 |
|
|
(8,910 |
) |
|
MEMC
Electronic Materials, Inc., Strike Price USD 17, |
|
|
98 |
|
|
(294 |
) |
|
Mosaic Co. (The), Strike Price USD 60, Expires 5/24/10 |
|
|
215 |
|
|
(3,977 |
) |
|
Nalco Holding Co., Strike Price USD 25, Expires 5/24/10 |
|
|
245 |
|
|
(14,700 |
) |
|
Ormat
Technologies, Inc., Strike Price USD 30, |
|
|
105 |
|
|
(24,150 |
) |
|
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 115, |
|
|
135 |
|
|
(25,853 |
) |
|
Quanta Services, Inc., Strike Price USD 20, Expires 5/24/10 |
|
|
125 |
|
|
(9,687 |
) |
|
Shaw Group, Inc. (The), Strike Price USD 36, Expires 5/24/10 |
|
|
132 |
|
|
(35,310 |
) |
|
SunOpta, Inc., Strike Price USD 5, Expires 6/21/10 |
|
|
400 |
|
|
(12,000 |
) |
|
SunPower Corp., Class A, Strike Price USD 20, Expires 5/24/10 |
|
|
82 |
|
|
(1,025 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Suntech
Power Holdings Co. Ltd. - ADR, Strike Price |
|
|
70 |
|
$ |
(1,575 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(424,394 |
) |
|
Over-the-Counter Call Options Written—(0.8)% |
|
|
|
|
|
|
|
|
Acciona SA,
Strike Price EUR 84.23, Expires 6/03/10, |
|
|
2,500 |
|
|
(809 |
) |
|
All America
Latina Logistica SA, Strike Price BRL 15.44, |
|
|
59,900 |
|
|
(29,282 |
) |
|
American
States Water Co., Strike Price USD 38.38, |
|
|
23,700 |
|
|
(6,942 |
) |
|
American
Water Works Co., Inc., Strike Price USD 21.46, |
|
|
33,400 |
|
|
(25,796 |
) |
|
Aqua
America, Inc., Strike Price USD 18.28, |
|
|
60,400 |
|
|
(19,074 |
) |
|
Artesian
Resources Corp., Class A, Strike Price USD 17.75, |
|
|
17,700 |
|
|
(21,152 |
) |
|
Athens
Water Supply & Sewage Co. SA (The), Strike |
|
|
20,000 |
|
|
(9,982 |
) |
|
Athens
Water Supply & Sewage Co. SA (The), Strike Price |
|
|
20,500 |
|
|
(6,090 |
) |
|
BrasilAgro
- Companhia Brasileira de Propriedades |
|
|
118,200 |
|
|
(45,291 |
) |
|
BrasilAgro
- Companhia Brasileira de Propriedades |
|
|
118,200 |
|
|
(47,643 |
) |
|
Bunge Ltd.,
Strike Price USD 62.35, Expires 5/05/10, |
|
|
14,800 |
|
|
— |
|
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
12,200 |
|
|
(10,635 |
) |
|
California
Water Service Group, Strike Price USD 38.08, |
|
|
12,200 |
|
|
(14,186 |
) |
|
Cascal NV,
Strike Price USD 6.72, Expires 5/27/10, |
|
|
9,100 |
|
|
(3,020 |
) |
|
Cascal NV,
Strike Price USD 7.32, Expires 5/18/10, |
|
|
18,900 |
|
|
(1,455 |
) |
|
China Water
Affairs Group Ltd., Strike Price HKD 3.41, |
|
|
2,050,000 |
|
|
(13,195 |
) |
|
Cia de
Saneamento Basico do Estado de Sao Paulo, |
|
|
36,500 |
|
|
(12,885 |
) |
|
Cia de
Saneamento de Minas Gerais-COPASA, |
|
|
72,000 |
|
|
(29,376 |
) |
|
Climate
Exchange Plc, Strike Price GBP 4.72, |
|
|
21,400 |
|
|
(88,971 |
) |
|
CNH Global
NV, Strike Price USD 33.37, |
|
|
16,500 |
|
|
(1,024 |
) |
|
Cosan Ltd.,
Strike Price USD 9.50, Expires 5/07/10, |
|
|
50,000 |
|
|
(56,018 |
) |
|
Cresud
SACIF y A - ADR, Strike Price USD 14.02, |
|
|
28,500 |
|
|
(11,334 |
) |
|
Duoyuan
Global Water, Inc. - ADR, Strike Price USD 28.56, |
|
|
3,100 |
|
|
(2,195 |
) |
|
EDF
Energies Nouvelles SA, Strike Price EUR 35.72, |
|
|
8,000 |
|
|
(1,006 |
) |
|
Fibria
Celulose SA - ADR, Strike Price USD 23, |
|
|
13,500 |
|
|
(1,516 |
) |
|
Gamesa
Corp. Tecnologica SA, Strike Price EUR 10.43, |
|
|
33,800 |
|
|
(2,446 |
) |
|
General
Cable Corp., Strike Price USD 29.80, |
|
|
5,800 |
|
|
(4,243 |
) |
|
Hera SpA,
Strike Price EUR 1.76, Expires 5/12/10, |
|
|
219,000 |
|
|
(3 |
) |
|
See Notes to Financial Statements. |
|||||
|
|
|
|
|
|
|
|
28 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Hyflux
Ltd., Strike Price SGD 3.51, Expires 6/07/10, |
|
|
300,000 |
|
$ |
(16,068 |
) |
|
Iberdrola
Renovables SA, Strike Price EUR 3.17, |
|
|
158,000 |
|
|
(330 |
) |
|
Iberdrola
SA, Strike Price EUR 6.01, Expires 6/03/10, |
|
|
82,000 |
|
|
(10,469 |
) |
|
Idex Corp.,
Strike Price USD 33.04, Expires 5/10/10, |
|
|
7,400 |
|
|
(5,393 |
) |
|
Illovo
Sugar Ltd., Strike Price ZAR 30.60, Expires 5/26/10, |
|
|
105,700 |
|
|
(2,911 |
) |
|
Incitec
Pivot Ltd., Strike Price AUD 3.35, Expires 6/07/10, |
|
|
157,000 |
|
|
(15,054 |
) |
|
Insituform
Technologies, Inc., Strike Price USD 28.22, |
|
|
9,000 |
|
|
(35 |
) |
|
Inversiones
Aguas Metropolitanas SA, Strike Price |
|
|
675,000 |
|
|
(42,734 |
) |
|
IOI Corp.
Bhd, Strike Price MYR 5.48, Expires 6/28/10, |
|
|
240,000 |
|
|
(6,552 |
) |
|
Israel
Chemicals Ltd., Strike Price ILS 48.63, |
|
|
40,000 |
|
|
(954 |
) |
|
Johnson
Matthey Plc, Strike Price GBP 18.13, |
|
|
45,000 |
|
|
(6,156 |
) |
|
K+S AG,
Strike Price EUR 43.62, Expires 5/19/10, |
|
|
9,000 |
|
|
(10,047 |
) |
|
Kingspan
Group Plc, Strike Price EUR 6.99, |
|
|
10,600 |
|
|
(4,667 |
) |
|
Kurita
Water Industries Ltd., Strike Price JPY 2,652.77, |
|
|
32,000 |
|
|
(39,050 |
) |
|
Layne
Christensen Co., Strike Price USD 27.89, |
|
|
6,300 |
|
|
(615 |
) |
|
Makhteshim-Agan
Industries Ltd., Strike Price ILS 16.59, |
|
|
85,000 |
|
|
(1,567 |
) |
|
Manila
Water Co., Inc., Strike Price PHP 15.40, |
|
|
2,500,000 |
|
|
(24,325 |
) |
|
Monsanto
Co., Strike Price USD 66.56, Expires 6/01/10, |
|
|
22,600 |
|
|
(19,130 |
) |
|
Nordex SE,
Strike Price EUR 8.57, Expires 5/19/10, |
|
|
8,500 |
|
|
(325 |
) |
|
Northumbrian
Water Group Plc, Strike Price GBP 2.92, |
|
|
194,000 |
|
|
(4,950 |
) |
|
Nufarm
Ltd., Strike Price AUD 8.40, Expires 5/11/10, |
|
|
45,761 |
|
|
(562 |
) |
|
Orkla ASA,
Strike Price NOK 51.86, Expires 5/19/10, |
|
|
32,600 |
|
|
(2,548 |
) |
|
Pennon
Group Plc, Strike Price GBP 5.37, |
|
|
95,000 |
|
|
(3,480 |
) |
|
Pentair,
Inc., Strike Price USD 35.96, Expires 5/17/10, |
|
|
27,100 |
|
|
(22,609 |
) |
|
Rayonier,
Inc., Strike Price USD 48.17, Expires 5/13/10, |
|
|
10,500 |
|
|
(14,748 |
) |
|
Renewable
Energy Corp. ASA, Strike Price NOK 22.87, |
|
|
25,438 |
|
|
(2,787 |
) |
|
Roper
Industries, Inc., Strike Price USD 58.09, |
|
|
7,200 |
|
|
(21,176 |
) |
|
Sao
Martinho SA, Strike Price BRL 15.71, |
|
|
6,750 |
|
|
(2,248 |
) |
|
Sao
Martinho SA, Strike Price BRL 16.17, |
|
|
41,700 |
|
|
(8,650 |
) |
|
Sao
Martinho SA, Strike Price BRL 16.75, |
|
|
41,600 |
|
|
(1,501 |
) |
|
Sasol Ltd.
- ADR, Strike Price USD 41.50, |
|
|
13,900 |
|
|
(3,243 |
) |
|
Severn
Trent Plc, Strike Price GBP 12.18, |
|
|
51,000 |
|
|
(1,075 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Sinofert
Holdings Ltd., Strike Price HKD 4.68, |
|
|
1,800,000 |
|
$ |
(5,620 |
) |
|
SLC
Agricola SA, Strike Price BRL 15.25, |
|
|
54,000 |
|
|
(47,576 |
) |
|
SLC
Agricola SA, Strike Price BRL 15.33, |
|
|
13,500 |
|
|
(10,770 |
) |
|
Solarworld
AG, Strike Price EUR 11.50, |
|
|
250 |
|
|
(2,749 |
) |
|
Solarworld
AG, Strike Price EUR 12.50, |
|
|
250 |
|
|
(556 |
) |
|
Suez
Environnement Co., Strike Price EUR 16.54, |
|
|
5,600 |
|
|
(1,721 |
) |
|
Syngenta
AG, Registered Shares, Strike Price CHF 287.04, |
|
|
5,200 |
|
|
(4,731 |
) |
|
Tetra Tech,
Inc., Strike Price USD 24, Expires 6/04/10, |
|
|
48,000 |
|
|
(48,138 |
) |
|
Tianjin
Capital Environmental Protection Group Co. Ltd., |
|
|
938,000 |
|
|
(2,228 |
) |
|
Trimble
Navigation Ltd., Strike Price USD 28.17, |
|
|
16,500 |
|
|
(74,851 |
) |
|
Umicore,
Strike Price EUR 27.19, Expires 5/19/10, |
|
|
24,300 |
|
|
(23,472 |
) |
|
United
Utilities Group Plc, Strike Price GBP 5.68, |
|
|
14,000 |
|
|
(62 |
) |
|
United
Utilities Group Plc, Strike Price GBP 5.72, |
|
|
27,000 |
|
|
(247 |
) |
|
Veolia
Environnement, Strike Price EUR 25.38, |
|
|
5,300 |
|
|
(1,226 |
) |
|
Vestas Wind
Systems A/S, Strike Price DKK 328.96, |
|
|
19,500 |
|
|
(57,713 |
) |
|
Viterra, Inc.,
Strike Price CAD 9.66, Expires 5/04/10, |
|
|
28,000 |
|
|
— |
|
|
Wacker
Chemie AG, Strike Price EUR 110, |
|
|
11 |
|
|
(3,867 |
) |
|
Wacker
Chemie AG, Strike Price EUR 112.77, |
|
|
3,300 |
|
|
(18,200 |
) |
|
Watts
Industries, Inc., Strike Price USD 32.75, |
|
|
18,000 |
|
|
(50,187 |
) |
|
Wilmar
International Ltd., Strike Price SGD 6.74, |
|
|
25,000 |
|
|
(5,213 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(1,120,655 |
) |
|
Total Options Written (Premiums Received $1,678,874)—(1.1)% |
|
|
|
|
|
(1,545,049 |
) |
|
Total Investments Net of Outstanding Options Written—98.2% |
|
|
|
|
|
126,290,271 |
|
|
Other Assets Less Liabilities—1.8% |
|
|
|
|
|
2,371,959 |
|
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
128,662,230 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
177,373,252 |
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
$ |
1,113,123 |
|
|
|
Gross unrealized depreciation |
|
|
(50,651,055 |
) |
|
|
|
|
|||
|
|
Net unrealized depreciation |
|
$ |
(49,537,932 |
) |
|
|
|
|
|
|
|
|
(a) |
Security, or a portion thereof, pledged as collateral for outstanding options written. |
|
(b) |
Non-income producing security. |
|
(c) |
Security, or a portion of security, is on loan. |
|
See Notes to Financial Statements. |
|||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
29 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock EcoSolutions Investment Trust (BQR) |
|
|
|
|
(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 |
|
Shares/ |
|
Net Activity |
|
Shares/ |
|
Income |
|
||||
|
BlackRock
Liquidity |
|
7,177,667 |
|
|
|
(1,495,749 |
) |
5,681,918 |
|
|
$ |
2,195 |
|
|
BlackRock
Liquidity |
|
2,141,500 |
|
|
|
(1,494,650 |
) |
646,850 |
|
|
$ |
6,062 |
|
|
|
|
|
(e) |
Represents current yield as of report date. |
|
(f) |
Security purchased with the cash collateral from securities loans. |
|
|
|
|
• |
Foreign currency exchange contracts as of April 30, 2010 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
|
|||
|
AUD |
87,000 |
|
USD |
80,684 |
|
Citigroup Global Markets |
|
5/05/10 |
|
$ |
(229 |
) |
|
EUR |
289,000 |
|
USD |
384,718 |
|
Deutsche Bank Securities |
|
5/05/10 |
|
|
79 |
|
|
USD |
563,625 |
|
DKK |
3,148,000 |
|
Deutsche Bank Securities |
|
5/05/10 |
|
|
497 |
|
|
USD |
419,738 |
|
EUR |
315,000 |
|
UBS Securities LLC |
|
5/04/10 |
|
|
324 |
|
|
USD |
6,663 |
|
EUR |
5,000 |
|
UBS Securities LLC |
|
5/04/10 |
|
|
5 |
|
|
Total |
|
|
|
|
|
|
|
$ |
676 |
|
||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
• |
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 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 methodologies 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 April 30, 2010 in determining the investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components |
|
$ |
1,165,573 |
|
|
— |
|
— |
|
$ |
1,165,573 |
|
|
Building Products |
|
|
— |
|
$ |
220,070 |
|
— |
|
|
220,070 |
|
|
Chemicals |
|
|
14,385,696 |
|
|
16,413,592 |
|
— |
|
|
30,799,288 |
|
|
Commercial Services & Supplies |
|
|
2,620,060 |
|
|
700,684 |
|
— |
|
|
3,320,744 |
|
|
Construction & Engineering |
|
|
2,541,646 |
|
|
— |
|
— |
|
|
2,541,646 |
|
|
Diversified Financial Services |
|
|
539,632 |
|
|
— |
|
— |
|
|
539,632 |
|
|
Electric Utilities |
|
|
1,936,260 |
|
|
1,996,473 |
|
— |
|
|
3,932,733 |
|
|
Electrical Equipment |
|
|
4,321,714 |
|
|
4,720,615 |
|
— |
|
|
9,042,329 |
|
|
Electronic Equipment, Instruments & Components |
|
|
4,456,400 |
|
|
— |
|
— |
|
|
4,456,400 |
|
|
Food Products |
|
|
12,468,936 |
|
|
2,105,887 |
|
— |
|
|
14,574,823 |
|
|
Independent Power Producers & Energy Traders |
|
|
742,338 |
|
|
2,166,456 |
|
— |
|
|
2,908,794 |
|
|
Industrial Conglomerates |
|
|
— |
|
|
610,862 |
|
— |
|
|
610,862 |
|
|
Machinery |
|
|
8,143,823 |
|
|
2,079,101 |
|
— |
|
|
10,222,924 |
|
|
Multi-Utilities |
|
|
— |
|
|
2,415,711 |
|
— |
|
|
2,415,711 |
|
|
Oil, Gas & Consumable Fuels |
|
|
1,266,704 |
|
|
1,355,477 |
|
— |
|
|
2,622,181 |
|
|
Paper & Forest Products |
|
|
591,530 |
|
|
613,672 |
|
— |
|
|
1,205,202 |
|
|
Real Estate Investment Trusts (REITs) |
|
|
2,611,693 |
|
|
— |
|
— |
|
|
2,611,693 |
|
|
Road & Rail |
|
|
1,189,788 |
|
|
— |
|
— |
|
|
1,189,788 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
282,746 |
|
|
— |
|
— |
|
|
282,746 |
|
|
Water Utilities |
|
|
15,157,049 |
|
|
11,653,569 |
|
— |
|
|
26,810,618 |
|
|
Rights: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment |
|
|
— |
|
|
32,795 |
|
— |
|
|
32,795 |
|
|
Short-Term Securities |
|
|
5,681,918 |
|
|
646,850 |
|
— |
|
|
6,328,768 |
|
|
Total |
|
$ |
80,103,506 |
|
$ |
47,731,814 |
|
— |
|
$ |
127,835,320 |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments1 |
||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|||
|
Assets: |
|
|
— |
|
$ |
905 |
|
— |
|
$ |
905 |
|
|
Liabilities: |
|
$ |
(424,394 |
) |
|
(1,120,884 |
) |
— |
|
|
(1,545,278 |
) |
|
Total |
|
$ |
(424,394 |
) |
$ |
(1,119,979 |
) |
— |
|
$ |
(1,544,373 |
) |
|
|
|
|||||||||||
|
|
|
|
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 value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
30 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock Energy and Resources Trust (BGR) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Construction & Engineering—0.6% |
|
|
|
|
|
|
|
|
MYR Group, Inc. (a)(b) |
|
|
269,231 |
|
$ |
4,827,312 |
|
|
Energy Equipment & Services—19.6% |
|
|
|
|
|
|
|
|
Cameron International Corp. (a) |
|
|
315,000 |
|
|
12,429,900 |
|
|
Core Laboratories NV |
|
|
44,500 |
|
|
6,670,105 |
|
|
Halliburton Co. |
|
|
561,300 |
|
|
17,203,845 |
|
|
National Oilwell Varco, Inc. |
|
|
429,700 |
|
|
18,919,691 |
|
|
Noble Corp. (a) |
|
|
530,800 |
|
|
20,961,292 |
|
|
Schlumberger Ltd. |
|
|
325,600 |
|
|
23,254,352 |
|
|
Technip SA |
|
|
212,000 |
|
|
16,951,733 |
|
|
Transocean Ltd. (a) |
|
|
335,900 |
|
|
24,335,955 |
|
|
Weatherford International Ltd. (a) |
|
|
833,900 |
|
|
15,101,929 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
155,828,802 |
|
|
Gas Utilities—3.9% |
|
|
|
|
|
|
|
|
EQT Corp. |
|
|
486,000 |
|
|
21,136,140 |
|
|
Questar Corp. |
|
|
208,700 |
|
|
10,007,165 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
31,143,305 |
|
|
Metals & Mining—3.3% |
|
|
|
|
|
|
|
|
BHP Billiton Ltd. - ADR (c) |
|
|
177,800 |
|
|
12,942,062 |
|
|
Goldcorp, Inc. |
|
|
98,836 |
|
|
4,272,680 |
|
|
Silver Wheaton Corp. (a) |
|
|
450,000 |
|
|
8,784,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,998,742 |
|
|
Oil, Gas & Consumable Fuels—70.9% |
|
|
|
|
|
|
|
|
Alpha Natural Resources, Inc. (a) |
|
|
436,000 |
|
|
20,526,880 |
|
|
AltaGas Income Trust |
|
|
451,400 |
|
|
7,696,641 |
|
|
Apache Corp. |
|
|
187,000 |
|
|
19,029,120 |
|
|
Arch Coal, Inc. |
|
|
554,800 |
|
|
14,979,600 |
|
|
Cabot Oil & Gas Corp. (c) |
|
|
361,400 |
|
|
13,057,382 |
|
|
Cimarex Energy Co. |
|
|
125,300 |
|
|
8,530,424 |
|
|
Consol Energy, Inc. |
|
|
482,621 |
|
|
21,563,506 |
|
|
Copano Energy LLC |
|
|
260,100 |
|
|
6,814,620 |
|
|
Crescent Point Energy Corp. |
|
|
313,400 |
|
|
13,300,526 |
|
|
Diamond Offshore Drilling, Inc. |
|
|
70,200 |
|
|
5,552,820 |
|
|
Enbridge Energy Partners LP |
|
|
73,200 |
|
|
3,752,964 |
|
|
Enterprise Products Partners LP |
|
|
653,105 |
|
|
23,159,103 |
|
|
EOG Resources, Inc. |
|
|
286,500 |
|
|
32,122,380 |
|
|
EXCO Resources, Inc. |
|
|
1,161,200 |
|
|
21,540,260 |
|
|
Galleon Energy, Inc. (a) |
|
|
1,024,400 |
|
|
7,109,687 |
|
|
Keyera Facilities Income Fund |
|
|
619,867 |
|
|
16,628,643 |
|
|
MarkWest Energy Partners LP |
|
|
589,000 |
|
|
18,111,750 |
|
|
Massey Energy Co. |
|
|
716,500 |
|
|
26,245,395 |
|
|
Occidental Petroleum Corp. |
|
|
340,700 |
|
|
30,206,462 |
|
|
ONEOK Partners LP |
|
|
144,800 |
|
|
8,924,024 |
|
|
Peabody Energy Corp. |
|
|
503,700 |
|
|
23,532,864 |
|
|
Pembina Pipeline Income Fund |
|
|
265,500 |
|
|
4,772,623 |
|
|
Penn Virginia Corp. |
|
|
994,500 |
|
|
25,369,695 |
|
|
Petrohawk Energy Corp. (a) |
|
|
2,312,400 |
|
|
49,924,716 |
|
|
Petroleo Brasileiro SA - ADR |
|
|
603,600 |
|
|
22,900,584 |
|
|
Plains All American Pipeline LP |
|
|
165,400 |
|
|
9,591,546 |
|
|
Range Resources Corp. |
|
|
307,000 |
|
|
14,662,320 |
|
|
Ship Finance International Ltd. |
|
|
471,200 |
|
|
9,329,760 |
|
|
Southwestern Energy Co. (a) |
|
|
445,000 |
|
|
17,657,600 |
|
|
St. Mary Land & Exploration Co. |
|
|
93,100 |
|
|
3,746,344 |
|
|
Targa Resources Partners LP |
|
|
300,000 |
|
|
8,028,000 |
|
|
Whiting Petroleum Corp. (a)(d) |
|
|
501,220 |
|
|
45,275,203 |
|
|
Williams Partners LP |
|
|
245,200 |
|
|
10,374,412 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
564,017,854 |
|
|
Pipelines—0.8% |
|
|
|
|
|
|
|
|
Magellan Midstream Partners LP |
|
|
134,200 |
|
|
6,386,578 |
|
|
Transportation—1.0% |
|
|
|
|
|
|
|
|
Nordic American Tanker Shipping |
|
|
266,400 |
|
|
8,322,336 |
|
|
Total Long-Term Investments |
|
|
|
|
|
796,524,929 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares/ |
|
Value |
|
||
|
BlackRock
Liquidity Funds, TempFund, |
|
|
13,799,937 |
|
$ |
13,799,937 |
|
|
BlackRock
Liquidity Series, LLC, |
|
|
430,050 |
|
|
430,050 |
|
|
Total Short-Term Securities |
|
|
|
|
|
14,229,987 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
810,754,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.8)% |
|
|
|
|
|
|
|
|
Alpha
Natural Resources, Inc., Strike Price USD 50, |
|
|
1,040 |
|
|
(163,800 |
) |
|
Alpha
Natural Resources, Inc., Strike Price USD 50, |
|
|
550 |
|
|
(141,625 |
) |
|
Alpha
Natural Resources, Inc., Strike Price USD 55, |
|
|
100 |
|
|
(5,000 |
) |
|
Apache Corp., Strike Price USD 105, Expires 5/24/10 |
|
|
280 |
|
|
(53,900 |
) |
|
Apache Corp., Strike Price USD 110, Expires 5/24/10 |
|
|
280 |
|
|
(18,200 |
) |
|
Apache Corp., Strike Price USD 110, Expires 6/21/10 |
|
|
100 |
|
|
(19,250 |
) |
|
Arch Coal, Inc., Strike Price USD 25, Expires 5/24/10 |
|
|
300 |
|
|
(75,000 |
) |
|
Arch Coal, Inc., Strike Price USD 28, Expires 5/24/10 |
|
|
200 |
|
|
(16,000 |
) |
|
BHP
Billiton Ltd. - ADR, Strike Price USD 82.50, |
|
|
350 |
|
|
(2,445 |
) |
|
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10 |
|
|
180 |
|
|
(1,350 |
) |
|
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 6/21/10 |
|
|
100 |
|
|
(4,250 |
) |
|
Cabot Oil & Gas Corp., Strike Price USD 40, Expires 5/24/10 |
|
|
690 |
|
|
(29,325 |
) |
|
Cameron
International Corp., Strike Price USD 45, |
|
|
400 |
|
|
(19,000 |
) |
|
Cameron
International Corp., Strike Price USD 45, |
|
|
700 |
|
|
(77,000 |
) |
|
Cimarex Energy Co., Strike Price USD 60, Expires 5/24/10 |
|
|
50 |
|
|
(42,000 |
) |
|
Cimarex Energy Co., Strike Price USD 65, Expires 5/24/10 |
|
|
100 |
|
|
(45,500 |
) |
|
Cimarex Energy Co., Strike Price USD 65, Expires 6/21/10 |
|
|
300 |
|
|
(162,000 |
) |
|
Diamond
Offshore Drilling, Inc., Strike Price USD 88.63, |
|
|
275 |
|
|
(12,375 |
) |
|
EOG Resources, Inc., Strike Price USD 100, Expires 5/24/10 |
|
|
200 |
|
|
(261,000 |
) |
|
EOG Resources, Inc., Strike Price USD 100, Expires 7/19/10 |
|
|
100 |
|
|
(151,500 |
) |
|
EOG Resources, Inc., Strike Price USD 110, Expires 5/24/10 |
|
|
360 |
|
|
(185,400 |
) |
|
EOG Resources, Inc., Strike Price USD 115, Expires 6/21/10 |
|
|
100 |
|
|
(46,000 |
) |
|
EQT Corp., Strike Price USD 45, Expires 6/21/10 |
|
|
420 |
|
|
(45,150 |
) |
|
EXCO Resources, Inc., Strike Price USD 20, Expires 5/24/10 |
|
|
1,000 |
|
|
(42,500 |
) |
|
EXCO
Resources, Inc., Strike Price USD 22.50, |
|
|
1,000 |
|
|
(10,000 |
) |
|
EXCO
Resources, Inc., Strike Price USD 22.50, |
|
|
100 |
|
|
(2,750 |
) |
|
Goldcorp, Inc., Strike Price USD 42, Expires 6/21/10 |
|
|
125 |
|
|
(35,813 |
) |
|
Halliburton Co., Strike Price USD 32, Expires 5/24/10 |
|
|
1,100 |
|
|
(102,850 |
) |
|
Massey Energy Co., Strike Price USD 47, Expires 5/24/10 |
|
|
500 |
|
|
(8,750 |
) |
|
Massey Energy Co., Strike Price USD 49, Expires 5/24/10 |
|
|
200 |
|
|
(2,500 |
) |
|
Massey Energy Co., Strike Price USD 55, Expires 5/24/10 |
|
|
300 |
|
|
(1,500 |
) |
|
Massey Energy Co., Strike Price USD 55, Expires 7/19/10 |
|
|
1,550 |
|
|
(42,625 |
) |
|
National
Oilwell Varco, Inc., Strike Price USD 42, |
|
|
250 |
|
|
(69,375 |
) |
|
National
Oilwell Varco, Inc., Strike Price USD 45, |
|
|
625 |
|
|
(75,000 |
) |
|
National
Oilwell Varco, Inc., Strike Price USD 46, |
|
|
100 |
|
|
(8,000 |
) |
|
National
Oilwell Varco, Inc., Strike Price USD 46, |
|
|
425 |
|
|
(65,875 |
) |
|
National
Oilwell Varco, Inc., Strike Price USD 47, |
|
|
250 |
|
|
(30,000 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
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 (concluded) |
|
|
|
|
|
|
|
|
Noble Corp., Strike Price USD 42, Expires 5/24/10 |
|
|
875 |
|
$ |
(50,313 |
) |
|
Noble Corp., Strike Price USD 43, Expires 5/24/10 |
|
|
200 |
|
|
(8,000 |
) |
|
Noble Corp., Strike Price USD 43, Expires 6/21/10 |
|
|
500 |
|
|
(43,750 |
) |
|
Noble Corp., Strike Price USD 45, Expires 6/21/10 |
|
|
250 |
|
|
(11,250 |
) |
|
Occidental
Petroleum Corp., Strike Price USD 85, |
|
|
175 |
|
|
(89,688 |
) |
|
Occidental
Petroleum Corp., Strike Price USD 86.50, |
|
|
175 |
|
|
(70,264 |
) |
|
Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10 |
|
|
500 |
|
|
(65,750 |
) |
|
Peabody Energy Corp., Strike Price USD 49, Expires 5/24/10 |
|
|
475 |
|
|
(46,075 |
) |
|
Peabody Energy Corp., Strike Price USD 49, Expires 6/21/10 |
|
|
500 |
|
|
(93,500 |
) |
|
Peabody Energy Corp., Strike Price USD 50, Expires 5/24/10 |
|
|
425 |
|
|
(30,387 |
) |
|
Penn Virginia Corp., Strike Price USD 25, Expires 5/24/10 |
|
|
500 |
|
|
(77,500 |
) |
|
Penn Virginia Corp., Strike Price USD 30, Expires 6/21/10 |
|
|
82 |
|
|
(3,485 |
) |
|
Petrohawk
Energy Corp., Strike Price USD 22, |
|
|
1,000 |
|
|
(80,000 |
) |
|
Petrohawk
Energy Corp., Strike Price USD 23, |
|
|
500 |
|
|
(22,500 |
) |
|
Petrohawk
Energy Corp., Strike Price USD 24, |
|
|
3,000 |
|
|
(67,500 |
) |
|
Petrohawk
Energy Corp., Strike Price USD 25, |
|
|
500 |
|
|
(5,000 |
) |
|
Petrohawk
Energy Corp., Strike Price USD 25, |
|
|
762 |
|
|
(28,575 |
) |
|
Petrohawk
Energy Corp., Strike Price USD 26, |
|
|
1 |
|
|
(25 |
) |
|
Petroleo
Brasileiro SA - ADR, Strike Price USD 40, |
|
|
275 |
|
|
(17,187 |
) |
|
Petroleo
Brasileiro SA - ADR, Strike Price USD 40, |
|
|
250 |
|
|
(30,625 |
) |
|
Questar Corp., Strike Price USD 45, Expires 5/24/10 |
|
|
500 |
|
|
(167,500 |
) |
|
Questar Corp., Strike Price USD 46, Expires 5/18/10 |
|
|
300 |
|
|
(68,260 |
) |
|
Range
Resources Corp., Strike Price USD 52.50, |
|
|
420 |
|
|
(14,700 |
) |
|
Range
Resources Corp., Strike Price USD 55, |
|
|
250 |
|
|
(3,750 |
) |
|
Schlumberger Ltd., Strike Price USD 65, Expires 5/24/10 |
|
|
795 |
|
|
(554,513 |
) |
|
Schlumberger Ltd., Strike Price USD 66, Expires 5/22/10 |
|
|
350 |
|
|
(211,526 |
) |
|
Ship
Finance International Ltd., Strike Price USD 18.75, |
|
|
250 |
|
|
(31,965 |
) |
|
Silver Wheaton Corp., Strike Price USD 16, Expires 5/24/10 |
|
|
200 |
|
|
(71,500 |
) |
|
Silver Wheaton Corp., Strike Price USD 17, Expires 6/21/10 |
|
|
640 |
|
|
(183,040 |
) |
|
Silver Wheaton Corp., Strike Price USD 18, Expires 5/24/10 |
|
|
640 |
|
|
(113,600 |
) |
|
Silver Wheaton Corp., Strike Price USD 18, Expires 6/19/10 |
|
|
300 |
|
|
(63,150 |
) |
|
Southwestern
Energy Co., Strike Price USD 41, |
|
|
325 |
|
|
(31,687 |
) |
|
Southwestern
Energy Co., Strike Price USD 42, |
|
|
325 |
|
|
(21,937 |
) |
|
Southwestern
Energy Co., Strike Price USD 43, |
|
|
750 |
|
|
(33,750 |
) |
|
Southwestern
Energy Co., Strike Price USD 44, |
|
|
200 |
|
|
(6,000 |
) |
|
St. Mary
Land & Exploration Co., Strike Price USD 40, |
|
|
100 |
|
|
(19,500 |
) |
|
Transocean Ltd., Strike Price USD 90, Expires 5/24/10 |
|
|
1,180 |
|
|
(21,830 |
) |
|
Weatherford
International Ltd., Strike Price USD 18, |
|
|
1,500 |
|
|
(124,500 |
) |
|
Weatherford
International Ltd., Strike Price USD 18, |
|
|
500 |
|
|
(60,000 |
) |
|
Weatherford
International Ltd., Strike Price USD 19, |
|
|
500 |
|
|
(21,250 |
) |
|
Whiting
Petroleum Corp., Strike Price USD 80, |
|
|
1,375 |
|
|
(1,670,625 |
) |
|
Whiting
Petroleum Corp., Strike Price USD 85, |
|
|
700 |
|
|
(472,500 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(6,883,065 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written—(0.4)% |
|
|
|
|
|
|
|
|
Arch Coal,
Inc., Strike Price USD 26.25, |
|
|
450 |
|
$ |
(84,355 |
) |
|
Arch Coal,
Inc., Strike Price USD 27.04, |
|
|
108,000 |
|
|
(179,898 |
) |
|
Cabot Oil
& Gas Corp., Strike Price USD 39.52, |
|
|
50,000 |
|
|
(30,502 |
) |
|
Consol
Energy, Inc., Strike Price USD 45.2, |
|
|
100,000 |
|
|
(182,365 |
) |
|
Consol
Energy, Inc., Strike Price USD 48.54, |
|
|
40,000 |
|
|
(29,641 |
) |
|
Core
Laboratories NV, Strike Price USD 151, |
|
|
15,000 |
|
|
(56,944 |
) |
|
Crescent
Point Energy Corp., Strike Price CAD 39.21, |
|
|
56,000 |
|
|
(215,003 |
) |
|
Crescent
Point Energy Corp., Strike Price CAD 40, |
|
|
509 |
|
|
(152,830 |
) |
|
EOG
Resources, Inc., Strike Price USD 110.23, |
|
|
34,000 |
|
|
(190,176 |
) |
|
EQT Corp.,
Strike Price USD 45, |
|
|
75,000 |
|
|
(43,861 |
) |
|
EQT Corp.,
Strike Price USD 46.49, |
|
|
44,000 |
|
|
(11,501 |
) |
|
EXCO
Resources, Inc., Strike Price USD 19.75, |
|
|
50,000 |
|
|
(28,360 |
) |
|
EXCO
Resources, Inc., Strike Price USD 20.37, |
|
|
50,000 |
|
|
(20,649 |
) |
|
EXCO
Resources, Inc., Strike Price USD 20.65, |
|
|
50,000 |
|
|
(17,200 |
) |
|
Galleon
Energy, Inc., Strike Price CAD 7.14, |
|
|
310,000 |
|
|
(91,114 |
) |
|
Galleon
Energy, Inc., Strike Price CAD 7.52, |
|
|
28,000 |
|
|
(705 |
) |
|
Goldcorp, Inc.,
Strike Price USD 40.31, |
|
|
24,500 |
|
|
(76,604 |
) |
|
Halliburton
Co., Strike Price USD 35.27, |
|
|
75,000 |
|
|
(27,428 |
) |
|
Nordic
American Tanker Shipping, Strike Price USD 31.09, |
|
|
88,000 |
|
|
(52,897 |
) |
|
Occidental
Petroleum Corp., Strike Price USD 86, |
|
|
84,000 |
|
|
(523,821 |
) |
|
Penn
Virginia Corp., Strike Price USD 25.25, |
|
|
250,000 |
|
|
(225,325 |
) |
|
Penn
Virginia Corp., Strike Price USD 26.70, |
|
|
50,000 |
|
|
(40,312 |
) |
|
Petroleo
Brasileiro SA - ADR, Strike Price USD 41.19, |
|
|
80,000 |
|
|
(11,678 |
) |
|
Petroleo
Brasileiro SA - ADR, Strike Price USD 42.02, |
|
|
100,000 |
|
|
(17,210 |
) |
|
Plains All
American Pipeline LP, Strike Price USD 59.10, |
|
|
64,500 |
|
|
(41,774 |
) |
|
Range
Resources Corp., Strike Price USD 49.94, |
|
|
20,000 |
|
|
(19,869 |
) |
|
Ship
Finance International Ltd., Strike Price USD 18.41, |
|
|
60,000 |
|
|
(87,704 |
) |
|
Ship
Finance International Ltd., Strike Price USD 18.59, |
|
|
60,000 |
|
|
(81,059 |
) |
|
Ship
Finance International Ltd., Strike Price USD 20.65, |
|
|
50,000 |
|
|
(30,327 |
) |
|
St. Mary
Land & Exploration Co., Strike Price USD 36.31, |
|
|
30,000 |
|
|
(120,441 |
) |
|
Technip SA,
Strike Price EUR 57.32, |
|
|
64,000 |
|
|
(251,941 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(2,943,494 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
32 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Energy and Resources Trust (BGR) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
Total Options Written (Premiums Received $8,391,310)—(1.2)% |
|
|
|
|
$ |
(9,826,559 |
) |
|
Total Investments Net of Outstanding Options Written—100.7% |
|
|
|
|
|
800,928,357 |
|
|
Liabilities in Excess of Other Assets—(0.7)% |
|
|
|
|
|
(5,211,669 |
) |
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
795,716,688 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
711,073,044 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
118,329,812 |
|
|
Gross unrealized depreciation |
|
|
(18,647,940 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
99,681,872 |
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
(b) |
Restricted security as to resale acquired 12/20/07. As of report date the Trust held 0.6% of its net assets, with a current market value of $4,827,312 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 |
|
Shares/ |
|
Net Activity |
|
Shares/ |
|
Income |
|
||||
|
BlackRock
Liquidity |
|
18,701,414 |
|
|
(4,901,477 |
) |
13,799,937 |
|
|
$ |
10,225 |
|
|
|
BlackRock
Liquidity |
|
5,894,700 |
|
|
(5,464,650 |
) |
430,050 |
|
|
$ |
10,882 |
|
|
|
|
|
|
(f) |
Represents current yield as of report date. |
|
(g) |
Security purchased with the cash collateral from securities loans. |
|
|
|
|
• |
Foreign currency exchange contracts as of April 30, 2010 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
|
|||
|
USD |
2,986 |
|
CAD |
3,000 |
|
Credit Agricole Securities |
|
5/04/10 |
|
$ |
32 |
|
|
|
|
|
|
• |
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 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 methodologies 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 April 30, 2010 in determining the investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks1 |
|
$ |
779,573,196 |
|
$ |
16,951,733 |
|
|
— |
|
$ |
796,524,929 |
|
|
Short-Term Securities |
|
|
13,799,937 |
|
|
430,050 |
|
|
— |
|
|
14,229,987 |
|
|
Total |
|
$ |
793,373,133 |
|
$ |
17,381,783 |
|
|
— |
|
$ |
810,754,916 |
|
|
|
|
||||||||||||
|
|
|
|
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: |
|
|
— |
|
$ |
32 |
|
|
— |
|
$ |
32 |
|
|
Liabilities: |
|
$ |
(6,651,435 |
) |
|
(3,175,124 |
) |
|
— |
|
|
(9,826,559 |
) |
|
Total |
|
$ |
(6,651,435 |
) |
$ |
(3,175,092 |
) |
|
— |
|
$ |
(9,826,527 |
) |
|
|
|
||||||||||||
|
|
|
|
2 |
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 value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
33 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock Global Opportunities Equity Trust (BOE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Australia—0.8% |
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
165,000 |
|
$ |
3,654,631 |
|
|
BHP Billiton Ltd. - ADR |
|
|
98,500 |
|
|
7,169,815 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,824,446 |
|
|
Austria—0.5% |
|
|
|
|
|
|
|
|
Erste Group Bank AG |
|
|
142,900 |
|
|
6,344,555 |
|
|
Belgium—0.5% |
|
|
|
|
|
|
|
|
Anheuser-Busch InBev NV |
|
|
143,400 |
|
|
6,956,560 |
|
|
Bermuda—0.3% |
|
|
|
|
|
|
|
|
Bunge Ltd. |
|
|
83,300 |
|
|
4,410,735 |
|
|
Brazil—1.6% |
|
|
|
|
|
|
|
|
Banco Santander Brasil SA - ADR |
|
|
203,800 |
|
|
2,370,194 |
|
|
BM&FBOVESPA SA |
|
|
395,144 |
|
|
2,602,847 |
|
|
Cia de Bebidas das Americas - ADR |
|
|
47,500 |
|
|
4,645,500 |
|
|
Cia Siderurgica Nacional SA - ADR |
|
|
272,600 |
|
|
5,083,990 |
|
|
Usinas
Siderurgicas de Minas Gerais SA, Class A - |
|
|
189,400 |
|
|
6,190,027 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,892,558 |
|
|
Canada—3.7% |
|
|
|
|
