UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21931

Name of Fund: BlackRock Real Asset Equity Trust (BCF)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Real Asset Equity 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: 10/31/2010



 

 

Item 1 –

Report to Stockholders


 

 

(BLACKROCK LOGO)

October 31, 2010


 

 

 

 

Annual Report

 

 


 

 

          

BlackRock Dividend AchieversTM Trust (BDV)

 

 

          

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

          

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

          

BlackRock EcoSolutions Investment Trust (BQR)

 

 

          

BlackRock Energy and Resources Trust (BGR)

 

 

          

BlackRock Global Opportunities Equity Trust (BOE)

 

 

          

BlackRock Health Sciences Trust (BME)

 

 

          

BlackRock International Growth and Income Trust (BGY)

 

 

          

BlackRock Real Asset Equity Trust (BCF)

 

 

          

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


 

Not FDIC Insured • No Bank Guarantee • May Lose Value




 


 

Table of Contents


 

 

 

 

 

 

Page

 

Dear Shareholder

 

3

 

Annual Report:

 

 

 

Trust Summaries

 

4

 

Derivative Financial Instruments

 

14

 

Financial Statements:

 

 

 

Schedules of Investments

 

15

 

Statements of Assets and Liabilities

 

62

 

Statements of Operations

 

64

 

Statements of Changes in Net Assets

 

66

 

Financial Highlights

 

70

 

Notes to Financial Statements

 

80

 

Report of Independent Registered Public Accounting Firm

 

88

 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

 

89

 

Automatic Dividend Reinvestment Plans

 

92

 

Important Tax Information

 

93

 

Officers and Trustees

 

94

 

Additional Information

 

97

 


Section 19(b) Disclosure

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

 

 

 

Exchange Symbol

 

Amount Per Common Share

BDV

 

$0.162500

BDJ

 

$0.245000

BDT

 

$0.162500

BQR

 

$0.300000

BGR

 

$0.405000

BOE

 

$0.568750

BME

 

$0.384375

BGY

 

$0.340000

BCF

 

$0.271800

BQY

 

$0.250000

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

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

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

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

 

 

 

 

 

2

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

A Letter to Shareholders

Dear Shareholder:

The global economic recovery that began in 2009 has continued on its choppy course this year, delivering mixed but slowly improving economic data and gradual if uneven improvement of investor sentiment. The risks of a double-dip recession continue to recede, but the economy remains mired in a slow-growth environment. In the United States, the National Bureau of Economic Research declared that the “Great Recession” ended in June 2009. Spanning December 2007 to June 2009, this marked the longest reported recession since the Great Depression. Structural problems of ongoing deleveraging and weak spending among businesses and households weigh heavily on the pace of economic growth. The unemployment rate remains stubbornly high in the face of sluggish job gains in the private sector. The US dollar, along with other developed market currencies, has experienced devaluation resulting from aggressively easy monetary and fiscal policies. Given these long-standing conditions, the Federal Reserve Board has announced that additional policy action will be taken to combat deflation and unemployment and promote economic growth.

The high levels of volatility experienced in global equity markets throughout 2009 continued into 2010 as mixed economic data and lingering credit issues caused stocks to trade in both directions, but by the end of the first quarter, most markets had managed to post gains. The second quarter, in contrast, brought higher levels of volatility and a “flight to quality” as investor sentiment was dominated by fears of a double-dip recession. Global equity markets saw negative quarterly returns — and for many markets, the first significant downturn since the bull market began in March 2009. In the third quarter, economic data turned less negative and strong corporate earnings reports became increasingly consistent. These factors, along with attractive valuations and expectations for additional quantitative easing, drove equity markets higher, with most markets recapturing their second quarter losses. Stocks continued their rally into the beginning of the fourth quarter, closing out the 12-month period in positive territory. International equities posted gains on both a six- and 12-month basis. In the United States, both large and small cap equities posted robust gains for the 12-month period, while on a six-month basis, large cap stocks remained relatively flat and small caps turned slightly negative.

In fixed income markets, yields fluctuated but declined significantly over the past 12 months amid heightened uncertainty. Weak economic data, lingering credit problems and, near the end of the period, the expectation of additional quantitative easing drove interest rates lower and bond prices higher. Treasuries rallied over the period, modestly outperforming the credit spread sectors of the market. Corporate credit spreads benefited from the low interest rate environment and high yield fixed income became increasingly attractive due to declining default rates and better-than-expected results on European bank stress tests. Tax-exempt municipal bonds performed well over the 12-month period, driven primarily by technical factors including favorable supply-and-demand dynamics.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Against this backdrop, the major market averages posted the following returns:

 

 

 

 

 

 

 

 

Total Returns as of October 31, 2010

 

6-month

 

12-month

 

US large cap equities (S&P 500 Index)

 

 

0.74

%

 

16.52

%

US small cap equities (Russell 2000 Index)

 

 

(1.24

)

 

26.58

 

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

 

 

5.74

 

 

8.36

 

3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)

 

 

0.08

 

 

0.12

 

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

 

 

10.63

 

 

10.03

 

US investment grade bonds (Barclays Capital US Aggregate Bond Index)

 

 

5.33

 

 

8.01

 

Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)

 

 

3.95

 

 

7.78

 

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

 

 

6.73

 

 

19.10

 

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

As global economic conditions continue to improve, investors across the world continue to face uncertainty about the future of economic growth. 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.

Sincerely,

-s- Rob Kapito

Rob Kapito
President, BlackRock Advisors, LLC

 

 

 

 

 

 

 

 

THIS PAGE NOT PART OF YOUR FUND REPORT

 

OCTOBER 31, 2010

3




 

 



 

 

Trust Summary as of October 31, 2010

BlackRock Dividend AchieversTM Trust


 

 

 

Trust Overview

 

 

 

 

BlackRock Dividend AchieversTM Trust’s (BDV) (the “Trust”) investment objective is to provide total return through a combination of current income, capital gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in common stocks included in the universe of common stocks of issuers which Indxis (formerly Mergent), a recognized provider of financial information, has determined are Dividend Achievers™. Each issuer in the Dividend Achievers™ universe has been identified as a U.S. publicly traded company that has consistently increased its regular annual dividend payments for at least each of the last ten years. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance current gains.

 

 

 

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

 

 

 

Performance

 

 

 

 

For the 12 months ended October 31, 2010, the Trust returned 28.15% based on market price and 17.36% based on net asset value (“NAV”). For the same period, the benchmark Indxis Broad Dividend Achievers Index (“Dividend Achievers Index”) (formerly Mergent Broad Dividend Achievers Index) returned 18.27% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 17.67% and 15.71%, 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 following discussion relates to performance based on NAV. Detracting from performance for the period was security selection in the industrials sector as well as consumer staples and health care, where the Trust’s holdings in more defensive names weighed on performance. The Trust’s cash weighting, though minimal, detracted marginally as markets appreciated. Contributing to performance was stock selection in materials and in the more stable-yielding utilities sector. An underweight allocation to financials proved beneficial as the strong price appreciation seen in the sector early in 2010 trailed off during the year due to significant headwinds, including increased regulation and a tightening competitive environment. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

 

Trust Information

 

 

 

Symbol on New York Stock Exchange (“NYSE”)

BDV

Initial Offering Date

December 23, 2003

Yield based on Closing Market Price as of October 31, 2010 ($9.88)1

6.58%

Current Quarterly Distribution per Common Share2

$0.1625

Current Annualized Distribution per Common Share2

$0.6500

   

 

 

1

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

2

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

9.88

 

$

8.27

 

 

19.47

%

$

9.98

 

$

5.88

 

Net Asset Value

 

$

10.00

 

$

9.14

 

 

9.41

%

$

10.11

 

$

8.86

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

               

International Business Machines Corp.

 

 

 

 

5

%

 

Chevron Corp.

 

 

 

 

4

 

 

Exxon Mobil Corp.

 

 

 

 

3

 

 

Caterpillar, Inc.

 

 

 

 

3

 

 

Johnson & Johnson

 

 

 

 

3

 

 

McDonald’s Corp.

 

 

 

 

3

 

 

AT&T Inc.

 

 

 

 

3

 

 

Abbott Laboratories

 

 

 

 

3

 

 

Procter & Gamble Co. (The)

 

 

 

 

3

 

 

Altria Group, Inc.

 

 

 

 

3

 

 

               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector Allocations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

               

Consumer Staples

 

21

%

 

22

%

 

Industrials

 

14

 

 

15

 

 

Health Care

 

12

 

 

15

 

 

Energy

 

11

 

 

9

 

 

Utilities

 

9

 

 

4

 

 

Consumer Discretionary

 

8

 

 

8

 

 

Financials

 

7

 

 

13

 

 

Information Technology

 

6

 

 

6

 

 

Materials

 

6

 

 

3

 

 

Telecommunication Services

 

6

 

 

5

 

 

               

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


 

 

 

 

 

4

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 



 

 

Trust Summary as of October 31, 2010

BlackRock Enhanced Dividend AchieversTM Trust


 

 

 

Trust Overview

 

 

 

 

BlackRock Enhanced Dividend AchieversTM Trust’s (BDJ) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment 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 current gains. The Trust invests, under normal market conditions, at least 80% of its assets in common stocks that are included in the universe of common stocks of issuers which Indxis (formerly Mergent) has determined are Dividend Achievers™ and options with exposure to such stocks. Each issuer in the Dividend Achievers™ universe has been identified as a U.S. publicly traded company that has consistently increased its regular annual dividend payments for at least each of the last ten years. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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

 

 

 

Performance

 

 

 

 

For the 12 months ended October 31, 2010, the Trust returned 28.30% based on market price and 15.23% based on NAV. For the same period, the benchmark Dividend Achievers Index returned 18.27% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 17.67% and 15.71%, 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 following discussion relates to performance based on NAV. Stock selection in the industrials sector was the primary cause of the Trust’s underperformance relative to the benchmark. The Trust’s cash position hindered relative performance as markets appreciated over the period. Also detracting was stock selection in consumer staples and health care, where the Trust’s holdings in more defensive names weighed on performance. Contributing positively to performance was security selection based on fundamental analyses in materials, utilities, and telecommunication services; the Trust’s holdings in these sectors performed as anticipated and generated meaningful dividend income in an environment where investors avidly sought yield and income. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

 

Trust Information

 

 

 

Symbol on NYSE

BDJ

Initial Offering Date

August 31, 2005

Yield based on Closing Market Price as of October 31, 2010 ($8.99)1

10.90%

Current Quarterly Distribution per Common Share2

$0.245

Current Annualized Distribution per Common Share2

$0.980

   

 

 

1

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

2

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

8.99

 

$

7.89

 

 

13.94

%

$

9.28

 

$

7.29

 

Net Asset Value

 

$

8.32

 

$

8.13

 

 

2.34

%

$

8.64

 

$

7.61

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

             

International Business Machines Corp.

 

 

 

 

5

%

 

Chevron Corp.

 

 

 

 

4

 

 

Exxon Mobil Corp.

 

 

 

 

4

 

 

Johnson & Johnson

 

 

 

 

3

 

 

Caterpillar, Inc.

 

 

 

 

3

 

 

McDonald’s Corp.

 

 

 

 

3

 

 

Procter & Gamble Co. (The)

 

 

 

 

3

 

 

Abbott Laboratories

 

 

 

 

3

 

 

AT&T Inc.

 

 

 

 

3

 

 

Coca-Cola Co. (The)

 

 

 

 

3

 

 

               

 

 

 

 

 

 

 

 

 

 

Sector Allocations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

           

Consumer Staples

 

21

%

 

22

%

 

Industrials

 

14

 

 

14

 

 

Health Care

 

12

 

 

16

 

 

Energy

 

11

 

 

9

 

 

Utilities

 

9

 

 

4

 

 

Consumer Discretionary

 

8

 

 

8

 

 

Financials

 

7

 

 

12

 

 

Information Technology

 

6

 

 

6

 

 

Materials

 

6

 

 

3

 

 

Telecommunication Services

 

6

 

 

6

 

 

               

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


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

5




 

 

 

 


 

 

Trust Summary as of October 31, 2010

BlackRock Strategic Dividend AchieversTM Trust


 

 

Trust Overview

 

 

 

BlackRock Strategic Dividend AchieversTM Trust’s (BDT) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing primarily in common stocks of small to mid-capitalization issuers that pay above average dividends and have the potential for capital appreciation. The Trust invests, under normal market conditions, at least 80% of its assets in common stocks included in the universe of common stocks of issuers which Indxis (formerly Mergent), a recognized provider of financial information, has determined are Dividend Achievers™. Each issuer in the Dividend Achievers™ universe has been identified as a U.S. publicly traded company that has consistently increased its regular annual dividend payments for at least each of the last ten years. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance current gains.

 

 

 

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

 

 

Performance

 

 

 

For the 12 months ended October 31, 2010, the Trust returned 27.67% based on market price and 21.94% based on NAV. For the same period, the benchmark Dividend Achievers Index returned 18.27% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 17.67% and 15.71%, 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 following discussion relates to performance based on NAV. Stock selection in the financials sector drove the Trust’s outperformance relative to the benchmark as many of the Trust’s holdings in lower-capitalized financial names delivered strong performance toward the end of 2009 and the first half of 2010. A modestly underweight allocation to health care proved beneficial as did positive stock selection within the sector. A strategic overweight in utilities provided additional outperformance. Detracting from performance was stock selection in materials, where the Trust’s largest holding within the sector turned out to be the worst performing materials stock. Stock selection in consumer staples also had a negative impact. The Trust’s cash position hindered relative performance as markets appreciated over the period. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

Trust Information


 

 

Symbol on NYSE

BDT

Initial Offering Date

March 30, 2004

Yield based on Closing Market Price as of October 31, 2010 ($9.98)1

6.51%

Current Quarterly Distribution per Common Share2

$0.1625

Current Annualized Distribution per Common Share2

$0.6500

   

 

 

1

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

2

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

9.98

 

$

8.37

 

 

19.24

%

$

10.43

 

$

6.50

 

Net Asset Value

 

$

11.07

 

$

9.72

 

 

13.89

%

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

             

Stanley Black & Decker, Inc.

 

 

 

 

2

%

 

Hormel Foods Corp.

 

 

 

 

2

 

 

NSTAR

 

 

 

 

2

 

 

Cincinnati Financial Corp.

 

 

 

 

2

 

 

Aqua America, Inc.

 

 

 

 

2

 

 

Northeast Utilities

 

 

 

 

2

 

 

Cullen/Frost Bankers, Inc.

 

 

 

 

2

 

 

New Jersey Resources Corp.

 

 

 

 

2

 

 

Roper Industries, Inc.

 

 

 

 

2

 

 

Pentair, Inc.

 

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

Sector Allocations

 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

           

Financials

 

29

%

 

33

%

 

Utilities

 

23

 

 

13

 

 

Industrials

 

17

 

 

20

 

 

Consumer Staples

 

9

 

 

9

 

 

Consumer Discretionary

 

9

 

 

11

 

 

Materials

 

6

 

 

6

 

 

Information Technology

 

3

 

 

3

 

 

Health Care

 

2

 

 

3

 

 

Telecommunication Services

 

1

 

 

1

 

 

Energy

 

1

 

 

1

 

 

               

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


 

 

 

 

 

6

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 

 

 


 

 

Trust Summary as of October 31, 2010

BlackRock EcoSolutions Investment Trust


 

 

Trust Overview

 

 

 

BlackRock EcoSolutions Investment Trust’s (BQR) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities issued by companies that are engaged in one or more of New Energy (e.g., products, technologies and services connected to the efficient use of energy or the provision or manufacture of alternative forms of energy), Water Resources and Agriculture business segments. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance current gains.

 

 

 

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

 

 

Performance

 

 

 

For the 12 months ended October 31, 2010, the Trust returned 28.08% based on market price and 13.04% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 28.58% based on market price and 28.74% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s investments in new energy detracted from performance during the period. Wind power companies were the poorest performers due to a loss of momentum in the progression of supportive legislation. Conversely, the Trust derived positive performance from its agriculture investments. Fertilizer companies were the strongest performers as they benefited from improved farming margins due to a rally in grain prices in the latter part of the period. The Trust’s holdings in grain and crop producers also benefited from the strength in grain prices. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

Trust Information


 

 

Symbol on NYSE

BQR

Initial Offering Date

September 28, 2007

Yield based on Closing Market Price as of October 31, 2010 ($11.69)1

10.27%

Current Quarterly Distribution per Common Share2

$0.30

Current Annualized Distribution per Common Share2

$1.20

   

 

 

1

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

2

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

11.69

 

$

10.23

 

 

14.27

%

$

12.02

 

$

9.06

 

Net Asset Value

 

$

10.65

 

$

10.56

 

 

0.85

%

$

11.67

 

$

9.10

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

             

Agrium, Inc.

 

 

 

 

3

%

 

Syngenta AG

 

 

 

 

2

 

 

Potash Corp. of Saskatchewan, Inc.

 

 

 

 

2

 

 

BrasilAgro - Companhia Brasileira de Propriedades Agricolas

 

 

 

 

2

 

 

Johnson Matthey Plc

 

 

 

 

2

 

 

Mosaic Co. (The)

 

 

 

 

2

 

 

Monsanto Co.

 

 

 

 

2

 

 

Aqua America, Inc.

 

 

 

 

2

 

 

Severn Trent Plc

 

 

 

 

2

 

 

Cia de Saneamento de Minas Gerias-COPASA

 

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

Industry Allocations

 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

           

Chemicals

 

27

%

 

26

%

 

Water Utilities

 

23

 

 

21

 

 

Food Products

 

14

 

 

11

 

 

Machinery

 

8

 

 

8

 

 

Electrical Equipment

 

6

 

 

9

 

 

Electric Utilities

 

3

 

 

3

 

 

Real Estate Investment Trusts (REITs)

 

3

 

 

3

 

 

Electronic Equipment, Instruments & Components

 

3

 

 

3

 

 

Commercial Services & Supplies

 

2

 

 

3

 

 

Oil, Gas & Consumable Fuels

 

2

 

 

2

 

 

Independent Power Producers & Energy Traders

 

2

 

 

3

 

 

Multi-Utilities

 

2

 

 

3

 

 

Construction & Engineering

 

2

 

 

2

 

 

Other3

 

3

 

 

3

 

 

 

 

   

3

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


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

7




 

 


 

 

Trust Summary as of October 31, 2010

BlackRock Energy and Resources Trust


 

 

Trust Overview

 

 

BlackRock Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance current gains.

 

 

 

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

 

 

Performance

 

 

For the 12 months ended October 31, 2010, the Trust returned 21.95% based on market price and 15.89% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 28.58% based on market price and 28.74% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s investments in the oil & gas drilling sub-industry detracted from performance for the period. Holdings of Transocean Ltd., Noble Corp. and Diamond Offshore Drilling, Inc. were notable weak performers in this group. Conversely, the Trust’s investments in the oil & gas storage & transportation sub-industry contributed positively to returns, as did holdings within coal & consumable fuels, oil & gas exploration & production and oil & gas equipment & services. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BGR

Initial Offering Date

 

December 29, 2004

Yield based on Closing Market Price as of October 31, 2010 ($25.36)1

 

6.39%

Current Quarterly Distribution per Common Share2

 

$0.405

Current Annualized Distribution per Common Share2

 

$1.620

 

 

 

 

 

1

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

 

2

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

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

25.36

 

$

22.18

 

 

14.34

%

$

27.43

 

$

20.50

 

Net Asset Value

 

$

25.87

 

$

23.81

 

 

8.65

%

$

27.97

 

$

22.65

 

                       

 

 

 

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


 

Ten Largest Holdings


 

 

 

 

 

 

 

10/31/10

 

       

Whiting Petroleum Corp.

 

6

%

 

Petrohawk Energy Corp.

 

5

 

 

Massey Energy Co.

 

4

 

 

EOG Resources, Inc.

 

4

 

 

Occidental Petroleum Corp.

 

4

 

 

Alpha Natural Resources, Inc.

 

3

 

 

Peabody Energy Corp.

 

3

 

 

Petroleo Brasileiro SA - ADR

 

3

 

 

Anadarko Petroleum Corp.

 

3

 

 

Brigham Exploration Co.

 

3

 

 

         

 

Industry Allocations


 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

               

Oil, Gas & Consumable Fuels

 

74

%

 

70

%

 

Energy Equipment & Services

 

17

 

 

20

 

 

Metals & Mining

 

4

 

 

4

 

 

Gas Utilities

 

2

 

 

4

 

 

Pipelines

 

1

 

 

 

 

Transportation

 

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

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Trust Summary as of October 31, 2010

BlackRock Global Opportunities Equity Trust


 

 

Trust Overview

 

 

BlackRock Global Opportunities Equity Trust’s (BOE) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains. The Trust invests, under normal market conditions, at least 80% of its assets in equity securities or options on equity securities or indices or sectors of equity securities. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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

 

 

Performance

 

 

For the 12 months ended October 31, 2010, the Trust returned 17.58% based on market price and 13.76% based on NAV. For the same period, the benchmark MSCI All Country World Index posted a return of 14.10%. 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 following discussion relates to performance based on NAV. Stock selection within consumer staples, information technology (IT) and telecommunication services negatively impacted relative performance, as did an underweight position in telecommunication services. Conversely, positioning across materials, energy and consumer discretionary aided returns. Approximately half of the portfolio was overwritten during the period. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BOE

Initial Offering Date

 

May 31, 2005

Yield based on Closing Market Price as of October 31, 2010 ($19.06)1

 

11.94%

Current Quarterly Distribution per Common Share2

 

$0.56875

Current Annualized Distribution per Common Share2

 

$2.27500

     

 

 

 

 

1

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

 

2

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

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

19.06

 

$

18.40

 

 

3.59

%

$

20.61

 

$

11.29

 

Net Asset Value

 

$

18.68

 

$

18.64

 

 

0.21

%

$

19.97

 

$

16.51

 

                                 

 

 

 

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

 

 

Ten Largest Holdings


 

 

 

 

 

 

 

10/31/10

 

         

Royal Dutch Shell Plc - ADR

 

2

%

 

Yara International ASA

 

1

 

 

Apple, Inc.

 

1

 

 

ConocoPhillips

 

1

 

 

Pfizer, Inc.

 

1

 

 

Volkswagen AG, Preference Shares

 

1

 

 

Newmont Mining Corp.

 

1

 

 

ITOCHU Corp.

 

1

 

 

Mosaic Co. (The)

 

1

 

 

PepsiCo, Inc.

 

1

 

 

         

 

Geographic Allocations


 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

               

United States

 

44

%

 

46

%

 

United Kingdom

 

9

 

 

7

 

 

Germany

 

7

 

 

3

 

 

Japan

 

6

 

 

6

 

 

Canada

 

4

 

 

4

 

 

Hong Kong

 

3

 

 

2

 

 

Brazil

 

3

 

 

1

 

 

Switzerland

 

2

 

 

5

 

 

France

 

2

 

 

5

 

 

Spain

 

2

 

 

2

 

 

South Korea

 

2

 

 

2

 

 

China

 

2

 

 

1

 

 

Singapore

 

 

 

2

 

 

Other3

 

14

 

 

14

 

 

               

 

 

 

 

3

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


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

9




 

 


 

 

Trust Summary as of October 31, 2010

BlackRock Health Sciences Trust


 

 

 

Trust Overview

 

 

 

 

BlackRock Health Sciences Trust’s (BME) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust utilizes an option writing (selling) strategy to enhance current gains.

 

 

 

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

 

 

 

Performance

 

 

 

 

For the 12 months ended October 31, 2010, the Trust returned 27.33% based on market price and 13.69% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned 14.69%. 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 following discussion relates to performance based on NAV. The Trust’s underweight relative to the benchmark and stock selection in pharmaceuticals detracted from performance for the period, as did an overweight in the health care providers & services industry. Holding cash on reserve to cover written put exposures detracted modestly from the Trust’s performance as markets generally advanced over the period. Despite underperforming the benchmark during the period, overall stock selection did contribute positively to relative performance. Positioning within the biotechnology, life sciences tools & services, health care services, health care equipment and health care supplies sub-industries all helped contribute to this outcome. Approximately 35% of the portfolio was overwritten during the period. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

 

Trust Information

 

 

 

 

Symbol on NYSE

 

BME

Initial Offering Date

 

March 31, 2005

Yield based on Closing Market Price as of October 31, 2010 ($27.14)1

 

5.67%

Current Quarterly Distribution per Common Share2

 

$0.384375

Current Annualized Distribution per Common Share2

 

$1.537500

     

 

 

 

 

1

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

 

2

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

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

 

Market Price

 

$

27.14

 

$

22.61

 

 

20.04

%

$

27.54

 

$

22.29

 

Net Asset Value

 

$

27.19

 

$

25.37

 

 

7.17

%

$

28.74

 

$

24.80

 

 

 

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

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

10/31/10

 

         

Pfizer, Inc.

 

6

%

 

Celgene Corp.

 

4

 

 

UnitedHealth Group, Inc.

 

4

 

 

Johnson & Johnson

 

4

 

 

Fresenius Medical Care AG & Co. KGaA

 

4

 

 

Abbott Laboratories

 

3

 

 

Gilead Sciences, Inc.

 

3

 

 

DaVita, Inc.

 

3

 

 

AmerisourceBergen Corp.

 

3

 

 

WellPoint, Inc.

 

3

 

 


 

 

Industry Allocations

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

               

Health Care Providers & Services

 

27

%

 

14

%

 

Pharmaceuticals

 

23

 

 

28

 

 

Health Care Equipment &
Supplies

 

19

 

 

28

 

 

Biotechnology

 

16

 

 

13

 

 

Life Sciences Tools & Services

 

9

 

 

11

 

 

Health Care Technology

 

5

 

 

2

 

 

Chemicals

 

1

 

 

 

 

Food & Staples Retailing

 

 

 

3

 

 

Industrial Conglomerates

 

 

 

1

 

 

               

 

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


 

 

 

 

 

10

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Trust Summary as of October 31, 2010

BlackRock International Growth and Income Trust


 

 

 

Trust Overview

 

 

 

 

BlackRock International Growth and Income Trust’s (BGY) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains. The Trust invests, under normal market conditions, at least 80% of its assets in equity securities issued by non-U.S. companies of any market capitalization located in countries throughout the world. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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

 

 

 

Performance

 

 

 

 

For the 12 months ended October 31, 2010, the Trust returned 12.49% based on market price and 12.06% based on NAV. For the same period, the benchmark MSCI All Country World Index ex-US returned 12.62%. 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. The following discussion relates to performance based on NAV. Stock selection in financials detracted from relative performance as did the Trust’s positions in consumer staples and materials. The Trust’s cash balance also hindered returns as markets advanced during the period. On an absolute basis, positive performance was led by holdings in the materials, industrials and consumer discretionary sectors, which performed well during the period. Relative to the benchmark, the Trust’s underweight position in financials and overweights and stock selection within industrials and consumer discretionary contributed positively to performance. Approximately 60% of the portfolio was overwritten during the period. The option writing strategy had an overall positive impact on performance due to earnings generated over the period. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

 

Trust Information

 

 

 

 

Symbol on NYSE

 

BGY

Initial Offering Date

 

May 30, 2007

Yield based on Closing Market Price as of October 31, 2010 ($10.56)1

 

12.88%

Current Quarterly Distribution per Common Share2

 

$0.34

Current Annualized Distribution per Common Share2

 

$1.36

     

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

10.56

 

$

10.92

 

 

(3.30

)%

$

12.67

 

$

8.48

 

Net Asset Value

 

$

10.52

 

$

10.92

 

 

(3.66

)%

$

11.67

 

$

9.22

 

                                 

 

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

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

10/31/10

 

       

Royal Dutch Shell Plc - ADR

 

2

%

 

Yara International ASA

 

2

 

 

HSBC Holdings Plc

 

1

 

 

Nestle SA

 

1

 

 

Imperial Tobacco Group Plc

 

1

 

 

Antofagasta Plc

 

1

 

 

Adaro Energy PT

 

1

 

 

WPP Plc

 

1

 

 

Bumiputra-Commerce Holdings Bhd

 

1

 

 

NSK Ltd.

 

1

 

 

         

 

 

Geographic Allocations

 

 

 

 

 

 

 

 

 

 

 

10/31/10

 

10/31/09

 

           

United Kingdom

 

20

%

 

17

%

 

Japan

 

12

 

 

12

 

 

Canada

 

10

 

 

11

 

 

Germany

 

9

 

 

7

 

 

Switzerland

 

7

 

 

8

 

 

Hong Kong

 

5

 

 

4

 

 

Brazil

 

4

 

 

1

 

 

Spain

 

3

 

 

2

 

 

France

 

3

 

 

9

 

 

Taiwan

 

2

 

 

2

 

 

China

 

2

 

 

2

 

 

South Korea

 

2

 

 

2

 

 

Netherlands

 

2

 

 

2

 

 

Denmark

 

2

 

 

1

 

 

Singapore

 

2

 

 

3

 

 

Sweden

 

2

 

 

1

 

 

Mexico

 

2

 

 

1

 

 

Italy

 

1

 

 

2

 

 

Australia

 

1

 

 

3

 

 

Russia

 

 

 

2

 

 

Other3

 

9

 

 

8

 

 

               

 

 

3

Other includes a 1% holding in each of the following countries; for 10/31/10, Norway, Indonesia, South Africa, United States, Thailand, Malaysia, Belgium, Ireland and Finland and for 10/31/09, Luxembourg, Norway, Malaysia, United States, Belgium, Israel, Greece and India.


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

11




 

 

 

 


 

 

Trust Summary as of October 31, 2010

BlackRock Real Asset Equity Trust


 

 

 

 

Trust Overview

 

 

 

BlackRock Real Asset Equity Trust’s (BCF) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities of energy, natural resources and basic materials companies and equity derivatives with exposure to companies in the energy, natural resources and basic materials industries. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance current gains.

 

 

 

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

 

 

Performance

 

 

For the 12 months ended October 31, 2010, the Trust returned 28.08% based on market price and 24.65% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 28.58% based on market price and 28.74% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s investments in the materials sector, particularly in the diversified metals & mining and precious metals & minerals sub-industries, detracted from performance for the period. Conversely, the Trust’s investments in energy contributed positively to returns, particularly within the oil & gas exploration & production sub-industry. Holdings in the coal & consumable fuels, oil & gas equipment & services and integrated oil & gas sub-industries also had a positive impact on performance. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

 

 

Trust Information


 

 

 

 

 

Symbol on NYSE

 

BCF

 

Initial Offering Date

 

September 29, 2006

 

Yield based on Closing Market Price as of October 31, 2010 ($13.46)1

 

8.08%

 

Current Quarterly Distribution per Common Share2

 

$0.2718

 

Current Annualized Distribution per Common Share2

 

$1.0872

 

     

 

 

 

 

1

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

 

2

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

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

13.46

 

$

11.45

 

 

17.55

%

$

14.05

 

$

9.92

 

Net Asset Value

 

$

13.42

 

$

11.73

 

 

14.41

%

$

13.66

 

$

11.10

 

                                 

 

 

 

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


 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

10/31/10

       

Rio Tinto Plc

 

4

%

BHP Billiton Plc

 

4

 

Vale SA - ADR

 

4

 

Xstrata Plc

 

3

 

E. I. du Pont de Nemours & Co.

 

3

 

Caterpillar, Inc.

 

3

 

Praxair, Inc.

 

2

 

Industrias Penoles SAB de CV

 

2

 

Impala Platinum Holdings Ltd.

 

2

 

Vedanta Resources Plc

 

2

 

       

 

 

 

 

 

 

 

Industry Allocations

 

 

 

 

 

 

 

10/31/10

 

10/31/09

             

Metals & Mining

 

45

%

 

43

%

Oil, Gas & Consumable Fuels

 

28

 

 

26

 

Chemicals

 

11

 

 

10

 

Paper & Forest Products

 

5

 

 

6

 

Energy Equipment & Services

 

5

 

 

9

 

Machinery

 

4

 

 

3

 

Containers & Packaging

 

1

 

 

1

 

Gas Utilities

 

1

 

 

2

 

             

 

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


 

 

 

 

 

12

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 

 

 


 

 

Trust Summary as of October 31, 2010

BlackRock S&P Quality Rankings Global Equity Managed Trust


 

 

 

 

Trust Overview

 

 

 

BlackRock S&P Quality Rankings Global Equity Managed Trust’s (BQY) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing primarily in equity securities of issuers that pay above-average dividends and have the potential for capital appreciation. The Trust invests, under normal market conditions, at least 80% of its assets in equity securities included in the S&P Quality Rankings that are ranked at least B+ by S&P at the time of investment. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance current gains.

 

 

 

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

 

 

Performance

 

 

 

For the 12 months ended October 31, 2010, the Trust returned 24.67% based on market price and 14.08% based on NAV. For the same period, the benchmark MSCI World Value Index returned 9.62%. 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 following discussion relates to performance based on NAV. The Trust’s underweight allocation to financials combined with strong stock selection within the sector drove the Trust’s outperformance relative to the benchmark. Stock selection in the industrials and consumer staples sectors made a significant impact, while selection within materials and utilities was also beneficial. Detracting from performance was stock selection within the consumer discretionary sector. The Trust’s cash position hindered relative performance as markets appreciated over the period. An underweight allocation to telecommunication services hurt relative performance, as did stock selection within the energy sector. In addition, earnings generated through the Trust’s option writing strategy enhanced performance for the period.

 

 

 

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

 

 

 

Trust Information


 

 

 

 

 

Symbol on NYSE Amex

 

BQY

 

Initial Offering Date

 

May 28, 2004

 

Yield based on Closing Market Price as of October 31, 2010 ($13.44)1

 

7.44%

 

Current Quarterly Distribution per Common Share2

 

$0.25

 

Current Annualized Distribution per Common Share2

 

$1.00

 

     

 

 

 

 

1

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

 

2

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

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/10

 

10/31/09

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

13.44

 

$

11.54

 

 

16.46

%

$

13.49

 

$

10.39

 

Net Asset Value

 

$

14.26

 

$

13.38

 

 

6.58

%

$

14.62

 

$

12.32

 

                                 

 

 

 

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


 

 

 

 

Ten Largest Holdings

 

 

 

 

 

10/31/10

       

Exxon Mobil Corp.

 

3

%

AT&T Inc.

 

3

 

Emerson Electric Co.

 

2

 

Chevron Corp.

 

2

 

Royal Bank of Canada

 

2

 

International Business Machines Corp.

 

2

 

Bank of Montreal

 

2

 

HSBC Holdings Plc

 

2

 

Altria Group, Inc.

 

2

 

Bristol-Myers Squibb Co.

 

2

 

       

 

 

 

 

 

 

 

Geographic Allocations

 

 

 

 

 

 

 

10/31/10

 

10/31/09

             

United States

 

50

%

 

46

%

United Kingdom

 

8

 

 

11

 

Canada

 

7

 

 

6

 

Australia

 

5

 

 

5

 

Japan

 

5

 

 

6

 

France

 

5

 

 

5

 

Sweden

 

4

 

 

4

 

Germany

 

4

 

 

3

 

Hong Kong

 

2

 

 

3

 

Spain

 

2

 

 

3

 

Italy

 

2

 

 

2

 

Singapore

 

2

 

 

1

 

Other3

 

4

 

 

5

 

             

 

 

 

 

3

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


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

13




 

 



 

 

Derivative Financial Instruments

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 may 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 a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower dividends paid to shareholders or may cause a Trust to hold an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

 

 

 

 

 

14

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Schedule of Investments October 31, 2010

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—5.2%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

172,800

 

$

11,771,136

 

Raytheon Co. (a)

 

 

128,400

 

 

5,916,672

 

United Technologies Corp. (a)

 

 

144,800

 

 

10,826,696

 

 

 

 

 

 

     

 

 

 

 

 

 

28,514,504

 

               

Beverages—6.4%

 

 

 

 

 

 

 

Brown-Forman Corp., Class B

 

 

119,200

 

 

7,248,552

 

Coca-Cola Co. (The)

 

 

243,000

 

 

14,900,760

 

PepsiCo, Inc.

 

 

195,075

 

 

12,738,398

 

 

 

 

 

 

     

 

 

 

 

 

 

34,887,710

 

               

Capital Markets—0.6%

 

 

 

 

 

 

 

T. Rowe Price Group, Inc. (a)

 

 

62,100

 

 

3,432,267

 

               

Chemicals—3.9%

 

 

 

 

 

 

 

Air Products & Chemicals, Inc. (a)

 

 

26,800

 

 

2,277,196

 

E.I. du Pont de Nemours & Co.

 

 

183,800

 

 

8,690,064

 

PPG Industries, Inc. (a)

 

 

60,600

 

 

4,648,020

 

RPM International, Inc.

 

 

195,800

 

 

4,055,018

 

Valspar Corp.

 

 

54,500

 

 

1,749,450

 

 

 

 

 

 

     

 

 

 

 

 

 

21,419,748

 

               

Commercial Banks—1.8%

 

 

 

 

 

 

 

Bank of Hawaii Corp.

 

 

56,500

 

 

2,440,235

 

Cullen/Frost Bankers, Inc.

 

 

47,100

 

 

2,469,924

 

Toronto-Dominion Bank (The) (a)

 

 

35,900

 

 

2,591,980

 

U.S. Bancorp (a)

 

 

104,400

 

 

2,524,392

 

 

 

 

 

 

     

 

 

 

 

 

 

10,026,531

 

               

Commercial Services & Supplies—0.5%

 

 

 

 

 

 

 

Pitney Bowes, Inc. (a)

 

 

131,854

 

 

2,892,877

 

               

Computers & Peripherals—5.0%

 

 

 

 

 

 

 

International Business Machines Corp. (a)

 

 

191,800

 

 

27,542,480

 

               

Diversified Financial Services—1.8%

 

 

 

 

 

 

 

JPMorgan Chase & Co. (a)

 

 

255,600

 

 

9,618,228

 

               

Diversified Telecommunication—5.7%

 

 

 

 

 

 

 

AT&T Inc. (a)

 

 

611,500

 

 

17,427,750

 

CenturyLink, Inc. (a)

 

 

328,800

 

 

13,605,744

 

 

 

 

 

 

     

 

 

 

 

 

 

31,033,494

 

               

Electric Utilities—4.9%

 

 

 

 

 

 

 

NextEra Energy, Inc.

 

 

168,800

 

 

9,290,752

 

Northeast Utilities

 

 

248,500

 

 

7,773,080

 

PPL Corp. (a)

 

 

77,100

 

 

2,073,990

 

Progress Energy, Inc. (a)

 

 

165,000

 

 

7,425,000

 

 

 

 

 

 

     

 

 

 

 

 

 

26,562,822

 

               

Electrical Equipment—2.2%

 

 

 

 

 

 

 

Emerson Electric Co. (a)

 

 

216,500

 

 

11,885,850

 

               

Energy Equipment & Services—0.7%

 

 

 

 

 

 

 

Halliburton Co.

 

 

119,200

 

 

3,797,712

 

               

Food & Staples Retailing—1.7%

 

 

 

 

 

 

 

Sysco Corp. (a)

 

 

93,875

 

 

2,765,557

 

Wal-Mart Stores, Inc.

 

 

119,075

 

 

6,450,293

 

 

 

 

 

 

     

 

 

 

 

 

 

9,215,850

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Food Products—1.4%

 

 

 

 

 

 

 

General Mills, Inc.

 

 

131,000

 

$

4,917,740

 

Kraft Food, Inc. (a)

 

 

89,100

 

 

2,875,257

 

 

 

 

 

 

     

 

 

 

 

 

 

7,792,997

 

               

Gas Utilities—2.3%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

116,200

 

 

3,422,090

 

National Fuel Gas Co. (a)

 

 

49,500

 

 

2,731,410

 

Questar Corp. (a)

 

 

189,500

 

 

3,215,815

 

UGI Corp. (a)

 

 

101,300

 

 

3,048,117

 

 

 

 

 

 

     

 

 

 

 

 

 

12,417,432

 

               

Health Care Equipment & Supplies—1.9%

 

 

 

 

 

 

 

Becton, Dickinson and Co. (a)

 

 

40,200

 

 

3,035,904

 

Medtronic, Inc. (a)

 

 

213,200

 

 

7,506,772

 

 

 

 

 

 

     

 

 

 

 

 

 

10,542,676

 

               

Hotels Restaurants & Leisure—3.3%

 

 

 

 

 

 

 

McDonald’s Corp.

 

 

230,200

 

 

17,902,654

 

               

Household Products—6.3%

 

 

 

 

 

 

 

Clorox Co. (a)

 

 

89,000

 

 

5,922,950

 

Colgate-Palmolive Co.

 

 

61,100

 

 

4,712,032

 

Kimberly-Clark Corp.

 

 

104,750

 

 

6,634,865

 

Procter & Gamble Co. (The)

 

 

265,475

 

 

16,876,246

 

 

 

 

 

 

     

 

 

 

 

 

 

34,146,093

 

               

Industrial Conglomerates—2.6%

 

 

 

 

 

 

 

3M Co. (a)

 

 

132,100

 

 

11,125,462

 

General Electric Co. (a)

 

 

186,400

 

 

2,986,128

 

 

 

 

 

 

     

 

 

 

 

 

 

14,111,590

 

               

Insurance—2.8%

 

 

 

 

 

 

 

Chubb Corp.

 

 

109,100

 

 

6,329,982

 

Travelers Cos., Inc. (The)

 

 

161,300

 

 

8,903,760

 

 

 

 

 

 

     

 

 

 

 

 

 

15,233,742

 

               

IT Services—0.7%

 

 

 

 

 

 

 

Automatic Data Processing, Inc. (a)

 

 

54,800

 

 

2,434,216

 

Paychex, Inc. (a)

 

 

50,900

 

 

1,409,930

 

 

 

 

 

 

     

 

 

 

 

 

 

3,844,146

 

               

Machinery—3.7%

 

 

 

 

 

 

 

Caterpillar, Inc. (a)

 

 

235,900

 

 

18,541,740

 

Pentair, Inc. (a)

 

 

42,600

 

 

1,394,298

 

 

 

 

 

 

     

 

 

 

 

 

 

19,936,038

 

               

Media—0.3%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The) (a)

 

 

40,600

 

 

1,528,590

 

               

Metals & Mining—1.9%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR (a)

 

 

89,700

 

 

7,408,323

 

Nucor Corp. (a)

 

 

73,500

 

 

2,809,170

 

 

 

 

 

 

     

 

 

 

 

 

 

10,217,493

 

               

Multi-Utilities—0.9%

 

 

 

 

 

 

 

NSTAR

 

 

73,800

 

 

3,078,198

 

Vectren Corp.

 

 

66,900

 

 

1,831,722

 

 

 

 

 

 

     

 

 

 

 

 

 

4,909,920

 

               

 

Portfolio Abbreviations

 

 

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


 

 

ADR

American Depositary Receipt

AUD

Australian Dollar

BRL

Brazil Real

CAD

Canadian Dollar

CHF

Swiss Franc

CLP

Chilean Peso

DKK

Danish Krone

EUR

Euro

GBP

British Pound

IDR

Indonesian Rupiah

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

KRW

South Korean Won

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

PEN

Peruvian Neuvo Sol

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

TWD

Taiwan Dollar

USD

US Dollar

ZAR

South African Rand

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

15




 

 


 

Schedule of Investments (continued)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Multiline Retail—1.4%

 

 

 

 

 

 

 

Family Dollar Stores, Inc. (a)

 

 

28,600

 

$

1,320,462

 

Target Corp. (a)

 

 

119,650

 

 

6,214,621

 

 

 

 

 

 

     

 

 

 

 

 

 

7,535,083

 

               

Oil, Gas & Consumable Fuels—10.5%

 

 

 

 

 

 

 

Chevron Corp. (a)

 

 

248,150

 

 

20,499,671

 

Exxon Mobil Corp. (a)

 

 

280,100

 

 

18,618,247

 

Marathon Oil Corp. (a)

 

 

140,600

 

 

5,001,142

 

Murphy Oil Corp.

 

 

198,300

 

 

12,921,228

 

 

 

 

 

 

     

 

 

 

 

 

 

57,040,288

 

               

Personal Products—0.7%

 

 

 

 

 

 

 

Avon Products, Inc. (a)

 

 

124,300

 

 

3,784,935

 

               

Pharmaceuticals—9.3%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

335,400

 

 

17,212,728

 

Eli Lilly & Co.

 

 

147,900

 

 

5,206,080

 

Johnson & Johnson (a)

 

 

290,500

 

 

18,496,135

 

Merck & Co., Inc.

 

 

157,100

 

 

5,699,588

 

Pfizer, Inc. (a)

 

 

237,500

 

 

4,132,500

 

 

 

 

 

 

     

 

 

 

 

 

 

50,747,031

 

               

Semiconductors & Semiconductor Equipment—0.5%

 

 

 

 

 

 

 

Linear Technology Corp. (a)

 

 

86,200

 

 

2,778,226

 

               

Specialty Retail—2.1%

 

 

 

 

 

 

 

Lowe’s Cos., Inc.

 

 

272,100

 

 

5,803,893

 

Sherwin-Williams Co. (The) (a)

 

 

20,800

 

 

1,517,776

 

TJX Cos., Inc.

 

 

89,800

 

 

4,120,922

 

 

 

 

 

 

     

 

 

 

 

 

 

11,442,591

 

               

Textiles, Apparel & Luxury Goods—1.0%

 

 

 

 

 

 

 

VF Corp. (a)

 

 

66,700

 

 

5,552,108

 

               

Tobacco—3.7%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

594,000

 

 

15,099,480

 

Philip Morris International, Inc. (a)

 

 

48,900

 

 

2,860,650

 

Universal Corp.

 

 

60,800

 

 

2,519,552

 

 

 

 

 

 

     

 

 

 

 

 

 

20,479,682

 

               

Water Utilities—0.9%

 

 

 

 

 

 

 

Aqua America, Inc.

 

 

150,800

 

 

3,246,724

 

California Water Service Group

 

 

41,800

 

 

1,560,812

 

 

 

 

 

 

     

 

 

 

 

 

 

4,807,536

 

               

Total Long-Term Investments
(Cost—$505,914,239)—98.6%

 

 

 

 

 

537,580,924

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.21% (b)(c)

 

 

6,437,531

 

 

6,437,531

 

               

Total Short-Term Securities
(Cost—$6,437,531)—1.2%

 

 

 

 

 

6,437,531

 

               

Total Investments Before Outstanding Options Written
(Cost—$512,351,770*)—99.8%

 

 

 

 

 

544,018,455

 

               

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.3)%

 

 

 

 

 

 

 

3M Co., Strike Price USD 90, Expires 11/22/10

 

 

260

 

 

(6,630

)

Air Products & Chemicals, Inc., Strike Price USD 85,
Expires 12/20/10

 

 

54

 

 

(15,255

)

AT&T Inc., Strike Price USD 29, Expires 11/22/10

 

 

535

 

 

(11,770

)

Automatic Data Processing, Inc., Strike Price USD 43,
Expires 11/22/10

 

 

110

 

 

(18,975

)

Avon Products, Inc., Strike Price USD 34, Expires 11/22/10

 

 

248

 

 

(11,160

)

Becton, Dickinson and Co., Strike Price USD 75,
Expires 11/22/10

 

 

80

 

 

(14,400

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR, Strike Price USD 85,
Expires 12/20/10

 

 

180

 

$

(49,770

)

Caterpillar, Inc., Strike Price USD 80, Expires 12/20/10

 

 

225

 

 

(58,500

)

CenturyLink, Inc., Strike Price USD 41, Expires 12/20/10

 

 

660

 

 

(64,350

)

Chevron Corp., Strike Price USD 85, Expires 12/20/10

 

 

500

 

 

(57,250

)

Clorox Co., Strike Price USD 67.05, Expires 12/09/10

 

 

180

 

 

(14,663

)

Emerson Electric Co., Strike Price USD 52.50,
Expires 12/20/10

 

 

400

 

 

(114,194

)

Exxon Mobil Corp., Strike Price USD 62.50,
Expires 11/22/10

 

 

280

 

 

(113,400

)

Family Dollar Stores, Inc., Strike Price USD 46,
Expires 11/22/10

 

 

57

 

 

(5,985

)

General Electric Co., Strike Price USD 16.45,
Expires 11/29/10

 

 

80

 

 

(1,825

)

International Business Machines Corp.,
Strike Price USD 135, Expires 11/22/10

 

 

180

 

 

(157,050

)

Johnson & Johnson, Strike Price USD 60, Expires 11/05/10

 

 

580

 

 

(216,920

)

JPMorgan Chase & Co., Strike Price USD 38,
Expires 12/20/10

 

 

255

 

 

(36,338

)

JPMorgan Chase & Co., Strike Price USD 39,
Expires 12/20/10

 

 

255

 

 

(25,245

)

Kraft Foods, Inc., Strike Price USD 32.50, Expires 12/08/10

 

 

180

 

 

(11,880

)

Linear Technology Corp., Strike Price USD 32,
Expires 11/22/10

 

 

190

 

 

(15,200

)

Marathon Oil Corp., Strike Price USD 36, Expires 11/22/10

 

 

280

 

 

(18,900

)

McGraw-Hill Cos., Inc. (The), Strike Price USD 36,
Expires 12/20/10

 

 

80

 

 

(18,600

)

McGraw-Hill Cos., Inc. (The), Strike Price USD 37.50,
Expires 11/22/10

 

 

44

 

 

(4,290

)

Medtronic, Inc., Strike Price USD 34, Expires 11/22/10

 

 

425

 

 

(69,700

)

National Fuel Gas Co., Strike Price USD 55,
Expires 12/20/10

 

 

100

 

 

(23,000

)

Nucor Corp., Strike Price USD 39, Expires 11/22/10

 

 

145

 

 

(10,512

)

Paychex, Inc., Strike Price USD 27.50, Expires 12/20/10

 

 

100

 

 

(9,000

)

Pentair, Inc., Strike Price USD 33, Expires 11/22/10

 

 

85

 

 

(4,865

)

Pfizer, Inc., Strike Price USD 18, Expires 12/20/10

 

 

240

 

 

(6,240

)

Philip Morris International, Inc., Strike Price USD 60,
Expires 12/20/10

 

 

98

 

 

(8,330

)

Pitney Bowes, Inc., Strike Price USD 22, Expires 11/22/10

 

 

260

 

 

(11,700

)

PPG Industries, Inc., Strike Price USD 75, Expires 11/22/10

 

 

120

 

 

(29,100

)

PPL Corp., Strike Price USD 27, Expires 12/20/10

 

 

95

 

 

(5,462

)

Progress Energy, Inc., Strike Price USD 45, Expires 1/24/11

 

 

330

 

 

(35,475

)

Questar Corp., Strike Price USD 18, Expires 11/22/10

 

 

380

 

 

(3,800

)

Raytheon Co., Strike Price USD 46, Expires 11/22/10

 

 

130

 

 

(12,480

)

Raytheon Co., Strike Price USD 47.50, Expires 11/29/10

 

 

125

 

 

(5,741

)

Sherwin-Williams Co. (The), Strike Price USD 75,
Expires 12/20/10

 

 

42

 

 

(5,670

)

Sysco Corp., Strike Price USD 30, Expires 12/20/10

 

 

190

 

 

(10,450

)

T. Rowe Price Group, Inc., Strike Price USD 55,
Expires 12/20/10

 

 

124

 

 

(29,450

)

Target Corp., Strike Price USD 52.50, Expires 11/22/10

 

 

143

 

 

(12,941

)

Toronto-Dominion Bank (The), Strike Price USD 75,
Expires 12/20/10

 

 

72

 

 

(7,020

)

U.S. Bancorp, Strike Price USD 25, Expires 12/20/10

 

 

210

 

 

(11,655

)

UGI Corp., Strike Price USD 30, Expires 12/20/10

 

 

202

 

 

(16,665

)

United Technologies Corp., Strike Price USD 72.50,
Expires 11/22/10

 

 

290

 

 

(80,330

)

VF Corp., Strike Price USD 80, Expires 11/22/10

 

 

135

 

 

(55,350

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(1,527,486

)

               

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

 

 

 

 

 

 

 

Altria Group, Inc., Strike Price USD 25.47,
Expires 11/29/10, Broker Morgan Stanley & Co., Inc.

 

 

119,000

 

 

(32,011

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 11/30/10, Broker JPMorgan Chase Securities

 

 

10,000

 

 

(13,627

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/02/10, Broker JPMorgan Chase Securities

 

 

10,000

 

 

(13,886

)

See Notes to Financial Statements.

 

 

 

 

 

16

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/06/10, Broker JPMorgan Chase Securities

 

 

10,000

 

$

(14,383

)

AT&T Inc., Strike Price USD 28.85, Expires 11/02/10,
Broker UBS Securities LLC

 

 

69,000

 

 

(3,149

)

Atmos Energy Corp., Strike Price USD 29.39,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

11,400

 

 

(4,970

)

Atmos Energy Corp., Strike Price USD 29.64,
Expires 11/09/10, Broker UBS Securities LLC

 

 

11,800

 

 

(3,804

)

Bank of Hawaii Corp., Strike Price USD 46.74,
Expires 12/03/10, Broker Citigroup Global Markets, Inc.

 

 

11,500

 

 

(3,201

)

Brown-Forman Corp., Strike Price USD 63.71,
Expires 12/06/10, Broker Citigroup Global Markets, Inc.

 

 

23,800

 

 

(8,894

)

California Water Service Group, Strike Price USD 36.90,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

2,800

 

 

(2,450

)

California Water Service Group, Strike Price USD 37.27,
Expires 11/09/10, Broker UBS Securities LLC

 

 

5,600

 

 

(3,770

)

Caterpillar, Inc., Strike Price USD 81.71, Expires 12/03/10,
Broker UBS Securities LLC

 

 

24,500

 

 

(33,741

)

Chubb Corp., Strike Price USD 58.17, Expires 12/02/10,
Broker Deutsche Bank Securities Corp.

 

 

10,000

 

 

(10,970

)

Coca-Cola Co. (The), Strike Price USD 61.41,
Expires 12/10/10, Broker Credit Suisse First Boston

 

 

48,500

 

 

(50,824

)

Cullen/Frost Bankers, Inc., Strike Price USD 52.66,
Expires 12/09/10, Broker Morgan Stanley & Co., Inc.

 

 

9,500

 

 

(9,054

)

E.I. du Pont de Nemours & Co., Strike Price USD 45.27,
Expires 12/06/10, Broker UBS Securities LLC

 

 

37,000

 

 

(97,970

)

Exxon Mobil Corp., Strike Price USD 61.20,
Expires 11/08/10, Broker UBS Securities LLC

 

 

28,000

 

 

(148,120

)

General Dynamics Corp., Strike Price USD 68.21,
Expires 11/29/10, Broker UBS Securities LLC

 

 

34,500

 

 

(49,335

)

General Electric Co., Strike Price USD 16.50,
Expires 1/05/11, Broker Deutsche Bank Securities Corp.

 

 

29,000

 

 

(11,890

)

General Mills, Inc., Strike Price USD 36.60,
Expires 11/15/10, Broker JPMorgan Chase Securities

 

 

26,000

 

 

(28,327

)

Kimberly-Clark Corp., Strike Price USD 62.99,
Expires 12/03/10, Broker Morgan Stanley & Co., Inc.

 

 

21,000

 

 

(23,490

)

Lowe’s Cos., Inc., Strike Price USD 21.48,
Expires 11/29/10, Broker Morgan Stanley & Co., Inc.

 

 

54,500

 

 

(31,828

)

McDonald’s Corp., Strike Price USD 75.01,
Expires 12/06/10, Broker Morgan Stanley & Co., Inc.

 

 

24,000

 

 

(73,984

)

McDonald’s Corp., Strike Price USD 77.94,
Expires 12/13/10, Broker Credit Suisse First Boston

 

 

22,000

 

 

(28,574

)

Merck & Co., Inc., Strike Price USD 37.50,
Expires 11/30/10, Broker UBS Securities LLC

 

 

31,000

 

 

(13,149

)

Murphy Oil Corp., Strike Price USD 66.29,
Expires 12/08/10, Broker Morgan Stanley & Co., Inc.

 

 

39,500

 

 

(72,206

)

NextEra Energy, Inc., Strike Price USD 55.50,
Expires 11/15/10, Broker Citigroup Global Markets, Inc.

 

 

24,000

 

 

(11,243

)

Nextera Energy, Inc., Strike Price USD 57.01,
Expires 11/08/10, Broker UBS Securities LLC

 

 

9,800

 

 

(483

)

Northeast Utilities, Strike Price USD 30.06,
Expires 11/05/10, Broker Citigroup Global Markets, Inc.

 

 

25,000

 

 

(30,500

)

Northeast Utilities, Strike Price USD 31.22,
Expires 12/09/10, Broker UBS Securities LLC

 

 

24,500

 

 

(15,940

)

NSTAR, Strike Price USD 39.82, Expires 11/12/10,
Broker UBS Securities LLC

 

 

14,800

 

 

(27,995

)

Pfizer, Inc., Strike Price USD 16.30, Expires 11/08/10,
Broker JPMorgan Chase Securities

 

 

23,900

 

 

(26,615

)

Procter & Gamble Co. (The), Strike Price USD 60.30,
Expires 11/30/10, Broker UBS Securities LLC

 

 

38,000

 

 

(125,766

)

Procter & Gamble Co. (The), Strike Price USD 61.70,
Expires 11/30/10, Broker UBS Securities LLC

 

 

15,000

 

 

(31,200

)

RPM International, Inc., Strike Price USD 21.07,
Expires 12/03/10, Broker Credit Suisse First Boston

 

 

39,000

 

 

(17,419

)

TJX Cos., Inc., Strike Price USD 46.40, Expires 12/13/10,
Broker Citigroup Global Markets, Inc.

 

 

18,000

 

 

(22,410

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Travelers Cos., Inc. (The), Strike Price USD 53.16,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

32,300

 

$

(66,021

)

Universal Corp., Strike Price USD 42.29,
Expires 11/30/10, Broker UBS Securities LLC

 

 

12,100

 

 

(13,189

)

Valspar Corp., Strike Price USD 32.35, Expires 11/29/10,
Broker Morgan Stanley & Co., Inc.

 

 

11,000

 

 

(7,821

)

Vectren Corp., Strike Price USD 26.48, Expires 12/06/10,
Broker UBS Securities LLC

 

 

6,000

 

 

(7,033

)

Vectren Corp., Strike Price USD 27.48, Expires 12/13/10,
Broker Morgan Stanley & Co., Inc.

 

 

7,400

 

 

(2,553

)

Wal-Mart Stores, Inc., Strike Price USD 54.07,
Expires 11/02/10, Broker UBS Securities LLC

 

 

24,000

 

 

(9,136

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,202,931

)

               

Total Options Written
(Premiums Received $2,081,824)—(0.5)%

 

 

 

 

 

(2,730,417

)

               

Total Investments Net of Outstanding Options Written—99.3%

 

 

 

 

 

541,288,038

 

Other Assets Less Liabilities—0.7%

 

 

 

 

 

3,840,671

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

545,128,709

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

522,878,564

 

 

 

     

Gross unrealized appreciation

 

$

40,044,307

 

Gross unrealized depreciation

 

 

(18,904,416

)

 

 

     

Net unrealized appreciation

 

$

21,139,891

 

 

 

     

 

 

(a)

Security, or a portion thereof, pledged/held 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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
October 31,
2009

 

Net Activity

 

Shares
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity Funds,
TempFund,
Institutional Class

 

 

7,282,466

 

 

(844,935

)

 

6,437,531

 

$

12,853

 

                           

 

 

 

(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 and derivatives, 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 and derivatives)


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

17




 

 


 

 

Schedule of Investments (concluded)

BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

537,580,924

 

 

 

 

 

$

537,580,924

 

Short-Term Securities

 

 

6,437,531

 

 

 

 

 

 

6,437,531

 

                       

Total

 

$

544,018,455

 

 

 

 

 

$

544,018,455

 

 

 

                       

 

 

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Contracts

 

$

(1,157,398

)

$

(1,573,019

)

 

 

$

(2,730,417

)

                           

 

 

 

 

2

Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

18

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Schedule of Investments October 31, 2010

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—4.9%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

184,800

 

$

12,588,576

 

Raytheon Co. (a)

 

 

102,000

 

 

4,700,160

 

United Technologies Corp. (a)

 

 

153,400

 

 

11,469,718

 

 

 

 

 

 

     

 

 

 

 

 

 

28,758,454

 

               

Beverages—6.4%

 

 

 

 

 

 

 

Brown-Forman Corp., Class B

 

 

132,200

 

 

8,039,082

 

Coca-Cola Co. (The)

 

 

259,400

 

 

15,906,408

 

PepsiCo, Inc.

 

 

216,600

 

 

14,143,980

 

 

 

 

 

 

     

 

 

 

 

 

 

38,089,470

 

               

Capital Markets—0.6%

 

 

 

 

 

 

 

T. Rowe Price Group, Inc. (a)

 

 

66,900

 

 

3,697,563

 

               

Chemicals—3.8%

 

 

 

 

 

 

 

Air Products & Chemicals, Inc. (a)

 

 

28,800

 

 

2,447,136

 

E.I. du Pont de Nemours & Co.

 

 

191,300

 

 

9,044,664

 

PPG Industries, Inc. (a)

 

 

63,650

 

 

4,881,955

 

RPM International, Inc. (a)

 

 

206,500

 

 

4,276,615

 

Valspar Corp.

 

 

59,600

 

 

1,913,160

 

 

 

 

 

 

     

 

 

 

 

 

 

22,563,530

 

               

Commercial Banks—1.8%

 

 

 

 

 

 

 

Bank of Hawaii Corp.

 

 

61,400

 

 

2,651,866

 

Cullen/Frost Bankers, Inc.