|
|
|
|
Canadian Natural Resources Ltd. |
|
|
33,000 |
|
|
2,539,020 |
|
|
Canadian Natural Resources Ltd. |
|
|
110,900 |
|
|
8,540,763 |
|
|
Crescent Point Energy Corp. |
|
|
134,600 |
|
|
5,712,351 |
|
|
Enbridge, Inc. |
|
|
114,500 |
|
|
5,560,430 |
|
|
Pan American Silver Corp. |
|
|
341,300 |
|
|
9,037,624 |
|
|
Potash Corp. of Saskatchewan, Inc. |
|
|
55,300 |
|
|
6,110,650 |
|
|
Toronto-Dominion Bank (The) |
|
|
67,400 |
|
|
5,009,549 |
|
|
TransCanada Corp. |
|
|
181,300 |
|
|
6,396,724 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
48,907,111 |
|
|
China—0.9% |
|
|
|
|
|
|
|
|
China Construction Bank Corp., Class H |
|
|
3,818,800 |
|
|
3,101,143 |
|
|
Focus Media Holding Ltd. - ADR (a) |
|
|
279,000 |
|
|
4,681,620 |
|
|
Industrial & Commercial Bank of China |
|
|
4,911,100 |
|
|
3,579,443 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,362,206 |
|
|
Finland—0.8% |
|
|
|
|
|
|
|
|
Fortum Oyj |
|
|
193,000 |
|
|
4,986,976 |
|
|
Nokia Oyj - ADR |
|
|
462,700 |
|
|
5,626,432 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,613,408 |
|
|
France—2.7% |
|
|
|
|
|
|
|
|
AXA SA |
|
|
326,900 |
|
|
6,496,299 |
|
|
BNP Paribas |
|
|
86,180 |
|
|
5,919,380 |
|
|
Renault SA (a) |
|
|
98,300 |
|
|
4,554,247 |
|
|
Societe Generale |
|
|
49,500 |
|
|
2,643,266 |
|
|
Total SA |
|
|
199,209 |
|
|
10,838,440 |
|
|
Unibail-Rodamco SE - REIT |
|
|
29,300 |
|
|
5,537,717 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
35,989,349 |
|
|
Germany—6.1% |
|
|
|
|
|
|
|
|
Allianz SE |
|
|
58,600 |
|
|
6,718,207 |
|
|
Bayerische Motoren Werke AG |
|
|
138,300 |
|
|
6,839,911 |
|
|
Deutsche Boerse AG |
|
|
48,800 |
|
|
3,788,467 |
|
|
Deutsche Lufthansa AG (a) |
|
|
636,500 |
|
|
10,584,629 |
|
|
Deutsche Post AG |
|
|
465,600 |
|
|
7,551,834 |
|
|
Deutsche Telekom AG |
|
|
483,100 |
|
|
6,290,090 |
|
|
Merck KGaA |
|
|
40,800 |
|
|
3,353,770 |
|
|
RWE AG |
|
|
78,900 |
|
|
6,490,171 |
|
|
SAP AG - ADR |
|
|
136,100 |
|
|
6,457,945 |
|
|
Siemens AG |
|
|
125,100 |
|
|
12,338,159 |
|
|
Volkswagen AG - Preference Shares |
|
|
95,627 |
|
|
9,238,826 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
79,652,009 |
|
|
Hong Kong—1.0% |
|
|
|
|
|
|
|
|
Cheung Kong Holdings Ltd. |
|
|
541,000 |
|
|
6,671,532 |
|
|
CNOOC Ltd. - ADR |
|
|
15,500 |
|
|
2,726,760 |
|
|
Wing Hang Bank Ltd. |
|
|
312,600 |
|
|
3,168,833 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,567,125 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
India—0.7% |
|
|
|
|
|
|
|
|
Punjab National Bank Ltd. |
|
|
232,500 |
|
$ |
5,400,986 |
|
|
Sterlite Industries India Ltd. - ADR |
|
|
224,200 |
|
|
4,066,988 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,467,974 |
|
|
Ireland—0.5% |
|
|
|
|
|
|
|
|
Accenture Plc, Class A |
|
|
155,500 |
|
|
6,786,020 |
|
|
Israel—0.3% |
|
|
|
|
|
|
|
|
Teva Pharmaceutical Industries Ltd. - ADR |
|
|
59,000 |
|
|
3,465,070 |
|
|
Italy—0.4% |
|
|
|
|
|
|
|
|
Intesa Sanpaolo SpA (a) |
|
|
1,547,900 |
|
|
5,101,755 |
|
|
Japan—10.0% |
|
|
|
|
|
|
|
|
Amada Co. Ltd. |
|
|
969,000 |
|
|
7,955,618 |
|
|
Asahi Breweries Ltd. |
|
|
233,000 |
|
|
4,185,471 |
|
|
Canon, Inc. |
|
|
184,600 |
|
|
8,444,212 |
|
|
Fujitsu Ltd. |
|
|
468,000 |
|
|
3,290,959 |
|
|
Honda Motor Co. Ltd. |
|
|
366,200 |
|
|
12,391,312 |
|
|
ITOCHU Corp. |
|
|
1,028,300 |
|
|
8,908,840 |
|
|
Japan Tobacco, Inc. |
|
|
2,650 |
|
|
9,183,430 |
|
|
JTEKT Corp. |
|
|
1,177,700 |
|
|
13,532,419 |
|
|
Marubeni Corp. |
|
|
1,615,300 |
|
|
9,530,833 |
|
|
Mitsubishi Heavy Industries Ltd. |
|
|
1,670,600 |
|
|
6,729,308 |
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
|
1,007,800 |
|
|
5,251,681 |
|
|
Mitsui & Co. Ltd. |
|
|
556,100 |
|
|
8,357,680 |
|
|
Nitto Denko Corp. |
|
|
171,300 |
|
|
6,693,379 |
|
|
Nomura Holdings, Inc. |
|
|
864,900 |
|
|
5,978,288 |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
206,200 |
|
|
6,819,414 |
|
|
T&D Holdings, Inc. |
|
|
279,600 |
|
|
7,303,828 |
|
|
Tokio Marine Holdings, Inc. |
|
|
218,800 |
|
|
6,513,811 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
131,070,483 |
|
|
Malaysia—0.4% |
|
|
|
|
|
|
|
|
Bumiputra-Commerce Holdings Bhd |
|
|
1,074,400 |
|
|
4,757,438 |
|
|
Mexico—0.8% |
|
|
|
|
|
|
|
|
Fomento Economico Mexicano SAB de CV - ADR |
|
|
96,200 |
|
|
4,553,146 |
|
|
Grupo Mexico SAB de CV |
|
|
2,492,200 |
|
|
6,576,505 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,129,651 |
|
|
Netherlands—1.5% |
|
|
|
|
|
|
|
|
Aegon NV (a) |
|
|
846,000 |
|
|
5,916,931 |
|
|
Corio NV - REIT |
|
|
47,400 |
|
|
2,742,216 |
|
|
ING Groep NV (a) |
|
|
743,500 |
|
|
6,562,377 |
|
|
VimpelCom Ltd. - ADR (a) |
|
|
247,700 |
|
|
4,314,934 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
19,536,458 |
|
|
New Zealand—0.4% |
|
|
|
|
|
|
|
|
Telecom Corp. of New Zealand Ltd. |
|
|
3,107,100 |
|
|
4,859,048 |
|
|
Singapore—1.0% |
|
|
|
|
|
|
|
|
CapitaLand Ltd. |
|
|
1,100,451 |
|
|
2,972,565 |
|
|
DBS Group Holdings Ltd. |
|
|
334,000 |
|
|
3,677,671 |
|
|
Wilmar International Ltd. |
|
|
1,329,900 |
|
|
6,677,491 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
13,327,727 |
|
|
South Africa—0.4% |
|
|
|
|
|
|
|
|
Naspers Ltd. |
|
|
124,500 |
|
|
5,017,441 |
|
|
South Korea—0.7% |
|
|
|
|
|
|
|
|
Samsung Electronics Co. Ltd. |
|
|
12,900 |
|
|
9,808,371 |
|
|
Spain—1.7% |
|
|
|
|
|
|
|
|
Banco Santander SA |
|
|
694,900 |
|
|
8,835,905 |
|
|
Inditex SA |
|
|
94,500 |
|
|
5,848,913 |
|
|
Telefonica SA |
|
|
351,800 |
|
|
7,963,081 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
22,647,899 |
|
|
Sweden—1.0% |
|
|
|
|
|
|
|
|
Nordea Bank AB |
|
|
584,200 |
|
|
5,699,591 |
|
|
Svenska Cellulosa AB, B Shares |
|
|
558,800 |
|
|
7,281,116 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,980,707 |
|
|
Switzerland—2.3% |
|
|
|
|
|
|
|
|
ACE Ltd. |
|
|
127,700 |
|
|
6,792,363 |
|
|
Nestle SA |
|
|
166,299 |
|
|
8,137,163 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
34 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Global Opportunities Equity Trust (BOE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Switzerland (concluded) |
|
|
|
|
|
|
|
|
Novartis AG |
|
|
182,900 |
|
$ |
9,325,112 |
|
|
Swiss Life Holding AG (a) |
|
|
52,100 |
|
|
6,333,051 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
30,587,689 |
|
|
Taiwan—0.5% |
|
|
|
|
|
|
|
|
Mega Financial Holding Co. Ltd. |
|
|
6,493,800 |
|
|
3,792,468 |
|
|
Siliconware Precision Industries Co. - ADR |
|
|
502,400 |
|
|
3,089,760 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,882,228 |
|
|
Thailand—0.7% |
|
|
|
|
|
|
|
|
Bangkok Bank PCL |
|
|
849,700 |
|
|
3,113,117 |
|
|
Banpu PCL |
|
|
341,200 |
|
|
6,683,332 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,796,449 |
|
|
United Kingdom—4.6% |
|
|
|
|
|
|
|
|
Barclays Plc - ADR |
|
|
382,400 |
|
|
7,808,608 |
|
|
BP Plc |
|
|
550,000 |
|
|
4,797,065 |
|
|
Cairn Energy Plc (a) |
|
|
368,852 |
|
|
2,251,040 |
|
|
GlaxoSmithKline Plc |
|
|
364,136 |
|
|
6,758,747 |
|
|
HSBC Holdings Plc |
|
|
659,130 |
|
|
6,711,563 |
|
|
Royal Dutch Shell Plc - ADR |
|
|
164,900 |
|
|
10,347,475 |
|
|
Unilever Plc |
|
|
236,800 |
|
|
7,115,905 |
|
|
Vodafone Group Plc - ADR |
|
|
370,700 |
|
|
8,229,540 |
|
|
WPP Plc |
|
|
622,600 |
|
|
6,601,038 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
60,620,981 |
|
|
United States—47.8% |
|
|
|
|
|
|
|
|
Adobe Systems, Inc. (a) |
|
|
179,400 |
|
|
6,026,046 |
|
|
American Electric Power Co., Inc. |
|
|
173,500 |
|
|
5,951,050 |
|
|
Amerprise Financial, Inc. |
|
|
181,600 |
|
|
8,418,976 |
|
|
Amgen, Inc. (a) |
|
|
110,500 |
|
|
6,338,280 |
|
|
Apple, Inc. (a) |
|
|
52,100 |
|
|
13,604,352 |
|
|
Applied Materials, Inc. |
|
|
382,300 |
|
|
5,268,094 |
|
|
Arch Coal, Inc. |
|
|
289,900 |
|
|
7,827,300 |
|
|
AT&T Inc. (b) |
|
|
259,900 |
|
|
6,772,994 |
|
|
Avon Products, Inc. |
|
|
196,800 |
|
|
6,362,544 |
|
|
Becton Dickinson & Co. |
|
|
18,800 |
|
|
1,435,756 |
|
|
Bristol-Myers Squibb Co. |
|
|
333,700 |
|
|
8,439,273 |
|
|
Chevron Corp. |
|
|
78,400 |
|
|
6,384,896 |
|
|
Cisco Systems, Inc. (a) |
|
|
226,700 |
|
|
6,102,764 |
|
|
Citigroup, Inc. (a) |
|
|
1,171,700 |
|
|
5,120,329 |
|
|
Colgate-Palmolive Co. |
|
|
131,400 |
|
|
11,050,740 |
|
|
Comerica, Inc. |
|
|
161,000 |
|
|
6,762,000 |
|
|
ConAgra Foods, Inc. |
|
|
275,000 |
|
|
6,729,250 |
|
|
ConocoPhillips |
|
|
195,000 |
|
|
11,542,050 |
|
|
Continental Airlines, Inc., Class B (a) |
|
|
276,500 |
|
|
6,179,775 |
|
|
Corning, Inc. |
|
|
502,500 |
|
|
9,673,125 |
|
|
Deere & Co. |
|
|
209,900 |
|
|
12,556,218 |
|
|
DIRECTV, Class A (a) |
|
|
194,400 |
|
|
7,043,112 |
|
|
Dominion Resources, Inc. |
|
|
144,900 |
|
|
6,056,820 |
|
|
Dow Chemical (The) |
|
|
264,500 |
|
|
8,154,535 |
|
|
E.I. du Pont de Nemours & Co. |
|
|
120,700 |
|
|
4,808,688 |
|
|
eBay, Inc. (a) |
|
|
360,900 |
|
|
8,593,029 |
|
|
EMC Corp. (a) |
|
|
421,300 |
|
|
8,008,913 |
|
|
Express Scripts, Inc. (a) |
|
|
45,400 |
|
|
4,545,902 |
|
|
Exxon Mobil Corp. |
|
|
197,100 |
|
|
13,373,235 |
|
|
Federal Realty Investment Trust - REIT |
|
|
51,500 |
|
|
3,985,585 |
|
|
FMC Corp. |
|
|
134,500 |
|
|
8,559,580 |
|
|
General Electric Co. |
|
|
1,122,900 |
|
|
21,177,894 |
|
|
General Mills, Inc. |
|
|
80,300 |
|
|
5,715,754 |
|
|
Genzyme Corp. (a) |
|
|
102,700 |
|
|
5,467,748 |
|
|
Goodrich Corp. |
|
|
157,700 |
|
|
11,698,186 |
|
|
Google, Inc., Class A (a) |
|
|
15,800 |
|
|
8,301,952 |
|
|
Hewlett-Packard Co. |
|
|
150,400 |
|
|
7,816,288 |
|
|
Home Depot, Inc. |
|
|
197,700 |
|
|
6,968,925 |
|
|
Hudson City Bancorp, Inc. |
|
|
235,400 |
|
|
3,130,820 |
|
|
Intel Corp. (b) |
|
|
391,700 |
|
|
8,942,511 |
|
|
International Business Machines Corp. |
|
|
82,800 |
|
|
10,681,200 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
|
Shares |
|
|
Value |
|
|
United States (concluded) |
|
|
|
|
|
|
|
|
International Paper Co. |
|
|
426,900 |
|
$ |
11,415,306 |
|
|
Johnson & Johnson |
|
|
81,600 |
|
|
5,246,880 |
|
|
KeyCorp |
|
|
904,700 |
|
|
8,160,394 |
|
|
Kohl’s Corp. (a)(b) |
|
|
107,500 |
|
|
5,911,425 |
|
|
Las Vegas Sands Corp. (a) |
|
|
267,600 |
|
|
6,652,536 |
|
|
Liberty Global, Inc., Class A (a)(c) |
|
|
238,800 |
|
|
6,545,508 |
|
|
Lincoln National Corp. |
|
|
215,300 |
|
|
6,586,027 |
|
|
Manpower, Inc. |
|
|
96,000 |
|
|
5,385,600 |
|
|
McKesson Corp. |
|
|
50,200 |
|
|
3,253,462 |
|
|
Microsoft Corp. (b) |
|
|
645,900 |
|
|
19,725,786 |
|
|
Morgan Stanley |
|
|
145,700 |
|
|
4,403,054 |
|
|
Newmont Mining Corp. |
|
|
178,000 |
|
|
9,982,240 |
|
|
News Corp., Class A |
|
|
456,500 |
|
|
7,039,230 |
|
|
NII Holdings, Inc. (a) |
|
|
114,800 |
|
|
4,869,816 |
|
|
Nike, Inc. |
|
|
87,800 |
|
|
6,664,898 |
|
|
Norfolk Southern Corp. |
|
|
174,300 |
|
|
10,341,219 |
|
|
Occidental Petroleum Corp. |
|
|
131,400 |
|
|
11,649,924 |
|
|
Oracle Corp. |
|
|
318,700 |
|
|
8,235,208 |
|
|
Owens-Illinois, Inc. (a) |
|
|
241,600 |
|
|
8,562,304 |
|
|
Parametric Technology Corp. (a) |
|
|
189,100 |
|
|
3,515,369 |
|
|
Peabody Energy Corp. |
|
|
116,400 |
|
|
5,438,208 |
|
|
PepsiCo, Inc. |
|
|
183,200 |
|
|
11,948,304 |
|
|
Piper Jaffray Cos. (a) |
|
|
65,500 |
|
|
2,578,080 |
|
|
QUALCOMM, Inc. |
|
|
111,000 |
|
|
4,300,140 |
|
|
St. Jude Medical, Inc. (a) |
|
|
78,800 |
|
|
3,216,616 |
|
|
Stanley Black & Decker, Inc. |
|
|
105,257 |
|
|
6,541,723 |
|
|
State Street Corp. |
|
|
65,800 |
|
|
2,862,300 |
|
|
Stryker Corp. |
|
|
128,500 |
|
|
7,381,040 |
|
|
SunTrust Banks, Inc. |
|
|
306,400 |
|
|
9,069,440 |
|
|
T. Rowe Price Group, Inc. |
|
|
90,200 |
|
|
5,187,402 |
|
|
Target Corp. |
|
|
123,100 |
|
|
7,000,697 |
|
|
Temple-Inland, Inc. |
|
|
310,600 |
|
|
7,243,192 |
|
|
Texas Instruments, Inc. |
|
|
328,400 |
|
|
8,541,684 |
|
|
Textron, Inc. |
|
|
392,300 |
|
|
8,960,132 |
|
|
Thermo Fisher Scientific, Inc. (a) |
|
|
94,600 |
|
|
5,229,488 |
|
|
U.S. Bancorp |
|
|
260,300 |
|
|
6,968,231 |
|
|
United Parcel Service, Inc., Class B |
|
|
211,400 |
|
|
14,616,196 |
|
|
Urban Outfitters, Inc. (a) |
|
|
140,600 |
|
|
5,273,906 |
|
|
Validus Holdings Ltd. |
|
|
192,500 |
|
|
4,922,225 |
|
|
Wal-Mart Stores, Inc. |
|
|
179,500 |
|
|
9,630,175 |
|
|
Yum! Brands, Inc. |
|
|
202,700 |
|
|
8,598,534 |
|
|
Zions Bancorp. |
|
|
261,200 |
|
|
7,504,276 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
628,734,664 |
|
|
Total Long-Term Investments |
|
|
|
|
|
1,245,098,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
Shares/Beneficial |
|
|
|
|
|
|
BlackRock
Liquidity Funds, TempFund, Institutional Class, |
|
|
71,034,824 |
|
|
71,034,824 |
|
|
BlackRock
Liquidity Series, LLC, Money Market Series, |
|
|
2,850,000 |
|
|
2,850,000 |
|
|
Total Short-Term Securities |
|
|
|
|
|
73,884,824 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
1,318,982,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.5)% |
|
|
|
|
|
|
|
|
ACE Ltd., Strike Price USD 53, Expires 5/13/10 |
|
|
700 |
|
|
(50,260 |
) |
|
Adobe Systems, Inc., Strike Price USD 35, Expires 5/24/10 |
|
|
1,000 |
|
|
(40,000 |
) |
|
American
Electric Power Co., Inc., Strike Price USD 34, |
|
|
475 |
|
|
(23,750 |
) |
|
Amgen, Inc., Strike Price USD 62.50, Expires 5/24/10 |
|
|
310 |
|
|
(1,860 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
35 |
|
|
|
|
|
|
|
|
|
|
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 (continued) |
|
|
|
|
|
|
|
|
Amgen, Inc., Strike Price USD 62.50, Expires 6/21/10 |
|
|
300 |
|
$ |
(12,300 |
) |
|
Apple, Inc., Strike Price USD 250, Expires 5/24/10 |
|
|
200 |
|
|
(300,000 |
) |
|
Apple, Inc., Strike Price USD 280, Expires 6/21/10 |
|
|
85 |
|
|
(52,063 |
) |
|
Applied
Materials, Inc., Strike Price USD 13.75, |
|
|
455 |
|
|
(20,752 |
) |
|
Applied Materials, Inc., Strike Price USD 14, Expires 5/24/10 |
|
|
480 |
|
|
(17,760 |
) |
|
Arch Coal, Inc., Strike Price USD 27, Expires 5/24/10 |
|
|
435 |
|
|
(52,200 |
) |
|
Arch Coal, Inc., Strike Price USD 28, Expires 5/24/10 |
|
|
150 |
|
|
(12,000 |
) |
|
AT&T Inc., Strike Price USD 26, Expires 5/24/10 |
|
|
386 |
|
|
(16,791 |
) |
|
Banco
Santander Brasil SA - ADR, Strike Price USD 12.50, |
|
|
560 |
|
|
(8,400 |
) |
|
Barclays Plc - ADR, Strike Price USD 22.50, Expires 5/24/10 |
|
|
650 |
|
|
(13,000 |
) |
|
Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/21/10 |
|
|
650 |
|
|
(26,000 |
) |
|
BHP
Billiton Ltd. - ADR, Strike Price USD 82.50, |
|
|
270 |
|
|
(1,886 |
) |
|
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10 |
|
|
270 |
|
|
(2,025 |
) |
|
Bristol-Myers
Squibb Co., Strike Price USD 27, |
|
|
1,350 |
|
|
(39,150 |
) |
|
Canadian
Natural Resources Ltd., Strike Price USD 80, |
|
|
330 |
|
|
(40,425 |
) |
|
Cisco Systems, Inc., Strike Price USD 27, Expires 5/24/10 |
|
|
260 |
|
|
(19,500 |
) |
|
Colgate-Palmolive Co., Strike Price USD 85, Expires 5/24/10 |
|
|
160 |
|
|
(15,200 |
) |
|
Comerica, Inc., Strike Price USD 40, Expires 5/24/10 |
|
|
665 |
|
|
(186,200 |
) |
|
Comerica, Inc., Strike Price USD 42.50, Expires 5/24/10 |
|
|
220 |
|
|
(29,150 |
) |
|
ConAgra Foods, Inc., Strike Price USD 25, Expires 5/24/10 |
|
|
435 |
|
|
(7,612 |
) |
|
ConocoPhillips, Strike Price USD 60, Expires 6/21/10 |
|
|
1,070 |
|
|
(171,200 |
) |
|
Continental
Airlines, Inc., Class B, Strike Price USD 22.50, |
|
|
1,520 |
|
|
(266,760 |
) |
|
Deere & Co., Strike Price USD 60, Expires 5/24/10 |
|
|
880 |
|
|
(176,880 |
) |
|
Dow Chemical Co., Strike Price USD 31, Expires 5/24/10 |
|
|
1,450 |
|
|
(134,850 |
) |
|
eBay, Inc., Strike Price USD 27, Expires 6/21/10 |
|
|
1,130 |
|
|
(15,820 |
) |
|
eBay, Inc., Strike Price USD 29, Expires 5/24/10 |
|
|
860 |
|
|
(1,720 |
) |
|
EMC Corp., Strike Price USD 20, Expires 6/21/10 |
|
|
420 |
|
|
(13,650 |
) |
|
Express Scripts, Inc., Strike Price USD 105, Expires 5/24/10 |
|
|
250 |
|
|
(21,875 |
) |
|
Exxon Mobil Corp., Strike Price USD 70, Expires 5/24/10 |
|
|
700 |
|
|
(25,550 |
) |
|
Focus Media
Holding Ltd. - ADR, Strike Price USD 18, |
|
|
800 |
|
|
(32,000 |
) |
|
Fomento
Economico Mexicano SAB de CV - ADR, |
|
|
90 |
|
|
(2,025 |
) |
|
General Electric Co., Strike Price USD 20, Expires 6/21/10 |
|
|
2,500 |
|
|
(92,500 |
) |
|
General Mills, Inc., Strike Price USD 75, Expires 5/24/10 |
|
|
440 |
|
|
(3,300 |
) |
|
Genzyme Corp., Strike Price USD 55, Expires 5/24/10 |
|
|
550 |
|
|
(31,625 |
) |
|
Google, Inc., Class A, Strike Price USD 560, Expires 5/24/10 |
|
|
40 |
|
|
(10,900 |
) |
|
Hewlett-Packard
Co., Strike Price USD 52.50, |
|
|
1,150 |
|
|
(133,400 |
) |
|
Home Depot, Inc., Strike Price USD 35, Expires 5/24/10 |
|
|
210 |
|
|
(24,150 |
) |
|
Intel Corp., Strike Price USD 25, Expires 6/21/10 |
|
|
650 |
|
|
(10,725 |
) |
|
International Paper Co., Strike Price USD 28, Expires 5/24/10 |
|
|
550 |
|
|
(27,500 |
) |
|
Johnson & Johnson, Strike Price USD 65, Expires 6/21/10 |
|
|
450 |
|
|
(38,700 |
) |
|
Las Vegas
Sands Corp., Strike Price USD 22, |
|
|
420 |
|
|
(144,900 |
) |
|
Las Vegas
Sands Corp., Strike Price USD 23, |
|
|
750 |
|
|
(206,250 |
) |
|
Las Vegas
Sands Corp., Strike Price USD 24, |
|
|
750 |
|
|
(160,875 |
) |
|
Lincoln
National Corp., Strike Price USD 32, |
|
|
1,185 |
|
|
(79,988 |
) |
|
McKesson Corp., Strike Price USD 65, Expires 5/24/10 |
|
|
275 |
|
|
(48,813 |
) |
|
Microsoft Corp., Strike Price USD 32, Expires 5/24/10 |
|
|
1,400 |
|
|
(14,700 |
) |
|
Morgan Stanley, Strike Price USD 30, Expires 5/24/10 |
|
|
715 |
|
|
(93,308 |
) |
|
Morgan Stanley, Strike Price USD 31, Expires 5/24/10 |
|
|
85 |
|
|
(6,757 |
) |
|
Newmont
Mining Corp., Strike Price USD 52.50, |
|
|
300 |
|
|
(124,500 |
) |
|
Newmont Mining Corp., Strike Price USD 55, Expires 5/24/10 |
|
|
710 |
|
|
(170,045 |
) |
|
Newmont Mining Corp., Strike Price USD 55, Expires 6/21/10 |
|
|
770 |
|
|
(254,100 |
) |
|
Nike, Inc., Strike Price USD 75, Expires 5/24/10 |
|
|
220 |
|
|
(48,400 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Norfolk Southern Corp., Strike Price USD 55, Expires 5/24/10 |
|
|
650 |
|
$ |
(286,000 |
) |
|
Occidental
Petroleum Corp., Strike Price USD 90, |
|
|
250 |
|
|
(85,625 |
) |
|
Oracle Corp., Strike Price USD 26.25, Expires 5/27/10 |
|
|
1,730 |
|
|
(60,372 |
) |
|
Pan
American Silver Corp., Strike Price USD 25, |
|
|
670 |
|
|
(154,100 |
) |
|
Parametric
Technology Corp., Strike Price USD 20, |
|
|
220 |
|
|
(7,700 |
) |
|
Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10 |
|
|
650 |
|
|
(85,475 |
) |
|
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10 |
|
|
1,010 |
|
|
(16,665 |
) |
|
Piper Jaffray Cos., Strike Price USD 39.50, Expires 5/12/10 |
|
|
655 |
|
|
(58,207 |
) |
|
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 115, |
|
|
55 |
|
|
(10,532 |
) |
|
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 123, |
|
|
250 |
|
|
(13,321 |
) |
|
QUALCOMM, Inc., Strike Price USD 43, Expires 5/24/10 |
|
|
300 |
|
|
(1,350 |
) |
|
QUALCOMM, Inc., Strike Price USD 44, Expires 5/24/10 |
|
|
160 |
|
|
(480 |
) |
|
QUALCOMM, Inc., Strike Price USD 44, Expires 6/21/10 |
|
|
150 |
|
|
(1,650 |
) |
|
Royal Dutch
Shell Plc, Class A - ADR, Strike Price USD 60, |
|
|
783 |
|
|
(229,028 |
) |
|
Stanley
Black & Decker, Inc., Strike Price USD 65, |
|
|
349 |
|
|
(39,263 |
) |
|
Sterlite
Industries India Ltd. - ADR, Strike Price USD 20, |
|
|
750 |
|
|
(11,250 |
) |
|
Stryker Corp., Strike Price USD 56.50, Expires 5/24/10 |
|
|
700 |
|
|
(116,299 |
) |
|
SunTrust Banks, Inc., Strike Price USD 30, Expires 5/24/10 |
|
|
215 |
|
|
(22,575 |
) |
|
Target Corp., Strike Price USD 57.50, Expires 5/24/10 |
|
|
700 |
|
|
(77,350 |
) |
|
Temple-Inland, Inc., Strike Price USD 25, Expires 6/21/10 |
|
|
1,710 |
|
|
(132,525 |
) |
|
Teva
Pharmaceutical Industries Ltd. - ADR, |
|
|
590 |
|
|
(5,605 |
) |
|
Texas Instruments, Inc., Strike Price USD 26, Expires 5/24/10 |
|
|
950 |
|
|
(72,675 |
) |
|
Texas Instruments, Inc., Strike Price USD 27, Expires 5/24/10 |
|
|
850 |
|
|
(31,025 |
) |
|
Textron, Inc., Strike Price USD 23, Expires 5/24/10 |
|
|
2,150 |
|
|
(182,750 |
) |
|
Thermo
Fisher Scientific, Inc., Strike Price USD 53, |
|
|
350 |
|
|
(114,681 |
) |
|
U.S. Bancorp, Strike Price USD 27, Expires 5/24/10 |
|
|
500 |
|
|
(32,750 |
) |
|
U.S. Bancorp, Strike Price USD 28, Expires 5/24/10 |
|
|
39 |
|
|
(1,033 |
) |
|
U.S. Bancorp, Strike Price USD 28, Expires 6/21/10 |
|
|
890 |
|
|
(55,180 |
) |
|
United
Parcel Service, Inc., Class B, Strike Price USD 65, |
|
|
750 |
|
|
(326,250 |
) |
|
Wal-Mart Stores, Inc., Strike Price USD 55, Expires 5/24/10 |
|
|
200 |
|
|
(6,200 |
) |
|
Yum! Brands, Inc., Strike Price USD 43, Expires 5/24/10 |
|
|
1,150 |
|
|
(80,500 |
) |
|
Zions Bancorp., Strike Price USD 30, Expires 6/21/10 |
|
|
1,430 |
|
|
(239,525 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(6,133,991 |
) |
|
Exchange-Traded Put Option Written—(0.0)% |
|
|
|
|
|
|
|
|
BHP Billiton Ltd. - ADR, Strike Price USD 75, Expires 5/24/10 |
|
|
830 |
|
|
(307,100 |
) |
|
Over-the-Counter Call Options Written—(0.9)% |
|
|
|
|
|
|
|
|
Accenture
Plc, Class A, Strike Price USD 43.42, |
|
|
85,600 |
|
|
(93,662 |
) |
|
Aegon NV,
Strike Price EUR 5.14, Expires 5/12/10, |
|
|
465,300 |
|
|
(121,310 |
) |
|
Allianz SE,
Strike Price EUR 88.06, Expires 6/03/10, |
|
|
32,300 |
|
|
(41,247 |
) |
|
Amada Co.
Ltd., Strike Price JPY 793.47, |
|
|
533,000 |
|
|
(184,523 |
) |
|
Amerprise
Financial, Inc., Strike Price USD 45.54, |
|
|
100,000 |
|
|
(186,120 |
) |
|
Anheuser-Busch
InBev NV, Strike Price EUR 38.26, |
|
|
78,900 |
|
|
(12,414 |
) |
|
Applied
Materials, Inc., Strike Price USD 14.19, |
|
|
117,000 |
|
|
(29,840 |
) |
|
Arch Coal,
Inc., Strike Price USD 26.25, |
|
|
620 |
|
|
(116,222 |
) |
|
Arch Coal,
Inc., Strike Price USD 27.04, |
|
|
40,000 |
|
|
(66,629 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
36 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Asahi
Breweries Ltd., Strike Price JPY 1,804.03, |
|
|
128,000 |
|
$ |
(2,030 |
) |
|
AT&T
Inc., Strike Price USD 26.51, Expires 6/04/10, |
|
|
104,500 |
|
|
(21,597 |
) |
|
Australia
& New Zealand Banking Group Ltd., |
|
|
91,000 |
|
|
(15,131 |
) |
|
Avon
Products, Inc., Strike Price USD 33.50, |
|
|
108,000 |
|
|
(82,133 |
) |
|
AXA SA,
Strike Price EUR 15.55, Expires 6/16/10, |
|
|
88,300 |
|
|
(64,615 |
) |
|
AXA SA,
Strike Price EUR 16.52, Expires 5/26/10, |
|
|
92,400 |
|
|
(16,590 |
) |
|
Banco
Santander SA, Strike Price EUR 10.30, |
|
|
382,200 |
|
|
(79,848 |
) |
|
Barclays
Plc - ADR, Strike Price USD 22.50, |
|
|
40,000 |
|
|
(8,978 |
) |
|
Barclays
Plc - ADR, Strike Price USD 23.09, |
|
|
40,500 |
|
|
(7,410 |
) |
|
Bayerische
Motoren Werke AG, Strike Price EUR 34.94, |
|
|
51,000 |
|
|
(169,385 |
) |
|
Bayerische
Motoren Werke AG, Strike Price EUR 35.75, |
|
|
14,300 |
|
|
(38,935 |
) |
|
Bayerische
Motoren Werke AG, Strike Price EUR 37.48, |
|
|
10,800 |
|
|
(15,961 |
) |
|
BM&FBOVESPA
SA, Strike Price BRL 11.82, |
|
|
217,400 |
|
|
(42,339 |
) |
|
BNP
Paribas, Strike Price EUR 58, Expires 5/21/10, |
|
|
250 |
|
|
(8,738 |
) |
|
BNP
Paribas, Strike Price EUR 59.07, Expires 5/12/10, |
|
|
18,500 |
|
|
(809 |
) |
|
BP Plc,
Strike Price GBP 6.49, Expires 5/26/10, |
|
|
134,700 |
|
|
(790 |
) |
|
BP Plc,
Strike Price GBP 6.55, Expires 6/03/10, |
|
|
385,000 |
|
|
(1,701 |
) |
|
Bunge Ltd.,
Strike Price USD 60.47, Expires 6/01/10, |
|
|
46,000 |
|
|
(5,317 |
) |
|
Canadian
Natural Resources Ltd., Strike Price CAD 74, |
|
|
500 |
|
|
(233,806 |
) |
|
Cannon,
Inc., Strike Price JPY 4,193.39, Expires 5/11/10, |
|
|
101,000 |
|
|
(199,470 |
) |
|
CapitaLand
Ltd., Strike Price SGD 4.11, Expires 6/07/10, |
|
|
612,888 |
|
|
(8,366 |
) |
|
Cheung Kong
Holdings Ltd., Strike Price HKD 98.06, |
|
|
298,000 |
|
|
(107,466 |
) |
|
Chevron
Corp., Strike Price USD 81.13, Expires 6/02/10, |
|
|
12,500 |
|
|
(25,660 |
) |
|
Chevron
Corp., Strike Price USD 82.82, Expires 6/10/10, |
|
|
25,000 |
|
|
(35,881 |
) |
|
China
Construction Bank Corp., Class H, |
|
|
2,100,000 |
|
|
(15,601 |
) |
|
Cia
Siderurgica Nacional SA - ADR, |
|
|
170,000 |
|
|
(27,815 |
) |
|
CIMB Group
Holdings Bhd, Strike Price MYR 14.34, |
|
|
805,000 |
|
|
(64,440 |
) |
|
Citigroup,
Inc., Strike Price USD 4.28, Expires 5/07/10, |
|
|
297,500 |
|
|
(50,248 |
) |
|
Citigroup,
Inc., Strike Price USD 4.56, Expires 5/28/10, |
|
|
350,000 |
|
|
(54,989 |
) |
|
Colgate-Palmolive
Co., Strike Price USD 85.95, |
|
|
56,000 |
|
|
(55,985 |
) |
|
ConAgra
Foods, Inc., Strike Price USD 25.27, |
|
|
108,000 |
|
|
(2,697 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Corio NV -
REIT, Strike Price EUR 49.17, Expires 6/03/10, |
|
|
26,000 |
|
$ |
(3,027 |
) |
|
Corning,
Inc., Strike Price USD 20.08, Expires 6/16/10, |
|
|
276,000 |
|
|
(133,959 |
) |
|
Crescent
Point Energy Corp., Strike Price CAD 42.60, |
|
|
86,000 |
|
|
(93,869 |
) |
|
DBS Group
Holdings Ltd., Strike Price SGD 15.34, |
|
|
184,000 |
|
|
(58,535 |
) |
|
Deere &
Co., Strike Price USD 61, Expires 5/28/10, |
|
|
28,000 |
|
|
(46,967 |
) |
|
Deutsche
Boerse AG, Strike Price EUR 55.96, |
|
|
26,900 |
|
|
(91,151 |
) |
|
Deutsche
Lufthansa AG, Strike Price EUR 12.28, |
|
|
135,000 |
|
|
(63,056 |
) |
|
Deutsche
Lufthansa AG, Strike Price EUR 12.95, |
|
|
215,000 |
|
|
(58,601 |
) |
|
Deutsche
Post AG, Strike Price EUR 12.81, |
|
|
256,000 |
|
|
(75,131 |
) |
|
DIRECTV,
Class A, Strike Price USD 34.11, |
|
|
107,000 |
|
|
(235,400 |
) |
|
Dominion
Resources, Inc., Strike Price USD 41.95, |
|
|
40,000 |
|
|
(11,982 |
) |
|
Dominion
Resources, Inc., Strike Price USD 41.95, |
|
|
40,000 |
|
|
(17,329 |
) |
|
E.I. du
Pont de Nemours & Co., Strike Price USD 39.38, |
|
|
66,400 |
|
|
(42,608 |
) |
|
EMC Corp., Strike
Price USD 19.50, Expires 5/28/10, |
|
|
190,000 |
|
|
(57,397 |
) |
|
Enbridge,
Inc., Strike Price CAD 48.80, Expires 5/14/10, |
|
|
30,000 |
|
|
(23,827 |
) |
|
Enbridge,
Inc., Strike Price CAD 49.56, Expires 5/10/10, |
|
|
84,500 |
|
|
(31,850 |
) |
|
Erste Group
Bank AG, Strike Price EUR 33.89, |
|
|
78,600 |
|
|
(104,178 |
) |
|
Exxon Mobil
Corp., Strike Price USD 69.59, |
|
|
65,000 |
|
|
(49,400 |
) |
|
Federal
Realty Investment Trust - REIT, |
|
|
28,000 |
|
|
(92,823 |
) |
|
FMC Corp.,
Strike Price USD 64.16, Expires 6/08/10, |
|
|
74,000 |
|
|
(142,623 |
) |
|
Focus Media
Holding Ltd. - ADR, Strike Price USD 18.39, |
|
|
73,500 |
|
|
(27,333 |
) |
|
Fomento
Economico Mexicano SAB de CV - ADR, |
|
|
44,000 |
|
|
(20,149 |
) |
|
Fortum Oyj,
Strike Price EUR 18.42, Expires 5/26/10, |
|
|
106,200 |
|
|
(141,236 |
) |
|
Fujitsu
Ltd., Strike Price JPY 557.83, Expires 5/11/10, |
|
|
468,000 |
|
|
(533,932 |
) |
|
General
Electric Co., Strike Price USD 16.50, |
|
|
112,000 |
|
|
(264,320 |
) |
|
General
Electric Co., Strike Price USD 18.10, |
|
|
195,000 |
|
|
(175,504 |
) |
|
General
Electric Co., Strike Price USD 19.18, |
|
|
60,500 |
|
|
(34,395 |
) |
|
GlaxoSmithKline
Plc, Strike Price GBP 12.84, |
|
|
48,000 |
|
|
(204 |
) |
|
GlaxoSmithKline
Plc, Strike Price GBP 12.87, |
|
|
152,000 |
|
|
(5,276 |
) |
|
Goodrich
Corp., Strike Price USD 72.18, |
|
|
87,000 |
|
|
(209,963 |
) |
|
Grupo
Mexico SAB de CV, Series B, Strike Price MXN 35.51, |
|
|
1,370,700 |
|
|
(44,195 |
) |
|
Home Depot,
Inc., Strike Price USD 35.55, |
|
|
88,000 |
|
|
(75,174 |
) |
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||||
|
|
|||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
37 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Honda Motor
Co. Ltd., Strike Price JPY 3,267.35, |
|
|
201,400 |
|
$ |
(249,694 |
) |
|
HSBC
Holdings Plc, Strike Price GBP 6.99, |
|
|
363,000 |
|
|
(31,018 |
) |
|
Hudson City
Bancorp, Inc., Strike Price USD 14.63, |
|
|
129,500 |
|
|
(15,935 |
) |
|
Inditex SA,
Strike Price EUR 49.57, Expires 5/26/10, |
|
|
52,000 |
|
|
(10,980 |
) |
|
Industrial
& Commercial Bank of China, |
|
|
2,700,000 |
|
|
(70,594 |
) |
|
Intel
Corp., Strike Price USD 22.41, Expires 5/10/10, |
|
|
150,500 |
|
|
(91,049 |
) |
|
International
Business Machines Corp., |
|
|
46,000 |
|
|
(75,468 |
) |
|
International
Paper Co., Strike Price USD 27.87, |
|
|
180,000 |
|
|
(133,907 |
) |
|
Intesa
Sanpaolo SpA, Strike Price EUR 2.73, |
|
|
139,200 |
|
|
(4,184 |
) |
|
Intesa
Sanpaolo SpA, Strike Price EUR 2.84, |
|
|
712,200 |
|
|
(1,062 |
) |
|
ITOCHU
Corp., Strike Price JPY 774.33, |
|
|
566,000 |
|
|
(303,009 |
) |
|
Japan
Tobacco, Inc., Strike Price JPY 329,260, |
|
|
1,460 |
|
|
(200,143 |
) |
|
JTEKT
Corp., Strike Price JPY 1,176.06, |
|
|
522,000 |
|
|
(32,301 |
) |
|
KeyCorp,
Strike Price USD 9.28, Expires 6/09/10, |
|
|
497,500 |
|
|
(209,816 |
) |
|
Kohl’s
Corp., Strike Price USD 54, Expires 5/07/10, |
|
|
59,000 |
|
|
(80,536 |
) |
|
Liberty
Global, Inc., Class A, Strike Price USD 27.48, |
|
|
131,500 |
|
|
(135,775 |
) |
|
Manpower,
Inc., Strike Price USD 58.64, Expires 5/14/10, |
|
|
28,000 |
|
|
(10,253 |
) |
|
Manpower,
Inc., Strike Price USD 59.13, Expires 5/04/10, |
|
|
25,000 |
|
|
(602 |
) |
|
Marubeni
Corp., Strike Price JPY 569.21, Expires 5/11/10, |
|
|
748,000 |
|
|
(56,271 |
) |
|
Marubeni
Corp., Strike Price JPY 598.93, Expires 6/07/10, |
|
|
140,000 |
|
|
(10,504 |
) |
|
Mega
Financial Holdings Co. Ltd., Strike Price TWD 18.27, |
|
|
3,572,000 |
|
|
(79,013 |
) |
|
Merck KGaA,
Strike Price EUR 65.11, Expires 6/03/10, |
|
|
22,500 |
|
|
(15,143 |
) |
|
Microsoft
Corp., Strike Price USD 29.43, Expires 5/05/10, |
|
|
143,000 |
|
|
(158,664 |
) |
|
Microsoft
Corp., Strike Price USD 29.54, Expires 5/05/10, |
|
|
72,000 |
|
|
(72,164 |
) |
|
Mitsubishi
Heavy Industries Ltd., Strike Price JPY 386.31, |
|
|
919,000 |
|
|
(147,827 |
) |
|
Mitsubishi
UFJ Financial Group, Inc., |
|
|
554,300 |
|
|
(118,962 |
) |
|
Mitsui
& Co. Ltd., Strike Price JPY 1,648.32, |
|
|
306,000 |
|
|
(22,835 |
) |
|
Naspers
Ltd., Strike Price ZAR 309.06, Expires 5/26/10, |
|
|
68,500 |
|
|
(33,025 |
) |
|
Nestle SA,
Strike Price CHF 52.42, Expires 6/03/10, |
|
|
28,300 |
|
|
(28,682 |
) |
|
Nestle SA,
Strike Price CHF 53.93, Expires 5/19/10, |
|
|
63,200 |
|
|
(16,116 |
) |
|
News Corp.,
Class A, Strike Price USD 14.25, |
|
|
251,000 |
|
|
(325,083 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
NII
Holdings, Inc., Strike Price USD 41.66, |
|
|
63,000 |
|
$ |
(171,276 |
) |
|
Nike, Inc.,
Strike Price USD 77.06, Expires 6/25/10, |
|
|
26,000 |
|