 

 

51,800

 

 

2,716,392

 

Toronto-Dominion Bank (The) (a)

 

 

40,000

 

 

2,888,000

 

U.S. Bancorp (a)

 

 

104,700

 

 

2,531,646

 

 

 

 

 

 

     

 

 

 

 

 

 

10,787,904

 

               

Commercial Services & Supplies—0.5%

 

 

 

 

 

 

 

Pitney Bowes, Inc. (a)

 

 

138,646

 

 

3,041,893

 

               

Computers & Peripherals—4.7%

 

 

 

 

 

 

 

International Business Machines Corp.

 

 

192,800

 

 

27,686,080

 

               

Diversified Financial Services—1.8%

 

 

 

 

 

 

 

JPMorgan Chase & Co. (a)

 

 

281,600

 

 

10,596,608

 

               

Diversified Telecommunication—5.6%

 

 

 

 

 

 

 

AT&T Inc. (a)

 

 

650,700

 

 

18,544,950

 

CenturyLink, Inc. (a)

 

 

353,800

 

 

14,640,244

 

 

 

 

 

 

     

 

 

 

 

 

 

33,185,194

 

               

Electric Utilities—4.8%

 

 

 

 

 

 

 

NextEra Energy, Inc.

 

 

181,400

 

 

9,984,256

 

Northeast Utilities

 

 

263,900

 

 

8,254,792

 

PPL Corp. (a)

 

 

85,200

 

 

2,291,880

 

Progress Energy, Inc. (a)

 

 

179,000

 

 

8,055,000

 

 

 

 

 

 

     

 

 

 

 

 

 

28,585,928

 

               

Electrical Equipment—2.2%

 

 

 

 

 

 

 

Emerson Electric Co.

 

 

232,300

 

 

12,753,270

 

               

Energy Equipment & Services—0.7%

 

 

 

 

 

 

 

Halliburton Co.

 

 

124,100

 

 

3,953,826

 

               

Food & Staples Retailing—1.8%

 

 

 

 

 

 

 

Sysco Corp. (a)

 

 

101,500

 

 

2,990,190

 

Wal-Mart Stores, Inc. (a)

 

 

143,300

 

 

7,762,561

 

 

 

 

 

 

     

 

 

 

 

 

 

10,752,751

 

               

Food Products—1.4%

 

 

 

 

 

 

 

General Mills, Inc.

 

 

140,900

 

 

5,289,386

 

Kraft Food, Inc. (a)

 

 

97,000

 

 

3,130,190

 

 

 

 

 

 

     

 

 

 

 

 

 

8,419,576

 

               

Gas Utilities—2.2%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

125,900

 

 

3,707,755

 

National Fuel Gas Co. (a)

 

 

52,500

 

 

2,896,950

 

Questar Corp. (a)

 

 

199,900

 

 

3,392,303

 

UGI Corp. (a)

 

 

109,000

 

 

3,279,810

 

 

 

 

 

 

     

 

 

 

 

 

 

13,276,818

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Health Care Equipment & Supplies—1.9%

 

 

 

 

 

 

 

Becton, Dickinson and Co. (a)

 

 

43,600

 

$

3,292,672

 

Medtronic, Inc. (a)

 

 

226,600

 

 

7,978,586

 

 

 

 

 

 

     

 

 

 

 

 

 

11,271,258

 

               

Hotels Restaurants & Leisure—3.2%

 

 

 

 

 

 

 

McDonald’s Corp.

 

 

243,600

 

 

18,944,772

 

               

Household Products—6.4%

 

 

 

 

 

 

 

Clorox Co. (a)

 

 

97,100

 

 

6,462,005

 

Colgate-Palmolive Co.

 

 

68,600

 

 

5,290,432

 

Kimberly-Clark Corp.

 

 

114,300

 

 

7,239,762

 

Procter & Gamble Co. (The)

 

 

296,100

 

 

18,823,077

 

 

 

 

 

 

     

 

 

 

 

 

 

37,815,276

 

               

Industrial Conglomerates—2.6%

 

 

 

 

 

 

 

3M Co.

 

 

141,200

 

 

11,891,864

 

General Electric Co. (a)

 

 

203,700

 

 

3,263,274

 

 

 

 

 

 

     

 

 

 

 

 

 

15,155,138

 

               

Insurance—2.8%

 

 

 

 

 

 

 

Chubb Corp.

 

 

118,100

 

 

6,852,162

 

Travelers Cos., Inc. (The)

 

 

176,600

 

 

9,748,320

 

 

 

 

 

 

     

 

 

 

 

 

 

16,600,482

 

               

IT Services—0.7%

 

 

 

 

 

 

 

Automatic Data Processing, Inc. (a)

 

 

60,060

 

 

2,667,865

 

Paychex, Inc.

 

 

57,500

 

 

1,592,750

 

 

 

 

 

 

     

 

 

 

 

 

 

4,260,615

 

               

Machinery—3.6%

 

 

 

 

 

 

 

Caterpillar, Inc. (a)

 

 

251,800

 

 

19,791,480

 

Pentair, Inc. (a)

 

 

47,100

 

 

1,541,583

 

 

 

 

 

 

     

 

 

 

 

 

 

21,333,063

 

               

Media—0.3%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The) (a)

 

 

43,400

 

 

1,634,010

 

               

Metals & Mining—1.9%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR (a)

 

 

95,900

 

 

7,920,381

 

Nucor Corp. (a)

 

 

82,100

 

 

3,137,862

 

 

 

 

 

 

     

 

 

 

 

 

 

11,058,243

 

               

Multi-Utilities—0.9%

 

 

 

 

 

 

 

NSTAR

 

 

80,000

 

 

3,336,800

 

Vectren Corp.

 

 

70,700

 

 

1,935,766

 

 

 

 

 

 

     

 

 

 

 

 

 

5,272,566

 

               

Multiline Retail—1.3%

 

 

 

 

 

 

 

Family Dollar Stores, Inc. (a)

 

 

27,700

 

 

1,278,909

 

Target Corp. (a)

 

 

129,200

 

 

6,710,648

 

 

 

 

 

 

     

 

 

 

 

 

 

7,989,557

 

               

Oil, Gas & Consumable Fuels—10.2%

 

 

 

 

 

 

 

Chevron Corp. (a)

 

 

257,700

 

 

21,288,597

 

Exxon Mobil Corp. (a)

 

 

306,300

 

 

20,359,761

 

Marathon Oil Corp.

 

 

149,600

 

 

5,321,272

 

Murphy Oil Corp.

 

 

207,400

 

 

13,514,184

 

 

 

 

 

 

     

 

 

 

 

 

 

60,483,814

 

               

Personal Products—0.7%

 

 

 

 

 

 

 

Avon Products, Inc.

 

 

134,600

 

 

4,098,570

 

               

Pharmaceuticals—9.4%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

365,100

 

 

18,736,932

 

Eli Lilly & Co.

 

 

176,200

 

 

6,202,240

 

Johnson & Johnson (a)

 

 

314,400

 

 

20,017,848

 

Merck & Co., Inc.

 

 

170,400

 

 

6,182,112

 

Pfizer, Inc. (a)

 

 

252,100

 

 

4,386,540

 

 

 

 

 

 

     

 

 

 

 

 

 

55,525,672

 

               

Semiconductors & Semiconductor Equipment—0.5%

 

 

 

 

 

 

 

Linear Technology Corp. (a)

 

 

92,700

 

 

2,987,721

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 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—2.1%

 

 

 

 

 

 

 

Lowe’s Cos., Inc.

 

 

295,900

 

$

6,311,547

 

Sherwin-Williams Co. (The) (a)

 

 

22,000

 

 

1,605,340

 

TJX Cos., Inc.

 

 

96,500

 

 

4,428,385

 

 

 

 

 

 

     

 

 

 

 

 

 

12,345,272

 

               

Textiles, Apparel & Luxury Goods—1.0%

 

 

 

 

 

 

 

VF Corp. (a)

 

 

72,800

 

 

6,059,872

 

               

Tobacco—3.6%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

614,200

 

 

15,612,964

 

Philip Morris International, Inc. (a)

 

 

53,500

 

 

3,129,750

 

Universal Corp.

 

 

67,000

 

 

2,776,480

 

 

 

 

 

 

     

 

 

 

 

 

 

21,519,194

 

               

Water Utilities—0.9%

 

 

 

 

 

 

 

Aqua America, Inc.

 

 

158,200

 

 

3,406,046

 

California Water Service Group

 

 

45,900

 

 

1,713,906

 

 

 

 

 

 

     

 

 

 

 

 

 

5,119,952

 

               

Total Long-Term Investments
(Cost—$565,769,803)—97.2%

 

 

 

 

 

575,623,912

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.21% (b)(c)

 

 

10,960,825

 

 

10,960,825

 

               

Total Short-Term Securities
(Cost—$10,960,825)—1.8%

 

 

 

 

 

10,960,825

 

               

Total Investments Before Outstanding Options Written
(Cost—$576,730,628*)—99.0%

 

 

 

 

 

586,584,737

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.4)%

 

 

 

 

 

 

 

Air Products & Chemicals, Inc., Strike Price USD 85,
Expires 12/20/10

 

 

158

 

 

(44,635

)

AT&T Inc., Strike Price USD 29, Expires 12/20/10

 

 

600

 

 

(26,700

)

Automatic Data Processing, Inc., Strike Price USD 43,
Expires 11/22/10

 

 

330

 

 

(56,925

)

Becton, Dickinson and Co., Strike Price USD 75,
Expires 11/22/10

 

 

240

 

 

(43,200

)

BHP Billiton Ltd. - ADR, Strike Price USD 85,
Expires 12/20/10

 

 

528

 

 

(145,992

)

Caterpillar, Inc., Strike Price USD 80, Expires 12/20/10

 

 

690

 

 

(179,400

)

CenturyLink, Inc., Strike Price USD 41, Expires 12/20/10

 

 

1,945

 

 

(189,638

)

Chevron Corp., Strike Price USD 85, Expires 12/20/10

 

 

1,420

 

 

(162,590

)

Clorox Co., Strike Price USD 67.05, Expires 12/09/10

 

 

535

 

 

(43,582

)

Exxon Mobil Corp., Strike Price USD 67.50,
Expires 12/20/10

 

 

840

 

 

(81,060

)

Family Dollar Stores, Inc., Strike Price USD 46,
Expires 11/22/10

 

 

152

 

 

(15,960

)

General Electric Co., Strike Price USD 16.45,
Expires 11/29/10

 

 

275

 

 

(6,273

)

JPMorgan Chase & Co., Strike Price USD 38,
Expires 12/20/10

 

 

775

 

 

(110,438

)

JPMorgan Chase & Co., Strike Price USD 39,
Expires 12/20/10

 

 

775

 

 

(76,725

)

Kraft Foods, Inc., Strike Price USD 32.50, Expires 12/08/10

 

 

535

 

 

(35,310

)

Linear Technology Corp., Strike Price USD 32,
Expires 11/22/10

 

 

510

 

 

(40,800

)

McGraw-Hill Cos., Inc. (The), Strike Price USD 36,
Expires 12/20/10

 

 

238

 

 

(55,335

)

Medtronic, Inc., Strike Price USD 37, Expires 12/20/10

 

 

1,240

 

 

(81,220

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

National Fuel Gas Co., Strike Price USD 55,
Expires 12/20/10

 

 

290

 

$

(66,700

)

Nucor Corp., Strike Price USD 39, Expires 11/22/10

 

 

450

 

 

(32,625

)

Pentair, Inc., Strike Price USD 33, Expires 11/22/10

 

 

260

 

 

(14,881

)

Pfizer, Inc., Strike Price USD 18, Expires 12/20/10

 

 

690

 

 

(17,940

)

Philip Morris International, Inc., Strike Price USD 60,
Expires 12/20/10

 

 

295

 

 

(25,075

)

Pitney Bowes, Inc., Strike Price USD 22, Expires 11/22/10

 

 

760

 

 

(34,200

)

PPG Industries, Inc., Strike Price USD 75, Expires 11/22/10

 

 

350

 

 

(84,875

)

PPL Corp., Strike Price USD 27, Expires 12/20/10

 

 

287

 

 

(16,502

)

Progress Energy, Inc., Strike Price USD 45, Expires 1/24/11

 

 

980

 

 

(105,350

)

Questar Corp., Strike Price USD 18, Expires 11/22/10

 

 

1,100

 

 

(11,000

)

Raytheon Co., Strike Price USD 47, Expires 12/20/10

 

 

385

 

 

(37,922

)

RPM International, Inc., Strike Price USD 20,
Expires 11/22/10

 

 

440

 

 

(45,100

)

Sherwin-Williams Co. (The), Strike Price USD 75,
Expires 12/20/10

 

 

120

 

 

(16,200

)

Sysco Corp., Strike Price USD 30, Expires 12/20/10

 

 

560

 

 

(30,800

)

T. Rowe Price Group, Inc., Strike Price USD 55,
Expires 12/20/10

 

 

366

 

 

(86,925

)

Target Corp., Strike Price USD 52.50, Expires 11/22/10

 

 

426

 

 

(38,553

)

Toronto-Dominion Bank (The), Strike Price USD 75,
Expires 12/20/10

 

 

220

 

 

(21,450

)

U.S. Bancorp, Strike Price USD 25, Expires 12/20/10

 

 

575

 

 

(31,912

)

UGI Corp., Strike Price USD 30, Expires 12/20/10

 

 

600

 

 

(49,500

)

United Technologies Corp., Strike Price USD 72.50,
Expires 11/22/10

 

 

98

 

 

(27,146

)

VF Corp., Strike Price USD 80, Expires 11/22/10

 

 

400

 

 

(164,000

)

Wal-Mart Stores, Inc., Strike Price USD 54.45,
Expires 12/03/10

 

 

790

 

 

(51,350

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(2,405,789

)

               

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

 

 

 

 

 

 

 

3M Co., Strike Price USD 89.99, Expires 12/15/10,
Broker JPMorgan Chase Securities

 

 

30,000

 

 

(23,693

)

Altria Group, Inc., Strike Price USD 25.47,
Expires 11/29/10, Broker Morgan Stanley & Co., Inc.

 

 

337,500

 

 

(90,788

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 11/30/10, Broker JPMorgan Chase Securities

 

 

29,000

 

 

(39,518

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/02/10, Broker JPMorgan Chase Securities

 

 

29,000

 

 

(40,269

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/06/10, Broker JPMorgan Chase Securities

 

 

29,000

 

 

(41,711

)

Atmos Energy Corp., Strike Price USD 29.39,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

35,000

 

 

(15,260

)

Atmos Energy Corp., Strike Price USD 29.64,
Expires 11/09/10, Broker UBS Securities LLC

 

 

34,300

 

 

(11,057

)

Bank of Hawaii Corp., Strike Price USD 43.51,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

33,800

 

 

(28,392

)

Brown-Forman Corp., Strike Price USD 63.71,
Expires 12/06/10, Broker Citigroup Global Markets, Inc.

 

 

72,700

 

 

(27,167

)

California Water Service Group, Strike Price USD 36.90,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

8,300

 

 

(7,262

)

California Water Service Group, Strike Price USD 37.27,
Expires 11/09/10, Broker UBS Securities LLC

 

 

17,000

 

 

(11,445

)

Caterpillar, Inc., Strike Price USD 81.71,
Expires 12/03/10, Broker UBS Securities LLC

 

 

69,500

 

 

(95,713

)

Chubb Corp., Strike Price USD 58.17, Expires 12/02/10,
Broker Deutsche Bank Securities Corp.

 

 

31,000

 

 

(34,008

)

Coca-Cola Co. (The), Strike Price USD 61.41,
Expires 12/10/10, Broker Credit Suisse First Boston

 

 

142,500

 

 

(149,327

)

Cullen/Frost Bankers, Inc., Strike Price USD 52.66,
Expires 12/09/10, Broker Morgan Stanley & Co., Inc.

 

 

28,500

 

 

(27,161

)

E.I. du Pont de Nemours & Co., Strike Price USD 45.27,
Expires 12/06/10, Broker UBS Securities LLC

 

 

105,000

 

 

(278,023

)

See Notes to Financial Statements.

 

 

 

 

 

20

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Emerson Electric Co., Strike Price USD 52.70,
Expires 11/10/10, Broker Morgan Stanley & Co., Inc.

 

 

128,000

 

$

(305,632

)

Exxon Mobil Corp., Strike Price USD 61.20,
Expires 11/08/10, Broker UBS Securities LLC

 

 

85,000

 

 

(449,650

)

General Dynamics Corp., Strike Price USD 68.21,
Expires 11/29/10, Broker UBS Securities LLC

 

 

101,500

 

 

(145,145

)

General Electric Co., Strike Price USD 16.50,
Expires 1/05/11, Broker Deutsche Bank Securities Corp.

 

 

84,000

 

 

(34,440

)

General Mills, Inc., Strike Price USD 36.60,
Expires 11/15/10, Broker JPMorgan Chase Securities

 

 

77,500

 

 

(84,436

)

International Business Machines Corp., Strike Price
USD 141, Expires 12/09/10, Broker UBS Securities LLC

 

 

50,000

 

 

(227,926

)

International Business Machines Corp., Strike Price
USD 144.02, Expires 1/05/11, Broker UBS Securities LLC

 

 

56,000

 

 

(187,600

)

Johnson & Johnson, Strike Price USD 64.20,
Expires 11/29/10, Broker Credit Suisse First Boston

 

 

173,000

 

 

(103,189

)

Kimberly-Clark Corp., Strike Price USD 62.99,
Expires 12/03/10, Broker Morgan Stanley & Co., Inc.

 

 

63,000

 

 

(70,471

)

Lowe’s Cos., Inc., Strike Price USD 21.48,
Expires 11/29/10, Broker Morgan Stanley & Co., Inc.

 

 

163,000

 

 

(95,192

)

Marathon Oil Corp., Strike Price USD 35.52,
Expires 12/09/10, Broker Credit Suisse First Boston

 

 

82,000

 

 

(95,565

)

McDonald’s Corp., Strike Price USD 75.01,
Expires 12/06/10, Broker Morgan Stanley & Co., Inc.

 

 

68,000

 

 

(209,620

)

McDonald’s Corp., Strike Price USD 77.94,
Expires 12/13/10, Broker Credit Suisse First Boston

 

 

66,000

 

 

(85,722

)

Merck & Co., Inc., Strike Price USD 37.50,
Expires 11/30/10, Broker UBS Securities LLC

 

 

94,000

 

 

(39,871

)

Murphy Oil Corp., Strike Price USD 66.29,
Expires 12/08/10, Broker Morgan Stanley & Co., Inc.

 

 

114,000

 

 

(208,392

)

NextEra Energy, Inc., Strike Price USD 55.50,
Expires 11/15/10, Broker Citigroup Global Markets, Inc.

 

 

99,800

 

 

(46,752

)

Northeast Utilities, Strike Price USD 31.22,
Expires 12/09/10, Broker UBS Securities LLC

 

 

72,500

 

 

(47,169

)

Northeast Utilities, Strike Price USD 31.43,
Expires 12/09/10, Broker UBS Securities LLC

 

 

72,500

 

 

(33,350

)

NSTAR, Strike Price USD 39.82, Expires 11/12/10,
Broker UBS Securities LLC

 

 

44,000

 

 

(83,229

)

Paychex, Inc., Strike Price USD 26.64, Expires 11/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

31,600

 

 

(33,614

)

Pfizer, Inc., Strike Price USD 17.40, Expires 11/24/10,
Broker Citigroup Global Markets, Inc.

 

 

70,000

 

 

(28,140

)

Procter & Gamble Co. (The), Strike Price USD 60.30,
Expires 11/30/10, Broker UBS Securities LLC

 

 

67,000

 

 

(221,746

)

Procter & Gamble Co. (The), Strike Price USD 61.70,
Expires 11/30/10, Broker UBS Securities LLC

 

 

96,000

 

 

(199,680

)

RPM International, Inc., Strike Price USD 20.68,
Expires 12/03/10, Broker UBS Securities LLC

 

 

51,000

 

 

(31,915

)

RPM International, Inc., Strike Price USD 21.07,
Expires 12/03/10, Broker Credit Suisse First Boston

 

 

18,500

 

 

(8,263

)

TJX Cos., Inc., Strike Price USD 46.40, Expires 12/13/10,
Broker Citigroup Global Markets, Inc.

 

 

53,000

 

 

(65,985

)

Travelers Cos., Inc. (The), Strike Price USD 53.16,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

97,000

 

 

(198,268

)

United Technologies Corp., Strike Price USD 74.44,
Expires 12/15/10, Broker Credit Suisse First Boston

 

 

12,000

 

 

(25,715

)

United Technologies Corp., Strike Price USD 74.89,
Expires 12/15/10, Broker Citigroup Global Markets, Inc.

 

 

62,600

 

 

(110,804

)

Universal Corp., Strike Price USD 42.29,
Expires 11/30/10, Broker UBS Securities LLC

 

 

37,000

 

 

(40,330

)

Valspar Corp., Strike Price USD 32.35, Expires 11/29/10,
Broker Morgan Stanley & Co., Inc.

 

 

33,000

 

 

(23,463

)

Vectren Corp., Strike Price USD 26.48, Expires 12/06/10,
Broker UBS Securities LLC

 

 

19,200

 

 

(22,506

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Vectren Corp., Strike Price USD 27.48, Expires 12/13/10,
Broker Morgan Stanley & Co., Inc.

 

 

19,700

 

$

(6,797

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(4,491,371

)

               

Total Options Written
(Premiums Received $5,867,239)—(1.1)%

 

 

 

 

 

(6,897,160

)

               

Total Investments Net of Outstanding Options Written—97.9%

 

 

 

 

 

579,687,577

 

Other Assets Less Liabilities—2.1%

 

 

 

 

 

12,639,982

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

592,327,559

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

605,761,306

 

 

 

     

Gross unrealized appreciation

 

$

14,655,217

 

Gross unrealized depreciation

 

 

(33,831,786

)

 

 

     

Net unrealized depreciation

 

$

(19,176,569

)

 

 

     

 

 

(a)

Security, or a portion thereof, pledged/held 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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

                   

Affiliate

 

Shares/
Beneficial
Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial
Interest
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity Funds,
Temp Fund,
Institutional Class

 

16,074,127

 

(5,113,302

)

10,960,825

 

$

32,136

 

BlackRock Liquidity Series,
LLC Money Market
Series

 

1,991,000

 

(1,991,000

)

 

$

29,881

 

                     

 

 

 

(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 and derivatives, 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 and derivatives)

 

 

 

 

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.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

21




 

 


 

Schedule of Investments (concluded)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

The following tables summarize the inputs used as of October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

575,623,912

 

 

 

$

575,623,912

 

Short-Term Securities

 

 

10,960,825

 

 

 

 

10,960,825

 

                       

Total

 

$

586,584,737

 

 

 

$

586,584,737

 

 

 

                   

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments2

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(2,254,393

)

$

(4,642,767

)

 

 

$

(6,897,160

)

                           

 

 

2

Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

22

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 



 

 

Schedule of Investments October 31, 2010

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Building Products—0.9%

 

 

 

 

 

 

 

Masco Corp.

 

 

249,200

 

$

2,656,472

 

               

Capital Markets—2.5%

 

 

 

 

 

 

 

Eaton Vance Corp. (a)

 

 

168,100

 

 

4,836,237

 

Federated Investors, Inc.

 

 

109,146

 

 

2,718,827

 

 

 

 

 

 

     

 

 

 

 

 

 

7,555,064

 

               

Chemicals—1.7%

 

 

 

 

 

 

 

RPM International, Inc.

 

 

154,400

 

 

3,197,624

 

Stepan Co.

 

 

25,350

 

 

1,709,604

 

 

 

 

 

 

     

 

 

 

 

 

 

4,907,228

 

               

Commercial Banks—8.8%

 

 

 

 

 

 

 

BancFirst Corp.

 

 

28,799

 

 

1,183,639

 

BancorpSouth, Inc.

 

 

122,154

 

 

1,611,211

 

Bank of Hawaii Corp.

 

 

100,300

 

 

4,331,957

 

Bank of the Ozarks, Inc. (a)

 

 

46,159

 

 

1,754,503

 

Chemical Financial Corp.

 

 

56,145

 

 

1,138,620

 

Community Bank System, Inc.

 

 

69,100

 

 

1,614,867

 

Community Trust Bancorp, Inc.

 

 

41,415

 

 

1,131,044

 

Cullen/Frost Bankers, Inc. (a)

 

 

97,038

 

 

5,088,673

 

Iberiabank Corp.

 

 

24,585

 

 

1,279,649

 

S&T Bancorp, Inc. (a)

 

 

32,300

 

 

633,080

 

Trustmark Corp. (a)

 

 

61,208

 

 

1,352,085

 

United Bankshares, Inc. (a)

 

 

91,775

 

 

2,452,228

 

Valley National Bancorp

 

 

130,355

 

 

1,738,936

 

WesBanco, Inc.

 

 

60,700

 

 

1,008,227

 

 

 

 

 

 

     

 

 

 

 

 

 

26,318,719

 

               

Commercial Services & Supplies—4.7%

 

 

 

 

 

 

 

ABM Industries, Inc.

 

 

137,430

 

 

3,099,047

 

Avery Dennison Corp.

 

 

78,141

 

 

2,840,425

 

McGrath RentCorp

 

 

54,761

 

 

1,386,001

 

Mine Safety Appliances Co.

 

 

70,800

 

 

1,993,728

 

Pitney Bowes, Inc. (a)

 

 

214,275

 

 

4,701,193

 

 

 

 

 

 

     

 

 

 

 

 

 

14,020,394

 

               

Computers & Peripherals—0.9%

 

 

 

 

 

 

 

Diebold, Inc. (a)

 

 

88,830

 

 

2,722,640

 

               

Construction Materials—2.2%

 

 

 

 

 

 

 

Martin Marietta Materials, Inc.

 

 

43,900

 

 

3,533,072

 

Vulcan Materials Co. (a)

 

 

82,800

 

 

3,023,028

 

 

 

 

 

 

     

 

 

 

 

 

 

6,556,100

 

               

Containers & Packaging—2.5%

 

 

 

 

 

 

 

Bemis Co., Inc.

 

 

96,062

 

 

3,050,929

 

Myers Industries, Inc.

 

 

118,448

 

 

1,045,896

 

Sonoco Products Co.

 

 

102,500

 

 

3,433,750

 

 

 

 

 

 

     

 

 

 

 

 

 

7,530,575

 

               

Distributors—0.6%

 

 

 

 

 

 

 

Genuine Parts Co.

 

 

34,300

 

 

1,641,598

 

               

Diversified Consumer Services—1.3%

 

 

 

 

 

 

 

H&R Block, Inc.

 

 

326,921

 

 

3,854,399

 

               

Diversified Telecommunication—1.1%

 

 

 

 

 

 

 

CenturyLink, Inc. (a)

 

 

81,400

 

 

3,368,332

 

               

Electric Utilities—2.3%

 

 

 

 

 

 

 

MGE Energy, Inc.

 

 

40,371

 

 

1,637,044

 

Northeast Utilities

 

 

168,200

 

 

5,261,296

 

 

 

 

 

 

     

 

 

 

 

 

 

6,898,340

 

               

Electrical Equipment—3.5%

 

 

 

 

 

 

 

AO Smith Corp.

 

 

36,100

 

 

2,022,683

 

Brady Corp.

 

 

113,600

 

 

3,493,200

 

Roper Industries, Inc.

 

 

71,600

 

 

4,971,188

 

 

 

 

 

 

     

 

 

 

 

 

 

10,487,071

 

               

Energy Equipment & Services—1.0%

 

 

 

 

 

 

 

Helmerich & Payne, Inc. (a)

 

 

68,100

 

 

2,913,318

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Food & Staples Retailing—1.8%

 

 

 

 

 

 

 

Casey’s General Stores, Inc. (a)

 

 

39,000

 

$

1,616,940

 

SUPERVALU, Inc. (a)

 

 

333,500

 

 

3,598,465

 

 

 

 

 

 

     

 

 

 

 

 

 

5,215,405

 

               

Food Products—5.1%

 

 

 

 

 

 

 

Hormel Foods Corp. (a)

 

 

146,244

 

 

6,715,525

 

J.M. Smucker Co. (The) (a)

 

 

39,105

 

 

2,513,669

 

Lancaster Colony Corp.

 

 

48,400

 

 

2,414,192

 

McCormick & Co., Inc.

 

 

76,800

 

 

3,396,096

 

 

 

 

 

 

     

 

 

 

 

 

 

15,039,482

 

               

Gas Utilities—10.7%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

95,062

 

 

2,799,576

 

Energen Corp. (a)

 

 

65,200

 

 

2,910,528

 

National Fuel Gas Co. (a)

 

 

68,000

 

 

3,752,240

 

New Jersey Resources Corp.

 

 

124,800

 

 

5,053,152

 

Northwest Natural Gas Co. (a)

 

 

81,200

 

 

4,002,348

 

Piedmont Natural Gas Co.

 

 

102,100

 

 

3,010,929

 

South Jersey Industries, Inc.

 

 

80,200

 

 

4,038,872

 

UGI Corp.

 

 

107,000

 

 

3,219,630

 

WGL Holdings, Inc.

 

 

80,585

 

 

3,106,552

 

 

 

 

 

 

     

 

 

 

 

 

 

31,893,827

 

               

Health Care Equipment & Supplies—2.3%

 

 

 

 

 

 

 

Beckman Coulter, Inc. (a)

 

 

45,391

 

 

2,416,617

 

Meridian Bioscience, Inc.

 

 

65,300

 

 

1,494,717

 

Teleflex, Inc. (a)

 

 

53,000

 

 

2,954,750

 

 

 

 

 

 

     

 

 

 

 

 

 

6,866,084

 

               

Household Durables—3.9%

 

 

 

 

 

 

 

Fortune Brands, Inc. (a)

 

 

30,000

 

 

1,621,500

 

Leggett & Platt, Inc. (a)

 

 

149,433

 

 

3,045,444

 

Stanley Black & Decker, Inc. (a)

 

 

111,748

 

 

6,925,024

 

 

 

 

 

 

     

 

 

 

 

 

 

11,591,968

 

               

Industrial Conglomerates—1.0%

 

 

 

 

 

 

 

Otter Tail Corp.

 

 

57,361

 

 

1,177,048

 

Raven Industries, Inc.

 

 

45,281

 

 

1,861,954

 

 

 

 

 

 

     

 

 

 

 

 

 

3,039,002

 

               

Insurance—6.6%

 

 

 

 

 

 

 

Arthur J. Gallagher & Co.

 

 

110,000

 

 

3,097,600

 

Cincinnati Financial Corp.

 

 

189,042

 

 

5,565,396

 

Erie Indemnity Co., Class A

 

 

67,500

 

 

3,859,650

 

Harleysville Group, Inc.

 

 

48,800

 

 

1,675,304

 

Mercury General Corp.

 

 

58,800

 

 

2,497,824

 

Old Republic International Corp.

 

 

234,800

 

 

3,099,360

 

 

 

 

 

 

     

 

 

 

 

 

 

19,795,134

 

               

Leisure Equipment & Products—1.6%

 

 

 

 

 

 

 

Polaris Industries, Inc. (a)

 

 

66,700

 

 

4,741,703

 

               

Machinery—5.7%

 

 

 

 

 

 

 

Badger Meter, Inc.

 

 

60,000

 

 

2,491,800

 

Dover Corp. (a)

 

 

57,475

 

 

3,051,923

 

Graco, Inc.

 

 

45,400

 

 

1,562,214

 

NACCO Industries, Inc.

 

 

26,900

 

 

2,670,094

 

Pentair, Inc. (a)

 

 

151,700

 

 

4,965,141

 

Tennant Co.

 

 

62,702

 

 

2,103,652

 

 

 

 

 

 

     

 

 

 

 

 

 

16,844,824

 

               

Media—0.5%

 

 

 

 

 

 

 

Meredith Corp.

 

 

43,693

 

 

1,483,377

 

               

Multi-Utilities—6.3%

 

 

 

 

 

 

 

Black Hills Corp.

 

 

58,500

 

 

1,862,640

 

Integrys Energy Group, Inc. (a)

 

 

78,200

 

 

4,159,458

 

MDU Resources Group, Inc.

 

 

192,000

 

 

3,826,560

 

NSTAR

 

 

142,800

 

 

5,956,188

 

Vectren Corp.

 

 

110,950

 

 

3,037,811

 

 

 

 

 

 

     

 

 

 

 

 

 

18,842,657

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

23




 

 



 

 

Schedule of Investments (continued)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Multiline Retail—0.8%

 

 

 

 

 

 

 

Family Dollar Stores, Inc. (a)

 

 

54,500

 

$

2,516,265

 

               

Real Estate Investment Trusts (REITs)—10.3%

 

 

 

 

 

 

 

Federal Realty Investment Trust (a)

 

 

38,400

 

 

3,148,032

 

Getty Realty Corp. (a)

 

 

94,090

 

 

2,682,506

 

Home Properties, Inc.

 

 

88,700

 

 

4,829,715

 

Liberty Property Trust

 

 

64,500

 

 

2,158,170

 

National Retail Properties, Inc. (a)

 

 

90,741

 

 

2,459,081

 

Realty Income Corp. (a)

 

 

70,318

 

 

2,410,501

 

Sovran Self Storage, Inc. (a)

 

 

38,680

 

 

1,511,227

 

Tanger Factory Outlet Centers (a)

 

 

34,300

 

 

1,643,656

 

UDR, Inc.

 

 

148,800

 

 

3,345,024

 

Universal Health Realty Income Trust

 

 

54,325

 

 

2,018,174

 

Washington REIT (a)

 

 

64,200

 

 

2,056,326

 

Weingarten Realty Investors

 

 

96,500

 

 

2,328,545

 

 

 

 

 

 

     

 

 

 

 

 

 

30,590,957

 

               

Semiconductors & Semiconductor Equipment—1.7%

 

 

 

 

 

 

 

Linear Technology Corp. (a)

 

 

152,100

 

 

4,902,183

 

               

Tobacco—2.2%

 

 

 

 

 

 

 

Universal Corp. (a)

 

 

73,300

 

 

3,037,552

 

Vector Group Ltd.

 

 

194,145

 

 

3,630,512

 

 

 

 

 

 

     

 

 

 

 

 

 

6,668,064

 

               

Trading Companies & Distributors—0.7%

 

 

 

 

 

 

 

Fastenal Co.

 

 

41,192

 

 

2,120,564

 

               

Water Utilities—3.4%

 

 

 

 

 

 

 

American States Water Co.

 

 

32,725

 

 

1,222,279

 

Aqua America, Inc.

 

 

245,400

 

 

5,283,462

 

California Water Service Group

 

 

33,159

 

 

1,238,157

 

Middlesex Water Co.

 

 

68,400

 

 

1,221,624

 

SJW Corp.

 

 

45,800

 

 

1,108,360

 

 

 

 

 

 

     

 

 

 

 

 

 

10,073,882

 

               

Total Long-Term Investments
(Cost—$290,989,404)—98.6%

 

 

 

 

 

293,655,628

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.21% (b)(c)

 

 

5,854,617

 

 

5,854,617

 

               

Total Short-Term Securities
(Cost—$5,854,617)—2.0%

 

 

 

 

 

5,854,617

 

               

Total Investments Before Outstanding Options Written
(Cost—$296,844,021*)—100.6%

 

 

 

 

 

299,510,245

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.3)%

 

 

 

 

 

 

 

Bank of the Ozarks, Inc., Strike Price USD 37.50,
Expires 12/15/10

 

 

92

 

 

(17,082

)

Beckman Coulter, Inc., Strike Price USD 47.50,
Expires 11/22/10

 

 

90

 

 

(53,100

)

Casey’s General Stores, Inc., Strike Price USD 40,
Expires 11/22/10

 

 

78

 

 

(13,260

)

CenturyLink, Inc., Strike Price USD 41, Expires 12/20/10

 

 

160

 

 

(15,600

)

Cullen/Frost Bankers, Inc., Strike Price USD 55,
Expires 11/22/10

 

 

195

 

 

(2,437

)

Diebold, Inc., Strike Price USD 30, Expires 11/22/10

 

 

180

 

 

(33,300

)

Dover Corp., Strike Price USD 55, Expires 12/20/10

 

 

115

 

 

(12,363

)

Eaton Vance Corp., Strike Price USD 30.15,
Expires 12/10/10

 

 

335

 

 

(16,287

)

Energen Corp., Strike Price USD 45, Expires 1/24/11

 

 

130

 

 

(22,750

)

Family Dollar Stores, Inc., Strike Price USD 46,
Expires 11/22/10

 

 

110

 

 

(11,550

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Federal Realty Investment Trust, Strike Price USD 80,
Expires 11/22/10

 

 

76

 

$

(24,320

)

Fortune Brands, Inc., Strike Price USD 50,
Expires 11/22/10

 

 

60

 

 

(26,400

)

Getty Realty Corp., Strike Price USD 26.75,
Expires 12/20/10

 

 

190

 

 

(37,226

)

Helmerich & Payne, Inc., Strike Price USD 45,
Expires 11/22/10

 

 

135

 

 

(9,450

)

Hormel Foods Corp., Strike Price USD 45,
Expires 12/20/10

 

 

300

 

 

(48,000

)

Integrys Energy Group, Inc., Strike Price USD 55,
Expires 12/20/10

 

 

157

 

 

(9,420

)

J.M. Smucker Co. (The), Strike Price USD 65,
Expires 11/22/10

 

 

80

 

 

(8,200

)

Leggett & Platt, Inc., Strike Price USD 20, Expires 12/20/10

 

 

300

 

 

(30,750

)

Linear Technology Corp., Strike Price USD 32,
Expires 11/22/10

 

 

280

 

 

(22,400

)

National Fuel Gas Co., Strike Price USD 55,
Expires 12/20/10

 

 

135

 

 

(31,050

)

National Retail Properties, Inc., Strike Price USD 26,
Expires 12/20/10

 

 

180

 

 

(24,830

)

Northwest Natural Gas Co., Strike Price USD 55,
Expires 12/20/10

 

 

48

 

 

(1,680

)

Pentair, Inc., Strike Price USD 33, Expires 11/22/10

 

 

300

 

 

(17,170

)

Pitney Bowes, Inc., Strike Price USD 22, Expires 11/22/10

 

 

430

 

 

(19,350

)

Polaris Industries, Inc., Strike Price USD 65,
Expires 11/22/10

 

 

135

 

 

(89,775

)

Realty Income Corp., Strike Price USD 35, Expires 11/22/10

 

 

140

 

 

(4,200

)

S&T Bancorp, Inc., Strike Price USD 20, Expires 1/24/11

 

 

65

 

 

(8,288

)

S&T Bancorp, Inc., Strike Price USD 20, Expires 12/20/10

 

 

20

 

 

(1,750

)

Sovran Self Storage, Inc., Strike Price USD 40,
Expires 11/22/10

 

 

77

 

 

(4,812

)

Stanley Black & Decker, Inc., Strike Price USD 62.50,
Expires 11/22/10

 

 

225

 

 

(29,813

)

SUPERVALU, Inc., Strike Price USD 12, Expires 11/22/10

 

 

670

 

 

(5,025

)

Tanger Factory Outlet Centers, Strike Price USD 50,
Expires 11/22/10

 

 

68

 

 

(2,550

)

Teleflex, Inc., Strike Price USD 60, Expires 12/20/10

 

 

106

 

 

(4,505

)

Trustmark Corp., Strike Price USD 22.50, Expires 12/20/10

 

 

122

 

 

(8,845

)

United Bankshares, Inc., Strike Price USD 25,
Expires 11/22/10

 

 

185

 

 

(39,313

)

Universal Corp., Strike Price USD 40, Expires 11/22/10

 

 

75

 

 

(15,750

)

Vulcan Materials Co., Strike Price USD 41, Expires 11/22/10

 

 

165

 

 

(1,237

)

Washington REIT, Strike Price USD 35, Expires 12/20/10

 

 

129

 

 

(2,902

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(726,740

)

               

Over-the-Counter Call Options Written—(0.5)%

 

 

 

 

 

 

 

ABM Industries, Inc., Strike Price USD 21.91,
Expires 11/30/10, Broker UBS Securities LLC

 

 

27,500

 

 

(30,658

)

American States Water Co., Strike Price USD 34.49,
Expires 11/10/10, Broker Credit Suisse First Boston

 

 

6,500

 

 

(18,696

)

AO Smith Corp., Strike Price USD 60.43,
Expires 12/10/10, Broker Morgan Stanley & Co., Inc.

 

 

7,000

 

 

(11,412

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 11/30/10, Broker JPMorgan Chase Securities

 

 

16,000

 

 

(21,803

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/02/10, Broker JPMorgan Chase Securities

 

 

16,000

 

 

(22,218

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/06/10, Broker JPMorgan Chase Securities

 

 

17,000

 

 

(24,451

)

Arthur J. Gallagher & Co., Strike Price USD 26.34,
Expires 11/12/10, Broker JPMorgan Chase Securities

 

 

22,000

 

 

(45,684

)

Atmos Energy Corp., Strike Price USD 29.39,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

9,100

 

 

(3,968

)

Atmos Energy Corp., Strike Price USD 29.64,
Expires 11/09/10, Broker UBS Securities LLC

 

 

9,900

 

 

(3,191

)

Avery Dennison Corp., Strike Price USD 38.53,
Expires 12/15/10, Broker UBS Securities LLC

 

 

15,600

 

 

(6,967

)

See Notes to Financial Statements.

 

 

 

 

 

24

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Badger Meter, Inc., Strike Price USD 38.45,
Expires 11/12/10, Broker Credit Suisse First Boston

 

 

12,000

 

$

(36,982

)

BancFirst Corp., Strike Price USD 41.56,
Expires 12/15/10, Broker JPMorgan Chase Securities

 

 

5,800

 

 

(8,789

)

BancorpSouth, Inc., Strike Price USD 14.47,
Expires 12/15/10, Broker JPMorgan Chase Securities

 

 

24,500

 

 

(2,402

)

Bank of Hawaii Corp., Strike Price USD 46.74,
Expires 12/03/10, Broker Citigroup Global Markets, Inc.

 

 

20,000

 

 

(5,567

)

Bemis Co., Inc., Strike Price USD 31.21,
Expires 11/04/10, Broker Citigroup Global Markets, Inc.

 

 

19,000

 

 

(13,495

)

Black Hills Corp., Strike Price USD 33.26,
Expires 12/10/10, Broker Credit Suisse First Boston

 

 

12,000

 

 

(5,420

)

Brady Corp., Strike Price USD 28.86, Expires 11/10/10,
Broker UBS Securities LLC

 

 

22,700

 

 

(43,660

)

California Water Service Group, Strike Price USD 36.90,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

2,200

 

 

(1,925

)

California Water Service Group, Strike Price USD 37.27,
Expires 11/09/10, Broker UBS Securities LLC

 

 

4,400

 

 

(2,962

)

Chemical Financial Corp., Strike Price USD 21.18,
Expires 11/30/10, Broker UBS Securities LLC

 

 

11,200

 

 

(5,471

)

Cincinnati Financial Corp., Strike Price USD 28.97,
Expires 11/30/10, Broker Citigroup Global Markets, Inc.

 

 

38,000

 

 

(29,183

)

Community Bank System, Inc., Strike Price USD 23.66,
Expires 12/15/10, Broker Morgan Stanley & Co., Inc.

 

 

14,000

 

 

(14,698

)

Community Trust Bancorp, Inc., Strike Price USD 27.03,
Expires 11/15/10, Broker UBS Securities LLC

 

 

8,000

 

 

(7,143

)

Erie Indemnity Co., Class A, Strike Price USD 58.04,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

13,500

 

 

(8,121

)

Fastnel Co., Strike Price USD 53.35, Expires 11/30/10,
Broker UBS Securities LLC

 

 

8,200

 

 

(6,413

)

Federated Investors, Inc., Strike Price USD 24.33,
Expires 11/30/10, Broker UBS Securities LLC

 

 

21,800

 

 

(16,536

)

Genuine Parts Co., Strike Price USD 47.94,
Expires 12/03/10, Broker Morgan Stanley & Co., Inc.

 

 

7,000

 

 

(5,644

)

Graco, Inc., Strike Price USD 30.51, Expires 11/15/10,
Broker JPMorgan Chase Securities

 

 

9,000

 

 

(35,202

)

Harleysville Group, Inc., Strike Price USD 32.72,
Expires 11/15/10, Broker Morgan Stanley & Co., Inc.

 

 

9,500

 

 

(15,295

)

Home Properties, Inc., Strike Price USD 55.40,
Expires 12/03/10, Broker Citigroup Global Markets, Inc.

 

 

18,000

 

 

(19,811

)

Iberiabank Corp., Strike Price USD 55.20,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

5,000

 

 

(8,925

)

Lancaster Colony Corp., Strike Price USD 48.61,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

9,500

 

 

(14,548

)

Liberty Property Trust, Strike Price USD 32.55,
Expires 11/30/10, Broker UBS Securities LLC

 

 

13,000

 

 

(18,684

)

Martin Marietta Materials, Inc., Strike Price USD 80.62,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

8,700

 

 

(23,039

)

Masco Corp., Strike Price USD 11.28, Expires 11/15/10,
Broker JPMorgan Chase Securities

 

 

50,000

 

 

(7,641

)

McCormick & Co., Inc., Strike Price USD 40.47,
Expires 11/12/10, Broker Credit Suisse First Boston

 

 

15,000

 

 

(57,882

)

McGrath Rentcorp, Strike Price USD 21.55,
Expires 11/10/10, Broker Morgan Stanley & Co., Inc.

 

 

11,000

 

 

(41,360

)

MDU Resources Group, Inc., Strike Price USD 19.96,
Expires 11/08/10, Broker Morgan Stanley & Co., Inc.

 

 

40,000

 

 

(8,034

)

Mercury General Corp., Strike Price USD 40.26,
Expires 11/08/10, Broker Morgan Stanley & Co., Inc.

 

 

11,700

 

 

(26,009

)

Meredith Corp., Strike Price USD 33.12, Expires 11/08/10,
Broker Morgan Stanley & Co., Inc.

 

 

9,000

 

 

(8,074

)

Meridian Bioscience, Inc., Strike Price USD 23.30,
Expires 12/10/10, Broker Credit Suisse First Boston

 

 

13,000

 

 

(8,664

)

MGE Energy, Inc., Strike Price USD 42.02,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

8,000

 

 

(2,605

)

Middlesex Water Co., Strike Price USD 16.59,
Expires 11/12/10, Broker UBS Securities LLC

 

 

14,000

 

 

(17,780

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Mine Safety Appliances Co., Strike Price USD 27.53,
Expires 11/30/10, Broker Credit Suisse First Boston

 

 

14,100

 

$

(11,484

)

Myers Industries, Inc., Strike Price USD 6.49,
Expires 11/12/10, Broker JPMorgan Chase Securities

 

 

24,000

 

 

(56,150

)

NACCO Industries, Inc., Strike Price USD 98.66,
Expires 11/15/10, Broker Credit Suisse First Boston

 

 

5,500

 

 

(35,289

)

New Jersey Resources Corp., Strike Price USD 39.22,
Expires 11/08/10, Broker Citigroup Global Markets, Inc.

 

 

14,900

 

 

(18,923

)

New Jersey Resources Corp., Strike Price USD 41.37,
Expires 12/15/10, Broker Citigroup Global Markets, Inc.

 

 

10,000

 

 

(3,459

)

Northeast Utilities, Strike Price USD 30.06,
Expires 11/05/10, Broker Citigroup Global Markets, Inc.

 

 

33,500

 

 

(40,870

)

Northwest Natural Gas Co., Strike Price USD 46.57,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

11,500

 

 

(31,280

)

NSTAR, Strike Price USD 38.22, Expires 11/12/10,
Broker UBS Securities LLC

 

 

29,000

 

 

(101,210

)

Old Republic International Corp., Strike Price USD 13.89,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

47,000

 

 

(15,892

)

Otter Tail Corp., Strike Price USD 20.40, Expires 11/30/10,
Broker Citigroup Global Markets, Inc.

 

 

11,500

 

 

(7,709

)

Piedmont Natural Gas Co., Inc., Strike Price USD 28.82,
Expires 11/08/10, Broker Citigroup Global Markets, Inc.

 

 

20,500

 

 

(14,528

)

Raven Industries, Inc., Strike Price USD 34.16,
Expires 11/10/10, Broker Citigroup Global Markets, Inc.

 

 

9,000

 

 

(62,640

)

Roper Industries, Inc., Strike Price USD 70.95,
Expires 12/10/10, Broker UBS Securities LLC

 

 

14,500

 

 

(18,995

)

RPM International, Inc., Strike Price USD 21.07,
Expires 12/03/10, Broker Credit Suisse First Boston

 

 

31,000

 

 

(13,846

)

SJW Corp., Strike Price USD 23.72, Expires 11/12/10,
Broker Credit Suisse First Boston

 

 

9,000

 

 

(8,190

)

Sonoco Products Co., Strike Price USD 33.09,
Expires 11/10/10, Broker JPMorgan Chase Securities

 

 

20,500

 

 

(15,647

)

South Jersey Industries, Inc., Strike Price USD 51.04,
Expires 12/15/10, Broker UBS Securities LLC

 

 

16,000

 

 

(7,147

)

Stepan Co., Strike Price USD 59.93, Expires 11/10/10,
Broker UBS Securities LLC

 

 

5,000

 

 

(37,690

)

Tennant Co., Strike Price USD 33.72, Expires 11/08/10,
Broker UBS Securities LLC

 

 

12,500

 

 

(13,506

)

UDR, Inc., Strike Price USD 22, Expires 12/15/10,
Broker Morgan Stanley & Co., Inc.

 

 

29,800

 

 

(31,625

)

UGI Corp., Strike Price USD 29.66, Expires 12/10/10,
Broker Credit Suisse First Boston

 

 

21,500

 

 

(17,373

)

Universal Corp., Strike Price USD 42.29,
Expires 11/30/10, Broker UBS Securities LLC

 

 

7,100

 

 

(7,739

)

Universal Health Realty Income Trust, Strike Price
USD 32.43, Expires 11/12/10, Broker UBS Securities LLC

 

 

11,000

 

 

(51,920

)

Valley National Bancorp, Strike Price USD 13.20,
Expires 11/12/10, Broker JPMorgan Chase Securities

 

 

26,000

 

 

(7,856

)

Vector Group Ltd., Strike Price USD 18.79,
Expires 12/15/10, Broker Credit Suisse First Boston

 

 

38,800

 

 

(12,165

)

Vectren Corp., Strike Price USD 26.48, Expires 12/06/10,
Broker UBS Securities LLC

 

 

8,800

 

 

(10,315

)

Vectren Corp., Strike Price USD 27.48, Expires 12/13/10,
Broker Morgan Stanley & Co., Inc.

 

 

13,400

 

 

(4,623

)

Weingarten Realty Investors, Strike Price USD 23.83,
Expires 12/15/10, Broker Citigroup Global Markets, Inc.

 

 

19,300

 

 

(19,159

)

WesBanco, Inc., Strike Price USD 16.78,
Expires 11/30/10, Broker UBS Securities LLC

 

 

12,000

 

 

(10,026

)

WGL Holdings, Inc., Strike Price USD 38.89,
Expires 12/15/10, Broker UBS Securities LLC

 

 

16,200

 

 

(6,873

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,411,141

)

               

Total Options Written
(Premiums Received $1,666,095)—(0.8)%

 

 

 

 

 

(2,137,881

)

               

Total Investments Net of Outstanding Options Written—99.8%

 

 

 

 

 

297,372,364

 

Other Assets Less Liabilities—0.2%

 

 

 

 

 

496,988

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

297,869,352

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

25




 

 



 

 

Schedule of Investments (concluded)

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

299,625,968

 

 

 

     

Gross unrealized appreciation

 

$

29,332,360

 

Gross unrealized depreciation

 

 

(29,448,083

)

 

 

     

Net unrealized depreciation

 

$

(115,723

)

 

 

     

 

 

(a)

Security, or a portion thereof, pledged/held 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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Affiliate

 

Shares
Held at
October 31,
2009

 

Net Activity

 

Shares
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity Funds,
TempFund,
Institutional Class

 

 

3,951,206

 

 

1,903,411

 

 

5,854,617

 

$

10,816

 

                           

 

 

 

(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 and derivatives, 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 and derivatives)

 

 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

293,655,628

 

 

 

 

 

$

293,655,628

 

Short-Term Securities

 

 

5,854,617

 

 

 

 

 

 

5,854,617

 

                           

Total

 

$

299,510,245

 

 

 

 

 

$

299,510,245

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(614,145

)

$

(1,523,736

)

 

 

$

(2,137,881

)

                           

 

 

2

Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

26

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Schedule of Investments October 31, 2010

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Auto Components—0.9%

 

 

 

 

 

 

 

Johnson Controls, Inc. (a)

 

 

34,000

 

$

1,194,080

 

               

Building Products—0.1%

 

 

 

 

 

 

 

Kingspan Group Plc

 

 

23,600

 

 

196,292

 

               

Chemicals—26.0%

 

 

 

 

 

 

 

Agrium, Inc. (a)

 

 

38,100

 

 

3,372,231

 

CF Industries Holdings, Inc. (a)

 

 

14,450

 

 

1,770,559

 

Incitec Pivot Ltd.

 

 

325,300

 

 

1,191,144

 

Israel Chemicals Ltd.

 

 

90,000

 

 

1,373,577

 

Johnson Matthey Plc

 

 

100,000

 

 

3,066,693

 

K+S AG

 

 

23,300

 

 

1,620,971

 

Makhteshim-Agan Industries Ltd. (b)

 

 

190,000

 

 

958,687

 

Monsanto Co. (a)

 

 

50,100

 

 

2,976,942

 

Mosaic Co. (The) (a)

 

 

41,000

 

 

2,999,560

 

Nalco Holding Co. (a)

 

 

48,900

 

 

1,378,002

 

Novozymes A/S

 

 

10,400

 

 

1,385,625

 

Nufarm Ltd. (b)

 

 

90,360

 

 

402,762

 

Potash Corp. of Saskatchewan, Inc. (a)

 

 

21,400

 

 

3,104,926

 

Sinofert Holdings Ltd. (b)

 

 

3,143,500

 

 

1,670,427

 

Syngenta AG

 

 

11,300

 

 

3,128,818

 

Umicore

 

 

39,200

 

 

1,847,081

 

Wacker Chemie AG

 

 

8,800

 

 

1,814,773

 

 

 

 

 

 

     

 

 

 

 

 

 

34,062,778

 

               

Commercial Services & Supplies—2.2%

 

 

 

 

 

 

 

Tetra Tech, Inc. (b)

 

 

104,200

 

 

2,194,452

 

Tianjin Capital Environmental Protection Group Co. Ltd.

 

 

2,083,000

 

 

717,977

 

 

 

 

 

 

     

 

 

 

 

 

 

2,912,429

 

               

Construction & Engineering—1.7%

 

 

 

 

 

 

 

Insituform Technologies, Inc. (b)

 

 

18,300

 

 

395,280

 

Layne Christensen Co. (a)(b)

 

 

14,000

 

 

391,160

 

Quanta Services, Inc. (a)(b)

 

 

25,800

 

 

507,228

 

Shaw Group, Inc. (The) (a)(b)

 

 

29,200

 

 

892,352

 

 

 

 

 

 

     

 

 

 

 

 

 

2,186,020

 

               

Electric Utilities—3.1%

 

 

 

 

 

 

 

Acciona SA

 

 

5,450

 

 

479,809

 

Iberdrola SA

 

 

190,557

 

 

1,609,987

 

NextEra Energy, Inc. (a)

 

 

35,900

 

 

1,975,936

 

 

 

 

 

 

     

 

 

 

 

 

 

4,065,732

 

               

Electrical Equipment—5.5%

 

 

 

 

 

 

 

American Superconductor Corp. (a)(b)

 

 

50,600

 

 

1,702,690

 

First Solar, Inc. (a)(b)

 

 

5,700

 

 

784,776

 

Gamesa Corp. Tecnologica SA (b)

 

 

75,100

 

 

523,094

 

General Cable Corp. (a)(b)

 

 

12,800

 

 

357,632

 

Nordex SE (b)

 

 

18,100

 

 

174,353

 

Renewable Energy Corp. AS (b)

 

 

41,900

 

 

145,927

 

Roper Industries, Inc.

 

 

14,300

 

 

992,849

 

Solarworld AG

 

 

51,000

 

 

739,221

 

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

 

 

15,650

 

 

213,466

 

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

 

 

15,700

 

 

133,293

 

Vestas Wind Systems A/S (b)

 

 

43,200

 

 

1,377,129

 

 

 

 

 

 

     

 

 

 

 

 

 

7,144,430

 

               

Electronic Equipment, Instruments & Components—2.6%

 

 

 

 

 

 

 

Itron, Inc. (a)(b)

 

 

38,600

 

 

2,345,722

 

Trimble Navigation Ltd. (b)

 

 

31,010

 

 

1,111,398

 

 

 

 

 

 

     

 

 

 

 

 

 

3,457,120

 

               

Food Products—13.2%

 

 

 

 

 

 

 

Agria Corp. - ADR (b)

 

 

100,000

 

 

192,000

 

Archer-Daniels-Midland Co. (a)

 

 

48,700

 

 

1,622,684

 

BrasilAgro - Companhia Brasileira de
Propriedades Agricolas (b)

 

 

525,200

 

 

3,091,956

 

Bunge Ltd. (a)

 

 

30,200

 

 

1,814,114

 

Cosan Ltd.

 

 

98,700

 

 

1,297,905

 

Cresud SACIF y A - ADR

 

 

53,000

 

 

1,042,510

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Food Products (concluded)

 

 

 

 

 

 

 

Illovo Sugar Ltd.

 

 

234,900

 

$

874,884

 

IOI Corp. Bhd

 

 

533,333

 

 

998,960

 

Sao Martinho SA

 

 

200,000

 

 

2,398,400

 

SLC Agricola SA

 

 

150,000

 

 

1,852,614

 

SunOpta, Inc. (b)

 

 

83,300

 

 

538,118

 

Viterra, Inc. (a)(b)

 

 

116,746

 

 

1,118,353

 

Wilmar International Ltd.

 

 

102,000

 

 

506,825

 

 

 

 

 

 

     

 

 

 

 

 

 

17,349,323

 

               

Independent Power Producers & Energy Traders—2.0%

 

 

 

 

 

 

 

EDF Energies Nouvelles SA

 

 

17,100

 

 

742,526

 

Iberdrola Renovables SA

 

 

351,600

 

 

1,187,888

 

Ormat Technologies, Inc. (a)

 

 

22,300

 

 

635,773

 

 

 

 

 

 

     

 

 

 

 

 

 

2,566,187

 

               

Industrial Conglomerates—0.5%

 

 

 

 

 

 

 

Orkla ASA

 

 

67,700

 

 

656,107

 

               

Machinery—8.2%

 

 

 

 

 

 

 

AGCO Corp. (a)(b)

 

 

45,500

 

 

1,932,385

 

CNH Global NV (a)(b)

 

 

30,400

 

 

1,206,576

 

Deere & Co. (a)

 

 

25,700

 

 

1,973,760

 

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

 

 

6,900

 

 

86,319

 

IDEX Corp.

 

 

14,600

 

 

526,768

 

Kurita Water Industries Ltd.

 

 

70,700

 

 

1,831,332

 

Pentair, Inc. (a)

 

 

59,000

 

 

1,931,070

 

Watts Water Technologies, Inc.

 

 

36,000

 

 

1,266,120

 

 

 

 

 

 

     

 

 

 

 

 

 

10,754,330

 

               

Multi-Utilities—1.9%

 

 

 

 

 

 

 

Hera SpA

 

 

486,500

 

 

1,029,662

 

Suez Environnement Co.

 

 

12,325

 

 

241,157

 

United Utilities Group Plc

 

 

91,181

 

 

892,710

 

Veolia Environnement

 

 

11,700

 

 

344,057

 

 

 

 

 

 

     

 

 

 

 

 

 

2,507,586

 

               

Oil, Gas & Consumable Fuels—2.1%

 

 

 

 

 

 

 

Cheniere Energy, Inc. (b)

 

 

12,500

 

 

41,000

 

D1 Oils Plc (b)

 

 

360,099

 

 

31,216

 

Rentech, Inc. (b)

 

 

500,000

 

 

595,000

 

Sasol Ltd.

 

 

33,500

 

 

1,508,583

 

Sasol Ltd. - ADR

 

 

12,400

 

 

561,100

 

 

 

 

 

 

     

 

 

 

 

 

 

2,736,899

 

               

Paper & Forest Products—0.8%

 

 

 

 

 

 

 

Fibria Celulose SA - ADR (a)(b)

 

 

29,000

 

 

520,840

 

Precious Woods Holding AG (b)

 

 

20,000

 

 

488,796

 

 

 

 

 

 

     

 

 

 

 

 

 

1,009,636

 

               

Real Estate Investment Trusts (REITs)—2.7%

 

 

 

 

 

 

 

Plum Creek Timber Co., Inc. (a)

 

 

66,100

 

 

2,435,124

 

Rayonier, Inc.

 

 

21,850

 

 

1,140,570

 

 

 

 

 

 

     

 

 

 

 

 

 

3,575,694

 

               

Road & Rail—1.0%

 

 

 

 

 

 

 

All American Latina Logistica SA

 

 

133,000

 

 

1,257,802

 

               

Semiconductors & Semiconductor Equipment—0.2%

 

 

 

 

 

 

 

MEMC Electronic Materials, Inc. (a)(b)

 

 

21,200

 

 

271,784

 

               

Water Utilities—22.2%

 

 

 

 

 

 

 

American States Water Co.

 

 

51,900

 

 

1,938,465

 

American Water Works Co., Inc

 

 

69,500

 

 

1,659,660

 

Aqua America, Inc.

 

 

125,000

 

 

2,691,250

 

Artesian Resources Corp., Class A

 

 

39,400

 

 

751,752

 

Athens Water Supply & Sewage Co. SA (The)

 

 

89,950

 

 

604,683

 

California Water Service Group

 

 

52,400

 

 

1,956,616

 

China Water Affairs Group Ltd.

 

 

4,556,000

 

 

1,742,284

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

 

81,000

 

 

1,833,612

 

Cia de Saneamento de Minas Gerias-COPASA

 

 

160,000

 

 

2,453,214

 

Hyflux Ltd.

 

 

628,000

 

 

1,532,822

 

Inversiones Aguas Metropolitanas SA

 

 

1,500,000

 

 

2,330,573

 


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Manila Water Co., Inc.

 

 

5,610,000

 

$

2,432,986

 

Northumbrian Water Group Plc

 

 

430,900

 

 

2,444,370

 

Pennon Group Plc

 

 

215,200

 

 

2,147,646

 

Severn Trent Plc

 

 

113,500

 

 

2,537,394

 

 

 

 

 

 

 

 

 

 

 

 

 

29,057,327

 

               

Total Long-Term Investments
(Cost—$151,446,355)—96.9%

 

 

 

 

 

126,961,556

 

               

 


Short-Term Securities

 

 

 

 

 

 

 

             

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.21% (c)(d)

 

 

5,825,217

 

 

5,825,217

 

               

Total Short-Term Securities
(Cost—$5,825,217)—4.5%

 

 

 

 

 

5,825,217

 

               

Total Investments Before Outstanding Options Written
(Cost—$157,271,572*)—101.4%

 

 

 

 

 

132,786,773

 

               

 


Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.6)%

 

 

 

 

 

 

 

AGCO Corp., Strike Price USD 45, Expires 12/20/10

 

 

205

 

 

(25,112

)

Agrium, Inc., Strike Price USD 90, Expires 12/20/10

 

 

170

 

 

(73,100

)

American Superconductor Corp., Strike Price USD 31,
Expires 11/22/10

 

 

130

 

 

(46,800

)

American Superconductor Corp., Strike Price USD 36,
Expires 11/22/10

 

 

30

 

 

(2,850

)

American Superconductor Corp., Strike Price USD 37,
Expires 11/22/10

 

 

68

 

 

(4,590

)

Bunge Ltd., Strike Price USD 65, Expires 12/20/10

 

 

135

 

 

(14,850

)

CF Industries Holdings, Inc., Strike Price USD 125,
Expires 11/22/10

 

 

65

 

 

(31,688

)

CNH Global NV, Strike Price USD 45, Expires 11/22/10

 

 

20

 

 

(700

)

CNH Global NV, Strike Price USD 45, Expires 12/20/10

 

 

120

 

 

(11,400

)

Deere & Co., Strike Price USD 80, Expires 12/20/10

 

 

120

 

 

(25,200

)

Duoyuan Global Water, Inc. - ADR, Strike Price USD 15,
Expires 12/20/10

 

 

31

 

 

(2,015

)

Fibria Celulose SA - ADR, Strike Price USD 17.50,
Expires 11/22/10

 

 

130

 

 

(13,000

)

First Solar, Inc., Strike Price USD 150, Expires 12/20/10

 

 

26

 

 

(7,865

)

General Cable Corp., Strike Price USD 27, Expires 11/22/10

 

 

57

 

 

(10,687

)

Itron, Inc., Strike Price USD 65, Expires 12/20/10

 

 

175

 

 

(25,375

)

Johnson Controls, Inc., Strike Price USD 31,
Expires 11/22/10

 

 

153

 

 

(64,260

)

Layne Christensen Co., Strike Price USD 25.50,
Expires 11/10/10

 

 

77

 

 

(20,690

)

MEMC Electronic Materials, Inc., Strike Price USD 12,
Expires 11/22/10

 

 

96

 

 

(11,808

)

Monsanto Co., Strike Price USD 60, Expires 12/20/10

 

 

230

 

 

(70,150

)

Mosaic Co. (The), Strike Price USD 70, Expires 12/20/10

 

 

190

 

 

(123,025

)

Nalco Holding Co., Strike Price USD 27, Expires 12/20/10

 

 

220

 

 

(39,050

)

Ormat Technologies, Inc., Strike Price USD 30,
Expires 11/22/10

 

 

120

 

 

(2,700

)

Pentair, Inc., Strike Price USD 33, Expires 11/22/10

 

 

265

 

 

(15,167

)

Plum Creek Timber Co., Inc., Strike Price USD 36,
Expires 11/22/10

 

 

297

 

 

(32,225

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 150,
Expires 12/20/10

 

 

97

 

 

(51,168

)

Quanta Services, Inc., Strike Price USD 20, Expires 12/20/10

 

 

105

 

 

(8,400

)

Shaw Group, Inc. (The), Strike Price USD 33, Expires 12/20/10

 

 

130

 

 

(6,825

)

SunPower Corp., Strike Price USD 15, Expires 12/20/10

 

 

70

 

 

(3,360

)

Suntech Power Holdings Co. Ltd. - ADR, Strike Price USD 10,
Expires 12/20/10

 

 

70

 

 

(1,680

)

Viterra, Inc., Strike Price CAD 10.00, Expires 12/20/10

 

 

260

 

 

(7,648

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(753,388

)

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written—(1.4)%

 

 

 

 

 

 

 

Acciona SA, Strike Price EUR 63.20, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

2,500

 

$

(4,584

)

All American Latina Logistica SA, Strike Price BRL 15.54,
Expires 12/14/10, Broker Deutsche Bank Securities Corp.

 

 

59,900

 

 

(51,457

)

American States Water Co., Strike Price USD 34.49,
Expires 11/10/10, Broker Credit Suisse First Boston

 

 

28,500

 

 

(81,975

)

American Water Works Co., Inc., Strike Price USD 23.30,
Expires 11/24/10, Broker UBS Securities LLC

 

 

24,500

 

 

(21,019

)

American Water Works Co., Inc., Strike Price USD 23.94,
Expires 11/24/10, Broker Citigroup Global Markets, Inc.

 

 

6,800

 

 

(3,211

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 11/30/10, Broker JPMorgan Chase Securities

 

 

18,800

 

 

(25,619

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/02/10, Broker JPMorgan Chase Securities

 

 

18,800

 

 

(26,106

)

Aqua America, Inc., Strike Price USD 20.75,
Expires 12/06/10, Broker JPMorgan Chase Securities

 

 

18,800

 

 

(27,040

)

Archer-Daniels-Midland Co., Strike Price USD 33.08,
Expires 11/10/10, Broker Credit Suisse First Boston

 

 

26,800

 

 

(22,185

)

Artesian Resources Corp., Class A, Strike Price USD 18.87,
Expires 11/15/10, Broker Morgan Stanley & Co., Inc.

 

 

17,800

 

 

(8,076

)

Athens Water Supply & Sewage Co. SA (The), Strike Price
EUR 5.04, Expires 11/11/10, Broker UBS Securities LLC

 

 

20,500

 

 

(645

)

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, Strike Price BRL 10, Expires 11/08/10,
Broker UBS Securities LLC

 

 

118,200

 

 

(17,018

)

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, Strike Price BRL 10.81, Expires 12/14/10,
Broker UBS Securities LLC

 

 

118,200

 

 

(15,806

)

California Water Service Group, Strike Price USD 36.90,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

7,600

 

 

(6,649

)

California Water Service Group, Strike Price USD 37.27,
Expires 11/09/10, Broker UBS Securities LLC

 

 

16,000

 

 

(10,772

)

China Water Affairs Group Ltd., Strike Price HKD 2.85,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

2,050,000

 

 

(40,214

)

Cia de Saneamento Basico do Estado de Sao Paulo,
Strike Price BRL 40.39, Expires 12/14/10,
Broker UBS Securities LLC

 

 

36,500

 

 

(21,405

)

Cia de Saneamento de Minas Gerais-COPASA,
Strike Price BRL 27.32, Expires 12/14/10,
Broker Goldman Sachs & Co.

 

 

72,000

 

 

(13,729

)

Cosan Ltd., Strike Price USD 13.11, Expires 12/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

44,500

 

 

(26,923

)

Cresud SACIF y A - ADR, Strike Price USD 19.90,
Expires 11/29/10, Broker UBS Securities LLC

 

 

23,900

 

 

(18,917

)

EDF Energies Nouvelles SA, Strike Price EUR 29.30,
Expires 11/16/10, Broker UBS Securities LLC

 

 

7,700

 

 

(21,997

)

Gamesa Corp. Tecnologica SA, Strike Price EUR 5.43,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

33,800

 

 

(1,112

)

Hera SpA, Strike Price EUR 1.41, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

219,000

 

 

(35,138

)

Hyflux Ltd., Strike Price SGD 3.16, Expires 11/09/10,
Broker Morgan Stanley & Co., Inc.

 

 

283,000

 

 

(8,924

)

Iberdrola Renovables SA, Strike Price EUR 2.50,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

158,000

 

 

(692

)

Iberdrola SA, Strike Price EUR 5.72, Expires 11/11/10,
Broker Credit Suisse First Boston

 

 

85,800

 

 

(43,040

)

Idex Corp., Strike Price USD 37.02, Expires 12/10/10,
Broker UBS Securities LLC

 

 

6,600

 

 

(4,526

)

Illovo Sugar Ltd., Strike Price ZAR 24.90, Expires 11/11/10,
Broker Credit Suisse First Boston

 

 

105,700

 

 

(19,013

)

Incitec Pivot Ltd., Strike Price AUD 3.64, Expires 11/09/10,
Broker Goldman Sachs & Co.

 

 

146,400

 

 

(23,932

)


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

28

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Insituform Technologies, Inc., Strike Price USD 22.13,
Expires 12/10/10, Broker UBS Securities LLC

 

 

8,300

 

$

(5,602

)

Inversiones Aguas Metropolitanas SA,
Strike Price CLP 757.50, Expires 12/14/10,
Broker Credit Suisse First Boston

 

 

675,000

 

 

(39,164

)

IOI Corp. Bhd, Strike Price MYR 5.60, Expires 11/09/10,
Broker Deutsche Bank Securities Corp.

 

 

240,000

 

 

(17,594

)

Israel Chemicals Ltd., Strike Price ILS 51.89,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

40,500

 

 

(41,004

)

Johnson Matthey Plc, Strike Price GBP 17.94,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

45,000

 

 

(87,986

)

K&S AG, Strike Price EUR 45.87, Expires 11/16/10,
Broker Morgan Stanley & Co., Inc.

 

 

10,500

 

 

(61,493

)

Kingspan Group Plc, Strike Price EUR 5.83,
Expires 11/11/10, Broker UBS Securities LLC

 

 

10,600

 

 

(3,512

)

Kurita Water Industries Ltd., Strike Price JPY 2,342.02,
Expires 11/09/10, Broker JPMorgan Chase Securities

 

 

32,000

 

 

(42

)

Makhteshim-Agan Industries Ltd., Strike Price ILS 13.64,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

85,000

 

 

(110,111

)

Manila Water Co., Inc., Strike Price PHP 19.05,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

2,500,000

 

 

(5,550

)

NextEra Energy, Inc., Strike Price USD 55.50,
Expires 11/15/10, Broker Citigroup Global Markets, Inc.

 

 

16,200

 

 

(7,589

)

Nordex SE, Strike Price EUR 6.95, Expires 11/16/10,
Broker UBS Securities LLC

 

 

8,200

 

 

(2,126

)

Northumbrian Water Group Plc, Strike Price GBP 3.42,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

194,000

 

 

(40,084

)

Novozymes A/S, Strike Price DKK 718.62,
Expires 11/11/10, Broker UBS Securities LLC

 

 

4,700

 

 

(11,321

)

Nufarm Ltd., Strike Price AUD 3.96, Expires 11/09/10,
Broker UBS Securities LLC

 

 

41,000

 

 

(24,092

)

Orkla ASA, Strike Price NOK 54.94, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

30,500

 

 

(11,265

)

Pennon Group Plc, Strike Price GBP 5.92,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

95,000

 

 

(46,930

)

Rayonier, Inc., Strike Price USD 51.51, Expires 12/06/10,
Broker Citigroup Global Markets, Inc.

 

 

9,800

 

 

(13,124

)

Renewable Energy Corp. ASA, Strike Price NOK 20.79,
Expires 11/16/10, Broker UBS Securities LLC

 

 

18,900

 

 

(1,962

)

Roper Industries, Inc., Strike Price USD 70.95,
Expires 12/10/10, Broker UBS Securities LLC

 

 

6,500

 

 

(8,515

)

Sao Martinho SA, Strike Price BRL 16.72,
Expires 11/08/10, Broker Credit Suisse First Boston

 

 

41,600

 

 

(89,909

)

Sao Martinho SA, Strike Price BRL 21.01,
Expires 12/14/10, Broker UBS Securities LLC

 

 

48,400

 

 

(14,882

)

Sasol Ltd. - ADR, Strike Price USD 43.49,
Expires 11/10/10, Broker Morgan Stanley & Co., Inc.

 

 

12,400

 

 

(24,302

)

Severn Trent Plc, Strike Price GBP 13.41,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

51,000

 

 

(44,786

)

Sinofert Holdings Ltd., Strike Price HKD 4.59,
Expires 11/09/10, Broker JPMorgan Chase Securities

 

 

1,414,000

 

 

(1,008

)

SLC Agricola SA, Strike Price BRL 15.66,
Expires 11/08/10, Broker Credit Suisse First Boston

 

 

33,800

 

 

(106,250

)

SLC Agricola SA, Strike Price BRL 22.06,
Expires 12/14/10, Broker UBS Securities LLC

 

 

33,700

 

 

(13,679

)

Solarworld AG, Strike Price EUR 8.79,
Expires 11/16/10, Broker UBS Securities LLC

 

 

23,000

 

 

(55,445

)

Suez Environnement Co., Strike Price EUR 14.10,
Expires 11/16/10, Broker Morgan Stanley & Co., Inc.

 

 

5,600

 

 

(1,946

)

SunOpta, Inc., Strike Price USD 6.34, Expires 11/15/10,
Broker UBS Securities LLC

 

 

37,500

 

 

(18,753

)

Syngenta AG, Strike Price CHF 252.96, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

5,100

 

 

(104,462

)

Tetra Tech, Inc., Strike Price USD 21.87, Expires 12/10/10,
Broker UBS Securities LLC

 

 

47,000

 

 

(23,697

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Tianjin Capital Environmental Protection Group Co. Ltd.,
Strike Price HKD 2.71, Expires 11/09/10,
Broker Morgan Stanley & Co., Inc.

 

 

938,000

 

$

(3,844

)

Trimble Navigation Ltd., Strike Price USD 35.89,
Expires 11/15/10, Broker UBS Securities LLC

 

 

14,000

 

 

(13,336

)

Umicore, Strike Price EUR 33.16, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

17,700

 

 

(27,054

)

United Utilities Group Plc, Strike Price GBP 5.77,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

27,000

 

 

(14,647

)

United Utilities Group Plc, Strike Price GBP 5.79,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

14,000

 

 

(7,145

)

Veolia Environnement, Strike Price EUR 20.22,
Expires 11/16/10, Broker Credit Suisse First Boston

 

 

5,300

 

 

(7,785

)

Vestas Wind Systems A/S, Strike Price DKK 205.65,
Expires 11/16/10, Broker UBS Securities LLC

 

 

19,500

 

 

(4,814

)

Viterra, Inc., Strike Price CAD 9.13, Expires 11/19/10,
Broker Morgan Stanley & Co., Inc.

 

 

26,800

 

 

(18,605

)

Wacker Chemie AG, Strike Price EUR 132.33,
Expires 11/11/10, Broker UBS Securities LLC

 

 

4,000

 

 

(91,078

)

Watts Industries, Inc., Strike Price USD 34.43,
Expires 11/15/10, Broker UBS Securities LLC

 

 

16,200

 

 

(18,918

)

Wilmar International Ltd., Strike Price SGD 6.17,
Expires 11/09/10, Broker Credit Suisse First Boston

 

 

46,000

 

 

(9,786

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,856,921

)

               

Total Options Written
(Premiums Received $1,877,185)—(2.0)%

 

 

 

 

 

(2,610,309

)

               

Total Investments Net of Outstanding Options Written—99.4%

 

 

 

 

 

130,176,464

 

Other Assets Less Liabilities—0.6%

 

 

 

 

 

825,978

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

131,002,442

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

29




 

 


 

 

Schedule of Investments (concluded)

BlackRock EcoSolutions Investment Trust (BQR)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

170,684,442

 

 

 

     

Gross unrealized appreciation

 

$

3,344,462

 

Gross unrealized depreciation

 

 

(41,242,131

)

 

 

     

Net unrealized depreciation

 

$

(37,897,669

)

 

 

     

 

 

(a)

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

(b)

Non-income producing security.

(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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Affiliate

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

 

7,177,667

 

 

(1,352,450

)

 

5,825,217

 

$

10,495

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

 

2,141,500

 

 

(2,141,500

)

 

 

$

7,819

 

                           

 

 

 

(d)

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 and derivatives, 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 and derivatives)

 

 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto Components

 

$

1,194,080

 

 

 

 

 

$

1,194,080

 

Building Products

 

 

196,292

 

 

 

 

 

 

196,292

 

Chemicals

 

 

15,602,220

 

$

18,460,558

 

 

 

 

34,062,778

 

Commercial Services & Supplies

 

 

2,194,452

 

 

717,977

 

 

 

 

2,912,429

 

Construction & Engineering

 

 

2,186,020

 

 

 

 

 

 

2,186,020

 

Electric Utilities

 

 

1,975,936

 

 

2,089,796

 

 

 

 

4,065,732

 

Electrical Equipment

 

 

4,184,706

 

 

2,959,724

 

 

 

 

7,144,430

 

Electronic Equipment, Instruments & Components

 

 

3,457,120

 

 

 

 

 

 

3,457,120

 

Food Products

 

 

14,968,654

 

 

2,380,669

 

 

 

 

17,349,323

 

Independent Power Producers & Energy Traders

 

 

635,773

 

 

1,930,414

 

 

 

 

2,566,187

 

Industrial Conglomerates

 

 

 

 

656,107

 

 

 

 

656,107

 

Machinery

 

 

8,922,998

 

 

1,831,332

 

 

 

 

10,754,330

 

Multi-Utilities

 

 

 

 

2,507,586

 

 

 

 

2,507,586

 

Oil, Gas & Consumable Fuels

 

 

1,228,316

 

 

1,508,583

 

 

 

 

2,736,899

 

Paper & Forest Products

 

 

1,009,636

 

 

 

 

 

 

1,009,636

 

Real Estate Investment Trusts (REITs)

 

 

3,575,694

 

 

 

 

 

 

3,575,694

 

Road & Rail

 

 

1,257,802

 

 

 

 

 

 

1,257,802

 

Semiconductors & Semiconductor Equipment

 

 

271,784

 

 

 

 

 

 

271,784

 

Water Utilities

 

 

16,219,825

 

 

12,837,502

 

 

 

 

29,057,327

 

Short-Term Securities

 

 

5,825,217

 

 

 

 

 

 

5,825,217

 

                           

Total

 

$

84,906,525

 

$

47,880,248

 

 

 

$

132,786,773

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(717,531

)

$

(1,892,778

)

 

 

$

(2,610,309

)

                           

 

 

1

Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

30

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Schedule of Investments October 31, 2010

BlackRock Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Construction & Engineering—0.5%

 

 

 

 

 

 

 

MYR Group, Inc. (a)(b)

 

 

269,231

 

$

4,197,311

 

               

Energy Equipment & Services—17.7%

 

 

 

 

 

 

 

Cameron International Corp. (a)(c)

 

 

475,300

 

 

20,794,375

 

Core Laboratories NV

 

 

86,100

 

 

6,695,997

 

Halliburton Co. (c)

 

 

555,300

 

 

17,691,858

 

National Oilwell Varco, Inc. (c)

 

 

429,700

 

 

23,100,672

 

Noble Corp. (c)

 

 

496,100

 

 

17,130,333

 

Schlumberger Ltd. (c)

 

 

144,400

 

 

10,092,116

 

Technip SA

 

 

207,900

 

 

17,514,244

 

Transocean Ltd. (a)(c)

 

 

239,000

 

 

15,143,040

 

Weatherford International Ltd. (a)(c)

 

 

483,900

 

 

8,134,359

 

 

 

 

 

 

     

 

 

 

 

 

 

136,296,994

 

               

Gas Utilities—2.4%

 

 

 

 

 

 

 

EQT Corp.

 

 

486,000

 

 

18,195,840

 

               

Metals & Mining—4.1%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR (c)

 

 

177,800

 

 

14,684,502

 

Goldcorp, Inc.

 

 

94,900

 

 

4,231,591

 

Silver Wheaton Corp. (a)

 

 

431,100

 

 

12,394,125

 

 

 

 

 

 

     

 

 

 

 

 

 

31,310,218

 

               

Oil, Gas & Consumable Fuels—75.2%

 

 

 

 

 

 

 

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

 

 

594,600

 

 

26,858,082

 

AltaGas Ltd.

 

 

451,400

 

 

9,015,608

 

Anadarko Petroleum Corp. (c)

 

 

385,000

 

 

23,704,450

 

Apache Corp.

 

 

187,000

 

 

18,890,740

 

Arch Coal, Inc.

 

 

553,600

 

 

13,613,024

 

Brigham Exploration Co. (a)

 

 

1,102,800

 

 

23,258,052

 

Cabot Oil & Gas Corp. (c)

 

 

360,400

 

 

10,444,392

 

Cimarex Energy Co. (c)

 

 

104,600

 

 

8,028,050

 

Consol Energy, Inc.

 

 

480,221

 

 

17,652,924

 

Crescent Point Energy Corp. (c)

 

 

309,700

 

 

12,267,752

 

Enbridge Energy Partners LP

 

 

73,200

 

 

4,501,068

 

Energy XXI Bermuda Ltd. (a)(c)

 

 

440,200

 

 

9,569,948

 

Enterprise Products Partners LP

 

 

391,005

 

 

16,754,564

 

EOG Resources, Inc. (c)

 

 

305,700

 

 

29,261,604

 

EXCO Resources, Inc. (c)

 

 

1,161,200

 

 

17,220,596

 

Keyera Facilities Income Fund

 

 

619,867

 

 

19,235,994

 

Magnum Hunter Resources Corp. (a)(c)

 

 

828,500

 

 

3,960,230

 

MarkWest Energy Partners LP

 

 

197,700

 

 

7,536,324

 

Massey Energy Co. (c)

 

 

716,500

 

 

30,143,155

 

Occidental Petroleum Corp. (c)

 

 

367,000

 

 

28,857,210

 

ONEOK Partners LP

 

 

144,200

 

 

11,295,186

 

Peabody Energy Corp.

 

 

499,900

 

 

26,444,710

 

Pembina Pipeline Corp.

 

 

265,500

 

 

5,740,048

 

Penn Virginia Corp.

 

 

836,500

 

 

12,396,930

 

Petrohawk Energy Corp. (a)(c)

 

 

2,312,400

 

 

39,333,924

 

Petroleo Brasileiro SA - ADR

 

 

772,800

 

 

24,103,632

 

Petroleum Development Corp. (a)

 

 

175,900

 

 

5,489,839

 

Plains All American Pipeline LP (c)

 

 

164,800

 

 

10,398,880

 

QEP Resources, Inc.

 

 

208,300

 

 

6,880,149

 

Range Resources Corp.

 

 

385,700

 

 

14,421,323

 

Ship Finance International Ltd. (c)

 

 

468,500

 

 

9,421,535

 

SM Energy Co. (c)

 

 

88,200

 

 

3,676,176

 

Southwestern Energy Co. (a)(c)

 

 

445,000

 

 

15,063,250

 

Targa Resources Partners LP

 

 

129,500

 

 

3,838,380

 

Ultra Petroleum Corp. (a)(c)

 

 

122,400

 

 

5,036,760

 

Whiting Petroleum Corp. (a)

 

 

437,920

 

 

43,984,685

 

Williams Partners LP

 

 

245,200

 

 

10,813,320

 

 

 

 

 

 

     

 

 

 

 

 

 

579,112,494

 

               

Pipelines—0.9%

 

 

 

 

 

 

 

Magellan Midstream Partners LP

 

 

134,200

 

 

7,245,458

 

               

Transportation—0.9%

 

 

 

 

 

 

 

Nordic American Tanker Shipping

 

 

266,400

 

 

6,934,393

 

               

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

               

Total Long-Term Investments
(Cost—$693,258,125)—101.7%

 

 

 

 

$

783,292,708

 

               

 

 

 

 

 

 

 

 


Options Purchased

 

 

Contracts

 

 

 

 

               

Over-The-Counter Put Options Purchased—0.0%

 

 

 

 

 

 

 

Energy XXI Bermuda Ltd., Strike Price
USD 18, Expires 11/02/10, Broker UBS
Securities LLC

 

 

60,000

 

 

5

 

               

Total Options Purchased
(Cost—$7,200)—0.0%

 

 

 

 

 

5

 

               

Total Investments Before Outstanding Options Written
(Cost—$693,265,325*)—101.7%

 

 

 

 

 

783,292,713

 

               

 

 

 

 

 

 

 

 


Options Written

 

 

 

 

 

 

 

               

Exchange-Traded Call Options Written—(1.0)%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc., Strike Price USD 43,
Expires 11/22/10

 

 

500

 

 

(160,000

)

Alpha Natural Resources, Inc., Strike Price USD 44,
Expires 11/22/10

 

 

150

 

 

(38,025

)

Anadarko Petroleum Corp., Strike Price USD 49,
Expires 11/22/10

 

 

600

 

 

(778,500

)

Anadarko Petroleum Corp., Strike Price USD 50,
Expires 11/22/10

 

 

100

 

 

(118,500

)

Anadarko Petroleum Corp., Strike Price USD 62.50,
Expires 11/22/10

 

 

100

 

 

(22,400

)

BHP Billiton Ltd. - ADR, Strike Price USD 70,
Expires 11/22/10

 

 

400

 

 

(514,000

)

BHP Billiton Ltd. - ADR, Strike Price USD 75,
Expires 11/22/10

 

 

100

 

 

(81,750

)

BHP Billiton Ltd. - ADR, Strike Price USD 80,
Expires 11/22/10

 

 

200

 

 

(82,500

)

Cabot Oil & Gas Corp., Strike Price USD 32,
Expires 11/22/10

 

 

200

 

 

(5,000

)

Cameron International Corp., Strike Price USD 37.50,
Expires 11/22/10

 

 

290

 

 

(194,300

)

Cameron International Corp., Strike Price USD 39,
Expires 11/22/10

 

 

290

 

 

(158,050

)

Cameron International Corp., Strike Price USD 40,
Expires 11/22/10

 

 

200

 

 

(89,000

)

Cameron International Corp., Strike Price USD 41,
Expires 11/22/10

 

 

530

 

 

(193,450

)

Cameron International Corp., Strike Price USD 45,
Expires 11/20/10

 

 

350

 

 

(47,250

)

Cimarex Energy Co., Strike Price USD 70, Expires 12/20/10

 

 

350

 

 

(288,750

)

Crescent Point Energy Corp., Strike Price CAD 42,
Expires 1/24/11,

 

 

310

 

 

(17,477

)

Energy XXI Bermuda Ltd., Strike Price USD 25,
Expires 12/18/10

 

 

123

 

 

(11,377

)

Energy XXI Bermuda Ltd., Strike Price USD 30,
Expires 11/22/10

 

 

140

 

 

(1,050

)

EOG Resources, Inc., Strike Price USD 105,
Expires 11/22/10

 

 

200

 

 

(14,900

)

EXCO Resources, Inc., Strike Price USD 16,
Expires 12/20/10

 

 

1,000

 

 

(42,500

)

Halliburton Co., Strike Price USD 34, Expires 11/22/10

 

 

500

 

 

(24,250

)

Magnum Hunter Resources Corp., Strike Price USD 5,
Expires 11/22/10

 

 

400

 

 

(6,000

)

Massey Energy Co., Strike Price USD 33, Expires 11/22/10

 

 

500

 

 

(458,750

)

Massey Energy Co., Strike Price USD 34, Expires 11/22/10

 

 

200

 

 

(163,500

)

Massey Energy Co., Strike Price USD 38, Expires 11/22/10

 

 

1,000

 

 

(467,500

)

Massey Energy Co., Strike Price USD 39, Expires 11/22/10

 

 

500

 

 

(193,750

)

Massey Energy Co., Strike Price USD 40, Expires 11/22/10

 

 

500

 

 

(158,750

)


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

National-Oilwell Varco, Inc., Strike Price USD 39,
Expires 11/22/10

 

 

300

 

$

(450,750

)

National-Oilwell Varco, Inc., Strike Price USD 40,
Expires 11/22/10

 

 

300

 

 

(420,750

)

National-Oilwell Varco, Inc., Strike Price USD 42,
Expires 11/22/10

 

 

600

 

 

(720,000

)

National-Oilwell Varco, Inc., Strike Price USD 43,
Expires 11/22/10

 

 

200

 

 

(217,000

)

National-Oilwell Varco, Inc., Strike Price USD 45,
Expires 11/22/10

 

 

200

 

 

(178,000

)

Noble Corp., Strike Price USD 34, Expires 12/20/10

 

 

350

 

 

(75,950

)

Occidental Petroleum Corp., Strike Price USD 80,
Expires 11/22/10

 

 

840

 

 

(120,120

)

Occidental Petroleum Corp., Strike Price USD 81,
Expires 11/02/10

 

 

200

 

 

(2,900

)

Occidental Petroleum Corp., Strike Price USD 82,
Expires 11/22/10

 

 

400

 

 

(33,782

)

Occidental Petroleum Corp., Strike Price USD 95,
Expires 11/22/10

 

 

200

 

 

(1,200

)

Petrohawk Energy Corp., Strike Price USD 18,
Expires 11/22/10

 

 

1,000

 

 

(36,500

)

Petrohawk Energy Corp., Strike Price USD 18,
Expires 12/20/10

 

 

500

 

 

(34,750

)

Plains All American Pipeline LP, Strike Price USD 63.50,
Expires 1/24/11

 

 

706

 

 

(51,111

)

Schlumberger Ltd., Strike Price USD 60, Expires 11/22/10

 

 

500

 

 

(503,750

)

Schlumberger Ltd., Strike Price USD 62.50,
Expires 11/22/10

 

 

250

 

 

(192,500

)

Schlumberger Ltd., Strike Price USD 65, Expires 11/22/10

 

 

250

 

 

(136,250

)

Schlumberger Ltd., Strike Price USD 67.50,
Expires 11/22/10

 

 

100

 

 

(35,000

)

Ship Finance International Ltd., Strike Price USD 20,
Expires 11/22/10

 

 

250

 

 

(13,750

)

SM Energy Co., Strike Price USD 40, Expires 11/22/10

 

 

250

 

 

(65,625

)

Southwestern Energy Co., Strike Price USD 35.50,
Expires 11/05/10

 

 

200

 

 

(1,966

)

Transocean Ltd., Strike Price USD 62.50, Expires 11/22/10

 

 

950

 

 

(292,125

)

Ultra Petroleum Corp., Strike Price USD 43,
Expires 11/22/10

 

 

300

 

 

(19,500

)

Ultra Petroleum Corp., Strike Price USD 45,
Expires 12/20/10

 

 

100

 

 

(7,500

)

Weatherford International Ltd., Strike Price USD 18,
Expires 11/22/10

 

 

2,250

 

 

(38,250

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(7,980,308

)

               

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

 

 

 

 

 

 

 

Alpha Natural Resources, Inc., Strike Price USD 42,
Expires 11/04/10, Broker Morgan Stanley & Co., Inc.

 

 

153,000

 

 

(500,674

)

Alpha Natural Resources, Inc., Strike Price USD 42.55,
Expires 11/02/10, Broker Deutsche Bank
Securities Corp.

 

 

25,000

 

 

(67,708

)

Anadarko Petroleum Corp., Strike Price USD 51,
Expires 11/19/10, Broker UBS Securities LLC

 

 

82,000

 

 

(877,565

)

Apache Corp., Strike Price USD 90.26, Expires 11/02/10,
Broker UBS Securities LLC

 

 

32,500

 

 

(349,700

)

Apache Corp., Strike Price USD 94.85, Expires 11/05/10,
Broker JPMorgan Chase Securities

 

 

32,500

 

 

(202,438

)

Apache Corp., Strike Price USD 95.77, Expires 11/02/10,
Broker Deutsche Bank Securities Corp.

 

 

10,000

 

 

(52,822

)

Arch Coal, Inc., Strike Price USD 23.05, Expires 11/05/10,
Broker Deutsche Bank Securities Corp.

 

 

75,000

 

 

(121,041

)

Arch Coal, Inc., Strike Price USD 23.39, Expires 11/02/10,
Broker UBS Securities LLC

 

 

50,000

 

 

(62,542

)

Arch Coal, Inc., Strike Price USD 24.50, Expires 11/04/10,
Broker Morgan Stanley & Co., Inc.

 

 

45,000

 

 

(24,210

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Arch Coal, Inc., Strike Price USD 24.71, Expires 11/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

$

(8,669

)

Arch Coal, Inc., Strike Price USD 25.06, Expires 11/02/10,
Broker UBS Securities LLC

 

 

25,000

 

 

(5,364

)

Brigham Exploration Co., Strike Price USD 16.99,
Expires 11/12/10, Broker Morgan Stanley & Co., Inc.

 

 

385,000

 

 

(1,584,256

)

Cabot Oil & Gas Corp., Strike Price USD 30.44,
Expires 11/05/10, Broker UBS Securities LLC

 

 

30,000

 

 

(4,787

)

Cabot Oil & Gas Corp., Strike Price USD 32.98,
Expires 11/12/10, Broker UBS Securities LLC

 

 

24,000

 

 

(1,073

)

Cabot Oil & Gas Corp., Strike Price USD 34.44,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

20,000

 

 

 

Cabot Oil & Gas Corp., Strike Price USD 34.73,
Expires 11/05/10, Broker Deutsche Bank
Securities Corp.

 

 

25,000

 

 

(5

)

Consol Energy, Inc., Strike Price USD 38.91,
Expires 11/02/10, Broker UBS Securities LLC

 

 

25,000

 

 

(757

)

Consol Energy, Inc., Strike Price USD 40.55,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

50,000

 

 

(1,257

)

Consol Energy, Inc., Strike Price USD 42.01,
Expires 11/02/10, Broker UBS Securities LLC

 

 

25,000

 

 

(4

)

Consol Energy, Inc., Strike Price USD 42.14,
Expires 11/05/10, Broker Credit Suisse First Boston

 

 

25,000

 

 

(79

)

Consol Energy, Inc., Strike Price USD 42.98,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

 

(1

)

Core Laboratories NV, Strike Price USD 79.96,
Expires 11/05/10, Broker Deutsche Bank
Securities Corp.

 

 

15,500

 

 

(5,875

)

Core Laboratories NV, Strike Price USD 86.86,
Expires 11/15/10, Broker Morgan Stanley & Co., Inc.

 

 

14,500

 

 

(442

)

Crescent Point Energy Corp., Strike Price CAD 37.91,
Expires 11/02/10, Broker Deutsche Bank
Securities Corp.

 

 

31,000

 

 

(75,745

)

Energy XXI Bermuda Ltd., Strike Price USD 22.50,
Expires 11/02/10, Broker UBS Securities LLC

 

 

55,000

 

 

(17,084

)

EOG Resources, Inc., Strike Price USD 106.64,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

10,000

 

 

(12

)

EOG Resources, Inc., Strike Price USD 111.64,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

20,000

 

 

 

EOG Resources, Inc., Strike Price USD 112.42,
Expires 11/05/10, Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(306

)

EOG Resources, Inc., Strike Price USD 94.37,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

10,000

 

 

(21,213

)

EQT Corp., Strike Price USD 38.44, Expires 11/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(7,093

)

EQT Corp., Strike Price USD 39.80, Expires 11/12/10,
Broker UBS Securities LLC

 

 

25,000

 

 

(1,817

)

EQT Corp., Strike Price USD 40, Expires 11/02/10,
Broker UBS Securities LLC

 

 

60,000

 

 

(59

)

EXCO Resources, Inc., Strike Price USD 15.38,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

48,000

 

 

(2,763

)

EXCO Resources, Inc., Strike Price USD 16.29,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(46

)

EXCO Resources, Inc., Strike Price USD 16.36,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

50,000

 

 

(61

)

EXCO Resources, Inc., Strike Price USD 16.72,
Expires 11/05/10, Broker Deutsche Bank
Securities Corp.

 

 

50,000

 

 

(79

)

Goldcorp, Inc., Strike Price USD 42.52, Expires 11/02/10,
Broker Credit Suisse First Boston

 

 

10,000

 

 

(21,284

)

Goldcorp, Inc., Strike Price USD 45.01, Expires 11/02/10,
Broker JPMorgan Chase Securities

 

 

20,000

 

 

(8,481

)

Goldcorp, Inc., Strike Price USD 46.48, Expires 11/05/10,
Broker JPMorgan Chase Securities

 

 

10,000

 

 

(2,007

)

Halliburton Co., Strike Price USD 29.66, Expires 11/08/10,
Broker UBS Securities LLC

 

 

133,000

 

 

(316,880

)


See Notes to Financial Statements.

 

 

 

 

 

32

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Schedule of Investments (continued)

BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Halliburton Co., Strike Price USD 32.61, Expires 11/02/10,
Broker UBS Securities LLC

 

 

25,000

 

$

(7,174

)

Magnum Hunter Resources Corp., Strike Price USD 4.31,
Expires 11/12/10, Broker UBS Securities LLC

 

 

75,000

 

 

(37,802

)

Magnum Hunter Resources Corp., Strike Price USD 5,
Expires 11/29/10, Broker Morgan Stanley & Co., Inc.

 

 

60,000

 

 

(11,350

)

Noble Corp., Strike Price USD 35.11, Expires 11/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

25,381

 

 

(4,505

)

Noble Corp., Strike Price USD 35.27, Expires 11/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

76,144

 

 

(18,614

)

Noble Corp., Strike Price USD 37.74, Expires 11/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

 

(62

)

Nordic American Tanker Shipping, Strike Price USD 28.40,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

80,000

 

 

(20

)

Nordic American Tanker Shipping, Strike Price USD 29.19,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

10,000

 

 

 

ONEOK Partners LP, Strike Price USD 79, Expires 12/10/10,
Broker UBS Securities LLC

 

 

25,000

 

 

(19,804

)

Peabody Energy Corp., Strike Price USD 47,
Expires 11/04/10, Broker Morgan Stanley & Co., Inc.

 

 

60,000

 

 

(354,000

)

Peabody Energy Corp., Strike Price USD 47,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

30,000

 

 

(177,048

)

Peabody Energy Corp., Strike Price USD 48.12,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

90,000

 

 

(429,840

)

Peabody Energy Corp., Strike Price USD 49.03,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(38,747

)

Penn Virginia Corp., Strike Price USD 20.61,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

25,000

 

 

 

Penn Virginia Corp., Strike Price USD 20.82,
Expires 11/05/10, Broker Deutsche Bank Securities Corp.

 

 

50,000

 

 

(1

)

Penn Virginia Corp., Strike Price USD 20.96,
Expires 11/02/10, Broker Deutsche Bank Securities Corp.

 

 

25,000

 

 

 

Petrohawk Energy Corp., Strike Price USD 18.40,
Expires 11/05/10, Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(2,510

)

Petroleo Brasileiro SA - ADR, Strike Price USD 30.80,
Expires 11/03/10, Broker Morgan Stanley & Co., Inc.

 

 

85,000

 

 

(61,291

)

Petroleo Brasileiro SA - ADR, Strike Price USD 31.70,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

66,000

 

 

(16,584

)

Petroleo Brasileiro SA - ADR, Strike Price USD 33.37,
Expires 11/02/10, Broker Goldman Sachs & Co.

 

 

25,000

 

 

(406

)

Petroleo Brasileiro SA - ADR, Strike Price USD 33.97,
Expires 11/05/10, Broker Credit Suisse First Boston

 

 

100,000

 

 

(1,036

)

Petroleum Development Corp., Strike Price USD 29.72,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

61,000

 

 

(97,829

)

QEP Resources, Inc., Strike Price USD 30.80,
Expires 11/02/10, Broker UBS Securities LLC

 

 

36,500

 

 

(81,395

)

QEP Resources, Inc., Strike Price USD 31.39,
Expires 11/08/10, Broker UBS Securities LLC

 

 

36,500

 

 

(61,887

)

Range Resources Corp., Strike Price USD 35,
Expires 11/05/10, Broker Citigroup Global Markets, Inc.

 

 

65,000

 

 

(160,129

)

Range Resources Corp., Strike Price USD 41.71,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(7

)

Range Resources Corp., Strike Price USD 44.10,
Expires 11/05/10, Broker Deutsche Bank Securities Corp.

 

 

60,000

 

 

(8

)

Ship Finance International Ltd., Strike Price USD 19.86,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

65,000

 

 

(20,792

)

Ship Finance International Ltd., Strike Price USD 20.25,
Expires 11/12/10, Broker JPMorgan Chase Securities

 

 

65,000

 

 

(16,665

)

Silver Wheaton Corp., Strike Price USD 20.02,
Expires 11/05/10, Broker Deutsche Bank Securities Corp.

 

 

50,000

 

 

(465,000

)

Silver Wheaton Corp., Strike Price USD 21.86,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

100,000

 

 

(688,962

)

Silver Wheaton Corp., Strike Price USD 24.04,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

25,000

 

 

(117,918

)

SM Energy Co., Strike Price USD 46.68,
Expires 11/02/10, Broker UBS Securities LLC

 

 

10,000

 

 

(5

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Southwestern Energy Co., Strike Price USD 39.08,
Expires 11/05/10, Broker Morgan Stanley & Co., Inc.

 

 

75,000

 

$

(7

)

Southwestern Energy Co., Strike Price USD 40.30,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

35,000

 

 

 

Southwestern Energy Co., Strike Price USD 42.13,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

 

 

Technip SA, Strike Price EUR 54.70, Expires 11/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

72,800

 

 

(590,623

)

Whiting Petroleum Corp., Strike Price USD 100.10,
Expires 11/19/10, Broker JPMorgan Chase Securities

 

 

45,000

 

 

(153,091

)

Whiting Petroleum Corp., Strike Price USD 93.46,
Expires 11/02/10, Broker Deutsche Bank Securities Corp.

 

 

10,000

 

 

(70,153

)

Whiting Petroleum Corp., Strike Price USD 96.41,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

45,000

 

 

(203,913

)

Whiting Petroleum Corp., Strike Price USD 96.56,
Expires 11/02/10, Broker UBS Securities LLC

 

 

40,000

 

 

(163,834

)

Whiting Petroleum Corp., Strike Price USD 96.58,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(41,080

)

Whiting Petroleum Corp., Strike Price USD 98.25,
Expires 11/12/10, Broker JPMorgan Chase Securities

 

 

45,000

 

 

(173,292

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(8,633,583

)

               

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

 

 

 

 

 

 

 

Energy XXI Bermuda Ltd., Strike Price USD 17.50,
Expires 11/02/10, Broker UBS Securities LLC

 

 

60,000

 

 

(22

)

               

Total Options Written
(Premiums Received $10,803,311)—(2.1)%

 

 

 

 

 

(16,613,913

)

               

Total Investments Net of Outstanding Options Written—99.6%

 

 

 

 

 

766,678,800

 

Other Assets Less Liabilities—0.4%

 

 

 

 

 

3,296,706

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

769,975,506

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

677,493,292

 

 

 

 

     

 

Gross unrealized appreciation

 

$

128,842,990

 

 

Gross unrealized depreciation

 

 

(23,043,569

)

 

 

 

     

 

Net unrealized appreciation

 

$

105,799,421

 

 

 

 

     

 

 

(a)

Non-income producing security.

 

 

(b)

Restricted security as to resale acquired 12/20/07. As of report date the Trust held 0.5% of its net assets, with a current market value of $4,197,311 and an original cost of $3,500,003 in these securities.

 

 

(c)

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

 

 

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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Affiliate

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
October 31,
2010

 

Income

 

                           

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

 

18,701,414

 

 

(18,701,414

)

 

 

$

28,260

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

 

5,894,700

 

 

(5,894,700

)

 

 

$

15,160

 

                           

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

33




 

 


 

Schedule of Investments (concluded)

BlackRock Energy and Resources Trust (BGR)


 

 

Foreign currency exchange contracts as of October 31, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Depreciation

 

                   

USD

19,587

 

 

CAD 20,000

 

 

Morgan Stanley
& Co., Inc.

 

 

11/01/10

 

$

(22

)


 

 

 

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 and derivatives, 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 and derivatives)

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Valuation Inputs

 

 

Level 1

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in
Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common
Stocks1

 

$

761,581,153

 

$

21,711,555

 

 

 

$

783,292,708

 

                           

 

 

 

 

1

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

 

 

$

5

 

 

 

$

5

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(7,890,549

)

 

(8,723,364

)

 

 

 

(16,613,913

)

Foreign currency
exchange
contracts

 

 

 

 

(22

)

 

 

 

(22

)

                           

Total

 

$

(7,890,549

)

$

(8,723,381

)

 

 

$

(16,613,930

)

 

 

                       

 

 

 

 

2

Derivative 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.

 

 

 

 

 

34

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Schedule of Investments October 31, 2010

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Austria—0.3%

 

 

 

 

 

 

 

Erste Group Bank AG

 

 

90,600

 

$

4,093,463

 

               

Belgium—0.7%

 

 

 

 

 

 

 

Anheuser-Busch InBev NV

 

 

139,600

 

 

8,767,428

 

               

Bermuda—0.4%

 

 

 

 

 

 

 

Bunge Ltd.

 

 

79,700

 

 

4,787,579

 

               

Brazil—2.5%

 

 

 

 

 

 

 

Banco Bradesco SA, Preference Shares

 

 

229,300

 

 

4,698,472

 

Banco Santander Brasil SA - ADR

 

 

191,800

 

 

2,761,920

 

BM&FBOVESPA SA

 

 

959,344

 

 

8,000,646

 

Cia de Concessoes Rodoviarias

 

 

138,500

 

 

3,746,986

 

Cia de Saneamento Basico do Estado de Sao Paulo - ADR

 

 

180,600

 

 

8,300,376

 

PDG Realty SA Empreendimentos e Participacoes

 

 

339,200

 

 

4,199,353

 

 

 

 

 

 

     

 

 

 

 

 

 

31,707,753

 

               

Canada—4.2%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

133,400

 

 

11,807,234

 

Canadian Natural Resources Ltd.

 

 

152,200

 

 

5,550,734

 

Crescent Point Energy Corp. (b)

 

 

133,100

 

 

5,272,321

 

Enbridge, Inc. (b)

 

 

99,000

 

 

5,475,625

 

Silver Wheaton Corp. (a)(b)

 

 

231,600

 

 

6,658,500

 

Toronto-Dominion Bank (The) (b)

 

 

65,500

 

 

4,717,105

 

TransCanada Corp.

 

 

277,800

 

 

10,260,541

 

Viterra, Inc. (a)(b)

 

 

419,700

 

 

4,020,462

 

 

 

 

 

 

     

 

 

 

 

 

 

53,762,522

 

               

China—1.4%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

7,177,600

 

 

6,861,811

 

China Merchants Bank Co. Ltd., Class H

 

 

2,162,300

 

 

6,161,377

 

Want Want China Holdings Ltd.

 

 

5,581,500

 

 

5,158,874

 

 

 

 

 

 

     

 

 

 

 

 

 

18,182,062

 

               

Denmark—0.8%

 

 

 

 

 

 

 

Carlsberg A/S

 

 

58,800

 

 

6,428,629

 

Pandora A/S (a)

 

 

85,900

 

 

4,168,269

 

 

 

 

 

 

     

 

 

 

 

 

 

10,596,898

 

               

Finland—0.7%

 

 

 

 

 

 

 

Fortum Oyj

 

 

188,100

 

 

5,334,916

 

Nokia Oyj - ADR

 

 

351,000

 

 

3,748,680

 

 

 

 

 

 

     

 

 

 

 

 

 

9,083,596

 

               

France—2.1%

 

 

 

 

 

 

 

AXA SA

 

 

170,900

 

 

3,116,707

 

BNP Paribas

 

 

77,880

 

 

5,696,604

 

Cie Generale des Etablissements Michelin, Class B

 

 

124,680

 

 

9,962,227

 

PPR

 

 

15,200

 

 

2,499,998

 

Unibail-Rodamco SE - REIT

 

 

26,500

 

 

5,529,161

 

 

 

 

 

 

     

 

 

 

 

 

 

26,804,697

 

               

Germany—6.7%

 

 

 

 

 

 

 

Bayerische Motoren Werke AG

 

 

92,300

 

 

6,615,365

 

Deutsche Boerse AG

 

 

48,800

 

 

3,433,021

 

Deutsche Lufthansa AG (a)

 

 

482,000

 

 

10,303,968

 

Deutsche Post AG

 

 

443,100

 

 

8,259,615

 

Deutsche Telekom AG

 

 

509,800

 

 

7,385,176

 

Fresenius Medical Care AG & Co. KGaA (b)

 

 

87,700

 

 

5,581,527

 

Kabel Deutschland Holding AG (a)

 

 

156,300

 

 

7,038,493

 

Merck KGaA

 

 

30,600

 

 

2,547,720

 

Metro AG

 

 

94,900

 

 

6,650,216

 

SAP AG - ADR

 

 

164,100

 

 

8,488,893

 

Siemens AG

 

 

67,100

 

 

7,657,146

 

Volkswagen AG, Preference Shares

 

 

84,901

 

 

12,730,359

 

 

 

 

 

 

     

 

 

 

 

 

 

86,691,499

 

               

Gibraltar—0.3%

 

 

 

 

 

 

 

PartyGaming Plc (a)

 

 

1,056,500

 

 

4,261,058

 

               

Hong Kong—2.7%

 

 

 

 

 

 

 

AIA Group Ltd. (a)

 

 

1,958,400

 

 

5,823,721

 

Cheung Kong Holdings Ltd.

 

 

477,300

 

 

7,290,361

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Hong Kong (concluded)

 

 

 

 

 

 

 

China Resources Enterprise Ltd.

 

 

798,800

 

$

3,386,138

 

CNOOC Ltd. - ADR (b)

 

 

30,100

 

 

6,288,492

 

Hong Kong Exchanges and Clearing Ltd.

 

 

176,700

 

 

3,900,414

 

Longtop Financial Technologies Ltd. - ADR (a)(b)

 

 

129,900

 

 

4,720,566

 

Wing Hang Bank Ltd.

 

 

283,100

 

 

3,316,258

 

 

 

 

 

 

     

 

 

 

 

 

 

34,725,950

 

               

India—0.5%

 

 

 

 

 

 

 

Punjab National Bank Ltd.

 

 

232,500

 

 

6,773,097

 

               

Indonesia—0.9%

 

 

 

 

 

 

 

Adaro Energy PT

 

 

27,462,500

 

 

6,479,020

 

Bank Mandiri Tbk PT

 

 

6,135,800

 

 

4,823,437

 

 

 

 

 

 

     

 

 

 

 

 

 

11,302,457

 

               

Ireland—0.9%

 

 

 

 

 

 

 

Accenture Plc, Class A (b)

 

 

110,500

 

 

4,940,455

 

Coviden Plc (b)

 

 

178,000

 

 

7,096,860

 

 

 

 

 

 

     

 

 

 

 

 

 

12,037,315

 

               

Israel—0.1%

 

 

 

 

 

 

 

Teva Pharmaceutical Industries Ltd. - ADR (b)

 

 

20,000

 

 

1,038,000

 

               

Italy—0.4%

 

 

 

 

 

 

 

Intesa Sanpaolo SpA

 

 

1,491,400

 

 

5,245,496

 

               

Japan—5.5%

 

 

 

 

 

 

 

Canon, Inc.

 

 

177,800

 

 

8,184,717

 

Honda Motor Co. Ltd.

 

 

321,600

 

 

11,593,290

 

ITOCHU Corp.

 

 

1,420,200

 

 

12,447,035

 

Japan Tobacco, Inc.

 

 

2,650

 

 

8,232,713

 

JTEKT Corp.

 

 

738,300

 

 

7,397,042

 

Marubeni Corp.

 

 

1,339,300

 

 

8,413,373

 

Nomura Holdings, Inc.

 

 

387,900

 

 

1,993,335

 

Sumitomo Heavy Industries Ltd.

 

 

1,125,700

 

 

6,398,189

 

Tokio Marine Holdings, Inc.

 

 

203,200

 

 

5,713,140

 

 

 

 

 

 

     

 

 

 

 

 

 

70,372,834

 

               

Malaysia—0.4%

 

 

 

 

 

 

 

Bumiputra-Commerce Holdings Bhd

 

 

2,148,800

 

 

5,738,362

 

               

Mexico—1.4%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR (b)

 

 

96,700

 

 

5,309,797

 

Grupo Mexico SAB de CV, Series B

 

 

2,492,200

 

 

8,208,437

 

Grupo Modelo SAB de CV

 

 

692,200

 

 

3,879,190

 

 

 

 

 

 

     

 

 

 

 

 

 

17,397,424

 

               

Netherlands—1.2%

 

 

 

 

 

 

 

Aegon NV (a)

 

 

609,100

 

 

3,860,356

 

Corio NV - REIT

 

 

44,100

 

 

3,241,536

 

ING Groep NV (a)

 

 

389,600

 

 

4,168,234

 

VimpelCom Ltd. - ADR (a)(b)

 

 

303,200

 

 

4,648,056

 

 

 

 

 

 

     

 

 

 

 

 

 

15,918,182

 

               

Norway—1.4%

 

 

 

 

 

 

 

Yara International ASA

 

 

331,100

 

 

17,458,185

 

               

Singapore—0.3%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,066,451

 

 

3,216,931

 

               

South Africa—1.1%

 

 

 

 

 

 

 

Bidvest Group Ltd.

 

 

407,900

 

 

8,687,928

 

Naspers Ltd.

 

 

94,800

 

 

4,972,479

 

 

 

 

 

 

     

 

 

 

 

 

 

13,660,407

 

               

South Korea—1.6%

 

 

 

 

 

 

 

Hyundai Engineering & Construction Co. Ltd.

 

 

98,900

 

 

6,644,782

 

Kia Motors Corp.

 

 

128,100

 

 

5,125,471

 

KT Corp. - ADR

 

 

163,800

 

 

3,389,022

 

Samsung Electronics Co. Ltd.

 

 

9,200

 

 

6,103,518

 

 

 

 

 

 

     

 

 

 

 

 

 

21,262,793

 

               

Spain—2.0%

 

 

 

 

 

 

 

Banco Santander SA

 

 

694,900

 

 

8,919,464

 

Inditex SA

 

 

62,600

 

 

5,228,409

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

35




 

 


 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Spain (concluded)

 

 

 

 

 

 

 

Telefonica SA

 

 

441,300

 

$

11,925,100

 

 

 

 

 

 

     

 

 

 

 

 

 

26,072,973

 

               

Sweden—1.1%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

560,800

 

 

6,174,777

 

Svenska Cellulosa AB, B Shares

 

 

515,900

 

 

7,997,983

 

 

 

 

 

 

     

 

 

 

 

 

 

14,172,760

 

               

Switzerland—2.1%

 

 

 

 

 

 

 

ACE Ltd. (b)

 

 

65,100

 

 

3,868,242

 

Nestle SA

 

 

212,499

 

 

11,639,525

 

Novartis AG, Registered Shares (b)

 

 

152,100

 

 

8,813,090

 

Roche Holding AG (b)

 

 

21,800

 

 

3,201,421

 

 

 

 

 

 

     

 

 

 

 

 

 

27,522,278

 

               

Taiwan—0.6%

 

 

 

 

 

 

 

Siliconware Precision Industries Co. - ADR

 

 

495,900

 

 

2,767,122

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

477,000

 

 

5,204,070

 

 

 

 

 

 

     

 

 

 

 

 

 

7,971,192

 

               

Thailand—1.2%

 

 

 

 

 

 

 

Bangkok Bank PCL

 

 

849,700

 

 

4,388,458

 

Banpu PCL

 

 

440,900

 

 

11,415,056

 

 

 

 

 

 

     

 

 

 

 

 

 

15,803,514

 

               

United Kingdom—8.9%

 

 

 

 

 

 

 

Afren Plc (a)

 

 

3,500,934

 

 

7,259,008

 

Barclays Plc - ADR (b)

 

 

371,000

 

 

6,548,150

 

GlaxoSmithKline Plc

 

 

307,236

 

 

5,999,592

 

HSBC Holdings Plc

 

 

892,430

 

 

9,288,142

 

Intercontinental Hotels Group Plc

 

 

345,600

 

 

6,674,645

 

Invensys Plc

 

 

2,104,700

 

 

9,723,034

 

Kazakhmys Plc

 

 

410,500

 

 

8,649,771

 

Royal Dutch Shell Plc - ADR

 

 

345,200

 

 

22,413,836

 

Tullow Oil Plc

 

 

370,900

 

 

7,044,589

 

Unilever Plc

 

 

207,100

 

 

5,970,817

 

Vodafone Group Plc - ADR

 

 

396,700

 

 

10,913,217

 

WPP Plc

 

 

622,600

 

 

7,235,210

 

Xstrata Plc

 

 

383,600

 

 

7,431,630

 

 

 

 

 

 

     

 

 

 

 

 

 

115,151,641

 

               

United States—42.2%

 

 

 

 

 

 

 

Abbott Laboratories (b)

 

 

159,600

 

 

8,190,672

 

Aetna, Inc. (b)

 

 

55,500

 

 

1,657,230

 

Allergan, Inc. (b)

 

 

94,400

 

 

6,835,504

 

American Electric Power Co., Inc. (b)

 

 

259,900

 

 

9,730,656

 

Amerprise Financial, Inc. (b)

 

 

127,100

 

 

6,569,799

 

AMR Corp. (a)

 

 

667,800

 

 

5,262,264

 

Apple, Inc. (a)(b)

 

 

52,100

 

 

15,675,327

 

Applied Materials, Inc.

 

 

382,300

 

 

4,725,228

 

Arch Coal, Inc.

 

 

384,400

 

 

9,452,396

 

AT&T Inc. (b)

 

 

369,200

 

 

10,522,200

 

Avon Products, Inc. (b)

 

 

187,700

 

 

5,715,465

 

Baxter International, Inc. (b)

 

 

152,700

 

 

7,772,430

 

Becton, Dickinson and Co. (b)

 

 

60,500

 

 

4,568,960

 

Bemis Co., Inc.

 

 

199,100

 

 

6,323,416

 

Boston Scientific Corp. (a)

 

 

511,500

 

 

3,263,370

 

Bristol-Myers Squibb Co. (b)

 

 

232,600

 

 

6,256,940

 

CareFusion Corp. (a)(b)

 

 

102,600

 

 

2,476,764

 

Celgene Corp. (a)(b)

 

 

113,200

 

 

7,026,324

 

Cisco Systems, Inc. (a)

 

 

446,200

 

 

10,186,746

 

Citigroup, Inc. (a)

 

 

1,171,700

 

 

4,885,989

 

Colgate-Palmolive Co. (b)

 

 

130,400

 

 

10,056,448

 

Comerica, Inc. (b)

 

 

161,000

 

 

5,760,580

 

ConAgra Foods, Inc. (b)

 

 

271,200

 

 

6,099,288

 

ConocoPhillips (b)

 

 

257,200

 

 

15,277,680

 

Corning, Inc. (b)

 

 

340,700

 

 

6,227,996

 

CVS Caremark Corp. (b)

 

 

134,100

 

 

4,039,092

 

Darden Restaurants, Inc. (b)

 

 

141,700

 

 

6,477,107

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

United States (concluded)

 

 

 

 

 

 

 

Delta Air Lines, Inc. (a)(b)

 

 

418,000

 

$

5,806,020

 

eBay, Inc. (a)(b)

 

 

232,000

 

 

6,915,920

 

Edison International

 

 

215,900

 

 

7,966,710

 

EMC Corp. (a)(b)

 

 

420,700

 

 

8,838,907

 

Entergy Corp. (b)

 

 

89,900

 

 

6,700,247

 

Federal Realty Investment Trust - REIT (b)

 

 

82,000

 

 

6,722,360

 

Freeport-McMoRan Copper & Gold, Inc. (b)

 

 

52,300

 

 

4,951,764

 

Genzyme Corp. (a)(b)

 

 

62,600

 

 

4,515,338

 

Goldman Sachs Group, Inc. (The) (b)

 

 

39,600

 

 

6,373,620

 

Goodrich Corp. (b)

 

 

124,600

 

 

10,225,922

 

Google, Inc., Class A (a)(b)

 

 

15,800

 

 

9,685,242

 

Henry Schein, Inc. (a)(b)

 

 

76,600

 

 

4,301,090

 

Hewlett-Packard Co. (b)

 

 

128,200

 

 

5,392,092

 

Huntsman Corp.

 

 

691,400

 

 

9,575,890

 

Intel Corp. (b)

 

 

230,700

 

 

4,630,149

 

International Business Machines Corp. (b)

 

 

79,500

 

 

11,416,200

 

JetBlue Airways Corp. (a)

 

 

794,000

 

 

5,542,120

 

Johnson & Johnson (b)

 

 

151,300

 

 

9,633,271

 

JPMorgan Chase & Co. (b)

 

 

191,400

 

 

7,202,382

 

KeyCorp (b)

 

 

450,700

 

 

3,691,233

 

Kohl’s Corp. (a)

 

 

106,800

 

 

5,468,160

 

Liberty Global, Inc., Class A (a)

 

 

223,700

 

 

8,453,623

 

Lincoln National Corp.