|
(52,558 |
) |
|
Nitto Denko
Corp., Strike Price JPY 3,747.99, |
|
|
94,000 |
|
|
(113,130 |
) |
|
Nokia Oyj -
ADR, Strike Price USD 14.30, |
|
|
255,000 |
|
|
(382 |
) |
|
Nomura
Holdings, Inc., Strike Price JPY 663.57, |
|
|
475,000 |
|
|
(139,534 |
) |
|
Nordea Bank
AB, Strike Price SEK 73.17, |
|
|
321,300 |
|
|
(12,688 |
) |
|
Norfolk
Southern Corp., Strike Price USD 58.96, |
|
|
31,000 |
|
|
(55,703 |
) |
|
Novartis
AG, Registered Shares, Strike Price CHF 57.73, |
|
|
128,000 |
|
|
(3,736 |
) |
|
Occidental
Petroleum Corp., Strike Price USD 83.61, |
|
|
44,000 |
|
|
(225,783 |
) |
|
Owens-Illinois,
Inc., Strike Price USD 37.63, |
|
|
132,000 |
|
|
(62,705 |
) |
|
Pan
American Silver Corp., Strike Price USD 23.35, |
|
|
121,000 |
|
|
(374,611 |
) |
|
Renault SA,
Strike Price EUR 35.87, Expires 6/16/10, |
|
|
54,000 |
|
|
(121,019 |
) |
|
Royal Dutch
Shell Plc, Class A - ADR, |
|
|
32,000 |
|
|
(76,037 |
) |
|
RWE AG,
Strike Price EUR 66.28, Expires 6/03/10, |
|
|
43,400 |
|
|
(9,189 |
) |
|
Samsung
Electronics Co. Ltd., |
|
|
7,100 |
|
|
(304,033 |
) |
|
SAP AG -
ADR, Strike Price USD 49.11, Expires 6/02/10, |
|
|
75,000 |
|
|
(53,273 |
) |
|
Siemens AG,
Strike Price EUR 70.75, Expires 5/06/10, |
|
|
69,000 |
|
|
(247,708 |
) |
|
Siliconware
Precision Industries Co. - ADR, |
|
|
176,000 |
|
|
(25,634 |
) |
|
Societe
Generale, Strike Price EUR 45.41, |
|
|
27,300 |
|
|
(16,352 |
) |
|
St. Jude Medical,
Inc., Strike Price USD 43.23, |
|
|
43,500 |
|
|
(11,377 |
) |
|
Stanley
Black & Decker, Inc., Strike Price USD 59.59, |
|
|
23,000 |
|
|
(65,803 |
) |
|
Sterlite
Industries India Ltd. - ADR, Strike Price USD 19.53, |
|
|
48,500 |
|
|
(11,584 |
) |
|
Sumitomo
Mitsui Financial Group, Inc., |
|
|
63,000 |
|
|
(15,189 |
) |
|
Sumitomo
Mitsui Financial Group, Inc., |
|
|
50,000 |
|
|
(25,880 |
) |
|
SunTrust
Banks, Inc., Strike Price USD 29.25, |
|
|
147,000 |
|
|
(305,847 |
) |
|
Svenska
Cellulosa AB, B Shares, Strike Price SEK 101.89, |
|
|
308,000 |
|
|
(21 |
) |
|
Swiss Life
Holding AG, Strike Price CHF 133.83, |
|
|
28,700 |
|
|
(79,822 |
) |
|
T&D
Holdings, Inc., Strike Price JPY 2,445.21, |
|
|
154,000 |
|
|
(165,142 |
) |
|
T. Rowe
Price Group, Inc., Strike Price USD 53.81, |
|
|
50,000 |
|
|
(186,500 |
) |
|
Telefonica
SA, Strike Price EUR 16.94, Expires 6/03/10, |
|
|
66,200 |
|
|
(48,911 |
) |
|
Telefonica
SA, Strike Price EUR 17.82, Expires 5/26/10, |
|
|
127,300 |
|
|
(24,550 |
) |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
||||
|
|
||||
|
|
|
|
|
|
|
38 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
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 (concluded) |
|
|
|
|
|
|
|
|
Tokio
Marine Holdings, Inc., Strike Price JPY 2,573.77, |
|
|
120,000 |
|
$ |
(304,334 |
) |
|
Toronto-Dominion
Bank (The), Strike Price CAD 76, |
|
|
67 |
|
|
(6,695 |
) |
|
Toronto-Dominion
Bank (The), Strike Price CAD 76, |
|
|
304 |
|
|
(55,665 |
) |
|
Total SA,
Strike Price EUR 42.95, Expires 6/03/10, |
|
|
23,000 |
|
|
(8,834 |
) |
|
Total SA,
Strike Price EUR 43.39, Expires 6/03/10, |
|
|
50,500 |
|
|
(14,210 |
) |
|
Total SA,
Strike Price EUR 43.64, Expires 5/12/10, |
|
|
36,100 |
|
|
(1,709 |
) |
|
Unibail-Rodamco
SE - REIT, Strike Price EUR 144.13, |
|
|
22,000 |
|
|
(29,263 |
) |
|
Unilever
Plc, Strike Price GBP 19.86, Expires 5/26/10, |
|
|
130,000 |
|
|
(42,114 |
) |
|
United
Parcel Service, Inc., Class B, Strike Price USD 64.98, |
|
|
42,000 |
|
|
(175,024 |
) |
|
Urban
Outfitters, Inc., Strike Price USD 40.70, |
|
|
77,500 |
|
|
(49,655 |
) |
|
Usinas
Siderurgicas de Minas Gerais SA, Class A - |
|
|
104,200 |
|
|
(97,147 |
) |
|
Validus
Holdings Ltd., Strike Price USD 26.86, |
|
|
106,000 |
|
|
(2,662 |
) |
|
VimpelCom
Ltd. - ADR, Strike Price USD 17.88, |
|
|
70,000 |
|
|
(46,307 |
) |
|
Vodafone
Group Plc - ADR, Strike Price USD 23.16, |
|
|
35,000 |
|
|
(11,689 |
) |
|
Vodafone
Group Plc - ADR, Strike Price USD 23.42, |
|
|
123,000 |
|
|
(33,126 |
) |
|
Vodafone
Group Plc - ADR, Strike Price USD 23.50, |
|
|
50,000 |
|
|
(6,908 |
) |
|
Volkswagen
AG - Preference Shares, Strike Price EUR 68.24, |
|
|
37,726 |
|
|
(186,142 |
) |
|
Volkswagen
AG - Preference Shares, Strike Price EUR 72.22, |
|
|
14,900 |
|
|
(58,441 |
) |
|
Wal-Mart
Stores, Inc., Strike Price USD 54.96, |
|
|
79,000 |
|
|
(43,862 |
) |
|
Wilmar
International Ltd., Strike Price SGD 7.02, |
|
|
732,000 |
|
|
(77,922 |
) |
|
Wing Hang
Bank Ltd., Strike Price HKD 80.79, |
|
|
172,000 |
|
|
(45,756 |
) |
|
WPP Plc,
Strike Price GBP 7.02, Expires 5/26/10, |
|
|
342,400 |
|
|
(69,548 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(12,395,697 |
) |
|
Total Options Written (Premiums Received $19,999,063)—(1.4)% |
|
|
|
|
|
(18,836,788 |
) |
|
Total Investments Net of Outstanding Options Written—98.8% |
|
|
|
|
|
1,300,146,151 |
|
|
Other Assets Less Liabilities—1.2% |
|
|
|
|
|
15,863,386 |
|
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
1,316,009,537 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
1,295,773,777 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
70,252,399 |
|
|
Gross unrealized depreciation |
|
|
(47,043,237 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
23,209,162 |
|
|
|
|
|
|
|
|
(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 |
|
Shares/ |
|
Net Activity |
|
Shares/ |
|
Income |
|
||||
|
BlackRock
Liquidity |
|
5,139,633 |
|
|
|
65,895,191 |
|
71,034,824 |
|
|
$ |
19,780 |
|
|
BlackRock
Liquidity |
|
7,602,800 |
|
|
|
(4,752,800 |
) |
2,850,000 |
|
|
$ |
6,256 |
|
|
|
|
|
(e) |
Represents current yield as of report date. |
|
(f) |
Security purchased with the cash collateral from securities loans. |
|
|
|
|
• |
Foreign currency exchange contracts as of April 30, 2010 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement
|
|
Unrealized |
|
|||||
|
CAD |
|
2,470,000 |
|
USD |
|
2,461,424 |
|
Citigroup Global Markets |
|
5/03/10 |
|
$ |
(29,822 |
) |
|
CHF |
|
2,578,500 |
|
USD |
|
2,380,447 |
|
Citigroup Global Markets |
|
5/03/10 |
|
|
15,693 |
|
|
MXN |
|
3,197,000 |
|
USD |
|
2,260,971 |
|
Citigroup Global Markets |
|
5/03/10 |
|
|
(1,394 |
) |
|
CAD |
|
2,224,000 |
|
USD |
|
2,212,726 |
|
Citigroup Global Markets |
|
5/04/10 |
|
|
(23,293 |
) |
|
GBP |
|
17,000 |
|
USD |
|
25,984 |
|
Citigroup Global Markets |
|
5/06/10 |
|
|
26 |
|
|
EUR |
|
15,330,000 |
|
USD |
|
20,407,342 |
|
Deutsche Bank Securities |
|
5/05/10 |
|
|
4,173 |
|
|
USD |
|
100,280 |
|
CHF |
|
108,000 |
|
Deutsche Bank Securities |
|
5/05/10 |
|
|
(84 |
) |
|
USD |
|
121,720 |
|
HKD |
|
945,000 |
|
Morgan Stanley & Co., Inc. |
|
5/04/10 |
|
|
2 |
|
|
USD |
|
187,080 |
|
SGD |
|
256,000 |
|
Morgan Stanley & Co., Inc. |
|
5/04/10 |
|
|
259 |
|
|
USD |
|
3,411,930 |
|
GBP |
|
2,229,000 |
|
Royal Bank of Scotland |
|
5/05/10 |
|
|
1,509 |
|
|
USD |
|
4,249,343 |
|
EUR |
|
3,189,000 |
|
UBS Securities LLC |
|
5/04/10 |
|
|
3,283 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
$ |
(29,648 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
• |
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 methodologies 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.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
39 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Global Opportunities Equity Trust (BOE) |
The following tables summarize the inputs used as of April 30, 2010 in determining the investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
$ |
7,169,815 |
|
$ |
3,654,631 |
|
|
— |
|
$ |
10,824,446 |
|
|
Austria |
|
|
— |
|
|
6,344,555 |
|
|
— |
|
|
6,344,555 |
|
|
Belgium |
|
|
— |
|
|
6,956,560 |
|
|
— |
|
|
6,956,560 |
|
|
Bermuda |
|
|
4,410,735 |
|
|
— |
|
|
— |
|
|
4,410,735 |
|
|
Brazil |
|
|
20,892,558 |
|
|
— |
|
|
— |
|
|
20,892,558 |
|
|
Canada |
|
|
48,907,111 |
|
|
— |
|
|
— |
|
|
48,907,111 |
|
|
China |
|
|
4,681,620 |
|
|
6,680,586 |
|
|
— |
|
|
11,362,206 |
|
|
Finland |
|
|
5,626,432 |
|
|
4,986,976 |
|
|
— |
|
|
10,613,408 |
|
|
France |
|
|
— |
|
|
35,989,349 |
|
|
— |
|
|
35,989,349 |
|
|
Germany |
|
|
12,748,035 |
|
|
66,903,974 |
|
|
— |
|
|
79,652,009 |
|
|
Hong Kong |
|
|
2,726,760 |
|
|
9,840,365 |
|
|
— |
|
|
12,567,125 |
|
|
India |
|
|
4,066,988 |
|
|
5,400,986 |
|
|
— |
|
|
9,467,974 |
|
|
Ireland |
|
|
6,786,020 |
|
|
— |
|
|
— |
|
|
6,786,020 |
|
|
Israel |
|
|
3,465,070 |
|
|
— |
|
|
— |
|
|
3,465,070 |
|
|
Italy |
|
|
— |
|
|
5,101,755 |
|
|
— |
|
|
5,101,755 |
|
|
Japan |
|
|
— |
|
|
131,070,483 |
|
|
— |
|
|
131,070,483 |
|
|
Malaysia |
|
|
— |
|
|
4,757,438 |
|
|
— |
|
|
4,757,438 |
|
|
Mexico |
|
|
11,129,651 |
|
|
— |
|
|
— |
|
|
11,129,651 |
|
|
Netherlands |
|
|
4,314,934 |
|
|
15,221,524 |
|
|
— |
|
|
19,536,458 |
|
|
New Zealand |
|
|
— |
|
|
4,859,048 |
|
|
— |
|
|
4,859,048 |
|
|
Singapore |
|
|
— |
|
|
13,327,727 |
|
|
— |
|
|
13,327,727 |
|
|
South Africa |
|
|
— |
|
|
5,017,441 |
|
|
— |
|
|
5,017,441 |
|
|
South Korea |
|
|
— |
|
|
9,808,371 |
|
|
— |
|
|
9,808,371 |
|
|
Spain |
|
|
— |
|
|
22,647,899 |
|
|
— |
|
|
22,647,899 |
|
|
Sweden |
|
|
— |
|
|
12,980,707 |
|
|
— |
|
|
12,980,707 |
|
|
Switzerland |
|
|
6,792,363 |
|
|
23,795,326 |
|
|
— |
|
|
30,587,689 |
|
|
Taiwan |
|
|
3,089,760 |
|
|
3,792,468 |
|
|
— |
|
|
6,882,228 |
|
|
Thailand |
|
|
— |
|
|
9,796,449 |
|
|
— |
|
|
9,796,449 |
|
|
United Kingdom |
|
|
26,385,623 |
|
|
34,235,358 |
|
|
— |
|
|
60,620,981 |
|
|
United States |
|
|
628,734,664 |
|
|
— |
|
|
— |
|
|
628,734,664 |
|
|
Short-Term |
|
|
71,034,824 |
|
|
2,850,000 |
|
|
— |
|
|
73,884,824 |
|
|
Total |
|
$ |
872,962,963 |
|
$ |
446,019,976 |
|
|
— |
|
$ |
1,318,982,939 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments1 |
|
||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
— |
|
$ |
24,945 |
|
|
— |
|
$ |
24,945 |
|
|
Liabilities: |
|
$ |
(6,301,479 |
) |
|
(12,589,902 |
) |
|
— |
|
|
(18,891,381 |
) |
|
Total |
|
$ |
(6,301,479 |
) |
$ |
(12,564,957 |
) |
|
— |
|
$ |
(18,866,436 |
) |
|
|
|
||||||||||||
|
|
|
|
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 value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
40 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock Health Sciences Trust (BME) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Biotechnology—10.4% |
|
|
|
|
|
|
|
|
3SBio, Inc. - ADR (a) |
|
|
31,900 |
|
$ |
380,248 |
|
|
Amgen, Inc. (a) |
|
|
121,300 |
|
|
6,957,768 |
|
|
BioMarin Pharmaceutical, Inc. (a) |
|
|
29,500 |
|
|
689,415 |
|
|
Celgene Corp. (a) |
|
|
36,600 |
|
|
2,267,370 |
|
|
Dendreon Corp. (a) |
|
|
66,500 |
|
|
3,605,630 |
|
|
Gilead Sciences, Inc. (a) |
|
|
40,560 |
|
|
1,609,015 |
|
|
Human Genome Sciences, Inc. (a) |
|
|
78,800 |
|
|
2,181,972 |
|
|
Incyte Corp. Ltd. (a) |
|
|
113,400 |
|
|
1,521,828 |
|
|
Ironwood Pharmaceuticals, Inc. (a) |
|
|
35,500 |
|
|
458,660 |
|
|
Momenta Pharmaceuticals, Inc. (a) |
|
|
12,900 |
|
|
179,052 |
|
|
OSI Pharmaceuticals, Inc. (a) |
|
|
30,200 |
|
|
1,771,834 |
|
|
Pharmasset, Inc. (a) |
|
|
15,700 |
|
|
508,680 |
|
|
Sinovac Biotech Ltd. (a) |
|
|
20,600 |
|
|
119,274 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
22,250,746 |
|
|
Electronic Equipment, Instruments & Components—1.7% |
|
|
|
|
|
|
|
|
Agilent Technologies, Inc. (a) |
|
|
100,400 |
|
|
3,640,504 |
|
|
Health Care Equipment & Supplies—26.9% |
|
|
|
|
|
|
|
|
Alcon, Inc. (a) |
|
|
13,800 |
|
|
2,150,868 |
|
|
Baxter International, Inc. (b) |
|
|
21,800 |
|
|
1,029,396 |
|
|
Becton Dickinson & Co. |
|
|
43,600 |
|
|
3,329,732 |
|
|
China Medical Technologies, Inc. - ADR |
|
|
43,000 |
|
|
596,840 |
|
|
Cooper Cos., Inc. (The) |
|
|
67,900 |
|
|
2,640,631 |
|
|
CR Bard, Inc. (b) |
|
|
25,700 |
|
|
2,223,821 |
|
|
DENTSPLY International, Inc. |
|
|
41,100 |
|
|
1,505,904 |
|
|
Edwards Lifesciences Corp. |
|
|
12,400 |
|
|
1,278,192 |
|
|
Elekta AB |
|
|
55,600 |
|
|
1,443,883 |
|
|
Gen-Probe, Inc. (a) |
|
|
49,000 |
|
|
2,322,110 |
|
|
Getinge AB |
|
|
46,000 |
|
|
1,028,250 |
|
|
Henry Schein, Inc. (a) |
|
|
46,800 |
|
|
2,829,996 |
|
|
Hill-Rom Holdings, Inc. |
|
|
110,400 |
|
|
3,500,784 |
|
|
Hologic, Inc. (a) |
|
|
83,600 |
|
|
1,493,932 |
|
|
Inverness Medical Innovations, Inc. (a) |
|
|
43,100 |
|
|
1,714,518 |
|
|
Medtronic, Inc. |
|
|
68,890 |
|
|
3,009,804 |
|
|
Mindray Medical International Ltd. - ADR |
|
|
57,400 |
|
|
2,192,680 |
|
|
Nobel Biocare Holding AG |
|
|
67,800 |
|
|
1,486,052 |
|
|
Sirona Dental Systems, Inc. (a) |
|
|
82,100 |
|
|
3,422,749 |
|
|
Smith & Nephew Plc |
|
|
335,100 |
|
|
3,474,194 |
|
|
Sonova Holding AG |
|
|
5,100 |
|
|
632,214 |
|
|
Stryker Corp. |
|
|
115,400 |
|
|
6,628,576 |
|
|
Thoratec Corp. (a) |
|
|
20,900 |
|
|
931,931 |
|
|
Varian Medical Systems, Inc. (a) |
|
|
65,000 |
|
|
3,664,700 |
|
|
Zimmer Holdings, Inc. (a) |
|
|
46,900 |
|
|
2,856,679 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
57,388,436 |
|
|
Health Care Providers & Services—19.4% |
|
|
|
|
|
|
|
|
Aetna, Inc. |
|
|
70,400 |
|
|
2,080,320 |
|
|
AmerisourceBergen Corp. |
|
|
160,300 |
|
|
4,945,255 |
|
|
CIGNA Corp. |
|
|
47,600 |
|
|
1,526,056 |
|
|
Community Health Systems, Inc. (a) |
|
|
56,200 |
|
|
2,296,332 |
|
|
DaVita, Inc. (a) |
|
|
29,480 |
|
|
1,840,436 |
|
|
Express Scripts, Inc. (a) |
|
|
45,180 |
|
|
4,523,874 |
|
|
Fresenius Medical Care AG & Co. KGaA |
|
|
62,400 |
|
|
3,378,578 |
|
|
McKesson Corp. |
|
|
69,500 |
|
|
4,504,295 |
|
|
Medco Health Solutions, Inc. (a) |
|
|
34,810 |
|
|
2,051,005 |
|
|
Mednax, Inc. (a) |
|
|
14,500 |
|
|
796,630 |
|
|
Patterson Cos., Inc. |
|
|
111,700 |
|
|
3,573,283 |
|
|
Tenet Healthcare Corp. (a) |
|
|
231,400 |
|
|
1,446,250 |
|
|
UnitedHealth Group, Inc. |
|
|
142,700 |
|
|
4,325,237 |
|
|
VCA Antech, Inc. (a) |
|
|
78,400 |
|
|
2,231,264 |
|
|
WellPoint, Inc. (a) |
|
|
35,200 |
|
|
1,893,760 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
41,412,575 |
|
|
Health Care Technology—6.9% |
|
|
|
|
|
|
|
|
Allscripts-Misys Healthcare Solutions, Inc. (a) |
|
|
92,100 |
|
|
1,857,657 |
|
|
Biogen Idec, Inc. (a) |
|
|
52,500 |
|
|
2,795,625 |
|
|
Genzyme Corp. (a) |
|
|
87,900 |
|
|
4,679,796 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Health Care Technology (concluded) |
|
|
|
|
|
|
|
|
Quest Diagnostics, Inc. |
|
|
19,800 |
|
$ |
1,131,768 |
|
|
St. Jude Medical, Inc. (a) |
|
|
105,000 |
|
|
4,286,100 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,750,946 |
|
|
Industrial Conglomerates—1.4% |
|
|
|
|
|
|
|
|
Koninklijke (Royal) Philips Electronics NV |
|
|
89,200 |
|
|
2,995,262 |
|
|
Insurance—0.1% |
|
|
|
|
|
|
|
|
Amil Participacoes SA |
|
|
13,800 |
|
|
113,131 |
|
|
Life Sciences Tools & Services—7.7% |
|
|
|
|
|
|
|
|
Dionex Corp. (a) |
|
|
31,900 |
|
|
2,602,083 |
|
|
Life Technologies Corp. (a) |
|
|
40,800 |
|
|
2,232,168 |
|
|
Mettler-Toledo International, Inc. (a) |
|
|
19,900 |
|
|
2,497,052 |
|
|
Millipore Corp. (a) |
|
|
22,500 |
|
|
2,388,375 |
|
|
Tecan Group AG |
|
|
22,100 |
|
|
1,468,098 |
|
|
Thermo Fisher Scientific, Inc. (a) |
|
|
93,600 |
|
|
5,174,208 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,361,984 |
|
|
Pharmaceuticals—21.4% |
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
|
75,540 |
|
|
3,864,626 |
|
|
Allergan, Inc. |
|
|
21,100 |
|
|
1,343,859 |
|
|
Bristol-Myers Squibb Co. |
|
|
196,100 |
|
|
4,959,369 |
|
|
Cephalon, Inc. (a) |
|
|
31,000 |
|
|
1,990,200 |
|
|
Eli Lilly & Co. |
|
|
22,200 |
|
|
776,334 |
|
|
GlaxoSmithKline Plc |
|
|
179,500 |
|
|
3,331,709 |
|
|
Johnson & Johnson |
|
|
103,270 |
|
|
6,640,261 |
|
|
Merck & Co., Inc. |
|
|
77,100 |
|
|
2,701,584 |
|
|
Merck KGaA |
|
|
41,100 |
|
|
3,378,430 |
|
|
Novartis AG |
|
|
135,600 |
|
|
6,913,533 |
|
|
Pfizer, Inc. |
|
|
255,900 |
|
|
4,278,648 |
|
|
Roche Holding AG |
|
|
50 |
|
|
7,894 |
|
|
Simcere Pharmaceutical Group - ADR (a) |
|
|
24,900 |
|
|
198,204 |
|
|
Somaxon Pharmaceuticals, Inc. (a) |
|
|
35,000 |
|
|
251,650 |
|
|
Teva Pharmaceutical Industries Ltd. - ADR |
|
|
46,150 |
|
|
2,710,390 |
|
|
Watson Pharmaceuticals, Inc. (a) |
|
|
56,000 |
|
|
2,397,920 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
45,744,611 |
|
|
Total Long-Term Investments |
|
|
|
|
|
204,658,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
BlackRock
Liquidity Funds, TempFund, |
|
|
12,895,249 |
|
|
12,895,249 |
|
|
Total Short-Term Securities |
|
|
|
|
|
12,895,249 |
|
|
Total investments before outstanding
options written |
|
|
|
|
|
217,553,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Options Written |
|
|
Contracts |
|
|
|
|
|
Exchange-Traded Call Options Written—(0.5)% |
|
|
|
|
|
|
|
|
3SBio, Inc., - ADR, Strike Price USD 15, Expires 6/21/10 |
|
|
80 |
|
|
(1,600 |
) |
|
Aetna, Inc., Strike Price USD 33, Expires 5/24/10 |
|
|
230 |
|
|
(3,105 |
) |
|
Agilent
Technologies, Inc., Strike Price USD 35, |
|
|
260 |
|
|
(46,540 |
) |
|
Alcon, Inc., Strike Price USD 160, Expires 5/24/10 |
|
|
25 |
|
|
(1,500 |
) |
|
Alcon, Inc., Strike Price USD 165, Expires 5/24/10 |
|
|
30 |
|
|
(450 |
) |
|
Allergan, Inc., Strike Price USD 65, Expires 5/24/10 |
|
|
65 |
|
|
(5,525 |
) |
|
Allscripts-Misys
Healthcare Solutions, Inc., |
|
|
300 |
|
|
(7,500 |
) |
|
AmerisourceBergen
Corp., Strike Price USD 28.75, |
|
|
200 |
|
|
(42,000 |
) |
|
AmerisourceBergen
Corp., Strike Price USD 30, |
|
|
300 |
|
|
(35,250 |
) |
|
Amgen, Inc., Strike Price USD 62.50, Expires 5/24/10 |
|
|
200 |
|
|
(1,200 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
41 |
|
|
|
|
|
|
|
|
|
|
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 (continued) |
|
|
|
|
|
|
|
|
Amgen, Inc., Strike Price USD 62.50, Expires 6/21/10 |
|
|
200 |
|
$ |
(8,200 |
) |
|
Baxter
International, Inc., Strike Price USD 60, |
|
|
75 |
|
|
(375 |
) |
|
Becton Dickinson
& Co., Strike Price USD 80, |
|
|
65 |
|
|
(1,462 |
) |
|
Becton Dickinson
& Co., Strike Price USD 80, |
|
|
100 |
|
|
(6,750 |
) |
|
Biogen Idec, Inc., Strike Price USD 60, Expires 5/24/10 |
|
|
135 |
|
|
(2,025 |
) |
|
BioMarin Pharmaceutical, Inc., Strike Price USD 25, |
|
|
100 |
|
|
(3,250 |
) |
|
Bristol-Myers Squibb Co., Strike Price USD 27, |
|
|
288 |
|
|
(1,872 |
) |
|
Bristol-Myers Squibb Co., Strike Price USD 27, |
|
|
260 |
|
|
(7,540 |
) |
|
Celgene Corp., Strike Price USD 65, Expires 5/24/10 |
|
|
100 |
|
|
(5,000 |
) |
|
Cephalon, Inc., Strike Price USD 70, Expires 5/24/10 |
|
|
100 |
|
|
(3,750 |
) |
|
CIGNA Corp., Strike Price USD 36, Expires 5/24/10 |
|
|
150 |
|
|
(3,000 |
) |
|
Community Health
Systems, Inc., Strike Price USD 45, |
|
|
150 |
|
|
(2,250 |
) |
|
Community Health
Systems, Inc., Strike Price USD 45, |
|
|
50 |
|
|
(3,000 |
) |
|
Cooper Cos., Inc.
(The), Strike Price USD 42.50, |
|
|
220 |
|
|
(5,994 |
) |
|
CR Bard, Inc., Strike Price USD 87, Expires 6/10/10 |
|
|
100 |
|
|
(18,031 |
) |
|
DaVita, Inc., Strike Price USD 65, Expires 5/24/10 |
|
|
74 |
|
|
(2,775 |
) |
|
Eli Lilly & Co., Strike Price USD 36, Expires 6/21/10 |
|
|
60 |
|
|
(2,340 |
) |
|
Eli Lilly & Co., Strike Price USD 37, Expires 5/24/10 |
|
|
50 |
|
|
(225 |
) |
|
Express Scripts, Inc., Strike Price USD 105, Expires 5/24/10 |
|
|
60 |
|
|
(5,250 |
) |
|
Express Scripts, Inc., Strike Price USD 95, Expires 5/24/10 |
|
|
60 |
|
|
(36,900 |
) |
|
Gen-Probe, Inc., Strike Price USD 50, Expires 6/21/10 |
|
|
165 |
|
|
(11,138 |
) |
|
Genzyme Corp., Strike Price USD 55, Expires 5/24/10 |
|
|
150 |
|
|
(8,625 |
) |
|
Genzyme Corp., Strike Price USD 60, Expires 5/24/10 |
|
|
125 |
|
|
(1,563 |
) |
|
Gilead Sciences, Inc., Strike Price USD 42, Expires 5/24/10 |
|
|
130 |
|
|
(3,640 |
) |
|
Gilead Sciences, Inc., Strike Price USD 47, Expires 6/21/10 |
|
|
175 |
|
|
(1,400 |
) |
|
Henry Schein, Inc., Strike Price USD 60, Expires 7/19/10 |
|
|
100 |
|
|
(31,750 |
) |
|
Hill-Rom Holdings, Inc., Strike Price USD 30, Expires 5/24/10 |
|
|
100 |
|
|
(25,000 |
) |
|
Hologic, Inc., Strike Price USD 20, Expires 6/21/10 |
|
|
250 |
|
|
(10,000 |
) |
|
Human Genome
Sciences, Inc., Strike Price USD 30, |
|
|
170 |
|
|
(7,565 |
) |
|
Human Genome
Sciences, Inc., Strike Price USD 33, |
|
|
50 |
|
|
(575 |
) |
|
Human Genome
Sciences, Inc., Strike Price USD 35, |
|
|
250 |
|
|
(1,750 |
) |
|
Incyte Corp. Ltd., Strike Price USD 15, Expires 5/24/10 |
|
|
250 |
|
|
(7,500 |
) |
|
Incyte Corp. Ltd., Strike Price USD 15, Expires 6/21/10 |
|
|
125 |
|
|
(7,500 |
) |
|
Inverness Medical
Innovations, Inc., Strike Price USD 45, |
|
|
150 |
|
|
(1,125 |
) |
|
Ironwood
Pharmaceuticals, Inc., Strike Price USD 15, |
|
|
50 |
|
|
(1,250 |
) |
|
Johnson & Johnson, Strike Price USD 65, Expires 5/24/10 |
|
|
100 |
|
|
(5,250 |
) |
|
Johnson & Johnson, Strike Price USD 65, Expires 6/21/10 |
|
|
170 |
|
|
(14,620 |
) |
|
Johnson & Johnson, Strike Price USD 67.50, Expires 5/24/10 |
|
|
50 |
|
|
(300 |
) |
|
Life Technologies Corp., Strike Price USD 55, Expires 6/21/10 |
|
|
80 |
|
|
(14,600 |
) |
|
McKesson Corp., Strike Price USD 65, Expires 5/24/10 |
|
|
90 |
|
|
(15,975 |
) |
|
McKesson Corp., Strike Price USD 67.25, Expires 5/14/10 |
|
|
85 |
|
|
(4,587 |
) |
|
Medco Health
Solutions, Inc., Strike Price USD 66, |
|
|
230 |
|
|
(2,235 |
) |
|
Mednax, Inc., Strike Price USD 60, Expires 5/24/10 |
|
|
50 |
|
|
(2,750 |
) |
|
Medtronic, Inc., Strike Price USD 45, Expires 6/21/10 |
|
|
200 |
|
|
(23,000 |
) |
|
Merck & Co., Inc., Strike Price USD 37, Expires 5/24/10 |
|
|
100 |
|
|
(2,700 |
) |
|
Merck & Co., Inc., Strike Price USD 38, Expires 5/24/10 |
|
|
195 |
|
|
(2,145 |
) |
|
Merck & Co., Inc., Strike Price USD 39, Expires 5/24/10 |
|
|
100 |
|
|
(499 |
) |
|
Mettler-Toledo
International, Inc., Strike Price USD 120, |
|
|
40 |
|
|
(30,600 |
) |
|
Mindray Medical
International Ltd. - ADR, Strike Price USD 37, |
|
|
185 |
|
|
(33,521 |
) |
|
Momenta
Pharmaceuticals, Inc., Strike Price USD 17.50, |
|
|
40 |
|
|
(2,000 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written (concluded) |
|
|
|
|
|
|
|
|
OSI
Pharmaceuticals, Inc., Strike Price USD 60, |
|
|
100 |
|
$ |
(10,000 |
) |
|
Patterson Cos., Inc., Strike Price USD 30, Expires 5/24/10 |
|
|
100 |
|
|
(23,250 |
) |
|
Patterson Cos., Inc., Strike Price USD 32.50, Expires 5/24/10 |
|
|
150 |
|
|
(9,000 |
) |
|
Patterson Cos., Inc., Strike Price USD 32.50, Expires 6/21/10 |
|
|
100 |
|
|
(10,000 |
) |
|
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10 |
|
|
350 |
|
|
(1,925 |
) |
|
Sirona Dental
Systems, Inc., Strike Price USD 35, |
|
|
100 |
|
|
(72,000 |
) |
|
Sirona Dental
Systems, Inc., Strike Price USD 40, |
|
|
150 |
|
|
(40,875 |
) |
|
Somaxon
Pharmaceuticals, Inc., Strike Price USD 10, |
|
|
115 |
|
|
(862 |
) |
|
St. Jude Medical, Inc., Strike Price USD 40, Expires 5/24/10 |
|
|
150 |
|
|
(22,500 |
) |
|
St. Jude Medical, Inc., Strike Price USD 45, Expires 6/21/10 |
|
|
100 |
|
|
(3,000 |
) |
|
Stryker Corp., Strike Price USD 55, Expires 6/21/10 |
|
|
100 |
|
|
(33,500 |
) |
|
Stryker Corp., Strike Price USD 56.50, Expires 5/24/10 |
|
|
200 |
|
|
(33,228 |
) |
|
Stryker Corp., Strike Price USD 60, Expires 5/24/10 |
|
|
100 |
|
|
(2,750 |
) |
|
Teva
Pharmaceutical Industries Ltd. - ADR, |
|
|
75 |
|
|
(2,025 |
) |
|
Teva
Pharmaceutical Industries Ltd. - ADR, |
|
|
150 |
|
|
(1,425 |
) |
|
Thermo Fisher
Scientific, Inc., Strike Price USD 55, |
|
|
290 |
|
|
(42,775 |
) |
|
Thoratec Corp., Strike Price USD 35, Expires 5/24/10 |
|
|
50 |
|
|
(49,500 |
) |
|
Thoratec Corp., Strike Price USD 37.50, Expires 6/21/10 |
|
|
25 |
|
|
(19,125 |
) |
|
UnitedHealth
Group, Inc., Strike Price USD 34, |
|
|
300 |
|
|
(8,700 |
) |
|
Varian Medical
Systems, Inc., Strike Price USD 55, |
|
|
200 |
|
|
(41,500 |
) |
|
Watson
Pharmaceuticals, Inc., Strike Price USD 45, |
|
|
100 |
|
|
(3,500 |
) |
|
Watson
Pharmaceuticals, Inc., Strike Price USD 45, |
|
|
100 |
|
|
(6,250 |
) |
|
WellPoint, Inc., Strike Price USD 62.50, Expires 5/24/10 |
|
|
110 |
|
|
(1,155 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(978,667 |
) |
|
Exchange-Traded Put Option Written—(0.0)% |
|
|
|
|
|
|
|
|
Dendreon Corp., Strike Price USD 50, Expires 5/24/10 |
|
|
270 |
|
|
(28,755 |
) |
|
Over-the-Counter Call Options Written—(0.1)% |
|
|
|
|
|
|
|
|
Abbott
Laboratories, Strike Price USD 53.18, |
|
|
60,500 |
|
|
(5,463 |
) |
|
Elekta AB, Strike
Price SEK 192.86, Expires 6/16/10, |
|
|
17,000 |
|
|
(17,166 |
) |
|
Fresenius Medical
Care AG & Co. KGaA, |
|
|
15,700 |
|
|
(8,274 |
) |
|
Fresenius Medical
Care AG & Co. KGaA, |
|
|
25 |
|
|
(644 |
) |
|
Getinge AB,
Strike Price SEK 180, Expires 6/18/10, |
|
|
150 |
|
|
(1,739 |
) |
|
GlaxoSmithKline
Plc, Strike Price GBP 12.97, |
|
|
52,300 |
|
|
(3,012 |
) |
|
Hill-Rom
Holdings, Inc., Strike Price USD 27.50, |
|
|
21,000 |
|
|
(88,410 |
) |
|
Koninklijke
(Royal) Philips Electronics NV, |
|
|
7,900 |
|
|
(10,609 |
) |
|
Koninklijke
(Royal) Philips Electronics NV, |
|
|
18,500 |
|
|
(9,122 |
) |
|
Merck KGaA,
Strike Price EUR 61.61, Expires 5/06/10, |
|
|
4,300 |
|
|
(3,579 |
) |
|
Merck KGaA,
Strike Price EUR 65.11, Expires 6/03/10, |
|
|
9,000 |
|
|
(6,057 |
) |
|
Nobel Biocare
Holding AG, Strike Price CHF 26, |
|
|
44 |
|
|
(1,463 |
) |
|
Nobel Biocare
Holding AG, Strike Price CHF 30.32, |
|
|
10,300 |
|
|
(111 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
42 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
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 (concluded) |
|
|
|
|
|
|
|
|
Nobel Biocare
Holding AG, Strike Price CHF 33, |
|
|
100 |
|
$ |
(787 |
) |
|
Novartis AG,
Registered Shares, Strike Price CHF 57, |
|
|
420 |
|
|
(7,973 |
) |
|
Novartis AG,
Registered Shares, Strike Price CHF 57.79, |
|
|
15,000 |
|
|
(3,055 |
) |
|
Novartis AG,
Registered Shares, Strike Price CHF 58, |
|
|
180 |
|
|
(1,428 |
) |
|
Smith &
Nephew Plc, Strike Price GBP 6.89, |
|
|
85,000 |
|
|
(15,413 |
) |
|
Sonova Holding
AG, Strike Price CHF 135.51, |
|
|
4,100 |
|
|
(5,937 |
) |
|
St. Jude Medical,
Inc., Strike Price USD 43.23, |
|
|
8,000 |
|
|
(2,092 |
) |
|
Tecan Group AG,
Registered Shares, Strike Price CHF 76.19, |
|
|
8,200 |
|
|
(740 |
) |
|
Tenet Healthcare
Corp., Strike Price USD 6.17, |
|
|
61,000 |
|
|
(27,059 |
) |
|
Zimmer Holdings,
Inc., Strike Price USD 61, |
|
|
12,500 |
|
|
(13,005 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(233,138 |
) |
|
Total Options Written (Premiums Received $1,604,894)—(0.6)% |
|
|
|
|
|
(1,240,560 |
) |
|
Total investments net of outstanding options written—101.4% |
|
|
|
|
|
216,312,884 |
|
|
Liabilities in Excess of Other Assets—(1.4)% |
|
|
|
|
|
(2,936,620 |
) |
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
213,376,264 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
199,514,139 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
21,685,211 |
|
|
Gross unrealized depreciation |
|
|
(3,645,906 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
18,039,305 |
|
|
|
|
|
|
|
|
(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 |
|
Shares/ |
|
Net Activity |
|
Shares/ |
|
Income |
|
||||
|
BlackRock
Liquidity |
|
9,732,338 |
|
|
3,162,911 |
|
|
12,895,249 |
|
|
$ |
3,840 |
|
|
BlackRock
Liquidity |
|
2,152,000 |
|
|
(2,152,000 |
) |
|
— |
|
|
$ |
726 |
|
|
|
|
|
(d) |
Represents current yield as of report date. |
|
|
|
|
• |
Foreign currency exchange contracts as of April 30, 2010 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
|
|||||
|
EUR |
|
90,000 |
|
USD |
|
119,396 |
|
Citigroup Global Markets |
|
5/03/10 |
|
$ |
436 |
|
|
SEK |
|
313,000 |
|
USD |
|
42,857 |
|
Citigroup Global Markets |
|
5/03/10 |
|
|
356 |
|
|
GBP |
|
77,000 |
|
USD |
|
117,092 |
|
Citigroup Global Markets |
|
5/04/10 |
|
|
720 |
|
|
USD |
|
79,777 |
|
SEK |
|
575,000 |
|
Citigroup Global Markets |
|
5/05/10 |
|
|
391 |
|
|
USD |
|
124,421 |
|
CHF |
|
134,000 |
|
Deutsche Bank Securities |
|
5/05/10 |
|
|
(105) |
|
|
USD |
|
1,073,850 |
|
CHF |
|
1,156,000 |
|
Royal Bank of Scotland |
|
5/04/10 |
|
|
(408) |
|
|
USD |
|
69,290 |
|
EUR |
|
52,000 |
|
UBS Securities LLC |
|
5/04/10 |
|
|
53 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
• |
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 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 methodologies 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 April 30, 2010 in determining the investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology |
|
$ |
22,250,746 |
|
|
— |
|
|
— |
|
$ |
22,250,746 |
|
|
Electronic
Equipment, |
|
|
3,640,504 |
|
|
— |
|
|
— |
|
|
3,640,504 |
|
|
Health Care |
|
|
49,323,843 |
|
$ |
8,064,593 |
|
|
— |
|
|
57,388,436 |
|
|
Health Care |
|
|
38,033,997 |
|
|
3,378,578 |
|
|
— |
|
|
41,412,575 |
|
|
Health Care |
|
|
14,750,946 |
|
|
— |
|
|
— |
|
|
14,750,946 |
|
|
Industrial |
|
|
— |
|
|
2,995,262 |
|
|
— |
|
|
2,995,262 |
|
|
Insurance |
|
|
113,131 |
|
|
— |
|
|
— |
|
|
113,131 |
|
|
Life Sciences |
|
|
14,893,886 |
|
|
1,468,098 |
|
|
— |
|
|
16,361,984 |
|
|
Pharmaceuticals |
|
|
32,113,045 |
|
|
13,631,566 |
|
|
— |
|
|
45,744,611 |
|
|
Short-Term Securities |
|
|
12,895,249 |
|
|
— |
|
|
— |
|
|
12,895,249 |
|
|
Total |
|
$ |
188,015,347 |
|
$ |
29,538,097 |
|
|
— |
|
$ |
217,553,444 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments1 |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
— |
|
$ |
1,956 |
|
|
— |
|
$ |
1,956 |
|
|
Liabilities: |
|
$ |
(867,327 |
) |
|
(373,746 |
) |
|
— |
|
$ |
(1,241,073 |
) |
|
Total |
|
$ |
(867,327 |
) |
$ |
(371,790 |
) |
|
— |
|
$ |
(1,239,117 |
) |
|
|
|
||||||||||||
|
|
|
|
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 value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
43 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock International Growth and Income Trust (BGY) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Australia—2.3% |
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
245,300 |
|
$ |
5,433,218 |
|
|
BHP Billiton Ltd. - ADR (a) |
|
|
87,900 |
|
|
6,398,241 |
|
|
Commonwealth Bank of Australia |
|
|
113,000 |
|
|
6,046,012 |
|
|
National Australia Bank Ltd. |
|
|
285,100 |
|
|
7,283,988 |
|
|
ResMed, Inc. (b) |
|
|
316,000 |
|
|
2,069,300 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
27,230,759 |
|
|
Austria—0.5% |
|
|
|
|
|
|
|
|
Erste Group Bank AG |
|
|
127,600 |
|
|
5,665,257 |
|
|
Belgium—0.7% |
|
|
|
|
|
|
|
|
Anheuser-Busch InBev NV |
|
|
131,400 |
|
|