 

 

156,600

 

 

3,833,568

 

Microsoft Corp. (b)

 

 

377,700

 

 

10,061,928

 

Mosaic Co. (The) (b)

 

 

163,600

 

 

11,968,976

 

Newmont Mining Corp.

 

 

209,100

 

 

12,727,917

 

News Corp., Class A

 

 

456,500

 

 

6,600,990

 

NII Holdings, Inc. (a)

 

 

109,600

 

 

4,582,376

 

Nike, Inc. (b)

 

 

84,800

 

 

6,906,112

 

Occidental Petroleum Corp. (b)

 

 

91,000

 

 

7,155,330

 

Oracle Corp. (b)

 

 

255,800

 

 

7,520,520

 

Peabody Energy Corp. (b)

 

 

200,700

 

 

10,617,030

 

PepsiCo, Inc.

 

 

183,200

 

 

11,962,960

 

Pfizer, Inc. (b)

 

 

843,600

 

 

14,678,640

 

PPL Corp. (b)

 

 

219,200

 

 

5,896,480

 

Quest Diagnostics, Inc.

 

 

63,000

 

 

3,095,820

 

Qwest Communications International, Inc. (b)

 

 

894,900

 

 

5,906,340

 

Sonoco Products Co.

 

 

189,900

 

 

6,361,650

 

Sprint Nextel Corp. (a)(b)

 

 

820,000

 

 

3,378,400

 

Stanley Black & Decker, Inc. (b)

 

 

102,900

 

 

6,376,713

 

Stryker Corp.

 

 

38,100

 

 

1,885,569

 

T. Rowe Price Group, Inc.

 

 

52,900

 

 

2,923,783

 

Target Corp. (b)

 

 

97,100

 

 

5,043,374

 

Texas Instruments, Inc. (b)

 

 

220,500

 

 

6,520,185

 

Thermo Fisher Scientific, Inc. (a)

 

 

84,500

 

 

4,344,990

 

U.S. Bancorp (b)

 

 

259,100

 

 

6,265,038

 

United Parcel Service, Inc., Class B

 

 

131,200

 

 

8,835,008

 

UnitedHealth Group, Inc. (b)

 

 

126,200

 

 

4,549,510

 

Urban Outfitters, Inc. (a)

 

 

93,700

 

 

2,883,149

 

WellPoint, Inc. (a)

 

 

45,200

 

 

2,456,168

 

Wells Fargo & Co. (b)

 

 

244,500

 

 

6,376,560

 

Yum! Brands, Inc. (b)

 

 

161,800

 

 

8,018,808

 

 

 

 

 

 

     

 

 

 

 

 

 

544,778,023

 

               

Total Long-Term Investments
(Cost—$1,153,511,108)—96.6%

 

 

 

 

 

1,246,358,369

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.21% (c)(d)

 

 

42,426,566

 

 

42,426,566

 

               

Total Short-Term Securities
(Cost—$42,426,566)—3.3%

 

 

 

 

 

42,426,566

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,195,937,674*)—99.9%

 

 

 

 

 

1,288,784,935

 

               

See Notes to Financial Statements.

 

 

 

 

 

36

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

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—(0.9)%

 

 

 

 

 

 

 

Abbott Laboratories, Strike Price USD 52.50,
Expires 11/22/10

 

 

880

 

$

(31,680

)

Accenture Plc, Strike Price USD 45, Expires 11/22/10

 

 

610

 

 

(42,700

)

ACE Ltd., Strike Price USD 55, Expires 11/22/10

 

 

475

 

 

(216,125

)

Aetna, Inc., Strike Price USD 32, Expires 11/22/10

 

 

555

 

 

(14,985

)

Allergan, Inc., Strike Price USD 70, Expires 11/22/10

 

 

520

 

 

(179,400

)

American Electric Power Co., Inc., Strike Price USD 36,
Expires 11/22/10

 

 

480

 

 

(70,800

)

American Electric Power Co., Inc., Strike Price USD 37.45,
Expires 12/13/10

 

 

495

 

 

(24,750

)

Ameriprise Financial, Inc., Strike Price USD 48,
Expires 11/22/10

 

 

920

 

 

(363,400

)

Apple, Inc., Strike Price USD 250, Expires 11/22/10

 

 

285

 

 

(1,466,382

)

AT&T Inc., Strike Price USD 29, Expires 11/22/10

 

 

460

 

 

(10,120

)

Avon Products, Inc., Strike Price USD 34, Expires 11/22/10

 

 

1,030

 

 

(46,350

)

Barclays Plc - ADR, Strike Price USD 20, Expires 11/22/10

 

 

2,040

 

 

(15,300

)

Baxter International, Inc., Strike Price USD 49,
Expires 11/22/10

 

 

400

 

 

(92,200

)

Baxter International, Inc., Strike Price USD 50,
Expires 11/22/10

 

 

400

 

 

(62,000

)

Becton, Dickinson and Co., Strike Price USD 75,
Expires 11/22/10

 

 

235

 

 

(42,300

)

Bristol-Myers Squibb Co., Strike Price USD 28,
Expires 11/22/10

 

 

70

 

 

(525

)

CareFusion Corp., Strike Price USD 25, Expires 11/22/10

 

 

565

 

 

(24,012

)

Celgene Corp., Strike Price USD 56, Expires 11/02/10

 

 

625

 

 

(379,477

)

CNOOC Ltd. - ADR, Strike Price USD 170, Expires 11/22/10

 

 

165

 

 

(642,180

)

Colgate-Palmolive Co., Strike Price USD 80, Expires 11/22/10

 

 

715

 

 

(26,813

)

Comerica, Inc., Strike Price USD 38, Expires 11/22/10

 

 

900

 

 

(25,200

)

ConAgra Foods, Inc., Strike Price USD 22.15,
Expires 11/04/10

 

 

1,060

 

 

(43,565

)

ConocoPhillips, Strike Price USD 55, Expires 11/22/10

 

 

2

 

 

(930

)

ConocoPhillips, Strike Price USD 57.50, Expires 11/22/10

 

 

267

 

 

(67,818

)

ConocoPhillips, Strike Price USD 61.45, Expires 12/10/10

 

 

1,265

 

 

(108,485

)

Corning, Inc., Strike Price USD 18, Expires 11/22/10

 

 

1,250

 

 

(105,625

)

Corning, Inc., Strike Price USD 19, Expires 11/22/10

 

 

1,500

 

 

(58,500

)

Coviden Plc, Strike Price USD 40, Expires 11/22/10

 

 

340

 

 

(34,000

)

Crescent Point Energy Corp., Strike Price CAD 42,
Expires 1/24/11

 

 

340

 

 

(19,169

)

CVS Caremark Corp., Strike Price USD 30,
Expires 11/22/10

 

 

735

 

 

(69,458

)

Darden Restaurants, Inc., Strike Price USD 47,
Expires 12/20/10

 

 

390

 

 

(48,750

)

Darden Restaurants, Inc., Strike Price USD 48,
Expires 12/20/10

 

 

390

 

 

(34,125

)

Delta Air Lines, Inc., Strike Price USD 13, Expires 12/20/10

 

 

1,150

 

 

(164,450

)

eBay, Inc., Strike Price USD 25, Expires 11/15/10

 

 

1,935

 

 

(937,709

)

EMC Corp., Strike Price USD 22, Expires 11/22/10

 

 

400

 

 

(9,200

)

Enbridge, Inc., Strike Price CAD 56, Expires 12/20/10

 

 

320

 

 

(37,965

)

Entergy Corp., Strike Price USD 80, Expires 12/20/10

 

 

500

 

 

(7,500

)

Federal Realty Investment Trust - REIT, Strike Price USD 80,
Expires 11/22/10

 

 

450

 

 

(144,000

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 52, Expires 11/08/10

 

 

110

 

 

(32,923

)

Freeport-McMoRan Copper & Gold, Inc., Strike Price
USD 72.50, Expires 11/22/10

 

 

220

 

 

(493,350

)

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 80,
Expires 11/22/10

 

 

125

 

 

(190,000

)

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 45,
Expires 11/19/10

 

 

185

 

 

(33,576

)

Genzyme Corp., Strike Price USD 72.10, Expires 11/22/10

 

 

345

 

 

(40,138

)

Goldman Sachs Group, Inc. (The), Strike Price USD 165,
Expires 1/24/11

 

 

220

 

 

(136,950

)

Goodrich Corp., Strike Price USD 75, Expires 11/22/10

 

 

685

 

 

(496,625

)

Google, Inc., Strike Price USD 490, Expires 11/02/10

 

 

25

 

 

(309,285

)

Google, Inc., Strike Price USD 500, Expires 11/02/10

 

 

62

 

 

(704,940

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Henry Schein, Inc., Strike Price USD 60, Expires 11/22/10

 

 

420

 

$

(12,600

)

Hewlett-Packard Co., Strike Price USD 40, Expires 11/22/10

 

 

705

 

 

(169,200

)

Intel Corp., Strike Price USD 19.25, Expires 11/22/10

 

 

1,270

 

 

(119,807

)

International Business Machines Corp., Strike Price USD 135,
Expires 11/22/10

 

 

230

 

 

(200,675

)

Johnson & Johnson, Strike Price USD 60, Expires 11/05/10

 

 

450

 

 

(168,300

)

Johnson & Johnson, Strike Price USD 62.50,
Expires 11/22/10

 

 

380

 

 

(61,370

)

JPMorgan Chase & Co., Strike Price USD 41,
Expires 11/22/10

 

 

525

 

 

(4,462

)

JPMorgan Chase & Co., Strike Price USD 42,
Expires 11/22/10

 

 

525

 

 

(1,837

)

KeyCorp, Strike Price USD 9, Expires 11/22/10

 

 

2,470

 

 

(14,820

)

Longtop Financial Technologies Ltd. - ADR, Strike Price
USD 40, Expires 11/22/10

 

 

715

 

 

(25,025

)

Microsoft Corp., Strike Price USD 26, Expires 11/22/10

 

 

1,670

 

 

(159,485

)

Mosaic Co. (The), Strike Price USD 62.50, Expires 11/22/10

 

 

320

 

 

(353,600

)

Mosaic Co. (The), Strike Price USD 65, Expires 11/22/10

 

 

320

 

 

(281,600

)

Nike, Inc., Strike Price USD 80, Expires 11/22/10

 

 

460

 

 

(107,180

)

Novartis AG, Strike Price CHF 56, Expires 11/19/10

 

 

360

 

 

(60,302

)

Occidental Petroleum Corp., Strike Price USD 80,
Expires 11/22/10

 

 

500

 

 

(71,500

)

Oracle Corp., Strike Price USD 28, Expires 11/22/10

 

 

150

 

 

(24,150

)

Peabody Energy Corp., Strike Price USD 55, Expires 11/22/10

 

 

235

 

 

(18,917

)

Pfizer, Inc., Strike Price USD 18, Expires 11/22/10

 

 

1,070

 

 

(13,375

)

PPL Corp., Strike Price USD 27.50, Expires 11/02/10

 

 

1,200

 

 

(4,128

)

Qwest Communications International, Inc., Strike Price
USD 5.50, Expires 11/18/10

 

 

6,567

 

 

(722,370

)

Roche Holding AG, Strike Price CHF 150, Expires 11/19/10

 

 

120

 

 

(9,777

)

Silver Wheaton Corp., Strike Price USD 26, Expires 11/22/10

 

 

400

 

 

(126,000

)

Silver Wheaton Corp., Strike Price USD 27, Expires 11/22/10

 

 

405

 

 

(97,200

)

Sprint Nextel Corp., Strike Price USD 5, Expires 11/22/10

 

 

8,200

 

 

(28,700

)

Stanley Black & Decker, Inc., Strike Price USD 62.50,
Expires 11/22/10

 

 

565

 

 

(74,863

)

Target Corp., Strike Price USD 52.50, Expires 11/22/10

 

 

320

 

 

(28,960

)

Teva Pharmaceutical Industries Ltd. - ADR, Strike Price
USD 55, Expires 11/22/10

 

 

190

 

 

(3,800

)

Texas Instruments, Inc., Strike Price USD 26,
Expires 11/22/10

 

 

12

 

 

(4,350

)

Texas Instruments, Inc., Strike Price USD 30,
Expires 12/20/10

 

 

1,200

 

 

(107,400

)

Toronto-Dominion Bank (The), Strike Price CAD 76,
Expires 11/22/10

 

 

360

 

 

(6,883

)

U.S. Bancorp, Strike Price USD 23, Expires 11/22/10

 

 

1,425

 

 

(200,925

)

UnitedHealth Group, Inc., Strike Price USD 37,
Expires 11/22/10

 

 

250

 

 

(14,750

)

VimpelCom Ltd. - ADR, Strike Price USD 15,
Expires 11/22/10

 

 

1,660

 

 

(112,050

)

Viterra, Inc., Strike Price CAD 9, Expires 11/22/10

 

 

2,300

 

 

(186,048

)

Wells Fargo & Co., Strike Price USD 27, Expires 11/22/10

 

 

1,350

 

 

(48,600

)

Yum! Brands, Inc., Strike Price USD 47, Expires 11/22/10

 

 

1,070

 

 

(297,995

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(12,048,739

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Petroleo Brasileiro SA - ADR, Strike Price USD 34,
Expires 11/22/10

 

 

1,760

 

 

(211,200

)

Qwest Communications International, Inc., Strike Price
USD 5, Expires 11/18/10

 

 

6,567

 

 

(6

)

Sprint Nextel Corp., Strike Price USD 4, Expires 11/22/10

 

 

8,200

 

 

(73,800

)

Xstrata Plc, Strike Price GBP 11, Expires 11/19/10

 

 

90

 

 

(27,420

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(312,426

)

               

Over-the-Counter Call Options Written—(2.0)%

 

 

 

 

 

 

 

Aegon NV, Strike Price EUR 4.62, Expires 11/16/10,
Broker Credit Suisse First Boston

 

 

336,000

 

 

(32,858

)

Afren Plc, Strike Price GBP 1.18, Expires 11/16/10,
Broker Credit Suisse First Boston

 

 

999,700

 

 

(193,731

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Afren Plc, Strike Price GBP 1.19, Expires 12/01/10,
Broker Credit Suisse First Boston

 

 

999,700

 

$

(206,883

)

Agrium, Inc., Strike Price USD 74.79, Expires 11/02/10,
Broker JPMorgan Chase Securities

 

 

73,000

 

 

(1,001,626

)

American Electric Power Co., Inc., Strike Price USD 36.08,
Expires 11/15/10, Broker Morgan Stanley & Co., Inc.

 

 

45,500

 

 

(61,880

)

AMR Corp., Strike Price USD 6.63, Expires 11/08/10,
Broker JPMorgan Chase Securities

 

 

367,000

 

 

(462,971

)

Anheuser-Busch InBev NV, Strike Price EUR 42.84,
Expires 11/11/10, Broker UBS Securities LLC

 

 

76,700

 

 

(258,976

)

Applied Materials, Inc., Strike Price USD 10.99,
Expires 11/08/10, Broker JPMorgan Chase Securities

 

 

210,000

 

 

(286,923

)

Arch Coal, Inc., Strike Price USD 24.50, Expires 11/04/10,
Broker Morgan Stanley & Co., Inc.

 

 

93,000

 

 

(50,035

)

Arch Coal, Inc., Strike Price USD 25.06, Expires 11/02/10,
Broker UBS Securities LLC

 

 

30,000

 

 

(6,437

)

Arch Coal, Inc., Strike Price USD 27.78, Expires 11/04/10,
Broker UBS Securities LLC

 

 

98,000

 

 

(161

)

AT&T Inc., Strike Price USD 28.85, Expires 11/02/10,
Broker UBS Securities LLC

 

 

157,000

 

 

(7,165

)

AXA SA, Strike Price EUR 12.88, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

82,700

 

 

(45,562

)

AXA SA, Strike Price EUR 13.52, Expires 11/04/10,
Broker Credit Suisse First Boston

 

 

11,300

 

 

(1,555

)

Banco Bradesco SA, Preference Shares, Strike Price
BRL 32.75, Expires 12/02/10, Broker Morgan Stanley
& Co., Inc.

 

 

126,000

 

 

(180,756

)

Banco Santander Brasil SA - ADR, Strike Price USD 13.19,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

51,000

 

 

(61,588

)

Banco Santander Brasil SA - ADR, Strike Price USD 13.39,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

55,000

 

 

(55,706

)

Banco Santander SA, Strike Price EUR 10.34,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

382,200

 

 

(3,084

)

Bank Mandiri Tbk PT, Strike Price IDR 7,202.89,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

3,374,500

 

 

(34,757

)

Bayerische Motoren Werke AG, Strike Price EUR 48.18,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

57,900

 

 

(281,591

)

Becton, Dickinson and Co., Strike Price USD 75.24,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

23,000

 

 

(38,638

)

Becton, Dickinson and Co., Strike Price USD 76.89,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

14,000

 

 

(13,672

)

Bemis Co., Inc., Strike Price USD 31.21,
Expires 11/04/10, Broker Citigroup Global Markets, Inc.

 

 

109,000

 

 

(77,418

)

Bidvest Group Ltd., Strike Price ZAR 148.06,
Expires 12/01/10, Broker Deutsche Bank Securities Corp.

 

 

224,000

 

 

(129,421

)

BM&FBovespa SA, Strike Price BRL 14.28,
Expires 12/02/10, Broker Credit Suisse First Boston

 

 

217,400

 

 

(63,900

)

BM&FBovespa SA, Strike Price BRL 14.64,
Expires 11/08/10, Broker Credit Suisse First Boston

 

 

114,000

 

 

(8,454

)

BM&FBovespa SA, Strike Price BRL 14.76,
Expires 12/02/10, Broker Citigroup Global Markets, Inc.

 

 

81,000

 

 

(15,013

)

BM&FBovespa SA, Strike Price BRL 15.72,
Expires 12/02/10, Broker Goldman Sachs & Co.

 

 

115,000

 

 

(7,138

)

BNP Paribas, Strike Price EUR 54.84,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

42,900

 

 

(38,503

)

Bristol-Myers Squibb Co., Strike Price USD 26.93,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

40,000

 

 

(8,992

)

Bristol-Myers Squibb Co., Strike Price USD 27,
Expires 11/02/10, Broker UBS Securities LLC

 

 

161,000

 

 

(21,139

)

Bunge Ltd., Strike Price USD 58.89, Expires 11/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

43,900

 

 

(92,878

)

Canadian Natural Resources Ltd., Strike Price USD 32.98,
Expires 11/02/10, Broker UBS Securities LLC

 

 

80,000

 

 

(279,200

)

Canadian Natural Resources Ltd., Strike Price USD 33.97,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

47,000

 

 

(117,969

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Canon, Inc., Strike Price JPY 3,962.10, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

97,800

 

$

(60,981

)

CapitaLand Ltd., Strike Price SGD 4.14, Expires 11/09/10,
Broker Deutsche Bank Securities Corp.

 

 

587,000

 

 

(136

)

Carlsberg A/S, Strike Price DKK 573.43,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

35,000

 

 

(145,407

)

Cheung Kong Holdings Ltd., Strike Price HKD 123.91,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

263,000

 

 

(66,860

)

China Construction Bank Corp., Strike Price HKD 6.87,
Expires 11/09/10, Broker Credit Suisse First Boston

 

 

3,948,000

 

 

(277,983

)

China Merchants Bank Co. Ltd., Strike Price HKD 23.46,
Expires 12/01/10, Broker Goldman Sachs & Co.

 

 

1,189,500

 

 

(41,820

)

Cia de Concessoes Rodoviarias, Strike Price BRL 47.46,
Expires 12/03/10, Broker Morgan Stanley & Co., Inc.

 

 

76,200

 

 

(59,911

)

Cia de Saneamento Basico do Estado de Sao Paulo -
ADR, Strike Price USD 44.55, Expires 12/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

100,000

 

 

(217,132

)

Cie Generale des Etablissements Michelin, Strike Price
EUR 57.86, Expires 11/16/10,
Broker Morgan Stanley & Co., Inc.

 

 

60,028

 

 

(97,519

)

CIMB Group Holdings Bhd, Strike Price MYR 8.30,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

1,611,000

 

 

(41,080

)

Cisco Systems, Inc., Strike Price USD 22.95,
Expires 11/05/10, Broker Morgan Stanley & Co., Inc.

 

 

245,500

 

 

(67,822

)

Citigroup, Inc., Strike Price USD 3.82, Expires 11/12/10,
Broker JPMorgan Chase Securities

 

 

295,000

 

 

(104,091

)

Citigroup, Inc., Strike Price USD 4, Expires 11/12/10,
Broker JPMorgan Chase Securities

 

 

175,000

 

 

(34,807

)

Citigroup, Inc., Strike Price USD 4.11, Expires 11/04/10,
Broker JPMorgan Chase Securities

 

 

174,500

 

 

(16,267

)

CNOOC Ltd. - ADR, Strike Price USD 216.80,
Expires 11/19/10, Broker JPMorgan Chase Securities

 

 

13,600

 

 

(45,685

)

ConAgra Foods, Inc., Strike Price USD 22.05,
Expires 11/12/10, Broker UBS Securities LLC

 

 

43,000

 

 

(24,176

)

Corio NV - REIT, Strike Price EUR 47.44,
Expires 11/03/10, Broker Citigroup Global Markets, Inc.

 

 

24,300

 

 

(183,042

)

Coviden Ltd., Strike Price USD 41.72, Expires 11/24/10,
Broker Credit Suisse First Boston

 

 

52,000

 

 

(23,044

)

Crescent Point Energy Corp., Strike Price CAD 37.91,
Expires 11/02/10, Broker Deutsche Bank Securities Corp.

 

 

39,000

 

 

(95,292

)

Delta Air Lines, Inc., Strike Price USD 11.68,
Expires 11/15/10, Broker JPMorgan Chase Securities

 

 

115,000

 

 

(255,630

)

Deutsche Boerse AG, Strike Price EUR 52.25,
Expires 11/11/10, Broker UBS Securities LLC

 

 

26,900

 

 

(12,600

)

Deutsche Lufthansa AG, Strike Price EUR 13.60,
Expires 11/11/10, Broker UBS Securities LLC

 

 

141,500

 

 

(355,658

)

Deutsche Lufthansa AG, Strike Price EUR 13.68,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

128,800

 

 

(309,470

)

Deutsche Post AG, Strike Price EUR 12.93,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

243,700

 

 

(178,163

)

Deutsche Telekom AG, Strike Price EUR 10.25,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

280,000

 

 

(86,728

)

Edison International, Strike Price USD 35,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

120,000

 

 

(228,000

)

EMC Corp., Strike Price USD 19.13, Expires 11/08/10,
Broker JPMorgan Chase Securities

 

 

190,000

 

 

(359,609

)

Enbridge, Inc., Strike Price CAD 54.62, Expires 11/19/10,
Broker Deutsche Bank Securities Corp.

 

 

22,400

 

 

(41,669

)

Erste Group Bank AG, Strike Price EUR 29.45,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

49,800

 

 

(209,327

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 50.43, Expires 11/08/10,
Broker Goldman Sachs & Co.

 

 

21,000

 

 

(94,290

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 52, Expires 11/05/10, Broker Credit
Suisse First Boston

 

 

21,000

 

 

(61,859

)


See Notes to Financial Statements.

 

 

 

 

 

38

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Fortum Oyj, Strike Price EUR 19.54, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

103,500

 

$

(122,421

)

Fresenius Medical Care AG & Co. KGaA, Strike Price
EUR 45.78, Expires 11/03/10, Broker Citigroup
Global Markets, Inc.

 

 

30,300

 

 

(17,957

)

GlaxoSmithKline Plc, Strike Price GBP 13.08,
Expires 11/02/10, Broker Citigroup Global Markets, Inc.

 

 

152,000

 

 

(89

)

Grupo Mexico SAB de CV, Strike Price MXN 40.46,
Expires 12/14/10, Broker UBS Securities LLC

 

 

1,370,700

 

 

(182,960

)

Grupo Modelo SAB de CV, Strike Price MXN 69.69,
Expires 12/03/10, Broker Citigroup Global Markets, Inc.

 

 

190,400

 

 

(26,221

)

Grupo Modelo SAB de CV, Strike Price MXN 70.04,
Expires 12/14/10, Broker Citigroup Global Markets, Inc.

 

 

190,400

 

 

(28,506

)

Honda Motor Co. Ltd., Strike Price JPY 3,081.63,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

183,400

 

 

(15,043

)

Hong Kong Exchanges and Clearing Ltd., Strike Price
HKD 175.44, Expires 12/01/10, Broker JPMorgan
Chase Securities

 

 

97,200

 

 

(66,429

)

HSBC Holdings Plc, Strike Price GBP 6.74,
Expires 11/30/10, Broker Credit Suisse First Boston

 

 

128,000

 

 

(15,388

)

HSBC Holdings Plc, Strike Price GBP 6.90,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

363,000

 

 

(5,627

)

Huntsman Corp., Strike Price USD 11.95,
Expires 11/30/10, Broker JPMorgan Chase Securities

 

 

380,000

 

 

(783,400

)

Hyundai Engineering & Construction Co. Ltd., Strike Price
KRW 75,739.30, Expires 12/01/10, Broker
Deutsche Bank Securities Corp.

 

 

54,400

 

 

(122,774

)

Inditex SA, Strike Price EUR 59.18, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

34,500

 

 

(71,601

)

ING Groep NV, Strike Price EUR 7.68, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

214,300

 

 

(60,908

)

Intercontinental Hotels Group Plc, Strike Price GBP 10.64,
Expires 11/03/10, Broker Credit Suisse First Boston

 

 

190,000

 

 

(431,648

)

International Business Machines Corp., Strike Price
USD 141, Expires 12/09/10, Broker UBS Securities LLC

 

 

21,000

 

 

(95,729

)

Intesa Sanpaolo SpA, Strike Price EUR 2.44,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

687,500

 

 

(105,947

)

Intesa Sanpaolo SpA, Strike Price EUR 2.49,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

132,800

 

 

(13,528

)

Invensys Plc, Strike Price GBP 3.04, Expires 12/01/10,
Broker UBS Securities LLC

 

 

1,150,000

 

 

(92,264

)

ITOCHU Corp., Strike Price JPY 762.84, Expires 11/09/10,
Broker Goldman Sachs & Co.

 

 

781,100

 

 

(9,767

)

Japan Tobacco, Inc., Strike Price JPY 254,015.62,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

1,460

 

 

(117,888

)

JetBlue Airways Corp., Strike Price USD 6.88,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

437,000

 

 

(130,825

)

JTEKT Corp., Strike Price JPY 745.59, Expires 11/09/10,
Broker Morgan Stanley & Co., Inc.

 

 

406,000

 

 

(308,399

)

Kabel Deutschland Holding AG, Strike Price EUR 29.32,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

31,500

 

 

(133,466

)

Kabel Deutschland Holding AG, Strike Price EUR 29.47,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

31,500

 

 

(129,723

)

Kabel Deutschland Holding AG, Strike Price EUR 30.30,
Expires 12/07/10, Broker UBS Securities LLC

 

 

23,000

 

 

(72,346

)

Kazakhmys Plc, Strike Price GBP 14.31, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

225,800

 

 

(24,175

)

Kohl’s Corp., Strike Price USD 48.06, Expires 11/02/10,
Broker JPMorgan Chase Securities

 

 

56,000

 

 

(176,431

)

KT Corp. - ADR, Strike Price USD 21.75, Expires 11/30/10,
Broker Citigroup Global Markets, Inc.

 

 

45,000

 

 

(10,384

)

Liberty Global, Inc., Strike Price USD 31.20,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

123,000

 

 

(817,732

)

Lincoln National Corp., Strike Price USD 22.53,
Expires 11/02/10, Broker Citigroup Global Markets, Inc.

 

 

81,000

 

 

(158,912

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Marubeni Corp., Strike Price JPY 483.89,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

737,000

 

$

(227,036

)

Merck KGaA, Strike Price EUR 71.16, Expires 11/03/10,
Broker Citigroup Global Markets, Inc.

 

 

16,900

 

 

 

Metro AG, Strike Price EUR 48.39, Expires 11/16/10,
Broker Credit Suisse First Boston

 

 

66,500

 

 

(187,022

)

Microsoft Corp., Strike Price USD 25.78,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

40,000

 

 

(37,733

)

Mosaic Co. (The), Strike Price USD 61.55,
Expires 11/09/10, Broker UBS Securities LLC

 

 

65,500

 

 

(761,880

)

Naspers Ltd., Strike Price ZAR 324.31,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

68,500

 

 

(425,284

)

Nestle SA, Strike Price CHF 54.97, Expires 11/03/10,
Broker UBS Securities LLC

 

 

116,900

 

 

(4,326

)

Newmont Mining Corp., Strike Price USD 59.67,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

115,000

 

 

(193,959

)

News Corp., Strike Price USD 13.37,
Expires 11/15/10, Broker Citigroup Global Markets, Inc.

 

 

125,500

 

 

(142,367

)

News Corp., Strike Price USD 13.44,
Expires 11/15/10, Broker Citigroup Global Markets, Inc.

 

 

125,500

 

 

(134,411

)

NII Holdings, Inc., Strike Price USD 43.16,
Expires 11/10/10, Broker Morgan Stanley & Co., Inc.

 

 

60,000

 

 

(33,209

)

Nokia Oyj - ADR, Strike Price USD 9.18,
Expires 11/02/10, Broker UBS Securities LLC

 

 

255,000

 

 

(382,500

)

Nordea Bank AB, Strike Price SEK 70.42,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

308,500

 

 

(154,691

)

Novartis AG, Strike Price CHF 57.32, Expires 11/16/10,
Broker UBS Securities LLC

 

 

48,200

 

 

(31,185

)

Oracle Corp., Strike Price USD 23.28, Expires 11/02/10,
Broker Credit Suisse First Boston

 

 

70,000

 

 

(428,260

)

Oracle Corp., Strike Price USD 23.66, Expires 11/05/10,
Broker Credit Suisse First Boston

 

 

75,000

 

 

(430,500

)

PartyGaming Plc, Strike Price GBP 2.99, Expires 11/11/10,
Broker Deutsche Bank Securities Corp.

 

 

581,000

 

 

(3,216

)

PDG Realty SA Empreendimentos e Participacoes,
Strike Price BRL 21.56, Expires 12/02/10,
Broker Deutsche Bank Securities Corp.

 

 

118,400

 

 

(44,321

)

PDG Realty SA Empreendimentos e Participacoes,
Strike Price BRL 22.37, Expires 12/02/10,
Broker Goldman Sachs & Co.

 

 

68,200

 

 

(15,039

)

Peabody Energy Corp., Strike Price USD 49.57,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

87,000

 

 

(293,689

)

PepsiCo, Inc., Strike Price USD 66.50,
Expires 11/02/10, Broker Citigroup Global Markets, Inc.

 

 

100,000

 

 

(5,071

)

Pfizer, Inc., Strike Price USD 16.30, Expires 11/08/10,
Broker JPMorgan Chase Securities

 

 

54,500

 

 

(60,691

)

Pfizer, Inc., Strike Price USD 17.50, Expires 11/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

308,000

 

 

(51,652

)

Quest Diagnostics, Inc., Strike Price USD 51.51,
Expires 11/24/10, Broker Credit Suisse First Boston

 

 

34,500

 

 

(27,465

)

Royal Dutch Shell Plc - ADR, Strike Price USD 56.86,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

152,000

 

 

(1,226,032

)

Royal Dutch Shell Plc - ADR, Strike Price USD 61.36,
Expires 11/30/10, Broker UBS Securities LLC

 

 

38,000

 

 

(135,660

)

Samsung Electronics Co. Ltd., Strike Price
KRW 763,466.99, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

5,000

 

 

(53,087

)

SAP AG - ADR, Strike Price USD 46, Expires 11/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

90,000

 

 

(515,700

)

Siemens AG, Strike Price EUR 77.85, Expires 11/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

36,900

 

 

(239,952

)

Siliconware Precision Industries Co. - ADR,
Strike Price USD 5.47, Expires 11/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

100,000

 

 

(17,724

)


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

39




 

 


 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Siliconware Precision Industries Co. - ADR,
Strike Price USD 5.65, Expires 12/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

173,000

 

$

(39,659

)

Silver Wheaton Corp., Strike Price USD 21.86,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

150,000

 

 

(1,033,443

)

Sonoco Products Co., Strike Price USD 33.09,
Expires 11/10/10, Broker JPMorgan Chase Securities

 

 

55,000

 

 

(41,979

)

Sonoco Products Co., Strike Price USD 33.48,
Expires 11/24/10, Broker UBS Securities LLC

 

 

49,500

 

 

(33,358

)

Sumitomo Heavy Industries Ltd., Strike Price JPY 458.73,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

620,000

 

 

(97,670

)

Svenska Cellulosa AB, Strike Price SEK 104.03,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

283,800

 

 

(69,596

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price USD 10.46, Expires 11/30/10,
Broker UBS Securities LLC

 

 

286,000

 

 

(160,661

)

Telefonica SA, Strike Price EUR 18.32, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

193,500

 

 

(295,191

)

Telefonica SA, Strike Price EUR 19.75, Expires 11/29/10,
Broker Credit Suisse First Boston

 

 

50,000

 

 

(19,823

)

Thermo Fisher Scientific, Inc., Strike Price USD 44.98,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

46,500

 

 

(299,462

)

Tokio Marine Holdings, Inc., Strike Price JPY 2,475.30,
Expires 12/01/10, Broker Goldman Sachs & Co.

 

 

111,800

 

 

(17,971

)

TransCanada Corp., Strike Price CAD 38.49,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

76,500

 

 

(7,760

)

Tullow Oil Plc, Strike Price GBP 12.96, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

111,800

 

 

(9,584

)

Tullow Oil Plc, Strike Price GBP 13.19, Expires 11/11/10,
Broker Credit Suisse First Boston

 

 

215,000

 

 

(5,902

)

Unibail-Rodamco SE - REIT, Strike Price EUR 141.92,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

22,674

 

 

(265,352

)

Unilever Plc, Strike Price GBP 18.21, Expires 11/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

130,000

 

 

(40,282

)

United Parcel Service, Inc., Strike Price USD 65,
Expires 11/16/10, Broker Goldman Sachs & Co.

 

 

30,000

 

 

(79,328

)

United Parcel Service, Inc., Strike Price USD 66.71,
Expires 11/09/10, Broker JPMorgan Chase Securities

 

 

42,000

 

 

(53,030

)

Urban Outfitters, Inc., Strike Price USD 34.95,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

51,500

 

 

(958

)

Vodafone Group Plc - ADR, Strike Price USD 24.15,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

220,000

 

 

(738,408

)

Volkswagen AG, Preference Shares, Strike Price EUR 90.49,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

46,700

 

 

(1,156,649

)

Want Want China Holdings Ltd., Strike Price HKD 7.42,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

3,070,000

 

 

(19,716

)

WellPoint, Inc., Strike Price USD 50.88, Expires 11/02/10,
Broker JPMorgan Chase Securities

 

 

25,000

 

 

(87,124

)

Wing Hang Bank Ltd., Strike Price HKD 94.87,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

155,500

 

 

(12,931

)

WPP Plc, Strike Price GBP 7.18, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

342,400

 

 

(95,707

)

Xstrata Plc, Strike Price GBP 12.05, Expires 11/11/10,
Broker UBS Securities LLC

 

 

190,000

 

 

(130,775

)

Xstrata Plc, Strike Price GBP 13.28, Expires 12/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

19,000

 

 

(7,507

)

Yara International ASA, Strike Price NOK 266.30,
Expires 11/03/10, Broker Deutsche Bank
Securities Corp.

 

 

182,000

 

 

(1,322,201

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(24,696,815

)

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

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

 

 

 

 

 

 

 

KT Corp. - ADR, Strike Price USD 20.75,
Expires 11/30/10, Broker Citigroup Global Markets, Inc.

 

 

45,000

 

$

(34,224

)

               

Total Options Written
(Premiums Received $21,784,193)—(2.9)%

 

 

 

 

 

(37,092,204

)

               

Total Investments Net of Outstanding Options Written—97.0%

 

 

 

 

 

1,251,692,731

 

Other Assets Less Liabilities—3.0%

 

 

 

 

 

38,412,107

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,290,104,838

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,209,309,720

 

 

 

     

Gross unrealized appreciation

 

$

104,656,186

 

Gross unrealized depreciation

 

 

(25,180,971

)

 

 

     

Net unrealized appreciation

 

$

79,475,215

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

Security, or a portion thereof, pledged/held 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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
October 31,
2010

 

Income

 

                           

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

5,139,633

 

 

37,286,933

 

42,426,566

 

 

$

80,312

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

7,602,800

 

 

(7,602,800)

 

 

 

$

6,566

 

                           

 

 

(d)

Represents current yield as of report date.


See Notes to Financial Statements.

 

 

 

 

 

40

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)


 

 

Foreign currency exchange contracts as of October 31, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                   

HKD

 

4,889,000

 

USD

 

630,432

 

Citigroup Global Markets

 

11/02/10

 

$

305

 

USD

 

21,546

 

CAD

 

22,000

 

Citigroup Global Markets

 

11/01/10

 

 

(25

)

USD

 

130,333

 

CHF

 

128,000

 

Citigroup Global Markets

 

11/01/10

 

 

258

 

USD

 

36,302

 

SGD

 

47,000

 

Citigroup Global Markets

 

11/02/10

 

 

(11

)

                             

Total

 

 

 

 

 

 

 

 

 

 

 

$

527

 

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments and derivatives, 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 and derivatives)

 

 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Austria

 

 

 

$

4,093,463

 

 

 

$

4,093,463

 

Belgium

 

 

 

 

8,767,428

 

 

 

 

8,767,428

 

Bermuda

 

$

4,787,579

 

 

 

 

 

 

4,787,579

 

Brazil

 

 

31,707,753

 

 

 

 

 

 

31,707,753

 

Canada

 

 

53,762,522

 

 

 

 

 

 

53,762,522

 

China

 

 

 

 

18,182,062

 

 

 

 

18,182,062

 

Denmark

 

 

4,168,269

 

 

6,428,629

 

 

 

 

10,596,898

 

Finland

 

 

3,748,680

 

 

5,334,916

 

 

 

 

9,083,596

 

France

 

 

 

 

26,804,697

 

 

 

 

26,804,697

 

Germany

 

 

15,527,386

 

 

71,164,113

 

 

 

 

86,691,499

 

Gibraltar

 

 

 

 

4,261,058

 

 

 

 

4,261,058

 

Hong Kong

 

 

16,832,779

 

 

17,893,171

 

 

 

 

34,725,950

 

India

 

 

 

 

6,773,097

 

 

 

 

6,773,097

 

Indonesia

 

 

 

 

11,302,457

 

 

 

 

11,302,457

 

Ireland

 

 

12,037,315

 

 

 

 

 

 

12,037,315

 

Israel

 

 

1,038,000

 

 

 

 

 

 

1,038,000

 

Italy

 

 

 

 

5,245,496

 

 

 

 

5,245,496

 

Japan

 

 

 

 

70,372,834

 

 

 

 

70,372,834

 

Malaysia

 

 

 

 

5,738,362

 

 

 

 

5,738,362

 

Mexico

 

 

17,397,424

 

 

 

 

 

 

17,397,424

 

Netherlands

 

 

4,648,056

 

 

11,270,126

 

 

 

 

15,918,182

 

Norway

 

 

 

 

17,458,185

 

 

 

 

17,458,185

 

Singapore

 

 

 

 

3,216,931

 

 

 

 

3,216,931

 

South Africa

 

 

 

 

13,660,407

 

 

 

 

13,660,407

 

South Korea

 

 

3,389,022

 

 

17,873,771

 

 

 

 

21,262,793

 

Spain

 

 

 

 

26,072,973

 

 

 

 

26,072,973

 

Sweden

 

 

 

 

14,172,760

 

 

 

 

14,172,760

 

Switzerland

 

 

3,868,242

 

 

23,654,036

 

 

 

 

27,522,278

 

Taiwan

 

 

7,971,192

 

 

 

 

 

 

7,971,192

 

Thailand

 

 

 

 

15,803,514

 

 

 

 

15,803,514

 

United Kingdom

 

 

39,875,203

 

 

75,276,438

 

 

 

 

115,151,641

 

United States

 

 

544,778,023

 

 

 

 

 

 

544,778,023

 

Short-Term Securities

 

 

42,426,566

 

 

 

 

 

 

42,426,566

 

                           

Total

 

$

807,964,011

 

$

480,820,924

 

 

 

$

1,288,784,935

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency
exchange contracts

 

 

 

$

563

 

 

 

$

563

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(6,525,645

)

 

(30,566,559

)

 

 

 

(37,092,204

)

Foreign currency
exchange contracts

 

 

 

 

(36

)

 

 

 

(36

)

                           

Total

 

$

(6,525,645

)

$

(30,566,032

)

 

 

$

(37,091,677

)

 

 

                       

 

 

 

 

1

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


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

41




 

 


 

 

Schedule of Investments (continued)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Biotechnology—14.7%

 

 

 

 

 

 

 

3SBio, Inc. - ADR (a)

 

 

35,200

 

$

529,760

 

Alexion Pharmaceuticals, Inc. (a)(b)

 

 

7,600

 

 

519,080

 

Amgen, Inc. (a)(b)

 

 

60,300

 

 

3,448,557

 

Ariad Pharmaceuticals, Inc. (a)

 

 

39,300

 

 

144,624

 

Arqule, Inc. (a)

 

 

5,100

 

 

28,152

 

BioMarin Pharmaceutical, Inc. (a)(b)

 

 

93,400

 

 

2,443,344

 

Celgene Corp. (a)(b)

 

 

124,500

 

 

7,727,715

 

Cepheid, Inc. (a)

 

 

24,600

 

 

517,584

 

Cubist Pharmaceuticals, Inc. (a)(b)

 

 

28,700

 

 

668,136

 

Gilead Sciences, Inc. (a)(b)

 

 

164,360

 

 

6,520,161

 

Human Genome Sciences, Inc. (a)(b)

 

 

39,400

 

 

1,059,072

 

Incyte Corp. Ltd. (a)(b)

 

 

59,600

 

 

992,936

 

Ironwood Pharmaceuticals, Inc. (a)(b)

 

 

29,300

 

 

327,867

 

Myriad Genetics, Inc. (a)

 

 

30,200

 

 

601,886

 

United Therapeutics Corp. (a)(b)

 

 

39,500

 

 

2,370,000

 

Vertex Pharmaceuticals, Inc. (a)(b)

 

 

64,200

 

 

2,460,786

 

 

 

 

 

 

     

 

 

 

 

 

 

30,359,660

 

               

Chemicals—0.8%

 

 

 

 

 

 

 

Sigma-Aldrich Corp. (b)

 

 

25,200

 

 

1,598,184

 

               

Health Care Equipment & Supplies—17.6%

 

 

 

 

 

 

 

Alcon, Inc. (b)

 

 

15,600

 

 

2,616,432

 

Alere, Inc. (a)(b)

 

 

30,800

 

 

910,140

 

Baxter International, Inc. (b)

 

 

89,900

 

 

4,575,910

 

Becton, Dickinson and Co. (b)

 

 

12,200

 

 

921,344

 

Boston Scientific Corp. (a)

 

 

244,800

 

 

1,561,824

 

CareFusion Corp. (a)(b)

 

 

96,400

 

 

2,327,096

 

China Medical Technologies, Inc. - ADR (a)(b)

 

 

23,500

 

 

283,880

 

Cooper Cos., Inc. (The) (b)

 

 

44,900

 

 

2,215,366

 

Coviden Plc (b)

 

 

94,600

 

 

3,771,702

 

Edwards Lifesciences Corp. (a)

 

 

15,600

 

 

996,996

 

Gen-Probe, Inc. (a)(b)

 

 

81,400

 

 

3,942,202

 

Hill-Rom Holdings, Inc. (b)

 

 

78,300

 

 

3,034,125

 

Hologic, Inc. (a)(b)

 

 

214,100

 

 

3,429,882

 

Hospira, Inc. (a)

 

 

17,600

 

 

1,046,848

 

Masimo Corp. (b)

 

 

29,100

 

 

877,947

 

Medtronic, Inc. (b)

 

 

17,290

 

 

608,781

 

Nobel Biocare Holding AG

 

 

2,400

 

 

39,679

 

Sirona Dental Systems, Inc. (a)(b)

 

 

19,800

 

 

745,470

 

Stryker Corp. (b)

 

 

34,100

 

 

1,687,609

 

Varian Medical Systems, Inc. (a)(b)

 

 

11,800

 

 

745,996

 

 

 

 

 

 

     

 

 

 

 

 

 

36,339,229

 

               

Health Care Providers & Services—24.7%

 

 

 

 

 

 

 

Aetna, Inc. (b)

 

 

165,200

 

 

4,932,872

 

AmerisourceBergen Corp. (b)

 

 

154,400

 

 

5,067,408

 

CIGNA Corp. (b)

 

 

49,000

 

 

1,724,310

 

Community Health Systems, Inc. (a)(b)

 

 

35,000

 

 

1,052,800

 

DaVita, Inc. (a)

 

 

86,800

 

 

6,227,900

 

Express Scripts, Inc. (a)(b)

 

 

31,060

 

 

1,507,031

 

Fresenius Medical Care AG & Co. KGaA (b)

 

 

108,900

 

 

6,930,768

 

Health Management Associates, Inc. (a)

 

 

95,000

 

 

760,950

 

Henry Schein, Inc. (a)(b)

 

 

61,000

 

 

3,425,150

 

Laboratory Corp. of America Holdings (a)

 

 

6,600

 

 

536,712

 

Medco Health Solutions, Inc. (a)(b)

 

 

33,210

 

 

1,744,521

 

Mednax, Inc. (a)(b)

 

 

10,000

 

 

592,100

 

PSS World Medical, Inc. (a)(b)

 

 

33,000

 

 

779,790

 

Quest Diagnostics, Inc.

 

 

39,800

 

 

1,955,772

 

Sinopharm Group Co.

 

 

177,400

 

 

698,482

 

Tenet Healthcare Corp. (a)(b)

 

 

136,100

 

 

593,396

 

UnitedHealth Group, Inc. (b)

 

 

204,600

 

 

7,375,830

 

WellPoint, Inc. (a)

 

 

91,700

 

 

4,982,978

 

 

 

 

 

 

     

 

 

 

 

 

 

50,888,770

 

               

Health Care Technology—4.7%

 

 

 

 

 

 

 

Allscripts-Misys Healthcare Solutions, Inc. (a)(b)

 

 

116,900

 

 

2,231,621

 

Biogen Idec, Inc. (a)(b)

 

 

54,300

 

 

3,405,153

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Health Care Technology (concluded)

 

 

 

 

 

 

 

Genzyme Corp. (a)(b)

 

 

28,000

 

$

2,019,640

 

St. Jude Medical, Inc. (a)(b)

 

 

53,400

 

 

2,045,220

 

 

 

 

 

 

     

 

 

 

 

 

 

9,701,634

 

               

Life Sciences Tools & Services—8.4%

 

 

 

 

 

 

 

Covance, Inc. (a)(b)

 

 

35,400

 

 

1,663,446

 

Dionex Corp. (a)(b)

 

 

37,400

 

 

3,337,202

 

Life Technologies Corp. (a)

 

 

15,000

 

 

752,700

 

Lonza Group AG (b)

 

 

12,800

 

 

1,120,547

 

Mettler-Toledo International, Inc. (a)(b)

 

 

35,100

 

 

4,582,656

 

ShangPharma Corp. - ADR (a)

 

 

24,000

 

 

310,080

 

Tecan Group AG

 

 

18,800

 

 

1,308,673

 

Thermo Fisher Scientific, Inc. (a)

 

 

84,000

 

 

4,319,280

 

 

 

 

 

 

     

 

 

 

 

 

 

17,394,584

 

               

Pharmaceuticals—21.7%

 

 

 

 

 

 

 

Abbott Laboratories (b)

 

 

128,500

 

 

6,594,620

 

Allergan, Inc. (b)

 

 

50,300

 

 

3,642,223

 

Bristol-Myers Squibb Co. (b)

 

 

166,000

 

 

4,465,400

 

GlaxoSmithKline Plc

 

 

25,500

 

 

497,955

 

Glenmark Pharmaceuticals Ltd.

 

 

81,300

 

 

621,165

 

H Lundbeck A/S

 

 

10,300

 

 

205,818

 

Impax Laboratories, Inc. (a)(b)

 

 

54,100

 

 

1,019,244

 

Johnson & Johnson

 

 

112,970

 

 

7,192,800

 

Merck & Co., Inc. (b)

 

 

54,900

 

 

1,991,772

 

Mylan, Inc. (a)(b)

 

 

128,400

 

 

2,609,088

 

Novartis AG, Registered Shares (b)

 

 

47,900

 

 

2,775,457

 

Pfizer, Inc. (b)

 

 

642,100

 

 

11,172,540

 

Roche Holding AG

 

 

7,700

 

 

1,130,777

 

Sihuan Pharmaceutical Holdings Group Ltd. (a)

 

 

240,000

 

 

174,320

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

13,950

 

 

724,005

 

 

 

 

 

 

     

 

 

 

 

 

 

44,817,184

 

               

Total Long-Term Investments
(Cost—$166,525,633)—92.6%

 

 

 

 

 

191,099,245

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.21% (c)(d)

 

 

14,067,561

 

 

14,067,561

 

               

Total Short-Term Securities
(Cost—$14,067,561)—6.8%

 

 

 

 

 

14,067,561

 

               

Total investments before outstanding options written
(Cost—$180,593,194*)—99.4%

 

 

 

 

 

205,166,806

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(1.1)%

 

 

 

 

 

 

 

Abbott Laboratories, Strike Price USD 52.50,
Expires 1/24/11

 

 

325

 

 

(36,238

)

Abbott Laboratories, Strike Price USD 52.50,
Expires 11/22/10

 

 

100

 

 

(3,600

)

Aetna, Inc., Strike Price USD 32, Expires 11/22/10

 

 

665

 

 

(17,955

)

Alcon, Inc., Strike Price USD 160, Expires 11/22/10

 

 

10

 

 

(8,775

)

Alcon, Inc., Strike Price USD 170, Expires 11/22/10

 

 

45

 

 

(7,785

)

Alere, Inc., Strike Price USD 30, Expires 11/22/10

 

 

150

 

 

(12,750

)

Alere, Inc., Strike Price USD 31, Expires 11/22/10

 

 

75

 

 

(3,750

)

Alere, Inc., Strike Price USD 32, Expires 11/22/10

 

 

75

 

 

(2,250

)

Alexion Pharmaceuticals, Inc., Strike Price USD 60,
Expires 11/22/10

 

 

50

 

 

(42,750

)

Allergan, Inc., Strike Price USD 66, Expires 11/22/10

 

 

150

 

 

(97,196

)

Allscripts Healthcare Solutions, Inc., Strike Price USD 18.50,
Expires 11/08/10

 

 

250

 

 

(18,575

)

See Notes to Financial Statements.

 

 

 

 

 

42

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

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)

 

 

 

 

 

 

 

Allscripts Healthcare Solutions, Inc., Strike Price USD 19,
Expires 12/20/10

 

 

100

 

$

(10,000

)

AmerisourceBergen Corp., Strike Price USD 30,
Expires 11/22/10

 

 

250

 

 

(76,875

)

AmerisourceBergen Corp., Strike Price USD 33,
Expires 11/22/10

 

 

250

 

 

(23,750

)

Amgen, Inc., Strike Price USD 55, Expires 1/24/11

 

 

100

 

 

(45,000

)

Amgen, Inc., Strike Price USD 57.50, Expires 11/22/10

 

 

100

 

 

(12,650

)

Baxter International, Inc., Strike Price USD 47.50,
Expires 11/22/10

 

 

50

 

 

(18,000

)

Baxter International, Inc., Strike Price USD 49,
Expires 11/22/10

 

 

200

 

 

(46,100

)

Baxter International, Inc., Strike Price USD 50,
Expires 11/22/10

 

 

25

 

 

(3,875

)

Becton, Dickinson and Co., Strike Price USD 74,
Expires 11/02/10

 

 

100

 

 

(16,350

)

Biogen Idec, Inc., Strike Price USD 60, Expires 1/24/11

 

 

100

 

 

(52,000

)

Biogen Idec, Inc., Strike Price USD 60, Expires 11/22/10

 

 

100

 

 

(36,500

)

BioMarin Pharmaceutical, Inc., Strike Price USD 22.50,
Expires 11/22/10

 

 

250

 

 

(90,000

)

BioMarin Pharmaceutical, Inc., Strike Price USD 23,
Expires 11/29/10

 

 

260

 

 

(83,631

)

Bristol-Myers Squibb Co., Strike Price USD 28,
Expires 11/22/10

 

 

570

 

 

(4,275

)

CareFusion Corp., Strike Price USD 25, Expires 11/22/10

 

 

300

 

 

(12,750

)

Celgene Corp, Strike Price USD 56, Expires 11/02/10

 

 

500

 

 

(307,912

)

China Medical Technologies, Inc. - ADR, Strike Price USD 12,
Expires 11/22/10

 

 

50

 

 

(3,750

)

CIGNA Corp., Strike Price USD 37, Expires 11/22/10

 

 

350

 

 

(14,525

)

Community Health Systems, Inc., Strike Price USD 33,
Expires 11/22/10

 

 

200

 

 

(4,500

)

Cooper Cos., Inc. (The), Strike Price USD 45,
Expires 11/22/10

 

 

150

 

 

(69,000

)

Covance, Inc., Strike Price USD 45, Expires 11/22/10

 

 

100

 

 

(29,000

)

Coviden Plc, Strike Price USD 40, Expires 11/22/10

 

 

80

 

 

(8,000

)

Cubist Pharmaceuticals, Inc., Strike Price USD 25,
Expires 11/22/10

 

 

85

 

 

(1,912

)

Express Scripts, Inc., Strike Price USD 50, Expires 11/22/10

 

 

210

 

 

(13,965

)

Express Scripts, Inc., Strike Price USD 57.50,
Expires 11/22/10

 

 

100

 

 

(400

)

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 45,
Expires 11/19/10

 

 

225

 

 

(40,835

)

Gen-Probe, Inc., Strike Price USD 50, Expires 11/22/10

 

 

230

 

 

(10,925

)

Genzyme Corp., Strike Price USD 71, Expires 11/02/10

 

 

60

 

 

(7,478

)

Genzyme Corp., Strike Price USD 72.50, Expires 11/22/10

 

 

30

 

 

(1,950

)

Gilead Sciences, Inc., Strike Price USD 36, Expires 11/22/10

 

 

100

 

 

(38,750

)

Gilead Sciences, Inc., Strike Price USD 37, Expires 11/22/10

 

 

550

 

 

(162,525

)

Henry Schein, Inc., Strike Price USD 60, Expires 11/22/10

 

 

65

 

 

(1,950

)

Hill-Rom Holdings, Inc., Strike Price USD 35,
Expires 12/20/10

 

 

150

 

 

(59,250

)

Hill-Rom Holdings, Inc., Strike Price USD 37,
Expires 11/29/10

 

 

100

 

 

(21,724

)

Hologic, Inc., Strike Price USD 17.50, Expires 12/20/10

 

 

200

 

 

(8,500

)

Human Genome Sciences, Inc., Strike Price USD 30,
Expires 11/22/10

 

 

170

 

 

(23,460

)

Impax Laboratories, Inc., Strike Price USD 20,
Expires 11/22/10

 

 

180

 

 

(7,200

)

Incyte Corp. Ltd., Strike Price USD 15, Expires 11/22/10

 

 

100

 

 

(21,500

)

Incyte Corp. Ltd., Strike Price USD 17.50, Expires 12/20/10

 

 

100

 

 

(13,000

)

Ironwood Pharmaceuticals, Inc., Strike Price USD 17.50,
Expires 11/22/10

 

 

100

 

 

(1,000

)

Lonza Group AG, Strike Price CHF 92, Expires 11/19/10

 

 

45

 

 

(1,436

)

Masimo Corp., Strike Price USD 30, Expires 11/22/10

 

 

95

 

 

(11,875

)

Medco Health Solutions, Inc., Strike Price USD 50,
Expires 11/22/10

 

 

140

 

 

(44,800

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Mednax, Inc., Strike Price USD 50, Expires 11/22/10

 

 

100

 

$

(91,500

)

Medtronic, Inc., Strike Price USD 34, Expires 11/22/10

 

 

90

 

 

(14,760

)

Merck & Co., Inc., Strike Price USD 38, Expires 11/22/10

 

 

285

 

 

(4,275

)

Mettler-Toledo International, Inc., Strike Price USD 117,
Expires 11/16/10

 

 

100

 

 

(136,169

)

Mylan, Inc., Strike Price USD 19, Expires 11/22/10

 

 

180

 

 

(27,090

)

Mylan, Inc., Strike Price USD 20, Expires 12/20/10

 

 

85

 

 

(8,713

)

Mylan, Inc., Strike Price USD 21, Expires 12/20/10

 

 

85

 

 

(4,462

)

Novartis AG, Strike Price CHF 56, Expires 11/19/10

 

 

150

 

 

(25,126

)

Pfizer, Inc., Strike Price USD 18, Expires 11/22/10

 

 

500

 

 

(6,250

)

PSS World Medical, Inc., Strike Price USD 22.50,
Expires 11/22/10

 

 

80

 

 

(13,800

)

Sigma-Aldrich Corp., Strike Price USD 60, Expires 11/22/10

 

 

70

 

 

(26,600

)

Sirona Dental Systems, Inc., Strike Price USD 40,
Expires 12/20/10

 

 

150

 

 

(18,000

)

St. Jude Medical, Inc., Strike Price USD 40,
Expires 11/02/10

 

 

100

 

 

(286

)

St. Jude Medical, Inc., Strike Price USD 40,
Expires 11/22/10

 

 

200

 

 

(6,000

)

Stryker Corp., Strike Price USD 50, Expires 11/22/10

 

 

235

 

 

(22,325

)

Tenet Healthcare Corp., Strike Price USD 5,
Expires 11/22/10

 

 

500

 

 

(2,500

)

United Therapeutics Corp., Strike Price USD 60,
Expires 11/22/10

 

 

120

 

 

(19,800

)

UnitedHealth Group, Inc., Strike Price USD 33.10,
Expires 11/22/10

 

 

120

 

 

(36,575

)

UnitedHealth Group, Inc., Strike Price USD 34,
Expires 12/20/10

 

 

350

 

 

(93,625

)

UnitedHealth Group, Inc., Strike Price USD 37,
Expires 11/22/10

 

 

200

 

 

(11,800

)

Varian Medical Systems, Inc., Strike Price USD 60,
Expires 11/22/10

 

 

110

 

 

(41,250

)

Vertex Pharmaceuticals, Inc., Strike Price USD 38,
Expires 11/22/10

 

 

100

 

 

(16,000

)

Vertex Pharmaceuticals, Inc., Strike Price USD 39,
Expires 11/22/10

 

 

100

 

 

(10,250

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(2,351,658

)

               

Exchange-Traded Put Options Written—(0.1)%

 

 

 

 

 

 

 

Allscripts Healthcare Solutions, Inc., Strike Price USD 17,
Expires 11/22/10

 

 

50

 

 

(500

)

China Medical Technologies, Inc. - ADR, Strike Price USD 11,
Expires 11/22/10

 

 

50

 

 

(1,625

)

DaVita, Inc., Strike Price USD 65, Expires 11/22/10

 

 

40

 

 

(1,100

)

Gilead Sciences, Inc., Strike Price USD 38, Expires 11/22/10

 

 

555

 

 

(22,755

)

Life Technologies Corp., Strike Price USD 50, Expires 12/20/10

 

 

475

 

 

(80,750

)

Medtronic, Inc., Strike Price USD 34, Expires 11/22/10

 

 

157

 

 

(6,437

)

Nuvasive, Inc., Strike Price USD 35, Expires 11/22/10

 

 

82

 

 

(72,570

)

Pfizer, Inc., Strike Price USD 16, Expires 11/22/10

 

 

140

 

 

(1,120

)

Tenet Healthcare Corp., Strike Price USD 4.50,
Expires 11/20/10

 

 

300

 

 

(8,920

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(195,777

)

               

Over-the-Counter Call Options Written—(0.6)%

 

 

 

 

 

 

 

BioMarin Pharmaceutical, Inc., Strike Price USD 22.59,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(35,757

)

BioMarin Pharmaceutical, Inc., Strike Price USD 23.75,
Expires 11/15/10, Broker JPMorgan Chase Securities

 

 

10,000

 

 

(25,597

)

Bristol-Myers Squibb Co., Strike Price USD 26,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(9,129

)

Bristol-Myers Squibb Co., Strike Price USD 27,
Expires 11/02/10, Broker UBS Securities LLC

 

 

59,000

 

 

(7,747

)

Bristol-Myers Squibb Co., Strike Price USD 27.09,
Expires 11/02/10, Broker UBS Securities LLC

 

 

40,000

 

 

(6,298

)

Community Health Systems, Inc., Strike Price USD 31.52,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

15,000

 

 

(555

)

Coviden Ltd., Strike Price USD 41.72, Expires 11/24/10,
Broker Credit Suisse First Boston

 

 

14,000

 

 

(6,204

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

43




 

 


 

 

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)

 

 

 

 

 

 

 

DaVita, Inc., Strike Price USD 65.00, Expires 11/02/10,
Broker UBS Securities LLC

 

 

23,000

 

$

(155,310

)

DaVita, Inc., Strike Price USD 67.09, Expires 11/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(46,832

)

Dionex Corp., Strike Price USD 75.31, Expires 11/02/10,
Broker Bank of New York (The)

 

 

12,000

 

 

(167,104

)

Fresenius Medical Care AG & Co. KGaA, Strike Price
EUR 46.14, Expires 11/16/10, Broker UBS Securities LLC

 

 

15,600

 

 

(12,412

)

GlaxoSmithKline Plc, Strike Price GBP 13.08,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

25,500

 

 

(15

)

Health Management Associates, Inc., Strike Price USD 7.77,
Expires 11/30/10, Broker Morgan Stanley & Co., Inc.