6,374,421 |
|
|
Belgacom SA |
|
|
60,000 |
|
|
2,107,154 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,481,575 |
|
|
Brazil—2.9% |
|
|
|
|
|
|
|
|
Banco Santander Brasil SA - ADR |
|
|
191,100 |
|
|
2,222,493 |
|
|
BM&FBOVESPA SA |
|
|
377,444 |
|
|
2,486,255 |
|
|
Cia de Bebidas das Americas - ADR |
|
|
42,000 |
|
|
4,107,600 |
|
|
Cia Energetica de Minas Gerais - ADR |
|
|
293,820 |
|
|
4,745,193 |
|
|
Cia Siderurgica Nacional SA - ADR |
|
|
240,400 |
|
|
4,483,460 |
|
|
Hypermarcas SA (b) |
|
|
421,600 |
|
|
5,774,944 |
|
|
Usinas
Siderurgicas de Minas Gerais SA, Class A - |
|
|
166,300 |
|
|
5,435,066 |
|
|
Vale SA - ADR |
|
|
143,000 |
|
|
4,380,090 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
33,635,101 |
|
|
Canada—8.7% |
|
|
|
|
|
|
|
|
Bombardier, Inc., Class B |
|
|
1,912,200 |
|
|
9,977,023 |
|
|
Canadian National Railway Co. |
|
|
132,100 |
|
|
7,905,453 |
|
|
Canadian Natural Resources Ltd. |
|
|
97,100 |
|
|
7,477,981 |
|
|
Canadian Natural Resources Ltd. |
|
|
43,000 |
|
|
3,308,420 |
|
|
Canadian Pacific Railway Ltd. |
|
|
137,400 |
|
|
8,099,539 |
|
|
Cenovus Energy, Inc. |
|
|
234,400 |
|
|
6,892,624 |
|
|
Crescent Point Energy Corp. |
|
|
131,000 |
|
|
5,559,569 |
|
|
Eldorado Gold Corp. (b) |
|
|
590,800 |
|
|
9,073,125 |
|
|
Enbridge, Inc. |
|
|
135,000 |
|
|
6,555,966 |
|
|
Magna International, Inc., Class A (b) |
|
|
87,200 |
|
|
5,725,552 |
|
|
Pacific Rubiales Energy Corp. (b) |
|
|
222,000 |
|
|
5,004,725 |
|
|
Pan American Silver Corp. |
|
|
315,200 |
|
|
8,346,496 |
|
|
Potash Corp. of Saskatchewan, Inc. (a) |
|
|
48,600 |
|
|
5,370,300 |
|
|
Toronto-Dominion Bank (The) |
|
|
76,270 |
|
|
5,668,818 |
|
|
TransCanada Corp. |
|
|
161,000 |
|
|
5,680,488 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
100,646,079 |
|
|
Cayman Islands—0.6% |
|
|
|
|
|
|
|
|
Hidili Industry International Development Ltd. (b) |
|
|
6,505,600 |
|
|
7,090,650 |
|
|
China—1.6% |
|
|
|
|
|
|
|
|
China Construction Bank Corp., Class H |
|
|
6,170,800 |
|
|
5,011,138 |
|
|
China Life Insurance Co. Ltd., Class H |
|
|
942,900 |
|
|
4,341,580 |
|
|
Focus Media Holding Ltd. - ADR (b) |
|
|
224,200 |
|
|
3,762,076 |
|
|
Industrial & Commercial Bank of China |
|
|
7,184,800 |
|
|
5,236,623 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
18,351,417 |
|
|
Denmark—1.2% |
|
|
|
|
|
|
|
|
FLSmidth & Co. A/S |
|
|
136,200 |
|
|
10,262,470 |
|
|
TrygVesta AS |
|
|
65,500 |
|
|
4,043,463 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,305,933 |
|
|
Finland—0.6% |
|
|
|
|
|
|
|
|
Fortum Oyj |
|
|
246,800 |
|
|
6,377,128 |
|
|
France—5.5% |
|
|
|
|
|
|
|
|
AXA SA |
|
|
289,800 |
|
|
5,759,031 |
|
|
BNP Paribas |
|
|
76,540 |
|
|
5,257,245 |
|
|
Cap Gemini SA (b) |
|
|
100,400 |
|
|
5,057,060 |
|
|
Eramet |
|
|
16,250 |
|
|
5,864,205 |
|
|
GDF Suez |
|
|
203,760 |
|
|
7,246,419 |
|
|
Renault SA (b) |
|
|
93,200 |
|
|
4,317,964 |
|
|
Societe Generale |
|
|
95,000 |
|
|
5,072,934 |
|
|
Total SA |
|
|
252,700 |
|
|
13,748,745 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
France (concluded) |
|
|
|
|
|
|
|
|
Unibail-Rodamco SE - REIT |
|
|
28,000 |
|
$ |
5,292,016 |
|
|
Vivendi |
|
|
219,600 |
|
|
5,760,650 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
63,376,269 |
|
|
Germany—9.0% |
|
|
|
|
|
|
|
|
Allianz SE |
|
|
51,400 |
|
|
5,892,761 |
|
|
BASF SE |
|
|
153,300 |
|
|
8,912,663 |
|
|
Bayerische Motoren Werke AG |
|
|
122,400 |
|
|
6,053,544 |
|
|
Deutsche Lufthansa AG (b) |
|
|
497,000 |
|
|
8,264,824 |
|
|
Deutsche Post AG |
|
|
412,600 |
|
|
6,692,197 |
|
|
Deutsche Telekom AG |
|
|
598,800 |
|
|
7,796,534 |
|
|
Fresenius Medical Care AG & Co. KGaA |
|
|
160,500 |
|
|
8,690,092 |
|
|
Merck KGaA |
|
|
108,100 |
|
|
8,885,846 |
|
|
Muenchener Rueckversicherungs AG |
|
|
14,300 |
|
|
2,015,354 |
|
|
RWE AG |
|
|
172,800 |
|
|
14,214,216 |
|
|
SAP AG - ADR |
|
|
121,000 |
|
|
5,741,450 |
|
|
Siemens AG |
|
|
110,800 |
|
|
10,927,802 |
|
|
Software AG (b) |
|
|
24,100 |
|
|
2,770,694 |
|
|
Volkswagen AG - Preference Shares |
|
|
79,120 |
|
|
7,644,033 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
104,502,010 |
|
|
Gibraltar—0.2% |
|
|
|
|
|
|
|
|
PartyGaming Plc (b) |
|
|
492,700 |
|
|
2,311,164 |
|
|
Hong Kong—3.0% |
|
|
|
|
|
|
|
|
Cathay Pacific Airways Ltd. |
|
|
3,730,000 |
|
|
7,769,689 |
|
|
Cheung Kong Holdings Ltd. |
|
|
666,000 |
|
|
8,213,013 |
|
|
China Mobile Ltd. |
|
|
623,000 |
|
|
6,098,576 |
|
|
CNOOC Ltd. - ADR |
|
|
24,200 |
|
|
4,257,264 |
|
|
Melco Crown Entertainment Ltd. - ADR (b)(c) |
|
|
742,400 |
|
|
3,533,824 |
|
|
New World Development Ltd. |
|
|
2,697,900 |
|
|
4,785,293 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
34,657,659 |
|
|
India—0.6% |
|
|
|
|
|
|
|
|
Sterlite Industries India Ltd. - ADR |
|
|
395,200 |
|
|
7,168,928 |
|
|
Indonesia—0.5% |
|
|
|
|
|
|
|
|
Adaro Energy PT |
|
|
25,520,400 |
|
|
6,117,241 |
|
|
Israel—0.3% |
|
|
|
|
|
|
|
|
Teva Pharmaceutical Industries Ltd. - ADR |
|
|
53,000 |
|
|
3,112,690 |
|
|
Italy—2.1% |
|
|
|
|
|
|
|
|
Enel SpA |
|
|
998,500 |
|
|
5,231,065 |
|
|
Fondiaria-Sai SpA |
|
|
383,300 |
|
|
5,309,533 |
|
|
Intesa Sanpaolo SpA (b) |
|
|
1,322,400 |
|
|
4,358,525 |
|
|
Paramalat SpA |
|
|
1,515,200 |
|
|
3,988,610 |
|
|
Telecom Italia SpA (b) |
|
|
1,600,000 |
|
|
2,236,962 |
|
|
UniCredit SpA (b) |
|
|
1,031,665 |
|
|
2,703,690 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,828,385 |
|
|
Japan—13.8% |
|
|
|
|
|
|
|
|
Asahi Breweries Ltd. |
|
|
206,700 |
|
|
3,713,034 |
|
|
Bank of Yokohama Ltd. (The) |
|
|
468,500 |
|
|
2,435,924 |
|
|
Bridgestone Corp. |
|
|
264,100 |
|
|
4,401,496 |
|
|
Canon, Inc. |
|
|
126,100 |
|
|
5,768,230 |
|
|
Chiba Bank Ltd. |
|
|
567,900 |
|
|
3,596,489 |
|
|
Fujitsu Ltd. |
|
|
561,000 |
|
|
3,944,932 |
|
|
Honda Motor Co. Ltd. |
|
|
342,500 |
|
|
11,589,362 |
|
|
Hoya Corp. |
|
|
228,100 |
|
|
6,309,010 |
|
|
ITOCHU Corp. |
|
|
828,900 |
|
|
7,181,307 |
|
|
Japan Tobacco, Inc. |
|
|
2,238 |
|
|
7,755,667 |
|
|
JSR Corp. |
|
|
284,800 |
|
|
5,765,767 |
|
|
KDDI Corp. |
|
|
710 |
|
|
3,423,282 |
|
|
Konica Minolta Holdings, Inc. |
|
|
502,700 |
|
|
6,358,757 |
|
|
Marubeni Corp. |
|
|
1,400,500 |
|
|
8,263,438 |
|
|
Matsui Securities Co. Ltd. |
|
|
555,800 |
|
|
4,174,453 |
|
|
Mitsubishi Heavy Industries Ltd. |
|
|
1,670,600 |
|
|
6,729,308 |
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
|
1,075,700 |
|
|
5,605,510 |
|
|
Mitsui & Co. Ltd. |
|
|
428,900 |
|
|
6,445,979 |
|
|
Mizuho Securities Co. Ltd. |
|
|
1,033,000 |
|
|
2,861,162 |
|
|
Nikon Corp. |
|
|
294,400 |
|
|
6,683,199 |
|
|
Nomura Holdings, Inc. |
|
|
825,400 |
|
|
5,705,259 |
|
|
|
|
|
|
|
|
44 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock International Growth and Income Trust (BGY) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Japan (concluded) |
|
|
|
|
|
|
|
|
NSK Ltd. |
|
|
1,590,000 |
|
$ |
12,128,622 |
|
|
NTT Data Corp. |
|
|
1,685 |
|
|
6,083,672 |
|
|
Panasonic Corp. |
|
|
314,900 |
|
|
4,614,818 |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
172,500 |
|
|
5,704,893 |
|
|
T&D Holdings, Inc. |
|
|
247,000 |
|
|
6,452,237 |
|
|
Tokio Marine Holdings, Inc. |
|
|
208,600 |
|
|
6,210,151 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
159,905,958 |
|
|
Malaysia—0.8% |
|
|
|
|
|
|
|
|
Bumiputra-Commerce Holdings Bhd |
|
|
2,115,600 |
|
|
9,367,866 |
|
|
Mexico—1.0% |
|
|
|
|
|
|
|
|
Fomento Economico Mexicano SAB de CV - ADR |
|
|
113,100 |
|
|
5,353,023 |
|
|
Grupo Mexico SAB de CV |
|
|
2,185,300 |
|
|
5,766,647 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,119,670 |
|
|
Netherlands—2.1% |
|
|
|
|
|
|
|
|
Aegon NV (b) |
|
|
820,700 |
|
|
5,739,983 |
|
|
Corio NV - REIT |
|
|
19,700 |
|
|
1,139,697 |
|
|
ING Groep NV (b) |
|
|
650,900 |
|
|
5,745,059 |
|
|
Koninklijke (Royal) KPN NV |
|
|
357,800 |
|
|
5,368,072 |
|
|
Koninklijke (Royal) Philips Electronics NV |
|
|
87,300 |
|
|
2,931,462 |
|
|
VimpelCom Ltd. - ADR (b) |
|
|
222,000 |
|
|
3,867,240 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
24,791,513 |
|
|
New Zealand—0.2% |
|
|
|
|
|
|
|
|
Telecom Corp. of New Zealand Ltd. - ADR |
|
|
325,000 |
|
|
2,544,750 |
|
|
Philippines—0.3% |
|
|
|
|
|
|
|
|
Philippine Long Distance Telephone Co. - ADR (a) |
|
|
67,900 |
|
|
3,818,696 |
|
|
Portugal—0.2% |
|
|
|
|
|
|
|
|
Portugal Telecom SGPS SA |
|
|
209,000 |
|
|
2,127,045 |
|
|
Singapore—3.4% |
|
|
|
|
|
|
|
|
CapitaLand Ltd. |
|
|
1,113,771 |
|
|
3,008,545 |
|
|
DBS Group Holdings Ltd. |
|
|
416,000 |
|
|
4,580,573 |
|
|
Singapore Telecommunications Ltd. |
|
|
8,506,100 |
|
|
18,762,639 |
|
|
Straits Asia Resources Ltd. |
|
|
4,450,200 |
|
|
6,520,597 |
|
|
Wilmar International Ltd. |
|
|
1,389,000 |
|
|
6,974,235 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,846,589 |
|
|
South Africa—0.7% |
|
|
|
|
|
|
|
|
MTN Group Ltd. |
|
|
288,000 |
|
|
4,236,785 |
|
|
Naspers Ltd. |
|
|
105,000 |
|
|
4,231,577 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,468,362 |
|
|
South Korea—1.8% |
|
|
|
|
|
|
|
|
Hynix Semiconductor, Inc. (b) |
|
|
286,600 |
|
|
7,253,987 |
|
|
Samsung Electronics Co. Ltd. |
|
|
13,800 |
|
|
10,492,676 |
|
|
Samsung Securities Co. Ltd. |
|
|
50,000 |
|
|
2,760,690 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,507,353 |
|
|
Spain—2.2% |
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
|
392,500 |
|
|
5,162,237 |
|
|
Banco Santander SA |
|
|
712,850 |
|
|
9,064,146 |
|
|
Inditex SA |
|
|
73,400 |
|
|
4,542,965 |
|
|
Telefonica SA |
|
|
310,600 |
|
|
7,030,509 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,799,857 |
|
|
Sweden—1.2% |
|
|
|
|
|
|
|
|
Nordea Bank AB |
|
|
531,124 |
|
|
5,181,769 |
|
|
Svenska Cellulosa AB, B Shares |
|
|
673,300 |
|
|
8,773,041 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
13,954,810 |
|
|
Switzerland—7.9% |
|
|
|
|
|
|
|
|
Adecco SA |
|
|
174,800 |
|
|
10,281,371 |
|
|
Alcon, Inc. (b) |
|
|
26,100 |
|
|
4,067,946 |
|
|
Credit Suisse Group AG |
|
|
115,600 |
|
|
5,305,783 |
|
|
GAM Holding Ltd. (b) |
|
|
453,700 |
|
|
5,635,637 |
|
|
Givaudan SA |
|
|
5,700 |
|
|
4,960,004 |
|
|
Julius Baer Group Ltd. |
|
|
157,400 |
|
|
5,409,555 |
|
|
Nestle SA |
|
|
242,300 |
|
|
11,855,961 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Switzerland (concluded) |
|
|
|
|
|
|
|
|
Nobel Biocare Holding AG |
|
|
98,400 |
|
$ |
2,156,747 |
|
|
Novartis AG |
|
|
257,800 |
|
|
13,143,870 |
|
|
Sonova Holding AG |
|
|
1,222 |
|
|
151,483 |
|
|
Swiss Life Holding AG (b) |
|
|
46,100 |
|
|
5,603,717 |
|
|
Swiss Reinsurance Co. Ltd. |
|
|
93,500 |
|
|
4,054,951 |
|
|
Swisscom AG |
|
|
6,400 |
|
|
2,171,921 |
|
|
Syngenta AG |
|
|
8,400 |
|
|
2,128,306 |
|
|
Tyco Electronics Ltd. |
|
|
239,300 |
|
|
7,686,316 |
|
|
UBS AG (b) |
|
|
239,500 |
|
|
3,710,377 |
|
|
Zurich Financial Services AG |
|
|
13,400 |
|
|
2,970,711 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
91,294,656 |
|
|
Taiwan—2.4% |
|
|
|
|
|
|
|
|
AU Optronics Corp. - ADR (a) |
|
|
544,407 |
|
|
6,309,677 |
|
|
Hon Hai Precision Industry Co. Ltd. |
|
|
1,299,900 |
|
|
6,102,417 |
|
|
Mega Financial Holding Co. Ltd. |
|
|
7,811,100 |
|
|
4,561,789 |
|
|
Siliconware Precision Industries Co. - ADR |
|
|
762,500 |
|
|
4,689,375 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |
|
|
621,484 |
|
|
6,581,515 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
28,244,773 |
|
|
Thailand—0.8% |
|
|
|
|
|
|
|
|
Bangkok Bank PCL |
|
|
800,500 |
|
|
2,932,859 |
|
|
Banpu PCL |
|
|
302,700 |
|
|
5,929,205 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,862,064 |
|
|
United Kingdom—16.3% |
|
|
|
|
|
|
|
|
Aegis Group Plc |
|
|
2,166,000 |
|
|
4,303,184 |
|
|
Antofagasta Plc |
|
|
395,200 |
|
|
5,991,979 |
|
|
Barclays Plc - ADR (a) |
|
|
336,700 |
|
|
6,875,414 |
|
|
BP Plc |
|
|
975,600 |
|
|
8,509,121 |
|
|
British Airways Plc (b) |
|
|
3,078,800 |
|
|
10,674,528 |
|
|
Britvic Plc |
|
|
1,051,000 |
|
|
7,702,978 |
|
|
Cairn Energy Plc (b) |
|
|
317,400 |
|
|
1,937,037 |
|
|
Catlin Group Ltd. |
|
|
121,100 |
|
|
651,369 |
|
|
Domino’s Pizza UK & IRL Plc |
|
|
600,000 |
|
|
3,187,356 |
|
|
Firstgroup Plc |
|
|
1,271,900 |
|
|
7,391,256 |
|
|
GKN Plc (b) |
|
|
1,402,500 |
|
|
2,909,686 |
|
|
GlaxoSmithKline Plc |
|
|
338,000 |
|
|
6,273,636 |
|
|
HSBC Holdings Plc |
|
|
1,482,500 |
|
|
15,095,494 |
|
|
Imperial Tobacco Group Plc (b) |
|
|
395,000 |
|
|
11,252,816 |
|
|
Inchcape Plc (b) |
|
|
10,259,200 |
|
|
5,371,823 |
|
|
Intercontinental Hotels Group Plc |
|
|
441,650 |
|
|
7,786,677 |
|
|
International Power Plc |
|
|
906,400 |
|
|
4,587,931 |
|
|
Johnson Matthey Plc |
|
|
390,400 |
|
|
10,382,714 |
|
|
Next Plc |
|
|
130,800 |
|
|
4,571,109 |
|
|
Royal Bank of Scotland Group Plc (b) |
|
|
8,686,000 |
|
|
7,107,803 |
|
|
Royal Dutch Shell Plc - ADR |
|
|
228,200 |
|
|
14,319,550 |
|
|
Tesco Plc |
|
|
1,048,900 |
|
|
6,957,076 |
|
|
Unilever Plc |
|
|
261,000 |
|
|
7,843,122 |
|
|
Vedanta Resources Plc |
|
|
200,300 |
|
|
7,656,753 |
|
|
Vodafone Group Plc - ADR |
|
|
386,000 |
|
|
8,569,200 |
|
|
WPP Plc |
|
|
996,700 |
|
|
10,567,385 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
188,476,997 |
|
|
United States—0.6% |
|
|
|
|
|
|
|
|
Amkor Technology, Inc. (b) |
|
|
643,800 |
|
|
4,854,252 |
|
|
NII Holdings, Inc. (b)(a) |
|
|
41,600 |
|
|
1,764,672 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,618,924 |
|
|
Total Long-Term Investments |
|
|
|
|
|
1,112,608,128 |
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
45 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock International Growth and Income Trust (BGY) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares/ |
|
Value |
|
||
|
BlackRock
Liquidity Funds, TempFund, |
|
|
35,015,955 |
|
$ |
35,015,955 |
|
|
BlackRock
Liquidity Series, LLC, Money Market Series, |
|
|
1,000,000 |
|
|
1,000,000 |
|
|
Total Short-Term Securities |
|
|
|
|
|
36,015,955 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
1,148,624,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.1)% |
|
|
|
|
|
|
|
|
Alcon, Inc., Strike Price USD 165, Expires 5/24/10 |
|
|
220 |
|
|
(3,300 |
) |
|
Banco
Santander Brasil SA - ADR, Strike Price USD 12.50, |
|
|
570 |
|
|
(8,550 |
) |
|
Barclays Plc - ADR, Strike Price USD 22.50, Expires 5/24/10 |
|
|
775 |
|
|
(15,500 |
) |
|
Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/21/10 |
|
|
775 |
|
|
(31,000 |
) |
|
BHP Billiton Ltd. - ADR, Strike Price USD 80, Expires 5/24/10 |
|
|
90 |
|
|
(3,150 |
) |
|
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10 |
|
|
440 |
|
|
(3,300 |
) |
|
Canadian
Natural Resources Ltd., Strike Price USD 80, |
|
|
430 |
|
|
(52,675 |
) |
|
Focus Media
Holding Ltd. - ADR, Strike Price USD 18, |
|
|
750 |
|
|
(30,000 |
) |
|
Pan
American Silver Corp., Strike Price USD 25, |
|
|
660 |
|
|
(151,800 |
) |
|
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 115, |
|
|
25 |
|
|
(4,787 |
) |
|
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 123, |
|
|
260 |
|
|
(13,854 |
) |
|
Royal Dutch
Shell Plc, Class A - ADR, Strike Price USD 60, |
|
|
1,097 |
|
|
(320,873 |
) |
|
Teva
Pharmaceutical Industries Ltd. - ADR, |
|
|
530 |
|
|
(5,035 |
) |
|
Vale SA - ADR, Strike Price USD 33, Expires 5/24/10 |
|
|
850 |
|
|
(29,750 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(673,574 |
) |
|
Exchange-Traded Put Option Written—(0.0)% |
|
|
|
|
|
|
|
|
BHP
Billiton Ltd. - ADR, Strike Price USD 75, |
|
|
730 |
|
|
(270,100 |
) |
|
Over-the-Counter Call Options Written—(1.4)% |
|
|
|
|
|
|
|
|
Adaro
Energy Tbk PT, Strike Price IDR 2,193, |
|
|
10,800,000 |
|
|
(122,148 |
) |
|
Adaro
Energy Tbk PT, Strike Price IDR 2,253.72, |
|
|
4,500,000 |
|
|
(28,125 |
) |
|
Adecco SA,
Strike Price CHF 61.41, Expires 5/19/10, |
|
|
18,500 |
|
|
(48,194 |
) |
|
Adecco SA,
Strike Price CHF 65.97, Expires 6/16/10, |
|
|
86,400 |
|
|
(109,719 |
) |
|
Aegis Group
Plc, Strike Price GBP 1.31, |
|
|
1,300,000 |
|
|
(50,355 |
) |
|
Aegon NV,
Strike Price EUR 5.14, Expires 5/12/10, |
|
|
493,000 |
|
|
(128,531 |
) |
|
Allianz SE,
Strike Price EUR 88.06, Expires 6/03/10, |
|
|
15,000 |
|
|
(19,155 |
) |
|
Allianz SE,
Strike Price EUR 89.69, Expires 6/03/10, |
|
|
15,900 |
|
|
(27,605 |
) |
|
Amkor
Technology, Inc., Strike Price USD 6.81, |
|
|
183,500 |
|
|
(134,061 |
) |
|
Amkor
Technology, Inc., Strike Price USD 8.43, |
|
|
168,800 |
|
|
(54,847 |
) |
|
Amkor
Technology, Inc., Strike Price USD 8.59, |
|
|
34,000 |
|
|
(3,520 |
) |
|
Anheuser-Busch
InBev NV, Strike Price EUR 38.26, |
|
|
78,900 |
|
|
(12,414 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Antofagasta
Plc, Strike Price GBP 10.31, |
|
|
145,000 |
|
$ |
(23,650 |
) |
|
Antofagasta
Plc, Strike Price GBP 10.68, |
|
|
250,200 |
|
|
(33,092 |
) |
|
Asahi
Breweries Ltd., Strike Price JPY 1,804.03, |
|
|
124,000 |
|
|
(1,966 |
) |
|
AU
Optronics Corp. - ADR, Strike Price USD 11.69, |
|
|
326,500 |
|
|
(102,198 |
) |
|
Australia
& New Zealand Banking Group, Strike |
|
|
147,000 |
|
|
(26,781 |
) |
|
AXA SA, Strike Price EUR 15.55, Expires 6/16/10, |
|
|
173,100 |
|
|
(126,669 |
) |
|
Banco Bilbao Vizcaya Argentaria SA, |
|
|
235,000 |
|
|
(2,085 |
) |
|
Banco
Santander SA, Strike Price EUR 10.30, |
|
|
428,000 |
|
|
(89,417 |
) |
|
Barclays
Plc - ADR, Strike Price USD 22.50, |
|
|
24,000 |
|
|
(5,387 |
) |
|
Barclays
Plc - ADR, Strike Price USD 23.09, |
|
|
23,000 |
|
|
(4,208 |
) |
|
BASF SE,
Strike Price EUR 46.55, Expires 5/12/10, |
|
|
69,800 |
|
|
(8,445 |
) |
|
BASF SE,
Strike Price EUR 47.67, Expires 5/11/10, |
|
|
37,000 |
|
|
(912 |
) |
|
Bayerische
Motoren Werke AG, Strike Price EUR 34.94, |
|
|
41,500 |
|
|
(137,833 |
) |
|
Bayerische
Motoren Werke AG, Strike Price EUR 35.75, |
|
|
18,300 |
|
|
(49,826 |
) |
|
Bayerische
Motoren Werke AG, Strike Price EUR 37.48, |
|
|
13,600 |
|
|
(20,100 |
) |
|
Belgacom
SA, Strike Price EUR 29.08, Expires 5/11/10, |
|
|
60,000 |
|
|
(2,923 |
) |
|
BM&FBOVESPA
SA, Strike Price BRL 11.82, |
|
|
226,500 |
|
|
(44,111 |
) |
|
BNP Paribas,
Strike Price EUR 56, Expires 5/21/10, |
|
|
300 |
|
|
(21,895 |
) |
|
BNP
Paribas, Strike Price EUR 58, Expires 5/21/10, |
|
|
28,000 |
|
|
(13,390 |
) |
|
BNP
Paribas, Strike Price EUR 59.07, Expires 5/12/10, |
|
|
17,500 |
|
|
(766 |
) |
|
Bombardier,
Inc., Class B, Strike Price CAD 5.51, |
|
|
315,600 |
|
|
(67,181 |
) |
|
Bombardier,
Inc., Class B, Strike Price CAD 5.58, |
|
|
832,000 |
|
|
(59,521 |
) |
|
BP Plc,
Strike Price GBP 6.49, Expires 5/26/10, |
|
|
656,500 |
|
|
(3,849 |
) |
|
Bridgestone
Corp., Strike Price JPY 1,538.63, |
|
|
158,000 |
|
|
(111,036 |
) |
|
British
Airways Plc, Strike Price GBP 2.41, |
|
|
765,000 |
|
|
(32,981 |
) |
|
British
Airways Plc, Strike Price GBP 2.45, |
|
|
1,080,000 |
|
|
(47,040 |
) |
|
Britvic
Plc, Strike Price GBP 4.81, Expires 5/19/10, |
|
|
630,600 |
|
|
(91,689 |
) |
|
Canadian
National Railway Co., Strike Price CAD 62, |
|
|
550 |
|
|
(28,967 |
) |
|
Canadian
National Railway Co., Strike Price CAD 62.70, |
|
|
24,000 |
|
|
(11,602 |
) |
|
Canadian
Natural Resources Ltd., Strike Price CAD 74, |
|
|
475 |
|
|
(222,116 |
) |
|
Canadian
Pacific Railway Ltd., Strike Price CAD 55, |
|
|
83,000 |
|
|
(398,740 |
) |
|
Cannon,
Inc., Strike Price JPY 4,322.80, |
|
|
75,600 |
|
|
(80,473 |
) |
|
|
|
|
|
|
|
46 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Cap Gemini
SA, Strike Price EUR 36.24, |
|
|
60,000 |
|
$ |
(170,378 |
) |
|
CapitaLand
Ltd., Strike Price SGD 4.11, |
|
|
676,709 |
|
|
(9,238 |
) |
|
Cathay
Pacific Airways Ltd., Strike Price HKD 16.65, |
|
|
2,238,000 |
|
|
(109,635 |
) |
|
Cenovus
Energy, Inc., Strike Price CAD 30, |
|
|
1,255 |
|
|
(92,661 |
) |
|
Cheung Kong
Holdings Ltd., Strike Price HKD 98.06, |
|
|
400,000 |
|
|
(144,250 |
) |
|
Chiba Bank
Ltd. (The), Strike Price JPY 606.81, |
|
|
341,000 |
|
|
(81,788 |
) |
|
China
Construction Bank Corp., Class H, |
|
|
3,700,000 |
|
|
(27,487 |
) |
|
China Life
Insurance Co. Ltd., Class H, |
|
|
565,000 |
|
|
(15,521 |
) |
|
China
Mobile Ltd., Strike Price HKD 80.17, |
|
|
374,000 |
|
|
(43,104 |
) |
|
Cia
Energetica de Minas Gerais - ADR, |
|
|
130,000 |
|
|
(85,202 |
) |
|
Cia
Siderurgica Nacional SA - ADR, |
|
|
162,000 |
|
|
(26,506 |
) |
|
CIMB Group
Holdings Bhd, Strike Price MYR 14.34, |
|
|
1,586,000 |
|
|
(126,959 |
) |
|
Commonwealth
Bank of Australia, Strike Price AUD 58, |
|
|
84,800 |
|
|
(168,792 |
) |
|
Corio NV -
REIT, Strike Price EUR 49.17, Expires 6/03/10, |
|
|
11,800 |
|
|
(1,374 |
) |
|
Credit
Suisse Group AG, Strike Price CHF 52.82, |
|
|
69,400 |
|
|
(25,069 |
) |
|
Crescent
Point Energy Corp., Strike Price CAD 42.60, |
|
|
83,000 |
|
|
(90,594 |
) |
|
DBS Group
Holdings Ltd., Strike Price SGD 15.34, |
|
|
250,000 |
|
|
(79,532 |
) |
|
Deutsche
Lufthansa AG, Strike Price EUR 12.28, |
|
|
14,100 |
|
|
(6,586 |
) |
|
Deutsche
Lufthansa AG, Strike Price EUR 12.88, |
|
|
96,200 |
|
|
(43,930 |
) |
|
Deutsche
Lufthansa AG, Strike Price EUR 12.95, |
|
|
187,900 |
|
|
(51,215 |
) |
|
Deutsche
Post AG, Strike Price EUR 12.81, |
|
|
114,600 |
|
|
(33,633 |
) |
|
Deutsche
Post AG, Strike Price EUR 13.12, |
|
|
133,000 |
|
|
(3,437 |
) |
|
Deutsche
Telekom AG, Strike Price EUR 10.11, |
|
|
170,000 |
|
|
(6,985 |
) |
|
Domino’s
Pizza UK & IRL Plc, Strike Price GBP 3.42, |
|
|
360,000 |
|
|
(64,312 |
) |
|
Eldorado
Gold Corp., Strike Price CAD 14, |
|
|
1,000 |
|
|
(158,988 |
) |
|
Eldorado
Gold Corp., Strike Price CAD 15, |
|
|
1,300 |
|
|
(108,141 |
) |
|
Eldorado
Gold Corp., Strike Price CAD 15, |
|
|
1,000 |
|
|
(111,242 |
) |
|
Eldorado
Gold Corp., Strike Price CAD 16, |
|
|
250 |
|
|
(15,751 |
) |
|
Enbridge,
Inc., Strike Price CAD 48.80, |
|
|
51,000 |
|
|
(40,506 |
) |
|
Enbridge,
Inc., Strike Price CAD 49.56, |
|
|
84,000 |
|
|
(31,662 |
) |
|
Enel SpA,
Strike Price EUR 4.22, |
|
|
599,000 |
|
|
(4,066 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Eramet,
Strike Price EUR 283.96, Expires 6/16/10, |
|
|
9,800 |
|
$ |
(153,344 |
) |
|
Erste Group
Bank AG, Strike Price EUR 33.89, |
|
|
76,600 |
|
|
(101,527 |
) |
|
Firstgroup
Plc, Strike Price GBP 3.89, Expires 6/03/10, |
|
|
763,100 |
|
|
(90,951 |
) |
|
FLSmidth
& Co. A/S, Strike Price DKK 439.96, |
|
|
81,800 |
|
|
(69,776 |
) |
|
Focus Media
Holding Ltd. - ADR, Strike Price USD 18.39, |
|
|
59,500 |
|
|
(22,127 |
) |
|
Fomento
Economico Mexicano SAB de CV - ADR, |
|
|
68,000 |
|
|
(31,139 |
) |
|
Fondiaria-Sai
SpA, Strike Price EUR 11.55, |
|
|
230,000 |
|
|
(39,073 |
) |
|
Fortum Oyj,
Strike Price EUR 18.39, Expires 5/12/10, |
|
|
148,000 |
|
|
(200,539 |
) |
|
Fresenius
Medical Care AG & Co. KGaA, |
|
|
30,400 |
|
|
(5,265 |
) |
|
Fresenius
Medical Care AG & Co. KGaA, |
|
|
66,000 |
|
|
(34,781 |
) |
|
Fujitsu
Ltd., Strike Price JPY 557.83, |
|
|
561,000 |
|
|
(640,034 |
) |
|
GAM Holding
Ltd., Strike Price CHF 13.22, |
|
|
216,000 |
|
|
(73,477 |
) |
|
GAM Holding
Ltd., Strike Price CHF 13.63, |
|
|
124,300 |
|
|
(48,616 |
) |
|
GDF Suez,
Strike Price EUR 27.68, Expires 6/16/10, |
|
|
32,400 |
|
|
(18,500 |
) |
|
GDF Suez,
Strike Price EUR 29.43, Expires 5/12/10, |
|
|
89,900 |
|
|
(2,616 |
) |
|
Givaudan
SA, Strike Price CHF 962.09, Expires 6/03/10, |
|
|
3,400 |
|
|
(43,987 |
) |
|
GKN Plc,
Strike Price GBP 1.50, Expires 6/29/10, |
|
|
841,000 |
|
|
(34,888 |
) |
|
GlaxoSmithKline
Plc, Strike Price GBP 12.87, |
|
|
202,800 |
|
|
(7,039 |
) |
|
Grupo
Mexico SAB de CV, Series B, |
|
|
1,311,200 |
|
|
(42,277 |
) |
|
Hidili
Industry International Development Ltd., |
|
|
816,000 |
|
|
(17,725 |
) |
|
Hidili
Industry International Development Ltd., |
|
|
2,217,000 |
|
|
(99,369 |
) |
|
Hidili
Industry International Development Ltd., |
|
|
870,000 |
|
|
(9,386 |
) |
|
Hon Hai
Precision Industry Co. Ltd., |
|
|
117,000 |
|
|
(30,168 |
) |
|
Hon Hai
Precision Industry Co. Ltd., |
|
|
662,000 |
|
|
(94,812 |
) |
|
Honda Motor
Co. Ltd., Strike Price JPY 3,267.35, |
|
|
205,500 |
|
|
(254,778 |
) |
|
Hoya Corp.,
Strike Price JPY 2,627.01, Expires 6/28/10, |
|
|
136,900 |
|
|
(137,228 |
) |
|
HSBC
Holdings Plc, Strike Price GBP 6.84, |
|
|
889,500 |
|
|
(105,625 |
) |
|
Hynix
Semiconductor, Inc., Strike Price KRW 27,863.19, |
|
|
172,000 |
|
|
(348,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
47 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Hypermarcas
SA, Strike Price BRL 24.24, |
|
|
253,000 |
|
$ |
(178,618 |
) |
|
Imperial
Tobacco Group Plc, Strike Price GBP 20.51, |
|
|
237,000 |
|
|
(2,420 |
) |
|
Inchcape
Plc, Strike Price GBP 0.31, Expires 5/19/10, |
|
|
6,100,000 |
|
|
(335,528 |
) |
|
Inditex SA,
Strike Price EUR 49.32, Expires 5/26/10, |
|
|
44,000 |
|
|
(25,011 |
) |
|
Industrial
& Commercial Bank of China, |
|
|
1,600,000 |
|
|
(41,833 |
) |
|
Industrial
& Commercial Bank of China, |
|
|
2,710,000 |
|
|
(6,389 |
) |
|
Intercontinental
Hotels Group Plc, |
|
|
265,000 |
|
|
(367,532 |
) |
|
International
Power Plc, Strike Price GBP 3.22, |
|
|
544,000 |
|
|
(90,781 |
) |
|
Intesa
Sanpaolo SpA, Strike Price EUR 2.84, |
|
|
793,500 |
|
|
(1,183 |
) |
|
ITOCHU
Corp., Strike Price JPY 774.33, Expires 5/11/10, |
|
|
153,000 |
|
|
(81,909 |
) |
|
ITOCHU
Corp., Strike Price JPY 888.80, Expires 6/07/10, |
|
|
344,000 |
|
|
(38,530 |
) |
|
Japan
Tobacco, Inc., Strike Price JPY 329,260, |
|
|
1,340 |
|
|
(183,693 |
) |
|
Johnson
Matthey Plc, Strike Price GBP 17.75, |
|
|
234,000 |
|
|
(47,990 |
) |
|
JSR Corp.,
Strike Price JPY 1,980.58, Expires 6/07/10, |
|
|
171,000 |
|
|
(70,909 |
) |
|
Julius Baer
Group Ltd., Strike Price CHF 37.98, |
|
|
34,000 |
|
|
(39,809 |
) |
|
Julius Baer
Group Ltd., Strike Price CHF 38.56, |
|
|
61,000 |
|
|
(10,944 |
) |
|
KDDI Corp.,
Strike Price JPY 464,117.73, Expires 6/28/10, |
|
|
425 |
|
|
(70,065 |
) |
|
Konica
Minolta Holdings, Inc., Strike Price JPY 1,105.95, |
|
|
301,500 |
|
|
(275,258 |
) |
|
Koninklijke
(Royal) KPN NV, Strike Price EUR 11.26, |
|
|
59,200 |
|
|
(20,860 |
) |
|
Koninklijke
(Royal) KPN NV, Strike Price EUR 11.72, |
|
|
155,500 |
|
|
(9,557 |
) |
|
Koninklijke
(Royal) Philips Electronics NV, |
|
|
52,500 |
|
|
(16,027 |
) |
|
Magna
International Inc., Class A, Strike Price USD 64.18, |
|
|
52,500 |
|
|
(155,303 |
) |
|
Marubeni
Corp., Strike Price JPY 565.60, Expires 6/28/10, |
|
|
840,000 |
|
|
(215,332 |
) |
|
Matsui
Securities Co. Ltd., Strike Price JPY 713.82, |
|
|
333,000 |
|
|
(73,360 |
) |
|
Mega
Financial Holdings Co. Ltd., Strike Price TWD 18.27, |
|
|
2,000,000 |
|
|
(44,240 |
) |
|
Mega
Financial Holdings Co. Ltd., Strike Price TWD 18.73, |
|
|
2,687,000 |
|
|
(31,411 |
) |
|
Melco Crown
Entertainment Ltd. - ADR, |
|
|
445,000 |
|
|
(72,450 |
) |
|
Merck KGaA,
Strike Price EUR 61.61, Expires 5/06/10, |
|
|
39,400 |
|
|
(32,793 |
) |
|
Merck KGaA,
Strike Price EUR 65.11, Expires 6/03/10, |
|
|
25,500 |
|
|
(17,162 |
) |
|
Mitsubishi
Heavy Industries Ltd., Strike Price JPY 386.31, |
|
|
1,002,000 |
|
|
(161,178 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Mitsubishi
UFJ Financial Group, Inc., |
|
|
645,500 |
|
$ |
(138,535 |
) |
|
Mitsui
& Co. Ltd., Strike Price JPY 1,648.32, |
|
|
257,000 |
|
|
(19,178 |
) |
|
Mizuho
Securities Co. Ltd., Strike Price JPY 289.91, |
|
|
620,000 |
|
|
(15,554 |
) |
|
MTN Group
Ltd., Strike Price ZAR 114.33, |
|
|
172,800 |
|
|
(17,323 |
) |
|
Muenchener
Rueckversicherungs AG, Registered |
|
|
14,300 |
|
|
(10 |
) |
|
Naspers
Ltd., Strike Price ZAR 319.87, Expires 5/05/10, |
|
|
63,000 |
|
|
(169 |
) |
|
National
Australia Bank Ltd., Strike Price AUD 28.59, |
|
|
213,800 |
|
|
(139,483 |
) |
|
Nestle SA,
Strike Price CHF 53.33, Expires 6/03/10, |
|
|
100,400 |
|
|
(71,464 |
) |
|
Nestle SA,
Strike Price CHF 53.97, Expires 5/11/10, |
|
|
45,000 |
|
|
(5,359 |
) |
|
New World
Development Ltd., Strike Price HKD 16.10, |
|
|
1,618,000 |
|
|
(5,593 |
) |
|
Nikon
Corp., Strike Price JPY 2,190.86, Expires 6/28/10, |
|
|
176,700 |
|
|
(181,009 |
) |
|
Nobel
Biocare Holding AG, Strike Price CHF 30.32, |
|
|
75,700 |
|
|
(813 |
) |
|
Nomura
Holdings, Inc., Strike Price JPY 663.57, |
|
|
495,000 |
|
|
(145,409 |
) |
|
Nordea Bank
AB, Strike Price SEK 73.17, |
|
|
318,700 |
|
|
(12,585 |
) |
|
Novartis
AG, Registered Shares, Strike Price CHF 57, |
|
|
745 |
|
|
(14,143 |
) |
|
Novartis
AG, Registered Shares, Strike Price CHF 57.73, |
|
|
101,000 |
|
|
(2,948 |
) |
|
Novartis
AG, Registered Shares, Strike Price CHF 58, |
|
|
780 |
|
|
(6,187 |
) |
|
NSK Ltd.,
Strike Price JPY 739.97, Expires 6/28/10, |
|
|
954,000 |
|
|
(307,234 |
) |
|
NTT Data
Corp., Strike Price JPY 325,220, |
|
|
240 |
|
|
(55,148 |
) |
|
NTT Data
Corp., Strike Price JPY 350,427.67, |
|
|
770 |
|
|
(123,717 |
) |
|
NXT Plc,
Strike Price GBP 22.76, Expires 5/19/10, |
|
|
78,500 |
|
|
(70,877 |
) |
|
Pacific
Rubiales Energy Corp., Strike Price CAD 20, |
|
|
1,130 |
|
|
(369,881 |
) |
|
Pacific
Rubiales Energy Corp., Strike Price CAD 21, |
|
|
1,086 |
|
|
(224,513 |
) |
|
Pan
American Silver Corp., Strike Price USD 23.35, |
|
|
123,000 |
|
|
(380,803 |
) |
|
Panasonic
Corp., Strike Price JPY 1,417.03, |
|
|
189,000 |
|
|
(83,775 |
) |
|
Paramalat
SpA, Strike Price EUR 2.08, Expires 5/19/10, |
|
|
909,100 |
|
|
(20,274 |
) |
|
PartyGaming
Plc, Strike Price GBP 3.19, Expires 6/03/10, |
|
|
148,000 |
|
|
(15,284 |
) |
|
PartyGaming
Plc, Strike Price GBP 3.20, Expires 5/26/10, |
|
|
148,000 |
|
|
(11,658 |
) |
|
Portugal
Telecom SGPS SA, Strike Price EUR 8.37, |
|
|
209,000 |
|
|
(708 |
) |
|
Renault SA,
Strike Price EUR 35.87, Expires 6/16/10, |
|
|
56,000 |
|
|
(125,502 |
) |
|
ResMed,
Inc., Strike Price AUD 6.99, Expires 5/11/10, |
|
|
316,000 |
|
|
(45,215 |
) |
|
Royal Bank
of Scotland Group Plc, Strike Price GBP 0.47, |
|
|
5,200,000 |
|
|
(554,024 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Royal Dutch
Shell Plc, Class A - ADR, |
|
|
45,000 |
|
$ |
(123,458 |
) |
|
RWE AG,
Strike Price EUR 63, Expires 6/03/10, |
|
|
12,000 |
|
|
(17,938 |
) |
|
RWE AG,
Strike Price EUR 66, Expires 5/21/10, |
|
|
250 |
|
|
(5,436 |
) |
|
RWE AG,
Strike Price EUR 66.28, Expires 6/03/10, |
|
|
66,700 |
|
|
(14,122 |
) |
|
Samsung
Electronics Co. Ltd., |
|
|
8,300 |
|
|
(355,418 |
) |
|
SAP AG -
ADR, Strike Price USD 49.11, Expires 6/02/10, |
|
|
72,500 |
|
|
(51,497 |
) |
|
Siemens AG,