 

 

31,500

 

 

(17,435

)

Henry Schein, Inc., Strike Price USD 57.50,
Expires 11/02/10, Broker UBS Securities LLC

 

 

13,500

 

 

(3,424

)

Hologic, Inc., Strike Price USD 16.85, Expires 11/12/10,
Broker Credit Suisse First Boston

 

 

50,000

 

 

(10,051

)

Johnson & Johnson, Strike Price USD 61,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(82,200

)

Life Technologies Corp., Strike Price USD 50,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

15,000

 

 

(8,495

)

Novartis AG, Strike Price CHF 54.28, Expires 11/03/10,
Broker Citigroup Global Markets, Inc.

 

 

11,300

 

 

(31,408

)

Pfizer, Inc., Strike Price USD 15.29, Expires 11/02/10,
Broker Credit Suisse First Boston

 

 

156,000

 

 

(329,472

)

Pfizer, Inc., Strike Price USD 16, Expires 11/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

40,000

 

 

(56,000

)

Pfizer, Inc., Strike Price USD 17.50, Expires 11/02/10,
Broker UBS Securities LLC

 

 

49,000

 

 

(5,652

)

Pfizer, Inc., Strike Price USD 17.62, Expires 11/24/10,
Broker JPMorgan Chase Securities

 

 

40,000

 

 

(12,276

)

Quest Diagnostics, Inc., Strike Price USD 50.39,
Expires 12/02/10, Broker Morgan Stanley & Co., Inc.

 

 

13,500

 

 

(11,147

)

Quest Diagnostics, Inc., Strike Price USD 51.51,
Expires 11/24/10, Broker Credit Suisse First Boston

 

 

3,000

 

 

(2,388

)

Roche Holding AG, Strike Price CHF 136.70,
Expires 11/11/10, Broker UBS Securities LLC

 

 

1,900

 

 

(15,111

)

St. Jude Medical, Inc., Strike Price USD 39,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(1,693

)

Tecan Group AG, Strike Price CHF 62.94,
Expires 11/03/10, Broker UBS Securities LLC

 

 

7,800

 

 

(44,110

)

Tenet Healthcare Corp., Strike Price USD 5,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

70,000

 

 

(69

)

Teva Pharmaceutical Industries Ltd. - ADR, Strike Price
USD 54, Expires 11/02/10, Broker Citigroup
Global Markets, Inc.

 

 

13,900

 

 

(285

)

Thermo Fisher Scientific, Inc., Strike Price USD 48.62,
Expires 11/15/10, Broker JPMorgan Chase Securities

 

 

28,000

 

 

(82,750

)

WellPoint, Inc., Strike Price USD 55, Expires 11/02/10,
Broker UBS Securities LLC

 

 

35,000

 

 

(18,996

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,205,922

)

               

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

 

 

 

 

 

 

 

Alere, Inc., Strike Price USD 31.25, Expires 11/22/10,
Broker UBS Securities LLC

 

 

52,100

 

 

(106,586

)

Arqule, Inc., Strike Price USD 5.25, Expires 11/08/10,
Broker Morgan Stanley & Co., Inc.

 

 

6,700

 

 

(1,518

)

Celgene Corp., Strike Price USD 59, Expires 11/08/10,
Broker UBS Securities LLC

 

 

30,000

 

 

(4,580

)

Community Health Systems, Inc., Strike Price USD 31.74,
Expires 11/22/10, Broker Citigroup Global Markets, Inc.

 

 

70,000

 

 

(151,122

)

Gilead Sciences, Inc., Strike Price USD 36.75,
Expires 11/08/10, Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

 

(1,190

)

Medco Health Solutions, Inc., Strike Price USD 54,
Expires 11/08/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(18,892

)

Quest Diagnostics, Inc., Strike Price USD 48.50,
Expires 11/22/10, Broker Citigroup Global Markets, Inc.

 

 

13,200

 

 

(11,240

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Put Options Written (concluded)

 

 

 

 

 

 

 

Tenet Healthcare Corp., Strike Price USD 4.50,
Expires 11/22/10, Broker UBS Securities LLC

 

 

283,000

 

$

(71,302

)

               

Total Over-the-Counter Put Options Written

 

 

 

 

 

(366,430

)

               

Total Options Written
(Premiums Received $3,035,525)—(2.0)%

 

 

 

 

 

(4,119,787

)

               

Total investments net of outstanding options written—97.4%

 

 

 

 

 

201,047,019

 

Other Assets Less Liabilities—2.6%

 

 

 

 

 

5,344,714

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

206,391,733

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

183,010,509

 

 

 

     

Gross unrealized appreciation

 

$

23,240,613

 

Gross unrealized depreciation

 

 

(1,084,316

)

 

 

     

Net unrealized appreciation

 

$

22,156,297

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

Security, or a portion thereof, pledged/held 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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Affiliate

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

 

9,732,338

 

 

4,335,223

 

 

14,067,561

 

$

15,805

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

 

2,152,000

 

 

(2,152,000

)

 

 

$

756

 

                           

 

 

(d)

Represents current yield as of report date.

See Notes to Financial Statements.

 

 

 

 

 

44

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Schedule of Investments (concluded)

BlackRock Health Sciences Trust (BME)


 

 

Foreign currency exchange contracts as of October 31, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                   

USD

 

101,588

 

DKK

 

544,000

 

Deutsche Bank Securities

 

11/02/10

 

$

60

 

USD

 

100,151

 

DKK

 

537,000

 

Citigroup Global Markets

 

11/03/10

 

 

(68

)

                             

Total

 

 

 

 

 

 

 

 

 

 

 

$

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

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 and derivatives, 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 and derivatives)

 

 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

30,359,660

 

 

 

 

 

$

30,359,660

 

Chemicals

 

 

1,598,184

 

 

 

 

 

 

1,598,184

 

Health Care
Equipment &
Supplies

 

 

36,299,550

 

$

39,679

 

 

 

 

36,339,229

 

Health Care
Providers &
Services

 

 

43,259,520

 

 

7,629,250

 

 

 

 

50,888,770

 

Health Care
Technology

 

 

9,701,634

 

 

 

 

 

 

9,701,634

 

Life Sciences
Tools &
Services

 

 

16,274,037

 

 

1,120,547

 

 

 

 

17,394,584

 

Pharmaceuticals

 

 

39,586,012

 

 

5,231,172

 

 

 

 

44,817,184

 

Short-Term Securities

 

 

14,067,561

 

 

 

 

 

 

14,067,561

 

                           

Total

 

$

191,146,158

 

$

14,020,648

 

 

 

$

205,166,806

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

                           

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency
exchange contracts

 

 

 

$

60

 

 

 

$

60

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(1,745,222

)

 

(2,374,565

)

 

 

 

(4,119,787

)

Foreign currency
exchange contracts

 

 

 

 

(68

)

 

 

 

(68

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

(1,745,222

)

$

(2,374,573

)

 

 

$

(4,119,795

)

 

 

                       

 

 

1

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

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

45




 

 


 

 

Schedule of Investments October 31, 2010

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Australia—0.5%

 

 

 

 

 

 

 

OZ Minerals Ltd.

 

 

4,082,600

 

$

6,296,585

 

               

Austria—0.3%

 

 

 

 

 

 

 

Erste Group Bank AG

 

 

80,700

 

 

3,646,164

 

               

Belgium—0.7%

 

 

 

 

 

 

 

Anheuser-Busch InBev NV

 

 

127,600

 

 

8,013,781

 

               

Brazil—3.5%

 

 

 

 

 

 

 

Banco Bradesco SA, Preference Shares

 

 

203,300

 

 

4,165,719

 

Banco Santander Brasil SA - ADR

 

 

178,800

 

 

2,574,720

 

BM&FBOVESPA SA

 

 

856,344

 

 

7,141,656

 

Cia Energetica de Minas Gerais - ADR (a)

 

 

293,820

 

 

5,241,749

 

Gol Linhas Aereas Inteligentes SA, Preference Shares

 

 

312,700

 

 

5,408,756

 

Hypermarcas SA (b)

 

 

421,600

 

 

6,967,570

 

PDG Realty SA Empreendimentos e Participacoes

 

 

304,100

 

 

3,764,809

 

Tractebel Energia SA

 

 

313,000

 

 

4,712,580

 

 

 

 

 

 

     

 

 

 

 

 

 

39,977,559

 

               

Canada—9.4%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

122,200

 

 

10,815,922

 

Barrick Gold Corp. (a)

 

 

185,400

 

 

8,915,886

 

Baytext Energy Trust

 

 

122,500

 

 

4,564,173

 

Canadian National Railway Co. (a)

 

 

128,700

 

 

8,337,186

 

Canadian Natural Resources Ltd. (a)

 

 

129,500

 

 

4,722,865

 

Crescent Point Energy Corp. (a)

 

 

112,200

 

 

4,444,436

 

Eldorado Gold Corp. (a)

 

 

402,100

 

 

6,808,772

 

Enbridge, Inc. (a)

 

 

87,500

 

 

4,839,568

 

Goldcorp, Inc.

 

 

130,000

 

 

5,804,687

 

Magna International, Inc., Class A (a)

 

 

62,200

 

 

5,631,588

 

Niko Resources Ltd. (a)

 

 

47,200

 

 

4,502,951

 

Pacific Rubiales Energy Corp. (a)(b)

 

 

175,200

 

 

5,584,618

 

Pan American Silver Corp.

 

 

169,600

 

 

5,413,632

 

Royal Bank of Canada

 

 

97,100

 

 

5,178,222

 

Silver Wheaton Corp. (a)(b)

 

 

164,400

 

 

4,726,500

 

Toronto-Dominion Bank (The) (a)

 

 

74,000

 

 

5,329,248

 

TransCanada Corp.

 

 

246,700

 

 

9,111,863

 

Viterra, Inc. (a)(b)

 

 

373,400

 

 

3,576,937

 

 

 

 

 

 

     

 

 

 

 

 

 

108,309,054

 

               

China—2.1%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

5,917,800

 

 

5,657,438

 

China Merchants Bank Co. Ltd., Class H

 

 

2,088,000

 

 

5,949,663

 

Mecox Lane Ltd. - ADR (b)

 

 

48,300

 

 

788,739

 

Sinopharm Group Co.

 

 

266,400

 

 

1,048,903

 

Tencent Holdings Ltd.

 

 

266,000

 

 

6,114,642

 

Want Want China Holdings Ltd.

 

 

4,879,400

 

 

4,509,937

 

 

 

 

 

 

     

 

 

 

 

 

 

24,069,322

 

               

Denmark—1.6%

 

 

 

 

 

 

 

Carlsberg A/S

 

 

52,900

 

 

5,783,580

 

FLSmidth & Co. A/S (a)

 

 

80,000

 

 

5,916,852

 

Pandora A/S (b)

 

 

76,500

 

 

3,712,137

 

Tryg AS

 

 

65,500

 

 

3,300,364

 

 

 

 

 

 

     

 

 

 

 

 

 

18,712,933

 

               

Finland—0.6%

 

 

 

 

 

 

 

Fortum Oyj

 

 

233,900

 

 

6,633,901

 

               

France—2.5%

 

 

 

 

 

 

 

AXA SA

 

 

170,400

 

 

3,107,589

 

BNP Paribas

 

 

79,240

 

 

5,796,082

 

Cap Gemini SA

 

 

95,300

 

 

4,864,923

 

GDF Suez

 

 

203,260

 

 

8,121,696

 

Societe Generale

 

 

19,600

 

 

1,175,312

 

Unibail-Rodamco SE - REIT

 

 

25,300

 

 

5,278,784

 

 

 

 

 

 

     

 

 

 

 

 

 

28,344,386

 

               

Germany—8.2%

 

 

 

 

 

 

 

BASF SE (a)

 

 

33,400

 

 

2,428,575

 

Bayerische Motoren Werke AG

 

 

82,500

 

 

5,912,975

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Germany (concluded)

 

 

 

 

 

 

 

Deutsche Lufthansa AG (b)

 

 

426,500

 

$

9,117,516

 

Deutsche Post AG

 

 

522,800

 

 

9,745,265

 

Deutsche Telekom AG

 

 

435,600

 

 

6,310,284

 

E.ON AG

 

 

263,600

 

 

8,250,800

 

Fresenius Medical Care AG & Co. KGaA

 

 

151,300

 

 

9,629,248

 

Kabel Deutschland Holding AG (b)

 

 

140,200

 

 

6,313,478

 

Merck KGaA

 

 

68,000

 

 

5,661,599

 

Metro AG

 

 

84,700

 

 

5,935,440

 

SAP AG - ADR

 

 

137,900

 

 

7,133,567

 

Siemens AG

 

 

63,200

 

 

7,212,096

 

Software AG

 

 

23,600

 

 

3,305,617

 

Volkswagen AG, Preference Shares

 

 

53,644

 

 

8,043,573

 

 

 

 

 

 

     

 

 

 

 

 

 

95,000,033

 

               

Gibraltar—0.3%

 

 

 

 

 

 

 

PartyGaming Plc (b)

 

 

938,500

 

 

3,785,142

 

               

Hong Kong—4.7%

 

 

 

 

 

 

 

AIA Group Ltd. (b)

 

 

1,763,400

 

 

5,243,847

 

Cathay Pacific Airways Ltd.

 

 

3,191,000

 

 

8,597,445

 

Cheung Kong Holdings Ltd.

 

 

581,000

 

 

8,874,293

 

China Merchants Holdings International Co. Ltd.

 

 

1,764,000

 

 

6,203,239

 

China Mobile Ltd.

 

 

603,500

 

 

6,163,131

 

China Resources Enterprise Ltd.

 

 

712,100

 

 

3,018,614

 

CNOOC Ltd. - ADR

 

 

25,300

 

 

5,285,676

 

Hong Kong Exchanges and Clearing Ltd.

 

 

158,800

 

 

3,505,295

 

Melco Crown Entertainment Ltd. - ADR (b)

 

 

411,900

 

 

2,582,613

 

New World Development Ltd.

 

 

2,396,900

 

 

4,750,462

 

 

 

 

 

 

     

 

 

 

 

 

 

54,224,615

 

               

India—0.3%

 

 

 

 

 

 

 

Infosys Technologies Ltd. - ADR (a)

 

 

49,200

 

 

3,318,048

 

               

Indonesia—1.4%

 

 

 

 

 

 

 

Adaro Energy PT

 

 

49,857,900

 

 

11,762,598

 

Bank Mandiri Tbk PT

 

 

5,440,500

 

 

4,276,852

 

 

 

 

 

 

     

 

 

 

 

 

 

16,039,450

 

               

Ireland—0.6%

 

 

 

 

 

 

 

Coviden Plc (a)

 

 

188,000

 

 

7,495,560

 

               

Israel—0.1%

 

 

 

 

 

 

 

Teva Pharmaceutical Industries Ltd. - ADR (a)

 

 

19,000

 

 

986,100

 

               

Italy—1.5%

 

 

 

 

 

 

 

Fondiaria-Sai SpA

 

 

264,300

 

 

3,140,702

 

Intesa Sanpaolo SpA

 

 

1,807,300

 

 

6,356,567

 

Paramalat SpA

 

 

1,494,600

 

 

4,108,572

 

UniCredit SpA

 

 

1,269,165

 

 

3,308,799

 

 

 

 

 

 

     

 

 

 

 

 

 

16,914,640

 

               

Japan—10.8%

 

 

 

 

 

 

 

Bank of Yokohama Ltd. (The)

 

 

452,500

 

 

2,218,640

 

Bridgestone Corp.

 

 

307,700

 

 

5,508,230

 

Canon, Inc.

 

 

121,000

 

 

5,570,027

 

Chiba Bank Ltd.

 

 

556,900

 

 

3,438,213

 

Honda Motor Co. Ltd.

 

 

287,400

 

 

10,360,421

 

Hoya Corp.

 

 

219,700

 

 

5,131,933

 

ITOCHU Corp.

 

 

1,260,500

 

 

11,047,379

 

Japan Tobacco, Inc.

 

 

2,238

 

 

6,952,759

 

JSR Corp.

 

 

414,900

 

 

7,156,636

 

KDDI Corp.

 

 

710

 

 

3,827,488

 

Konica Minolta Holdings, Inc.

 

 

485,700

 

 

4,693,292

 

Kubota Corp.

 

 

692,000

 

 

6,136,700

 

Marubeni Corp.

 

 

1,183,400

 

 

7,434,022

 

Matsui Securities Co. Ltd.

 

 

555,800

 

 

3,143,600

 

Nikon Corp.

 

 

195,600

 

 

3,694,059

 

Nomura Holdings, Inc.

 

 

345,300

 

 

1,774,423

 

NSK Ltd.

 

 

1,473,000

 

 

11,136,537

 

NTT Data Corp.

 

 

1,680

 

 

5,165,687

 

Panasonic Corp.

 

 

313,300

 

 

4,567,064

 


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

46

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Sumitomo Heavy Industries Ltd.

 

 

977,100

 

$

5,553,585

 

Sumitomo Mitsui Financial Group, Inc.

 

 

171,800

 

 

5,127,843

 

Tokio Marine Holdings, Inc.

 

 

203,400

 

 

5,718,764

 

 

 

 

 

 

     

 

 

 

 

 

 

125,357,302

 

               

Malaysia—1.0%

 

 

 

 

 

 

 

Bumiputra-Commerce Holdings Bhd

 

 

4,231,200

 

 

11,299,404

 

               

Mexico—1.5%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR

 

 

120,600

 

 

6,622,146

 

Grupo Mexico SAB de CV, Series B

 

 

2,185,300

 

 

7,197,615

 

Grupo Modelo SAB de CV

 

 

623,300

 

 

3,493,065

 

 

 

 

 

 

     

 

 

 

 

 

 

17,312,826

 

               

Netherlands—1.8%

 

 

 

 

 

 

 

Aegon NV (b)

 

 

603,200

 

 

3,822,963

 

Corio NV - REIT

 

 

16,700

 

 

1,227,520

 

ING Groep NV (b)

 

 

370,500

 

 

3,963,889

 

Koninklijke (Royal) KPN NV

 

 

333,800

 

 

5,574,893

 

Koninklijke (Royal) Philips Electronics NV

 

 

86,400

 

 

2,635,416

 

VimpelCom Ltd. - ADR (a)(b)

 

 

265,800

 

 

4,074,714

 

 

 

 

 

 

     

 

 

 

 

 

 

21,299,395

 

               

Norway—1.4%

 

 

 

 

 

 

 

Yara International ASA

 

 

309,000

 

 

16,292,900

 

               

Philippines—0.3%

 

 

 

 

 

 

 

Cebu Air, Inc. (b)

 

 

1,345,300

 

 

3,893,302

 

               

Singapore—1.6%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,032,771

 

 

3,115,336

 

Singapore Telecommunications Ltd.

 

 

3,390,100

 

 

8,122,694

 

Straits Asia Resources Ltd.

 

 

4,147,200

 

 

7,379,241

 

 

 

 

 

 

     

 

 

 

 

 

 

18,617,271

 

               

South Africa—1.4%

 

 

 

 

 

 

 

AngloGold Ashanti Ltd. - ADR (a)

 

 

127,500

 

 

6,006,525

 

MTN Group Ltd.

 

 

288,000

 

 

5,181,108

 

Naspers Ltd.

 

 

85,400

 

 

4,479,427

 

 

 

 

 

 

     

 

 

 

 

 

 

15,667,060

 

               

South Korea—1.9%

 

 

 

 

 

 

 

Hyundai Engineering & Construction Co. Ltd.

 

 

89,000

 

 

5,979,632

 

Kia Motors Corp.

 

 

114,500

 

 

4,581,314

 

KT Corp. - ADR

 

 

147,800

 

 

3,057,982

 

Samsung Electronics Co. Ltd.

 

 

8,300

 

 

5,506,435

 

Samsung Securities Co. Ltd.

 

 

50,000

 

 

2,863,843

 

 

 

 

 

 

     

 

 

 

 

 

 

21,989,206

 

               

Spain—2.6%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA

 

 

392,500

 

 

5,170,991

 

Banco Santander SA

 

 

729,950

 

 

9,369,352

 

Inditex SA

 

 

55,600

 

 

4,643,763

 

Telefonica SA

 

 

397,200

 

 

10,733,401

 

 

 

 

 

 

     

 

 

 

 

 

 

29,917,507

 

               

Sweden—1.6%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

492,624

 

 

5,424,114

 

Svenska Cellulosa AB, B Shares

 

 

466,000

 

 

7,224,385

 

Volvo AB, B Shares (b)

 

 

405,500

 

 

5,489,782

 

 

 

 

 

 

     

 

 

 

 

 

 

18,138,281

 

               

Switzerland—6.1%

 

 

 

 

 

 

 

Alcon, Inc. (a)

 

 

25,500

 

 

4,276,860

 

Credit Suisse Group AG

 

 

114,900

 

 

4,756,701

 

GAM Holding Ltd. (b)

 

 

108,500

 

 

1,714,183

 

Givaudan SA

 

 

5,400

 

 

5,564,165

 

Julius Baer Group Ltd.

 

 

147,600

 

 

6,228,605

 

Nestle SA

 

 

280,800

 

 

15,380,678

 

Nobel Biocare Holding AG (a)

 

 

75,700

 

 

1,251,548

 

Novartis AG, Registered Shares

 

 

164,700

 

 

9,543,168

 

Roche Holding AG (a)

 

 

40,200

 

 

5,903,538

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Switzerland (concluded)

 

 

 

 

 

 

 

Swiss Reinsurance Co. Ltd.

 

 

92,600

 

$

4,449,164

 

Tyco Electronics Ltd.

 

 

150,500

 

 

4,767,840

 

UBS AG (b)

 

 

222,900

 

 

3,786,523

 

Zurich Financial Services AG

 

 

13,300

 

 

3,254,742

 

 

 

 

 

 

     

 

 

 

 

 

 

70,877,715

 

               

Taiwan—2.1%

 

 

 

 

 

 

 

AU Optronics Corp. - ADR (b)

 

 

527,900

 

 

5,294,837

 

Hon Hai Precision Industry Co. Ltd.

 

 

1,547,632

 

 

5,853,202

 

Mega Financial Holding Co. Ltd.

 

 

7,811,100

 

 

5,415,415

 

Siliconware Precision Industries Co. - ADR

 

 

595,400

 

 

3,322,332

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

424,684

 

 

4,633,302

 

 

 

 

 

 

     

 

 

 

 

 

 

24,519,088

 

               

Thailand—1.0%

 

 

 

 

 

 

 

Bangkok Bank PCL

 

 

800,500

 

 

4,134,354

 

Banpu PCL

 

 

302,700

 

 

7,837,009

 

 

 

 

 

 

     

 

 

 

 

 

 

11,971,363

 

               

United Kingdom—18.6%

 

 

 

 

 

 

 

Aegis Group Plc

 

 

2,166,000

 

 

4,365,780

 

Anglo American Plc

 

 

115,300

 

 

5,372,196

 

Antofagasta Plc

 

 

569,900

 

 

12,063,238

 

Barclays Plc - ADR (a)

 

 

328,300

 

 

5,794,495

 

British Airways Plc (b)

 

 

2,023,100

 

 

8,766,956

 

Britvic Plc

 

 

1,051,000

 

 

8,123,584

 

Cairn Energy Plc (b)

 

 

617,400

 

 

3,815,850

 

FirstGroup Plc

 

 

1,271,900

 

 

8,317,331

 

GKN Plc

 

 

2,091,900

 

 

5,943,674

 

GlaxoSmithKline Plc

 

 

475,600

 

 

9,287,343

 

HSBC Holdings Plc

 

 

1,482,500

 

 

15,429,412

 

Imperial Tobacco Group Plc

 

 

395,000

 

 

12,650,795

 

Inchcape Plc (b)

 

 

1,025,920

 

 

5,733,124

 

Intercontinental Hotels Group Plc

 

 

441,650

 

 

8,529,678

 

Kazakhmys Plc

 

 

468,100

 

 

9,863,479

 

National Grid Plc

 

 

872,200

 

 

8,247,964

 

Next Plc

 

 

130,800

 

 

4,789,166

 

Royal Bank of Scotland Group Plc (b)

 

 

5,849,600

 

 

4,185,424

 

Royal Dutch Shell Plc - ADR

 

 

386,200

 

 

25,075,966

 

Tesco Plc

 

 

1,048,900

 

 

7,178,311

 

Tullow Oil Plc

 

 

330,500

 

 

6,277,262

 

Unilever Plc

 

 

229,200

 

 

6,607,974

 

Vodafone Group Plc - ADR

 

 

391,000

 

 

10,756,410

 

WPP Plc

 

 

996,700

 

 

11,582,611

 

Xstrata Plc

 

 

329,700

 

 

6,387,404

 

 

 

 

 

 

     

 

 

 

 

 

 

215,145,427

 

               

United States—1.3%

 

 

 

 

 

 

 

Mosaic Co. (The) (a)

 

 

145,900

 

 

10,674,044

 

NII Holdings, Inc. (b)

 

 

94,600

 

 

3,955,226

 

 

 

 

 

 

     

 

 

 

 

 

 

14,629,270

 

               

Total Long-Term Investments
(Cost—$1,012,088,768)—93.3%

 

 

 

 

 

1,078,694,590

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.21% (c)(d)

 

 

57,450,039

 

 

57,450,039

 

               

Total Short-Term Securities
(Cost—$57,450,039)—5.0%

 

 

 

 

 

57,450,039

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,069,538,807*)—98.3%

 

 

 

 

 

1,136,144,629

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

47





 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written—(0.2)%

 

 

 

 

 

 

 

Alcon, Inc., Strike Price USD 170, Expires 11/22/10

 

 

155

 

$

(26,815

)

Anglogold Ashanti Ltd. - ADR, Strike Price USD 47,
Expires 11/22/10

 

 

345

 

 

(55,200

)

Barclays Plc - ADR, Strike Price USD 20, Expires 11/22/10

 

 

1,970

 

 

(14,775

)

Barrick Gold Corp., Strike Price USD 47, Expires 11/22/10

 

 

555

 

 

(114,608

)

Barrick Gold Corp., Strike Price USD 48, Expires 11/22/10

 

 

555

 

 

(82,973

)

BASF SE, Strike Price EUR 48, Expires 11/19/10

 

 

334

 

 

(205,751

)

Canadian National Railway Co., Strike Price USD 65,
Expires 11/22/10

 

 

550

 

 

(72,875

)

Canadian National Railway Co., Strike Price USD 65,
Expires 12/20/10

 

 

225

 

 

(46,687

)

Canadian Natural Resources Ltd., Strike Price USD 37.50,
Expires 12/20/10

 

 

157

 

 

(17,662

)

Coviden Plc, Strike Price USD 40, Expires 11/22/10

 

 

375

 

 

(37,500

)

Crescent Point Energy Corp., Strike Price CAD 42,
Expires 1/24/11

 

 

670

 

 

(37,773

)

Eldorado Gold Corp., Strike Price CAD 21,
Expires 11/22/10

 

 

1,200

 

 

(4,706

)

Enbridge, Inc., Strike Price CAD 56, Expires 12/20/10

 

 

525

 

 

(62,285

)

FLSmidth & Co. A/S, Strike Price DKK 400, Expires 11/19/10

 

 

124

 

 

(25,699

)

Infosys Technologies Ltd. - ADR, Strike Price USD 67.50,
Expires 11/22/10

 

 

300

 

 

(54,000

)

Magna International, Inc., Class A, Strike Price USD 90,
Expires 12/20/10

 

 

400

 

 

(180,000

)

Mosaic Co. (The), Strike Price USD 62.50, Expires 11/22/10

 

 

310

 

 

(342,550

)

Mosaic Co. (The), Strike Price USD 65, Expires 11/22/10

 

 

310

 

 

(272,800

)

Niko Resources Ltd., Strike Price CAD 105,
Expires 11/22/10

 

 

285

 

 

(7,685

)

Nobel Biocare Holding AG, Strike Price CHF 18,
Expires 11/19/10

 

 

302

 

 

(6,163

)

Pacific Rubiales Energy Corp., Strike Price CAD 30,
Expires 11/22/10

 

 

1,050

 

 

(295,985

)

Roche Holding AG, Strike Price CHF 150, Expires 11/19/10

 

 

50

 

 

(4,074

)

Silver Wheaton Corp., Strike Price USD 26, Expires 11/22/10

 

 

675

 

 

(212,625

)

Silver Wheaton Corp., Strike Price USD 27, Expires 11/22/10

 

 

670

 

 

(160,800

)

Teva Pharmaceutical Industries Ltd. - ADR, Strike Price
USD 55, Expires 11/22/10

 

 

190

 

 

(3,800

)

Toronto-Dominion Bank (The), Strike Price CAD 76,
Expires 11/22/10

 

 

445

 

 

(8,508

)

VimpelCom Ltd. - ADR, Strike Price USD 15,
Expires 11/22/10

 

 

1,590

 

 

(107,325

)

Viterra, Inc., Strike Price CAD 9, Expires 11/22/10

 

 

2,240

 

 

(181,194

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(2,642,818

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Petroleo Brasileiro SA - ADR, Strike Price USD 34,
Expires 11/22/10

 

 

1,550

 

 

(186,000

)

Volkswagen AG, Preference Shares, Strike Price EUR 78,
Expires 11/19/10

 

 

75

 

 

(594

)

Xstrata Plc, Strike Price GBP 11, Expires 11/19/10

 

 

90

 

 

(27,420

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(214,014

)

               

Over-the-Counter Call Options Written—(2.4)%

 

 

 

 

 

 

 

Adaro Energy Tbk PT, Strike Price IDR 2,070.50,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

8,860,000

 

 

(65,298

)

Adaro Energy Tbk PT, Strike Price IDR 2,091,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

14,700,000

 

 

(149,205

)

Aegis Group Plc, Strike Price GBP 1.23,
Expires 11/11/10, Broker UBS Securities LLC

 

 

1,300,000

 

 

(78,703

)

Aegon NV, Strike Price EUR 4.62, Expires 11/16/10,
Broker Credit Suisse First Boston

 

 

361,500

 

 

(35,351

)

Agrium, Inc., Strike Price USD 74.79, Expires 11/02/10,
Broker JPMorgan Chase Securities

 

 

73,000

 

 

(1,001,626

)

Anglo American Plc, Strike Price GBP 26.49,
Expires 11/11/10, Broker UBS Securities LLC

 

 

115,300

 

 

(485,407

)

AngloGold Ashanti Ltd. - ADR, Strike Price USD 44.51,
Expires 11/12/10, Broker UBS Securities LLC

 

 

42,000

 

 

(122,186

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Anheuser-Busch InBev NV, Strike Price EUR 42.84,
Expires 11/11/10, Broker UBS Securities LLC

 

 

76,600

 

$

(258,638

)

Antofagasta Plc, Strike Price GBP 12.32,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

342,000

 

 

(554,079

)

AU Optronics Corp. - ADR, Strike Price USD 10.29,
Expires 12/09/10, Broker UBS Securities LLC

 

 

153,500

 

 

(37,299

)

AU Optronics Corp. - ADR, Strike Price USD 9.79,
Expires 11/10/10, Broker Morgan Stanley & Co., Inc.

 

 

163,000

 

 

(61,886

)

AXA SA, Strike Price EUR 12.88, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

102,300

 

 

(56,360

)

Banco Bilbao Vizcaya Argentaria SA,
Strike Price EUR 10.14, Expires 11/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

235,000

 

 

(3,576

)

Banco Bradesco SA, Preference Shares,
Strike Price BRL 32.75, Expires 12/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

122,000

 

 

(175,018

)

Banco Santander Brasil SA - ADR,
Strike Price USD 13.19, Expires 11/02/10,
Broker JPMorgan Chase Securities

 

 

51,000

 

 

(61,588

)

Banco Santander Brasil SA - ADR, Strike Price USD 13.33,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

56,300

 

 

(60,410

)

Banco Santander SA, Strike Price EUR 10.34,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

438,000

 

 

(3,534

)

Bank Mandiri Tbk PT, Strike Price IDR 7,202.89,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

3,264,500

 

 

(33,624

)

Bank of Yokohama Ltd. (The), Strike Price JPY 416.74,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

272,000

 

 

(9,974

)

Bayerische Motoren Werke AG, Strike Price EUR 48.18,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

55,200

 

 

(268,460

)

Baytex Energy Trust, Strike Price CAD 37.10,
Expires 11/30/10, Broker Goldman Sachs & Co.

 

 

119,000

 

 

(152,125

)

BM&FBOVESPA SA, Strike Price BRL 14.28,
Expires 12/02/10, Broker Credit Suisse First Boston

 

 

226,500

 

 

(66,575

)

BM&FBOVESPA SA, Strike Price BRL 14.64,
Expires 11/08/10, Broker Credit Suisse First Boston

 

 

96,400

 

 

(7,149

)

BM&FBOVESPA SA, Strike Price BRL 14.76,
Expires 12/02/10, Broker Citigroup Global Markets, Inc.

 

 

78,000

 

 

(14,457

)

BM&FBOVESPA SA, Strike Price BRL 15.72,
Expires 12/02/10, Broker Goldman Sachs & Co.

 

 

113,000

 

 

(7,014

)

BNP Paribas, Strike Price EUR 54.84, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

47,500

 

 

(42,631

)

Bridgestone Corp., Strike Price JPY 1,598.86,
Expires 11/09/10, Broker JPMorgan Chase Securities

 

 

184,700

 

 

(771

)

British Airways Plc, Strike Price GBP 2.24, Expires 11/03/10,
Broker Citigroup Global Markets, Inc.

 

 

1,847,000

 

 

(1,362,743

)

Britvic Plc, Strike Price GBP 4.87, Expires 11/03/10,
Broker Citigroup Global Markets, Inc.

 

 

630,000

 

 

(35,403

)

Cairn Energy Plc, Strike Price GBP 4.58,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

557,000

 

 

(4,773

)

Canadian Natural Resources Ltd., Strike Price USD 33.97,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

62,000

 

 

(155,619

)

Canon, Inc., Strike Price JPY 3,962.10, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

72,600

 

 

(45,268

)

Cap Gemini SA, Strike Price EUR 37.17, Expires 12/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

57,200

 

 

(87,248

)

CapitaLand Ltd., Strike Price SGD 4.14, Expires 11/09/10,
Broker Deutsche Bank Securities Corp.

 

 

620,000

 

 

(144

)

Carlsberg A/S, Strike Price DKK 573.43, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

35,000

 

 

(145,407

)

Cathay Pacific Airways Ltd., Strike Price HKD 21.72,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

1,915,000

 

 

(40,324

)

Cheung Kong Holdings Ltd., Strike Price HKD 123.91,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

349,000

 

 

(88,723

)

Chiba Bank Ltd., Strike Price JPY 528.48,
Expires 12/01/10, Broker Goldman Sachs & Co.

 

 

334,000

 

 

(16,051

)

China Construction Bank Corp., Strike Price HKD 6.87,
Expires 11/09/10, Broker Credit Suisse First Boston

 

 

3,551,000

 

 

(250,030

)

See Notes to Financial Statements.

 

 

 

 

 

48

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

China Merchants Bank Co. Ltd., Strike Price HKD 20.17,
Expires 11/09/10, Broker JPMorgan Chase Securities

 

 

1,253,000

 

$

(310,476

)

China Merchants Holdings International Co. Ltd.,
Strike Price HKD 28.96, Expires 11/09/10,
Broker Morgan Stanley & Co., Inc.

 

 

1,059,000

 

 

(9,051

)

China Mobile Ltd., Strike Price HKD 82.06,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

362,000

 

 

(15,148

)

Cia Energetica de Minas Gerais - ADR,
Strike Price USD 16.94, Expires 11/08/10,
Broker JPMorgan Chase Securities

 

 

176,300

 

 

(162,314

)

CIMB Group Holdings Bhd, Strike Price MYR 8.30,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

3,172,000

 

 

(80,886

)

CNOOC Ltd. - ADR, Strike Price USD 193.29,
Expires 11/10/10, Broker UBS Securities LLC

 

 

14,000

 

 

(222,290

)

CNOOC Ltd. - ADR, Strike Price USD 216.80,
Expires 11/19/10, Broker JPMorgan Chase Securities

 

 

11,300

 

 

(37,959

)

Corio NV - REIT, Strike Price EUR 54.41, Expires 12/07/10,
Broker UBS Securities LLC

 

 

10,000

 

 

(9,192

)

Coviden Ltd., Strike Price USD 41.72, Expires 11/24/10,
Broker Credit Suisse First Boston

 

 

55,500

 

 

(24,595

)

Credit Suisse Group AG, Strike Price CHF 41.95,
Expires 12/07/10, Broker Credit Suisse First Boston

 

 

69,000

 

 

(62,835

)

Deutsche Lufthansa AG, Strike Price EUR 13.60,
Expires 11/11/10, Broker UBS Securities LLC

 

 

167,600

 

 

(421,259

)

Deutsche Lufthansa AG, Strike Price EUR 13.68,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

105,000

 

 

(252,286

)

Deutsche Post AG, Strike Price EUR 12.93,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

135,700

 

 

(99,207

)

Deutsche Post AG, Strike Price EUR 13.51,
Expires 11/16/10, Broker Credit Suisse First Boston

 

 

178,000

 

 

(51,852

)

Deutsche Telekom AG, Strike Price EUR 10.25,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

261,000

 

 

(80,843

)

E.ON AG, Strike Price EUR 22.66, Expires 12/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

158,200

 

 

(81,842

)

Eldorado Gold Corp., Strike Price CAD 19.99,
Expires 11/19/10, Broker UBS Securities LLC

 

 

122,000

 

 

(7,109

)

Erste Group Bank AG, Strike Price EUR 29.45,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

48,500

 

 

(203,863

)

Firstgroup Plc, Strike Price GBP 3.66, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

763,100

 

 

(518,580

)

FLSmidth & Co. A/S, Strike Price DKK 403.11,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

71,600

 

 

(85,455

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 50.43, Expires 11/08/10,
Broker Goldman Sachs & Co.

 

 

36,000

 

 

(161,640

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 52, Expires 11/05/10,
Broker Credit Suisse First Boston

 

 

36,000

 

 

(106,045

)

Fondiaria-Sai SpA, Strike Price EUR 7.60,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

158,600

 

 

(208,250

)

Fortum Oyj, Strike Price EUR 19.54, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

140,500

 

 

(166,641

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price EUR 45.85, Expires 12/07/10,
Broker Citigroup Global Markets, Inc.

 

 

63,400

 

 

(89,277

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price EUR 46.14, Expires 11/16/10,
Broker UBS Securities LLC

 

 

27,500

 

 

(21,881

)

GAM Holding AG, Strike Price CHF 14.09,
Expires 11/11/10, Broker UBS Securities LLC

 

 

30,900

 

 

(46,422

)

GAM Holding AG, Strike Price CHF 15.63,
Expires 12/07/10, Broker UBS Securities LLC

 

 

50,500

 

 

(26,490

)

GDF Suez, Strike Price EUR 25.84,
Expires 11/11/10, Broker UBS Securities LLC

 

 

122,000

 

 

(488,414

)

Givaudan SA, Strike Price CHF 1,022.63,
Expires 12/07/10, Broker Citigroup Global Markets, Inc.

 

 

3,300

 

 

(48,071

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

GKN Plc, Strike Price GBP 1.66, Expires 11/16/10,
Broker Credit Suisse First Boston

 

 

1,250,000

 

$

(251,634

)

GlaxoSmithKline Plc, Strike Price GBP 12.78,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

156,000

 

 

(4,484

)

GlaxoSmithKline Plc, Strike Price GBP 13.05,
Expires 11/16/10, Broker Morgan Stanley & Co., Inc.

 

 

129,400

 

 

(735

)

Gol Linhas Aereas Inteligentes SA, Preference Shares,
Strike Price BRL 27.19, Expires 12/02/10,
Broker Citigroup Global Markets, Inc.

 

 

189,300

 

 

(317,901

)

Goldcorp, Inc., Strike Price CAD 46.74, Expires 12/15/10,
Broker UBS Securities LLC

 

 

78,000

 

 

(92,691

)

Grupo Mexico SAB de CV, Strike Price MXN 40.46,
Expires 12/14/10, Broker UBS Securities LLC

 

 

1,311,200

 

 

(175,018

)

Grupo Modelo SAB de CV, Strike Price MXN 69.69,
Expires 12/03/10, Broker Citigroup Global Markets, Inc.

 

 

187,000

 

 

(25,753

)

Grupo Modelo SAB de CV, Strike Price MXN 70.04,
Expires 12/14/10, Broker Citigroup Global Markets, Inc.

 

 

187,000

 

 

(27,997

)

Hon Hai Precision Industry Co. Ltd.,
Strike Price TWD 116.28, Expires 12/01/10,
Broker Morgan Stanley & Co., Inc.

 

 

528,000

 

 

(71,660

)

Hon Hai Precision Industry Co. Ltd.,
Strike Price TWD 118.97, Expires 11/09/10,
Broker Credit Suisse First Boston

 

 

270,000

 

 

(11,642

)

Hon Hai Precision Industry Co. Ltd.,
Strike Price TWD 120.03, Expires 11/09/10,
Broker Credit Suisse First Boston

 

 

131,000

 

 

(4,364

)

Honda Motor Co. Ltd., Strike Price JPY 3,081.63,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

175,800

 

 

(14,420

)

Hong Kong Exchanges and Clearing Ltd.,
Strike Price HKD 175.44, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

95,300

 

 

(65,131

)

Hoya Corp., Strike Price JPY 2,051.64, Expires 12/01/10,
Broker Morgan Stanley & Co., Inc.

 

 

132,000

 

 

(27,112

)

HSBC Holdings Plc, Strike Price GBP 6.65,
Expires 11/03/10, Broker UBS Securities LLC

 

 

889,500

 

 

(24,134

)

Hypermarcas SA, Strike Price BRL 29.04,
Expires 12/14/10, Broker Credit Suisse First Boston

 

 

253,000

 

 

(126,556

)

Hyundai Engineering & Construction Co. Ltd.,
Strike Price KRW 75,739.30, Expires 12/01/10,
Broker Deutsche Bank Securities Corp.

 

 

53,400

 

 

(120,517

)

Imperial Tobacco Group Plc, Strike Price GBP 18.67,
Expires 11/03/10, Broker Citigroup Global Markets, Inc.

 

 

237,000

 

 

(502,848

)

Inchcape Plc, Strike Price GBP 2.78, Expires 11/03/10,
Broker UBS Securities LLC

 

 

610,000

 

 

(692,086

)

Inditex SA, Strike Price EUR 59.18, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

33,400

 

 

(69,318

)

ING Groep NV, Strike Price EUR 7.68, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

222,500

 

 

(63,239

)

Intercontinental Hotels Group Plc, Strike Price GBP 10.64,
Expires 11/03/10, Broker Credit Suisse First Boston

 

 

89,000

 

 

(202,193

)

Intercontinental Hotels Group Plc, Strike Price GBP 11.53,
Expires 11/16/10, Broker Credit Suisse First Boston

 

 

176,000

 

 

(175,471

)

Intesa Sanpaolo SpA, Strike Price EUR 2.44,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

763,500

 

 

(117,659

)

Intesa Sanpaolo SpA, Strike Price EUR 2.49,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

321,000

 

 

(32,700

)

ITOCHU Corp., Strike Price JPY 762.84, Expires 11/09/10,
Broker Goldman Sachs & Co.

 

 

756,300

 

 

(9,457

)

Japan Tobacco, Inc., Strike Price JPY 254,015.62,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

1,340

 

 

(108,198

)

JSR Corp., Strike Price JPY 1,429.47, Expires 12/01/10,
Broker Morgan Stanley & Co., Inc.

 

 

83,300

 

 

(50,476

)

JSR Corp., Strike Price JPY 1,437.43, Expires 11/09/10,
Broker Goldman Sachs & Co.

 

 

165,700

 

 

(41,348

)

Julius Baer Group Ltd., Strike Price CHF 37.77,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

88,600

 

 

(338,219

)

Kabel Deutschland Holding AG, Strike Price EUR 29.32,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

30,600

 

 

(129,653

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

49




 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Kabel Deutschland Holding AG, Strike Price EUR 29.47,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

30,600

 

$

(126,017

)

Kabel Deutschland Holding AG, Strike Price EUR 30.30,
Expires 12/07/10, Broker UBS Securities LLC

 

 

23,000

 

 

(72,346

)

Kazakhmys Plc, Strike Price GBP 12.73, Expires 11/03/10,
Broker Credit Suisse First Boston

 

 

65,000

 

 

(53,315

)

Kazakhmys Plc, Strike Price GBP 14.04, Expires 11/11/10,
Broker UBS Securities LLC

 

 

53,800

 

 

(9,614

)

Kazakhmys Plc, Strike Price GBP 14.05, Expires 12/07/10,
Broker Citigroup Global Markets, Inc.

 

 

30,000

 

 

(16,586

)

Kazakhmys Plc, Strike Price GBP 14.31, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

132,000

 

 

(14,132

)

KDDI Corp., Strike Price JPY 408,975, Expires 12/01/10,
Broker Goldman Sachs & Co.

 

 

425

 

 

(155,177

)

Konica Minolta Holdings, Inc., Strike Price JPY 892.61,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

292,000

 

 

(18,964

)

Koninklijke KPN NV, Strike Price EUR 11.94,
Expires 12/07/10, Broker Citigroup Global Markets, Inc.

 

 

200,000

 

 

(68,305

)

Koninklijke Philips Electronics NV, Strike Price EUR 23.10,
Expires 11/03/10, Broker UBS Securities LLC

 

 

34,500

 

 

(619

)

Koninklijke Philips Electronics NV, Strike Price EUR 23.38,
Expires 11/03/10, Broker Credit Suisse First Boston

 

 

51,900

 

 

(216

)

KT Corp. - ADR, Strike Price USD 21.75, Expires 11/30/10,
Broker Citigroup Global Markets, Inc.

 

 

40,000

 

 

(9,230

)

Kubota Corp., Strike Price JPY 781.20, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

416,000

 

 

(28,705

)

Marubeni Corp., Strike Price JPY 483.89, Expires 11/09/10,
Broker Morgan Stanley & Co., Inc.

 

 

710,000

 

 

(218,718

)

Matsui Securities Co. Ltd., Strike Price JPY 489.69,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

179,800

 

 

(2,839

)

Matsui Securities Co. Ltd., Strike Price JPY 490.52,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

153,200

 

 

(2,273

)

Mega Financial Holding Co. Ltd., Strike Price TWD 21.44,
Expires 11/09/10, Broker Credit Suisse First Boston

 

 

4,687,000

 

 

(41,902

)

Melco Crown Entertainment Ltd. - ADR, Strike Price
USD 5.77, Expires 11/29/10, Broker UBS Securities LLC

 

 

247,000

 

 

(161,291

)

Merck KGaA, Strike Price EUR 63.66, Expires 11/16/10,
Broker UBS Securities LLC

 

 

37,000

 

 

(1,819

)

Metro AG, Strike Price EUR 48.39, Expires 11/16/10,
Broker Credit Suisse First Boston

 

 

64,000

 

 

(179,991

)

Mosaic Co. (The), Strike Price USD 61.55,
Expires 11/09/10, Broker UBS Securities LLC

 

 

67,500

 

 

(785,144

)

MTN Group Ltd., Strike Price ZAR 127.53,
Expires 11/03/10, Broker Morgan Stanley & Co., Inc.

 

 

173,000

 

 

(21,755

)

Naspers Ltd., Strike Price ZAR 311.10,
Expires 11/03/10, Broker Citigroup Global Markets, Inc.

 

 

63,000

 

 

(506,755

)

National Grid Plc, Strike Price GBP 5.60,
Expires 11/03/10, Broker Citigroup Global Markets, Inc.

 

 

520,000

 

 

(251,557

)

Nestle SA, Strike Price CHF 53.43,
Expires 11/16/10, Broker Credit Suisse First Boston

 

 

43,300

 

 

(34,585

)

Nestle SA, Strike Price CHF 53.68, Expires 12/07/10,
Broker Citigroup Global Markets, Inc.

 

 

125,200

 

 

(121,515

)

New World Development Ltd., Strike Price HKD 15.30,
Expires 11/09/10, Broker JPMorgan Chase Securities

 

 

1,438,000

 

 

(68,507

)

Next Plc, Strike Price GBP 20.69, Expires 11/03/10,
Broker Credit Suisse First Boston

 

 

78,500

 

 

(271,781

)

NII Holdings, Inc., Strike Price USD 43.16,
Expires 11/10/10, Broker Morgan Stanley & Co., Inc.

 

 

57,000

 

 

(31,549

)

Nikon Corp., Strike Price JPY 1,645.85, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

118,000

 

 

(23,456

)

Nobel Biocare Holding AG, Strike Price CHF 16.28,
Expires 11/03/10, Broker UBS Securities LLC

 

 

45,500

 

 

(15,642

)

Nordea Bank AB, Strike Price SEK 70.42,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

295,600

 

 

(148,222

)

Novartis AG, Strike Price CHF 57.32, Expires 11/16/10,
Broker UBS Securities LLC

 

 

88,600

 

 

(57,323

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

NSK Ltd., Strike Price JPY 635.68, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

884,000

 

$

(173,603

)

NTT Data Corp., Strike Price JPY 257,829.53,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

770

 

 

(55,675

)

NTT Data Corp., Strike Price JPY 280,184.72,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

240

 

 

(370

)

OZ Minerals Ltd., Strike Price AUD 1.51, Expires 11/09/10,
Broker JPMorgan Chase Securities

 

 

2,450,000

 

 

(188,479

)

Pan American Silver Corp., Strike Price USD 31.53,
Expires 12/15/10, Broker Morgan Stanley & Co., Inc.

 

 

74,000

 

 

(154,950

)

Pan American Silver Corp., Strike Price USD 32.25,
Expires 12/15/10, Broker UBS Securities LLC

 

 

42,000

 

 

(77,149

)

Panasonic Corp., Strike Price JPY 1,175.81,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

188,000

 

 

(55,967

)

Parmalat SpA, Strike Price EUR 1.99,
Expires 12/07/10, Broker Citigroup Global Markets, Inc.

 

 

897,000

 

 

(42,175

)

PartyGaming Plc, Strike Price GBP 2.74, Expires 11/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

148,000

 

 

(2,754

)

PartyGaming Plc, Strike Price GBP 2.99, Expires 11/11/10,
Broker Deutsche Bank Securities Corp.

 

 

267,000

 

 

(1,478

)

PartyGaming Plc, Strike Price GBP 3, Expires 11/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

148,000

 

 

(740

)

PDG Realty SA Empreendimentos e Participacoes,
Strike Price BRL 21.56, Expires 12/02/10,
Broker Deutsche Bank Securities Corp.

 

 

114,600

 

 

(42,898

)

PDG Realty SA Empreendimentos e Participacoes,
Strike Price BRL 22.37, Expires 12/02/10,
Broker Goldman Sachs & Co.

 

 

67,900

 

 

(14,973

)

Roche Holding AG, Strike Price CHF 136.70,
Expires 11/11/10, Broker UBS Securities LLC

 

 

19,100

 

 

(151,902

)

Royal Bank of Canada, Strike Price CAD 54.52,
Expires 11/10/10, Broker Goldman Sachs & Co.

 

 

58,000

 

 

(31,932

)

Royal Bank of Scotland Group Plc, Strike Price GBP 0.47,
Expires 11/03/10, Broker UBS Securities LLC

 

 

5,200,000

 

 

(27,560

)

Royal Dutch Shell Plc - ADR, Strike Price USD 56.86,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

199,000

 

 

(1,605,134

)

Royal Dutch Shell Plc - ADR, Strike Price USD 61.36,
Expires 11/30/10, Broker UBS Securities LLC

 

 

33,000

 

 

(117,810

)

Samsung Electronics Co. Ltd., Strike Price KRW 763,466.99,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

5,000

 

 

(53,087

)

Samsung Securities Co. Ltd., Strike Price KRW 68,164.25,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

30,000

 

 

(17,340

)

SAP AG - ADR, Strike Price USD 49.08, Expires 11/02/10,
Broker JPMorgan Chase Securities

 

 

82,000

 

 

(216,956

)

Siemens AG, Strike Price EUR 77.85, Expires 11/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

37,900

 

 

(246,455

)

Siliconware Precision Industries Co. - ADR,
Strike Price USD 5.47, Expires 11/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

150,000

 

 

(26,586

)

Siliconware Precision Industries Co. - ADR,
Strike Price USD 5.65, Expires 12/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

207,000

 

 

(47,453

)

Singapore Telecommunications Ltd.,
Strike Price SGD 3.17, Expires 11/09/10,
Broker Deutsche Bank Securities Corp.

 

 

2,034,000

 

 

(9,419

)

Societe Generale, Strike Price EUR 44.46,
Expires 12/07/10, Broker Credit Suisse First Boston

 

 

11,800

 

 

(22,908

)

Software AG, Strike Price EUR 88.44, Expires 11/11/10,
Broker Deutsche Bank Securities Corp.

 

 

14,200

 

 

(240,684

)

Straits Asia Resources Ltd., Strike Price SGD 2.31,
Expires 11/09/10, Broker Credit Suisse First Boston

 

 

2,488,000

 

 

(85,892

)

Sumitomo Heavy Industries Ltd., Strike Price JPY 458.73,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

586,000

 

 

(92,314

)

Sumitomo Mitsui Financial Group, Inc.,
Strike Price JPY 2,517.61, Expires 12/01/10,
Broker Morgan Stanley & Co., Inc.

 

 

103,000

 

 

(30,083

)

See Notes to Financial Statements.

 

 

 

 

 

50

 

ANNUAL REPORT

 

OCTOBER 31, 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)

 

 

 

 

 

 

 

Svenska Cellulosa AB, Strike Price SEK 104.03,
Expires 11/16/10, Broker Citigroup Global Markets, Inc.

 

 

279,600

 

$

(68,566

)

Swiss Reinsurance Co. Ltd., Strike Price CHF 44.01,
Expires 11/11/10, Broker UBS Securities LLC

 

 

55,600

 

 

(184,757

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price USD 10.46, Expires 11/30/10,
Broker UBS Securities LLC

 

 

255,000

 

 

(143,246

)

Telefonica SA, Strike Price EUR 18.32, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

186,400

 

 

(284,360

)

Telefonica SA, Strike Price EUR 19.75, Expires 11/29/10,
Broker Credit Suisse First Boston

 

 

50,000

 

 

(19,823

)

Tencent Holdings Ltd., Strike Price HKD 161.40,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

159,600

 

 

(351,998

)

Tesco Plc, Strike Price GBP 4.28, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

629,400

 

 

(49,771

)

Tokio Marine Holdings, Inc., Strike Price JPY 2,475.30,
Expires 12/01/10, Broker Goldman Sachs & Co.

 

 

122,000

 

 

(19,611

)

Tractebel Energia SA, Strike Price BRL 24.36,
Expires 12/02/10, Broker Deutsche Bank
Securities Corp.

 

 

187,000

 

 

(197,941

)

TransCanada Corp., Strike Price CAD 38.49,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

74,000

 

 

(7,507

)

Tryg AS, Strike Price DKK 279.96, Expires 12/07/10,
Broker Citigroup Global Markets, Inc.

 

 

39,300

 

 

(17,674

)

Tullow Oil Plc, Strike Price GBP 12.96, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

107,600

 

 

(9,224

)

Tullow Oil Plc, Strike Price GBP 13.19, Expires 11/11/10,
Broker Credit Suisse First Boston

 

 

210,000

 

 

(5,764

)

Tyco Electronics Ltd., Strike Price USD 27.48,
Expires 11/09/10, Broker Citigroup Global Markets, Inc.

 

 

21,500

 

 

(90,300

)

Tyco Electronics Ltd., Strike Price USD 28.50,
Expires 11/09/10, Broker Goldman Sachs & Co.

 

 

69,000

 

 

(219,420

)

UBS AG, Strike Price CHF 17.15, Expires 12/07/10,
Broker Credit Suisse First Boston

 

 

133,800

 

 

(59,160

)

Unibail-Rodamco SE - REIT, Strike Price EUR 141.92,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

21,648

 

 

(253,345

)

UniCredit SpA, Strike Price EUR 1.92, Expires 12/07/10,
Broker Citigroup Global Markets, Inc.

 

 

761,500

 

 

(65,745

)

Unilever Plc, Strike Price GBP 18.21, Expires 11/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

156,600

 

 

(48,525

)

Vodafone Group Plc - ADR, Strike Price USD 25.79,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

234,000

 

 

(402,878

)

Volkswagen AG, Preference Shares, Strike Price EUR 90.49,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

32,100

 

 

(795,041

)

Volvo AB, B Shares, Strike Price SEK 94.13,
Expires 12/07/10, Broker Morgan Stanley & Co., Inc.

 

 

300,000

 

 

(80,390

)

Want Want China Holdings Ltd., Strike Price HKD 7.42,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

2,928,000

 

 

(18,804

)

WPP Plc, Strike Price GBP 7.24, Expires 11/11/10,
Broker UBS Securities LLC

 

 

299,000

 

 

(66,223

)

WPP Plc, Strike Price GBP 7.24, Expires 11/16/10,
Broker UBS Securities LLC

 

 

299,000

 

 

(78,700

)

Xstrata Plc, Strike Price GBP 12.05, Expires 11/11/10,
Broker UBS Securities LLC

 

 

164,000

 

 

(112,880

)

Xstrata Plc, Strike Price GBP 13.28, Expires 12/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

33,000

 

 

(13,039

)

Yara International ASA, Strike Price NOK 266.30,
Expires 11/03/10, Broker Deutsche Bank
Securities Corp.

 

 

185,000

 

 

(1,343,996

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Zurich Financial Services AG, Strike Price CHF 235.98,
Expires 11/16/10, Broker UBS Securities LLC

 

 

8,000

 

$

(54,566

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(26,457,294

)

               

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

 

 

 

 

 

 

 

Deutsche Lufthansa AG, Strike Price EUR 12.50,
Expires 11/02/10, Broker Citigroup Global Markets, Inc.

 

 

148,000

 

 

(2

)

KT Corp. - ADR, Strike Price USD 20.75, Expires 11/30/10,
Broker Citigroup Global Markets, Inc.

 

 

40,000

 

 

(30,421

)

               

Total Over-the-Counter Put Options Written

 

 

 

 

 

(30,423

)

               

Total Options Written
(Premiums Received $20,442,255)—(2.6)%

 

 

 

 

 

(29,344,549

)

               

Total Investments Net of Outstanding Options Written—95.7%

 

 

 

 

 

1,106,800,080

 

Other Assets Less Liabilities—4.3%

 

 

 

 

 

49,782,440

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,156,582,520

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,084,173,265

 

 

 

     

Gross unrealized appreciation

 

$

94,810,100

 

Gross unrealized depreciation

 

 

(42,838,736

)

 

 

     

Net unrealized appreciation

 

$

51,971,364

 

 

 

     

 

 

(a)

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

(b)

Non-income producing security.

(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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Affiliate

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

 

73,117,275

 

 

(15,667,236

)

 

57,450,039

 

$

82,923

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

 

4,855,000

 

 

(4,855,000

)

 

 

$

5,181

 

                           

 

 

(d)

Represents current yield as of report date.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

51




 

 


 

Schedule of Investments (concluded)

BlackRock International Growth and Income Trust (BGY)


 

 

Foreign currency exchange contracts as of October 31, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

Currency
Sold

 

 

Counterparty

 

 

Settlement
Date

 

 

Unrealized
Appreciation
(Depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAD

2,101,000

 

USD

2,058,018

 

 

Citigroup Global
Markets

 

 

11/02/10

 

$

1,987

 

HKD

4,356,000

 

USD

561,702

 

 

Citigroup Global
Markets

 

 

11/02/10

 

 

272

 

USD

2,083,206

 

CAD

2,140,000

 

 

Deutsche Bank
Securities

 

 

11/01/10

 

 

(15,039

)

USD

950,150

 

DKK

5,088,000

 

 

Deutsche Bank
Securities

 

 

11/02/10

 

 

560

 

USD

44,798

 

SGD

58,000

 

 

Citigroup Global
Markets

 

 

11/02/10

 

 

(14

)

                             

Total

 

 

 

 

 

 

 

 

 

 

$

(12,234

)

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

Fair Value Measurements—Various inputs are used in determining the fair value of investments and derivatives, 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 and derivatives)

 

 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

$

6,296,585

 

 

 

$

6,296,585

 

Austria

 

 

 

 

3,646,164

 

 

 

 

3,646,164

 

Belgium

 

 

 

 

8,013,781

 

 

 

 

8,013,781

 

Brazil

 

$

39,977,559

 

 

 

 

 

 

39,977,559

 

Canada

 

 

108,309,054

 

 

 

 

 

 

108,309,054

 

China

 

 

788,739

 

 

23,280,583

 

 

 

 

24,069,322

 

Denmark

 

 

3,712,137

 

 

15,000,796

 

 

 

 

18,712,933

 

Finland

 

 

 

 

6,633,901

 

 

 

 

6,633,901

 

France

 

 

 

 

28,344,386

 

 

 

 

28,344,386

 

Germany

 

 

13,447,045

 

 

81,552,988

 

 

 

 

95,000,033

 

Gibraltar

 

 

 

 

3,785,142

 

 

 

 

3,785,142

 

Hong Kong

 

 

13,112,136

 

 

41,112,479

 

 

 

 

54,224,615

 

India

 

 

3,318,048

 

 

 

 

 

 

3,318,048

 

Indonesia

 

 

 

 

16,039,450

 

 

 

 

16,039,450

 

Ireland

 

 

7,495,560

 

 

 

 

 

 

7,495,560

 

Israel

 

 

986,100

 

 

 

 

 

 

986,100

 

Italy

 

 

 

 

16,914,640

 

 

 

 

16,914,640

 

Japan

 

 

 

 

125,357,302

 

 

 

 

125,357,302

 

Malaysia

 

 

 

 

11,299,404

 

 

 

 

11,299,404

 

Mexico

 

 

17,312,826

 

 

 

 

 

 

17,312,826

 

Netherlands

 

 

4,074,714

 

 

17,224,681

 

 

 

 

21,299,395

 

Norway

 

 

 

 

16,292,900

 

 

 

 

16,292,900

 

Philippines

 

 

3,893,302

 

 

 

 

 

 

3,893,302

 

Singapore

 

 

 

 

18,617,271

 

 

 

 

18,617,271

 

South Africa

 

 

6,006,525

 

 

9,660,535

 

 

 

 

15,667,060

 

South Korea

 

 

3,057,982

 

 

18,931,224

 

 

 

 

21,989,206

 

Spain

 

 

 

 

29,917,507

 

 

 

 

29,917,507

 

Sweden

 

 

 

 

18,138,281

 

 

 

 

18,138,281

 

Switzerland

 

 

9,044,700

 

 

61,833,015

 

 

 

 

70,877,715

 

Taiwan

 

 

13,250,471

 

 

11,268,617

 

 

 

 

24,519,088

 

Thailand

 

 

 

 

11,971,363

 

 

 

 

11,971,363

 

United Kingdom

 

 

41,626,871

 

 

173,518,556

 

 

 

 

215,145,427

 

United States

 

 

14,629,270

 

 

 

 

 

 

14,629,270

 

Short-Term Securities

 

 

57,450,039

 

 

 

 

 

 

57,450,039

 

                           

Total

 

$

361,493,078

 

$

774,651,551

 

 

 

$

1,136,144,629

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

     

Valuation Inputs

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency
exchange contracts

 

 

 

$

2,819

 

 

 

$

2,819

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(2,587,131

)

 

(26,757,418

)

 

 

 

(29,344,549

)

Foreign currency
exchange contracts

 

 

 

 

(15,053

)

 

 

 

(15,053

)

                           

Total

 

$

(2,587,131

)

$

(26,769,652

)

 

 

$

(29,356,783

)

 

 

                       

 

 

1

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

See Notes to Financial Statements.