Strike Price EUR 70.75, Expires 5/06/10, |
|
|
66,000 |
|
|
(236,938 |
) |
|
Siliconware
Precision Industries Co. - ADR, |
|
|
291,000 |
|
|
(42,384 |
) |
|
Singapore
Telecommunications Ltd., Strike Price SGD 3.18, |
|
|
5,103,000 |
|
|
(76,810 |
) |
|
Societe
Generale, Strike Price EUR 45.41, |
|
|
57,000 |
|
|
(34,141 |
) |
|
Software
AG, Strike Price EUR 86.77, Expires 6/16/10, |
|
|
14,500 |
|
|
(60,708 |
) |
|
Sterlite
Industries India Ltd. - ADR, Strike Price USD 18.23, |
|
|
99,000 |
|
|
(21,748 |
) |
|
Sterlite
Industries India Ltd. - ADR, Strike Price USD 18.53, |
|
|
78,500 |
|
|
(13,616 |
) |
|
Sterlite
Industries India Ltd. - ADR, Strike Price USD 19.53, |
|
|
87,200 |
|
|
(20,827 |
) |
|
Straits
Asia Resources Ltd., Strike Price SGD 2.12, |
|
|
1,305,000 |
|
|
(58,260 |
) |
|
Straits
Asia Resources Ltd., Strike Price SGD 2.33, |
|
|
1,365,000 |
|
|
(18,372 |
) |
|
Sumitomo
Mitsui Financial Group, Inc., |
|
|
63,000 |
|
|
(15,189 |
) |
|
Sumitomo
Mitsui Financial Group, Inc., |
|
|
40,000 |
|
|
(20,704 |
) |
|
Svenska
Cellulosa AB, B Shares, Strike Price SEK 101.81, |
|
|
165,000 |
|
|
(7 |
) |
|
Svenska
Cellulosa AB, B Shares, Strike Price SEK 101.89, |
|
|
305,000 |
|
|
(21 |
) |
|
Swiss Life
Holding AG, Strike Price CHF 133.83, |
|
|
27,700 |
|
|
(77,040 |
) |
|
Swiss
Reinsurance Co. Ltd., Strike Price CHF 48.56, |
|
|
56,100 |
|
|
(100,257 |
) |
|
Swisscom
AG, Registered Shares, Strike Price CHF 389.44, |
|
|
6,400 |
|
|
(181 |
) |
|
Syngenta
AG, Registered Shares, Strike Price CHF 296.74, |
|
|
8,400 |
|
|
(556 |
) |
|
T&D
Holdings, Inc., Strike Price JPY 2,445.21, |
|
|
148,000 |
|
|
(158,708 |
) |
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR, |
|
|
225,000 |
|
|
(50,177 |
) |
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR, |
|
|
90,000 |
|
|
(2,260 |
) |
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR, |
|
|
58,000 |
|
|
(4,178 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Telecom
Corp. of New Zealand Ltd. - ADR, |
|
|
97,500 |
|
$ |
(15,839 |
) |
|
Telecom
Italia SpA, Strike Price EUR 1.09, |
|
|
1,600,000 |
|
|
(13,280 |
) |
|
Telefonica
SA, Strike Price EUR 16.94, |
|
|
9,400 |
|
|
(6,945 |
) |
|
Telefonica
SA, Strike Price EUR 17.82, |
|
|
177,000 |
|
|
(34,135 |
) |
|
Tesco Plc,
Strike Price GBP 4.59, Expires 6/03/10, |
|
|
629,400 |
|
|
(15,421 |
) |
|
Tokio
Marine Holdings, Inc., Strike Price JPY 2,573.77, |
|
|
125,000 |
|
|
(317,014 |
) |
|
Toronto-Dominion
Bank (The), Strike Price CAD 76, |
|
|
38 |
|
|
(3,797 |
) |
|
Toronto-Dominion
Bank (The), Strike Price CAD 76, |
|
|
420 |
|
|
(76,905 |
) |
|
Total SA,
Strike Price EUR 42.95, Expires 6/03/10, |
|
|
16,000 |
|
|
(6,145 |
) |
|
Total SA,
Strike Price EUR 43.39, Expires 6/03/10, |
|
|
135,600 |
|
|
(38,157 |
) |
|
TrygVesta
AS, Strike Price DKK 367.74, |
|
|
39,300 |
|
|
(1,626 |
) |
|
Tyco
Electronics Ltd., Strike Price USD 26.95, |
|
|
75,000 |
|
|
(387,750 |
) |
|
Tyco
Electronics Ltd., Strike Price USD 27.83, |
|
|
68,500 |
|
|
(294,173 |
) |
|
UBS AG,
Strike Price CHF 17.42, Expires 5/19/10, |
|
|
143,700 |
|
|
(36,435 |
) |
|
Unibail-Rodamco
SE - REIT, Strike Price EUR 144.13, |
|
|
21,000 |
|
|
(27,933 |
) |
|
UniCredit
SpA, Strike Price EUR 2.04, Expires 6/16/10, |
|
|
619,000 |
|
|
(74,175 |
) |
|
Unilever
Plc, Strike Price GBP 19.86, Expires 5/26/10, |
|
|
156,600 |
|
|
(50,732 |
) |
|
Usinas
Siderurgicas de Minas Gerais SA, Class A - |
|
|
99,800 |
|
|
(93,045 |
) |
|
Vedanta Resources
Plc, Strike Price GBP 28.22, |
|
|
40,200 |
|
|
(9,799 |
) |
|
Vedanta
Resources Plc, Strike Price GBP 29, |
|
|
80,000 |
|
|
(10,327 |
) |
|
VimpelCom
Ltd. - ADR, Strike Price USD 17.88, |
|
|
62,500 |
|
|
(41,346 |
) |
|
Vivendi SA,
Strike Price EUR 20.05, Expires 5/05/10, |
|
|
132,000 |
|
|
(15,923 |
) |
|
Vodafone
Group Plc - ADR, Strike Price USD 23.42, |
|
|
148,000 |
|
|
(39,859 |
) |
|
Vodafone
Group Plc - ADR, Strike Price USD 23.50, |
|
|
80,000 |
|
|
(11,052 |
) |
|
Volkswagen
AG - Preference Shares, Strike Price EUR 68.24, |
|
|
29,276 |
|
|
(144,449 |
) |
|
Volkswagen
AG - Preference Shares, Strike Price EUR 72.22, |
|
|
18,200 |
|
|
(71,384 |
) |
|
Wilmar
International Ltd., Strike Price SGD 7.02, |
|
|
833,000 |
|
|
(88,673 |
) |
|
WPP Plc,
Strike Price GBP 7.02, Expires 5/26/10, |
|
|
598,000 |
|
|
(121,467 |
) |
|
Zurich
Financial Services AG, Strike Price CHF 273.24, |
|
|
8,000 |
|
|
(678 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(16,857,850 |
) |
|
Total Options Written (Premiums Received $19,953,384)—(1.5)% |
|
|
|
|
|
(17,801,524 |
) |
|
Total Investments Net of Outstanding Options Written—97.6% |
|
|
|
|
|
1,130,822,559 |
|
|
Other Assets Less Liabilities—2.4% |
|
|
|
|
|
27,759,649 |
|
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
1,158,582,208 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
49 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock International Growth and Income Trust (BGY) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
1,212,822,979 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
41,841,768 |
|
|
Gross unrealized depreciation |
|
|
(106,040,664 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(64,198,896 |
) |
|
|
|
|
|
|
|
(a) |
Security, or a portion thereof, pledged as collateral for outstanding options written. |
|
(b) |
Non-income producing security. |
|
(c) |
Security, or a portion of security, is on loan. |
|
(d) |
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 |
|
Shares/ |
|
Net Activity |
|
Shares/ |
|
Income |
|
|||
|
BlackRock Liquidity |
|
73,117,275 |
|
|
(38,101,320 |
) |
35,015,955 |
|
|
$ |
19,208 |
|
|
BlackRock Liquidity |
|
4,855,000 |
|
|
(3,855,000 |
) |
1,000,000 |
|
|
$ |
3,588 |
|
|
|
|
|
(e) |
Represents current yield as of report date. |
|
(f) |
Security purchased with the cash collateral from securities loans. |
|
|
|
|
• |
Foreign currency exchange contracts as of April 30, 2010 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
|
|||
|
CAD |
3,509,500 |
|
USD |
3,497,315 |
|
Citigroup Global Markets |
|
5/03/10 |
|
$ |
(42,372 |
) |
|
CAD |
3,506,000 |
|
USD |
3,488,227 |
|
Citigroup Global Markets |
|
5/04/10 |
|
|
(36,720 |
) |
|
CAD |
1,074,000 |
|
USD |
1,057,510 |
|
Citigroup Global Markets |
|
5/03/10 |
|
|
(206 |
) |
|
CHF |
1,342,000 |
|
USD |
1,238,922 |
|
Citigroup Global Markets |
|
5/03/10 |
|
|
8,168 |
|
|
CHF |
1,215,000 |
|
USD |
1,128,883 |
|
Citigroup Global Markets |
|
5/05/10 |
|
|
219 |
|
|
EUR |
13,763,000 |
|
USD |
18,321,347 |
|
Deutsche Bank Securities |
|
5/05/10 |
|
|
3,746 |
|
|
GBP |
14,000 |
|
USD |
21,399 |
|
Citigroup Global Markets |
|
5/06/10 |
|
|
21 |
|
|
JPY |
41,690,000 |
|
USD |
441,723 |
|
Deutsche Bank Securities |
|
5/06/10 |
|
|
2,120 |
|
|
MXN |
2,721,000 |
|
USD |
222,115 |
|
Citigroup Global Markets |
|
5/03/10 |
|
|
(1,187 |
) |
|
USD |
38,766 |
|
AUD |
42,000 |
|
UBS Securities LLC |
|
5/03/10 |
|
|
(83 |
) |
|
USD |
301,741 |
|
AUD |
324,000 |
|
Citigroup Global Markets |
|
5/04/10 |
|
|
2,084 |
|
|
USD |
2,175,569 |
|
CHF |
2,342,000 |
|
Royal Bank of Scotland |
|
5/04/10 |
|
|
(826 |
) |
|
USD |
11,965,850 |
|
EUR |
8,980,000 |
|
UBS Securities LLC |
|
5/04/10 |
|
|
9,245 |
|
|
USD |
4,152,789 |
|
GBP |
2,713,000 |
|
Royal Bank of Scotland |
|
5/05/10 |
|
|
1,837 |
|
|
USD |
250,911 |
|
HKD |
1,948,000 |
|
Morgan Stanley & Co., Inc. |
|
5/04/10 |
|
|
4 |
|
|
USD |
57,001 |
|
SGD |
78,000 |
|
Morgan Stanley & Co., Inc. |
|
5/04/10 |
|
|
79 |
|
|
Total |
|
|
|
|
|
|
|
|
|
$ |
(53,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
• |
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 methodologies 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 April 30, 2010 in determining the investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
|||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
Total |
|
||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
$ |
6,398,241 |
|
$ |
20,832,518 |
|
— |
|
$ |
27,230,759 |
|
|
Austria |
|
|
— |
|
|
5,665,257 |
|
— |
|
|
5,665,257 |
|
|
Belgium |
|
|
— |
|
|
8,481,575 |
|
— |
|
|
8,481,575 |
|
|
Brazil |
|
|
33,635,101 |
|
|
— |
|
— |
|
|
33,635,101 |
|
|
Canada |
|
|
100,646,079 |
|
|
— |
|
— |
|
|
100,646,079 |
|
|
Cayman Islands |
|
|
— |
|
|
7,090,650 |
|
— |
|
|
7,090,650 |
|
|
China |
|
|
8,103,656 |
|
|
10,247,761 |
|
— |
|
|
18,351,417 |
|
|
Denmark |
|
|
— |
|
|
14,305,933 |
|
— |
|
|
14,305,933 |
|
|
Finland |
|
|
— |
|
|
6,377,128 |
|
— |
|
|
6,377,128 |
|
|
France |
|
|
— |
|
|
63,376,269 |
|
— |
|
|
63,376,269 |
|
|
Germany |
|
|
13,537,984 |
|
|
90,964,026 |
|
— |
|
|
104,502,010 |
|
|
Gibraltar |
|
|
— |
|
|
2,311,164 |
|
— |
|
|
2,311,164 |
|
|
Hong Kong |
|
|
7,791,088 |
|
|
26,866,571 |
|
— |
|
|
34,657,659 |
|
|
India |
|
|
7,168,928 |
|
|
— |
|
— |
|
|
7,168,928 |
|
|
Indonesia |
|
|
— |
|
|
6,117,241 |
|
— |
|
|
6,117,241 |
|
|
Israel |
|
|
3,112,690 |
|
|
— |
|
— |
|
|
3,112,690 |
|
|
Italy |
|
|
— |
|
|
23,828,385 |
|
— |
|
|
23,828,385 |
|
|
Japan |
|
|
— |
|
|
159,905,958 |
|
— |
|
|
159,905,958 |
|
|
Malaysia |
|
|
— |
|
|
9,367,866 |
|
— |
|
|
9,367,866 |
|
|
Mexico |
|
|
11,119,670 |
|
|
— |
|
— |
|
|
11,119,670 |
|
|
Netherlands |
|
|
3,867,240 |
|
|
20,924,273 |
|
— |
|
|
24,791,513 |
|
|
New Zealand |
|
|
2,544,750 |
|
|
— |
|
— |
|
|
2,544,750 |
|
|
Philippines |
|
|
3,818,696 |
|
|
— |
|
— |
|
|
3,818,696 |
|
|
Portugal |
|
|
— |
|
|
2,127,045 |
|
— |
|
|
2,127,045 |
|
|
Singapore |
|
|
— |
|
|
39,846,589 |
|
— |
|
|
39,846,589 |
|
|
South Africa |
|
|
— |
|
|
8,468,362 |
|
— |
|
|
8,468,362 |
|
|
South Korea |
|
|
— |
|
|
20,507,353 |
|
— |
|
|
20,507,353 |
|
|
Spain |
|
|
— |
|
|
25,799,857 |
|
— |
|
|
25,799,857 |
|
|
Sweden |
|
|
— |
|
|
13,954,810 |
|
— |
|
|
13,954,810 |
|
|
Switzerland |
|
|
11,754,262 |
|
|
79,540,394 |
|
— |
|
|
91,294,656 |
|
|
Taiwan |
|
|
17,580,567 |
|
|
10,664,206 |
|
— |
|
|
28,244,773 |
|
|
Thailand |
|
|
— |
|
|
8,862,064 |
|
— |
|
|
8,862,064 |
|
|
United Kingdom |
|
|
29,764,164 |
|
|
158,712,833 |
|
— |
|
|
188,476,997 |
|
|
United States |
|
|
6,618,924 |
|
|
— |
|
— |
|
|
6,618,924 |
|
|
Short-Term Securities |
|
|
35,015,955 |
|
|
1,000,000 |
|
— |
|
|
36,015,955 |
|
|
Total |
|
$ |
302,477,995 |
|
$ |
846,146,088 |
|
— |
|
$ |
1,148,624,083 |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments1 |
|
|||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|||
|
Assets: |
|
|
— |
|
$ |
27,523 |
|
— |
|
$ |
27,523 |
|
|
Liabilities: |
|
$ |
(2,342,782 |
) |
|
(15,540,136 |
) |
— |
|
|
(17,882,918 |
) |
|
Total |
|
$ |
(2,342,782 |
) |
$ |
(15,512,613 |
) |
— |
|
$ |
(17,855,395 |
) |
|
|
|
|||||||||||
|
|
|
|
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 value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
50 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock Real Asset Equity Trust (BCF) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Chemicals—10.2% |
|
|
|
|
|
|
|
|
Agrium, Inc. |
|
|
90,200 |
|
$ |
5,629,382 |
|
|
Air Products & Chemicals, Inc. |
|
|
101,000 |
|
|
7,754,780 |
|
|
Celanese Corp., Series A |
|
|
114,800 |
|
|
3,672,452 |
|
|
Dow Chemical (The) |
|
|
189,825 |
|
|
5,852,305 |
|
|
E.I. du Pont de Nemours & Co. |
|
|
496,079 |
|
|
19,763,787 |
|
|
Monsanto Co. |
|
|
80,000 |
|
|
5,044,800 |
|
|
Mosaic Co. (The) |
|
|
22,500 |
|
|
1,150,650 |
|
|
Olin Corp. |
|
|
171,500 |
|
|
3,601,500 |
|
|
Potash Corp. of Saskatchewan, Inc. |
|
|
77,200 |
|
|
8,530,600 |
|
|
Praxair, Inc. |
|
|
174,500 |
|
|
14,617,865 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
75,618,121 |
|
|
Containers & Packaging—1.1% |
|
|
|
|
|
|
|
|
Temple-Inland, Inc. |
|
|
347,183 |
|
|
8,096,308 |
|
|
Energy Equipment & Services—6.3% |
|
|
|
|
|
|
|
|
Calfrac Well Services Ltd. |
|
|
19,700 |
|
|
419,095 |
|
|
Core Laboratories NV |
|
|
69,736 |
|
|
10,452,729 |
|
|
FMC Technologies, Inc. (a) |
|
|
129,000 |
|
|
8,732,010 |
|
|
Halliburton Co. (b) |
|
|
201,700 |
|
|
6,182,105 |
|
|
Key Energy Services, Inc. (a) |
|
|
294,800 |
|
|
3,201,528 |
|
|
Noble Corp. (a) |
|
|
54,900 |
|
|
2,168,001 |
|
|
Schlumberger Ltd. (b) |
|
|
102,200 |
|
|
7,299,124 |
|
|
Smith International, Inc. |
|
|
47,400 |
|
|
2,263,824 |
|
|
Technip SA |
|
|
30,500 |
|
|
2,438,811 |
|
|
Transocean Ltd. (a) |
|
|
53,000 |
|
|
3,839,850 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
46,997,077 |
|
|
Gas Utilities—1.7% |
|
|
|
|
|
|
|
|
EQT Corp. |
|
|
161,100 |
|
|
7,006,239 |
|
|
Questar Corp. |
|
|
122,900 |
|
|
5,893,055 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,899,294 |
|
|
Machinery—3.2% |
|
|
|
|
|
|
|
|
Caterpillar, Inc. |
|
|
275,925 |
|
|
18,787,733 |
|
|
Deere & Co. |
|
|
84,900 |
|
|
5,078,718 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,866,451 |
|
|
Metals & Mining—41.0% |
|
|
|
|
|
|
|
|
African Rainbow Minerals Ltd. |
|
|
278,750 |
|
|
7,459,012 |
|
|
Agnico-Eagle Mines Ltd. |
|
|
113,650 |
|
|
7,178,134 |
|
|
Alamos Gold, Inc. |
|
|
915,000 |
|
|
13,592,587 |
|
|
Alcoa, Inc. |
|
|
319,150 |
|
|
4,289,376 |
|
|
Allegheny Technologies, Inc. |
|
|
43,100 |
|
|
2,304,557 |
|
|
Alumina, Ltd. |
|
|
1,714,266 |
|
|
2,420,891 |
|
|
Anglo American Plc (a) |
|
|
97,945 |
|
|
4,160,305 |
|
|
Anglo Platinum Ltd. (a) |
|
|
50,444 |
|
|
5,474,164 |
|
|
Barrick Gold Corp. |
|
|
104,100 |
|
|
4,533,555 |
|
|
BHP Billiton Plc |
|
|
878,600 |
|
|
26,824,127 |
|
|
Carpenter Technology Corp. |
|
|
46,766 |
|
|
1,836,501 |
|
|
Cia de Minas Buenaventura SA - ADR |
|
|
228,600 |
|
|
7,518,654 |
|
|
Cliffs Natural Resources, Inc. |
|
|
32,400 |
|
|
2,025,972 |
|
|
Eramet |
|
|
16,450 |
|
|
5,936,380 |
|
|
First Quantum Minerals Ltd. |
|
|
130,000 |
|
|
9,974,601 |
|
|
Freeport-McMoRan Copper & Gold, Inc. |
|
|
75,900 |
|
|
5,732,727 |
|
|
Fresnillo Plc |
|
|
500,000 |
|
|
6,085,982 |
|
|
Goldcorp, Inc. |
|
|
195,550 |
|
|
8,453,627 |
|
|
Harry Winston Diamond Corp. (a) |
|
|
174,000 |
|
|
1,913,349 |
|
|
Iluka Resources Ltd. (a) |
|
|
1,981,586 |
|
|
8,438,077 |
|
|
Impala Platinum Holdings Ltd. |
|
|
510,200 |
|
|
14,385,131 |
|
|
Industrias Penoles SAB de CV |
|
|
513,569 |
|
|
10,907,697 |
|
|
Jiangxi Copper Co. Ltd. |
|
|
1,874,600 |
|
|
3,931,924 |
|
|
Kazakhmys Plc |
|
|
251,400 |
|
|
5,326,108 |
|
|
Lihir Gold Ltd. |
|
|
1,245,250 |
|
|
4,400,514 |
|
|
Minara Resources Ltd. (a) |
|
|
1,761,350 |
|
|
1,408,542 |
|
|
Minsur SA |
|
|
1,504,804 |
|
|
3,859,150 |
|
|
MMC Norilsk Nickel (a) |
|
|
17,866 |
|
|
3,421,749 |
|
|
MMC Norilsk Nickel - ADR (a) |
|
|
17,523 |
|
|
330,741 |
|
|
Newmont Mining Corp. |
|
|
70,950 |
|
|
3,978,876 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Metals & Mining (concluded) |
|
|
|
|
|
|
|
|
OZ Minerals Ltd. (a) |
|
|
6,370,957 |
|
$ |
6,705,979 |
|
|
Rio Tinto Plc |
|
|
517,104 |
|
|
26,734,618 |
|
|
Southern Copper Corp. |
|
|
85,500 |
|
|
2,614,590 |
|
|
Straits Resources Ltd. (a) |
|
|
804,450 |
|
|
919,084 |
|
|
Teck Resources Ltd., Class B (a) |
|
|
308,800 |
|
|
12,135,554 |
|
|
United States Steel Corp. |
|
|
42,800 |
|
|
2,339,448 |
|
|
Vale SA - ADR |
|
|
851,700 |
|
|
26,087,571 |
|
|
Vedanta Resources Plc |
|
|
432,700 |
|
|
16,540,574 |
|
|
Xstrata Plc |
|
|
1,177,996 |
|
|
19,323,774 |
|
|
Zijin Mining Group Co. Ltd. |
|
|
4,823,750 |
|
|
3,759,163 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
305,263,365 |
|
|
Oil & Gas Services—0.7% |
|
|
|
|
|
|
|
|
Exterran Holdings, Inc. (a) |
|
|
124,900 |
|
|
3,640,835 |
|
|
Trican Well Service Ltd. |
|
|
123,100 |
|
|
1,563,290 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,204,125 |
|
|
Oil, Gas & Consumable Fuels—26.9% |
|
|
|
|
|
|
|
|
Alpha Natural Resources, Inc. (a) |
|
|
81,200 |
|
|
3,822,896 |
|
|
Apache Corp. |
|
|
100,300 |
|
|
10,206,528 |
|
|
Arch Coal, Inc. |
|
|
156,300 |
|
|
4,220,100 |
|
|
Cabot Oil & Gas Corp. |
|
|
96,700 |
|
|
3,493,771 |
|
|
Cenovus Energy, Inc. |
|
|
129,200 |
|
|
3,785,560 |
|
|
Consol Energy, Inc. |
|
|
232,879 |
|
|
10,405,034 |
|
|
Crescent Point Energy Corp. |
|
|
173,100 |
|
|
7,346,270 |
|
|
Denbury Resources, Inc. (a) |
|
|
215,300 |
|
|
4,122,995 |
|
|
EnCana Corp. |
|
|
160,250 |
|
|
5,299,467 |
|
|
EOG Resources, Inc. |
|
|
103,200 |
|
|
11,570,784 |
|
|
Forest Oil Corp. (a) |
|
|
151,700 |
|
|
4,444,810 |
|
|
Galleon Energy, Inc. (a) |
|
|
322,900 |
|
|
2,241,037 |
|
|
Gasco Energy, Inc. (a) |
|
|
579,700 |
|
|
260,285 |
|
|
Hess Corp. |
|
|
59,800 |
|
|
3,800,290 |
|
|
Massey Energy Co. (b) |
|
|
293,200 |
|
|
10,739,916 |
|
|
Newfield Exploration Co. (a) |
|
|
143,200 |
|
|
8,332,808 |
|
|
Noble Energy, Inc. |
|
|
81,500 |
|
|
6,226,600 |
|
|
Occidental Petroleum Corp. |
|
|
121,300 |
|
|
10,754,458 |
|
|
OGX Petroleo e Gas Participacoes SA (a) |
|
|
610,000 |
|
|
6,099,123 |
|
|
Patriot Coal Corp. (a) |
|
|
18,960 |
|
|
373,322 |
|
|
Peabody Energy Corp. |
|
|
191,600 |
|
|
8,951,552 |
|
|
Penn West Energy Trust |
|
|
395,100 |
|
|
7,929,657 |
|
|
PetroBakken Energy Ltd. |
|
|
38,710 |
|
|
1,051,397 |
|
|
PetroChina Co. Ltd. - ADR |
|
|
15,200 |
|
|
1,749,976 |
|
|
Petroleo Brasileiro SA - ADR |
|
|
120,300 |
|
|
5,104,329 |
|
|
Plains Exploration & Production Co. (a) |
|
|
191,500 |
|
|
5,612,865 |
|
|
Premier Oil Plc (a) |
|
|
112,700 |
|
|
2,182,563 |
|
|
Quicksilver Resources, Inc. (a)(c) |
|
|
357,400 |
|
|
4,957,138 |
|
|
Range Resources Corp. |
|
|
154,000 |
|
|
7,355,040 |
|
|
Southwestern Energy Co. (a) |
|
|
193,900 |
|
|
7,693,952 |
|
|
StatoilHydro ASA |
|
|
204,700 |
|
|
4,949,587 |
|
|
Suncor Energy, Inc. |
|
|
138,500 |
|
|
4,732,545 |
|
|
Talisman Energy, Inc. |
|
|
340,200 |
|
|
5,797,008 |
|
|
Ultra Petroleum Corp. (a) |
|
|
66,100 |
|
|
3,157,597 |
|
|
Whiting Petroleum Corp. (a) |
|
|
129,500 |
|
|
11,697,735 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
200,468,995 |
|
|
Paper & Forest Products—6.3% |
|
|
|
|
|
|
|
|
Fibria Celulose SA - ADR (a) |
|
|
332,200 |
|
|
6,594,170 |
|
|
International Paper Co. |
|
|
446,400 |
|
|
11,936,736 |
|
|
MeadWestvaco Corp. |
|
|
492,000 |
|
|
13,367,640 |
|
|
Mondi Ltd. |
|
|
19,005 |
|
|
116,315 |
|
|
Mondi Plc |
|
|
322,512 |
|
|
2,177,022 |
|
|
Weyerhauser Co. |
|
|
250,500 |
|
|
12,404,760 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
46,596,643 |
|
|
Total Long-Term Investments |
|
|
|
|
|
725,010,379 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
51 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Real Asset Equity Trust (BCF) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares/ |
|
Value |
|
||
|
BlackRock
Liquidity Funds, TempFund, |
|
|
26,609,462 |
|
$ |
26,609,462 |
|
|
BlackRock
Liquidity Series, LLC, Money |
|
|
2,175,000 |
|
|
2,175,000 |
|
|
Total Short-Term Securities |
|
|
|
|
|
28,784,462 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
753,794,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.6)% |
|
|
|
|
|
|
|
|
Agnico-Eagle
Mines Ltd., Strike Price USD 60, |
|
|
350 |
|
|
(147,000 |
) |
|
Agnico-Eagle
Mines Ltd., Strike Price USD 65, |
|
|
100 |
|
|
(14,350 |
) |
|
Agrium, Inc., Strike Price USD 70, Expires 5/24/10 |
|
|
315 |
|
|
(11,025 |
) |
|
Air
Products & Chemicals, Inc., Strike Price USD 75, |
|
|
380 |
|
|
(106,400 |
) |
|
Alcoa, Inc., Strike Price USD 15, Expires 5/24/10 |
|
|
100 |
|
|
(650 |
) |
|
Alcoa, Inc., Strike Price USD 15, Expires 6/21/10 |
|
|
1,100 |
|
|
(24,200 |
) |
|
Allegheny
Technologies, Inc., Strike Price USD 55, |
|
|
161 |
|
|
(26,565 |
) |
|
Alpha
Natural Resources, Inc., Strike Price USD 50, |
|
|
140 |
|
|
(22,050 |
) |
|
Alpha
Natural Resources, Inc., Strike Price USD 50, |
|
|
155 |
|
|
(39,913 |
) |
|
Apache Corp., Strike Price USD 105, Expires 5/24/10 |
|
|
125 |
|
|
(24,062 |
) |
|
Apache Corp., Strike Price USD 110, Expires 5/24/10 |
|
|
256 |
|
|
(16,640 |
) |
|
Arch Coal, Inc., Strike Price USD 25, Expires 5/24/10 |
|
|
50 |
|
|
(12,500 |
) |
|
Barrick Gold Corp., Strike Price USD 41, Expires 5/24/10 |
|
|
180 |
|
|
(54,000 |
) |
|
Barrick Gold Corp., Strike Price USD 42, Expires 5/24/10 |
|
|
180 |
|
|
(40,770 |
) |
|
Cabot Oil & Gas Corp., Strike Price USD 40, Expires 5/24/10 |
|
|
40 |
|
|
(1,700 |
) |
|
Carpenter
Technology Corp., Strike Price USD 36.25, |
|
|
155 |
|
|
(49,634 |
) |
|
Caterpillar, Inc., Strike Price USD 62.50, Expires 5/24/10 |
|
|
370 |
|
|
(223,850 |
) |
|
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10 |
|
|
600 |
|
|
(243,000 |
) |
|
Caterpillar, Inc., Strike Price USD 70, Expires 6/21/10 |
|
|
125 |
|
|
(28,938 |
) |
|
Celanese
Corp., Series A, Strike Price USD 35, |
|
|
275 |
|
|
(11,000 |
) |
|
Celanese
Corp., Series A, Strike Price USD 35, |
|
|
125 |
|
|
(10,312 |
) |
|
Cia de
Minas Buenaventura SA - ADR, Strike Price USD 35, |
|
|
400 |
|
|
(27,000 |
) |
|
Cliff
Natural Resources, Inc., Strike Price USD 75, |
|
|
115 |
|
|
(5,750 |
) |
|
Core Laboratories NV, Strike Price USD 140, Expires 5/24/10 |
|
|
100 |
|
|
(110,500 |
) |
|
Deere & Co., Strike Price USD 60, Expires 5/24/10 |
|
|
280 |
|
|
(56,280 |
) |
|
Dow Chemical Co., Strike Price USD 31, Expires 6/21/10 |
|
|
410 |
|
|
(63,140 |
) |
|
E.I. du
Pont de Nemours & Co., Strike Price USD 39, |
|
|
170 |
|
|
(21,760 |
) |
|
E.I. du
Pont de Nemours & Co., Strike Price USD 40, |
|
|
990 |
|
|
(121,275 |
) |
|
EnCana Corp., Strike Price USD 31, Expires 5/24/10 |
|
|
40 |
|
|
(9,500 |
) |
|
EnCana Corp., Strike Price USD 32, Expires 5/24/10 |
|
|
40 |
|
|
(6,600 |
) |
|
EnCana Corp., Strike Price USD 33, Expires 6/21/10 |
|
|
250 |
|
|
(38,125 |
) |
|
EnCana Corp., Strike Price USD 34, Expires 6/21/10 |
|
|
200 |
|
|
(21,000 |
) |
|
EOG Resources, Inc., Strike Price USD 100, Expires 5/24/10 |
|
|
50 |
|
|
(65,250 |
) |
|
EOG Resources, Inc., Strike Price USD 100, Expires 7/19/10 |
|
|
110 |
|
|
(166,650 |
) |
|
EOG Resources, Inc., Strike Price USD 110, Expires 5/24/10 |
|
|
165 |
|
|
(84,975 |
) |
|
EOG Resources, Inc., Strike Price USD 115, Expires 5/24/10 |
|
|
25 |
|
|
(6,812 |
) |
|
EOG Resources, Inc., Strike Price USD 115, Expires 6/21/10 |
|
|
50 |
|
|
(23,000 |
) |
|
EQT Corp., Strike Price USD 45, Expires 6/21/10 |
|
|
100 |
|
|
(10,750 |
) |
|
FMC Technologies, Inc., Strike Price USD 70, Expires 5/24/10 |
|
|
450 |
|
|
(76,500 |
) |
|
Forest Oil Corp., Strike Price USD 28, Expires 5/24/10 |
|
|
150 |
|
|
(31,500 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written (continued) |
|
|
|
|
|
|
|
|
Freeport-McMoRan
Copper & Gold, Inc., Strike Price USD 80, |
|
|
200 |
|
$ |
(24,600 |
) |
|
Freeport-McMoRan
Copper & Gold, Inc., Strike Price USD 85, |
|
|
85 |
|
|
(3,570 |
) |
|
Goldcorp, Inc., Strike Price USD 40, Expires 5/24/10 |
|
|
350 |
|
|
(124,250 |
) |
|
Halliburton Co., Strike Price USD 32, Expires 5/24/10 |
|
|
400 |
|
|
(37,400 |
) |
|
Hess Corp., Strike Price USD 65, Expires 5/24/10 |
|
|
200 |
|
|
(25,200 |
) |
|
International Paper Co., Strike Price USD 28, Expires 5/24/10 |
|
|
215 |
|
|
(10,750 |
) |
|
Massey Energy Co., Strike Price USD 55, Expires 7/19/10 |
|
|
1,050 |
|
|
(28,875 |
) |
|
MeadWestvaco Corp., Strike Price USD 26, Expires 5/05/10 |
|
|
800 |
|
|
(95,970 |
) |
|
Mosaic Co. (The), Strike Price USD 60, Expires 5/24/10 |
|
|
85 |
|
|
(1,572 |
) |
|
Newfield Exploration Co., Strike Price USD 55, Expires 5/24/10 |
|
|
150 |
|
|
(66,000 |
) |
|
Newfield Exploration Co., Strike Price USD 55, Expires 6/21/10 |
|
|
300 |
|
|
(159,000 |
) |
|
Newmont Mining Corp., Strike Price USD 55, Expires 5/24/10 |
|
|
250 |
|
|
(59,875 |
) |
|
Noble Corp., Strike Price USD 42, Expires 5/24/10 |
|
|
125 |
|
|
(7,187 |
) |
|
Noble Corp., Strike Price USD 43, Expires 6/21/10 |
|
|
150 |
|
|
(13,125 |
) |
|
Noble Energy, Inc., Strike Price USD 80, Expires 5/24/10 |
|
|
305 |
|
|
(32,788 |
) |
|
Occidental
Petroleum Corp., Strike Price USD 86.50, |
|
|
25 |
|
|
(10,038 |
) |
|
Olin Corp., Strike Price USD 20, Expires 5/24/10 |
|
|
100 |
|
|
(11,250 |
) |
|
Patriot Coal Corp., Strike Price USD 25, Expires 5/24/10 |
|
|
60 |
|
|
(450 |
) |
|
Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10 |
|
|
260 |
|
|
(34,190 |
) |
|
Peabody Energy Corp., Strike Price USD 49, Expires 5/24/10 |
|
|
205 |
|
|
(19,885 |
) |
|
Peabody Energy Corp., Strike Price USD 49, Expires 6/21/10 |
|
|
100 |
|
|
(18,700 |
) |
|
Peabody Energy Corp., Strike Price USD 50, Expires 5/24/10 |
|
|
100 |
|
|
(7,150 |
) |
|
PetroChina
Co. Ltd. - ADR, Strike Price USD 120, |
|
|
57 |
|
|
(7,410 |
) |
|
Petroleo
Brasileiro SA - ADR, Strike Price USD 47, |
|
|
450 |
|
|
(7,425 |
) |
|
Plains
Exploration & Production Co., Strike Price USD 33, |
|
|
240 |
|
|
(8,400 |
) |
|
Plains
Exploration & Production Co., Strike Price USD 36, |
|
|
430 |
|
|
(5,375 |
) |
|
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 115, |
|
|
150 |
|
|
(28,725 |
) |
|
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 123, |
|
|
150 |
|
|
(7,993 |
) |
|
Praxair, Inc., Strike Price USD 85, Expires 5/24/10 |
|
|
130 |
|
|
(16,900 |
) |
|
Questar Corp., Strike Price USD 45, Expires 5/24/10 |
|
|
225 |
|
|
(75,375 |
) |
|
Questar Corp., Strike Price USD 46, Expires 5/18/10 |
|
|
235 |
|
|
(53,470 |
) |
|
Quicksilver
Resources, Inc., Strike Price USD 15, |
|
|
400 |
|
|
(12,000 |
) |
|
Quicksilver
Resources, Inc., Strike Price USD 16, |
|
|
400 |
|
|
(4,000 |
) |
|
Quicksilver
Resources, Inc., Strike Price USD 16, |
|
|
400 |
|
|
(12,000 |
) |
|
Range
Resources Corp., Strike Price USD 52.50, |
|
|
105 |
|
|
(3,675 |
) |
|
Range Resources Corp., Strike Price USD 55, Expires 5/24/10 |
|
|
200 |
|
|
(3,000 |
) |
|
Schlumberger Ltd., Strike Price USD 65, Expires 5/24/10 |
|
|
275 |
|
|
(191,813 |
) |
|
Schlumberger Ltd., Strike Price USD 66, Expires 5/22/10 |
|
|
100 |
|
|
(60,436 |
) |
|
Smith International, Inc., Strike Price USD 43, Expires 5/24/10 |
|
|
100 |
|
|
(51,500 |
) |
|
Smith International, Inc., Strike Price USD 44, Expires 5/24/10 |
|
|
78 |
|
|
(32,760 |
) |
|
Southwestern Energy Co., Strike Price USD 41, Expires 5/24/10 |
|
|
175 |
|
|
(17,062 |
) |
|
Southwestern Energy Co., Strike Price USD 42, Expires 5/24/10 |
|
|
175 |
|
|
(11,812 |
) |
|
Southwestern Energy Co., Strike Price USD 43, Expires 5/24/10 |
|
|
350 |
|
|
(15,750 |
) |
|
Suncor Energy, Inc., Strike Price USD 34, Expires 5/24/10 |
|
|
400 |
|
|
(55,800 |
) |
|
Suncor Energy, Inc., Strike Price USD 37, Expires 6/21/10 |
|
|
110 |
|
|
(8,690 |
) |
|
Talisman Energy, Inc., Strike Price USD 17.50, Expires 5/24/10 |
|
|
400 |
|
|
(17,000 |
) |
|
Transocean Ltd., Strike Price USD 90, Expires 5/24/10 |
|
|
200 |
|
|
(3,700 |
) |
|
Ultra Petroleum Corp., Strike Price USD 49, Expires 6/21/10 |
|
|
230 |
|
|
(45,425 |
) |
|
United
States Steel Corp., Strike Price USD 65, |
|
|
160 |
|
|
(6,720 |
) |
|
Vale SA - ADR, Strike Price USD 30, Expires 5/24/10 |
|
|
235 |
|
|
(37,248 |
) |
|
Vale SA - ADR, Strike Price USD 32, Expires 6/21/10 |
|
|
1,480 |
|
|
(167,980 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
52 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Vale SA - ADR, Strike Price USD 33, Expires 6/21/10 |
|
|
1,480 |
|
$ |
(119,140 |
) |
|
Weyerhauser Co., Strike Price USD 48, Expires 6/21/10 |
|
|
940 |
|
|
(305,500 |
) |
|
Whiting Petroleum Corp., Strike Price USD 80, Expires 6/21/10 |
|
|
400 |
|
|
(486,000 |
) |
|
Whiting Petroleum Corp., Strike Price USD 85, Expires 5/24/10 |
|
|
120 |
|
|
(81,000 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(4,807,835 |
) |
|
Exchange-Traded Put Options Written—(0.0)% |
|
|
|
|
|
|
|
|
Consol Energy, Inc., Strike Price USD 41, Expires 5/24/10 |
|
|
140 |
|
|
(9,100 |
) |
|
Over-the-Counter Call Options Written—(0.6)% |
|
|
|
|
|
|
|
|
African
Rainbow Minerals Ltd., Strike Price ZAR 186.75, |
|
|
50,000 |
|
|
(103,773 |
) |
|
African
Rainbow Minerals Ltd., Strike Price ZAR 202.47, |
|
|
55,000 |
|
|
(47,882 |
) |
|
Alumina
Ltd., Strike Price AUD 1.71, Expires 5/11/10, |
|
|
565,700 |
|
|
(895 |
) |
|
Anglo
American Plc, Strike Price GBP 29.96, |
|
|
36,800 |
|
|
(38,043 |
) |
|
Anglo
Platinum Ltd., Strike Price ZAR 842.55, |
|
|
18,900 |
|
|
(73,234 |
) |
|
Arch Coal,
Inc., Strike Price USD 26.25, Expires 6/07/10, |
|
|
120 |
|
|
(22,495 |
) |
|
Arch Coal,
Inc., Strike Price USD 27.04, Expires 6/15/10, |
|
|
38,000 |
|
|
(63,297 |
) |
|
BHP
Billiton Plc, Strike Price GBP 21.73, Expires 6/16/10, |
|
|
329,500 |
|
|
(145,775 |
) |
|
Cabot Oil
& Gas Corp., Strike Price USD 37.17, |
|
|
31,500 |
|
|
(9,500 |
) |
|
Cenovus
Energy, Inc., Strike Price USD 29.78, |
|
|
39,500 |
|
|
(48,427 |
) |
|
Cia de
Minas Buenaventura - ADR, Strike Price USD 33.27, |
|
|
40,000 |
|
|
(33,934 |
) |
|
Consol
Energy, Inc., Strike Price USD 45.2, |
|
|
50,000 |
|
|
(91,183 |
) |
|
Consol
Energy, Inc., Strike Price USD 48.54, |
|
|
10,000 |
|
|
(7,410 |
) |
|
Core
Laboratories NV, Strike Price USD 151, |
|
|
18,000 |
|
|
(68,333 |
) |
|
Crescent
Point Energy Corp., Strike Price CAD 39.21, |
|
|
65,000 |
|
|
(249,557 |
) |
|
Deere &
Co., Strike Price USD 61, Expires 5/28/10, |
|
|
2,000 |
|
|
(3,355 |
) |
|
Dow
Chemical Co., Strike Price USD 30.66, |
|
|
30,000 |
|
|
(35,330 |
) |
|
E.I. du
Pont de Nemours & Co., Strike Price USD 39.38, |
|
|
70,000 |
|
|
(44,918 |
) |
|
EQT Corp.,
Strike Price USD 45, Expires 5/28/10, |
|
|
16,000 |
|
|
(9,357 |
) |
|
EQT Corp.,
Strike Price USD 46.49, Expires 5/28/10, |
|
|
26,000 |
|
|
(6,796 |
) |
|
Eramet,
Strike Price EUR 237.08, Expires 5/12/10, |
|
|
3,400 |
|
|
(157,031 |
) |
|
Eramet,
Strike Price EUR 285.66, Expires 6/16/10, |
|
|
2,800 |
|
|
(33,210 |
) |
|
Exterran
Holdings, Inc., Strike Price USD 29.75, |
|
|
41,000 |
|
|
(64,196 |
) |
|
Fibria
Celulose SA - ADR, Strike Price USD 23, |
|
|
122,500 |
|
|
(13,756 |
) |
|
First
Quantum Minerals Ltd., Strike Price CAD 84, |
|
|
260 |
|
|
(27,515 |
) |
|
Forest Oil
Corp., Strike Price USD 29.01, Expires 5/28/10, |
|
|
35,000 |
|
|
(55,781 |
) |
|
Fresnillo
Plc, Strike Price GBP 8.61, Expires 6/16/10, |
|
|
187,500 |
|
|
(62,610 |
) |
|
Galleon
Energy, Inc., Strike Price CAD 7.14, |
|
|
90,000 |
|
|
(26,452 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Galleon
Energy, Inc., Strike Price CAD 7.52, Expires 5/05/10, |
|
|
23,000 |
|
$ |
(579 |
) |
|
Goldcorp,
Inc., Strike Price USD 40.31, Expires 5/14/10, |
|
|
38,500 |
|
|
(120,377 |
) |
|
Halliburton
Co., Strike Price USD 35.27, Expires 6/11/10, |
|
|
43,000 |
|
|
(15,726 |
) |
|
Harry
Winston Diamond Corp., Strike Price CAD 11, |
|
|
250 |
|
|
(12,921 |
) |
|
Harry
Winston Diamond Corp., Strike Price CAD 11.12, |
|
|
39,400 |
|
|
(16,338 |
) |
|
Iluka
Resources Ltd., Strike Price AUD 3.83, |
|
|
653,900 |
|
|
(471,007 |
) |
|
Impala
Platinum Holdings Ltd., Strike Price ZAR 217.79, |
|
|
191,500 |
|
|
(192,290 |
) |
|
Industrias
Penoles SAB de CV, Strike Price MXN 263.67, |
|
|
151,000 |
|
|
(31,652 |
) |
|
Industrias
Penoles SAB de CV, Strike Price MXN 281.41, |
|
|
41,500 |
|
|
(4,840 |
) |
|
International
Paper Co., Strike Price USD 27.87, |
|
|
135,000 |
|
|
(100,431 |
) |
|
Jiangxi
Copper Co. Ltd., Strike Price HKD 16.97, |
|
|
300,000 |
|
|
(7,918 |
) |
|
Jiangxi
Copper Co. Ltd., Strike Price HKD 17.62, |
|
|
318,000 |
|
|
(3,345 |
) |
|
Kazakhmys
Plc, Strike Price GBP 15.17, Expires 6/16/10, |
|
|
94,300 |
|
|
(41,360 |
) |
|
Key Energy
Services, Inc., Strike Price USD 10.75, |
|
|
100,000 |
|
|
(20,508 |
) |
|
MeadWestvaco
Corp., Strike Price USD 25.62, |
|
|
104,500 |
|
|
(161,969 |
) |
|
Minara
Resources Ltd., Strike Price AUD 0.86, |
|
|
660,500 |
|
|
(22,026 |
) |
|
Minsur SA,
Strike Price PEN 6.82, Expires 6/09/10, |
|
|
250,000 |
|
|
(46,403 |
) |
|
Minsur SA,
Strike Price PEN 6.83, Expires 5/17/10, |
|
|
250,000 |
|
|
(41,965 |
) |
|
MMC Norilsk
Nickel - ADR, Strike Price USD 19.72, |
|
|
17,500 |
|
|
(10,459 |
) |
|
Modi Plc,
Strike Price GBP 4.69, Expires 6/16/10, |
|
|
121,000 |
|
|
(12,889 |
) |
|
Monsanto
Co., Strike Price USD 66.56, Expires 6/01/10, |
|
|
30,000 |
|
|
(25,394 |
) |
|
Occidental
Petroleum Corp., Strike Price USD 86, |
|
|
43,000 |
|
|
(268,147 |
) |
|
OGX
Petroleo e Gas Participacoes SA, Strike Price BRL 17.95, |
|
|
200,000 |
|
|
(40,600 |
) |
|
Olin Corp.,
Strike Price USD 20.67, Expires 6/08/10, |
|
|
30,000 |
|
|
(34,527 |
) |
|
OZ Minerals
Ltd., Strike Price AUD 1.15, Expires 5/11/10, |
|
|
2,100,000 |
|
|
(44,526 |
) |
|
Penn West
Energy Trust, Strike Price USD 20.81, |
|
|
46,000 |
|
|
(15,841 |
) |
|
Penn West
Energy Trust, Strike Price USD 21.05, |
|
|
14,500 |
|
|
(782 |
) |
|
Praxair,
Inc., Strike Price USD 87.54, Expires 5/20/10, |
|
|
52,500 |
|
|
(21,539 |
) |
|
Premier Oil
Plc, Strike Price GBP 13.27, Expires 6/16/10, |
|
|
42,200 |
|
|
(18,794 |
) |
|
Range
Resources Corp., Strike Price USD 49.94, |
|
|
10,000 |
|
|
(9,934 |
) |
|
Rio Tinto
Plc, Strike Price GBP 38.99, Expires 6/16/10, |
|
|
194,000 |
|
|
(98,020 |
) |
|
Southern
Copper Corp., Strike Price USD 35.72, |
|
|
32,000 |
|
|
(1,431 |
) |
|
Statoil
ASA, Strike Price NOK 138.81, Expires 6/03/10, |
|
|
76,700 |
|
|
(68,054 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
53 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Real Asset Equity Trust (BCF) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Straits
Resources Ltd., Strike Price AUD 1.36, |
|
|
265,000 |
|
$ |
(577 |
) |
|
Talisman
Energy, Inc., Strike Price USD 18.59, |
|
|
40,000 |
|
|
(15,058 |
) |
|
Technip SA,
Strike Price EUR 57.32, Expires 5/12/10, |
|
|
11,500 |
|
|
(45,271 |
) |
|
Teck
Resources Ltd., Strike Price CAD 44, Expires 5/24/10, |
|
|
1,020 |
|
|
(38,157 |
) |
|
Temple-Inland,
Inc., Strike Price USD 20.83, Expires 5/21/10, |
|
|
66,900 |
|
|
(179,388 |
) |
|
Temple-Inland,
Inc., Strike Price USD 23.69, |
|
|
61,500 |
|
|
(70,301 |
) |
|
Trican Well
Service Ltd., Strike Price CAD 14, |
|
|
360 |
|
|
(3,544 |
) |
|
Vedanta
Resources Plc, Strike Price GBP 28.51, |
|
|
162,300 |
|
|
(76,219 |
) |
|
Xstrata
Plc, Strike Price GBP 12.30, Expires 6/16/10, |
|
|
440,000 |
|
|
(123,639 |
) |
|
Zijin
Mining Group Co. Ltd., Strike Price HKD 7.03, |
|
|
1,592,000 |
|
|
(422 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(4,079,213 |
) |
|
Total Options Written |
|
|
|
|
|
(8,896,148 |
) |
|
Total Investments Net of Outstanding Options Written—100.1% |
|
|
|
|
|
744,898,693 |
|
|
Liabilities in Excess of Other Assets—(0.1)% |
|
|
|
|
|
(895,691 |
) |
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
744,003,002 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
|
|
|
$ |
715,498,365 |
|
|
|
|
|
|
|
|||
|
Gross unrealized appreciation |
|
|
|
|
$ |
123,584,773 |
|
|
Gross unrealized depreciation |
|
|
|
|
|
(85,288,297 |
) |
|
|
|
|
|
|
|||
|
Net unrealized appreciation |
|
|
|
|
$ |
38,296,476 |
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Shares/ |
|
Net |
|
Shares/ |
|
Income |
|
||||
|
BlackRock
Liquidity Funds, |
|
|
35,341,819 |
|
|
(8,732,357 |
) |
|
26,609,462 |
|
$ |
16,636 |
|
|
BlackRock
Liquidity Series, |
|
|
1,360,000 |
|
|
815,000 |
|
|
2,175,000 |
|
$ |
2,171 |
|
|
|
|
|
(e) |
Represents current yield as of report date. |
|
(f) |
Security purchased with the cash collateral from securities loans. |
|
|
|
|
• |
Foreign currency exchange contracts as of April 30, 2010 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
|
|||
|
ZAR |
1,367,000 |
|
USD |
185,009 |
|
Citigroup Global Markets |
|
5/04/10 |
|
$ |
(72 |
) |
|
|
|
|
|
• |
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 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 methodologies 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 April 30, 2010 in determining the investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
|
$ |
75,618,121 |
|
|
— |
|
|
— |
|
$ |
75,618,121 |
|
|
Containers & Packaging |
|
|
8,096,308 |
|
|
— |
|
|
— |
|
|
8,096,308 |
|
|
Energy Equipment & Services |
|
|
44,558,266 |
|
$ |
2,438,811 |
|
|
— |
|
|
46,997,077 |
|
|
Gas Utilities |
|
|
12,899,294 |
|
|
— |
|
|
— |
|
|
12,899,294 |
|
|
Machinery |
|
|
23,866,451 |
|
|
— |
|
|
— |
|
|
23,866,451 |
|
|
Metals & Mining |
|
|
158,011,144 |
|
|
147,252,221 |
|
|
— |
|
|
305,263,365 |
|
|
Oil & Gas Services |
|
|
5,204,125 |
|
|
— |
|
|
— |
|
|
5,204,125 |
|
|
Oil, Gas & Consumable Fuels |
|
|
193,336,845 |
|
|
7,132,150 |
|
|
— |
|
|
200,468,995 |
|
|
Paper & Forest Products |
|
|
44,419,621 |
|
|
2,177,022 |
|
|
— |
|
|
46,596,643 |
|
|
Short-Term Securities |
|
|
26,609,462 |
|
|
2,175,000 |
|
|
— |
|
|
28,784,462 |
|
|
Total |
|
$ |
592,619,637 |
|
$ |
161,175,204 |
|
|
— |
|
$ |
753,794,841 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments1 |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Liabilities: |
|
$ |
(4,621,531 |
) |
$ |
(4,274,689 |
) |
|
— |
|
$ |
(8,896,220 |
) |
|
Total |
|
$ |
(4,621,531 |
) |
$ |
(4,274,689 |
) |
|
— |
|
$ |
(8,896,220 |
) |
|
|
|
||||||||||||
|
|
|
|
|
|
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 value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
54 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2010 (Unaudited) |
BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Australia—4.7% |
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
22,700 |
|
$ |
502,789 |
|
|
BHP Billiton Ltd. |
|
|
18,125 |
|
|
662,582 |
|
|
Foster’s Group Ltd. |
|
|
116,100 |
|
|
581,800 |
|
|
National Australia Bank Ltd. |
|
|
43,800 |
|
|
1,119,041 |
|
|
Santos Ltd. |
|
|
91,300 |
|
|
1,158,316 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,024,528 |
|
|
Belgium—0.9% |
|
|
|
|
|
|
|
|
Mobistar SA |
|
|
5,500 |
|
|
338,069 |
|
|
Solvay SA |
|
|
4,200 |
|
|
401,081 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
739,150 |
|
|
Canada—7.0% |
|
|
|
|
|
|
|
|
Bank of Montreal |
|
|
22,800 |
|
|
1,416,078 |
|
|
Bank of Nova Scotia |
|
|
13,500 |
|
|
688,157 |
|
|
Enbridge, Inc. |
|
|
15,250 |
|
|
740,581 |
|
|
Manulife Financial Corp. |
|
|
18,700 |
|
|
337,256 |
|
|
National Bank of Canada |
|
|
7,200 |
|
|
440,166 |
|
|
Royal Bank of Canada |
|
|
28,900 |
|
|
1,752,265 |
|
|
Suncor Energy, Inc. |
|
|
4,450 |
|
|
152,232 |
|
|
TransCanada Corp. |
|
|
12,300 |
|
|
433,975 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,960,710 |
|
|
Finland—0.9% |
|
|
|
|
|
|
|
|
Kesko Oyj, B Shares |
|
|
10,900 |
|
|
422,547 |
|
|
Nokia Oyj |
|
|
26,300 |
|
|
321,532 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
744,079 |
|
|
France—4.7% |
|
|
|
|
|
|
|
|
AXA SA |
|
|
14,500 |
|
|
288,150 |
|
|
Bouygues SA |
|
|
10,700 |
|
|
530,183 |
|
|
PPR (a) |
|
|
1,800 |
|
|
241,920 |
|
|
Sanofi-Aventis SA (a) |
|
|
4,600 |
|
|
313,806 |
|
|
Schneider Electric SA |
|
|
5,670 |
|
|
643,707 |
|
|
Societe Generale |
|
|
4,900 |
|
|
261,657 |
|
|
Total SA |
|
|
17,200 |
|
|
935,807 |
|
|
Vinci SA |
|
|
13,700 |
|
|
763,438 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,978,668 |
|
|
Germany—3.2% |
|
|
|
|
|
|
|
|
Allianz SE |
|
|
5,800 |
|
|
664,942 |
|
|
BASF SE |
|
|
14,200 |
|
|
825,569 |
|
|
RWE AG |
|
|
4,300 |
|
|
353,710 |
|
|
SAP AG |
|
|
8,050 |
|
|
388,398 |
|
|
Siemens AG |
|
|
4,800 |
|
|
473,407 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,706,026 |
|
|
Greece—0.5% |
|
|
|
|
|
|
|
|
National Bank of Greece SA (a) |
|
|
11,000 |
|
|
176,857 |
|
|
OPAP SA |
|
|
14,650 |
|
|
297,558 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
474,415 |
|
|
Hong Kong—2.5% |
|
|
|
|
|
|
|
|
Esprit Holdings Ltd. |
|
|
68,860 |
|
|
493,260 |
|
|
Hang Seng Bank Ltd. |
|
|
21,400 |
|
|
291,659 |
|
|
Hongkong Electric Holdings Ltd. |
|
|
132,500 |
|
|
781,848 |
|
|
Hopewell Holdings Ltd. |
|
|
183,000 |
|
|
533,350 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,100,117 |
|
|
Italy—1.5% |
|
|
|
|
|
|
|
|
Enel SpA |
|
|
62,700 |
|
|
328,480 |
|
|
ENI SpA |
|
|
41,800 |
|
|
934,203 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,262,683 |
|
|
Japan—6.4% |
|
|
|
|
|
|
|
|
Canon, Inc. |
|
|
11,300 |
|
|
516,899 |
|
|
Hitachi Koki Co. Ltd. |
|
|
38,400 |
|
|
425,336 |
|
|
Mitsui & Co. Ltd. |
|
|
50,600 |
|
|
760,472 |
|
|
Nintendo Co. Ltd. |
|
|
600 |
|
|
201,556 |
|
|
Oracle Corp. Japan |
|
|
14,400 |
|
|
713,634 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Japan (concluded) |
|
|
|
|
|
|
|
|
Ricoh Co. Ltd. |
|
|
51,000 |
|
$ |
866,369 |
|
|
Sharp Corp. |
|
|
37,000 |
|
|
479,225 |
|
|
Takeda Pharmaceutical Co. Ltd. |
|
|
14,000 |
|
|
601,095 |
|
|
Toyota Motor Corp. |
|
|
24,300 |
|
|
938,902 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,503,488 |
|
|
Netherlands—0.5% |
|
|
|
|
|
|
|
|
Koninklijke (Royal) KPN NV |
|
|
28,000 |
|
|
420,084 |
|
|
Portugal—0.5% |
|
|
|
|
|
|
|
|
Portugal Telecom SGPS SA |
|
|
41,700 |
|
|
424,391 |
|
|
Singapore—1.5% |
|
|
|
|
|
|
|
|
Keppel Corp. Ltd. |
|
|
72,000 |
|
|
510,874 |
|
|
Singapore Technologies Engineering Ltd. |
|
|
169,000 |
|
|
388,157 |
|
|
United Overseas Bank Ltd. |
|
|
26,400 |
|
|
386,230 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,285,261 |
|
|
Spain—2.1% |
|
|
|
|
|
|
|
|
ACS Actividades de Construccion y Servicios SA |
|
|
7,900 |
|
|
358,232 |
|
|
Banco Santander SA (a) |
|
|
18,433 |
|
|
228,077 |
|
|
Banco Santander SA |
|
|
43,700 |
|
|
555,661 |
|
|
Iberdrola SA |
|
|
40,600 |
|
|
322,204 |
|
|
Indra Sistemas SA |
|
|
15,900 |
|
|
318,748 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,782,922 |
|
|
Sweden—3.8% |
|
|
|
|
|
|
|
|
Axfood AB |
|
|
9,500 |
|
|
271,443 |
|
|
Hennes & Mauritz AB |
|
|
14,200 |
|
|
906,083 |
|
|
Ratos AB, B Shares |
|
|
24,800 |
|
|
776,096 |
|
|
Scania AB, B Shares |
|
|
48,800 |
|
|
851,585 |
|
|
TeliaSonera AB |
|
|
60,800 |
|
|
416,734 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,221,941 |
|
|
Switzerland—0.8% |
|
|
|
|
|
|
|
|
Nestle SA |
|
|
6,900 |
|
|
337,623 |
|
|
Zurich Financial Services AG |
|
|
1,649 |
|
|
365,575 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
703,198 |
|
|
United Kingdom—9.3% |
|
|
|
|
|
|
|
|
AstraZeneca Plc |
|
|
18,000 |
|
|
795,364 |
|
|
Barclays Plc |
|
|
53,300 |
|
|
273,793 |
|
|
BHP Billiton Plc |
|
|
14,150 |
|
|
432,007 |
|
|
BP Plc |
|
|
191,150 |
|
|
1,667,198 |
|
|
British American Tobacco Plc |
|
|
17,300 |
|
|
543,995 |
|
|
GlaxoSmithKline Plc |
|
|
32,425 |
|
|
601,842 |
|
|
HSBC Holdings Plc |
|
|
128,100 |
|
|
1,304,373 |
|
|
Man Group Plc |
|
|
76,400 |
|
|
282,049 |
|
|
Royal Dutch Shell A Shares |
|
|
16,700 |
|
|
524,013 |
|
|
Scottish & Southern Energy Plc |
|
|
35,000 |
|
|
580,438 |
|
|
Standard Chartered Plc |
|
|
33,550 |
|
|
894,933 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,900,005 |
|
|
United States—47.5% |
|
|
|
|
|
|
|
|
3M Co. (b) |
|
|
6,600 |
|
|
585,222 |
|
|
Abbott Laboratories |
|
|
14,225 |
|
|
727,751 |
|
|
Aflac, Inc. |
|
|
8,950 |
|
|
456,092 |
|
|
Altria Group, Inc. |
|
|
54,700 |
|
|
1,159,093 |
|
|
Ameren Corp. |
|
|
27,200 |
|
|
706,112 |
|
|
American Express Co. |
|
|
11,200 |
|
|
516,544 |
|
|
AT&T Inc. (b) |
|
|
80,050 |
|
|
2,086,103 |
|
|
Automatic Data Processing, Inc. |
|
|
11,700 |
|
|
507,312 |
|
|
Bank of America Corp. |
|
|
23,475 |
|
|
418,559 |
|
|
Bristol-Myers Squibb Co. (b) |
|
|
38,300 |
|
|
968,607 |
|
|
Caterpillar, Inc. |
|
|
14,950 |
|
|
1,017,945 |
|
|
CenturyTel, Inc. |
|
|
16,600 |
|
|
566,226 |
|
|
Chevron Corp. |
|
|
21,625 |
|
|
1,761,140 |
|
|
Chubb Corp. |
|
|
8,100 |
|
|
428,247 |
|
|
Cincinnati Financial Corp. |
|
|
15,000 |
|
|
426,000 |
|
|
Coca-Cola Co. (The) |
|
|
13,600 |
|
|
726,920 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
55 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
Consolidated Edison, Inc. |
|
|
19,000 |
|
$ |
858,800 |
|
|
Dominion Resources, Inc. |
|
|
11,300 |
|
|
472,340 |
|
|
Eaton Vance Corp. |
|
|
13,700 |
|
|
482,788 |
|
|
Emerson Electric Co. |
|
|
33,300 |
|
|
1,739,259 |
|
|
Equity Residential - REIT |
|
|
13,700 |
|
|
620,199 |
|
|
Exxon Mobil Corp. (b) |
|
|
35,400 |
|
|
2,401,890 |
|
|
General Electric Co. |
|
|
68,900 |
|
|
1,299,454 |
|
|
Genuine Parts Co. |
|
|
8,300 |
|
|
355,240 |
|
|
Goldman Sachs Group, Inc. (The) |
|
|
3,650 |
|
|
529,980 |
|
|
HCP, Inc. - REIT |
|
|
14,025 |
|
|
450,483 |
|
|
Health Care REIT, Inc. |
|
|
13,200 |
|
|
593,076 |
|
|
Hewlett-Packard Co. |
|
|
8,100 |
|
|
420,957 |
|
|
Home Depot, Inc. |
|
|
15,000 |
|
|
528,750 |
|
|
Hudson City Bancorp, Inc. |
|
|
30,625 |
|
|
407,313 |
|
|
Intel Corp. |
|
|
52,800 |
|
|
1,205,424 |
|
|
International Business Machines Corp. |
|
|
10,225 |
|
|
1,319,025 |
|
|
Johnson & Johnson |
|
|
8,900 |
|
|
572,270 |
|
|
Kraft Food, Inc. |
|
|
15,208 |
|
|
450,157 |
|
|
Liberty Property Trust - REIT |
|
|
10,000 |
|
|
338,100 |
|
|
M&T Bank Corp. |
|
|
6,100 |
|
|
532,835 |
|
|
McDonald’s Corp. |
|
|
16,900 |
|
|
1,192,971 |
|
|
Merck & Co., Inc. |
|
|
24,100 |
|
|
844,464 |
|
|
MetLife, Inc. |
|
|
10,300 |
|
|
469,474 |
|
|
Microchip Technology, Inc. |
|
|
23,900 |
|
|
698,119 |
|
|
Microsoft Corp. |
|
|
46,000 |
|
|
1,404,840 |
|
|
Nationwide Health Properties, Inc. - REIT |
|
|
18,225 |
|
|
638,240 |
|
|
PepsiCo, Inc. |
|
|
9,800 |
|
|
639,156 |
|
|
Pfizer, Inc. |
|
|
37,400 |
|
|
625,328 |
|
|
Philip Morris International, Inc. |
|
|
15,600 |
|
|
765,648 |
|
|
PPG Industries, Inc. |
|
|
9,625 |
|
|
677,311 |
|
|
Reynolds American, Inc. |
|
|
8,600 |
|
|
459,412 |
|
|
Southern Co. |
|
|
12,000 |
|
|
414,720 |
|
|
T. Rowe Price Group, Inc. |
|
|
8,500 |
|
|
488,835 |
|
|
United Technologies Corp. |
|
|
12,700 |
|
|
951,865 |
|
|
Wal-Mart Stores, Inc. |
|
|
11,700 |
|
|
627,705 |
|
|
Wells Fargo & Co. |
|
|
27,700 |
|
|
917,147 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
40,451,448 |
|
|
Total Long-Term Investments |
|
|
|
|
|
83,683,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
BlackRock
Liquidity Funds, TempFund, |
|
|
2,212,905 |
|
|
2,212,905 |
|
|
Total Short-Term Securities |
|
|
|
|
|
2,212,905 |
|
|
Total Investments Before Outstanding
Options Written |
|
|
|
|
|
85,896,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
|
|
|
|
|
Exchange-Traded Call Options Written—(0.3)% |
|
|
|
|
|
|
|
|
3M Co., Strike Price USD 85, Expires 5/24/10 |
|
|
25 |
|
|
(10,375 |
) |
|
Abbott Laboratories, Strike Price USD 55, Expires 5/24/10 |
|
|
27 |
|
|
(148 |
) |
|
Aflac, Inc., Strike Price USD 55, Expires 5/24/10 |
|
|
20 |
|
|
(560 |
) |
|
Aflac, Inc., Strike Price USD 55, Expires 6/21/10 |
|
|
15 |
|
|
(1,275 |
) |
|
Altria Group, Inc., Strike Price USD 21, Expires 6/21/10 |
|
|
110 |
|
|
(6,325 |
) |
|
Ameren Corp., Strike Price USD 26.75, Expires 6/25/10 |
|
|
110 |
|
|
(3,249 |
) |
|
American Express Co., Strike Price USD 47, Expires 6/21/10 |
|
|
45 |
|
|
(7,583 |
) |
|
Automatic
Data Processing, Inc., Strike Price USD 45, |
|
|
47 |
|
|
(822 |
) |
|
Bank of America Corp., Strike Price USD 17, Expires 5/24/10 |
|
|
95 |
|
|
(10,593 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded Call Options Written (concluded) |
|
|
|
|
|
|
|
|
Bristol-Myers
Squibb Co., Strike Price USD 27, |
|
|
95 |
|
$ |
(2,755 |
) |
|
Caterpillar, Inc., Strike Price USD 62.50, Expires 5/24/10 |
|
|
15 |
|
|
(9,075 |
) |
|
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10 |
|
|
45 |
|
|
(18,225 |
) |
|
Chubb Corp., Strike Price USD 53.50, Expires 5/28/10 |
|
|
21 |
|
|
(1,720 |
) |
|
Chubb Corp., Strike Price USD 55, Expires 7/19/10 |
|
|
12 |
|
|
(1,230 |
) |
|
Coca-Cola
Co. (The), Strike Price USD 55, |
|
|
55 |
|
|
(1,842 |
) |
|
Consolidated
Edison, Inc., Strike Price USD 45, |
|
|
76 |
|
|
(4,180 |
) |
|
Dominion
Resources, Inc., Strike Price USD 41.50, |
|
|
23 |
|
|
(1,490 |
) |
|
Equity
Residential - REIT, Strike Price USD 40, |
|
|
55 |
|
|
(31,075 |
) |
|
General
Electric Co., Strike Price USD 19, |
|
|
70 |
|
|
(3,360 |
) |
|
Genuine
Parts Co., Strike Price USD 42.75, |
|
|
33 |
|
|
(4,092 |
) |
|
Goldman
Sachs Group, Inc. (The), Strike Price USD 165, |
|
|
15 |
|
|
(4,350 |
) |
|
HCP, Inc. - REIT, Strike Price USD 35, Expires 5/24/10 |
|
|
56 |
|
|
(840 |
) |
|
Health Care
REIT, Inc., Strike Price USD 45.75, |
|
|
52 |
|
|
(1,824 |
) |
|
Hewlett-Packard
Co., Strike Price USD 52.50, |
|
|
15 |
|
|
(1,740 |
) |
|
Hewlett-Packard
Co., Strike Price USD 55, |
|
|
17 |
|
|
(637 |
) |
|
Home Depot, Inc., Strike Price USD 34, Expires 5/24/10 |
|
|
21 |
|
|
(3,749 |
) |
|
Home Depot, Inc., Strike Price USD 35, Expires 5/24/10 |
|
|
5 |
|
|
(575 |
) |
|
Hudson City
Bancorp, Inc., Strike Price USD 15, |
|
|
4 |
|
|
(50 |
) |
|
Intel Corp., Strike Price USD 25, Expires 6/21/10 |
|
|
170 |
|
|
(2,805 |
) |
|
Kraft Food,
Inc., Class A, Strike Price USD 30, |
|
|
47 |
|
|
(1,880 |
) |
|
Liberty
Property Trust - REIT, Strike Price USD 35, |
|
|
40 |
|
|
(1,600 |
) |
|
M&T Bank Corp., Strike Price USD 85, Expires 5/24/10 |
|
|
24 |
|
|
(9,600 |
) |
|
Merck & Co., Inc., Strike Price USD 39, Expires 5/24/10 |
|
|
100 |
|
|
(499 |
) |
|
MetLife, Inc., Strike Price USD 42, Expires 5/24/10 |
|
|
40 |
|
|
(16,300 |
) |
|
Microchip
Technology, Inc., Strike Price USD 30, |
|
|
100 |
|
|
(10,500 |
) |
|
Nationwide
Health Properties, Inc. - REIT, Strike Price |
|
|
75 |
|
|
(3,000 |
) |
|
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10 |
|
|
40 |
|
|
(660 |
) |
|
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10 |
|
|
100 |
|
|
(550 |
) |
|
Philip
Morris International, Inc., Strike Price USD 52.50, |
|
|
62 |
|
|
(651 |
) |
|
PPG Industries, Inc., Strike Price USD 70, Expires 5/24/10 |
|
|
38 |
|
|
(5,985 |
) |
|
Reynolds
American, Inc., Strike Price USD 55, |
|
|
35 |
|
|
(1,225 |
) |
|
Southern Co., Strike Price USD 34, Expires 6/21/10 |
|
|
23 |
|
|
(2,587 |
) |
|
Southern Co., Strike Price USD 35, Expires 6/21/10 |
|
|
25 |
|
|
(1,437 |
) |
|
T. Rowe
Price Group, Inc., Strike Price USD 60, |
|
|
17 |
|
|
(3,018 |
) |
|
United
Technologies Corp., Strike Price USD 75, |
|
|
25 |
|
|
(3,525 |
) |
|
Wells Fargo & Co., Strike Price USD 32, Expires 5/24/10 |
|
|
55 |
|
|
(9,020 |
) |
|
Wells Fargo & Co., Strike Price USD 33, Expires 5/24/10 |
|
|
56 |
|
|
(5,656 |
) |
|
Total Exchange-Traded Call Options Written |
|
|
|
|
|
(214,237 |
) |
|
Over-the-Counter Call Options Written—(0.5)% |
|
|
|
|
|
|
|
|
Abbott
Laboratories, Strike Price USD 53.18, |
|
|
3,500 |
|
|
(316 |
) |
|
ACS
Actividades de Construccion y Servicios SA, |
|
|
3,200 |
|
|
(2,045 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
56 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
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 (continued) |
|
|
|
|
|
|
|
|
Allianz SE,
Strike Price EUR 93.09, Expires 6/03/10, |
|
|
2,300 |
|
$ |
(1,741 |
) |
|
Altria
Group, Inc., Strike Price USD 21.58, |
|
|
10,900 |
|
|
(3,488 |
) |
|
AstraZeneca
Plc, Strike Price GBP 29.30, |
|
|
3,600 |
|
|
(3,422 |
) |
|
AstraZeneca
Plc, Strike Price GBP 30, Expires 6/21/10, |
|
|
3 |
|
|
(2,275 |
) |
|
AT&T
Inc., Strike Price USD 25.97, Expires 5/21/10, |
|
|
8,000 |
|
|
(3,293 |
) |
|
AT&T
Inc., Strike Price USD 26.72, Expires 5/28/10, |
|
|
24,000 |
|
|
(2,976 |
) |
|
Australia
& New Zealand Banking Group Ltd., Strike Price |
|
|
4,500 |
|
|
(765 |
) |
|
AXA SA,
Strike Price EUR 16.52, Expires 5/26/10, |
|
|
5,800 |
|
|
(1,041 |
) |
|
Axfood AB,
Strike Price SEK 220.18, Expires 6/03/10, |
|
|
3,800 |
|
|
(782 |
) |
|
Banco
Santander SA, Strike Price EUR 10.14, |
|
|
24,900 |
|
|
(4,659 |
) |
|
Bank of
Montreal, Strike Price CAD 64, Expires 5/24/10, |
|
|
67 |
|
|
(3,727 |
) |
|
Bank of
Montreal, Strike Price CAD 66, Expires 6/21/10, |
|
|
24 |
|
|
(1,205 |
) |
|
Bank of
Nova Scotia, Strike Price CAD 54, |
|
|
54 |
|
|
(2,499 |
) |
|
Barclays
Plc, Strike Price GBP 3.73, Expires 6/03/10, |
|
|
21,400 |
|
|
(901 |
) |
|
BASF AG,
Strike Price EUR 46.55, Expires 6/03/10, |
|
|
5,700 |
|
|
(2,948 |
) |
|
BHP
Billiton Ltd., Strike Price AUD 42.93, |
|
|
3,600 |
|
|
(139 |
) |
|
BHP
Billiton Plc, Strike Price GBP 21.73, |
|
|
5,700 |
|
|
(2,522 |
) |
|
Bouygues,
Strike Price EUR 39.79, Expires 6/03/10, |
|
|
4,300 |
|
|
(4,405 |
) |
|
BP Plc,
Strike Price GBP 6.33, Expires 6/03/10, |
|
|
76,500 |
|
|
(1,199 |
) |
|
British
American Tobacco Plc, Strike Price GBP 22.16, |
|
|
6,900 |
|
|
(897 |
) |
|
Cannon,
Inc., Strike Price JPY 3,957.20, Expires 5/11/10, |
|
|
2,300 |
|
|
(9,740 |
) |
|
Cannon,
Inc., Strike Price JPY 4,322.80, Expires 5/11/10, |
|
|
2,200 |
|
|
(2,342 |
) |
|
CenturyTel,
Inc., Strike Price USD 36.51, Expires 6/25/10, |
|
|
7,000 |
|
|
(654 |
) |
|
Chevron
Corp., Strike Price USD 81.13, Expires 6/02/10, |
|
|
2,500 |
|
|
(5,132 |
) |
|
Chevron Corp.,
Strike Price USD 82.82, Expires 6/10/10, |
|
|
6,000 |
|
|
(8,611 |
) |
|
Cincinnati
Financial Corp., Strike Price USD 29.65, |
|
|
6,000 |
|
|
(999 |
) |
|
Dominion
Resources, Inc., Strike Price USD 41.95, |
|
|
1,100 |
|
|
(329 |
) |
|
Dominion
Resources, Inc., Strike Price USD 41.95, |
|
|
1,100 |
|
|
(477 |
) |
|
Eaton Vance
Corp., Strike Price USD 34.69, |
|
|
5,500 |
|
|
(8,837 |
) |
|
Emerson
Electric Co., Strike Price USD 49.25, |
|
|
13,000 |
|
|
(40,384 |
) |
|
Enbridge,
Inc., Strike Price CAD 49.56, Expires 5/10/10, |
|
|
6,000 |
|
|
(2,262 |
) |
|
Enel SpA,
Strike Price EUR 4.20, Expires 5/21/10, |
|
|
50 |
|
|
(379 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (continued) |
|
|
|
|
|
|
|
|
Eni SpA,
Strike Price EUR 18, Expires 5/21/10, |
|
|
33 |
|
$ |
(2,149 |
) |
|
Exxon Mobil
Corp., Strike Price USD 69.03, |
|
|
14,000 |
|
|
(16,555 |
) |
|
Foster’s
Group Ltd., Strike Price AUD 5.52, |
|
|
23,300 |
|
|
(559 |
) |
|
General
Electric Co., Strike Price USD 18.10, |
|
|
17,000 |
|
|
(15,300 |
) |
|
General
Electric Co., Strike Price USD 19.18, |
|
|
3,500 |
|
|
(1,990 |
) |
|
GlaxoSmithKline
Plc, Strike Price GBP 12.59, |
|
|
13,000 |
|
|
(1,866 |
) |
|
Hang Seng
Bank Ltd., Strike Price HKD 110.29, |
|
|
4,300 |
|
|
(8 |
) |
|
Hennes
& Mauritz AB, Strike Price SEK 494.57, |
|
|
5,700 |
|
|
(1,165 |
) |
|
Hitachi
Koki Co. Ltd., Strike Price JPY 1,007.88, |
|
|
7,700 |
|
|
(3,468 |
) |
|
Home Depot,
Inc., Strike Price USD 35.55, |
|
|
3,500 |
|
|
(2,990 |
) |
|
Hongkong
Electric Holdings Ltd., Strike Price HKD 44.84, |
|
|
26,500 |
|
|
(3,695 |
) |
|
Hopewell
Holdings Ltd., Strike Price HKD 23.21, |
|
|
36,500 |
|
|
(426 |
) |
|
HSBC
Holdings Plc, Strike Price GBP 6.93, |
|
|
51,200 |
|
|
(5,523 |
) |
|
Hudson City
Bancorp, Inc., Strike Price USD 14.63, |
|
|
12,000 |
|
|
(1,477 |
) |
|
Iberdrola
SA, Strike Price EUR 6.01, Expires 6/03/10, |
|
|
16,200 |
|
|
(2,068 |
) |
|
Indra
Sistemas SA, Strike Price EUR 15.75, |
|
|
6,400 |
|
|
(2,191 |
) |
|
Intel Corp.,
Strike Price USD 22.41, Expires 5/10/10, |
|
|
4,500 |
|
|
(2,722 |
) |
|
International
Business Machines Corp., |
|
|
4,000 |
|
|
(6,562 |
) |
|
Johnson
& Johnson, Strike Price USD 65.70, |
|
|
3,500 |
|
|
(2,115 |
) |
|
Keppel
Corp. Ltd., Strike Price SGD 8.47, |
|
|
14,000 |
|
|
(12,765 |
) |
|
Kesko Oyj,
B Shares, Strike Price EUR 27.88, |
|
|
2,200 |
|
|
(4,031 |
) |
|
Kesko Oyj,
B Shares, Strike Price EUR 29.03, |
|
|
2,200 |
|
|
(3,361 |
) |
|
Koninklijke
(Royal) KPN NV, Strike Price EUR 11.88, |
|
|
11,200 |
|
|
(1,175 |
) |
|
Kraft Food,
Inc., Class A, Strike Price USD 30.45, |
|
|
1,500 |
|
|
(391 |
) |
|
Man Group
Plc, Strike Price GBP 2.41, Expires 5/05/10, |
|
|
30,500 |
|
|
(1,616 |
) |
|
Manulife
Financial Corp., Strike Price CAD 20, |
|
|
74 |
|
|
(546 |
) |
|
McDonald’s
Corp., Strike Price USD 67.63, |
|
|
7,000 |
|
|
(20,759 |
) |
|
Microsoft
Corp., Strike Price USD 29.43, Expires 5/05/10, |
|
|
18,000 |
|
|
(19,972 |
) |
|
Mitsui
& Co. Ltd., Strike Price JPY 1,519.35, |
|
|
10,100 |
|
|
(672 |
) |
|
Mobistar
SA, Strike Price EUR 46.99, Expires 6/03/10, |
|
|
2,200 |
|
|
(1,536 |
) |
|
National
Australia Bank Ltd., Strike Price AUD 27.32, |
|
|
8,800 |
|
|
(4,873 |
) |
|
National
Bank of Canada, Strike Price CAD 64, |
|
|
29 |
|
|
(2,627 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
57 |
|
|
|
|
|
|
|
|
|
|
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 (continued) |
|
|
|
|
|
|
|
|
Nestle SA,
Strike Price CHF 53.93, Expires 5/19/10, |
|
|
1,400 |
|
$ |
(357 |
) |
|
Nestle SA,
Strike Price CHF 54.29, Expires 5/12/10, |
|
|
1,400 |
|
|
(152 |
) |
|
Nintendo
Co. Ltd., Strike Price JPY 26,482.20, |
|
|
100 |
|
|
(5,557 |
) |
|
Nokia Oyj,
Strike Price EUR 11.34, Expires 6/03/10, |
|
|
10,600 |
|
|
(126 |
) |
|
OPAP SA,
Strike Price EUR 16.88, Expires 6/03/10, |
|
|
5,900 |
|
|
(2,578 |
) |
|
Oracle
Corp. Japan, Strike Price JPY 4,165.89, |
|
|
2,900 |
|
|
(15,100 |
) |
|
Portugal
Telecom SGPS SA, Strike Price EUR 8.32, |
|
|
16,700 |
|
|
(900 |
) |
|
PPR, Strike
Price EUR 105.50, Expires 6/03/10, |
|
|
700 |
|
|
(1,742 |
) |
|
Ratos AB, B
Shares, Strike Price SEK 240.33, |
|
|
9,900 |
|
|
(2,799 |
) |
|
Ricoh Co.
Ltd., Strike Price JPY 1,323.66, |
|
|
10,000 |
|
|
(30,057 |
) |
|
Royal Bank
of Canada, Strike Price CAD 62, |
|
|
115 |
|
|
(15,623 |
) |
|
Royal Dutch
Shell Plc, A Shares, Strike Price EUR 22.75, |
|
|
6,700 |
|
|
(8,516 |
) |
|
RWE AG,
Strike Price EUR 66.28, Expires 6/03/10, |
|
|
1,700 |
|
|
(360 |
) |
|
Sanofi-Aventis
SA, Strike Price EUR 56, Expires 5/21/10, |
|
|
19 |
|
|
(198 |
) |
|
Santos
Ltd., Strike Price AUD 13.69, Expires 5/11/10, |
|
|
18,200 |
|
|
(5,264 |
) |
|
SAP AG,
Strike Price EUR 34.83, Expires 5/06/10, |
|
|
3,200 |
|
|
(4,656 |
) |
|
Scania AB,
B Shares, Strike Price SEK 113.73, |
|
|
9,800 |
|
|
(17,168 |
) |
|
Scania AB,
B Shares, Strike Price SEK 125.05, |
|
|
9,700 |
|
|
(7,603 |
) |
|
Schneider
Electric SA, Strike Price EUR 86.19, |
|
|
2,300 |
|
|
(8,091 |
) |
|
Scottish
& Southern Energy Plc, Strike Price GBP 11.35, |
|
|
14,000 |
|
|
(1,083 |
) |
|
Sharp
Corp., Strike Price JPY 1,092.24, Expires 5/11/10, |
|
|
7,000 |
|
|
(9,968 |
) |
|
Siemens AG,
Strike Price EUR 72.54, Expires 6/03/10, |
|
|
1,900 |
|
|
(7,038 |
) |
|
Singapore
Technologies Engineering Ltd., |
|
|
34,664 |
|
|
(314 |
) |
|
Societe
Generale, Strike Price EUR 45.41, |
|
|
2,000 |
|
|
(1,198 |
) |
|
Solvay SA,
Strike Price EUR 78.15, Expires 6/03/10, |
|
|
1,700 |
|
|
(350 |
) |
|
Standard
Chartered Plc, Strike Price GBP 18.27, |
|
|
13,400 |
|
|
(6,426 |
) |
|
Suncor
Energy, Inc., Strike Price CAD 32, Expires 5/24/10, |
|
|
18 |
|
|
(5,148 |
) |
|
T. Rowe
Price Group, Inc., Strike Price USD 53.81, |
|
|
1,700 |
|
|
(6,341 |
) |
|
Takeda
Pharmaceutical Co. Ltd., Strike Price JPY 4,075.35, |
|
|
2,800 |
|
|
(1,007 |
) |
|
TeliaSonera
AB, Strike Price SEK 53.18, Expires 6/03/10, |
|
|
24,300 |
|
|
(310 |
) |
|
Total SA,
Strike Price EUR 43.39, Expires 6/03/10, |
|
|
6,900 |
|
|
(1,942 |
) |
|
Toyota
Motor Corp., Strike Price JPY 3,615.80, |
|
|
5,000 |
|
|
(5,427 |
) |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
Contracts |
|
Value |
|
||
|
Over-the-Counter Call Options Written (concluded) |
|
|
|
|
|
|
|
|
United
Overseas Bank Ltd., Strike Price SGD 18.56, |
|
|
5,000 |
|
$ |
(5,460 |
) |
|
United
Technologies Corp., Strike Price USD 76.26, |
|
|
2,500 |
|
|
(3,110 |
) |
|
Vinci SA,
Strike Price EUR 43, Expires 5/21/10, |
|
|
27 |
|
|
(2,012 |
) |
|
Vinci SA,
Strike Price EUR 43.67, Expires 6/29/10, |
|
|
2,700 |
|
|
(3,699 |
) |
|
Wal-Mart
Stores, Inc., Strike Price USD 54.96, |
|
|
4,500 |
|
|
(2,498 |
) |
|
Zurich
Financial Services AG, Strike Price CHF 260, |
|
|
49 |
|
|
(172 |
) |
|
Zurich
Financial Services AG, Strike Price CHF 273.24, |
|
|
170 |
|
|
(14 |
) |
|
Total Over-the-Counter Call Options Written |
|
|
|
|
|
(464,908 |
) |
|
Total Options Written |
|
|
|
|
|
(679,145 |
) |
|
Total Investments Net of Outstanding Options Written—100.1% |
|
|
|
|
|
85,216,874 |
|
|
Liabilities in Excess of Other Assets—(0.1)% |
|
|
|
|
|
(45,433 |
) |
|
|
|
|
|
|
|||
|
Net Assets—100.0% |
|
|
|
|
$ |
85,171,441 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
85,782,857 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
7,854,868 |
|
|
Gross unrealized depreciation |
|
|
(7,741,706 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
113,162 |
|
|
|
|
|
|
|
|
(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 |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
BlackRock
Liquidity Funds, |
|
2,037,764 |
|
|
|
175,141 |
|
|
2,212,905 |
|
$ |
661 |
|
|
|
|
|
(d) |
Represents current yield as of report date. |
|
|
|
|
• |
Foreign currency exchange contracts as of April 30, 2010 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
|
||||||
|
USD |
|
|
4,976 |
|
CAD |
|
5,000 |
|
Credit Agricole Securities |
|
5/04/10 |
|
$ |
54 |
|
|
USD |
|
|
2,665 |
|
EUR |
|
2,000 |
|
UBS Securities LLC |
|
5/04/10 |
|
|
2 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
• |
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.