 

 

 

 

 

52

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Schedule of Investments October 31, 2010

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—10.8%

 

 

 

 

 

 

 

Agrium, Inc. (a)

 

 

83,800

 

$

7,417,138

 

Air Products & Chemicals, Inc.

 

 

97,600

 

 

8,293,072

 

Celanese Corp., Series A

 

 

110,400

 

 

3,935,760

 

Dow Chemical (The) (a)

 

 

189,825

 

 

5,852,305

 

E.I. du Pont de Nemours & Co. (a)

 

 

462,979

 

 

21,889,647

 

Monsanto Co. (a)

 

 

78,000

 

 

4,634,760

 

Mosaic Co. (The) (a)

 

 

20,900

 

 

1,529,044

 

Olin Corp. (a)

 

 

199,900

 

 

3,996,001

 

Potash Corp. of Saskatchewan, Inc. (a)

 

 

67,500

 

 

9,793,575

 

Praxair, Inc.

 

 

168,700

 

 

15,409,058

 

 

 

 

 

 

     

 

 

 

 

 

 

82,750,360

 

               

Containers & Packaging—0.9%

 

 

 

 

 

 

 

Temple-Inland, Inc. (a)

 

 

347,183

 

 

7,193,632

 

               

Energy Equipment & Services—4.9%

 

 

 

 

 

 

 

Basic Energy Services, Inc. (b)

 

 

58,300

 

 

644,798

 

Calfrac Well Services Ltd.

 

 

18,000

 

 

452,515

 

Core Laboratories NV

 

 

132,272

 

 

10,286,793

 

Halliburton Co.

 

 

198,400

 

 

6,321,024

 

Key Energy Services, Inc. (a)(b)

 

 

294,800

 

 

2,903,780

 

Noble Corp. (a)

 

 

54,900

 

 

1,895,697

 

Schlumberger Ltd. (a)

 

 

134,428

 

 

9,395,173

 

Seadrill Ltd.

 

 

103,700

 

 

3,147,909

 

Technip SA

 

 

29,700

 

 

2,502,035

 

 

 

 

 

 

     

 

 

 

 

 

 

37,549,724

 

               

Gas Utilities—0.8%

 

 

 

 

 

 

 

EQT Corp. (a)

 

 

161,100

 

 

6,031,584

 

               

Machinery—3.6%

 

 

 

 

 

 

 

Caterpillar, Inc. (a)

 

 

265,825

 

 

20,893,845

 

Deere & Co. (a)

 

 

82,700

 

 

6,351,360

 

 

 

 

 

 

     

 

 

 

 

 

 

27,245,205

 

               

Metals & Mining—45.3%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

7,098,241

 

Agnico-Eagle Mines Ltd. (a)

 

 

113,650

 

 

8,818,103

 

Alamos Gold, Inc.

 

 

915,000

 

 

14,165,948

 

Alcoa, Inc.

 

 

319,150

 

 

4,190,440

 

Allegheny Technologies, Inc. (a)

 

 

43,100

 

 

2,270,939

 

Alumina, Ltd.

 

 

1,575,866

 

 

3,148,898

 

Anglo American Plc

 

 

97,945

 

 

4,563,571

 

Anglo Platinum Ltd. (b)

 

 

50,444

 

 

4,983,769

 

Barrick Gold Corp.

 

 

102,800

 

 

4,943,652

 

BHP Billiton Plc

 

 

878,600

 

 

31,124,565

 

Carpenter Technology Corp. (a)

 

 

44,966

 

 

1,603,488

 

Cia de Minas Buenaventura SA - ADR (a)

 

 

219,500

 

 

11,642,280

 

Cliffs Natural Resources, Inc.

 

 

30,200

 

 

1,969,040

 

Eramet

 

 

16,250

 

 

5,641,186

 

First Quantum Minerals Ltd.

 

 

130,000

 

 

11,383,763

 

Freeport-McMoRan Copper & Gold, Inc. (a)

 

 

75,300

 

 

7,129,404

 

Fresnillo Plc

 

 

500,000

 

 

10,011,857

 

Goldcorp, Inc.

 

 

190,150

 

 

8,478,788

 

Harry Winston Diamond Corp. (a)(b)

 

 

159,700

 

 

2,040,289

 

Iluka Resources Ltd. (b)

 

 

1,712,586

 

 

11,335,106

 

Impala Platinum Holdings Ltd.

 

 

510,200

 

 

14,404,035

 

Industrias Penoles SAB de CV

 

 

513,569

 

 

14,555,281

 

Jiangxi Copper Co. Ltd.

 

 

1,679,500

 

 

4,700,881

 

Kazakhmys Plc

 

 

251,400

 

 

5,297,326

 

Minara Resources Ltd. (b)

 

 

1,673,050

 

 

1,245,559

 

Minsur SA

 

 

1,504,804

 

 

5,135,207

 

MMC Norilsk Nickel

 

 

17,866

 

 

3,161,119

 

MMC Norilsk Nickel - ADR

 

 

17,323

 

 

322,386

 

Newcrest Mining Ltd.

 

 

138,585

 

 

5,453,838

 

Newmont Mining Corp.

 

 

69,150

 

 

4,209,161

 

OZ Minerals Ltd.

 

 

5,643,057

 

 

8,703,275

 

Rio Tinto Plc

 

 

517,104

 

 

33,586,222

 

Southern Copper Corp. (a)

 

 

85,500

 

 

3,659,400

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Metals & Mining (concluded)

 

 

 

 

 

 

 

Straits Resources Ltd.

 

 

723,850

 

$

1,326,974

 

Teck Resources Ltd., Class B (a)

 

 

308,800

 

 

13,806,530

 

United States Steel Corp.

 

 

42,100

 

 

1,801,459

 

Vale SA - ADR (a)

 

 

849,600

 

 

27,306,144

 

Vedanta Resources Plc

 

 

432,700

 

 

14,389,256

 

Xstrata Plc

 

 

1,177,996

 

 

22,821,768

 

Zijin Mining Group Co. Ltd.

 

 

4,273,750

 

 

4,040,055

 

 

 

 

 

 

     

 

 

 

 

 

 

346,469,203

 

               

Oil & Gas Services—0.2%

 

 

 

 

 

 

 

Trican Well Service Ltd. (a)

 

 

114,300

 

 

1,981,394

 

               

Oil, Gas & Consumable Fuels—27.7%

 

 

 

 

 

 

 

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

 

 

119,400

 

 

5,393,298

 

Apache Corp.

 

 

100,300

 

 

10,132,306

 

Arch Coal, Inc.

 

 

90,800

 

 

2,232,772

 

Bill Barrett Corp. (a)(b)

 

 

77,300

 

 

2,918,075

 

Cenovus Energy, Inc.

 

 

133,700

 

 

3,719,534

 

Chevron Corp.

 

 

18,500

 

 

1,528,285

 

ConocoPhillips (a)

 

 

23,900

 

 

1,419,660

 

Consol Energy, Inc. (a)

 

 

245,279

 

 

9,016,456

 

Crescent Point Energy Corp. (a)

 

 

168,800

 

 

6,686,459

 

Denbury Resources, Inc. (a)(b)

 

 

385,900

 

 

6,568,018

 

EnCana Corp. (a)

 

 

158,850

 

 

4,482,747

 

Energy XXI Bermuda Ltd. (a)(b)

 

 

137,600

 

 

2,991,424

 

EOG Resources, Inc. (a)

 

 

107,300

 

 

10,270,756

 

Exxon Mobil Corp.

 

 

117,000

 

 

7,776,990

 

Forest Oil Corp. (a)(b)

 

 

150,100

 

 

4,612,573

 

Galleon Energy, Inc. (b)

 

 

322,900

 

 

1,234,739

 

Gasco Energy, Inc. (b)

 

 

579,700

 

 

197,098

 

Hess Corp. (a)

 

 

59,800

 

 

3,769,194

 

Massey Energy Co. (a)

 

 

291,500

 

 

12,263,405

 

Murphy Oil Corp. (a)

 

 

34,300

 

 

2,234,988

 

Newfield Exploration Co. (b)

 

 

142,900

 

 

8,519,698

 

Noble Energy, Inc. (a)

 

 

81,300

 

 

6,624,324

 

Occidental Petroleum Corp. (a)

 

 

121,100

 

 

9,522,093

 

OGX Petroleo e Gas Participacoes SA (b)

 

 

610,000

 

 

7,975,240

 

Patriot Coal Corp. (a)(b)

 

 

18,960

 

 

255,770

 

Peabody Energy Corp.

 

 

190,000

 

 

10,051,000

 

Penn West Energy Trust (a)

 

 

391,000

 

 

8,914,800

 

PetroBakken Energy Ltd.

 

 

38,710

 

 

854,740

 

PetroChina Co. Ltd. - ADR (a)

 

 

15,200

 

 

1,868,840

 

Plains Exploration & Production Co. (a)(b)

 

 

191,500

 

 

5,337,105

 

Premier Oil Plc (b)

 

 

112,700

 

 

3,035,658

 

QEP Resources, Inc.

 

 

122,500

 

 

4,046,175

 

Quicksilver Resources, Inc. (a)(b)(c)

 

 

357,400

 

 

5,350,278

 

Range Resources Corp.

 

 

116,200

 

 

4,344,718

 

Southwestern Energy Co. (a)(b)

 

 

154,300

 

 

5,223,055

 

StatoilHydro ASA

 

 

204,700

 

 

4,471,025

 

Suncor Energy, Inc. (a)

 

 

155,900

 

 

4,990,359

 

Talisman Energy, Inc.

 

 

340,200

 

 

6,171,228

 

Ultra Petroleum Corp. (b)

 

 

65,300

 

 

2,687,095

 

Whiting Petroleum Corp. (a)(b)

 

 

124,000

 

 

12,454,560

 

 

 

 

 

 

     

 

 

 

 

 

 

212,146,538

 

               

Paper & Forest Products—5.4%

 

 

 

 

 

 

 

Fibria Celulose SA - ADR (b)

 

 

332,200

 

 

5,966,312

 

International Paper Co.

 

 

446,400

 

 

11,284,992

 

MeadWestvaco Corp.

 

 

490,700

 

 

12,625,711

 

Mondi Ltd. (b)

 

 

19,005

 

 

142,519

 

Mondi Plc

 

 

322,512

 

 

2,685,381

 

Weyerhauser Co.

 

 

515,473

 

 

8,360,971

 

 

 

 

 

 

     

 

 

 

 

 

 

41,065,886

 

               

Total Long-Term Investments
(Cost—$652,134,748)—99.6%

 

 

 

 

 

762,433,526

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

53




 

 


 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/Beneficial
Interest

 

Value

 

           

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.21% (d)(e)

 

 

22,448,837

 

$

22,448,837

 

BlackRock Liquidity Series, LLC,
Money Market Series, 0.39% (d)(e)(f)

 

 

2,250,000

 

 

2,250,000

 

               

Total Short-Term Securities
(Cost—$24,698,837)—3.3%

 

 

 

 

 

24,698,837

 

               

 


Options Purchased

 

Contracts

 

 

 

 

               

Over-The-Counter Put Options Purchased—0.0%

 

 

 

 

 

 

 

Energy XXI Bermuda Ltd., Strike Price USD 18,
Expires 11/02/10, Broker UBS Securities LLC

 

 

17,500

 

 

2

 

               

Total Options Purchased
(Cost—$2,100)—0.0%

 

 

 

 

 

2

 

               

Total Investments Before Outstanding Options Written
(Cost—$676,835,685*)—102.9%

 

 

 

 

 

787,132,365

 

               

 


Options Written

 

 

 

 

 

 

 

               

Exchange-Traded Call Options Written—(1.0)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., Strike Price USD 65,
Expires 11/22/10

 

 

300

 

 

(389,250

)

Agnico-Eagle Mines Ltd., Strike Price USD 70,
Expires 11/22/10

 

 

150

 

 

(122,625

)

Agrium, Inc., Strike Price USD 72, Expires 11/05/10

 

 

250

 

 

(412,786

)

Agrium, Inc., Strike Price USD 75, Expires 11/02/10

 

 

65

 

 

(87,821

)

Allegheny Technologies, Inc., Strike Price USD 45,
Expires 11/02/10

 

 

150

 

 

(115,350

)

Alpha Natural Resources, Inc., Strike Price USD 43,
Expires 11/22/10

 

 

250

 

 

(80,000

)

Alpha Natural Resources, Inc., Strike Price USD 43,
Expires 12/20/10

 

 

130

 

 

(52,650

)

Bill Barrett Corp., Strike Price USD 35.75, Expires 11/08/10

 

 

60

 

 

(13,357

)

Carpenter Technology Corp., Strike Price USD 35,
Expires 11/22/10

 

 

158

 

 

(29,625

)

Caterpillar, Inc., Strike Price USD 72.50, Expires 11/22/10

 

 

997

 

 

(650,543

)

Cia de Minas Buenaventura SA - ADR,
Strike Price USD 40, Expires 11/05/10

 

 

408

 

 

(532,032

)

ConocoPhillips, Strike Price USD 61.45, Expires 12/10/10

 

 

85

 

 

(7,290

)

Consol Energy, Inc., Strike Price USD 39, Expires 11/22/10

 

 

350

 

 

(14,700

)

Crescent Point Energy Corp., Strike Price CAD 42,
Expires 1/24/11

 

 

300

 

 

(16,913

)

Deere & Co., Strike Price USD 70, Expires 12/20/10

 

 

310

 

 

(250,325

)

Denbury Resources, Inc., Strike Price USD 16,
Expires 12/20/10

 

 

835

 

 

(129,425

)

Dow Chemical Co. (The), Strike Price USD 28,
Expires 11/22/10

 

 

400

 

 

(124,000

)

E.I. du Pont de Nemours & Co., Strike Price USD 43,
Expires 11/04/10

 

 

110

 

 

(47,080

)

EnCana Corp., Strike Price USD 30, Expires 11/22/10

 

 

150

 

 

(5,250

)

Energy XXI Bermuda Ltd., Strike Price USD 25,
Expires 12/18/10

 

 

37

 

 

(3,422

)

Energy XXI Bermuda Ltd., Strike Price USD 30,
Expires 11/22/10

 

 

40

 

 

(300

)

EOG Resources, Inc., Strike Price USD 105,
Expires 11/22/10

 

 

250

 

 

(18,625

)

EQT Corp., Strike Price USD 35, Expires 11/22/10

 

 

300

 

 

(78,000

)

Forest Oil Corp., Strike Price USD 31, Expires 11/22/10

 

 

500

 

 

(52,500

)

Freeport-McMoRan Copper & Gold, Inc.,

 

 

 

 

 

 

 

Strike Price USD 75, Expires 11/22/10

 

 

282

 

 

(564,000

)

Harry Winston Diamond Corp., Strike Price CAD 13,
Expires 11/22/10

 

 

260

 

 

(11,089

)

Hess Corp., Strike Price USD 55, Expires 11/22/10

 

 

200

 

 

(163,500

)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Key Energy Services, Inc., Strike Price USD 10,
Expires 12/20/10

 

 

980

 

$

(56,350

)

Monsanto Co., Strike Price USD 57.50, Expires 12/20/10

 

 

255

 

 

(110,925

)

Mosaic Co. (The), Strike Price USD 65, Expires 12/20/10

 

 

79

 

 

(77,815

)

Murphy Oil Corp., Strike Price USD 66, Expires 11/30/10

 

 

150

 

 

(26,419

)

Noble Corp., Strike Price USD 34, Expires 12/20/10

 

 

75

 

 

(16,275

)

Noble Energy, Inc., Strike Price USD 70, Expires 11/22/10

 

 

100

 

 

(116,000

)

Noble Energy, Inc., Strike Price USD 80, Expires 11/22/10

 

 

250

 

 

(70,000

)

Occidental Petroleum Corp., Strike Price USD 80,
Expires 11/22/10

 

 

430

 

 

(61,490

)

Olin Corp., Strike Price USD 20, Expires 11/22/10

 

 

635

 

 

(33,337

)

Patriot Coal Corp., Strike Price USD 14, Expires 12/20/10

 

 

63

 

 

(5,229

)

Penn West Energy Trust, Strike Price USD 22.50,
Expires 12/20/10

 

 

247

 

 

(22,847

)

PetroChina Co. Ltd. - ADR, Strike Price USD 115,
Expires 12/20/10

 

 

57

 

 

(55,860

)

Plains Exploration & Production Co., Strike Price USD 25,
Expires 11/22/10

 

 

405

 

 

(129,600

)

Plains Exploration & Production Co., Strike Price USD 28,
Expires 11/22/10

 

 

300

 

 

(38,400

)

Potash Corp of Saskatchewan, Inc., Strike Price USD 150,
Expires 11/02/10

 

 

55

 

 

(2,472

)

Quicksilver Resources, Inc., Strike Price USD 13,
Expires 11/22/10

 

 

400

 

 

(84,000

)

Schlumberger Ltd., Strike Price USD 60,
Expires 11/22/10

 

 

380

 

 

(382,850

)

Schlumberger Ltd., Strike Price USD 62.50,
Expires 11/22/10

 

 

100

 

 

(77,000

)

Schlumberger Ltd., Strike Price USD 66,
Expires 12/15/10

 

 

115

 

 

(60,996

)

Southern Copper Corp., Strike Price USD 30,
Expires 11/08/10

 

 

280

 

 

(358,400

)

Southwestern Energy Co., Strike Price USD 34,
Expires 11/22/10

 

 

390

 

 

(37,245

)

Suncor Energy, Inc., Strike Price USD 32.50,
Expires 11/05/10

 

 

400

 

 

(15,480

)

Suncor Energy, Inc., Strike Price USD 34,
Expires 11/22/10

 

 

100

 

 

(3,650

)

Suncor Energy, Inc., Strike Price USD 35,
Expires 11/22/10

 

 

100

 

 

(2,100

)

Teck Resources Ltd., Strike Price CAD 35,
Expires 11/22/10

 

 

575

 

 

(603,245

)

Teck Resources Ltd., Strike Price CAD 36,
Expires 11/22/10

 

 

575

 

 

(544,048

)

Temple-Inland, Inc., Strike Price USD 19,
Expires 11/22/10

 

 

800

 

 

(164,000

)

Temple-Inland, Inc., Strike Price USD 20,
Expires 11/22/10

 

 

500

 

 

(66,250

)

Trican Well Service Ltd., Strike Price CAD 16,
Expires 11/22/10

 

 

430

 

 

(74,836

)

Vale SA - ADR, Strike Price USD 30,
Expires 11/22/10

 

 

200

 

 

(50,000

)

Vale SA - ADR, Strike Price USD 34,
Expires 11/22/10

 

 

200

 

 

(7,000

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(7,326,577

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Basic Energy Services, Inc., Strike Price USD 11,
Expires 11/08/10

 

 

100

 

 

(4,269

)

Denbury Resources, Inc., Strike Price USD 16,
Expires 11/22/10

 

 

90

 

 

(2,250

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(6,519

)

               

Over-the-Counter Call Options Written—(2.2)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., Strike Price ZAR 166.86,
Expires 11/03/10, Broker Citigroup Global
Markets, Inc.

 

 

52,000

 

 

(87,115

)


See Notes to Financial Statements.

 

 

 

 

 

54

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., Strike Price ZAR 172.53,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

52,500

 

$

(56,416

)

Air Products & Chemicals, Inc., Strike Price USD 77.30,
Expires 11/05/10, Broker UBS Securities LLC

 

 

36,600

 

 

(280,722

)

Alcoa, Inc., Strike Price USD 10.53, Expires 11/04/10,
Broker JPMorgan Chase Securities

 

 

119,700

 

 

(310,873

)

Alpha Natural Resources, Inc., Strike Price USD 42,
Expires 11/04/10, Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(98,171

)

Alumina Ltd., Strike Price AUD 2.08, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

520,000

 

 

(39,405

)

Anglo American Plc, Strike Price GBP 26.52,
Expires 11/03/10, Broker Citigroup Global Markets, Inc.

 

 

36,800

 

 

(151,056

)

Anglo Platinum Ltd., Strike Price ZAR 746.20,
Expires 11/03/10, Broker Citigroup Global Markets, Inc.

 

 

18,900

 

 

(558

)

Apache Corp., Strike Price USD 90.26,
Expires 11/02/10, Broker UBS Securities LLC

 

 

17,500

 

 

(188,300

)

Apache Corp., Strike Price USD 94.85,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

17,500

 

 

(109,005

)

Arch Coal, Inc., Strike Price USD 24.50,
Expires 11/04/10, Broker Morgan Stanley & Co., Inc.

 

 

31,000

 

 

(16,678

)

Arch Coal, Inc., Strike Price USD 25.06,
Expires 11/02/10, Broker UBS Securities LLC

 

 

30,000

 

 

(6,437

)

Barrick Gold Corp., Strike Price USD 45.28,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

29,000

 

 

(83,108

)

Barrick Gold Corp., Strike Price USD 45.50,
Expires 11/02/10, Broker UBS Securities LLC

 

 

10,000

 

 

(26,168

)

BHP Billiton Plc, Strike Price GBP 20.59,
Expires 11/03/10, Broker UBS Securities LLC

 

 

329,500

 

 

(801,290

)

Bill Barrett Corp., Strike Price USD 34.71,
Expires 11/08/10, Broker UBS Securities LLC

 

 

21,000

 

 

(65,629

)

Calfrac Well Services Ltd., Strike Price CAD 25.86,
Expires 12/15/10, Broker Morgan Stanley & Co., Inc.

 

 

6,000

 

 

(5,735

)

Celanese Corp., Strike Price USD 27.51,
Expires 11/05/10, Broker Citigroup Global Markets, Inc.

 

 

13,000

 

 

(105,820

)

Celanese Corp., Strike Price USD 32.68,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

25,700

 

 

(76,840

)

Cenovus Energy, Inc., Strike Price USD 28.22,
Expires 11/10/10, Broker JPMorgan Chase Securities

 

 

46,800

 

 

(17,910

)

Chevron Corp., Strike Price USD 77.41,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

6,500

 

 

(33,836

)

Cia de Minas Buenaventura SA - ADR, Strike Price
USD 37.54, Expires 11/04/10, Broker UBS
Securities LLC

 

 

41,500

 

 

(643,250

)

Cliff Natural Resources, Inc., Strike Price USD 63.44,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

12,500

 

 

(36,383

)

Consol Energy, Inc., Strike Price USD 37.10,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

25,000

 

 

(9,625

)

Consol Energy, Inc., Strike Price USD 42.14,
Expires 11/05/10, Broker Credit Suisse First Boston

 

 

10,000

 

 

(32

)

Consol Energy, Inc., Strike Price USD 42.98,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

 

Core Laboratories NV, Strike Price USD 79.96,
Expires 11/05/10, Broker Deutsche Bank
Securities Corp.

 

 

15,000

 

 

(5,685

)

Core Laboratories NV, Strike Price USD 86.86,
Expires 11/15/10, Broker Morgan Stanley & Co., Inc.

 

 

34,500

 

 

(1,052

)

Crescent Point Energy Corp., Strike Price CAD 37.91,
Expires 11/02/10, Broker Deutsche Bank
Securities Corp.

 

 

30,000

 

 

(73,301

)

Denbury Resources, Inc., Strike Price USD 15.47,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

57,500

 

 

(90,184

)

Dow Chemical Co. (The), Strike Price USD 24.93,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

30,200

 

 

(178,231

)

E.I. du Pont de Nemours & Co., Strike Price USD 44.95,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

162,000

 

 

(379,197

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

EnCana Corp., Strike Price USD 29.51,
Expires 11/05/10, Broker Credit Suisse First Boston

 

 

30,000

 

$

(2,194

)

Energy XXI Bermuda Ltd., Strike Price USD 22.50,
Expires 11/02/10, Broker UBS Securities LLC

 

 

16,000

 

 

(4,970

)

EOG Resources, Inc., Strike Price USD 94.37,
Expires 11/02/10, Broker Credit Suisse First Boston

 

 

10,000

 

 

(21,213

)

EQT Corp., Strike Price USD 38.44, Expires 11/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(1,418

)

EQT Corp., Strike Price USD 39.80, Expires 11/12/10,
Broker UBS Securities LLC

 

 

10,000

 

 

(727

)

Eramet, Strike Price EUR 218.40, Expires 11/03/10,
Broker Credit Suisse First Boston

 

 

3,300

 

 

(142,770

)

Eramet, Strike Price EUR 232.61, Expires 11/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

2,800

 

 

(65,611

)

Exxon Mobil Corp., Strike Price USD 62.27,
Expires 11/08/10, Broker UBS Securities LLC

 

 

41,000

 

 

(172,200

)

Fibria Celulose SA - ADR, Strike Price USD 17.43,
Expires 11/08/10, Broker UBS Securities LLC

 

 

124,500

 

 

(100,799

)

First Quantum Minerals Ltd., Strike Price CAD 60.16,
Expires 11/04/10, Broker UBS Securities LLC

 

 

48,000

 

 

(1,371,899

)

Fresnillo Plc, Strike Price GBP 11.26, Expires 11/03/10,
Broker Credit Suisse First Boston

 

 

187,500

 

 

(376,221

)

Galleon Energy, Inc., Strike Price CAD 3.67,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

26,500

 

 

(6,830

)

Galleon Energy, Inc., Strike Price CAD 3.68,
Expires 11/04/10, Broker Goldman Sachs & Co.

 

 

80,000

 

 

(18,296

)

Goldcorp, Inc., Strike Price USD 42.47,
Expires 11/04/10, Broker Morgan Stanley & Co., Inc.

 

 

36,000

 

 

(80,189

)

Goldcorp, Inc., Strike Price USD 45.21,
Expires 12/15/10, Broker UBS Securities LLC

 

 

26,500

 

 

(46,902

)

Halliburton Co., Strike Price USD 29.66,
Expires 11/08/10, Broker UBS Securities LLC

 

 

69,500

 

 

(165,588

)

Harry Winston Diamond Corp., Strike Price CAD 11.59,
Expires 11/04/10, Broker UBS Securities LLC

 

 

30,000

 

 

(42,459

)

Iluka Resources Ltd., Strike Price AUD 6.95,
Expires 12/01/10, Broker Citigroup Global Markets, Inc.

 

 

565,200

 

 

(102,210

)

Impala Platinum Holdings Ltd., Strike Price ZAR 208.92,
Expires 11/03/10, Broker Morgan Stanley & Co., Inc.

 

 

191,500

 

 

(7,041

)

Industrias Penoles SAB de CV, Strike Price MXN 274.76,
Expires 11/08/10, Broker Credit Suisse First Boston

 

 

200,000

 

 

(1,223,825

)

Industrias Penoles SAB de CV, Strike Price MXN 285.61,
Expires 11/16/10, Broker Morgan Stanley & Co., Inc.

 

 

41,500

 

 

(218,547

)

International Paper Co., Strike Price USD 21.57,
Expires 11/04/10, Broker Morgan Stanley & Co., Inc.

 

 

167,400

 

 

(621,054

)

Jiangxi Copper Co. Ltd., Strike Price HKD 22.39,
Expires 12/01/10, Broker Deutsche Bank
Securities Corp.

 

 

555,000

 

 

(49,153

)

Kazakhmys Plc, Strike Price GBP 12.98,
Expires 11/03/10, Broker Morgan Stanley & Co., Inc.

 

 

94,300

 

 

(52,061

)

Massey Energy Co., Strike Price USD 33.18,
Expires 11/05/10, Broker Citigroup Global Markets, Inc.

 

 

100,000

 

 

(889,000

)

MeadWestvaco Corp., Strike Price USD 21.82,
Expires 11/04/10, Broker Credit Suisse First Boston

 

 

92,000

 

 

(360,143

)

MeadWestvaco Corp., Strike Price USD 24.35,
Expires 11/12/10, Broker Citigroup Global Markets, Inc.

 

 

92,000

 

 

(132,654

)

Minara Resources Ltd., Strike Price AUD 0.83,
Expires 12/01/10, Broker Citigroup Global Markets, Inc.

 

 

552,100

 

 

(5,530

)

Minsur SA, Strike Price PEN 6.86, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

250,000

 

 

(240,430

)

Minsur SA, Strike Price PEN 6.87, Expires 11/08/10,
Broker Citigroup Global Markets, Inc.

 

 

250,000

 

 

(239,500

)

MMC Norilsk Nickel - ADR, Strike Price USD 17.60,
Expires 11/03/10, Broker Credit Suisse First Boston

 

 

17,300

 

 

(18,182

)

Mondi Plc, Strike Price GBP 4.76, Expires 11/03/10,
Broker UBS Securities LLC

 

 

121,000

 

 

(85,608

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

55




 

 


 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Newcrest Mining Ltd., Strike Price AUD 42.03,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

45,800

 

$

(27,103

)

Newfield Exploration Co., Strike Price USD 52,
Expires 11/05/10, Broker UBS Securities LLC

 

 

53,500

 

 

(407,911

)

Newmont Mining Corp., Strike Price USD 59.67,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

26,000

 

 

(43,852

)

Noble Corp., Strike Price USD 35.27, Expires 11/05/10,
Broker Morgan Stanley & Co., Inc.

 

 

13,198

 

 

(3,226

)

OGX Petroleo e Gas Participacoes SA, Strike Price
BRL 20.49, Expires 11/08/10, Broker Citigroup
Global Markets, Inc.

 

 

200,000

 

 

(207,706

)

OZ Minerals Ltd., Strike Price AUD 1.65,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

1,862,200

 

 

(74,539

)

Peabody Energy Corp., Strike Price USD 47,
Expires 11/04/10, Broker Morgan Stanley & Co., Inc.

 

 

44,000

 

 

(259,600

)

Peabody Energy Corp., Strike Price USD 48.12,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

27,500

 

 

(131,340

)

Penn West Energy Trust, Strike Price USD 19.34,
Expires 11/05/10, Broker UBS Securities LLC

 

 

55,000

 

 

(190,300

)

Penn West Energy Trust, Strike Price USD 20.01,
Expires 11/05/10, Broker Morgan Stanley & Co., Inc.

 

 

66,800

 

 

(186,372

)

PetroBakken Energy Ltd., Strike Price CAD 20.44,
Expires 11/04/10, Broker Goldman Sachs & Co.

 

 

14,500

 

 

(29,572

)

Potash Corp of Saskatchewan, Inc., Strike Price
USD 156.35, Expires 11/05/10, Broker UBS
Securities LLC

 

 

19,800

 

 

(2,674

)

Praxair, Inc., Strike Price USD 90.80, Expires 11/05/10,
Broker JPMorgan Chase Securities

 

 

63,500

 

 

(85,096

)

Premier Oil Plc, Strike Price GBP 15.79,
Expires 11/03/10, Broker Morgan Stanley & Co., Inc.

 

 

42,200

 

 

(69,751

)

QEP Resources, Inc., Strike Price USD 30.80,
Expires 11/02/10, Broker UBS Securities LLC

 

 

21,500

 

 

(47,945

)

QEP Resources, Inc., Strike Price USD 31.39,
Expires 11/08/10, Broker UBS Securities LLC

 

 

21,500

 

 

(36,454

)

Quicksilver Resources, Inc., Strike Price USD 12.59,
Expires 11/04/10, Broker JPMorgan Chase Securities

 

 

85,000

 

 

(202,453

)

Range Resources Corp., Strike Price USD 35,
Expires 11/05/10, Broker Citigroup Global Markets, Inc.

 

 

43,500

 

 

(107,163

)

Range Resources Corp., Strike Price USD 41.71,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(7

)

Rio Tinto Plc, Strike Price GBP 34.97, Expires 11/03/10,
Broker Citigroup Global Markets, Inc.

 

 

194,000

 

 

(1,730,311

)

Seadrill Ltd., Strike Price NOK 147.60, Expires 11/03/10,
Broker Credit Suisse First Boston

 

 

35,000

 

 

(180,396

)

Southwestern Energy Co., Strike Price USD 40.30,
Expires 11/02/10, Broker Morgan Stanley & Co., Inc.

 

 

15,000

 

 

 

Statoil ASA, Strike Price NOK 128.26, Expires 11/11/10,
Broker Deutsche Bank Securities Corp.

 

 

76,700

 

 

(23,276

)

Straits Resources Ltd., Strike Price AUD 1.92,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

238,900

 

 

(11,421

)

Talisman Energy, Inc., Strike Price USD 17.56,
Expires 11/05/10, Broker UBS Securities LLC

 

 

120,000

 

 

(82,289

)

Technip SA, Strike Price EUR 54.70, Expires 11/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

11,200

 

 

(90,865

)

Ultra Petroleum Corp., Strike Price USD 40.64,
Expires 11/05/10, Broker Goldman Sachs & Co.

 

 

23,000

 

 

(23,900

)

United States Steel Corp., Strike Price USD 48.80,
Expires 11/05/10, Broker UBS Securities LLC

 

 

15,800

 

 

(175

)

Vale SA - ADR, Strike Price USD 29.09,
Expires 11/04/10, Broker UBS Securities LLC

 

 

296,000

 

 

(902,800

)

Vedanta Resources Plc, Strike Price GBP 26.33,
Expires 11/03/10, Broker Citigroup Global Markets, Inc.

 

 

162,300

 

 

(5

)

Weyerhaeuser Co., Strike Price USD 16.80,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

89,500

 

 

(7,203

)

Weyerhaeuser Co., Strike Price USD 17.05,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

65,000

 

 

(1,025

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Weyerhaeuser Co., Strike Price USD 17.15,
Expires 11/02/10, Broker JPMorgan Chase Securities

 

 

50,000

 

$

(508

)

Whiting Petroleum Corp., Strike Price USD 100.10,
Expires 11/19/10, Broker JPMorgan Chase Securities

 

 

16,000

 

 

(54,432

)

Whiting Petroleum Corp., Strike Price USD 96.41,
Expires 11/05/10, Broker JPMorgan Chase Securities

 

 

16,000

 

 

(72,502

)

Whiting Petroleum Corp., Strike Price USD 98.25,
Expires 11/12/10, Broker JPMorgan Chase Securities

 

 

16,000

 

 

(61,615

)

Xstrata Plc, Strike Price GBP 11.06, Expires 11/03/10,
Broker Credit Suisse First Boston

 

 

440,000

 

 

(739,428

)

Zijin Mining Group Co. Ltd., Strike Price HKD 8.19,
Expires 12/01/10, Broker Deutsche Bank
Securities Corp.

 

 

1,410,000

 

 

(31,078

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(16,969,529

)

               

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

 

 

 

 

 

 

 

Energy XXI Bermuda Ltd., Strike Price USD 17.50,
Expires 11/02/10, Broker UBS Securities LLC

 

 

17,500

 

 

(7

)

               

Total Options Written
(Premiums Received—$11,589,432)—(3.2)%

 

 

 

 

 

(24,302,632

)

               

Total Investments Net of Outstanding Options Written—99.7%

 

 

 

 

 

762,829,733

 

Other Assets Less Liabilities—0.3%

 

 

 

 

 

2,633,471

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

765,463,204

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

714,162,934

 

 

 

     

Gross unrealized appreciation

 

$

149,273,254

 

Gross unrealized depreciation

 

 

(76,303,823

)

 

 

     

Net unrealized appreciation

 

$

72,969,431

 

 

 

     

 

 

(a)

Security, or a portion thereof, pledged/held 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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

                     

Affiliate

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity Funds, TempFund, Institutional Class

 

35,341,819

 

(12,892,982

)

22,448,837

 

$

47,952

 

BlackRock Liquidity Series, LLC Money Market Series

 

1,360,000

 

890,000

 

2,250,000

 

$

3,911

 

                     

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

See Notes to Financial Statements.

 

 

 

 

 

56

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

Schedule of Investments (concluded)

BlackRock Real Asset Equity Trust (BCF)


 

 

Foreign currency exchange contracts as of October 31, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Depreciation

 

                   

USD 19,587

 

CAD

20,000

 

Citigroup Global Markets

 

11/01/10

 

$

(22

)

                       

 

 

 

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 and derivatives, 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 and derivatives)

 

 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

$

82,750,360

 

 

 

 

 

$

82,750,360

 

Containers & Packaging

 

 

7,193,632

 

 

 

 

 

 

7,193,632

 

Energy Equipment & Services

 

 

31,899,780

 

$

5,649,944

 

 

 

 

37,549,724

 

Gas Utilities

 

 

6,031,584

 

 

 

 

 

 

6,031,584

 

Machinery

 

 

27,245,205

 

 

 

 

 

 

27,245,205

 

Metals & Mining

 

 

149,109,316

 

 

197,359,887

 

 

 

 

346,469,203

 

Oil & Gas Services

 

 

1,981,394

 

 

 

 

 

 

1,981,394

 

Oil, Gas & Consumable Fuels

 

 

204,639,855

 

 

7,506,683

 

 

 

 

212,146,538

 

Paper & Forest Products

 

 

38,380,505

 

 

2,685,381

 

 

 

 

41,065,886

 

Short-Term Securities

 

 

22,448,837

 

 

2,250,000

 

 

 

 

24,698,837

 

                           

Total

 

$

571,680,468

 

$

215,451,895

 

 

 

$

787,132,363

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

 

 

$

2

 

 

 

$

2

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(5,649,344

)

 

(18,653,288

)

 

 

 

(24,302,632

)

Foreign currency exchange contracts

 

 

 

 

(22

)

 

 

 

(22

)

                           

Total

 

$

(5,649,344

)

$

(18,653,308

)

 

 

$

(24,302,652

)

 

 

                       

 

 

1

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

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

57




 

 


 

 

Schedule of Investments October 31, 2010

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—4.8%

 

 

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

 

22,700

 

$

553,804

 

BHP Billiton Ltd.

 

 

17,825

 

 

736,550

 

Foster’s Group Ltd.

 

 

113,300

 

 

649,600

 

National Australia Bank Ltd.

 

 

43,800

 

 

1,096,240

 

Santos Ltd.

 

 

90,800

 

 

1,122,727

 

 

 

 

 

 

     

 

 

 

 

 

 

4,158,921

 

               

Belgium—0.9%

 

 

 

 

 

 

 

Mobistar SA

 

 

5,120

 

 

338,943

 

Solvay SA

 

 

4,100

 

 

434,479

 

 

 

 

 

 

     

 

 

 

 

 

 

773,422

 

               

Canada—6.4%

 

 

 

 

 

 

 

Bank of Montreal (a)

 

 

22,800

 

 

1,346,450

 

Bank of Nova Scotia (a)

 

 

13,500

 

 

723,644

 

Enbridge, Inc. (a)

 

 

14,950

 

 

826,875

 

National Bank of Canada (a)

 

 

6,800

 

 

447,577

 

Royal Bank of Canada

 

 

28,800

 

 

1,535,868

 

Suncor Energy, Inc. (a)

 

 

4,450

 

 

142,589

 

TransCanada Corp.

 

 

12,300

 

 

454,300

 

 

 

 

 

 

     

 

 

 

 

 

 

5,477,303

 

               

Finland—0.6%

 

 

 

 

 

 

 

Kesko Oyj, B Shares

 

 

10,500

 

 

521,055

 

               

France—4.4%

 

 

 

 

 

 

 

Bouygues SA

 

 

10,700

 

 

473,245

 

PPR (a)

 

 

1,800

 

 

296,052

 

Sanofi-Aventis SA (a)

 

 

4,600

 

 

322,285

 

Schneider Electric SA

 

 

5,470

 

 

777,187

 

Societe Generale

 

 

4,400

 

 

263,846

 

Total SA

 

 

17,000

 

 

925,382

 

Vinci SA (a)

 

 

13,700

 

 

734,615

 

 

 

 

 

 

     

 

 

 

 

 

 

3,792,612

 

               

Germany—3.5%

 

 

 

 

 

 

 

Allianz SE

 

 

5,600

 

 

701,276

 

BASF SE

 

 

14,200

 

 

1,032,508

 

RWE AG

 

 

4,300

 

 

308,138

 

SAP AG

 

 

7,850

 

 

408,979

 

Siemens AG

 

 

4,700

 

 

536,342

 

 

 

 

 

 

     

 

 

 

 

 

 

2,987,243

 

               

Hong Kong—2.4%

 

 

 

 

 

 

 

Esprit Holdings Ltd.

 

 

67,460

 

 

364,096

 

Hang Seng Bank Ltd.

 

 

21,200

 

 

310,633

 

Hongkong Electric Holdings Ltd.

 

 

130,100

 

 

827,083

 

Hopewell Holdings Ltd.

 

 

178,000

 

 

560,752

 

 

 

 

 

 

     

 

 

 

 

 

 

2,062,564

 

               

Italy—1.7%

 

 

 

 

 

 

 

Enel SpA (a)

 

 

66,300

 

 

378,714

 

ENI SpA (a)

 

 

48,300

 

 

1,087,594

 

 

 

 

 

 

     

 

 

 

 

 

 

1,466,308

 

               

Japan—4.6%

 

 

 

 

 

 

 

Canon, Inc.

 

 

11,200

 

 

515,573

 

Hitachi Koki Co. Ltd.

 

 

38,400

 

 

325,743

 

Mitsui & Co. Ltd.

 

 

50,400

 

 

792,661

 

Oracle Corp. Japan

 

 

13,900

 

 

630,514

 

Ricoh Co. Ltd.

 

 

49,000

 

 

685,442

 

Sharp Corp.

 

 

37,000

 

 

365,500

 

Takeda Pharmaceutical Co. Ltd.

 

 

14,000

 

 

656,268

 

 

 

 

 

 

     

 

 

 

 

 

 

3,971,701

 

               

Netherlands—0.5%

 

 

 

 

 

 

 

Koninklijke (Royal) KPN NV

 

 

27,500

 

 

459,286

 

               

Portugal—0.7%

 

 

 

 

 

 

 

Portugal Telecom SGPS SA

 

 

39,600

 

 

572,314

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Singapore—1.6%

 

 

 

 

 

 

 

K-Green Trust (b)

 

 

14,200

 

$

11,849

 

Keppel Corp. Ltd.

 

 

71,000

 

 

549,151

 

Singapore Technologies Engineering Ltd.

 

 

166,000

 

 

425,617

 

United Overseas Bank Ltd.

 

 

26,400

 

 

381,055

 

 

 

 

 

 

     

 

 

 

 

 

 

1,367,672

 

               

Spain—1.9%

 

 

 

 

 

 

 

ACS Actividades de Construccion y Servicios SA

 

 

7,900

 

 

414,726

 

Banco Santander SA

 

 

43,700

 

 

560,916

 

Iberdrola SA

 

 

40,600

 

 

343,023

 

Indra Sistemas SA

 

 

15,900

 

 

311,555

 

 

 

 

 

 

     

 

 

 

 

 

 

1,630,220

 

               

Sweden—4.2%

 

 

 

 

 

 

 

Axfood AB

 

 

9,200

 

 

322,763

 

Hennes & Mauritz AB

 

 

27,200

 

 

958,009

 

Ratos AB, B Shares

 

 

23,700

 

 

844,993

 

Scania AB, B Shares

 

 

46,500

 

 

988,702

 

TeliaSonera AB

 

 

58,800

 

 

491,155

 

 

 

 

 

 

     

 

 

 

 

 

 

3,605,622

 

               

Switzerland—0.9%

 

 

 

 

 

 

 

Nestle SA

 

 

6,900

 

 

377,944

 

Zurich Financial Services AG

 

 

1,544

 

 

377,844

 

 

 

 

 

 

     

 

 

 

 

 

 

755,788

 

               

United Kingdom—7.8%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

17,700

 

 

890,348

 

Barclays Plc

 

 

53,300

 

 

234,225

 

BHP Billiton Plc

 

 

14,150

 

 

501,266

 

British American Tobacco Plc

 

 

17,300

 

 

659,069

 

GlaxoSmithKline Plc

 

 

32,425

 

 

633,184

 

HSBC Holdings Plc

 

 

128,100

 

 

1,333,226

 

Man Group Plc

 

 

76,400

 

 

319,324

 

Royal Dutch Shell Plc, A Shares (a)

 

 

16,700

 

 

541,703

 

Scottish & Southern Energy Plc

 

 

35,000

 

 

646,816

 

Standard Chartered Plc

 

 

33,550

 

 

970,434

 

 

 

 

 

 

     

 

 

 

 

 

 

6,729,595

 

               

United States—47.5%

 

 

 

 

 

 

 

3M Co. (a)

 

 

6,400

 

 

539,008

 

Abbott Laboratories

 

 

13,700

 

 

703,084

 

Aflac, Inc. (a)

 

 

8,950

 

 

500,216

 

Altria Group, Inc. (a)

 

 

51,700

 

 

1,314,214

 

Ameren Corp. (a)

 

 

26,400

 

 

765,072

 

American Express Co. (a)

 

 

11,200

 

 

464,352

 

AT&T Inc. (a)

 

 

78,250

 

 

2,230,125

 

Automatic Data Processing, Inc. (a)

 

 

11,700

 

 

519,714

 

Bank of America Corp. (a)

 

 

23,475

 

 

268,554

 

Bristol-Myers Squibb Co. (a)

 

 

47,300

 

 

1,272,370

 

Caterpillar, Inc. (a)

 

 

14,150

 

 

1,112,190

 

CenturyLink, Inc.

 

 

15,900

 

 

657,942

 

Chevron Corp. (a)

 

 

21,425

 

 

1,769,919

 

Chubb Corp. (a)

 

 

7,700

 

 

446,754

 

Cincinnati Financial Corp.

 

 

15,000

 

 

441,600

 

Coca-Cola Co. (The) (a)

 

 

13,300

 

 

815,556

 

Consolidated Edison, Inc. (a)

 

 

18,400

 

 

914,848

 

Dominion Resources, Inc. (a)

 

 

10,800

 

 

469,368

 

Eaton Vance Corp. (a)

 

 

13,700

 

 

394,149

 

Emerson Electric Co. (a)

 

 

32,300

 

 

1,773,270

 

Equity Residential - REIT (a)

 

 

13,200

 

 

641,916

 

Exxon Mobil Corp. (a)

 

 

35,400

 

 

2,353,038

 

General Electric Co. (a)

 

 

68,900

 

 

1,103,778

 

Genuine Parts Co. (a)

 

 

7,900

 

 

378,094

 

Goldman Sachs Group, Inc. (The) (a)

 

 

3,650

 

 

587,468

 

HCP, Inc. - REIT (a)

 

 

14,025

 

 

505,040

 

Health Care REIT, Inc. (a)

 

 

13,200

 

 

674,520

 

Hewlett-Packard Co. (a)

 

 

8,000

 

 

336,480

 


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

58

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

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)

 

 

 

 

 

 

 

Home Depot, Inc. (a)

 

 

14,700

 

$

453,936

 

Hudson City Bancorp, Inc. (a)

 

 

30,625

 

 

356,781

 

Intel Corp. (a)

 

 

52,800

 

 

1,059,696

 

International Business Machines Corp. (a)

 

 

10,025

 

 

1,439,590

 

Johnson & Johnson (a)

 

 

8,900

 

 

566,663

 

Kraft Food, Inc. (a)

 

 

15,208

 

 

490,762

 

Liberty Property Trust - REIT

 

 

9,800

 

 

327,908

 

M&T Bank Corp. (a)

 

 

5,900

 

 

441,025

 

McDonald’s Corp. (a)

 

 

16,100

 

 

1,252,097

 

Merck & Co., Inc. (a)

 

 

22,600

 

 

819,928

 

MetLife, Inc. (a)

 

 

10,300

 

 

415,399

 

Microchip Technology, Inc. (a)

 

 

23,900

 

 

769,102

 

Microsoft Corp.

 

 

45,500

 

 

1,212,120

 

Nationwide Health Properties, Inc. - REIT (a)

 

 

18,025

 

 

735,961

 

PepsiCo, Inc. (a)

 

 

9,800

 

 

639,940

 

Pfizer, Inc.

 

 

36,400

 

 

633,360

 

Philip Morris International, Inc. (a)

 

 

14,600

 

 

854,100

 

PPG Industries, Inc. (a)

 

 

9,325

 

 

715,227

 

Reynolds American, Inc. (a)

 

 

8,300

 

 

538,670

 

Southern Co. (a)

 

 

11,500

 

 

435,505

 

T. Rowe Price Group, Inc. (a)

 

 

8,300

 

 

458,741

 

United Technologies Corp. (a)

 

 

12,700

 

 

949,579

 

Wal-Mart Stores, Inc. (a)

 

 

11,700

 

 

633,789

 

Wells Fargo & Co. (a)

 

 

27,700

 

 

722,416

 

 

 

 

 

 

     

 

 

 

 

 

 

40,874,934

 

               

Total Common Stocks—94.4%

 

 

 

 

 

81,206,560

 

               

 

 

 

 

 

 

 

 


Rights—0.0%

 

 

 

 

 

 

 

               

United Kingdom—0.0%

 

 

 

 

 

 

 

Standard Chartered Plc (b)

 

 

4,193

 

 

35,307

 

               

Total Long-Term Investments
(Cost—$77,991,315)—94.4%

 

 

 

 

 

81,241,867

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, Institutional
Class, 0.21% (c)(d)

 

 

5,624,436

 

 

5,624,436

 

               

Total Short-Term Securities
(Cost—$5,624,436)—6.5%

 

 

 

 

 

5,624,436

 

               

Total Investments Before Outstanding Options Written
(Cost—$83,615,751*)—100.9%

 

 

 

 

 

86,866,303

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.5)%

 

 

 

 

 

 

 

3M Co., Strike Price USD 90, Expires 11/22/10

 

 

25

 

 

(637

)

Aflac, Inc., Strike Price USD 49, Expires 11/22/10

 

 

35

 

 

(24,413

)

Altria Group, Inc., Strike Price USD 25, Expires 12/20/10

 

 

100

 

 

(7,950

)

American Express Co., Strike Price USD 44, Expires 11/22/10

 

 

45

 

 

(945

)

AT&T Inc., Strike Price USD 28.25, Expires 11/02/10

 

 

75

 

 

(2,475

)

AT&T Inc., Strike Price USD 29, Expires 11/22/10

 

 

240

 

 

(5,280

)

Automatic Data Processing, Inc., Strike Price USD 42,
Expires 11/22/10

 

 

50

 

 

(13,000

)

Bank of America Corp., Strike Price USD 14, Expires 11/22/10

 

 

92

 

 

(138

)

Bank of Montreal, Strike Price CAD 60, Expires 12/20/10

 

 

90

 

 

(16,987

)

Bank of Nova Scotia, Strike Price CAD 54, Expires 11/22/10

 

 

54

 

 

(6,142

)

Bristol-Myers Squibb Co., Strike Price USD 28, Expires 11/22/10

 

 

50

 

 

(375

)

Caterpillar, Inc., Strike Price USD 80, Expires 11/22/10

 

 

60

 

 

(8,730

)

Chevron Corp., Strike Price USD 85, Expires 11/22/10

 

 

85

 

 

(4,675

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Chubb Corp., Strike Price USD 60, Expires 11/22/10

 

 

20

 

$

(590

)

Coca-Cola Co. (The), Strike Price USD 60, Expires 11/22/10

 

 

55

 

 

(9,433

)

Consolidated Edison, Inc., Strike Price USD 49,
Expires 11/22/10

 

 

75

 

 

(7,313

)

Dominion Resources, Inc., Strike Price USD 45,
Expires 11/22/10

 

 

43

 

 

(860

)

Eaton Vance Corp., Strike Price USD 30, Expires 11/22/10

 

 

55

 

 

(1,650

)

Emerson Electric Co., Strike Price USD 52.50,
Expires 12/20/10

 

 

120

 

 

(34,258

)

Enbridge, Inc., Strike Price CAD 54, Expires 11/22/10

 

 

7

 

 

(1,754

)

Enbridge, Inc., Strike Price CAD 56, Expires 11/22/10

 

 

53

 

 

(4,781

)

Enel SpA, Strike Price EUR 4, Expires 11/19/10

 

 

53

 

 

(5,241

)

ENI SpA, Strike Price EUR 16.50, Expires 11/19/10

 

 

38

 

 

(4,404

)

Equity Residential - REIT, Strike Price USD 50,
Expires 11/22/10

 

 

55

 

 

(3,438

)

Exxon Mobil Corp., Strike Price USD 62.50, Expires 11/22/10

 

 

70

 

 

(28,350

)

General Electric Co., Strike Price USD 16.50,
Expires 11/02/10

 

 

55

 

 

(148

)

General Electric Co., Strike Price USD 17, Expires 11/22/10

 

 

220

 

 

(1,430

)

Genuine Parts Co., Strike Price USD 45, Expires 11/22/10

 

 

32

 

 

(9,680

)

Goldman Sachs Group, Inc. (The), Strike Price USD 155,
Expires 11/22/10

 

 

15

 

 

(11,738

)

HCP, Inc. - REIT, Strike Price USD 37, Expires 11/02/10

 

 

56

 

 

(521

)

Health Care REIT, Inc., Strike Price USD 51, Expires 11/24/10

 

 

53

 

 

(4,865

)

Hewlett-Packard Co., Strike Price USD 40, Expires 11/22/10

 

 

15

 

 

(3,600

)

Hewlett-Packard Co., Strike Price USD 41, Expires 11/22/10

 

 

20

 

 

(3,280

)

Home Depot, Inc., Strike Price USD 31, Expires 11/22/10

 

 

58

 

 

(4,118

)

Hudson City Bancorp, Inc., Strike Price USD 12.35,
Expires 11/22/10

 

 

120

 

 

(364

)

Intel Corp., Strike Price USD 19.25, Expires 11/22/10

 

 

110

 

 

(10,377

)

Intel Corp., Strike Price USD 20, Expires 11/22/10

 

 

110

 

 

(5,005

)

International Business Machines Corp., Strike Price USD 135,
Expires 11/22/10

 

 

20

 

 

(17,450

)

Johnson & Johnson, Strike Price USD 65, Expires 12/20/10

 

 

35

 

 

(1,907

)

Kraft Foods, Inc., Strike Price USD 31.50, Expires 11/02/10

 

 

60

 

 

(4,704

)

M&T Bank Corp., Strike Price USD 80, Expires 11/22/10

 

 

12

 

 

(300

)

M&T Bank Corp., Strike Price USD 95, Expires 11/22/10

 

 

12

 

 

(60

)

Merck & Co., Inc., Strike Price USD 37, Expires 11/22/10

 

 

90

 

 

(3,735

)

MetLife, Inc., Strike Price USD 39, Expires 11/22/10

 

 

40

 

 

(6,600

)

Microchip Technology, Inc., Strike Price USD 32,
Expires 11/22/10

 

 

100

 

 

(8,750

)

National Bank of Canada, Strike Price CAD 68,
Expires 11/22/10

 

 

30

 

 

(1,750

)

Philip Morris International, Inc., Strike Price USD 57.50,
Expires 11/22/10

 

 

60

 

 

(9,540

)

PPG Industries, Inc., Strike Price USD 73, Expires 11/22/10

 

 

37

 

 

(14,628

)

PPR, Strike Price EUR 120, Expires 11/19/10

 

 

7

 

 

(2,205

)

Reynolds American, Inc., Strike Price USD 60, Expires 11/22/10

 

 

33

 

 

(16,665

)

Royal Dutch Shell Plc, Strike Price EUR 23, Expires 11/19/10

 

 

67

 

 

(4,345

)

Sanofi-Aventis SA, Strike Price EUR 50, Expires 11/19/10

 

 

19

 

 

(3,333

)

Southern Co., Strike Price USD 38, Expires 12/20/10

 

 

45

 

 

(3,037

)

Suncor Energy, Inc., Strike Price CAD 34, Expires 11/22/10

 

 

18

 

 

(653

)

T. Rowe Price Group, Inc., Strike Price USD 50,
Expires 11/22/10

 

 

33

 

 

(18,480

)

United Technologies Corp., Strike Price USD 70,
Expires 11/22/10

 

 

26

 

 

(12,870

)

United Technologies Corp., Strike Price USD 72.50,
Expires 11/22/10

 

 

25

 

 

(6,925

)

Vinci SA, Strike Price EUR 38, Expires 11/19/10

 

 

54

 

 

(9,613

)

Wal-Mart Stores, Inc., Strike Price USD 53.25,
Expires 11/02/10

 

 

47

 

 

(4,612

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(401,107

)

               

Over-the-Counter Call Options Written—(0.5)%

 

 

 

 

 

 

 

Abbott Laboratories, Strike Price USD 53.10,
Expires 11/08/10, Broker Morgan Stanley & Co., Inc.

 

 

5,500

 

 

(348

)


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

59




 

 


 

 

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)

 

 

 

 

 

 

 

ACS Actividades de Construccion y Servicios SA,
Strike Price EUR 37.03, Expires 11/11/10,
Broker Credit Suisse First Boston

 

 

3,200

 

$

(4,187

)

Allianz SE, Strike Price EUR 85.80, Expires 11/16/10,
Broker Credit Suisse First Boston

 

 

2,300

 

 

(13,407

)

Altria Group, Inc., Strike Price USD 24.50,
Expires 11/08/10, Broker JPMorgan Chase Securities

 

 

10,000

 

 

(9,200

)

Ameren Corp., Strike Price USD 29.25,
Expires 11/08/10, Broker Morgan Stanley & Co., Inc.

 

 

10,600

 

 

(2,518

)

AstraZeneca Plc, Strike Price GBP 33.51,
Expires 11/03/10, Broker Credit Suisse First Boston

 

 

7,000

 

 

 

Australia & New Zealand Banking Group Ltd.,
Strike Price AUD 24.31, Expires 12/01/10,
Broker Morgan Stanley & Co., Inc.

 

 

9,000

 

 

(7,721

)

Axfood AB, Strike Price SEK 224.52, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

3,700

 

 

(5,447

)

Banco Santander SA, Strike Price EUR 10.34,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

24,900

 

 

(201

)

Barclays Plc, Strike Price GBP 3.12, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

21,400

 

 

(5

)

BASF SE, Strike Price EUR 43.85, Expires 11/03/10,
Broker Citigroup Global Markets, Inc.

 

 

5,700

 

 

(68,030

)

BHP Billiton Ltd., Strike Price AUD 41.94,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

7,100

 

 

(8,472

)

BHP Billiton Plc, Strike Price GBP 20.59,
Expires 11/03/10, Broker UBS Securities LLC

 

 

5,700

 

 

(13,862

)

Bouygues SA, Strike Price EUR 32.54, Expires 11/16/10,
Broker Citigroup Global Markets, Inc.

 

 

4,300

 

 

(2,759

)

Bristol-Myers Squibb Co., Strike Price USD 27.09,
Expires 11/02/10, Broker UBS Securities LLC

 

 

14,000

 

 

(2,204

)

British American Tobacco Plc, Strike Price GBP 24.10,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

6,900

 

 

(1,695

)

Canon, Inc., Strike Price JPY 3,927, Expires 12/01/10,
Broker Goldman Sachs & Co.

 

 

4,500

 

 

(3,272

)

CenturyLink, Inc., Strike Price USD 40.25,
Expires 11/08/10, Broker Goldman Sachs & Co.

 

 

6,000

 

 

(6,780

)

Chubb Corp., Strike Price USD 57.53, Expires 12/02/10,
Broker JPMorgan Chase Securities

 

 

1,000

 

 

(1,362

)

Cincinnati Financial Corp., Strike Price USD 28.97,
Expires 11/30/10, Broker Citigroup Global Markets, Inc.

 

 

6,000

 

 

(4,608

)

Esprit Holdings Ltd., Strike Price HKD 44.22,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

27,000

 

 

(2,023

)

Exxon Mobil Corp., Strike Price USD 61.20,
Expires 11/08/10, Broker UBS Securities LLC

 

 

7,000

 

 

(37,030

)

Foster’s Group Ltd., Strike Price AUD 6.13,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

45,300

 

 

(1,611

)

GlaxoSmithKline Plc, Strike Price GBP 13.08,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

13,000

 

 

(8

)

Hang Seng Bank Ltd., Strike Price HKD 118.47,
Expires 12/01/10, Broker Deutsche Bank Securities Corp.

 

 

8,500

 

 

(443

)

Hennes & Mauritz AB, Strike Price SEK 249.08,
Expires 11/16/10, Broker Credit Suisse First Boston

 

 

10,900

 

 

(492

)

Hitachi Koki Co. Ltd., Strike Price JPY 700.77,
Expires 12/01/10, Broker Goldman Sachs & Co.

 

 

15,300

 

 

(3,250

)

Hongkong Electric Holdings Ltd., Strike Price HKD 48.68,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

52,000

 

 

(6,513

)

Hopewell Holdings Ltd., Strike Price HKD 25.15,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

71,000

 

 

(1,294

)

HSBC Holdings Plc, Strike Price GBP 6.90,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

51,300

 

 

(795

)

Iberdrola SA, Strike Price EUR 5.88, Expires 11/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

16,300

 

 

(5,142

)

Indra Sistemas SA, Strike Price EUR 14.13,
Expires 11/11/10, Broker Morgan Stanley & Co., Inc.

 

 

6,400

 

 

(1,787

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

International Business Machines Corp., Strike Price USD 138,
Expires 11/08/10, Broker Citigroup Global Markets, Inc.

 

 

2,000

 

$

(11,348

)

Keppel Corp Ltd., Strike Price SGD 9.64,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

29,000

 

 

(9,793

)

Kesko Oyj, Strike Price EUR 33.77, Expires 11/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

4,200

 

 

(11,610

)

Koninklijke KPN NV, Strike Price EUR 11.56,
Expires 11/03/10, Broker UBS Securities LLC

 

 

11,000

 

 

(6,792

)

Liberty Property Trust - REIT, Strike Price USD 32.55,
Expires 11/30/10, Broker UBS Securities LLC

 

 

4,000

 

 

(5,749

)

Man Group Plc, Strike Price GBP 2.21, Expires 11/03/10,
Broker UBS Securities LLC

 

 

31,000

 

 

(19,882

)

McDonald’s Corp., Strike Price USD 75.73,
Expires 12/06/10, Broker Morgan Stanley & Co., Inc.

 

 

6,500

 

 

(16,733

)

Microsoft Corp., Strike Price USD 25.78,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

18,000

 

 

(16,980

)

Mitsui & Co. Ltd., Strike Price JPY 1,374.96,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

20,200

 

 

(2,630

)

Mobistar SA, Strike Price EUR 46.01, Expires 11/16/10,
Broker UBS Securities LLC

 

 

2,100

 

 

(4,695

)

National Australia Bank Ltd., Strike Price AUD 26.29,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

17,500

 

 

(4,889

)

Nationwide Health Properties, Inc. - REIT,
Strike Price USD 41.10, Expires 11/24/10,
Broker JPMorgan Chase Securities

 

 

7,200

 

 

(5,700

)

Nestle SA, Strike Price CHF 54.97, Expires 11/03/10,
Broker UBS Securities LLC

 

 

2,800

 

 

(104

)

Oracle Corp. Japan, Strike Price JPY 3,698.32,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

5,600

 

 

(6,505

)

PepsiCo, Inc., Strike Price USD 66.50, Expires 11/02/10,
Broker Citigroup Global Markets, Inc.

 

 

4,000

 

 

(203

)

Pfizer, Inc., Strike Price USD 16.30, Expires 11/08/10,
Broker JPMorgan Chase Securities

 

 

5,600

 

 

(6,236

)

Pfizer, Inc., Strike Price USD 17.50, Expires 11/02/10,
Broker UBS Securities LLC

 

 

7,000

 

 

(807

)

Pfizer, Inc., Strike Price USD 17.62, Expires 11/24/10,
Broker JPMorgan Chase Securities

 

 

2,000

 

 

(614

)

Portugal Telecom SGPS SA, Strike Price EUR 9.85,
Expires 11/16/10, Broker UBS Securities LLC

 

 

15,900

 

 

(11,900

)

Ratos AB, Strike Price SEK 234.61, Expires 11/16/10,
Broker UBS Securities LLC

 

 

9,500

 

 

(10,830

)

Ricoh Co. Ltd., Strike Price JPY 1,208.17,
Expires 11/09/10, Broker UBS Securities LLC

 

 

20,000

 

 

(908

)

Royal Bank of Canada, Strike Price CAD 54.52,
Expires 11/10/10, Broker Goldman Sachs & Co.

 

 

11,500

 

 

(6,331

)

RWE AG, Strike Price EUR 50.35, Expires 11/11/10,
Broker UBS Securities LLC

 

 

1,700

 

 

(3,239

)

Santos Ltd., Strike Price AUD 13.11, Expires 12/01/10,
Broker Morgan Stanley & Co., Inc.

 

 

36,400

 

 

(6,159

)

SAP AG, Strike Price EUR 36.09, Expires 11/03/10,
Broker Credit Suisse First Boston

 

 

3,200

 

 

(5,382

)

Scania AB, Strike Price SEK 146.96, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

18,600

 

 

(2,466

)

Schneider Electric SA, Strike Price EUR 95.92,
Expires 11/16/10, Broker Credit Suisse First Boston

 

 

2,200

 

 

(20,976

)

Scottish & Southern Energy Plc, Strike Price GBP 11.43,
Expires 11/11/10, Broker Citigroup Global Markets, Inc.

 

 

14,000

 

 

(4,146

)

Sharp Corp., Strike Price JPY 868.02, Expires 12/01/10,
Broker Morgan Stanley & Co., Inc.

 

 

14,000

 

 

(1,169

)

Siemens AG, Strike Price EUR 79.36, Expires 11/11/10,
Broker Credit Suisse First Boston

 

 

1,900

 

 

(9,067

)

Singapore Technologies Engineering Ltd.,
Strike Price SGD 3.29, Expires 12/01/10,
Broker JPMorgan Chase Securities

 

 

66,000

 

 

(3,729

)


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

60

 

ANNUAL REPORT

 

OCTOBER 31, 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 (concluded)

 

 

 

 

 

 

 

Societe Generale, Strike Price EUR 45.36,
Expires 11/16/10, Broker Credit Suisse First Boston

 

 

1,800

 

$

(1,468

)

Solvay SA, Strike Price EUR 80.09, Expires 11/16/10,
Broker UBS Securities LLC

 

 

1,700

 

 

(398

)

Standard Chartered Plc, Strike Price GBP 18.45,
Expires 11/11/10, Broker Credit Suisse First Boston

 

 

13,909

 

 

(5,454

)

Takeda Pharmaceutical Co. Ltd., Strike Price JPY 3,923.85,
Expires 12/01/10, Broker Morgan Stanley & Co., Inc.

 

 

5,600

 

 

(922

)

TeliaSonera AB, Strike Price SEK 55.59, Expires 11/16/10,
Broker UBS Securities LLC

 

 

23,500

 

 

(2,652

)

Total SA, Strike Price EUR 38.27, Expires 11/11/10,
Broker Citigroup Global Markets, Inc.

 

 

6,800

 

 

(9,620

)

TransCanada Corp., Strike Price CAD 38.49,
Expires 11/09/10, Broker Morgan Stanley & Co., Inc.

 

 

2,500

 

 

(254

)

United Overseas Bank Ltd., Strike Price SGD 18.55,
Expires 12/01/10, Broker JPMorgan Chase Securities

 

 

10,000

 

 

(2,783

)

Wells Fargo & Co., Strike Price USD 26.25,
Expires 11/05/10, Broker UBS Securities LLC

 

 

11,000

 

 

(3,910

)

Zurich Financial Services AG, Strike Price CHF 235.98,
Expires 11/16/10, Broker UBS Securities LLC

 

 

620

 

 

(4,229

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(465,728

)

               

Total Options Written
(Premiums Received $783,029)—(1.0)%

 

 

 

 

 

(866,835

)

               

Total Investments Net of Outstanding Options Written—99.9%

 

 

 

 

 

85,999,468

 

Other Assets Less Liabilities—0.1%

 

 

 

 

 

47,239

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

86,046,707

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

84,883,246

 

 

 

     

Gross unrealized appreciation

 

$

7,553,042

 

Gross unrealized depreciation

 

 

(5,569,985

)

 

 

     

Net unrealized appreciation

 

$

1,983,057

 

 

 

     

 

 

(a)

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

(b)

Non-income producing security.

(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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Affiliate

 

Shares
Held at
October 31,
2009

 

Net Activity

 

Shares
Held at
October 31,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional
Class

 

 

2,037,764

 

 

3,586,672

 

 

5,624,436

 

$

4,356

 

                           

 

 

(d)

Represents current yield as of report date.

 

 

Foreign currency exchange contracts as of October 31, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Depreciation

 

                   

USD

 

 

10,708

 

 

CAD

 

 

11,000

 

Deutsche Bank Securities

 

11/01/10

 

 

$(77

)

USD

 

 

3,862

 

 

SGD

 

 

5,000

 

Citigroup Global Markets

 

11/02/10

 

 

(1

)

                                   

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$(78

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

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 and derivatives, 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 and derivatives)

 

 

 

 

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 October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

$

4,158,921

 

 

 

$

4,158,921

 

Belgium

 

 

 

 

773,422

 

 

 

 

773,422

 

Canada

 

$

5,477,303

 

 

 

 

 

 

5,477,303

 

Finland

 

 

 

 

521,055

 

 

 

 

521,055

 

France

 

 

 

 

3,792,612

 

 

 

 

3,792,612

 

Germany

 

 

 

 

2,987,243

 

 

 

 

2,987,243

 

Hong Kong

 

 

 

 

2,062,564

 

 

 

 

2,062,564

 

Italy

 

 

 

 

1,466,308

 

 

 

 

1,466,308

 

Japan

 

 

 

 

3,971,701

 

 

 

 

3,971,701

 

Netherlands

 

 

 

 

459,286

 

 

 

 

459,286

 

Portugal

 

 

 

 

572,314

 

 

 

 

572,314

 

Singapore

 

 

11,849

 

 

1,355,823

 

 

 

 

1,367,672

 

Spain

 

 

 

 

1,630,220

 

 

 

 

1,630,220

 

Sweden

 

 

 

 

3,605,622

 

 

 

 

3,605,622

 

Switzerland

 

 

 

 

755,788

 

 

 

 

755,788

 

United Kingdom

 

 

 

 

6,729,595

 

 

 

 

6,729,595

 

United States

 

 

40,874,934

 

 

 

 

 

 

40,874,934

 

Rights:

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

35,307

 

 

 

 

 

 

35,307

 

Short-Term
Securities

 

 

5,624,436

 

 

 

 

 

 

5,624,436

 

                           

Total

 

$

52,023,829

 

$

34,842,474

 

 

 

$

86,866,303

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

 

       

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(295,014

)

$

(571,821

)

 

 

$

(866,835

)

Foreign currency
exchange
contracts

 

 

 

 

(78

)

 

 

 

(78

)

                           

Total

 

$

(295,014

)

$

(571,899

)

 

 

$

(866,913

)

 

 

                       

 

 

1

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


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

61




 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2010

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Energy and
Resources
Trust (BGR)

 

                       

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investments at value - unaffiliated1,2

 

$

537,580,924

 

$

575,623,912

 

$

293,655,628

 

$

126,961,556

 

$

783,292,713

 

Investments at value - affiliated3

 

 

6,437,531

 

 

10,960,825

 

 

5,854,617

 

 

5,825,217

 

 

 

Cash

 

 

42,079

 

 

123,633

 

 

6,698

 

 

26,258

 

 

 

Foreign currency at value4

 

 

 

 

 

 

 

 

101,424

 

 

22,425

 

Investments sold receivable

 

 

24,971,353

 

 

105,036,899

 

 

1,958,474

 

 

410,421

 

 

 

Cash collateral pledged for options written

 

 

2,633,158

 

 

7,880,904

 

 

1,377,677

 

 

2,290,000

 

 

8,992,000

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

 

 

 

Dividend and interest receivable

 

 

1,163,078

 

 

1,167,395

 

 

425,249

 

 

138,154

 

 

861,603

 

Securities lending income receivable - affiliated

 

 

 

 

 

 

 

 

 

 

37

 

Other assets

 

 

215,390

 

 

233,615

 

 

64,074

 

 

15,540

 

 

312,494

 

 

 

                             

Total assets

 

 

573,043,513

 

 

701,027,183

 

 

303,342,417

 

 

135,768,570

 

 

793,481,272

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Collateral at value - securities loaned

 

 

 

 

 

 

 

 

 

 

 

Investments purchased payable

 

 

24,455,674

 

 

100,803,235

 

 

2,929,188

 

 

1,883,105

 

 

1,585,608

 

Options written at value5

 

 

2,730,417

 

 

6,897,160

 

 

2,137,881

 

 

2,610,309

 

 

16,613,913

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

 

 

22

 

Bank overdraft

 

 

 

 

 

 

 

 

 

 

4,135,675

 

Investment advisory fees payable

 

 

298,487

 

 

499,584

 

 

188,287

 

 

132,207

 

 

737,324

 

Officer’s and Trustees’ fees payable

 

 

170,107

 

 

161,717

 

 

43,110

 

 

 

 

194,970

 

Licensing fee payable

 

 

45,559

 

 

49,539

 

 

24,927

 

 

 

 

 

Other accrued expenses payable

 

 

214,560

 

 

288,389

 

 

149,672

 

 

140,507

 

 

238,254

 

 

 

                             

Total liabilities

 

 

27,914,804

 

 

108,699,624

 

 

5,473,065

 

 

4,766,128

 

 

23,505,766

 

 

 

                             

Net Assets

 

$

545,128,709

 

$

592,327,559

 

$

297,869,352

 

$

131,002,442

 

$

769,975,506

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Paid-in capital

 

$

673,249,895

 

$

847,247,962

 

$

340,653,058

 

$

199,843,388

 

$

680,602,964

 

Undistributed (distributions in excess of) net investment income

 

 

(170,108

)

 

(161,718

)

 

180,124

 

 

592

 

 

9,441,928

 

Accumulated net realized gain (loss)

 

 

(158,969,170

)

 

(263,597,470

)

 

(45,158,269

)

 

(43,634,070

)

 

(4,287,353

)

Net unrealized appreciation/depreciation

 

 

31,018,092

 

 

8,838,785

 

 

2,194,439

 

 

(25,207,468

)

 

84,217,967

 

 

 

                             

Net Assets

 

$

545,128,709

 

$

592,327,559

 

$

297,869,352

 

$

131,002,442

 

$

769,975,506

 

 

 

                             

Net asset value6

 

$

10.00

 

$

8.32

 

$

11.07

 

$

10.65

 

$

25.87

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

505,914,239

 

$

565,769,803

 

$

290,989,404

 

$

151,446,355

 

$

693,265,325

 

2 Securities on loan at value

 

$

 

$

 

$

 

$

 

$

 

3 Investments at cost - affiliated

 

$

6,437,531

 

$

10,960,825

 

$

5,854,617

 

$

5,825,217

 

$

 

4 Foreign currency at cost

 

$

 

$

 

$

 

$

95,405

 

$

22,338

 

5 Premiums received

 

$

2,081,824

 

$

5,867,239

 

$

1,666,095

 

$

1,877,185

 

$

10,803,311

 

6 Shares outstanding, unlimited number of shares authorized, $0.001 par value

 

 

54,518,315

 

 

71,203,239

 

 

26,908,028

 

 

12,303,864

 

 

29,766,217

 


See Notes to Financial Statements.

 

 

 

 

 

62

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2010

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

                       

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investments at value - unaffiliated1,2

 

$

1,246,358,369

 

$

191,099,245

 

$

1,078,694,590

 

$

762,433,528

 

$

81,241,867

 

Investments at value - affiliated3

 

 

42,426,566

 

 

14,067,561

 

 

57,450,039

 

 

24,698,837

 

 

5,624,436

 

Cash

 

 

68,024

 

 

 

 

256,574

 

 

 

 

 

Foreign currency at value4

 

 

5,053,895

 

 

3,125

 

 

15,721,396

 

 

74,613

 

 

29,126

 

Investments sold receivable

 

 

12,259,173

 

 

1,828,476

 

 

19,998,889

 

 

 

 

173,850

 

Cash collateral pledged for options written

 

 

36,539,193

 

 

6,783,241

 

 

33,534,684

 

 

16,831,700

 

 

 

Unrealized appreciation on foreign currency exchange contracts

 

 

563

 

 

60

 

 

2,819

 

 

 

 

 

Dividend and interest receivable

 

 

2,560,435

 

 

309,036

 

 

2,841,978

 

 

641,186

 

 

207,724

 

Securities lending income receivable - affiliated

 

 

 

 

 

 

 

 

525

 

 

 

Other assets

 

 

852,839

 

 

26,389

 

 

387,834

 

 

543,729

 

 

17,359

 

 

 

                             

Total assets

 

 

1,346,119,057

 

 

214,117,133

 

 

1,208,888,803

 

 

805,224,118

 

 

87,294,362

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Collateral at value - securities loaned

 

 

 

 

 

 

 

 

2,250,000

 

 

 

Investments purchased payable

 

 

17,100,882

 

 

3,287,765

 

 

21,116,085

 

 

610,050

 

 

171,951

 

Options written at value5

 

 

37,092,204

 

 

4,119,787

 

 

29,344,549

 

 

24,302,632

 

 

866,835

 

Unrealized depreciation on foreign currency exchange contracts

 

 

36

 

 

68

 

 

15,053

 

 

22

 

 

78

 

Bank overdraft

 

 

 

 

 

 

 

 

11,345,763

 

 

 

Investment advisory fees payable

 

 

1,084,019

 

 

173,904

 

 

974,599

 

 

775,272

 

 

54,355

 

Officer’s and Trustees’ fees payable

 

 

295,436

 

 

13,144

 

 

264,543

 

 

158,287

 

 

10,941

 

Licensing fee payable

 

 

 

 

 

 

 

 

 

 

41,166

 

Other accrued expenses payable

 

 

441,642

 

 

130,732

 

 

591,454

 

 

318,888

 

 

102,329

 

 

 

                             

Total liabilities

 

 

56,014,219

 

 

7,725,400

 

 

52,306,283

 

 

39,760,914

 

 

1,247,655

 

 

 

                             

Net Assets

 

$

1,290,104,838

 

$

206,391,733

 

$

1,156,582,520

 

$

765,463,204

 

$

86,046,707

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Paid-in capital

 

$

1,446,686,456

 

$

176,834,894

 

$

1,695,250,427

 

$

713,160,963

 

$

82,951,843

 

Undistributed (distributions in excess of) net investment income

 

 

(322,244

)

 

(13,144

)

 

(244,802

)

 

(5,355,947

)

 

1,300,748

 

Accumulated net realized gain (loss)

 

 

(234,418,705

)

 

6,076,967

 

 

(596,176,866

)

 

(40,040,968

)

 

(1,377,253

)

Net unrealized appreciation/depreciation

 

 

78,159,331

 

 

23,493,016

 

 

57,753,761

 

 

97,699,156

 

 

3,171,369

 

 

 

                             

Net Assets

 

$

1,290,104,838

 

$

206,391,733

 

$

1,156,582,520

 

$

765,463,204

 

$

86,046,707

 

 

 

                             

Net asset value6

 

$

18.68

 

$

27.19

 

$

10.52

 

$

13.42

 

$

14.26

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

1,153,511,108

 

$

166,525,633

 

$

1,012,088,768

 

$

652,136,848

 

$

77,991,315

 

2 Securities on loan at value

 

$

 

$

 

$

 

$

2,245,500

 

$

 

3 Investments at cost - affiliated

 

$

42,426,566

 

$

14,067,561

 

$

57,450,039

 

$

24,698,837

 

$

5,624,436

 

4 Foreign currency at cost

 

$

5,022,598

 

$

3,044

 

$

15,620,764

 

$

74,315

 

$

29,086

 

5 Premiums received

 

$

21,784,193

 

$

3,035,525

 

$

20,442,255

 

$

11,589,432

 

$

783,029

 

6 Shares outstanding, unlimited number of shares authorized, $0.001 par value

 

 

69,056,527

 

 

7,591,500

 

 

109,989,277

 

 

57,045,091

 

 

6,033,028

 


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

63




 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2010

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Energy and
Resources
Trust (BGR)

 

                       

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Dividends

 

$

17,049,129

 

$

18,791,028

 

$

10,495,534

 

$

2,527,671

 

$

16,733,419

 

Foreign taxes withheld

 

 

(9,619

)

 

(10,718

)

 

 

 

(128,619

)

 

(581,302

)

Income-affiliated

 

 

12,853

 

 

32,136

 

 

10,816

 

 

10,495

 

 

28,260

 

Securities lending income - affiliated

 

 

 

 

29,881

 

 

 

 

7,819

 

 

15,160

 

 

 

                             

Total income

 

 

17,052,363

 

 

18,842,327

 

 

10,506,350

 

 

2,417,366

 

 

16,195,537

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investment advisory

 

 

3,402,427

 

 

5,854,758

 

 

2,137,093

 

 

1,516,021

 

 

9,030,801

 

Licensing

 

 

523,450

 

 

585,476

 

 

284,946

 

 

 

 

 

Printing

 

 

92,316

 

 

79,409

 

 

32,437

 

 

41,965

 

 

152,710

 

Professional

 

 

55,209

 

 

55,569

 

 

50,169

 

 

54,816

 

 

54,820

 

Custodian

 

 

68,248

 

 

58,622

 

 

88,089

 

 

114,573

 

 

82,488

 

Officer and Trustees

 

 

64,166

 

 

87,688

 

 

14,720

 

 

11,855

 

 

117,137

 

Insurance

 

 

40,077

 

 

46,017

 

 

21,079

 

 

10,654

 

 

57,747

 

Transfer agent

 

 

11,839

 

 

6,798

 

 

10,519

 

 

11,064

 

 

12,084

 

Registration

 

 

23,426

 

 

23,305

 

 

12,395

 

 

7,756

 

 

14,074

 

Miscellaneous

 

 

2,507

 

 

5,012

 

 

5,014

 

 

61,072

 

 

7,519

 

 

 

                             

Total expenses excluding interest expense

 

 

4,283,665

 

 

6,802,654

 

 

2,656,461

 

 

1,829,776

 

 

9,529,380

 

 

 

                             

Interest expense

 

 

 

 

 

 

 

 

780

 

 

13,486

 

 

 

                             

Total expenses

 

 

4,283,665

 

 

6,802,654

 

 

2,656,461

 

 

1,830,556

 

 

9,542,866

 

 

 

                             

Less fees waived by advisor

 

 

(5,424

)

 

(13,832

)

 

(4,420

)

 

(4,298

)

 

(1,204,178

)

 

 

                             

Net expenses

 

 

4,278,241

 

 

6,788,822

 

 

2,652,041

 

 

1,826,258

 

 

8,338,688

 

 

 

                             

Net investment income

 

 

12,774,122

 

 

12,053,505

 

 

7,854,309

 

 

591,108

 

 

7,856,849

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

11,672,141

 

 

(48,082,923

)

 

11,282,453

 

 

(21,360,631

)

 

15,248,091

 

Options written

 

 

9,678,811

 

 

29,458,399

 

 

6,124,026

 

 

4,881,385

 

 

28,339,082

 

Foreign currency transactions

 

 

 

 

 

 

 

 

(13,077

)

 

13,277

 

 

 

                             

 

 

 

21,350,952

 

 

(18,624,524

)

 

17,406,479

 

 

(16,492,323

)

 

43,600,450

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

49,877,657

 

 

92,596,347

 

 

29,999,425

 

 

32,884,211

 

 

63,902,846

 

Options written

 

 

(1,611,409

)

 

(3,639,568

)

 

(1,372,290

)

 

(1,322,709

)

 

(5,756,493

)

Foreign currency transactions

 

 

 

 

 

 

 

 

15,253

 

 

4,266

 

 

 

                             

 

 

 

48,266,248

 

 

88,956,779

 

 

28,627,135

 

 

31,576,755

 

 

58,150,619

 

 

 

                             

Total realized and unrealized gain

 

 

69,617,200

 

 

70,332,255

 

 

46,033,614

 

 

15,084,432

 

 

101,751,069

 

 

 

                             

Net Increase in Net Assets Resulting from Operation

 

$

82,391,322

 

$

82,385,760

 

$

53,887,923

 

$

15,675,540

 

$

109,607,918

 

 

 

                             

 

 

1

Net of $(12,624) and $(77,969) foreign capital gain tax for BME and BCF, respectively.


See Notes to Financial Statements.

 

 

 

 

 

64

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2010

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

                       

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Dividends

 

$

28,506,494

 

$

2,615,909

 

$

31,570,605

 

$

17,752,928

 

$

3,130,393

 

Foreign taxes withheld

 

 

(1,631,767

)

 

(96,244

)

 

(2,923,477

)

 

(303,789

)

 

(152,564

)

Income-affiliated

 

 

80,312

 

 

15,805

 

 

82,923

 

 

47,952

 

 

4,356

 

Securities lending income - affiliated

 

 

6,566

 

 

756

 

 

5,181

 

 

3,911

 

 

 

 

 

                             

Total income

 

 

26,961,605

 

 

2,536,226

 

 

28,735,232

 

 

17,501,002

 

 

2,982,185

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investment advisory

 

 

12,619,628

 

 

2,043,468

 

 

11,396,546

 

 

8,568,290

 

 

617,018

 

Licensing

 

 

 

 

 

 

 

 

 

 

123,403

 

Printing

 

 

362,056

 

 

47,212

 

 

299,033

 

 

159,237

 

 

27,451

 

Professional

 

 

81,648

 

 

57,645

 

 

101,453

 

 

59,265

 

 

59,557

 

Custodian

 

 

515,973

 

 

128,650

 

 

625,467

 

 

160,248

 

 

113,739

 

Officer and Trustees

 

 

177,733

 

 

19,759

 

 

217,950

 

 

119,369

 

 

8,047

 

Insurance

 

 

82,112

 

 

14,472

 

 

97,310

 

 

54,101

 

 

6,414

 

Transfer agent

 

 

13,282

 

 

11,322

 

 

11,644

 

 

11,044

 

 

11,272

 

Registration

 

 

12,782

 

 

8,957

 

 

44,311

 

 

28,225

 

 

2,011

 

Miscellaneous

 

 

103,101

 

 

22,134

 

 

65,697

 

 

15,040

 

 

39,405

 

 

 

                             

Total expenses excluding interest expense

 

 

13,968,315

 

 

2,353,619

 

 

12,859,411

 

 

9,174,819

 

 

1,008,317

 

 

 

                             

Interest expense

 

 

 

 

5,845

 

 

486

 

 

 

 

 

 

 

                             

Total expenses

 

 

13,968,315

 

 

2,359,464

 

 

12,859,897

 

 

9,174,819

 

 

1,008,317

 

 

 

                             

Less fees waived by advisor

 

 

(32,372

)

 

(6,616

)

 

(33,268

)

 

(1,448,452

)

 

(1,606

)

 

 

                             

Net expenses

 

 

13,935,943

 

 

2,352,848

 

 

12,826,629

 

 

7,726,367

 

 

1,006,711

 

 

 

                             

Net investment income

 

 

13,025,662

 

 

183,378

 

 

15,908,603

 

 

9,774,635

 

 

1,975,474

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

24,254,278

 

 

12,942,559

 

 

(102,450,521

)

 

(17,224,717

)

 

2,103,820

 

Options written

 

 

83,683,159

 

 

6,755,028

 

 

69,794,185

 

 

30,019,890

 

 

1,859,732

 

Foreign currency transactions

 

 

(1,052,991

)

 

(52,163

)

 

(2,126,742

)

 

73,357

 

 

(24,296

)

 

 

                             

 

 

 

106,884,446

 

 

19,645,424

 

 

(34,783,078

)

 

12,868,530

 

 

3,939,256

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

65,646,316

 

 

7,122,059

1

 

167,157,860

 

 

151,296,077

1

 

4,581,041

 

Options written

 

 

(25,873,932

)

 

(1,492,574

)

 

(19,371,859

)

 

(15,707,788

)

 

(274,055

)

Foreign currency transactions

 

 

(29,818

)

 

3,587

 

 

(22,432

)

 

(12,360

)

 

10,348

 

 

 

                             

 

 

 

39,742,566

 

 

5,633,072

 

 

147,763,569

 

 

135,575,929

 

 

4,317,334

 

 

 

                             

Total realized and unrealized gain

 

 

146,627,012

 

 

25,278,496

 

 

112,980,491

 

 

148,444,459

 

 

8,256,590

 

 

 

                             

Net Increase in Net Assets Resulting from Operation

 

$

159,652,674

 

$

25,461,874

 

$

128,889,094

 

$

158,219,094

 

$

10,232,064

 

 

 

                             

 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

65




 


 

Statements of Changes in Net Assets


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Dividend Achievers™
Trust (BDV)

 

 

BlackRock
Enhanced Dividend
Achievers™ Trust (BDJ)

 

 

 

   

 

   

 

 

Year Ended October 31,

 

 

Year Ended October 31,

 

 

 

   

 

   

Increase (Decrease) in Net Assets:

 

2010

 

2009

 

2010

 

2009

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

12,774,122

 

$

16,343,361

 

 

$

12,053,505

 

$

17,340,895

 

Net realized gain

 

 

21,350,952

 

 

(127,871,946

)

 

 

(18,624,524

)

 

(190,657,567

)

Net change in unrealized appreciation

 

 

48,266,248

 

 

82,109,730

 

 

 

88,956,779

 

 

153,236,724

 

 

 

           

 

           

Net increase in net assets resulting from operations

 

 

82,391,322

 

 

(29,418,855

)

 

 

82,385,760

 

 

(20,079,948

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(35,436,905

)

 

(16,244,237

)

 

 

(12,098,232

)

 

(17,467,300

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

Tax return of capital

 

 

 

 

(19,192,668

)

 

 

(57,140,851

)

 

(63,684,763

)

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(35,436,905

)

 

(35,436,905

)

 

 

(69,239,083

)

 

(81,152,063

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

 

7,115,353

 

 

4,328,556

 

 

 

           

 

           

Net increase in net assets derived from share transactions

 

 

 

 

 

 

 

7,115,353

 

 

4,328,556

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

46,954,417

 

 

(64,855,760

)

 

 

20,262,030

 

 

(96,903,455

)

Beginning of year

 

 

498,174,292

 

 

563,030,052

 

 

 

572,065,529

 

 

668,968,984

 

 

 

           

 

           

End of year

 

$

545,128,709

 

$

498,174,292

 

 

$

592,327,559

 

$

572,065,529

 

 

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

(170,108

)

$

(23,999

)

 

$

(161,718

)

$

(13,016

)

 

 

           

 

           

See Notes to Financial Statements.

 

 

 

 

 

66

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Strategic Dividend
Achievers™ Trust (BDT)

 

BlackRock
EcoSolutions
Investment Trust (BQR)

 

BlackRock
Energy and
Resources Trust (BGR)

 

BlackRock
Global Opportunities
Equity Trust (BOE)

 

 

   

 

   

 

   

 

   

 

 

Year Ended October 31,

 

Year Ended October 31,

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Net Assets:

 

2010

 

2009

 

2010

 

2009

 

2010

 

2009

 

2010

 

2009

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

7,854,309

 

$

9,100,829

 

 

$

591,108

 

$

770,652

 

 

$

7,856,849

 

$

10,362,915

 

 

$

13,025,662

 

$

5,271,647

 

Net realized gain

 

 

17,406,479

 

 

(54,399,830

)

 

 

(16,492,323

)

 

(27,169,059

)

 

 

43,600,450

 

 

7,812,418

 

 

 

106,884,446

 

 

(31,644,052

)

Net change in unrealized appreciation

 

 

28,627,135

 

 

37,119,870

 

 

 

31,576,755

 

 

48,078,825

 

 

 

58,150,619

 

 

122,155,453

 

 

 

39,742,566

 

 

112,160,357

 

 

 

           

 

           

 

           

 

           

Net increase in net assets resulting from operations

 

 

53,887,923

 

 

(8,179,131

)

 

 

15,675,540

 

 

21,680,418

 

 

 

109,607,918

 

 

140,330,786

 

 

 

159,652,674

 

 

85,787,952

 

 

 

           

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(17,490,218

)

 

(8,355,545

)

 

 

(582,037

)

 

(776,099

)

 

 

(5,141,482

)

 

(13,891,389

)

 

 

(99,018,419

)

 

(5,179,012

)

Net realized gains

 

 

 

 

 

 

 

 

 

(1,032,348

)

 

 

(43,079,790

)

 

(5,568,031

)

 

 

(16,795,876

)

 

 

Tax return of capital

 

 

 

 

(9,134,673

)

 

 

(13,928,324

)

 

(15,909,385

)

 

 

 

 

(28,761,852

)

 

 

(40,455,279

)

 

(55,376,808

)

 

 

           

 

           

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(17,490,218

)

 

(17,490,218

)

 

 

(14,510,361

)

 

(17,717,832

)

 

 

(48,221,272

)

 

(48,221,272

)

 

 

(156,269,574

)

 

(60,555,820

)

 

 

           

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,025,103,621

 

Reinvestment of dividends

 

 

 

 

 

 

 

2,811,900

 

 

2,781,185

 

 

 

 

 

 

 

 

8,551,415

 

 

 

 

 

           

 

           

 

           

 

           

Net increase in net assets derived from share transactions

 

 

 

 

 

 

 

2,811,900

 

 

2,781,185

 

 

 

 

 

 

 

 

8,551,415

 

 

1,025,103,621

 

 

 

           

 

           

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

36,397,705

 

 

(25,669,349

)

 

 

3,977,079

 

 

6,743,771

 

 

 

61,386,646

 

 

92,109,514

 

 

 

11,934,515

 

 

1,050,335,753

 

Beginning of year

 

 

261,471,647

 

 

287,140,996

 

 

 

127,025,363

 

 

120,281,592

 

 

 

708,588,860

 

 

616,479,346

 

 

 

1,278,170,323

 

 

227,834,570

 

 

 

           

 

           

 

           

 

           

End of year

 

$

297,869,352

 

$

261,471,647

 

 

$

131,002,442

 

$

127,025,363

 

 

$

769,975,506

 

$

708,588,860

 

 

$

1,290,104,838

 

$

1,278,170,323

 

 

 

           

 

           

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

180,124

 

$

313,497

 

 

$

592

 

$

16,122

 

 

$

9,441,928

 

$

6,618,029

 

 

$

(322,244

)

$

(157,624

)

 

 

           

 

           

 

           

 

           

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

67




 


 

Statements of Changes in Net Assets (concluded)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Health Sciences
Trust (BME)

 

BlackRock
International Growth
and Income Trust (BGY)

 

 

 

 

 

 

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

Increase (Decrease) in Net Assets:

 

2010

 

2009

 

2010

 

2009

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

183,378

 

$

662,563

 

 

$

15,908,603

 

$

28,958,213

 

Net realized gain

 

 

19,645,424

 

 

3,321,376

 

 

 

(34,783,078

)

 

(559,616,464

)

Net change in unrealized appreciation

 

 

5,633,072

 

 

21,947,983

 

 

 

147,763,569

 

 

779,184,105

 

 

 

           

 

           

Net increase in net assets resulting from operations

 

 

25,461,874

 

 

25,931,922

 

 

 

128,889,094

 

 

248,525,854

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(136,268

)

 

(949,596

)

 

 

(13,597,240

)

 

(32,190,952

)

Net realized gains

 

 

(11,535,663

)

 

(7,700,487

)

 

 

 

 

 

Tax return of capital

 

 

 

 

(4,321,847

)

 

 

(159,367,997

)

 

(161,725,283

)

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(11,671,931

)

 

(12,971,930

)

 

 

(172,965,237

)

 

(193,916,235

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

 

22,011,255

 

 

17,521,775

 

 

 

           

 

           

Net increase in net assets derived from share transactions

 

 

 

 

 

 

 

22,011,255

 

 

17,521,775

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

13,789,943

 

 

12,959,992

 

 

 

(22,064,888

)

 

72,131,394

 

Beginning of year

 

 

192,601,790

 

 

179,641,798

 

 

 

1,178,647,408

 

 

1,106,516,014

 

 

 

           

 

           

End of year

 

$

206,391,733

 

$

192,601,790

 

 

$

1,156,582,520

 

$

1,178,647,408

 

 

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

(13,144

)

$

(8,091

)

 

$

(244,802

)

$

(429,423

)

 

 

           

 

           

See Notes to Financial Statements.

 

 

 

 

 

68

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Real Asset
Equity Trust (BCF)

 

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

 

 

 

 

 

 

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

Increase (Decrease) in Net Assets:

 

2010

 

2009

 

2010

 

2009

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,774,635

 

$

3,691,683

 

 

$

1,975,474

 

$

2,403,578

 

Net realized gain

 

 

12,868,530

 

 

(49,027,390

)

 

 

3,939,256

 

 

1,092,426

 

Net change in unrealized appreciation

 

 

135,575,929

 

 

236,659,541

 

 

 

4,317,334

 

 

7,255,058

 

 

 

           

 

           

Net increase in net assets resulting from operations

 

 

158,219,094

 

 

191,323,834

 

 

 

10,232,064

 

 

10,751,062

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(42,492,192

)

 

(6,325,350

)

 

 

(664,248

)

 

(2,343,114

)

Net realized gains

 

 

 

 

 

 

 

(4,237,588

)

 

(1,969,353

)

Tax return of capital

 

 

(19,209,691

)

 

(55,327,618

)

 

 

 

 

(438,543

)

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(61,701,883

)

 

(61,652,968

)

 

 

(4,901,836

)

 

(4,751,010

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

4,017,701

 

 

 

 

 

 

 

 

 

 

           

 

           

Net increase in net assets derived from share transactions

 

 

4,017,701

 

 

 

 

 

 

 

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

100,534,912

 

 

129,670,866

 

 

 

5,330,228

 

 

6,000,052

 

Beginning of year

 

 

664,928,292

 

 

535,257,426

 

 

 

80,716,479

 

 

74,716,427

 

 

 

           

 

           

End of year

 

$

765,463,204

 

$

664,928,292

 

 

$

86,046,707

 

$

80,716,479

 

 

 

           

 

           

Undistributed (distributions in excess of) net investment income

 

$

(5,355,947

)

$

(103,830

)

 

$

1,300,748

 

$

3,339

 

 

 

           

 

           

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

69




 

 


 

 

Financial Highlights

BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

Net asset value, beginning of year

 

$

9.14

 

$

10.33

 

$

15.49

 

$

15.95

 

$

14.21

 

 

 

                             

Net investment income

 

 

0.23

 

 

0.30

 

 

0.41

 

 

0.45

 

 

0.42

 

Net realized and unrealized gain (loss)

 

 

1.28

 

 

(0.84

)

 

(4.67

)

 

(0.01

)

 

2.21

 

 

 

                             

Net increase (decrease) from investment operations

 

 

1.51

 

 

(0.54

)

 

(4.26

)

 

0.44

 

 

2.63

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.65

)

 

(0.30

)

 

(0.43

)

 

(0.44

)

 

(0.41

)

Net realized gain

 

 

 

 

 

 

 

 

(0.38

)

 

(0.32

)

Tax return of capital

 

 

 

 

(0.35

)

 

(0.47

)

 

(0.08

)

 

(0.16

)

 

 

                             

Total dividends and distributions

 

 

(0.65

)

 

(0.65

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

 

                             

Net asset value, end of year

 

$

10.00

 

$

9.14

 

$

10.33

 

$

15.49

 

$

15.95

 

 

 

                             

Market price, end of year

 

$

9.88

 

$

8.27

 

$

9.20

 

$

13.64

 

$

14.86

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

Based on net asset value

 

 

17.36

%

 

(3.75

)%

 

(27.56

)%

 

3.15

%

 

19.89

%

 

 

                             

Based on market price

 

 

28.15

%

 

(2.21

)%

 

(26.73

)%

 

(2.50

)%

 

24.31

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

Total expenses

 

 

0.82

%

 

0.85

%

 

0.83

%

 

0.82

%

 

0.84

%

 

 

                             

Total expenses after fees waived

 

 

0.82

%

 

0.85

%

 

0.83

%

 

0.82

%

 

0.84

%

 

 

                             

Net investment income

 

 

2.44

%

 

3.46

%

 

3.46

%

 

2.87

%

 

2.90

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

Net assets, end of year (000)

 

$

545,129

 

$

498,174

 

$

563,030

 

$

844,633

 

$

869,703

 

 

 

                             

Portfolio turnover

 

 

104

%

 

56

%

 

23

%

 

12

%

 

11

%

 

 

                             

 

 

1

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

 

 

 

 

 

70

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Financial Highlights

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of year

 

$

8.13

 

$

9.59

 

$

14.10

 

$

14.88

 

$

14.01

 

 

 

                             

Net investment income

 

 

0.17

 

 

0.25

 

 

0.34

 

 

0.39

 

 

0.37

 

Net realized and unrealized gain (loss)

 

 

1.00

 

 

(0.55

)

 

(3.73

)

 

0.06

 

 

1.71

 

 

 

                             

Net increase (decrease) from investment operations

 

 

1.17

 

 

(0.30

)

 

(3.39

)

 

0.45

 

 

2.08

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.17

)

 

(0.25

)

 

(0.52

)

 

(0.43

)

 

(0.15

)

Net realized gain

 

 

 

 

 

 

 

 

(0.80

)

 

(1.06

)

Tax return of capital

 

 

(0.81

)

 

(0.91

)

 

(0.60

)

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

(0.98

)

 

(1.16

)

 

(1.12

)

 

(1.23

)

 

(1.21

)

 

 

                             

Net asset value, end of year

 

$

8.32

 

$

8.13

 

$

9.59

 

$

14.10

 

$

14.88

 

 

 

                             

Market price, end of year

 

$

8.99

 

$

7.89

 

$

8.47

 

$

12.68

 

$

14.92

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

15.23

%

 

(1.63

)%

 

(24.35

)%

 

3.21

%

 

15.72

%

 

 

                             

Based on market price

 

 

28.30

%

 

8.08

%

 

(25.70

)%

 

(7.43

)%

 

17.97

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

1.16

%

 

1.20

%

 

1.18

%

 

1.17

%

 

1.19

%

 

 

                             

Total expenses after fees waived

 

 

1.16

%

 

1.20

%

 

1.18

%

 

1.17

%

 

1.19

%

 

 

                             

Net investment income

 

 

2.06

%

 

3.11

%

 

3.20

%

 

2.76

%

 

2.73

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of year (000)

 

$

592,328

 

$

572,066

 

$

668,969

 

$

983,762

 

$

1,033,127

 

 

 

                             

Portfolio turnover

 

 

232

%

 

117

%

 

86

%

 

91

%

 

138

%

 

 

                             

 

 

1

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

71




 

 


 

 

Financial Highlights

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of year

 

$

9.72

 

$

10.67

 

$

15.22

 

$

16.13

 

$

15.14

 

 

 

                             

Net investment income

 

 

0.29

 

 

0.30

 

 

0.37

 

 

0.40

 

 

0.37

 

Net realized and unrealized gain (loss)

 

 

1.71

 

 

(0.60

)

 

(4.02

)

 

(0.41

)

 

1.52

 

 

 

                             

Net increase (decrease) from investment operations

 

 

2.00

 

 

(0.30

)

 

(3.65

)

 

(0.01

)

 

1.89

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.65

)

 

(0.31

)

 

(0.40

)

 

(0.40

)

 

(0.35

)

Net realized gain

 

 

 

 

 

 

 

 

(0.38

)

 

(0.55

)

Tax return of capital

 

 

 

 

(0.34

)

 

(0.50

)

 

(0.12

)

 

 

 

 

                             

Total dividends and distributions

 

 

(0.65

)

 

(0.65

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 

                             

Net asset value, end of year

 

$

11.07

 

$

9.72

 

$

10.67

 

$

15.22

 

$

16.13

 

 

 

                             

Market price, end of year

 

$

9.98

 

$

8.37

 

$

9.01

 

$

13.19

 

$

14.53

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

21.94

%

 

(1.10

)%

 

(23.93

)%

 

0.24

%

 

13.65

%

 

 

                             

Based on market price

 

 

27.67

%

 

0.86

%

 

(25.88

)%

 

(3.56

)%

 

17.43

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

0.93

%

 

0.97

%

 

0.94

%

 

0.95

%

 

0.96

%

 

 

                             

Total expenses after fees waived

 

 

0.93

%

 

0.97

%

 

0.94

%

 

0.95

%

 

0.96

%

 

 

                             

Net investment income

 

 

2.76

%

 

3.68

%

 

3.40

%

 

2.75

%

 

2.57

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of year (000)

 

$

297,869

 

$

261,472

 

$

287,141

 

$

409,646

 

$

433,938

 

 

 

                             

Portfolio turnover

 

 

71

%

 

66

%

 

20

%

 

18

%

 

18

%

 

 

                             

 

 

1

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

 

 

 

 

 

72

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Financial Highlights

BlackRock EcoSolutions Investment Trust (BQR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
September 28, 20071
through October 31,
2007

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2010

 

2009

 

2008

 

 

                           

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Net asset value, beginning of period

 

$

10.56

 

$

10.23

 

$

20.31

 

 

$

19.10

2

 

 

 

                           

Net investment income

 

 

0.05

 

 

0.06

 

 

0.03

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

1.24

 

 

1.78

 

 

(8.51

)

 

 

1.25

 

 

 

 

                           

Net increase (decrease) from investment operations

 

 

1.29

 

 

1.84

 

 

(8.48

)

 

 

1.25

 

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.05

)

 

(0.07

)

 

(0.02

)

 

 

 

 

Net realized gain

 

 

 

 

(0.09

)

 

(1.58

)

 

 

 

 

Tax return of capital

 

 

(1.15

)

 

(1.35

)

 

 

 

 

 

 

 

 

                           

Total dividends and distributions

 

 

(1.20

)

 

(1.51

)

 

(1.60

)

 

 

 

 

 

 

                           

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                           

Net asset value, end of period

 

$

10.65

 

$

10.56

 

$

10.23

 

 

$

20.31

 

 

 

 

                           

Market price, end of period

 

$

11.69

 

$

10.23

 

$

9.20

 

 

$

19.75

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Based on net asset value

 

 

13.04

%

 

19.64

%

 

(43.99

)%

 

 

6.28

%4

 

 

 

                           

Based on market price

 

 

28.08

%

 

28.88

%

 

(48.20

)%

 

 

(1.25

)%4

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Total expenses

 

 

1.45

%

 

1.51

%

 

1.36

%

 

 

1.70

%5

 

 

 

                           

Total expenses after fees waived and paid indirectly

 

 

1.45

%

 

1.50

%

 

1.35

%

 

 

1.68

%5

 

 

 

                           

Net investment income

 

 

0.47

%

 

0.65

%

 

0.38

%

 

 

0.97

%5

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Net assets, end of period (000)

 

$

131,002

 

$

127,025

 

$

120,282

 

 

$

238,731

 

 

 

 

                           

Portfolio turnover

 

 

124

%

 

62

%

 

45

%

 

 

4

%

 

 

 

                           

 

 

1

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

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

73




 

 


 

 

Financial Highlights

BlackRock Energy and Resources Trust (BGR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of period

 

$

23.81

 

$

20.71

 

$

37.60

 

$

29.67

 

$

28.12

 

 

 

                             

Net investment income

 

 

0.26

 

 

0.41

 

 

1.18

 

 

0.49

 

 

0.75

 

Net realized and unrealized gain (loss)

 

 

3.42

 

 

4.32

 

 

(14.63

)

 

9.27

 

 

3.65

 

 

 

                             

Net increase (decrease) from investment operations

 

 

3.68

 

 

4.73

 

 

(13.45

)

 

9.76

 

 

4.40

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.17

)

 

(0.47

)

 

(0.96

)

 

(0.70

)

 

(0.49

)

Net realized gain

 

 

(1.45

)

 

(0.19

)

 

(2.48

)

 

(1.13

)

 

(2.36

)

Tax return of capital

 

 

 

 

(0.97

)

 

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

(1.62

)

 

(1.63

)

 

(3.44

)

 

(1.83

)

 

(2.85

)

 

 

                             

Net asset value, end of period

 

$

25.87

 

$

23.81

 

$

20.71

 

$

37.60

 

$

29.67

 

 

 

                             

Market price, end of period

 

$

25.36

 

$

22.18

 

$

17.99

 

$

32.14

 

$

26.73

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

15.89

%

 

25.54

%

 

(38.15

)%

 

34.98

%

 

17.30

%

 

 

                             

Based on market price

 

 

21.95

%

 

34.63

%

 

(37.14

)%

 

28.07

%

 

18.11

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

1.27

%

 

1.30

%

 

1.27

%

 

1.27

%

 

1.28

%

 

 

                             

Total expenses after fees waived and paid indirectly

 

 

1.11

%

 

1.10

%

 

1.07

%

 

1.07

%

 

1.08

%

 

 

                             

Net investment income

 

 

1.04

%

 

1.77

%

 

1.38

%

 

1.69

%

 

2.47

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of period (000)

 

$

769,976

 

$

708,589

 

$

616,479

 

$

1,119,310

 

$

883,104

 

 

 

                             

Portfolio turnover

 

 

80

%

 

62

%

 

54

%

 

47

%

 

40

%

 

 

                             

 

 

1

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

 

 

 

 

 

74

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Financial Highlights

BlackRock Global Opportunities Equity Trust (BOE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

     

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of period

 

$

18.64

 

$

18.03

 

$

31.09

 

$

26.72

 

$

23.77

 

 

                               

Net investment income

 

 

0.19

 

 

0.19

 

 

0.39

 

 

0.55

 

 

0.58

 

Net realized and unrealized gain (loss)

 

 

2.13

 

 

2.70

 

 

(10.39

)

 

6.32

 

 

4.64

 

 

                               

Net increase (decrease) from investment operations

 

 

2.32

 

 

2.89

 

 

(10.00

)

 

6.87

 

 

5.22

 

 

                               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.44

)

 

(0.20

)

 

(0.56

)

 

(0.36

)

 

(0.59

)

Net realized gain

 

 

(0.25

)

 

 

 

(2.48

)

 

(2.14

)

 

(1.68

)

Tax return of capital

 

 

(0.59

)

 

(2.08

)

 

(0.02

)

 

 

 

 

 

                               

Total dividends and distributions

 

 

(2.28

)

 

(2.28

)

 

(3.06

)

 

(2.50

)

 

(2.27

)

 

                               

Net asset value, end of period

 

$

18.68

 

$

18.64

 

$

18.03

 

$

31.09

 

$

26.72

 

 

                               

Market price, end of period

 

$

19.06

 

$

18.40

 

$

15.89

 

$

28.76

 

$

27.61

 

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

13.76

%

 

20.50

%

 

(35.08

)%

 

27.47

%

 

24.48

%

 

                               

Based on market price

 

 

17.58

%

 

34.97

%

 

(38.15

)%

 

14.11

%

 

26.64

%

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

1.11

%

 

1.21

%

 

1.14

%

 

1.15

%

 

1.16

%

 

                               

Total expenses after fees waived

 

 

1.10

%

 

1.20

%

 

1.14

%

 

1.15

%

 

1.16

%

 

                               

Net investment income

 

 

1.03

%

 

1.05

%

 

1.60

%

 

1.87

%

 

2.45

%

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of period (000)

 

$

1,290,105

 

$

1,278,170

 

$

227,835

 

$

389,741

 

$

331,744

 

 

                               

Portfolio turnover

 

 

264

%

 

300

%

 

120

%

 

111

%

 

184

%

 

                               

 

 

1

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

75





 

 


 

 

Financial Highlights

BlackRock Health Sciences Trust (BME)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

     

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of period

 

$

25.37

 

$

23.66

 

$

30.33

 

$

27.74

 

$

26.38

 

 

                               

Net investment income

 

 

0.02

 

 

0.10

 

 

0.10

 

 

0.05

 

 

0.00

1

Net realized and unrealized gain (loss)

 

 

3.34

 

 

3.32

 

 

(4.70

)

 

4.76

 

 

3.28

 

 

                               

Net increase (decrease) from investment operations

 

 

3.36

 

 

3.42

 

 

(4.60

)

 

4.81

 

 

3.28

 

 

                               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.02

)

 

(0.13

)

 

(0.09

)

 

(0.02

)

 

 

Net realized gain

 

 

(1.52

)

 

(1.01

)

 

(1.98

)

 

(2.20

)

 

(1.92

)

Tax return of capital

 

 

 

 

(0.57

)

 

 

 

 

 

 

 

                               

Total dividends and distributions

 

 

(1.54

)

 

(1.71

)

 

(2.07

)

 

(2.22

)

 

(1.92

)

 

                               

Net asset value, end of period

 

$

27.19

 

$

25.37

 

$

23.66

 

$

30.33

 

$

27.74

 

 

                               

Market price, end of period

 

$

27.14

 

$

22.61

 

$

21.62

 

$

27.05

 

$

27.32

 

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

13.69

%

 

16.31

%

 

(15.55

)%

 

18.62

%

 

13.00

%

 

                               

Based on market price

 

 

27.33

%

 

13.44

%

 

(13.47

)%

 

7.42

%

 

16.59

%

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

1.15

%

 

1.15

%

 

1.13

%

 

1.13

%

 

1.15

%

 

                               

Total expenses after fees waived

 

 

1.15

%

 

1.15

%

 

1.13

%

 

1.13

%

 

1.15

%

 

                               

Net investment income

 

 

0.09

%

 

0.37

%

 

0.20

%

 

0.15

%

 

(0.11

)%

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of period (000)

 

$

206,392

 

$

192,602

 

$

179,642

 

$

230,280

 

$

208,151

 

 

                               

Portfolio turnover

 

 

239

%

 

167

%

 

121

%

 

89

%

 

181

%

 

                               

 

 

1

Amounted to less than $0.01 per share outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

 

 

 

 

 

76

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Financial Highlights

BlackRock International Growth and Income Trust (BGY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
May 30, 20071
through October 31,
2007

 

 

 

Year Ended October 31,

 

 

 

   

 

 

 

 

2010

 

2009

 

2008

 

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of period

 

$

10.92

 

$

10.41

 

$

20.12

 

$

19.10

2

 

                         

Net investment income

 

 

0.14

 

 

0.29

 

 

0.27

 

 

0.14

 

Net realized and unrealized gain (loss)

 

 

1.05

 

 

2.04

 

 

(8.31

)

 

1.50

 

 

                         

Net increase (decrease) from investment operations

 

 

1.19

 

 

2.33

 

 

(8.04

)

 

1.64

 

 

                         

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.12

)

 

(0.30

)

 

(0.30

)

 

(0.10

)

Net realized gain

 

 

 

 

 

 

(0.88

)

 

(0.50

)

Tax return of capital

 

 

(1.47

)

 

(1.52

)

 

(0.49

)

 

 

 

                         

Total dividends and distributions

 

 

(1.59

)

 

(1.82

)

 

(1.67

)

 

(0.60

)

 

                         

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

(0.02

)

 

                         

Net asset value, end of period

 

$

10.52

 

$

10.92

 

$

10.41

 

$

20.12

 

 

                         

Market price, end of period

 

$

10.56

 

$

10.92

 

$

9.09

 

$

17.76

 

 

                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Based on net asset value

 

 

12.06

%

 

26.28

%

 

(41.76

)%

 

8.93

%4

 

                         

Based on market price

 

 

12.49

%

 

44.62

%

 

(42.39

)%

 

(8.17

)% 4

 

                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Total expenses

 

 

1.13

%

 

1.12

%

 

1.11

%

 

1.07

%5

 

                         

Total expenses after fees waived

 

 

1.13

%

 

1.12

%

 

1.11

%

 

1.07

%5

 

                         

Net investment income

 

 

1.40

%

 

2.68

%

 

2.34

%

 

1.75

%5

 

                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net assets, end of period (000)

 

$

1,156,583

 

$

1,178,647

 

$

1,106,516

 

$

2,138,523

 

 

                         

Portfolio turnover

 

 

247

%

 

198

%

 

123

%

 

46

%

 

                         

 

 

1

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

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

77




 

 


 

 

Financial Highlights

BlackRock Real Asset Equity Trust (BCF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
September 29, 20061
through October 31,
2006

 

 

 

Year Ended October 31,

 

 

 

   

 

 

 

 

2010

 

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

 

 

0.17

 

 

0.08

 

 

0.20

 

 

0.20

 

 

0.04

 

Net realized and unrealized gain (loss)

 

 

2.61

 

 

3.30

 

 

(10.16

)

 

6.35

 

 

0.98

 

 

                               

Net increase (decrease) from investment operations

 

 

2.78

 

 

3.38

 

 

(9.96

)

 

6.55

 

 

1.02

 

 

                               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.74

)

 

(0.11

)

 

(0.17

)

 

(0.29

)

 

 

Net realized gain

 

 

 

 

 

 

(1.22

)

 

(0.80

)

 

 

Tax return of capital

 

 

(0.35

)

 

(0.98

)

 

 

 

 

 

 

 

                               

Total dividends and distributions

 

 

(1.09

)

 

(1.09

)

 

(1.39

)

 

(1.09

)

 

 

 

                               

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

                               

Net asset value, end of period

 

$

13.42

 

$

11.73

 

$

9.44

 

$

20.79

 

$

15.33

 

 

                               

Market price, end of period

 

$

13.46

 

$

11.45

 

$

7.74

 

$

17.59

 

$

15.00

 

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

24.65

%

 

40.96

%

 

(50.14

)%

 

45.34

%

 

6.98

%4

 

                               

Based on market price

 

 

28.08

%

 

67.81

%

 

(51.69

)%

 

25.67

%

 

%4

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

1.28

%

 

1.32

%

 

1.29

%

 

1.21

%

 

1.42

%5

 

                               

Total expenses after fees waived and paid indirectly

 

 

1.08

%

 

1.12

%

 

1.09

%

 

1.08

%

 

1.22

%5

 

                               

Net investment income

 

 

1.37

%

 

0.68

%

 

1.14

%

 

1.37

%

 

2.63

%5

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

765,463

 

$

664,928

 

$

535,257

 

$

1,179,087

 

$

820,283

 

 

                               

Portfolio turnover

 

 

71

%

 

58

%

 

29

%

 

61

%

 

%

 

                               

 

 

1

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

2

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

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

78

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 

 


 

 

Financial Highlights

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

     

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of year

 

$

13.38

 

$

12.38

 

$

21.00

 

$

18.55

 

$

15.98

 

 

                               

Net investment income

 

 

0.33

 

 

0.36

 

 

0.50

 

 

0.46

 

 

0.39

 

Net realized and unrealized gain (loss)

 

 

1.36

 

 

1.43

 

 

(8.22

)

 

2.90

 

 

3.22

 

 

                               

Net increase (decrease) from investment operations

 

 

1.69

 

 

1.79

 

 

(7.72

)

 

3.36

 

 

3.61

 

 

                               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.11

)

 

(0.39

)

 

(0.52

)

 

(0.44

)

 

(0.49

)

Net realized gain

 

 

(0.70

)

 

(0.33

)

 

 

 

(0.40

)

 

(0.55

)

Tax return of capital

 

 

 

 

(0.07

)

 

(0.38

)

 

(0.07

)

 

0.00

1

 

                               

Total dividends and distributions

 

 

(0.81

)

 

(0.79

)

 

(0.90

)

 

(0.91

)

 

(1.04

)

 

                               

Net asset value, end of year

 

$

14.26

 

$

13.38

 

$

12.38

 

$

21.00

 

$

18.55

 

 

                               

Market price, end of year

 

$

13.44

 

$

11.54

 

$

10.50

 

$

18.07

 

$

16.36

 

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

14.08

%

 

17.64

%

 

(37.53

)%

 

19.10

%

 

24.34

%

 

                               

Based on market price

 

 

24.67

%

 

19.63

%

 

(38.42

)%

 

16.20

%

 

20.52

%

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

1.23

%

 

1.17

%

 

0.96

%

 

1.20

%

 

1.13

%

 

                               

Total expenses after fees waived

 

 

1.22

%

 

1.16

%

 

0.96

%

 

1.20

%

 

1.13

%

 

                               

Net investment income

 

 

2.40

%

 

3.39

%

 

3.11

%

 

2.45

%

 

2.45

%

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of year (000)

 

$

86,047

 

$

80,716

 

$

74,716

 

$

126,706

 

$

111,925

 

 

                               

Portfolio turnover

 

 

59

%

 

64

%

 

10

%

 

12

%

 

10

%

 

                               

 

 

1

Amounted to less than $0.01 per share outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

79




 


 

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Dividend AchieversTM Trust (“BDV”), BlackRock Enhanced Dividend AchieversTM Trust (“BDJ”), BlackRock Strategic Dividend AchieversTM Trust (“BDT”), BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”), 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 management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trusts determine and make available for publication the net asset values of their shares on a daily basis.

BOE Reorganization: The Board of Trustees (the “Board”) and the shareholders of each of BlackRock Global Equity Income Trust (“BFD”), BlackRock World Investment Trust (“BWC”) (the “Target Trusts”) and BOE approved the reorganization of each Target Trust into BOE (the “Reorganizations”). The Reorganizations were tax-free events and were effective as of the opening for business of the New York Stock Exchange (“NYSE”) on July 27, 2009.