|
|
|
|
|
|
|
58 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) |
|
|
|
|
|
The inputs or methodologies 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 April 30, 2010 in determining the investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
|
— |
|
$ |
4,024,528 |
|
|
— |
|
$ |
4,024,528 |
|
|
Belgium |
|
|
— |
|
|
739,150 |
|
|
— |
|
|
739,150 |
|
|
Canada |
|
$ |
5,960,710 |
|
|
— |
|
|
— |
|
|
5,960,710 |
|
|
Finland |
|
|
— |
|
|
744,079 |
|
|
— |
|
|
744,079 |
|
|
France |
|
|
— |
|
|
3,978,668 |
|
|
— |
|
|
3,978,668 |
|
|
Germany |
|
|
— |
|
|
2,706,026 |
|
|
— |
|
|
2,706,026 |
|
|
Greece |
|
|
— |
|
|
474,415 |
|
|
— |
|
|
474,415 |
|
|
Hong Kong |
|
|
— |
|
|
2,100,117 |
|
|
— |
|
|
2,100,117 |
|
|
Italy |
|
|
— |
|
|
1,262,683 |
|
|
— |
|
|
1,262,683 |
|
|
Japan |
|
|
— |
|
|
5,503,488 |
|
|
— |
|
|
5,503,488 |
|
|
Netherlands |
|
|
— |
|
|
420,084 |
|
|
— |
|
|
420,084 |
|
|
Portugal |
|
|
— |
|
|
424,391 |
|
|
— |
|
|
424,391 |
|
|
Singapore |
|
|
— |
|
|
1,285,261 |
|
|
— |
|
|
1,285,261 |
|
|
Spain |
|
|
— |
|
|
1,782,922 |
|
|
— |
|
|
1,782,922 |
|
|
Sweden |
|
|
— |
|
|
3,221,941 |
|
|
— |
|
|
3,221,941 |
|
|
Switzerland |
|
|
— |
|
|
703,198 |
|
|
— |
|
|
703,198 |
|
|
United Kingdom |
|
|
— |
|
|
7,900,005 |
|
|
— |
|
|
7,900,005 |
|
|
United States |
|
|
40,451,448 |
|
|
— |
|
|
— |
|
|
40,451,448 |
|
|
Short-Term Securities |
|
|
2,212,905 |
|
|
— |
|
|
— |
|
|
2,212,905 |
|
|
Total |
|
$ |
48,625,063 |
|
$ |
37,270,956 |
|
|
— |
|
$ |
85,896,019 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments1 |
|
||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
— |
|
$ |
56 |
|
|
— |
|
$ |
56 |
|
|
Liabilities: |
|
$ |
(232,738 |
) |
|
(446,407 |
) |
|
— |
|
|
(679,145 |
) |
|
Total |
|
$ |
(232,738 |
) |
$ |
(446,351 |
) |
|
— |
|
$ |
(679,089 |
) |
|
|
|
||||||||||||
|
|
|
|
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 value. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2010 |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
|||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value - unaffiliated1,2 |
|
$ |
540,144,827 |
|
$ |
594,684,336 |
|
$ |
304,107,109 |
|
$ |
121,506,552 |
|
$ |
796,524,929 |
|
|
Investments at value - affiliated3 |
|
|
4,740,064 |
|
|
13,025,768 |
|
|
5,868,505 |
|
|
6,328,768 |
|
|
14,229,987 |
|
|
Cash |
|
|
18,647 |
|
|
20,742 |
|
|
13,429 |
|
|
— |
|
|
752 |
|
|
Foreign currency at value4 |
|
|
— |
|
|
— |
|
|
— |
|
|
156,468 |
|
|
753,340 |
|
|
Investments sold receivable |
|
|
2,466,527 |
|
|
13,414,296 |
|
|
311,479 |
|
|
3,087,381 |
|
|
4,044,772 |
|
|
Cash collateral pledged for options written |
|
|
1,983,158 |
|
|
2,538,000 |
|
|
617,677 |
|
|
270,000 |
|
|
1,422,000 |
|
|
Unrealized appreciation on foreign currency exchange contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
905 |
|
|
32 |
|
|
Dividend and interest receivable |
|
|
1,021,566 |
|
|
1,133,570 |
|
|
318,097 |
|
|
232,029 |
|
|
1,752,203 |
|
|
Securities lending income receivable - affiliated |
|
|
— |
|
|
11,233 |
|
|
— |
|
|
3,205 |
|
|
1,220 |
|
|
Other assets |
|
|
229,953 |
|
|
252,089 |
|
|
78,290 |
|
|
14,149 |
|
|
289,391 |
|
|
|
|
|||||||||||||||
|
Total assets |
|
|
550,604,742 |
|
|
625,080,034 |
|
|
311,314,586 |
|
|
131,599,457 |
|
|
819,018,626 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral at value - securities loaned |
|
|
— |
|
|
— |
|
|
— |
|
|
646,850 |
|
|
430,050 |
|
|
Investments purchased payable |
|
|
4,175,967 |
|
|
12,360,457 |
|
|
2,317,433 |
|
|
482,573 |
|
|
11,806,497 |
|
|
Options written at value5 |
|
|
2,732,589 |
|
|
7,847,919 |
|
|
2,575,887 |
|
|
1,545,049 |
|
|
9,826,559 |
|
|
Unrealized depreciation on foreign currency exchange contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
229 |
|
|
— |
|
|
Investment advisory fee payable |
|
|
290,602 |
|
|
497,158 |
|
|
186,518 |
|
|
127,540 |
|
|
786,666 |
|
|
Officer’s and Trustees’ fees payable |
|
|
152,524 |
|
|
144,233 |
|
|
41,153 |
|
|
2,002 |
|
|
171,915 |
|
|
Licensing fee payable |
|
|
44,346 |
|
|
49,304 |
|
|
24,691 |
|
|
— |
|
|
— |
|
|
Other accrued expenses payable |
|
|
345,738 |
|
|
478,235 |
|
|
235,870 |
|
|
132,984 |
|
|
280,251 |
|
|
|
|
|||||||||||||||
|
Total liabilities |
|
|
7,741,766 |
|
|
21,377,306 |
|
|
5,381,552 |
|
|
2,937,227 |
|
|
23,301,938 |
|
|
|
|
|||||||||||||||
|
Net Assets |
|
$ |
542,862,976 |
|
$ |
603,702,728 |
|
$ |
305,933,034 |
|
$ |
128,662,230 |
|
$ |
795,716,688 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
695,895,859 |
|
$ |
900,841,730 |
|
$ |
350,660,160 |
|
$ |
211,833,095 |
|
$ |
680,602,964 |
|
|
Distributions in excess of net investment income |
|
|
(11,350,896 |
) |
|
(28,375,578 |
) |
|
(4,364,444 |
) |
|
(7,010,547 |
) |
|
(13,104,402 |
) |
|
Accumulated net realized gain (loss) |
|
|
(176,662,939 |
) |
|
(269,124,264 |
) |
|
(56,180,987 |
) |
|
(32,777,416 |
) |
|
47,681,176 |
|
|
Net unrealized appreciation/depreciation |
|
|
34,980,952 |
|
|
360,840 |
|
|
15,818,305 |
|
|
(43,382,902 |
) |
|
80,536,950 |
|
|
|
|
|||||||||||||||
|
Net Assets |
|
$ |
542,862,976 |
|
$ |
603,702,728 |
|
$ |
305,933,034 |
|
$ |
128,662,230 |
|
$ |
795,716,688 |
|
|
|
|
|||||||||||||||
|
Net asset value6 |
|
$ |
9.96 |
|
$ |
8.53 |
|
$ |
11.37 |
|
$ |
10.63 |
|
$ |
26.73 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Investments at cost - unaffiliated |
|
$ |
505,050,526 |
|
$ |
594,125,343 |
|
$ |
287,314,420 |
|
$ |
165,028,045 |
|
$ |
714,554,865 |
|
|
2 Securities on loan at value |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
603,670 |
|
$ |
424,551 |
|
|
3 Investments at cost - affiliated |
|
$ |
4,740,064 |
|
$ |
13,025,768 |
|
$ |
5,868,505 |
|
$ |
6,328,768 |
|
$ |
14,229,987 |
|
|
4 Foreign currency at cost |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
157,139 |
|
$ |
753,412 |
|
|
5 Premiums received |
|
$ |
2,619,240 |
|
$ |
7,635,169 |
|
$ |
1,601,503 |
|
$ |
1,678,874 |
|
$ |
8,391,310 |
|
|
6 Shares outstanding, unlimited number of shares authorized, $0.001 par value |
|
|
54,518,315 |
|
|
70,753,700 |
|
|
26,908,028 |
|
|
12,105,863 |
|
|
29,766,217 |
|
|
See Notes to Financial Statements. |
|||||
|
|
|
|
|
|
|
|
60 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2010 |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
|||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value - unaffiliated1,2 |
|
$ |
1,245,098,115 |
|
$ |
204,658,195 |
|
$ |
1,112,608,128 |
|
$ |
725,010,379 |
|
$ |
83,683,114 |
|
|
Investments at value - affiliated3 |
|
|
73,884,824 |
|
|
12,895,249 |
|
|
36,015,955 |
|
|
28,784,462 |
|
|
2,212,905 |
|
|
Cash |
|
|
199,607 |
|
|
1,417,596 |
|
|
202,488 |
|
|
8,927,274 |
|
|
1,386 |
|
|
Foreign currency at value4 |
|
|
893,910 |
|
|
105,120 |
|
|
8,918,177 |
|
|
131,840 |
|
|
36,113 |
|
|
Investments sold receivable |
|
|
63,281,778 |
|
|
9,173,101 |
|
|
77,928,277 |
|
|
10,516,264 |
|
|
558,667 |
|
|
Cash collateral pledged for options written |
|
|
17,153,707 |
|
|
— |
|
|
19,889,934 |
|
|
2,762,700 |
|
|
— |
|
|
Unrealized appreciation on foreign currency exchange contracts |
|
|
24,945 |
|
|
1,956 |
|
|
27,523 |
|
|
— |
|
|
56 |
|
|
Dividend and interest receivable |
|
|
3,377,699 |
|
|
333,412 |
|
|
4,707,327 |
|
|
945,506 |
|
|
295,557 |
|
|
Securities lending income receivable - affiliated |
|
|
2,003 |
|
|
125 |
|
|
2,271 |
|
|
593 |
|
|
— |
|
|
Other assets |
|
|
865,949 |
|
|
24,379 |
|
|
298,461 |
|
|
486,905 |
|
|
11,788 |
|
|
|
|
|||||||||||||||
|
Total assets |
|
|
1,404,782,537 |
|
|
228,609,133 |
|
|
1,260,598,541 |
|
|
777,565,923 |
|
|
86,799,586 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral at value - securities loaned |
|
|
2,850,000 |
|
|
— |
|
|
1,000,000 |
|
|
2,175,000 |
|
|
— |
|
|
Investments purchased payable |
|
|
64,908,697 |
|
|
13,694,697 |
|
|
81,551,669 |
|
|
21,327,430 |
|
|
745,592 |
|
|
Options written at value5 |
|
|
18,836,788 |
|
|
1,240,560 |
|
|
17,801,524 |
|
|
8,896,148 |
|
|
679,145 |
|
|
Unrealized depreciation on foreign currency exchange contracts |
|
|
54,593 |
|
|
513 |
|
|
81,394 |
|
|
72 |
|
|
— |
|
|
Investment advisory fee payable |
|
|
1,098,043 |
|
|
177,600 |
|
|
972,580 |
|
|
758,989 |
|
|
53,553 |
|
|
Officer’s and Trustees’ fees payable |
|
|
258,726 |
|
|
12,548 |
|
|
231,449 |
|
|
137,920 |
|
|
10,444 |
|
|
Licensing fee payable |
|
|
— |
|
|
— |
|
|
8,984 |
|
|
— |
|
|
41,425 |
|
|
Other accrued expenses payable |
|
|
766,153 |
|
|
106,951 |
|
|
368,733 |
|
|
267,362 |
|
|
97,986 |
|
|
|
|
|||||||||||||||
|
Total liabilities |
|
|
88,773,000 |
|
|
15,232,869 |
|
|
102,016,333 |
|
|
33,562,921 |
|
|
1,628,145 |
|
|
|
|
|||||||||||||||
|
Net Assets |
|
$ |
1,316,009,537 |
|
$ |
213,376,264 |
|
$ |
1,158,582,208 |
|
$ |
744,003,002 |
|
$ |
85,171,441 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
1,569,867,327 |
|
$ |
176,834,894 |
|
$ |
1,848,546,170 |
|
$ |
755,745,036 |
|
$ |
82,951,843 |
|
|
Distributions in excess of net investment income |
|
|
(72,843,888 |
) |
|
(5,414,912 |
) |
|
(91,708,204 |
) |
|
(30,326,192 |
) |
|
(1,239,889 |
) |
|
Accumulated net realized gain (loss) |
|
|
(222,867,802 |
) |
|
21,463,802 |
|
|
(573,993,209 |
) |
|
(37,687,487 |
) |
|
2,273,704 |
|
|
Net unrealized appreciation/depreciation |
|
|
41,853,900 |
|
|
20,492,480 |
|
|
(24,262,549 |
|
|
56,271,645 |
|
|
1,185,783 |
|
|
|
|
|||||||||||||||
|
Net Assets |
|
$ |
1,316,009,537 |
|
$ |
213,376,264 |
|
$ |
1,158,582,208 |
|
$ |
744,003,002 |
|
$ |
85,171,441 |
|
|
|
|
|||||||||||||||
|
Net asset value6 |
|
$ |
19.13 |
|
$ |
28.11 |
|
$ |
10.59 |
|
$ |
13.12 |
|
$ |
14.12 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Investments at cost - unaffiliated |
|
$ |
1,204,996,150 |
|
$ |
184,537,875 |
|
$ |
1,139,220,387 |
|
$ |
669,349,110 |
|
$ |
82,494,139 |
|
|
2 Securities on loan at value |
|
$ |
2,741,000 |
|
$ |
— |
|
$ |
952,000 |
|
$ |
2,080,500 |
|
$ |
— |
|
|
3 Investments at cost - affiliated |
|
$ |
73,884,824 |
|
$ |
12,895,249 |
|
$ |
36,015,955 |
|
$ |
28,784,462 |
|
$ |
2,212,905 |
|
|
4 Foreign currency at cost |
|
$ |
890,665 |
|
$ |
104,505 |
|
$ |
8,839,210 |
|
$ |
131,823 |
|
$ |
36,126 |
|
|
5 Premiums received |
|
$ |
19,999,063 |
|
$ |
1,604,894 |
|
$ |
19,953,384 |
|
$ |
9,316,659 |
|
$ |
676,046 |
|
|
6 Shares outstanding, unlimited number of shares authorized, $0.001 par value |
|
|
68,810,161 |
|
|
7,591,500 |
|
|
109,392,789 |
|
|
56,708,028 |
|
|
6,033,028 |
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended April 30, 2010 |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
|||||
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
$ |
8,578,471 |
|
$ |
9,627,722 |
|
$ |
5,396,950 |
|
$ |
1,169,600 |
|
$ |
8,944,919 |
|
|
Foreign taxes withheld |
|
|
(3,185 |
) |
|
(3,549 |
) |
|
— |
|
|
(54,295 |
) |
|
(290,837 |
) |
|
Interest |
|
|
4,931 |
|
|
12,914 |
|
|
2,938 |
|
|
2,195 |
|
|
10,225 |
|
|
Securities lending income - affiliated |
|
|
— |
|
|
29,864 |
|
|
— |
|
|
6,062 |
|
|
10,882 |
|
|
|
|
|||||||||||||||
|
Total income |
|
|
8,580,217 |
|
|
9,666,951 |
|
|
5,399,888 |
|
|
1,123,562 |
|
|
8,675,189 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
|
1,699,320 |
|
|
2,952,430 |
|
|
1,050,531 |
|
|
783,135 |
|
|
4,626,932 |
|
|
Licensing |
|
|
261,434 |
|
|
295,243 |
|
|
140,071 |
|
|
— |
|
|
— |
|
|
Printing |
|
|
65,851 |
|
|
78,541 |
|
|
32,082 |
|
|
22,717 |
|
|
82,218 |
|
|
Custodian |
|
|
52,658 |
|
|
57,982 |
|
|
43,911 |
|
|
59,641 |
|
|
65,848 |
|
|
Officer and Trustees |
|
|
37,435 |
|
|
52,502 |
|
|
10,033 |
|
|
6,530 |
|
|
62,397 |
|
|
Professional |
|
|
34,504 |
|
|
40,720 |
|
|
30,153 |
|
|
30,937 |
|
|
35,567 |
|
|
Insurance |
|
|
19,826 |
|
|
22,809 |
|
|
10,396 |
|
|
5,226 |
|
|
28,183 |
|
|
Registration |
|
|
11,617 |
|
|
11,557 |
|
|
6,147 |
|
|
221 |
|
|
6,979 |
|
|
Transfer agent |
|
|
6,299 |
|
|
6,311 |
|
|
6,131 |
|
|
5,960 |
|
|
6,518 |
|
|
Miscellaneous |
|
|
2,481 |
|
|
4,957 |
|
|
4,958 |
|
|
22,316 |
|
|
7,438 |
|
|
|
|
|||||||||||||||
|
Total expenses excluding interest expense |
|
|
2,191,425 |
|
|
3,523,052 |
|
|
1,334,413 |
|
|
936,683 |
|
|
4,922,080 |
|
|
|
|
|||||||||||||||
|
Interest expense |
|
|
— |
|
|
— |
|
|
— |
|
|
780 |
|
|
13,486 |
|
|
|
|
|||||||||||||||
|
Total expenses |
|
|
2,191,425 |
|
|
3,523,052 |
|
|
1,334,413 |
|
|
937,463 |
|
|
4,935,566 |
|
|
|
|
|||||||||||||||
|
Less fees waived by advisor |
|
|
(2,763 |
) |
|
(7,311 |
) |
|
(1,693 |
) |
|
(1,826 |
) |
|
(648,582 |
) |
|
|
|
|||||||||||||||
|
Total expenses after fees waived |
|
|
2,188,662 |
|
|
3,515,741 |
|
|
1,332,720 |
|
|
935,637 |
|
|
4,286,984 |
|
|
|
|
|||||||||||||||
|
Net investment income |
|
|
6,391,555 |
|
|
6,151,210 |
|
|
4,067,168 |
|
|
187,925 |
|
|
4,388,205 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
95,789 |
|
|
(35,274,158 |
) |
|
4,164,207 |
|
|
(8,019,568 |
) |
|
36,440,473 |
|
|
Foreign currency transactions |
|
|
— |
|
|
— |
|
|
— |
|
|
(37,019 |
) |
|
38,034 |
|
|
Options written |
|
|
3,690,684 |
|
|
11,226,815 |
|
|
2,724,120 |
|
|
2,445,519 |
|
|
15,902,150 |
|
|
|
|
|||||||||||||||
|
|
|
|
3,786,473 |
|
|
(24,047,343 |
) |
|
6,888,327 |
|
|
(5,611,068 |
) |
|
52,380,657 |
|
|
|
|
|||||||||||||||
|
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
53,305,273 |
|
|
83,301,231 |
|
|
44,125,889 |
|
|
13,847,517 |
|
|
55,845,523 |
|
|
Foreign currency transactions |
|
|
— |
|
|
— |
|
|
— |
|
|
9,564 |
|
|
5,219 |
|
|
Options written |
|
|
(1,076,165 |
) |
|
(2,822,397 |
) |
|
(1,874,888 |
) |
|
(455,760 |
) |
|
(1,381,140 |
) |
|
|
|
|||||||||||||||
|
|
|
|
52,229,108 |
|
|
80,478,834 |
|
|
42,251,001 |
|
|
13,401,321 |
|
|
54,469,602 |
|
|
|
|
|||||||||||||||
|
Total realized and unrealized gain (loss) |
|
|
56,015,581 |
|
|
56,431,491 |
|
|
49,139,328 |
|
|
7,790,253 |
|
|
106,850,259 |
|
|
|
|
|||||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
|
$ |
62,407,136 |
|
$ |
62,582,701 |
|
$ |
53,206,496 |
|
$ |
7,978,178 |
|
$ |
111,238,464 |
|
|
|
|
|||||||||||||||
|
|
|
|
1 |
Net of $(313,474) and $(17,181) foreign capital gain tax for BOE and BCF, respectively. |
|
|
|
|
|
|
|
62 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
|||||
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
$ |
13,270,181 |
|
$ |
1,693,725 |
|
$ |
15,385,912 |
|
$ |
4,626,278 |
|
$ |
1,587,135 |
|
|
Foreign taxes withheld |
|
|
(779,324 |
) |
|
(79,792 |
) |
|
(1,512,369 |
) |
|
(109,486 |
) |
|
(71,947 |
) |
|
Interest |
|
|
19,780 |
|
|
3,840 |
|
|
19,208 |
|
|
16,636 |
|
|
661 |
|
|
Securities lending income - affiliated |
|
|
6,256 |
|
|
726 |
|
|
3,588 |
|
|
2,171 |
|
|
— |
|
|
|
|
|||||||||||||||
|
Total income |
|
|
12,516,893 |
|
|
1,618,499 |
|
|
13,896,339 |
|
|
4,535,599 |
|
|
1,515,849 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
|
6,490,706 |
|
|
1,041,498 |
|
|
5,923,752 |
|
|
4,341,981 |
|
|
312,112 |
|
|
Licensing |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
62,423 |
|
|
Printing |
|
|
173,006 |
|
|
24,194 |
|
|
136,729 |
|
|
78,454 |
|
|
11,886 |
|
|
Custodian |
|
|
295,014 |
|
|
53,319 |
|
|
251,100 |
|
|
85,693 |
|
|
55,213 |
|
|
Officer and Trustees |
|
|
102,598 |
|
|
10,886 |
|
|
112,756 |
|
|
59,308 |
|
|
4,534 |
|
|
Professional |
|
|
45,929 |
|
|
31,719 |
|
|
55,824 |
|
|
38,555 |
|
|
25,939 |
|
|
Insurance |
|
|
38,384 |
|
|
7,082 |
|
|
47,729 |
|
|
26,392 |
|
|
3,143 |
|
|
Registration |
|
|
6,339 |
|
|
4,442 |
|
|
21,973 |
|
|
13,997 |
|
|
997 |
|
|
Transfer agent |
|
|
7,421 |
|
|
5,969 |
|
|
6,274 |
|
|
5,986 |
|
|
5,997 |
|
|
Miscellaneous |
|
|
57,028 |
|
|
7,440 |
|
|
53,594 |
|
|
14,877 |
|
|
14,875 |
|
|
|
|
|||||||||||||||
|
Total expenses excluding interest expense |
|
|
7,216,425 |
|
|
1,186,549 |
|
|
6,609,731 |
|
|
4,665,243 |
|
|
497,119 |
|
|
|
|
|||||||||||||||
|
Interest expense |
|
|
— |
|
|
5,845 |
|
|
486 |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
Total expenses |
|
|
7,216,425 |
|
|
1,192,394 |
|
|
6,610,217 |
|
|
4,665,243 |
|
|
497,119 |
|
|
|
|
|||||||||||||||
|
Less fees waived by advisor |
|
|
(11,284 |
) |
|
(3,040 |
) |
|
(13,237 |
) |
|
(733,766 |
) |
|
(428 |
) |
|
|
|
|||||||||||||||
|
Total expenses after fees waived |
|
|
7,205,141 |
|
|
1,189,354 |
|
|
6,596,980 |
|
|
3,931,477 |
|
|
496,691 |
|
|
|
|
|||||||||||||||
|
Net investment income |
|
|
5,311,752 |
|
|
429,145 |
|
|
7,299,359 |
|
|
604,122 |
|
|
1,019,158 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
58,813,320 |
1 |
|
20,103,278 |
|
|
(45,015,496 |
) |
|
1,090,192 |
1 |
|
2,707,270 |
|
|
Foreign currency transactions |
|
|
(671,764 |
) |
|
(63,577 |
) |
|
(1,947,963 |
) |
|
(69,632 |
) |
|
(37,443 |
) |
|
Options written |
|
|
44,529,408 |
|
|
3,509,058 |
|
|
36,490,780 |
|
|
14,128,094 |
|
|
696,615 |
|
|
|
|
|||||||||||||||
|
|
|
|
102,670,964 |
|
|
23,548,759 |
|
|
(10,472,679 |
) |
|
15,148,654 |
|
|
3,366,442 |
|
|
|
|
|||||||||||||||
|
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
12,901,021 |
|
|
2,681,392 |
|
|
73,939,779 |
|
|
96,738,634 |
|
|
2,519,464 |
|
|
Foreign currency transactions |
|
|
(60,240 |
) |
|
(4,878 |
) |
|
125,185 |
|
|
(16,139 |
) |
|
5,632 |
|
|
Options written |
|
|
(9,403,646 |
) |
|
(43,978 |
) |
|
(8,317,705 |
) |
|
(2,574,077 |
) |
|
(193,348 |
) |
|
|
|
|||||||||||||||
|
|
|
|
3,437,135 |
|
|
2,632,536 |
|
|
65,747,259 |
|
|
94,148,418 |
|
|
2,331,748 |
|
|
|
|
|||||||||||||||
|
Total realized and unrealized gain (loss) |
|
|
106,108,099 |
|
|
26,181,295 |
|
|
55,274,580 |
|
|
109,297,072 |
|
|
5,698,190 |
|
|
|
|
|||||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
|
$ |
111,419,851 |
|
$ |
26,610,440 |
|
$ |
62,573,939 |
|
$ |
109,901,194 |
|
$ |
6,717,348 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
||||||||
|
|
|
|
|
||||||||||
|
Net Increase (Decrease) in Net Assets |
|
Six
Months Ended |
|
Year
Ended |
|
Six
Months Ended |
|
Year
Ended |
|
||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
6,391,555 |
|
$ |
16,343,361 |
|
$ |
6,151,210 |
|
$ |
17,340,895 |
|
|
Net realized gain (loss) |
|
|
3,786,473 |
|
|
(127,871,946 |
) |
|
(24,047,343 |
) |
|
(190,657,567 |
) |
|
Net change in unrealized appreciation/depreciation |
|
|
52,229,108 |
|
|
82,109,730 |
|
|
80,478,834 |
|
|
153,236,724 |
|
|
|
|
|
|||||||||||
|
Net increase (decrease) in net assets resulting from operations |
|
|
62,407,136 |
|
|
(29,418,855 |
) |
|
62,582,701 |
|
|
(20,079,948 |
) |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(17,718,452 |
) |
|
(16,244,237 |
) |
|
(34,513,772 |
) |
|
(17,467,300 |
) |
|
Net realized gains |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Tax return of capital |
|
|
— |
|
|
(19,192,668 |
) |
|
— |
|
|
(63,684,763 |
) |
|
|
|
|
|||||||||||
|
Decrease in net assets resulting from dividends and distributions to shareholders |
|
|
(17,718,452 |
) |
|
(35,436,905 |
) |
|
(34,513,772 |
) |
|
(81,152,063 |
) |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of dividends |
|
|
— |
|
|
— |
|
|
3,568,270 |
|
|
4,328,556 |
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets |
|
|
44,688,684 |
|
|
(64,855,760 |
) |
|
31,637,199 |
|
|
(96,903,455 |
) |
|
Beginning of period |
|
|
498,174,292 |
|
|
563,030,052 |
|
|
572,065,529 |
|
|
668,968,984 |
|
|
|
|
|
|||||||||||
|
End of period |
|
$ |
542,862,976 |
|
$ |
498,174,292 |
|
$ |
603,702,728 |
|
$ |
572,065,529 |
|
|
|
|
|
|||||||||||
|
Undistributed (distributions in excess of) net investment income |
|
$ |
(11,350,896 |
) |
$ |
(23,999 |
) |
$ |
(28,375,578 |
) |
$ |
(13,016 |
) |
|
|
|
|
|||||||||||
See Notes to Financial Statements.
|
|
|
|
|
|
|
64 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||||||||||
|
|
|
|
|
|
|||||||||||||||
|
Net Increase (Decrease) in Net Assets |
|
Six
Months Ended |
|
Year
Ended |
|
Six
Months Ended |
|
Year
Ended |
|
Six
Months Ended |
|
Year
Ended |
|
||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
4,067,168 |
|
$ |
9,100,829 |
|
$ |
187,925 |
|
$ |
770,652 |
|
$ |
4,388,205 |
|
$ |
10,362,915 |
|
|
Net realized gains (loss) |
|
|
6,888,327 |
|
|
(54,399,830 |
) |
|
(5,611,068 |
) |
|
(27,169,059 |
) |
|
52,380,657 |
|
|
7,812,418 |
|
|
Net change in unrealized appreciation/depreciation |
|
|
42,251,001 |
|
|
37,119,870 |
|
|
13,401,321 |
|
|
48,078,825 |
|
|
54,469,602 |
|
|
122,155,453 |
|
|
|
|
|
|
||||||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
|
|
53,206,496 |
|
|
(8,179,131 |
) |
|
7,978,178 |
|
|
21,680,418 |
|
|
111,238,464 |
|
|
140,330,786 |
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(8,745,109 |
) |
|
(8,355,545 |
) |
|
(7,214,594 |
) |
|
(776,099 |
) |
|
(24,110,636 |
) |
|
(13,891,389 |
) |
|
Net realized gains |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,032,348 |
) |
|
— |
|
|
(5,568,031 |
) |
|
Tax return of capital |
|
|
— |
|
|
(9,134,673 |
) |
|
— |
|
|
(15,909,385 |
) |
|
— |
|
|
(28,761,852 |
) |
|
|
|
|
|
||||||||||||||||
|
Decrease in net assets resulting from dividends and distributions to shareholders |
|
|
(8,745,109 |
) |
|
(17,490,218 |
) |
|
(7,214,594 |
) |
|
(17,717,832 |
) |
|
(24,110,636 |
) |
|
(48,221,272 |
) |
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of dividends |
|
|
— |
|
|
— |
|
|
873,283 |
|
|
2,781,185 |
|
|
— |
|
|
— |
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets |
|
|
44,461,387 |
|
|
(25,669,349 |
) |
|
1,636,867 |
|
|
6,743,771 |
|
|
87,127,828 |
|
|
92,109,514 |
|
|
Beginning of period |
|
|
261,471,647 |
|
|
287,140,996 |
|
|
127,025,363 |
|
|
120,281,592 |
|
|
708,588,860 |
|
|
616,479,346 |
|
|
|
|
|
|
||||||||||||||||
|
End of period |
|
$ |
305,933,034 |
|
$ |
261,471,647 |
|
$ |
128,662,230 |
|
$ |
127,025,363 |
|
$ |
795,716,688 |
|
$ |
708,588,860 |
|
|
|
|
|
|
||||||||||||||||
|
Undistributed (distributions in excess of) net investment income |
|
$ |
(4,364,444 |
) |
$ |
313,497 |
|
$ |
(7,010,547 |
) |
$ |
16,122 |
|
$ |
(13,104,402 |
) |
$ |
6,618,029 |
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
65 |
|
|
|
|
|
|
|
Statements of Changes in Net Assets (concluded) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
||||||||||
|
Net Increase (Decrease) in Net Assets |
|
Six
Months Ended |
|
Year
Ended |
|
|
Six
Months Ended |
|
Year
Ended |
|
||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
5,311,752 |
|
$ |
5,271,647 |
|
|
$ |
429,145 |
|
$ |
662,563 |
|
|
Net realized gain (loss) |
|
|
102,670,964 |
|
|
(31,644,052 |
) |
|
|
23,548,759 |
|
|
3,321,376 |
|
|
Net change in unrealized appreciation/depreciation |
|
|
3,437,135 |
|
|
112,160,357 |
|
|
|
2,632,536 |
|
|
21,947,983 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
111,419,851 |
|
|
85,787,952 |
|
|
|
26,610,440 |
|
|
25,931,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders From |
||||||||||||||
|
Net investment income |
|
|
(77,998,016 |
) |
|
(5,179,012 |
) |
|
|
(5,835,966 |
) |
|
(949,596 |
) |
|
Net realized gains |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(7,700,487 |
) |
|
Tax return of capital |
|
|
— |
|
|
(55,376,808 |
) |
|
|
— |
|
|
(4,321,847 |
) |
|
Decrease in net assets resulting from dividends and distributions to shareholders |
|
|
(77,998,016 |
) |
|
(60,555,820 |
) |
|
|
(5,835,966 |
) |
|
(12,971,930 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from the issuance of shares due to reorganization |
|
|
— |
|
|
1,025,103,621 |
|
|
|
— |
|
|
— |
|
|
Reinvestment of dividends |
|
|
4,417,379 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Net increase in net assets derived from share transactions |
|
|
4,417,379 |
|
|
1,025,103,621 |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets |
|
|
37,839,214 |
|
|
1,050,335,753 |
|
|
|
20,774,474 |
|
|
12,959,992 |
|
|
Beginning of period |
|
|
1,278,170,323 |
|
|
227,834,570 |
|
|
|
192,601,790 |
|
|
179,641,798 |
|
|
End of period |
|
$ |
1,316,009,537 |
|
$ |
1,278,170,323 |
|
|
$ |
213,376,264 |
|
$ |
192,601,790 |
|
|
Undistributed (distributions in excess of) net investment income |
|
$ |
(72,843,888 |
) |
$ |
(157,624 |
) |
|
$ |
(5,414,912 |
) |
$ |
(8,091 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
66 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
BlackRock S&P Quality |
|||||||||||||||
|
Net Increase (Decrease) in Net Assets |
|
Six
Months Ended |
|
Year
Ended |
|
|
Six
Months Ended |
|
Year
Ended |
|
|
Six
Months Ended |
|
Year
Ended |
|
||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
7,299,359 |
|
$ |
28,958,213 |
|
|
$ |
604,122 |
|
$ |
3,691,683 |
|
|
$ |
1,019,158 |
|
$ |
2,403,578 |
|
|
Net realized gain (loss) |
|
|
(10,472,679 |
) |
|
(559,616,464 |
) |
|
|
15,148,654 |
|
|
(49,027,390 |
) |
|
|
3,366,442 |
|
|
1,092,426 |
|
|
Net change in unrealized appreciation/depreciation |
|
|
65,747,259 |
|
|
779,184,105 |
|
|
|
94,148,418 |
|
|
236,659,541 |
|
|
|
2,331,748 |
|
|
7,255,058 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
62,573,939 |
|
|
248,525,854 |
|
|
|
109,901,194 |
|
|
191,323,834 |
|
|
|
6,717,348 |
|
|
10,751,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to |
|||||||||||||||||||||
|
Net investment income |
|
|
(98,578,140 |
) |
|
(32,190,952 |
) |
|
|
(30,826,484 |
) |
|
(6,325,350 |
) |
|
|
(2,262,386 |
) |
|
(2,343,114 |
) |
|
Net realized gains |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
(1,969,353 |
) |
|
Tax return of capital |
|
|
— |
|
|
(161,725,283 |
) |
|
|
— |
|
|
(55,327,618 |
) |
|
|
— |
|
|
(438,543 |
) |
|
Decrease in net assets resulting from dividends and distributions to shareholders |
|
|
(98,578,140 |
) |
|
(193,916,235 |
) |
|
|
(30,826,484 |
) |
|
(61,652,968 |
) |
|
|
(2,262,386 |
) |
|
(4,751,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from the issuance of shares due to reorganization |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Reinvestment of dividends |
|
|
15,939,001 |
|
|
17,521,775 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Net increase in net assets derived from share transactions |
|
|
15,939,001 |
|
|
17,521,775 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets |
|
|
(20,065,200 |
) |
|
72,131,394 |
|
|
|
79,074,710 |
|
|
129,670,866 |
|
|
|
4,454,962 |
|
|
6,000,052 |
|
|
Beginning of period |
|
|
1,178,647,408 |
|
|
1,106,516,014 |
|
|
|
664,928,292 |
|
|
535,257,426 |
|
|
|
80,716,479 |
|
|
74,716,427 |
|
|
End of period |
|
$ |
1,158,582,208 |
|
$ |
1,178,647,408 |
|
|
$ |
744,003,002 |
|
$ |
664,928,292 |
|
|
$ |
85,171,441 |
|
$ |
80,716,479 |
|
|
Undistributed (distributions in excess of) net investment income |
|
$ |
(91,708,204 |
) |
$ |
(429,423 |
) |
|
$ |
(30,326,192 |
) |
$ |
(103,830 |
) |
|
$ |
(1,239,889 |
) |
$ |
3,339 |
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
67 |
|
|
|
|
|
|
|
|
|
|
BlackRock Dividend AchieversTM Trust (BDV) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
Year Ended October 31, |
|||||||||||||||||
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
9.14 |
|
$ |
10.33 |
|
$ |
15.49 |
|
$ |
15.95 |
|
$ |
14.21 |
|
$ |
14.67 |
|
|
Net investment income |
|
|
0.11 |
|
|
0.30 |
|
|
0.41 |
|
|
0.45 |
|
|
0.42 |
|
|
0.43 |
|
|
Net realized and unrealized gain (loss) |
|
|
1.04 |
|
|
(0.84 |
) |
|
(4.67 |
) |
|
(0.01 |
) |
|
2.21 |
|
|
0.01 |
|
|
Net increase (decrease) from investment operations |
|
|
1.15 |
|
|
(0.54 |
) |
|
(4.26 |
) |
|
0.44 |
|
|
2.63 |
|
|
0.44 |
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.33 |
)1 |
|
(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 |
|
|
(0.33 |
) |
|
(0.65 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.89 |
) |
|
(0.90 |
) |
|
Net asset value, end of period |
|
$ |
9.96 |
|
$ |
9.14 |
|
$ |
10.33 |
|
$ |
15.49 |
|
$ |
15.95 |
|
$ |
14.21 |
|
|
Market price, end of period |
|
$ |
9.30 |
|
$ |
8.27 |
|
$ |
9.20 |
|
$ |
13.64 |
|
$ |
14.86 |
|
$ |
12.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
12.78 |
%3 |
|
(3.75 |
)% |
|
(27.56 |
)% |
|
3.15 |
% |
|
19.89 |
% |
|
3.11 |
% |
|
Based on market price |
|
|
16.39 |
%3 |
|
(2.21 |
)% |
|
(26.73 |
)% |
|
(2.50 |
)% |
|
24.31 |
% |
|
(9.25 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
0.84 |
%4 |
|
0.85 |
% |
|
0.83 |
% |
|
0.82 |
% |
|
0.84 |
% |
|
0.84 |
% |
|
Total expenses after fees waived |
|
|
0.84 |
%4 |
|
0.85 |
% |
|
0.83 |
% |
|
0.82 |
% |
|
0.84 |
% |
|
0.84 |
% |
|
Net investment income |
|
|
2.44 |
%4 |
|
3.46 |
% |
|
3.46 |
% |
|
2.87 |
% |
|
2.90 |
% |
|
2.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
542,863 |
|
$ |
498,174 |
|
$ |
563,030 |
|
$ |
844,633 |
|
$ |
869,703 |
|
$ |
774,691 |
|
|
Portfolio turnover |
|
|
66 |
% |
|
56 |
% |
|
23 |
% |
|
12 |
% |
|
11 |
% |
|
27 |
% |
|
|
|
|
1 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
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. |
|
3 |
Aggregate total investment return. |
|
4 |
Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
68 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Enhanced Dividend AchieversTM Trust (BDJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
|
|
|
Period |
||||
|
|
|
|
|
||||||||||||||||
|
|
|
Year Ended October 31, |
|
||||||||||||||||
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
||||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
8.13 |
|
$ |
9.59 |
|
$ |
14.10 |
|
$ |
14.88 |
|
$ |
14.01 |
|
$ |
14.33 2 |
|
|
Net investment income |
|
|
0.09 |
|
|
0.25 |
|
|
0.34 |
|
|
0.39 |
|
|
0.37 |
|
|
0.06 |
|
|
Net realized and unrealized gain (loss) |
|
|
0.80 |
|
|
(0.55 |
) |
|
(3.73 |
) |
|
0.06 |
|
|
1.71 |
|
|
(0.26 |
) |
|
Net increase (decrease) from investment operations |
|
|
0.89 |
|
|
(0.30 |
) |
|
(3.39 |
) |
|
0.45 |
|
|
2.08 |
|
|
(0.20 |
) |
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.49 |
)3 |
|
(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 |
|
|
(0.49 |
) |
|
(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 |
|
$ |
8.53 |
|
$ |
8.13 |
|
$ |
9.59 |
|
$ |
14.10 |
|
$ |
14.88 |
|
$ |
14.01 |
|
|
Market price, end of period |
|
$ |
8.80 |
|
$ |
7.89 |
|
$ |
8.47 |
|
$ |
12.68 |
|
$ |
14.92 |
|
$ |
13.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
11.13 |
%5 |
|
(1.63 |
)% |
|
(24.35 |
)% |
|
3.21 |
% |
|
15.72 |
% |
|
(1.42 |
)%5 |
|
Based on market price |
|
|
18.13 |
%5 |
|
8.08 |
% |
|
(25.70 |
)% |
|
(7.43 |
)% |
|
17.97 |
% |
|
(7.40 |
)%5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
1.19 |
%6 |
|
1.20 |
% |
|
1.18 |
% |
|
1.17 |
% |
|
1.19 |
% |
|
1.25 |
%6 |
|
Total expenses after fees waived |
|
|
1.19 |
%6 |
|
1.20 |
% |
|
1.18 |
% |
|
1.17 |
% |
|
1.19 |
% |
|
1.25 |
%6 |
|
Net investment income |
|
|
2.08 |
%6 |
|
3.11 |
% |
|
3.20 |
% |
|
2.76 |
% |
|
2.73 |
% |
|
2.44 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
603,703 |
|
$ |
572,066 |
|
$ |
668,969 |
|
$ |
983,762 |
|
$ |
1,033,127 |
|
$ |
968,245 |
|
|
Portfolio turnover |
|
|
118 |
% |
|
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 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
4 |
Total investment 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.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
69 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Strategic Dividend AchieversTM Trust (BDT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Year Ended October 31, |
|||||||||||||||||
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
9.72 |
|
$ |
10.67 |
|
$ |
15.22 |
|
$ |
16.13 |
|
$ |
15.14 |
|
$ |
14.96 |
|
|
Net investment income |
|
|
0.15 |
|
|
0.30 |
|
|
0.37 |
|
|
0.40 |
|
|
0.37 |
|
|
0.46 |
|
|
Net realized and unrealized gain (loss) |
|
|
1.83 |
|
|
(0.60 |
) |
|
(4.02 |
) |
|
(0.41 |
) |
|
1.52 |
|
|
0.62 |
|
|
Net increase (decrease) from investment operations |
|
|
1.98 |
|
|
(0.30 |
) |
|
(3.65 |
) |
|
(0.01 |
) |
|
1.89 |
|
|
1.08 |
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.33 |
)1 |
|
(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 |
|
|
(0.33 |
) |
|
(0.65 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
Net asset value, end of period |
|
$ |
11.37 |
|
$ |
9.72 |
|
$ |
10.67 |
|
$ |
15.22 |
|
$ |
16.13 |
|
$ |
15.14 |
|
|
Market price, end of period |
|
$ |
10.19 |
|
$ |
8.37 |
|
$ |
9.01 |
|
$ |
13.19 |
|
$ |
14.53 |
|
$ |
13.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
21.00 |
%3 |
|
(1.10 |
)% |
|
(23.93 |
)% |
|
0.24 |
% |
|
13.65 |
% |
|
7.62 |
% |
|
Based on market price |
|
|
25.93 |
%3 |
|
0.86 |
% |
|
(25.88 |
)% |
|
(3.56 |
)% |
|
17.43 |
% |
|
(3.46 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
0.95 |
%4 |
|
0.97 |
% |
|
0.94 |
% |
|
0.95 |
% |
|
0.96 |
% |
|
0.96 |
% |
|
Total expenses after fees waived |
|
|
0.95 |
%4 |
|
0.97 |
% |
|
0.94 |
% |
|
0.95 |
% |
|
0.96 |
% |
|
0.96 |
% |
|
Net investment income |
|
|
2.90 |
%4 |
|
3.68 |
% |
|
3.40 |
% |
|
2.75 |
% |
|
2.57 |
% |
|
3.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
305,933 |
|
$ |
261,472 |
|
$ |
287,141 |
|
$ |
409,646 |
|
$ |
433,938 |
|
$ |
407,366 |
|
|
Portfolio turnover |
|
|
26 |
% |
|
66 |
% |
|
20 |
% |
|
18 |
% |
|
18 |
% |
|
24 |
% |
|
|
|
|
1 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
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. |
|
3 |
Aggregate total investment return. |
|
4 |
Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
70 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock EcoSolutions Investment Trust (BQR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
Period |
||||||
|
|
|
|
|
|
|
||||||||
|
|
|
Year Ended October 31 |
|
||||||||||
|
|
|
2009 |
|
2008 |
|
||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
10.56 |
|
$ |
10.23 |
|
$ |
20.31 |
|
$ |
19.10 |
2 |
|
Net investment income |
|
|
0.02 |
|
|
0.06 |
|
|
0.03 |
|
|
— |
|
|
Net realized and unrealized gain (loss) |
|
|
0.65 |
|
|
1.78 |
|
|
(8.51 |
) |
|
1.25 |
|
|
Net increase (decrease) from investment operations |
|
|
0.67 |
|
|
1.84 |
|
|
(8.48 |
) |
|
1.25 |
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.60 |
)3 |
|
(0.07 |
) |
|
(0.02 |
) |
|
— |
|
|
Net realized gain |
|
|
— |
|
|
(0.09 |
) |
|
(1.58 |
) |
|
— |
|
|
Tax return of capital |
|
|
— |
|
|
(1.35 |
) |
|
— |
|
|
— |
|
|
Total dividends and distributions |
|
|
(0.60 |
) |
|
(1.51 |
) |
|
(1.60 |
) |
|
— |
|
|
Offering costs resulting from the issuance of shares |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.04 |
) |
|
Net asset value, end of period |
|
$ |
10.63 |
|
$ |
10.56 |
|
$ |
10.23 |
|
$ |
20.31 |
|
|
Market price, end of period |
|
$ |
11.14 |
|
$ |
10.23 |
|
$ |
9.20 |
|
$ |
19.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
6.22 |
%5 |
|
19.64 |
% |
|
(43.99 |
)% |
|
6.28 |
%5 |
|
Based on market price |
|
|
14.91 |
%5 |
|
28.88 |
% |
|
(48.20 |
)% |
|
(1.25 |
)%5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
1.44 |
%6 |
|
1.51 |
% |
|
1.36 |
% |
|
1.70 |
%6 |
|
Total expenses after fees waived and paid indirectly |
|
|
1.43 |
%6 |
|
1.50 |
% |
|
1.35 |
% |
|
1.68 |
%6 |
|
Net investment income |
|
|
0.29 |
%6 |
|
0.65 |
% |
|
0.38 |
% |
|
0.97 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
128,662 |
|
$ |
127,025 |
|
$ |
120,282 |
|
$ |
238,731 |
|
|
Portfolio turnover |
|
|
55 |
% |
|
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 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
4 |
Total investment 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.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
71 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Energy and Resources Trust (BGR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
Period |
|
||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
Year Ended October 31, |
|
|
||||||||||||||||||
|
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
|
||||||||||||
|
Per Share Operating Performance |
|
||||||||||||||||||||||
|
Net asset value, beginning of period |
|
|
$ |
23.81 |
|
|
$ |
20.71 |
|
$ |
37.60 |
|
$ |
29.67 |
|
$ |
28.12 |
|
|
$ |
23.88 |
2 |
|
|
Net investment income |
|
|
|
0.15 |
|
|
|
0.41 |
|
|
1.18 |
|
|
0.49 |
|
|
0.75 |
|
|
|
0.56 |
|
|
|
Net realized and unrealized gain (loss) |
|
|
|
3.58 |
|
|
|
4.32 |
|
|
(14.63 |
) |
|
9.27 |
|
|
3.65 |
|
|
|
4.85 |
|
|
|
Net increase (decrease) from investment operations |
|
|
|
3.73 |
|
|
|
4.73 |
|
|
(13.45 |
) |
|
9.76 |
|
|
4.40 |
|
|
|
5.41 |
|
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.81 |
)3 |
|
|
(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 |
|
|
|
(0.81 |
) |
|
|
(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 |
|
|
$ |
26.73 |
|
|
$ |
23.81 |
|
$ |
20.71 |
|
$ |
37.60 |
|
$ |
29.67 |
|
|
$ |
28.12 |
|
|
|
Market price, end of period |
|
|
$ |
25.50 |
|
|
$ |
22.18 |
|
$ |
17.99 |
|
$ |
32.14 |
|
$ |
26.73 |
|
|
$ |
25.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Based on net asset value |
|
|
|
15.73 |
%5 |
|
|
25.54 |
% |
|
(38.15 |
)% |
|
34.98 |
% |
|
17.30 |
% |
|
|
22.99 |
%5 |
|
|
Based on market price |
|
|
|
18.52 |
%5 |
|
|
34.63 |
% |
|
(37.14 |
)% |
|
28.07 |
% |
|
18.11 |
% |
|
|
5.10 |
%5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total expenses |
|
|
|
1.28 |
%6 |
|
|
1.30 |
% |
|
1.27 |
% |
|
1.27 |
% |
|
1.28 |
% |
|
|
1.30 |
%6 |
|
|
Total expenses after fees waived and paid indirectly |
|
|
|
1.11 |
%6 |
|
|
1.10 |
% |
|
1.07 |
% |
|
1.07 |
% |
|
1.08 |
% |
|
|
1.10 |
%6 |
|
|
Net investment income |
|
|
|
1.14 |
%6 |
|
|
1.77 |
% |
|
1.38 |
% |
|
1.69 |
% |
|
2.47 |
% |
|
|
2.59 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net assets, end of period (000) |
|
|
$ |
795,717 |
|
|
$ |
708,589 |
|
$ |
616,479 |
|
$ |
1,119,310 |
|
$ |
883,104 |
|
|
$ |
836,924 |
|
|
|
Portfolio turnover |
|
|
|
55 |
% |
|
|
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 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
4 |
Total investment 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. |
||||
|
|
||||
|
|
|
|
|
|
|
72 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Global Opportunities Equity Trust (BOE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
Period |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
Year Ended October 31, |
|
|
||||||||||||||||||
|
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
|
||||||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
18.64 |
|
|
$ |
18.03 |
|
$ |
31.09 |
|
$ |
26.72 |
|
$ |
23.77 |
|
|
$ |
23.88 |
2 |
|
|
Net investment income |
|
|
|
0.07 |
|
|
|
0.19 |
|
|
0.39 |
|
|
0.55 |
|
|
0.58 |
|
|
|
0.37 |
|
|
|
Net realized and unrealized gain (loss) |
|
|
|
1.56 |
|
|
|
2.70 |
|
|
(10.39 |
) |
|
6.32 |
|
|
4.64 |
|
|
|
0.13 |
|
|
|
Net increase (decrease) from investment operations |
|
|
|
1.63 |
|
|
|
2.89 |
|
|
(10.00 |
) |
|
6.87 |
|
|
5.22 |
|
|
|
0.50 |
|
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(1.14 |
)3 |
|
|
(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 |
|
|
|
(1.14 |
) |
|
|
(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 |
|
|
$ |
19.13 |
|
|
$ |
18.64 |
|
$ |
18.03 |
|
$ |
31.09 |
|
$ |
26.72 |
|
|
$ |
23.77 |
|
|
|
Market price, end of period |
|
|
$ |
20.00 |
|
|
$ |
18.40 |
|
$ |
15.89 |
|
$ |
28.76 |
|
$ |
27.61 |
|
|
$ |
23.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
9.00 |
%5 |
|
|
20.50 |
% |
|
(35.08 |
)% |
|
27.47 |
% |
|
24.48 |
% |
|
|
0.81 |
%5 |
|
|
Based on market price |
|
|
|
15.44 |
%5 |
|
|
34.97 |
% |
|
(38.15 |
)% |
|
14.11 |
% |
|
26.64 |
% |
|
|
(2.21 |
)%5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
|
1.11 |
%6 |
|
|
1.21 |
% |
|
1.14 |
% |
|
1.15 |
% |
|
1.16 |
% |
|
|
1.19 |
%6 |
|
|
Total expenses after fees waived |
|
|
|
1.11 |
%6 |
|
|
1.20 |
% |
|
1.14 |
% |
|
1.15 |
% |
|
1.16 |
% |
|
|
1.19 |
%6 |
|
|
Net investment income |
|
|
|
0.82 |
%6 |
|
|
1.05 |
% |
|
1.60 |
% |
|
1.87 |
% |
|
2.45 |
% |
|
|
3.66 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$ |
1,316,010 |
|
|
$ |
1,278,170 |
|
$ |
227,835 |
|
$ |
389,741 |
|
$ |
331,744 |
|
|
$ |
294,195 |
|
|
|
Portfolio turnover |
|
|
|
158 |
% |
|
|
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 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
4 |
Total investment 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. |
|||||
|
|
|||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
73 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Health Sciences Trust (BME) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
Period |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
Year Ended October 31, |
|
|
||||||||||||||||||
|
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
|
||||||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
25.37 |
|
|
$ |
23.66 |
|
$ |
30.33 |
|
$ |
27.74 |
|
$ |
26.38 |
|
|
$ |
23.88 |
2 |
|
|
Net investment income |
|
|
|
0.06 |
|
|
|
0.10 |
|
|
0.10 |
|
|
0.05 |
|
|
0.00 |
3 |
|
|
(0.03 |
) |
|
|
Net realized and unrealized gain (loss) |
|
|
|
3.45 |
|
|
|
3.32 |
|
|
(4.70 |
) |
|
4.76 |
|
|
3.28 |
|
|
|
3.34 |
|
|
|
Net increase (decrease) from investment operations |
|
|
|
3.51 |
|
|
|
3.42 |
|
|
(4.60 |
) |
|
4.81 |
|
|
3.28 |
|
|
|
3.31 |
|
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.77 |
)4 |
|
|
(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 |
|
|
|
(0.77 |
) |
|
|
(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 |
|
|
$ |
28.11 |
|
|
$ |
25.37 |
|
$ |
23.66 |
|
$ |
30.33 |
|
$ |
27.74 |
|
|
$ |
26.38 |
|
|
|
Market price, end of period |
|
|
$ |
27.41 |
|
|
$ |
22.61 |
|
$ |
21.62 |
|
$ |
27.05 |
|
$ |
27.32 |
|
|
$ |
25.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
14.00 |
%6 |
|
|
16.31 |
% |
|
(15.55 |
)% |
|
18.62 |
% |
|
13.00 |
% |
|
|
13.88 |
%6 |
|
|
Based on market price |
|
|
|
24.73 |
%6 |
|
|
13.44 |
% |
|
(13.47 |
)% |
|
7.42 |
% |
|
16.59 |
% |
|
|
3.81 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
|
1.14 |
%7 |
|
|
1.15 |
% |
|
1.13 |
% |
|
1.13 |
% |
|
1.15 |
% |
|
|
1.18 |
%7 |
|
|
Total expenses after fees waived |
|
|
|
1.14 |
%7 |
|
|
1.15 |
% |
|
1.13 |
% |
|
1.13 |
% |
|
1.15 |
% |
|
|
1.18 |
%7 |
|
|
Net investment income |
|
|
|
0.41 |
%7 |
|
|
0.37 |
% |
|
0.20 |
% |
|
0.15 |
% |
|
(0.11 |
)% |
|
|
(0.19 |
)%7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$ |
213,376 |
|
|
$ |
192,602 |
|
$ |
179,642 |
|
$ |
230,280 |
|
$ |
208,151 |
|
|
$ |
198,005 |
|
|
|
Portfolio turnover |
|
|
|
132 |
% |
|
|
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 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
5 |
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. |
|
6 |
Aggregate total investment return. |
|
7 |
Annualized. |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
||||
|
|
||||
|
|
|
|
|
|
|
74 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock International Growth and Income Trust (BGY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
Period |
|
||||||
|
|
|
|
Year Ended October 31, |
|
|
||||||||||||
|
|
|
|
2009 |
|
2008 |
|
|
||||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, beginning of period |
|
|
$ |
10.92 |
|
|
$ |
10.41 |
|
$ |
20.12 |
|
|
$ |
19.10 |
2 |
|
|
Net investment income |
|
|
|
0.07 |
|
|
|
0.29 |
|
|
0.27 |
|
|
|
0.14 |
|
|
|
Net realized and unrealized gain (loss) |
|
|
|
0.51 |
|
|
|
2.04 |
|
|
(8.31 |
) |
|
|
1.50 |
|
|
|
Net increase (decrease) from investment operations |
|
|
|
0.58 |
|
|
|
2.33 |
|
|
(8.04 |
) |
|
|
1.64 |
|
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.91 |
)3 |
|
|
(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 |
|
|
|
(0.91 |
) |
|
|
(1.82 |
) |
|
(1.67 |
) |
|
|
(0.60 |
) |
|
|
Offering costs resulting from the issuance of shares |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(0.02 |
) |
|
|
Net asset value, end of period |
|
|
$ |
10.59 |
|
|
$ |
10.92 |
|
$ |
10.41 |
|
|
$ |
20.12 |
|
|
|
Market price, end of period |
|
|
$ |
11.03 |
|
|
$ |
10.92 |
|
$ |
9.09 |
|
|
$ |
17.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
5.17 |
%5 |
|
|
26.28 |
% |
|
(41.76 |
)% |
|
|
8.93 |
%5 |
|
|
Based on market price |
|
|
|
9.54 |
%5 |
|
|
44.62 |
% |
|
(42.39 |
)% |
|
|
(8.17 |
)%5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
|
1.12 |
%6 |
|
|
1.12 |
% |
|
1.11 |
% |
|
|
1.07 |
%6 |
|
|
Total expenses after fees waived |
|
|
|
1.11 |
%6 |
|
|
1.12 |
% |
|
1.11 |
% |
|
|
1.07 |
%6 |
|
|
Net investment income |
|
|
|
1.23 |
%6 |
|
|
2.68 |
% |
|
2.34 |
% |
|
|
1.75 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$ |
1,158,582 |
|
|
$ |
1,178,647 |
|
$ |
1,106,516 |
|
|
$ |
2,138,523 |
|
|
|
Portfolio turnover |
|
|
|
142 |
% |
|
|
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 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
4 |
Total investment 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.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
75 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Real Asset Equity Trust (BCF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
|
Period |
|
||||||
|
|
|
|
Year Ended October 31, |
|
|
|||||||||||||||
|
|
|
|
2009 |
|
2008 |
|
2007 |
|
|
|||||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
11.73 |
|
|
$ |
9.44 |
|
$ |
20.79 |
|
$ |
15.33 |
|
|
$ |
14.33 |
2 |
|
|
Net investment income |
|
|
|
0.01 |
|
|
|
0.08 |
|
|
0.20 |
|
|
0.20 |
|
|
|
0.04 |
|
|
|
Net realized and unrealized gain (loss) |
|
|
|
1.92 |
|
|
|
3.30 |
|
|
(10.16 |
) |
|
6.35 |
|
|
|
0.98 |
|
|
|
Net increase (decrease) from investment operations |
|
|
|
1.93 |
|
|
|
3.38 |
|
|
(9.96 |
) |
|
6.55 |
|
|
|
1.02 |
|
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.54 |
)3 |
|
|
(0.11 |
) |
|
(0.17 |
) |
|
(0.29 |
) |
|
|
— |
|
|
|
Net realized gain |
|
|
|
— |
|
|
|
— |
|
|
(1.22 |
) |
|
(0.80 |
) |
|
|
— |
|
|
|
Tax return of capital |
|
|
|
— |
|
|
|
(0.98 |
) |
|
— |
|
|
— |
|
|
|
— |
|
|
|
Total dividends and distributions |
|
|
|
(0.54 |
) |
|
|
(1.09 |
) |
|
(1.39 |
) |
|
(1.09 |
) |
|
|
— |
|
|
|
Offering costs resulting from the issuance of shares |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(0.02 |
) |
|
|
Net asset value, end of period |
|
|
$ |
13.12 |
|
|
$ |
11.73 |
|
$ |
9.44 |
|
$ |
20.79 |
|
|
$ |
15.33 |
|
|
|
Market price, end of period |
|
|
$ |
13.04 |
|
|
$ |
11.45 |
|
$ |
7.74 |
|
$ |
17.59 |
|
|
$ |
15.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
16.49 |
%5 |
|
|
40.96 |
% |
|
(50.14 |
)% |
|
45.34 |
% |
|
|
6.98 |
%5 |
|
|
Based on market price |
|
|
|
18.61 |
%5 |
|
|
67.81 |
% |
|
(51.69 |
)% |
|
25.67 |
% |
|
|
— |
%5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
|
1.29 |
%6 |
|
|
1.32 |
% |
|
1.29 |
% |
|
1.21 |
% |
|
|
1.42 |
%6 |
|
|
Total expenses after fees waived and paid indirectly |
|
|
|
1.09 |
%6 |
|
|
1.12 |
% |
|
1.09 |
% |
|
1.08 |
% |
|
|
1.22 |
%6 |
|
|
Net investment income |
|
|
|
0.17 |
%6 |
|
|
0.68 |
% |
|
1.14 |
% |
|
1.37 |
% |
|
|
2.63 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$ |
744,003 |
|
|
$ |
664,928 |
|
$ |
535,257 |
|
$ |
1,179,087 |
|
|
$ |
820,283 |
|
|
|
Portfolio turnover |
|
|
|
46 |
% |
|
|
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 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
4 |
Total investment 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.
|
|
|
|
|
|
|
76 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Year Ended October 31, |
|
|||||||||||||||||
|
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
13.38 |
|
|
$ |
12.38 |
|
$ |
21.00 |
|
$ |
18.55 |
|
$ |
15.98 |
|
$ |
15.29 |
|
|
Net investment income |
|
|
|
0.17 |
|
|
|
0.36 |
|
|
0.50 |
|
|
0.46 |
|
|
0.39 |
|
|
0.56 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
0.95 |
|
|
|
1.43 |
|
|
(8.22 |
) |
|
2.90 |
|
|
3.22 |
|
|
0.88 |
|
|
Net increase (decrease) from investment operations |
|
|
|
1.12 |
|
|
|
1.79 |
|
|
(7.72 |
) |
|
3.36 |
|
|
3.61 |
|
|
1.44 |
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.38 |
)1 |
|
|
(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 |
2 |
|
— |
|
|
Total dividends and distributions |
|
|
|
(0.38 |
) |
|
|
(0.79 |
) |
|
(0.90 |
) |
|
(0.91 |
) |
|
(1.04 |
) |
|
(0.75 |
) |
|
Net asset value, end of period |
|
|
$ |
14.12 |
|
|
$ |
13.38 |
|
$ |
12.38 |
|
$ |
21.00 |
|
$ |
18.55 |
|
$ |
15.98 |
|
|
Market price, end of period |
|
|
$ |
12.56 |
|
|
$ |
11.54 |
|
$ |
10.50 |
|
$ |
18.07 |
|
$ |
16.36 |
|
$ |
14.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
8.83 |
%4 |
|
|
17.64 |
% |
|
(37.53 |
)% |
|
19.10 |
% |
|
24.34 |
% |
|
10.08 |
% |
|
Based on market price |
|
|
|
12.24 |
%4 |
|
|
19.63 |
% |
|
(38.42 |
) % |
|
16.20 |
% |
|
20.52 |
% |
|
10.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
|
1.19 |
%5 |
|
|
1.17 |
% |
|
0.96 |
% |
|
1.20 |
% |
|
1.13 |
% |
|
1.14 |
% |
|
Total expenses after fees waived |
|
|
|
1.19 |
%5 |
|
|
1.16 |
% |
|
0.96 |
% |
|
1.20 |
% |
|
1.13 |
% |
|
1.14 |
% |
|
Net investment income |
|
|
|
2.45 |
%5 |
|
|
3.39 |
% |
|
3.11 |
% |
|
2.45 |
% |
|
2.45 |
% |
|
3.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$ |
85,171 |
|
|
$ |
80,716 |
|
$ |
74,716 |
|
$ |
126,706 |
|
$ |
111,925 |
|
$ |
96,402 |
|
|
Portfolio turnover |
|
|
|
29 |
% |
|
|
64 |
% |
|
10 |
% |
|
12 |
% |
|
10 |
% |
|
38 |
% |
|
|
|
|
1 |
A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
|
2 |
Amounted to less than $0.01 per share outstanding. |
|
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.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
77 |
|
|
|
|
|
|
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”), 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 (“US GAAP”), 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 |
|
Net Assets |
|
Net Assets |
|
Shares Issued |
|
Target |
|
||||
|
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 |
|
Paid-In |
|
Distributions in |
|
Realized |
|
|
|
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: The Trusts’ policy is to fair value their financial instruments at market value using independent dealers or pricing services selected under supervision of the Board. 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. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.
The Trusts value their investments in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the SEC under the 1940 Act. The Trusts may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.
Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close of business on the NYSE. Foreign currency exchange contracts are valued at the mean 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 the 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 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 the sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that
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78 |
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SEMI-ANNUAL REPORT |
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APRIL 30, 2010 |
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|
Notes to Financial Statements (continued) |
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. Occasionally, events affecting the values of such instruments may occur between the foreign market close 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. Each business day, the Trusts use a pricing service selected under the supervision of the Trusts’ Board to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.
Foreign Currency Transactions: Each Trust’s books and records are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (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. Generally, when the US dollar rises in value against foreign currency, each Trust’s investments denominated in that currency will lose value because its currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.
Each Trust reports foreign currency related transactions as components of realized gain (loss) 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., 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 a Trust has determined the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.
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. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. 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. 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 of 1986, as amended, 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.
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. There are no uncertain tax positions that require recognition of a tax liability.
Recent Accounting Standard: In January 2010, Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require additional disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggre-
|
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SEMI-ANNUAL REPORT |
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APRIL 30, 2010 |
79 |
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|
|
|
|
Notes to Financial Statements (continued) |
gation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009, and interim periods within those fiscal years, except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Trusts’ financial statements and disclosures is currently being assessed.
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 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, managed, 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 S&P and have been licensed for use by the Trust. The Trust is not sponsored, endorsed, managed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the Trust. 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 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 instrument 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 separately 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 separate 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 counterparties 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 information with respect to collateral practices. In addition, the Trusts manage counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
The Trusts’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Trusts. For OTC options purchased, 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 options written obligate the Trusts to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to OTC 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 instruments or to gain exposure to foreign currencies (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,
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80 |
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SEMI-ANNUAL REPORT |
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APRIL 30, 2010 |
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|
Notes to Financial Statements (continued) |
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: The Trusts may purchase and write call and put options to increase or decrease their exposure to underlying instruments (equity risk) and/or, in the case of options written, to generate gains from options premiums. 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 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 option written 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 OTC options.
Derivatives Instruments Categorized by Risk Exposure:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Derivative Instruments as of April 30, 2010 |
|
||||||||||||||||||||||||||||||||
|
Asset Derivatives |
|||||||||||||||||||||||||||||||||
|
|
|
Statements of |
|
BQR |
|
BGR |
|
BOE |
|
BME |
|
BGY |
|
BQY |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Foreign currency exchange contracts |
|
Unrealized appreciation on foreign currency exchange contracts |
|
$ |
905 |
|
$ |
32 |
|
$ |
24,945 |
|
$ |
1,956 |
|
$ |
27,523 |
|
$ |
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Derivatives |
|||||||||||||||||||||||||||||||||
|
|
|
Statements of |
|
BDV |
|
BDJ |
|
BDT |
|
BQR |
|
BGR |
|
BOE |
|
BME |
|
BGY |
|
BCF |
BQY |
||||||||||||
|
Equity contracts |
|
Options written at value |
|
$ |
2,732,589 |
|
$ |
7,847,919 |
|
$ |
2,575,887 |
|
$ |
1,545,049 |
|
$ |
9,826,559 |
|
$ |
18,836,788 |
|
$ |
1,240,560 |
|
$ |
17,801,524 |
|
$ |
8,896,148 |
|
$ |
679,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts |
|
Unrealized depreciation on foreign currency exchange contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
229 |
|
|
— |
|
|
54,593 |
|
|
513 |
|
|
81,394 |
|
|
72 |
|
|
— |
|
|
Total |
|
|
|
$ |
2,732,589 |
|
$ |
7,847,919 |
|
$ |
2,575,887 |
|
$ |
1,545,278 |
|
$ |
9,826,559 |
|
$ |
18,891,381 |
|
$ |
1,241,073 |
|
$ |
17,882,918 |
|
$ |
8,896,220 |
|
$ |
679,145 |
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
The Effect of Derivative Instruments on the Statements of Operations Period Ended April 30, 2010 |
|
||||||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
BDV |
|
BDJ |
|
BDT |
|
BQR |
|
BGR |
|
BOE |
|
BME |
|
BGY |
|
BCF |
|
BQY |
|
||||||||||
|
Equity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Options |
|
$ |
3,690,684 |
|
$ |
11,226,815 |
|
$ |
2,724,120 |
|
$ |
2,445,519 |
|
$ |
15,902,150 |
|
$ |
44,529,408 |
|
$ |
3,509,058 |
|
$ |
36,490,780 |
|
$ |
14,128,094 |
|
$ |
696,615 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Foreign currency transactions |
|
|
— |
|
|
— |
|
|
— |
|
|
5,003 |
|
|
(99,113 |
) |
|
(160,575 |
) |
|
34,908 |
|
|
855,732 |
|
|
(6,599 |
) |
|
(10,964 |
) |
||
|
Total |
|
$ |
3,690,684 |
|
$ |
11,226,815 |
|
$ |
2,724,120 |
|
$ |
2,450,522 |
|
$ |
15,803,037 |
|
$ |
44,368,833 |
|
$ |
3,543,966 |
|
$ |
37,346,512 |
|
$ |
14,121,495 |
|
$ |
685,651 |
|
||
|
|
|
||||||||||||||||||||||||||||||||
|
Net Change in Unrealized Appreciation/Depreciation on |
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
BDV |
|
BDJ |
|
BDT |
|
BQR |
|
BGR |
|
BOE |
|
BME |
|
BGY |
|
BCF |
|
BQY |
|
|||||||||
|
Equity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Options |
|
$ |
(1,076,165 |
) |
$ |
(2,822,397 |
) |
$ |
(1,874,888 |
) |
$ |
(455,760 |
) |
$ |
(1,381,140 |
) |
$ |
(9,403,646 |
) |
$ |
(43,978 |
) |
$ |
(8,317,705 |
) |
$ |
(2,574,077 |
) |
$ |
(193,348 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Foreign currency transactions |
|
|
— |
|
|
— |
|
|
— |
|
|
675 |
|
|
32 |
|
|
(29,648 |
) |
|
1,443 |
|
|
(53,871 |
) |
|
(72 |
) |
|
56 |
|
||
|
Total |
|
|
|
$ |
(1,076,165 |
) |
$ |
(2,822,397 |
) |
$ |
(1,874,888 |
) |
$ |
(455,085 |
) |
$ |
(1,381,108 |
) |
$ |
(9,433,294 |
) |
$ |
(42,535 |
) |
$ |
(8,371,576 |
) |
$ |
(2,574,149 |
) |
$ |
(193,292 |
) |
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
81 |
|
|
|
|
|
|
|
Notes to Financial Statements (continued) |
For the six months ended April 30, 2010, the average quarterly balance of outstanding derivative financial instruments was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDV |
|
BDJ |
|
BDT |
|
BQR |
|
BGR |
|
BOE |
|
BME |
|
BGY |
|
BCF |
|
BQY |
|
||||||||||
|
Foreign currency transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of contracts - US dollars purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
1 |
|
|
4 |
|
|
4 |
|
|
8 |
|
|
1 |
|
|
2 |
|
|
Average number of contracts - US dollars sold |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
1 |
|
|
5 |
|
|
2 |
|
|
10 |
|
|
1 |
|
|
— |
|
|
Average US dollar amounts purchased |
|
|
— |
|
|
— |
|
|
— |
|
$ |
495,013 |
|
$ |
1,493 |
|
$ |
13,447,110 |
|
$ |
704,217 |
|
$ |
14,507,597 |
|
$ |
22,639 |
|
$ |
10,355 |
|
|
Average US dollar amounts sold |
|
|
— |
|
|
— |
|
|
— |
|
$ |
450,643 |
|
$ |
6,597,129 |
|
$ |
16,773,629 |
|
$ |
370,607 |
|
$ |
18,878,892 |
|
$ |
92,505 |
|
|
— |
|
|
Options: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of contracts written |
|
|
1,580,912 |
|
|
4,624,876 |
|
|
1,184,931 |
|
|
11,323,347 |
|
|
1,679,567 |
|
|
36,576,757 |
|
|
516,468 |
|
|
95,596,495 |
|
|
11,289,776 |
|
|
680,109 |
|
|
Average notional value of contracts written |
|
$ |
110,492,911 |
|
$ |
328,736,227 |
|
$ |
57,789,536 |
|
$ |
55,888,366 |
|
$ |
239,071,331 |
|
$ |
697,766,485 |
|
$ |
69,108,712 |
|
$ |
690,001,226 |
|
$ |
263,958,989 |
|
$ |
23,894,392 |
|
3. Investment Advisory Agreement and Other Transactions with Affiliates:
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Fund for 1940 Act purposes, but BAC and Barclays are not.
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, BlackRock Investment Management, LLC (“BIM”) and 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.
The Trusts have received an exemptive order from the SEC permitting, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. 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 market value of securities on loan and the value of the related collateral are shown on the Statements of Assets and Liabilities as securities loaned and collateral at value — securities loaned, respectively. The cash collateral invested by BIM is disclosed in the Schedules of Investments. The share of income earned by the Trusts on such investments is shown as securities lending — affiliated in the Statements of Operations. For the six months ended April 30, 2010, BIM received $14,518 in securities lending agent fees related to securities lending activities for the Trusts.
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.
4. Investments:
Purchases and sales of investment securities, excluding short-term securities for the period ended April 30, 2010, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
Sales |
|
||
|
BDV |
|
$ |
340,460,412 |
|
$ |
342,749,642 |
|
|
BDJ |
|
$ |
684,504,015 |
|
$ |
687,547,162 |
|
|
BDT |
|
$ |
72,338,066 |
|
$ |
73,368,382 |
|
|
BQR |
|
$ |
68,956,820 |
|
$ |
73,322,598 |
|
|
BGR |
|
$ |
443,408,023 |
|
$ |
415,543,045 |
|
|
BOE |
|
$ |
2,001,180,653 |
|
$ |
2,048,935,457 |
|
|
BME |
|
$ |
267,330,512 |
|
$ |
262,744,625 |
|
|
BGY |
|
$ |
1,606,812,085 |
|
$ |
1,602,054,600 |
|
|
BCF |
|
$ |
322,835,702 |
|
$ |
315,663,111 |
|
|
BQY |
|
$ |
23,696,391 |
|
$ |
24,336,081 |
|
Transactions in options written for the period ended April 30, 2010, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Calls |
|
||||
|
|
|
||||||
|
|
|
Contracts |
|
Premiums |
|
||
|
|
|||||||
|
BDV |
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
980,495 |
|
$ |
2,834,966 |
|
|
Options written |
|
|
5,007,911 |
|
|
9,056,243 |
|
|
Options expired |
|
|
(1,544,669 |
) |
|
(3,130,038 |
) |
|
Options closed |
|
|
(600,586 |
) |
|
(2,240,383 |
) |
|
Options exercised |
|
|
(1,912,570 |
) |
|
(3,901,548 |
) |
|
|
|
|
|
||||
|
Options outstanding at end of period |
|
|
1,930,581 |
|
$ |
2,619,240 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
82 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
Notes to Financial Statements (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calls |
|
Puts |
|
||||||||
|
|
|
|
|||||||||||
|
|
|
Contracts |
|
Premiums |
|
Contracts |
|
Premiums |
|
||||
|
BDJ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
3,073,157 |
|
$ |
8,463,610 |
|
|
|
|
|
|
|
|
Options written |
|
|
14,927,396 |
|
|
25,966,355 |
|
|
|
|
|
|
|
|
Options expired |
|
|
(4,744,128 |
) |
|
(9,576,416 |
) |
|
|
|
|
|
|
|
Options closed |
|
|
(1,668,014 |
) |
|
(4,877,133 |
) |
|
|
|
|
|
|
|
Options exercised |
|
|
(5,975,856 |
) |
|
(12,341,247 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Options outstanding at end of period |
|
|
5,612,555 |
|
$ |
7,635,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
1,022,895 |
|
$ |
1,745,202 |
|
|
|
|
|
|
|
|
Options written |
|
|
3,762,315 |
|
|
5,301,867 |
|
|
|
|
|
|
|
|
Options expired |
|
|
(1,339,140 |
) |
|
(1,706,554 |
) |
|
|
|
|
|
|
|
Options closed |
|
|
(691,191 |
) |
|
(1,609,548 |
) |
|
|
|
|
|
|
|
Options exercised |
|
|
(1,520,046 |
) |
|
(2,129,464 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Options outstanding at end of period |
|
|
1,234,833 |
|
$ |
1,601,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BQR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
10,345,421 |
|
$ |
1,871,244 |
|
|
|
|
|
|
|
|
Options written |
|
|
38,975,722 |
|
|
6,676,263 |
|
|
|
|
|
|
|
|
Options expired |
|
|
(16,310,790 |
) |
|
(2,981,018 |
) |
|
|
|
|
|
|
|
Options closed |
|
|
(15,264,066 |
) |
|
(1,356,163 |
) |
|
|
|
|
|
|
|
Options exercised |
|
|
(6,512,017 |
) |
|
(2,531,452 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Options outstanding at end of period |
|
|
11,234,270 |
|
$ |
1,678,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
3,663,582 |
|
$ |
11,556,677 |
|
|
182,350 |
|
$ |
336,126 |
|
|
Options written |
|
|
5,985,358 |
|
|
31,072,024 |
|
|
— |
|
|
— |
|
|
Options expired |
|
|
(2,095,281 |
) |
|
(11,771,121 |
) |
|
(182,350 |
) |
|
(336,126 |
) |
|
Options closed |
|
|
(1,306,260 |
) |
|
(6,954,202 |
) |
|
— |
|
|
— |
|
|
Options exercised |
|
|
(4,098,695 |
) |
|
(15,512,068 |
) |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
||||||||
|
Options outstanding at end of period |
|
|
2,148,704 |
|
$ |
8,391,310 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
46,910,987 |
|
$ |
30,037,519 |
|
|
183,933 |
|
$ |
352,704 |
|
|
Options written |
|
|
161,741,085 |
|
|
91,051,451 |
|
|
160,372 |
|
|
1,205,382 |
|
|
Options expired |
|
|
(75,916,458 |
) |
|
(37,346,591 |
) |
|
(128,205 |
) |
|
(581,868 |
) |
|
Options closed |
|
|
(49,321,697 |
) |
|
(28,297,534 |
) |
|
(41,113 |
) |
|
(570,291 |
) |
|
Options exercised |
|
|
(51,131,710 |
) |
|
(35,552,045 |
) |
|
(174,157 |
) |
|
(299,664 |
) |
|
|
|
|
|
|
|
||||||||
|
Options outstanding at end of period |
|
|
32,282,207 |
|
$ |
19,892,800 |
|
|
830 |
|
$ |
106,263 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
728,973 |
|
$ |
2,351,438 |
|
|
730 |
|
$ |
82,955 |
|
|
Options written |
|
|
1,966,215 |
|
|
6,433,036 |
|
|
3,203 |
|
|
351,762 |
|
|
Options expired |
|
|
(792,074 |
) |
|
(2,333,445 |
) |
|
(2,353 |
) |
|
(262,276 |
) |
|
Options closed |
|
|
(780,684 |
) |
|
(2,192,135 |
) |
|
(1,295 |
) |
|
(110,904 |
) |
|
Options exercised |
|
|
(699,954 |
) |
|
(2,714,427 |
) |
|
(15 |
) |
|
(1,110 |
) |
|
|
|
|
|
|
|
||||||||
|
Options outstanding at end of period |
|
|
422,476 |
|
$ |
1,544,467 |
|
|
270 |
|
$ |
60,427 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calls |
|
Puts |
|
||||||||
|
|
|
|
|||||||||||
|
|
|
Contracts |
|
Premiums |
|
Contracts |
|
Premiums |
|
||||
|
BGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
64,862,070 |
|
$ |
25,657,264 |
|
|
1,250 |
|
$ |
89,435 |
|
|
Options written |
|
|
317,410,354 |
|
|
82,192,018 |
|
|
1,673,629 |
|
|
3,456,145 |
|
|
Options expired |
|
|
(119,315,295 |
) |
|
(35,993,088 |
) |
|
(1,376,045 |
) |
|
(1,793,479 |
) |
|
Options closed |
|
|
(89,708,690 |
) |
|
(22,443,480 |
) |
|
(137,687 |
) |
|
(859,060 |
) |
|
Options exercised |
|
|
(74,293,328 |
) |
|
(29,552,790 |
) |
|
(160,417 |
) |
|
(799,581 |
) |
|
|
|
|
|
|
|
||||||||
|
Options outstanding at end of period |
|
|
98,955,111 |
|
$ |
19,859,924 |
|
|
730 |
|
$ |
93,460 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
10,919,345 |
|
$ |
10,544,926 |
|
|
675 |
|
$ |
111,522 |
|
|
Options written |
|
|
36,714,004 |
|
|
35,953,587 |
|
|
87,097 |
|
|
553,293 |
|
|
Options expired |
|
|
(19,821,336 |
) |
|
(15,492,218 |
) |
|
(85,865 |
) |
|
(436,622 |
) |
|
Options closed |
|
|
(6,684,819 |
) |
|
(11,298,977 |
) |
|
(1,347 |
) |
|
(125,394 |
) |
|
Options exercised |
|
|
(10,082,512 |
) |
|
(10,419,219 |
) |
|
(420 |
) |
|
(74,239 |
) |
|
|
|
|
|
|
|
||||||||
|
Options outstanding at end of period |
|
|
11,044,682 |
|
$ |
9,288,099 |
|
|
140 |
|
$ |
28,560 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BQY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at beginning of period |
|
|
512,889 |
|
$ |
465,726 |
|
|
|
|
|
|
|
|
Options written |
|
|
1,954,864 |
|
|
1,713,530 |
|
|
|
|
|
|
|
|
Options expired |
|
|
(867,416 |
) |
|
(618,140 |
) |
|
|
|
|
|
|
|
Options closed |
|
|
(223,219 |
) |
|
(319,537 |
) |
|
|
|
|
|
|
|
Options exercised |
|
|
(501,071 |
) |
|
(565,533 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Options outstanding at end of period |
|
|
876,047 |
|
$ |
676,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
As of April 30, 2010, the value of portfolio securities subject to covered call options written were as follows:
|
|
|
|
|
|
|
|
|
Value |
|
|
|
BDV |
|
$ |
113,713,762 |
|
|
BDJ |
|
$ |
328,712,595 |
|
|
BDT |
|
$ |
59,771,994 |
|
|
BQR |
|
$ |
52,402,851 |
|
|
BGR |
|
$ |
235,818,022 |
|
|
BOE |
|
$ |
664,223,591 |
|
|
BME |
|
$ |
63,505,312 |
|
|
BGY |
|
$ |
668,908,448 |
|
|
BCF |
|
$ |
249,827,545 |
|
|
BQY |
|
$ |
30,391,184 |
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
83 |
|
|
|
|
|
|
|
Notes to Financial Statements (continued) |
5. Capital Loss Carryforwards:
As of October 31, 2009, the Trusts 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 |
|
6. Concentration, Market and Credit Risk:
BOE 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:
|
|
|
|
|
Consumer Staples |
|
BDV, BDJ |
|
Financials |
|
BDT, BOE, BGY, BQY |
|
Utilities |
|
BQR |
|
Materials |
|
BQR, BCF |
|
Industrials |
|
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 April 30, 2010, the Trusts listed below had the following industry classifications:
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
|
BOE |
|
BGY |
|
BQY |
|
|||
|
Commercial Banks |
|
11 |
% |
|
13 |
% |
|
14 |
% |
|
|
Oil, Gas & Consumable Fuels |
|
10 |
|
|
9 |
|
|
13 |
|
|
|
Insurance |
|
3 |
|
|
5 |
|
|
4 |
|
|
|
Pharmaceuticals |
|
3 |
|
|
3 |
|
|
7 |
|
|
|
Metals & Mining |
|
3 |
|
|
6 |
|
|
1 |
|
|
|
Diversified Telecommunication |
|
2 |
|
|
5 |
|
|
5 |
|
|
|
Other* |
|
68 |
|
|
59 |
|
|
56 |
|
|
7. Capital Share Transactions:
There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. At April 30, 2010, the shares owned by an affiliate of the Manager of the Trusts were as follows:
|
|
|
|
|
|
|
|
|
Common |
|
|
|
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 period ended April 30, 2010 and the year ended October 31, 2009 increased by the following amounts as a result of dividend reinvestments:
|
|
|
|
|
|
|
|
|
|
|
|
Period
Ended |
|
Year
Ended |
|
||
|
BDJ |
|
424,569 |
|
|
550,993 |
|
|
|
BQR |
|
81,539 |
|
|
267,360 |
|
|
|
BOE |
|
240,467 |
|
|
— |
|
|
|
BGY |
|
1,448,717 |
|
|
1,637,894 |
|
|
Shares issued and outstanding remained constant for BDV, BDT, BGR, BME, BCF and BQY for the period ended April 30, 2010 and the year ended October 31, 2009.
|
|
|
|
|
|
|
84 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
Notes to Financial Statements (concluded) |
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 the date the financial statements were issued and the following items were noted:
Subsequent to April 30, 2010, the Board declared distributions per common share as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ex-Date |
|
Record |
|
Payable |
|
Distribution |
|
|
|
BDV |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.162500 |
|
|
BDJ |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.245000 |
|
|
BDT |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.162500 |
|
|
BQR |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.300000 |
|
|
BGR |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.405000 |
|
|
BOE |
|
5/12/10 |
|
5/14/10 |
|
5/28/10 |
|
$ |
0.568750 |
|
|
BME |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.384375 |
|
|
BGY |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.340000 |
|
|
BCF |
|
6/11/10 |
|
6/15/10 |
|
6/30/10 |
|
$ |
0.271800 |
|
|
BQY |
|
5/12/10 |
|
5/14/10 |
|
5/28/10 |
|
$ |
0.187500 |
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
85 |
|
|
|
|
|
|
|
|
|
Richard E. Cavanagh, Chairman of the Board and Trustee |
|
Karen P. Robards, Vice Chair of the Board, |
|
Chair of the Audit Committee and Trustee |
|
Richard S. Davis, Trustee |
|
Frank J. Fabozzi, Trustee and Member of the Audit Committee |
|
Kathleen F. Feldstein, Trustee |
|
James T. Flynn, Trustee and Member of the Audit Committee |
|
Henry Gabbay, Trustee |
|
Jerrold B. Harris, Trustee |
|
R. Glenn Hubbard, Trustee |
|
W. Carl Kester, Trustee and Member of the Audit Committee |
|
Anne Ackerley, President and Chief Executive Officer |
|
Brendan Kyne, Vice President |
|
Neal J. Andrews, Chief Financial Officer |
|
Jay M. Fife, Treasurer |
|
Brian P. Kindelan, Chief Compliance Officer of the Trusts |
|
Howard Surloff, Secretary |
|
|
|
Investment Advisor |
|
BlackRock Advisors, LLC |
|
Wilmington, DE 19809 |
|
|
|
Sub-Advisors |
|
BlackRock Financial |
|
Management, Inc.1 |
|
New York, NY 10022 |
|
|
|
State Street Research & |
|
Management Co.2 |
|
One Financial Center |
|
Boston, MA 02111 |
|
|
|
BlackRock Capital |
|
Management, Inc.3 |
|
Wilmington, DE 19809 |
|
|
|
BlackRock Investment |
|
Management, LLC4 |
|
Plainsboro, NJ 08536 |
|
|
|
BlackRock International Ltd.4 |
|
Edinburgh, EH3 8JB |
|
United Kingdom |
|
|
|
Accounting Agent |
|
The Bank of New York Mellon |
|
Brooklyn, NY 11217 |
|
|
|
Custodian |
|
The Bank of New York Mellon |
|
New York, NY 10286 |
|
|
|
Transfer Agent |
|
BNY Mellon Shareowner Services |
|
Jersey City, NJ 07310 |
|
|
|
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 March 31, 2010, G. Nicholas Beckwith, III, a Trustee of the Trusts, resigned. |
|
|
|
The Trusts’ Board of Trustees
extends its best wishes to both Mr. Dixon and Mr. Beckwith. |
|
|
|
|
|
|
|
Robert Shearer is Managing Director of BlackRock, Inc. since 2006. |
|
|
|
Kathleen Anderson is Managing Director of BlackRock, Inc. since 2008 and Director thereof 2006 to 2007. |
|
|
|
Kyle G. McClements is Managing
Director of BlackRock, Inc. since 2010, Director thereof from 2006 to 2009
and Vice President thereof from 2005 to 2006. |
|
|
|
|
|
|
|
86 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2010 |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Cumulative Distributions |
|
%
Breakdown of the Total Cumulative |
|
||||||||||||||||||||
|
|
|
Net |
|
Net
Realized |
|
Return |
|
Total
Per |
|
Net |
|
Net
Realized |
|
Return |
|
Total
Per |
|
||||||||
|
BDV* |
|
$ |
0.10334 |
|
$ |
— |
|
$ |
0.22166 |
|
$ |
0.32500 |
|
32 |
% |
|
0 |
% |
|
68 |
% |
|
100 |
% |
|
|
BDJ* |
|
$ |
0.08001 |
|
$ |
— |
|
$ |
0.40999 |
|
$ |
0.49000 |
|
16 |
% |
|
0 |
% |
|
84 |
% |
|
100 |
% |
|
|
BDT* |
|
$ |
0.13127 |
|
$ |
— |
|
$ |
0.19373 |
|
$ |
0.32500 |
|
40 |
% |
|
0 |
% |
|
60 |
% |
|
100 |
% |
|
|
BQR* |
|
$ |
0.01265 |
|
$ |
— |
|
$ |
0.58735 |
|
$ |
0.60000 |
|
2 |
% |
|
0 |
% |
|
98 |
% |
|
100 |
% |
|
|
BGR |
|
$ |
0.11535 |
|
$ |
0.69465 |
|
$ |
— |
|
$ |
0.81000 |
|
14 |
% |
|
86 |
% |
|
0 |
% |
|
100 |
% |
|
|
BOE* |
|
$ |
0.08592 |
|
$ |
— |
|
$ |
1.05158 |
|
$ |
1.13750 |
|
8 |
% |
|
0 |
% |
|
92 |
% |
|
100 |
% |
|
|
BME |
|
$ |
0.03190 |
|
$ |
0.73685 |
|
$ |
— |
|
$ |
0.76875 |
|
4 |
% |
|
96 |
% |
|
0 |
% |
|
100 |
% |
|
|
BGY* |
|
$ |
0.02084 |
|
$ |
— |
|
$ |
0.88936 |
|
$ |
0.91020 |
|
2 |
% |
|
0 |
% |
|
98 |
% |
|
100 |
% |
|
|
BCF* |
|
$ |
0.00903 |
|
$ |
— |
|
$ |
0.53457 |
|
$ |
0.54360 |
|
2 |
% |
|
0 |
% |
|
98 |
% |
|
100 |
% |
|
|
BQY |
|
$ |
0.12676 |
|
$ |
0.24824 |
|
$ |
— |
|
$ |
0.37500 |
|
34 |
% |
|
66 |
% |
|
0 |
% |
|
100 |
% |
|
|
|
|
|
* |
The 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.
BDV’s, BDJ’s, BDT’s and BQY’s Boards each approved a change to the investment strategy employed by each Trust. The Trusts have previously utilized a quantitative, index-based investment style in selecting equity investments. Pursuant to the new investment strategy, effective February 16, 2010, the Trusts will now utilize an investment style based on a fundamental analysis of individual securities that is not index-based. As a result, under the Trusts’ new investment strategy, the Trusts are particularly dependent on the analytical abilities of BlackRock. There have been no changes to the Trusts’ investment objectives, guidelines and/or policies apart from the method used to implement their investment strategies. Each Trust will continue to emphasize dividend-paying and/or quality equities, as described in its prospectus, and will continue to utilize an option-writing strategy to enhance current gains.
Other than the revisions to BDV’s, BDJ’s, BDT’s and BQY’s investment strategy 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. Other than as disclosed on page 88, 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 to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
87 |
|
|
|
|
|
|
|
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 Quarterly Schedule of Investments
Each Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
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 (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’s 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.
|
|
|
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.
|
|
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|
|
|
|
88 |
|
SEMI-ANNUAL REPORT |
|
APRIL 30, 2010 |
[This Page Intentionally Left Blank]
[This Page Intentionally Left Blank]
[This Page Intentionally Left Blank]
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.
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#CEF-SAR-BK10-0410 |
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Item 2 – |
Code of Ethics – Not Applicable to this semi-annual report |
|
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|
|
Item 3 – |
Audit Committee Financial Expert – Not Applicable to this semi-annual report |
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Item 4 – |
Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
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Item 5 – |
Audit Committee of Listed Registrants – Not Applicable to this semi-annual report |
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|
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. |
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(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. |
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Item 7 – |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
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Item 8 – |
Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
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Item 9 – |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
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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. |
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Item 11 – |
Controls and Procedures |
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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. |
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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. |
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Item 12 – |
Exhibits attached hereto |
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12(a)(1) – |
Code of Ethics – Not Applicable to this semi-annual report |
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12(a)(2) – |
Certifications – Attached hereto |
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12(a)(3) – |
Not Applicable |
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12(b) – |
Certifications – Attached hereto |
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12(c) – |
Notices to the registrant’s common shareholders in accordance with 1940 Act Section 19(a) and Rule 19a-11 |
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1 The Fund 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 Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC 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. |
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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.
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BlackRock Enhanced Dividend AchieversTM Trust |
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By: |
/s/ Anne F. Ackerley |
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Anne F. Ackerley |
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Chief Executive Officer of |
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BlackRock Enhanced Dividend AchieversTM Trust |
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Date: June 28, 2010
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.
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By: |
/s/ Anne F. Ackerley |
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Anne F. Ackerley |
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Chief Executive Officer (principal executive officer) of |
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BlackRock Enhanced Dividend AchieversTM Trust |
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Date: June 28, 2010
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By: |
/s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of |
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BlackRock Enhanced Dividend AchieversTM Trust |
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Date: June 28, 2010