 

 

   

Target Trusts

Acquiring Trust

   

BFD

BOE

BWC

BOE

   

Under the agreement and plan of reorganization between each Target Trust and BOE, the shares of each Target Trust (“Target Trust Shares”) were exchanged for BOE shares. The conversion ratios for Target Trust Shares were as follows:

 

 

 

 

 

   

BFD/BOE

 

 

0.55125638

 

BWC/BOE

 

 

0.59681881

 

   

The net assets of BOE before and after the Reorganizations and BOE shares issued and Target Trust Shares redeemed in connection with the Reorganizations were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Acquiring
Trust

 

Net Assets
After the
Reorganizations

 

Net Assets
Prior to the
Reorganizations

 

Shares Issued

 

Target
Trusts
Shares
Redeemed

 

                   

BOE

 

$

1,256,641,195

 

$

231,537,574

 

 

55,935,668

 

 

97,158,060

 

                           

Included in the net assets acquired by BOE were the following components:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Target
Trusts

 

Paid-In
Capital

 

Distributions in
Excess of Net
Investment
Income

 

Realized
Loss

 

Net Unrealized
Appreciation
(Depreciation)

 

Net Assets

 

                                 

BFD

 

$

707,107,343

 

$

(46,391

)

$

(277,649,990

)

$

25,155,884

 

$

454,566,846

 

                                 

BWC

 

$

702,754,061

 

$

(60,604

)

$

(105,511,570

)

$

(26,645,112

)

$

570,536,775

 

                                 

The following is a summary of significant accounting policies followed by the Trusts:

Valuation: The Trusts fair value their financial instruments at market value using independent dealers or pricing services under policies approved by 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 Securities and Exchange Commission (“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 in accordance with a policy 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 cur-

 

 

 

 

 

80

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Notes to Financial Statements (continued)

rent sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. 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 investment advisor using a pricing service and/or policies approved by the Board. Each business day, the Trusts use a pricing service 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. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the date the transactions are entered into. Generally, when the US dollar rises in value against a 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 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, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

Dividends and Distributions: Dividends and distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to each Trust’s level distribution plan, a Trust intends to make quarterly cash dividends and/or distributions to shareholders, which may consist of net investment income, net options premium and net realized and unrealized gains on investments. The portion of dividends and distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, may be treated as a tax return of capital. The character 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. During the term of the loan, the Trusts are entitled to dividend and interest payments on the securities loaned. 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, 2010 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.

Dividend Achievers Universe: BDV, BDJ and BDT have been granted a revocable license by Indxis, Inc. (“Indxis”) (formerly Mergent) to use the Dividend AchieversTM universe of common stocks. If Indxis revokes a 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

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

81




 


 

Notes to Financial Statements (continued)

investment policies or strategies. “Indxis” and “Dividend AchieversTM” are trademarks of Indxis and have been licensed for use by BDV, BDJ and BDT. The products are not sponsored, endorsed, managed, sold or promoted by Indxis and Indxis 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”) may 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 certain 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 certain other BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability, if any, are included in other assets in 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 engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as equity risk or foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Trusts’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain netted against any collateral pledged by/posted to the counterparty. For OTC options purchased, the Trusts bear the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral received on the options should the counterparty fail to 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. Counterparty risk related to exchange-traded financial futures contracts and options is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

The Trusts may mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement implemented between a Trust and each of its respective counterparties. The ISDA Master Agreement allows each Trust to offset with each separate counterparty certain derivative financial instrument’s payables and/or receivables with collateral held. The amount of collateral moved to/from applicable counterparties is generally 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.

Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trusts’ net assets decline by a stated percentage or the Trusts fail to meet the terms of its ISDA Master Agreements, which would cause the Trusts to accelerate payment of any net liability owed to the counterparty.

Foreign Currency Exchange Contracts: Certain Trusts enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain 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, 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 cur-

 

 

 

 

 

82

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Notes to Financial Statements (continued)

rency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Options: The Trusts purchase and write call and put options to increase or decrease their exposure to underlying instruments (including 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 premiums 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. 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Instruments Categorized by Risk Exposure:

 

Fair Values of Derivative Instruments as of October 31, 2010

 

Asset Derivatives

 

 

 

Statements of
Assets and
Liabilities Location

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                         

Equity contracts

 

Investments at value — unaffiliated*

 

$

5

 

 

 

 

 

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                   

Foreign currency exchange contracts

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

$

563

 

$

60

 

$

2,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                   

Total

 

 

 

$

5

 

$

563

 

$

60

 

$

2,819

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                           

Liabilities Derivatives

 

 

 

Statements of
Assets and
Liabilities Location

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                                                   

Equity contracts

 

Options written at value

 

$

2,730,417

 

$

6,897,160

 

$

2,137,881

 

$

2,610,309

 

$

16,613,913

 

$

37,092,204

 

$

4,119,787

 

$

29,344,549

 

$

24,302,632

 

$

866,835

 

                                                                   

Foreign currency exchange contracts

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

 

 

22

 

 

36

 

 

68

 

 

15,053

 

 

22

 

 

78

 

                                                                   

Total

 

 

 

$

2,730,417

 

$

6,897,160

 

$

2,137,881

 

$

2,610,309

 

$

16,613,935

 

$

37,092,240

 

$

4,119,855

 

$

29,359,602

 

$

24,302,654

 

$

866,913

 

 

 

 

 

                                                           

* Includes options purchased at value as reported in the Schedules of Investments.

 

The Effect of Derivative Instruments on the Statements of Operations Year Ended October 31, 2010

 

Net Realized Gain (Loss) from

 

 

 

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                               

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency transactions

 

 

 

 

 

 

 

$

25,123

 

$

(92,868

)

$

(586,940

)

$

93,093

 

$

1,070,354

 

$

(52,742

)

$

514

 

Equity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options**

 

$

9,678,255

 

$

29,455,029

 

$

6,123,474

 

 

4,880,024

 

 

28,314,032

 

 

83,586,719

 

 

6,743,669

 

 

69,788,836

 

 

30,010,690

 

 

1,859,587

 

                                                                   

Total

 

$

9,678,255

 

$

29,455,029

 

$

6,123,474

 

$

4,905,147

 

$

28,221,164

 

$

82,999,779

 

$

6,836,762

 

$

70,859,190

 

$

29,957,948

 

$

1,860,101

 

 

 

 

 

                                                           

Net Change in Unrealized Appreciation/Depreciation on

                                                                   

 

 

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                               

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency transactions

 

 

 

 

 

 

 

 

 

$

(22

)

$

6,855

 

$

(15

)

$

(278,210

)

$

(67

)

$

5,075

 

Equity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options**

 

$

(1,611,409

)

$

(3,639,568

)

$

(1,372,290

)

$

(1,322,709

)

 

(5,756,493

)

 

(25,873,932

)

 

(1,492,574

)

 

(19,371,859

)

 

(15,707,788

)

 

(274,055

)

                                                               

Total

 

$

(1,611,409

)

$

(3,639,568

)

$

(1,372,290

)

$

(1,322,709

)

$

(5,756,515

)

$

(25,874,459

)

$

(1,492,582

)

$

(19,384,093

)

$

(15,707,810

)

$

(274,133

)

 

 

                                                           

** Options purchased are included in the net realized gain (loss) from investments — unaffiliated and net change in unrealized appreciation/depreciation on investments — unaffiliated.


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

83




 


 

Notes to Financial Statements (continued)

For the year ended October 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                           

Foreign currency transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of contracts — US dollars purchased

 

 

 

 

 

 

 

 

1

 

 

1

 

 

4

 

 

3

 

 

6

 

 

1

 

 

2

 

Average number of contracts — US dollars sold

 

 

 

 

 

 

 

 

1

 

 

1

 

 

4

 

 

2

 

 

8

 

 

1

 

 

1

 

Average US dollar amounts purchased

 

 

 

 

 

 

 

$

251,545

 

$

5,643

 

$

7,210,282

 

$

586,485

 

$

12,076,319

 

$

16,216

 

$

38,727

 

Average US dollar amounts sold

 

 

 

 

 

 

 

$

225,322

 

$

3,298,565

 

$

10,842,482

 

$

340,310

 

$

14,005,434

 

$

46,252

 

$

5,993

 

Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of contracts purchased

 

 

 

 

 

 

 

 

 

 

15,000

 

 

38,775

 

 

2,500

 

 

 

 

4,375

 

 

 

Average number of contracts written

 

 

2,396,675

 

 

7,000,000

 

 

1,886,771

 

 

11,436,737

 

 

5,714,581

 

 

44,067,592

 

 

2,099,375

 

 

95,888,042

 

 

14,346,150

 

 

1,150,792

 

Average notional value of contracts purchased

 

 

 

 

 

 

 

 

 

$

270,000

 

$

1,046,925

 

$

112,275

 

 

 

$

78,750

 

 

 

Average notional value of contracts written

 

$

104,137,813

 

$

308,238,491

 

$

57,357,379

 

$

55,416,860

 

$

230,601,379

 

$

631,302,200

 

$

64,041,531

 

$

634,566,603

 

$

255,110,961

 

$

27,886,739

 

                                                               

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 Trusts 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 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 (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 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 them, 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 in the Statements of Assets and Liabilities as securities loaned and collateral on securities loaned at value, 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 year ended October 31, 2010, BIM received $17,061 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 year ended October 31, 2010, were as follows:

 

 

 

 

 

 

 

 

           

 

 

Purchases

 

Sales

 

           

BDV

 

$

532,048,326

 

$

540,901,534

 

BDJ

 

$

1,321,876,127

 

$

1,326,666,666

 

BDT

 

$

196,934,561

 

$

199,752,088

 

BQR

 

$

149,820,109

 

$

151,812,450

 

BGR

 

$

616,307,318

 

$

586,086,549

 

BOE

 

$

3,208,221,081

 

$

3,254,815,182

 

BME

 

$

459,139,063

 

$

464,567,273

 

BGY

 

$

2,650,807,784

 

$

2,694,268,535

 

BCF

 

$

495,366,652

 

$

482,131,295

 

BQY

 

$

47,134,262

 

$

51,030,153

 

               

 

 

 

 

 

84

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Notes to Financial Statements (continued)

Transactions in options written for the year ended October 31, 2010, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums
Received

 

Contracts

 

Premiums
Received

 

                   

BDV

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

980,505

 

$

2,834,966

 

 

 

 

 

 

 

Options written

 

 

10,220,425

 

 

18,847,314

 

 

 

 

 

 

 

Options expired

 

 

(4,493,722

)

 

(8,303,180

)

 

 

 

 

 

 

Options closed

 

 

(997,851

)

 

(3,263,574

)

 

 

 

 

 

 

Options exercised

 

 

(4,650,733

)

 

(8,033,702

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

1,058,624

 

$

2,081,824

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDJ

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

3,073,157

 

$

8,463,610

 

 

 

 

 

 

 

Options written

 

 

32,037,009

 

 

56,643,616

 

 

 

 

 

 

 

Options expired

 

 

(13,753,215

)

 

(25,389,256

)

 

 

 

 

 

 

Options closed

 

 

(2,711,084

)

 

(7,723,584

)

 

 

 

 

 

 

Options exercised

 

 

(15,230,139

)

 

(26,127,147

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

3,415,728

 

$

5,867,239

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDT

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

1,022,895

 

$

1,745,202

 

 

 

 

 

 

 

Options written

 

 

7,627,441

 

 

11,022,601

 

 

 

 

 

 

 

Options expired

 

 

(3,623,382

)

 

(4,794,191

)

 

 

 

 

 

 

Options closed

 

 

(1,195,434

)

 

(2,523,110

)

 

 

 

 

 

 

Options exercised

 

 

(2,646,982

)

 

(3,784,407

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

1,184,538

 

$

1,666,095

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQR

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

10,345,421

 

$

1,871,244

 

 

 

 

 

 

 

Options written

 

 

76,671,589

 

 

14,328,924

 

 

 

 

 

 

 

Options expired

 

 

(31,364,493

)

 

(6,421,686

)

 

 

 

 

 

 

Options closed

 

 

(32,769,538

)

 

(2,804,304

)

 

 

 

 

 

 

Options exercised

 

 

(12,149,217

)

 

(5,096,993

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

10,733,762

 

$

1,877,185

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGR

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

3,663,582

 

$

11,556,677

 

 

182,350

 

$

336,126

 

Options written

 

 

12,582,460

 

 

53,065,583

 

 

60,000

 

 

54,000

 

Options expired

 

 

(5,627,240

)

 

(24,953,649

)

 

(182,350

)

 

(336,126

)

Options closed

 

 

(2,186,261

)

 

(10,943,072

)

 

 

 

 

Options exercised

 

 

(4,506,287

)

 

(17,976,228

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

3,926,254

 

$

10,749,311

 

 

60,000

 

$

54,000

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOE

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

46,910,987

 

$

30,037,519

 

 

183,933

 

$

352,704

 

Options written

 

 

277,670,079

 

 

163,994,297

 

 

265,371

 

 

2,377,857

 

Options expired

 

 

(125,771,731

)

 

(73,459,005

)

 

(130,315

)

 

(898,119

)

Options closed

 

 

(84,691,286

)

 

(46,435,893

)

 

(43,165

)

 

(779,200

)

Options exercised

 

 

(75,790,222

)

 

(53,055,768

)

 

(214,207

)

 

(350,199

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

38,327,827

 

$

21,081,150

 

 

61,617

 

$

703,043

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums
Received

 

Contracts

 

Premiums
Received

 

                   

BME

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

728,973

 

$

2,351,438

 

 

730

 

$

82,955

 

Options written

 

 

3,671,273

 

 

12,978,998

 

 

500,071

 

 

1,501,235

 

Options expired

 

 

(1,469,704

)

 

(5,506,086

)

 

(5,285

)

 

(552,760

)

Options closed

 

 

(1,150,715

)

 

(3,969,049

)

 

(3,322

)

 

(287,112

)

Options exercised

 

 

(903,202

)

 

(3,498,896

)

 

(345

)

 

(65,198

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

876,625

 

$

2,356,405

 

 

491,849

 

$

679,120

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGY

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

64,862,070

 

$

25,657,264

 

 

1,250

 

$

89,435

 

Options written

 

 

606,335,304

 

 

158,411,538

 

 

6,661,541

 

 

4,804,395

 

Options expired

 

 

(275,099,873

)

 

(73,420,270

)

 

(4,302,748

)

 

(2,496,392

)

Options closed

 

 

(162,677,505

)

 

(40,280,914

)

 

(139,512

)

 

(1,044,499

)

Options exercised

 

 

(138,168,116

)

 

(50,232,475

)

 

(2,030,816

)

 

(1,045,827

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

95,251,880

 

$

20,135,143

 

 

189,715

 

$

307,112

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCF

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

10,919,345

 

$

10,544,926

 

 

675

 

$

111,522

 

Options written

 

 

76,101,195

 

 

63,375,445

 

 

105,447

 

 

618,568

 

Options expired

 

 

(40,035,605

)

 

(30,893,497

)

 

(86,525

)

 

(478,390

)

Options closed

 

 

(10,563,888

)

 

(16,087,652

)

 

(1,347

)

 

(125,394

)

Options exercised

 

 

(24,479,096

)

 

(15,373,297

)

 

(560

)

 

(102,799

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

11,941,951

 

$

11,565,925

 

 

17,690

 

$

23,507

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQY

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

512,889

 

$

465,726

 

 

 

 

 

 

 

Options written

 

 

5,597,699

 

 

4,694,428

 

 

 

 

 

 

 

Options expired

 

 

(2,430,668

)

 

(1,950,908

)

 

 

 

 

 

 

Options closed

 

 

(1,336,310

)

 

(1,262,754

)

 

 

 

 

 

 

Options exercised

 

 

(1,385,402

)

 

(1,163,463

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

958,208

 

$

783,029

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

As of October 31, 2010, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

       

 

 

Value

 

       

BDV

 

$

94,534,219

 

BDJ

 

$

270,526,171

 

BDT

 

$

58,013,309

 

BQR

 

$

56,586,658

 

BGR

 

$

242,358,791

 

BOE

 

$

680,378,391

 

BME

 

$

76,060,103

 

BGY

 

$

649,746,366

 

BCF

 

$

276,044,818

 

BQY

 

$

32,538,888

 

         

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

85




 


 

Notes to Financial Statements (continued)

5. Income Tax Information:

Reclassifications: US GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of October 31, 2010 attributable to foreign currency transactions, the sale of stock of passive foreign investment companies, income recognized from pass-thru entities, distributions paid in excess of taxable income and the accounting for Real Estate Investment Trusts were reclassified to the following accounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                               

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                           

Paid-in capital

 

$

(22,645,964

)

 

 

$

(10,007,102

)

 

 

 

 

$

(86,859,628

)

 

 

 

 

$

(27,392,083

)

 

 

Distributions in excess
of net investment
income

 

$

22,516,674

 

$

(103,975

)

$

9,502,536

 

$

(24,601

)

$

108,532

 

$

85,828,137

 

$

(52,163

)

$

(2,126,742

)

$

27,465,440

 

$

(13,817

)

Accumulated net
realized gain (loss)

 

$

129,290

 

$

103,975

 

$

504,566

 

$

24,601

 

$

(108,532

)

$

1,031,491

 

$

52,163

 

$

2,126,742

 

$

(73,357

)

$

13,817

 

                                                               

The tax character of distributions paid during the fiscal years ended October 31, 2010 and October 31, 2009, was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                               

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                                               

Ordinary Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2010

 

$

35,436,905

 

$

12,098,232

 

$

17,490,218

 

$

582,037

 

$

48,221,272

 

$

115,814,295

 

$

2,917,983

 

$

13,597,240

 

$

42,492,192

 

$

3,078,482

 

10/31/2009

 

 

16,244,237

 

 

17,467,300

 

 

8,355,545

 

 

1,808,447

 

 

19,459,420

 

 

5,179,012

 

 

4,872,648

 

 

32,190,952

 

 

6,325,350

 

 

3,102,756

 

Long-Term Capital Gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,753,948

 

 

 

 

 

 

1,823,354

 

10/31/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,777,435

 

 

 

 

 

 

1,209,711

 

Tax Return of Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2010

 

 

 

 

57,140,851

 

 

 

 

13,928,324

 

 

 

 

40,455,279

 

 

 

 

159,367,997

 

 

19,209,691

 

 

 

10/31/2009

 

 

19,192,668

 

 

63,684,763

 

 

9,134,673

 

 

15,909,385

 

 

28,761,852

 

 

55,376,808

 

 

4,321,847

 

 

161,725,283

 

 

55,327,618

 

 

438,543

 

Total Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/2010

 

$

35,436,905

 

$

69,239,083

 

$

17,490,218

 

$

14,510,361

 

$

48,221,272

 

$

156,269,574

 

$

11,671,931

 

$

172,965,237

 

$

61,701,883

 

$

4,901,836

 

                                                               

10/31/2009

 

$

35,436,905

 

$

81,152,063

 

$

17,490,218

 

$

17,717,832

 

$

48,221,272

 

$

60,555,820

 

$

12,971,930

 

$

193,916,235

 

$

61,652,968

 

$

4,751,010

 

                                                               

As of October 31, 2010, the tax components of accumulated net earnings (losses) were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                           

Undistributed ordinary
income

 

 

 

 

 

 

 

 

 

$

8,310,331

 

 

 

$

8,354,374

 

 

 

 

 

$

1,299,837

 

Undistributed long-term
Capital Gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,795

 

 

 

 

 

 

 

Capital loss
carryforwards

 

$

(148,441,517

)

$

(234,562,716

)

 

$(42,127,622

)

$

(30,220,608

)

 

 

$

(220,519,360

)

 

 

$

(581,540,948

)

$

(7,772,360

)

 

 

Net unrealized
gains (losses)*

 

 

20,320,331

 

 

(20,357,687

)

 

(656,084

)

 

(38,620,338

)

 

81,062,211

 

 

63,937,742

 

 

21,038,670

 

 

42,873,041

 

 

60,074,601

 

 

1,795,027

 

                                                               

Total

 

$

(128,121,186

)

$

(254,920,403

)

 

$(42,783,706

)

$

(68,840,946

)

$

89,372,542

 

$

(156,581,618

)

$

29,556,839

 

$

(538,667,907

)

$

52,302,241

 

$

3,094,864

 

                                                               

 

 

*

The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales, the tax deferral of losses on straddles, the realization for tax purposes of unrealized gains / losses on certain foreign currency contracts, the timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the deferral of compensation to trustees and the accounting for Real Estate Investment Trusts.

As of October 31, 2010, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Expires October 31,

 

BDV

 

BDJ

 

BDT

 

BQR

 

BOE

 

BGY

 

BCF

 

                                             

2015

 

 

 

 

 

 

 

 

 

$

19,715,459

 

 

 

 

 

2016

 

$

26,663,834

 

$

29,702,025

 

 

 

 

 

 

162,655,860

 

 

 

 

 

2017

 

 

121,777,683

 

 

196,333,943

 

$

42,127,622

 

$

21,140,114

 

 

38,148,041

 

$

525,935,486

 

$

7,772,360

 

2018

 

 

 

 

8,526,748

 

 

 

 

9,080,494

 

 

 

 

55,605,462

 

 

 

                                             

Total

 

$

148,441,517

 

$

234,562,716

 

$

42,127,622

 

$

30,220,608

 

$

220,519,360

 

$

581,540,948

 

$

7,772,360

 

                                             

 

 

 

 

 

86

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Notes to Financial Statements (concluded)

6. Concentration, Market and Credit Risk:

BOE, BGY and BQY invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When such Trusts concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Please see the Schedules of Investments for concentrations in specific countries.

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, BGY, BQY

Utilities

 

BDT, 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 October 31, 2010, the Trusts listed below had the following industry classifications:

 

 

 

 

 

 

 

 

 

 

             

Industry

 

BOE

 

BGY

 

BQY

             

Oil, Gas & Consumable Fuels

 

10

%

 

9

%

 

11

%

Commercial Banks

 

9

 

 

12

 

 

13

 

Chemicals

 

4

 

 

5

 

 

3

 

Pharmaceuticals

 

5

 

 

3

 

 

8

 

Metals & Mining

 

3

 

 

7

 

 

2

 

Diversified Telecommunication

 

4

 

 

4

 

 

5

 

Other*

 

65

 

 

60

 

 

58

 

                   
* All other industries held were each less than 5% of long-term investments.

7. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. At October 31, 2010, the shares owned by an affiliate of the Manager of the Trusts were as follows:

 

 

 

     

 

 

Common
Shares Owned

     

BDV

 

8,028

BDJ

 

8,028

BDT

 

8,028

BQR

 

6,964

BGR

 

4,817

BOE

 

12,927

BME

 

4,817

BGY

 

6,178

BCF

 

8,028

BQY

 

8,028

     

Shares issued and outstanding during the years ended October 31, 2010 and October 31, 2009 increased by the following amounts as a result of dividend reinvestments:

 

 

 

 

 

 

 

             

 

 

Year Ended
October 31, 2010

 

Year Ended
October 31, 2009

         

BDJ

 

874,108

 

 

550,993

 

BQR

 

279,540

 

 

267,360

 

BOE

 

486,833

 

 

 

BGY

 

2,045,205

 

 

1,637,894

 

BCF

 

337,063

 

 

 

             

Shares issued and outstanding remained constant for BDV, BDT, BGR, BME and BQY for the years ended October 31, 2010 and October 31, 2009.

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 October 31, 2010, the Board declared distributions and special distributions per common share as follows:

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

Ex-Date

 

Record
Date

 

Payable
Date

 

Distribution
per Common
Share

 

                       

BDV

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

0.162500

 

BDJ

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

0.245000

 

BDT

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

0.162500

 

BQR

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

0.300000

 

BGR

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

0.405000

 

BOE

 

 

11/10/10

 

11/15/10

 

11/30/10

 

$

0.568750

 

BME*

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

1.084375

 

BGY

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

0.340000

 

BCF

 

 

12/17/10

 

12/21/10

 

12/31/10

 

$

0.271800

 

BQY

 

 

11/10/10

 

11/15/10

 

11/30/10

 

$

0.250000

 

                       
* Includes onetime special distribution of $0.70.

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

87




 


 

Report of Independent Registered Public Accounting Firm


 

To the Board of Trustees and Shareholders of:

BlackRock Dividend AchieversTM Trust

BlackRock Enhanced Dividend AchieversTM Trust

BlackRock Strategic Dividend AchieversTM Trust

BlackRock EcoSolutions Investment Trust

BlackRock Energy and Resources Trust

BlackRock Global Opportunities Equity Trust

BlackRock Health Sciences Trust

BlackRock International Growth and Income Trust

BlackRock Real Asset Equity Trust

BlackRock S&P Quality Rankings Global Equity Managed Trust

(Collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the schedules of investments, as of October 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
New York, New York
December 23, 2010

 

 

 

 

 

88

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Trustees (each, a “Board,” and, collectively, the “Boards,” and the members of which are referred to as “Board Members”) of each of BlackRock Dividend AchieversTM Trust (“BDV”), BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Dividend AchieversTM Trust (“BDJ”), BlackRock Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“BQY,”) and BlackRock Strategic Dividend AchieversTM Trust (“BDT” and together with BDV, BQR, BGR, BDJ, BOE, BME, BGY, BCF and BQY, each a “Fund,” and, collectively, the “Funds”) met on April 8, 2010 and May 13-14, 2010 to consider the approval of each Fund’s investment advisory agreement (collectively, the “Advisory Agreements”) with BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Boards of BDV, BDJ, BDT, BQR, BGR, BGY, BCF and BQY also considered the approval of the sub-advisory agreement (collectively, the “Sub-Advisory Agreements”) between the Manager and one of the following sub-advisors, as the case may be: BlackRock Financial Management, Inc.; State Street Research & Management Company; BlackRock Investment Management, LLC; BlackRock International Limited; and BlackRock Capital Management, Inc. (each, a “Sub-Advisor”), with respect to their respective Funds. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

Activities and Composition of the Board

The Board of each Fund consists of ten individuals, eight of whom are not “interested persons” of the Funds as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of each Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chairman of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member) and is chaired by an Independent Board Member. Each Board also has one ad hoc committee, the Joint Product Pricing Committee, which consists of Independent Board Members and the directors/trustees of the boards of certain other BlackRock-managed funds, who are not “interested persons” of their respective funds.

The Agreements

Pursuant to the 1940 Act, the Boards are required to consider the continuation of the Agreements on an annual basis. In connection with this process, the Boards assessed, among other things, the nature, scope and quality of the services provided to the Funds by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.

From time to time throughout the year, the Boards, acting directly and through their committees, considered at each of their meetings factors that are relevant to their annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Funds and their shareholders. Among the matters the Boards considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management’s and portfolio managers’ analysis of the reasons for any over performance or underperformance against a Fund’s peers and/or benchmark, as applicable; (b) fees, including advisory and other amounts paid to BlackRock and its affiliates by each Fund for services such as call center and fund accounting; (c) each Fund’s operating expenses; (d) the resources devoted to and compliance reports relating to each Fund’s investment objective, policies and restrictions; (e) each Fund’s compliance with its Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting policies approved by the Boards; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of contractual and actual management fees for products with similar investment objectives across the open-end fund, closed-end fund and institutional account product channels, as applicable; and (l) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 8, 2010 meeting, the Boards requested and each received materials specifically relating to the Agreements. The Boards are engaged in a process with BlackRock to periodically review the nature and scope of the information provided to better assist their deliberations. The materials provided in connection with the April meeting included (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on Fund fees and expenses, and the investment performance of each Fund as compared with a peer group of funds as determined by Lipper (collectively, “Peers”); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates and significant shareholders; (c) a general analysis provided by BlackRock concerning investment advisory fees charged to other clients, such as institutional clients and open-end funds, under similar investment mandates; (d) the impact of economies of scale; (e) a summary of aggregate amounts paid by each Fund to BlackRock and (f) if applicable, a comparison of management fees to similar BlackRock closed-end funds, as classified by Lipper.

At an in-person meeting held on April 8, 2010, the Boards reviewed materials relating to their consideration of the Agreements. As a result of the discussions that occurred during the April 8, 2010 meeting, the Boards presented BlackRock with questions and requests for additional information and BlackRock responded to these requests with additional written information in advance of the May 13-14, 2010 Board meeting.

At an in-person meeting held on May 13-14, 2010, each Board, including its Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its respective Fund for a one-year term ending June 30, 2011. The Board of each of BDV, BDJ, BDT, BQR, BGR, BGY, BCF and BQY, including its Independent Board Members, also unanimously approved the continuation of the Sub-Advisory Agreement

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

89




 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

between the Manager and the Sub-Advisor, with respect to its respective Fund, for a one-year term ending June 30, 2011. In approving the continuation of the Agreements, the Boards considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with each Fund; (d) economies of scale; and (e) other factors deemed relevant by the Board Members.

The Boards also considered other matters they deemed important to the approval process, such as services related to the valuation and pricing of each Fund’s portfolio holdings, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with each Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Boards’ review. The Boards noted the willingness of BlackRock personnel to engage in open, candid discussions with the Boards. The Boards did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Boards, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Boards compared each Fund’s performance to the performance of a comparable group of closed-end funds, and the performance of a relevant benchmark, if any. The Boards met with BlackRock’s senior management personnel responsible for investment operations, including the senior investment officers. The Boards also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance and each Fund’s investment objective, strategies and outlook.

The Boards considered, among other factors, the number, education and experience of BlackRock’s investment personnel generally and each Fund’s portfolio management team, investments by portfolio managers in the funds they manage, BlackRock’s portfolio trading capabilities, BlackRock’s use of technology, BlackRock’s commitment to compliance, BlackRock’s credit analysis capabilities, BlackRock’s risk analysis capabilities and BlackRock’s approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards also reviewed a general description of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Boards considered the quality of the administrative and non-investment advisory services provided to each Fund. BlackRock and its affiliates and significant shareholders provide each Fund with certain administrative and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In addition to investment advisory services, BlackRock and its affiliates provide each Fund with other services, including (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) assisting with daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; and (viii) performing other administrative functions necessary for the operation of each Fund, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Boards reviewed the structure and duties of BlackRock’s fund administration, accounting, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock

The Boards, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April 8, 2010 meeting, the Boards were provided with reports, independently prepared by Lipper, which included a comprehensive analysis of each Fund’s performance. The Boards also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper’s rankings. In connection with their reviews, the Boards received and reviewed information regarding the investment performance of each Fund as compared to a representative group of similar funds as determined by Lipper and to all funds in each Fund’s applicable Lipper category. The Boards were provided with a description of the methodology used by Lipper to select peer funds. The Boards regularly review the performance of each Fund throughout the year.

The Board of BGR noted that, in general, BGR performed better than its Peers in that BGR’s performance was at or above the median of its Lipper Performance Universe in each of the one-, three- and five-year periods reported.

The Boards of BOE, BME and BCF noted that, in general, BOE, BME and BCF performed better than their respective Peers in that each Fund’s performance was at or above the median of its Lipper Performance Universe in each of the one-year, three-year and since-inception periods reported.

The Boards of BQR and BGY noted that, in general, BQR and BGY performed better than their respective Peers in that each Fund’s performance was at or above the median of its Lipper Performance Universe in either the one-year or since-inception periods reported.

The Board of BQY noted that, in general, BQY performed better than its Peers in that BQY’s performance was at or above the median of its Lipper Performance Universe in two of the one-, three- and five-year periods reported. Additionally, working with the Board of BQY, BlackRock has restructured the investment process of BQY from an active quantitative, index-based investment approach to a fundamentally-based investment approach, thus allowing for greater portfolio management flexibility in picking individual equities and taking targeted sector and industry exposures.

The Boards of BDV and BDT noted that BDV and BDT performed below the median of their Lipper Peer Universe in each of the one-, three- and five-year periods reported. The Boards of BDV and BDT and BlackRock reviewed the reasons for each Fund’s underperformance during these periods compared with its Peers. The Boards of BDV and BDT were informed that, among other things, BDV and BDT are U.S. portfolios while many of their respective Peers appear to have invested globally. The non-U.S. markets outperformed the U.S. markets over the past five-years helping improve performance for those portfolios holding non-U.S. securities.

 

 

 

 

 

90

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board of BDJ noted that BDJ performed below the median of its Lipper Peer Universe in each of the one-year, three-year and since-inception periods reported. The Board of BDJ and BlackRock reviewed the reasons for BDJ’s underperformance during these periods compared with its Peers. The Board of BDJ was informed that, among other things, BDJ is a U.S. portfolio while many of its Peers appear to have invested globally, including in emerging markets. These non-U.S. markets outperformed the U.S. markets over the past three-years helping improve performance for those portfolios holding non-U.S. securities.

The Boards of BDV, BDJ and BDT and BlackRock discussed BlackRock’s strategy for improving each Fund’s performance and BlackRock’s commitment to providing the resources necessary to assist each Fund’s portfolio managers and to improve each Fund’s performance. Additionally, working with the Boards of BDV, BDJ and BDT, BlackRock has restructured the investment process of BDV, BDJ and BDT from an active quantitative, index-based investment approach to a fundamentally-based investment approach, thus allowing for greater portfolio management flexibility in picking individual equities and taking targeted sector and industry exposures.

 

 

C.

Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds

The Boards, including the Independent Board Members, reviewed each Fund’s contractual advisory fee rate compared with the other funds in its Lipper category. The Boards also compared each Fund’s total expenses, as well as actual management fees, to those of other funds in its Lipper category. The Boards considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s financial condition and profitability with respect to the services it provided each Fund. The Boards were also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Boards reviewed BlackRock’s profitability with respect to each Fund and other funds the Boards currently oversee for the year ended December 31, 2009 compared to available aggregate profitability data provided for the year ended December 31, 2008. The Boards reviewed BlackRock’s profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, expense allocations and business mix, and the difficulty of comparing profitability as a result of those factors.

The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Nevertheless, to the extent such information was available, the Boards considered BlackRock’s overall operating margin, in general, compared to the operating margin for leading investment management firms whose operations include advising closed-end funds, among other product types. That data indicates that operating margins for BlackRock with respect to its registered funds are generally consistent with margins earned by similarly situated publicly traded competitors. In addition, the Boards considered, among other things, certain third party data comparing BlackRock’s operating margin with that of other publicly-traded asset management firms. That third party data indicates that larger asset bases do not, in themselves, translate to higher profit margins.

In addition, the Boards considered the cost of the services provided to each Fund by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of each Fund and the other funds advised by BlackRock and its affiliates. As part of their analysis, the Boards reviewed BlackRock’s methodology in allocating its costs to the management of each Fund. The Boards also considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Boards.

The Boards of BDV, BDJ, BOE, BME, BGY, BQY and BDT noted that each of their respective Funds’ contractual management fee rate was lower than or equal to the median contractual management fee rate paid by the Fund’s Peers, in each case, before taking into account any expense reimbursements or fee waivers.

The Boards of BQR and BCF noted that each of their respective Funds’ contractual management fee rate was above the median contractual management fee rate paid by the Fund’s Peers, in each case, before taking into account any expense reimbursements or fee waivers. The Boards of BQR and BCF also noted, however, that each Fund’s contractual management fee rate was reasonable relative to the median contractual management fee rate paid by the Fund’s peers.

The Board of BGR noted that BGR’s contractual management fee rate was above the median contractual management fee rate paid by BGR’s Peers, in each case, before taking into account any expense reimbursements or fee waivers. The Board also noted, however, that BGR’s actual management fee rate, after giving effect to any expense reimbursements or fee waivers by BlackRock, was lower than or equal to the median actual management fee rate paid by BGR’s Peers, after giving effect to any expense reimbursements or fee waivers.

D. Economies of Scale

The Boards, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Boards also considered the extent to which each Fund benefits from such economies and whether there should be changes in the advisory fee rate or structure in order to enable each Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the asset level of each Fund.

The Boards noted that most closed-end fund complexes do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering and each fund is managed independently consistent with its own investment objectives. The Boards noted that only one closed-end fund in the Fund Complex has breakpoints in its fee structure. Information provided by Lipper also revealed that only one closed-end fund complex with total closed-end fund nets assets exceeding $10 billion, as of December 31, 2009, used a complex level breakpoint structure.

E. Other Factors Deemed Relevant by the Board Members

The Boards, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

91




 


 

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

and significant shareholders may derive from their respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates and significant shareholders as service providers to the Funds, including for administrative and distribution services. The Boards also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Boards also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain mutual fund transactions to assist in managing all or a number of its other client accounts. The Boards further noted that BlackRock completed the acquisition of a complex of exchange-traded funds (“ETFs”) on December 1, 2009, and that BlackRock’s funds may invest in such ETFs without any offset against the management fees payable by the funds to BlackRock.

In connection with its consideration of the Agreements, the Boards also received information regarding BlackRock’s brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their respective Fund shares in the secondary market if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

Each Board, including its Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its respective Fund for a one-year term ending June 30, 2011. The Board of each of BDV, BDJ, BDT, BQR, BGR, BGY, BCF and BQY, including its Independent Board Members, also unanimously approved the continuation of the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to its respective Fund, for a one-year term ending June 30, 2011. As part of its approval, each Board considered the discussions of BlackRock’s fee structure, as it applies to its respective Fund, being conducted by the ad hoc Joint Product Pricing Committee. Based upon its evaluation of all of the aforementioned factors in their totality, each Board, including its Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of its respective Fund and its shareholders. In arriving at a decision to approve the Agreements, none of the Boards identified any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for each Fund reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

 


 

Automatic Dividend Reinvestment Plans

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Reinvestment Plan”), common shareholders are automatically enrolled, to have all distributions of dividends and capital gains reinvested by BNY Mellon Shareowner Services (the “Plan Agent”) in the respective Trust’s shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the plan.

After a Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market, on a Trust’s primary exchange or elsewhere (“open market purchases”). If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Plan Agent is unable to invest the full dividend amount in open market purchases, or if the market discount shifts to a market premium during the purchase period, the Plan Agent will invest any un-invested portion in newly issued shares.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the plan administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any federal income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at BNY Mellon Shareowner Services, P.O. Box 358035, Pittsburgh, PA 15252-8035; or by calling 1-866-216-0242.

 

 

 

 

 

92

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Important Tax Information (unaudited)

The following information is provided with respect to the distributions paid during the taxable period ended October 31, 2010.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable Date

 

Long-term
Capital Gains

 

Non-Taxable
Return of
Capital

 

Qualified
Dividend
Income for
Individuals

 

Dividends
Qualifying for
the Dividends
Received
Deduction for
Corporations

 

Short-Term
Capital Gain
Dividends for
Non-U.S.
Residents††

 

Foreign Source
Income

 

Foreign Taxes
Paid*

 

                                   

BDV

 

 

12/31/09

 

 

 

 

 

54.75

%

 

55.04

%

 

 

 

 

 

 

 

 

 

 

3/31/10 - 9/30/10

 

 

 

 

 

44.22

%

 

44.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDJ

 

 

12/31/09

 

 

 

 

 

33.20

%

 

33.20

%

 

 

 

 

 

 

 

 

 

 

3/31/10 - 9/30/10

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDT

 

 

12/31/09

 

 

 

 

 

55.45

%

 

55.94

%

 

 

 

 

 

 

 

 

 

 

3/31/10 - 9/30/10

 

 

 

 

 

51.57

%

 

51.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQR

 

 

12/31/09

 

 

 

 

 

11.97

%

 

5.15

%

 

 

 

 

 

 

 

 

 

 

3/31/10 - 9/30/10

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGR

 

 

12/31/09

 

 

 

 

 

16.82

%

 

9.39

%

 

 

 

 

 

 

 

 

 

 

3/31/10 - 9/30/10

 

 

 

 

 

13.05

%

 

6.36

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOE

 

 

11/30/09

 

 

 

 

 

8.49

%

 

5.17

%

 

 

 

 

 

 

 

 

 

 

2/26/10 - 8/31/10

 

 

 

34.50

%

 

23.12

%

 

10.66

%

 

21.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BME

 

 

12/31/09

 

 

 

 

 

12.50

%

 

10.94

%

 

 

 

 

 

 

 

 

 

 

3/31/10 - 9/30/10

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGY

 

 

12/31/09

 

 

 

 

 

5.00

%

 

0.21

%

 

 

 

3.28

%

 

0.69

%

 

 

 

 

3/31/10 - 9/30/10

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCF

 

 

12/31/09

 

 

 

 

 

7.72

%

 

5.90

%

 

 

 

 

 

 

 

 

 

 

3/31/10 - 9/30/10

 

 

 

41.50

%

 

56.49

%

 

37.58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQY

 

 

11/30/09

 

 

 

 

 

42.02

%

 

23.95

%

 

 

 

 

 

 

 

 

 

 

2/26/10 - 8/31/10

 

48.36

%

 

 

 

68.37

%

 

29.88

%

 

74.35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

The Trusts hereby designate the percentages indicated above or the maximum amount allowable by law.

 

 

††

Represents the portion of the dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

 

 

*

The foreign taxes paid represent taxes incurred by the fund on interest received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

93




 


 

Officers and Trustees


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trust

 

Length of
Time Served as
a Trustee2

 

Principal Occupation(s)
During Past Five Years

 

Number of BlackRock-
Advised Registered
Investment Companies
(“RICs”) Consisting of
Investment Portfolios
(“Portfolios”) Overseen

 

Public Directorships

Non-Interested Trustees1

 

Richard E. Cavanagh
55 East 52nd Street
New York, NY 10055

1946

 

Chairman of the
Board and Trustee

 

Since 2003

 

Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life Insurance Company of America since 1998; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Adjunct Lecturer, Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.

 

99 RICs consisting of
97 Portfolios

 

Arch Chemical (chemical and allied products)

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Karen P. Robards
55 East 52nd Street
New York, NY 10055

1950

 

Vice Chair of the
Board and Chair of
the Audit Committee
and Trustee

 

Since 2007

 

Partner of Robards & Company, LLC (financial advisory firm) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Care Investment Trust, Inc. (health care real estate investment trust) from 2007 to 2010; Director of Enable Medical Corp. from 1996 to 2005; Investment Banker at Morgan Stanley from 1976 to 1987.

 

99 RICs consisting of
97 Portfolios

 

AtriCure, Inc. (medical devices).

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Frank J. Fabozzi
55 East 52nd Street
New York, NY 10055

1948

 

Trustee and Member
of the Audit
Committee

 

Since 2003

 

Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in the Practice of Finance and Becton Fellow, Yale University, School of Management, since 2006; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.

 

99 RICs consisting of
97 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Kathleen F. Feldstein
55 East 52nd Street
New York, NY 10055

1941

 

Trustee

 

Since 2005

 

President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the Board of Partners Community Healthcare, Inc. from 2005 to 2009; Member of the Corporation of Partners HealthCare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the Visiting Committee to the Harvard University Art Museum since 2003; Director, Catholic Charities of Boston since 2009.

 

99 RICs consisting of
97 Portfolios

 

The McClatchy Company (publishing) BellSouth (telecommunications) Knight Ridder (publishing)

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

James T. Flynn
55 East 52nd Street
New York, NY 10055

1939

 

Trustee and Member
of the Audit
Committee

 

Since 2007

 

Chief Financial Officer of JPMorgan & Co., Inc. from 1990 to 1995.

 

99 RICs consisting of
97 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Jerrold B. Harris
55 East 52nd Street
New York, NY 10055

1942

 

Trustee

 

Since 2007

 

Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment) since 2000; Director of Delta Waterfowl Foundation since 2001; President and Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.

 

99 RICs consisting of
97 Portfolios

 

BlackRock Kelso Capital Corp. (business development company)

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

R. Glenn Hubbard
55 East 52nd Street
New York, NY 10055

1958

 

Trustee

 

Since 2004

 

Dean, Columbia Business School since 2004; Columbia faculty member since 1988; Co-Director, Columbia Business School’s Entrepreneurship Program from 1997 to 2004; Chairman, U.S. Council of Economic Advisers under the President of the United States from 2001 to 2003; Chairman, Economic Policy Committee of the OECD from 2001 to 2003.

 

99 RICs consisting of
97 Portfolios

 

ADP (data and information services), KKR Financial Corporation (finance), Metropolitan Life Insurance Company (insurance).

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

94

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Officers and Trustees (continued)


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trust

 

Length of
Time Served as
a Trustee2

 

Principal Occupation(s)
During Past Five Years

 

Number of BlackRock-
Advised Registered
Investment Companies
(“RICs”) Consisting of
Investment Portfolios
(“Portfolios”) Overseen

 

Public Directorships

Non-Interested Trustees1

W. Carl Kester
55 East 52nd Street
New York, NY 10055

1951

 

Trustee and Member
of the Audit
Committee

 

Since 2007

 

George Fisher Baker Jr. Professor of Business Administration, Harvard Business School; Deputy Dean for Academic Affairs, since 2006; Unit Head, Finance, Harvard Business School, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program of Harvard Business School, from 1999 to 2005; Member of the faculty of Harvard Business School since 1981; Independent Consultant since 1978.

 

99 RICs consisting of
97 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

Interested Trustees3

Richard S. Davis
55 East 52nd Street
New York, NY 10055

1945

 

Trustee

 

Since 2007

 

Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005; Chairman, SSR Realty from 2000 to 2004.

 

169 RICs consisting of
290 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Henry Gabbay
55 East 52nd Street
New York, NY 10055

1947

 

Trustee

 

Since 2007

 

Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.

 

169 RICs consisting of
290 Portfolios

 

None

 

                     

 

 

1

Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

2

Date shown is the earliest date a person has served for the Fund covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows certain trustees as joining the Fund’s board in 2007, each trustee first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995 and Karen P. Robards, 1998.

3

Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Fund based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Fund based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.


 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

95




 


 

Officers and Trustees (concluded)


 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with the Trust

 

Length of
Time Served

 

Principal Occupation(s)
During Past Five Years

 

Trust Officers1

 

Anne Ackerley
55 East 52nd Street
New York, NY 10055

1962

 

President and Chief
Executive Officer

 

Since 20092

 

Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 2009; Chief Operating Officer of BlackRock’s Global Client Group (GCG) since 2009; Chief Operating Officer of BlackRock’s U.S. Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 to 2006.

 

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

Brendan Kyne
55 East 52nd Street
New York, NY 10055

1977

 

Vice President

 

Since 2009

 

Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, Co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.

 

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

Neal Andrews
55 East 52nd Street
New York, NY 10055

1966

 

Chief Financial
Officer

 

Since 2007

 

Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.

 

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

Jay Fife
55 East 52nd Street
New York, NY 10055

1970

 

Treasurer

 

Since 2007

 

Managing Director of BlackRock, Inc. since 2007; Director of BlackRock, Inc. in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

 

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

Brian Kindelan
55 East 52nd Street
New York, NY 10055

1959

 

Chief Compliance
Officer

 

Since 2007

 

Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.

 

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

Howard Surloff
55 East 52nd Street
New York, NY 10055

1965

 

Secretary

 

Since 2007

 

Managing Director and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; General Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.

 

               

 

 

1

Officers of the Trusts serve at the pleasure of the Board.

2

Ms. Ackerley has been President and Chief Executive Officer since 2009 and was Vice President from 2007 to 2009.


 

 

 

 

 

96

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Additional Information


 

Proxy Results

The Annual Meeting of Shareholders was held on September 2, 2010 for shareholders of record on July 6, 2010, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any non-routine matter for any of the Trusts.

Below are the results with respect to each nominee, who will continue to serve as Directors for each of the Trust’s:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard E. Cavanagh

 

Kathleen F. Feldstein

 

Henry Gabbay

 

Jerrold B. Harris

 

 

 

 

 

 

 

 

 

   

 

 

Votes For

 

Votes
Withheld

 

Abstain

 

Votes For

 

Votes
Withheld

 

Abstain

 

Votes For

 

Votes
Withheld

 

Abstain

 

Votes For

 

Votes
Withheld

 

Abstain

 

                   

 

               

 

               

 

                 

BDV

 

 

45,558,453

 

 

1,446,129

 

 

0

 

 

45,396,496

 

 

1,608,086

 

 

0

 

 

45,520,144

 

 

1,484,438

 

 

0

 

 

45,508,790

 

 

1,495,792

 

 

0

 

BDJ

 

 

59,714,987

 

 

1,502,697

 

 

0

 

 

59,623,846

 

 

1,593,838

 

 

0

 

 

59,686,685

 

 

1,530,999

 

 

0

 

 

59,672,638

 

 

1,545,046

 

 

0

 

BDT

 

 

19,921,328

 

 

980,301

 

 

0

 

 

19,691,423

 

 

1,210,206

 

 

0

 

 

19,918,258

 

 

983,371

 

 

0

 

 

19,907,610

 

 

994,019

 

 

0

 

BQR

 

 

11,450,684

 

 

214,259

 

 

0

 

 

11,399,730

 

 

265,213

 

 

0

 

 

11,431,177

 

 

233,766

 

 

0

 

 

11,433,952

 

 

230,991

 

 

0

 

BGR

 

 

26,959,228

 

 

481,945

 

 

0

 

 

26,891,008

 

 

550,165

 

 

0

 

 

26,939,136

 

 

502,037

 

 

0

 

 

26,952,953

 

 

488,220

 

 

0

 

BOE

 

 

58,113,477

 

 

1,392,523

 

 

0

 

 

58,007,498

 

 

1,498,502

 

 

0

 

 

58,096,903

 

 

1,409,097

 

 

0

 

 

58,075,967

 

 

1,430,033

 

 

0

 

BME

 

 

7,232,442

 

 

77,204

 

 

0

 

 

7,217,038

 

 

92,608

 

 

0

 

 

7,228,679

 

 

80,967

 

 

0

 

 

7,225,737

 

 

83,909

 

 

0

 

BGY

 

 

101,288,538

 

 

1,708,689

 

 

0

 

 

101,162,374

 

 

1,834,853

 

 

0

 

 

101,233,653

 

 

1,763,574

 

 

0

 

 

101,271,218

 

 

1,726,009

 

 

0

 

BCF

 

 

50,363,470

 

 

1,343,036

 

 

0

 

 

50,305,421

 

 

1,401,085

 

 

0

 

 

50,454,047

 

 

1,252,459

 

 

0

 

 

50,374,824

 

 

1,331,682

 

 

0

 

BQY

 

 

4,848,109

 

 

360,292

 

 

0

 

 

4,846,175

 

 

362,226

 

 

0

 

 

4,828,492

 

 

379,909

 

 

0

 

 

4,845,540

 

 

362,861

 

 

0

 

                   

 

               

 

               

 

                 

For each Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard S. Davis, Frank J. Fabozzi, James T. Flynn, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards.

 

   Trust Certification

All Trusts, except BQY, are listed for trading on the New York Stock Exchange (“NYSE”) and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

 

 

 

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

 

 

Sub-Advisor

BlackRock Financial

Management, Inc.1

New York, NY 10022

 

Sub-Advisor

State Street Research &

Management Co.2

One Financial Center

Boston, MA 02111

 

Sub-Advisor

BlackRock Capital

Management, Inc3

Wilmington, DE 19809

 

Sub-Advisor

BlackRock Investment

Management, LLC4

Plainsboro, NJ 08536

 

Sub-Advisor

BlackRock International Ltd.4

Edinburgh, Scotland

United Kingdom EH38JB

 

Custodian

The Bank of New York Mellon

New York, NY 10286

 

 

Transfer Agent

BNY Mellon Shareowner

Services

Jersey City, NJ 07310

 

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

 

 

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

New York, NY 10281

 

Legal Counsel

Skadden, Arps, Slate,

Meagher & Flom LLP

New York, NY 10036

 

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


 

 

1

For BDV, BDJ, BDT and BQY.

2

For BGR.

3

For BGY and BCF.

4

For BQR and BCF.


 

 

 

 

BDV, BDJ, BDT and BQY are managed by a team of investment professionals. Effective February 16, 2010, Robert Shearer, Kathleen Anderson and Kyle G. McClements are the Trusts’ co-portfolio managers responsible for the day-to-day management of each Trust’s portfolio and the selection of their investments. Mr. McClements has been a member of the Trusts’ management team since 2005.

 

 

 

 

 

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.

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

97




 


 

Additional Information (continued)


 

Section 19(a) Notices

These reported amounts and sources of distributions are estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                               

 

 

Total Cumulative Distributions
for the Fiscal Year

 

% Breakdown of the Total Cumulative
Distributions for the Fiscal Year

 

 

 

 

 

 

 

 

 

Net
Investment
Income

 

Net Realized
Capital Gains
(Short-Term)

 

Net Realized
Capital Gains
(Long-Term)

 

Return
of
Capital

 

Total Per
Common Share

 

Net
Investment
Income

 

Net Realized
Capital Gains
(Short-Term)

 

Net Realized
Capital Gains
(Long-Term)

 

Return
of
Capital

 

Total Per
Common Share

 

                                                               

BDV

 

$

0.218508

 

$

 

$

 

$

0.431492

 

$

0.650000

 

 

34

%

 

0

%

 

0

%

 

66

%

 

100

%

BDJ

 

$

0.161502

 

$

 

$

 

$

0.818498

 

$

0.980000

 

 

16

%

 

0

%

 

0

%

 

84

%

 

100

%

BDT

 

$

0.267171

 

$

 

$

 

$

0.382829

 

$

0.650000

 

 

41

%

 

0

%

 

0

%

 

59

%

 

100

%

BQR

 

$

0.053484

 

$

 

$

 

$

1.146516

 

$

1.200000

 

 

4

%

 

0

%

 

0

%

 

96

%

 

100

%

BGR

 

$

0.261529

 

$

1.358471

 

$

 

$

 

$

1.620000

 

 

16

%

 

84

%

 

0

%

 

0

%

 

100

%

BOE

 

$

0.169689

 

$

 

$

 

$

2.105311

 

$

2.275000

 

 

7

%

 

0

%

 

0

%

 

93

%

 

100

%

BME

 

$

0.044573

 

$

1.492927

 

$

 

$

 

$

1.537500

 

 

3

%

 

97

%

 

0

%

 

0

%

 

100

%

BGY

 

$

0.136640

 

$

 

$

 

$

1.453560

 

$

1.590200

 

 

9

%

 

0

%

 

0

%

 

91

%

 

100

%

BCF

 

$

0.172713

 

$

 

$

 

$

0.914487

 

$

1.087200

 

 

16

%

 

0

%

 

0

%

 

84

%

 

100

%

BQY

 

$

0.282483

 

$

0.117479

 

$

0.059683

 

$

 

$

0.459645

 

 

61

%

 

26

%

 

13

%

 

0

%

 

100

%

                                                               

Each Trust, except BGR, BME and BQY, 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 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 bylaws 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 97, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

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 other-

 

 

 

 

 

98

 

ANNUAL REPORT

 

OCTOBER 31, 2010




 


 

Additional Information (concluded)

 

General Information (concluded)

wise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762.

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (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 Trust Updates

BlackRock will update performance data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Funds.

 

BlackRock Privacy Principles

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

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

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

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

 

OCTOBER 31, 2010

99



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.

 

 

(PAPERLESS LOGO)

(BLACKROCK LOGO)


 

#CEF-ANN-BK10-1010





 

 

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.

 

 

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors or trustees, as applicable (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

 

Kent Dixon (retired effective December 31, 2009)

 

Frank J. Fabozzi

 

James T. Flynn

 

W. Carl Kester

 

Karen P. Robards

 

 

 

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

 

 

 

Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.

 

 

 

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

 

 

 

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.




 

 

Item 4 –

Principal Accountant Fees and Services


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

 

 

(a) Audit Fees

 

(b) Audit-Related Fees1

 

(c) Tax Fees2

 

(d) All Other Fees3

 

                   

 

 

Current

 

Previous

 

Current

 

Previous

 

Current

 

Previous

 

Current

 

Previous

 

 

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Entity Name

 

End

 

End

 

End

 

End

 

End

 

End

 

End

 

End

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

BlackRock Real Asset Equity Trust

 

$38,000

 

$42,900

 

$0

 

$0

 

$6,100

 

$6,662

 

$0

 

$1,028

 

                                                   
1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

 

 

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

 

 

 

          The registrant’s audit committee (the “Committee”) has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the registrant’s affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operation or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

 

 

 

          Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

 

 

 

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

 

 

(f) Not Applicable

 

 

 

(g) Affiliates’ Aggregate Non-Audit Fees:


 

 

 

 

Current Fiscal Year

Previous Fiscal Year

Entity Name

End

End

     

 

 

 

     

BlackRock Real Asset Equity Trust

$16,877

$410,190

     



 

 

 

(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 

 

 

Regulation S-X Rule 2-01(c)(7)(ii) – $10,777, 0%

 

 

Item 5 –

Audit Committee of Listed Registrants

 

 

 

(a) The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

 

 

 

Kent Dixon (retired effective December 31, 2009)

 

Frank J. Fabozzi

 

James T. Flynn

 

W. Carl Kester

 

Karen P. Robards

 

 

 

(b) Not Applicable

 

 

Item 6 –

Investments

 

 

 

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

 

 

 

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

 

Item 7

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund securities to the Fund’s investment adviser (“Investment Adviser”) pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall




 

 

 

determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

 

 

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – as of October 31, 2010.

 

 

 

(a)(1) The registrant (or “Fund”) is managed by a team of investment professionals comprised of Denis J. Walsh III, Managing Director at BlackRock, Inc., Dan J. Rice III, CPA, Managing Director at BlackRock, Inc., Richard S. Davis, Managing Director at BlackRock, Inc., Robert Shearer, Managing Director at BlackRock, Inc. and Kyle G. McClements, CFA, Managing Director at BlackRock, Inc. Messrs. Walsh, Rice, Davis, Shearer and McClements are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Walsh, Rice, Davis, Shearer and McClements have been members of the Fund’s portfolio management team since 2006.


 

 

 

 

   

 

Portfolio Manager

Biography

 

   

 

Denis J. Walsh, III

Managing Director of BlackRock, Inc. since 2005; Managing Director of State Street Research & Management from 1999 to 2005.

 

   

 

Dan J. Rice, III

Managing Director of BlackRock, Inc. since 2005; Senior Vice President of State Street Research & Management from 1990 to 2005.

 

   

 

Richard S. Davis

Managing Director of BlackRock, Inc. since 2008; Director of BlackRock, Inc. from 2006 - 2008; Vice President of Merrill Lynch Investment Managers, L.P. from 2000 - 2006.

 

   

 

Robert Shearer

Managing Director of BlackRock, Inc. since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. from 2000 to 2006.

 

   

 

Kyle G. McClements

Managing Director of BlackRock, Inc. since 2009; Director of BlackRock, Inc. from 2006 to 2008; Vice President of BlackRock, Inc. in 2005; Vice President of State Street Research & Management from 2004 to 2005.

 

   

 

 

 

(a)(2) As of October 31, 2010:


 

 

 

 

 

 

 

 

 

 

 

 

 

         

 

 

(ii) Number of Other Accounts Managed

 

(iii) Number of Other Accounts and

 

 

and Assets by Account Type

 

Assets for Which Advisory Fee is

 

 

 

 

Performance-Based

         

 

 

Other

 

Other Pooled

 

 

 

Other

 

Other Pooled

 

 

(i) Name of

 

Registered

 

Investment

 

Other

 

Registered

 

Investment

 

Other

Portfolio Manager

 

Investment

 

Vehicles

 

Accounts

 

Investment

 

Vehicles

 

Accounts

 

 

Companies

 

 

 

 

 

Companies

 

 

 

 

                         

Denis J. Walsh, III

 

3

 

9

 

17

 

0

 

5

 

5

                         

 

 

$2.72 Billion

 

$875.1 Million

 

$2.07 Billion

 

$0

 

$505.9 Million

 

$1.68 Billion

                         

Dan J. Rice, III

 

3

 

9

 

17

 

0

 

5

 

5

                         

 

 

$2.72 Billion

 

$875.1 Million

 

$2.07 Billion

 

$0

 

$505.9 Million

 

$1.68 Billion

                         

Richard S. Davis

 

1

 

8

 

3

 

0

 

0

 

0

                         

 

 

$55.32 Million

 

$945.2 Million

 

$196.9 Million

 

$0

 

$0

 

$0

                         

Robert Shearer

 

15

 

2

 

1

 

0

 

0

 

0

                         

 

 

$13.10 Billion

 

$114.8 Million

 

$32.39 Million

 

$0

 

$0

 

$0

                         

Kyle G. McClements

 

9

 

3

 

1

 

0

 

0

 

0

                         

 

 

$5 Billion

 

$159.3 Million

 

$12.23 Million

 

$0

 

$0

 

$0

                         



 

 

 

(iv) Potential Material Conflicts of Interest

 

 

 

BlackRock, Inc. (individually and together with its affiliates, “BlackRock”) has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. In this connection, it should be noted that Messrs. Walsh and Rice currently manage certain accounts that are subject to performance fees. In addition, Messrs. Walsh and Rice assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

 

 

 

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.




 

 

 

(a)(3) As of October 31, 2010:

 

 

 

Portfolio Manager Compensation Overview

 

 

 

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan.

 

 

 

Base compensation. Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm. Senior portfolio managers who perform additional management functions within the portfolio management group or within BlackRock may receive additional compensation for serving in these other capacities.

 

 

 

Discretionary Incentive Compensation for Messrs. Walsh, Rice and McClements

 

 

 

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s seniority, role within the portfolio management team, teamwork and contribution to the overall performance of these portfolios and BlackRock. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to the portfolio managers, such benchmarks include the following:


 

 

 

 

   

 

Portfolio Manager

Applicable Benchmarks

 

   

 

Denis J. Walsh

A customized benchmark combining Wilshire and MSCI Energy indices.

 

   

 

Dan J. Rice

A customized benchmark combining Wilshire and MSCI Energy indices.

 

   

 

Kyle G. McClements

A combination of market-based indices (e.g., Mergent Dividend Achievers Index, The S&P/Citigroup Global Broad Market Index, Lipper Health/Biotechnology Funds Index, The Russell 3000 Healthcare Index, NYSE Arca Tech 100 Index, MSCI World Index) and yield component.

 

   

 

 

 

BlackRock’s Chief Investment Officers make a subjective determination with respect to the portfolio managers’ compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks noted above. Performance is measured on a pre-tax basis over various time periods including 1, 3 and 5-year periods, as applicable.

 

 

 

Discretionary Incentive Compensation for Messrs. Davis and Shearer

 

 

 

Discretionary incentive compensation is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program includes: pre-tax investment performance




 

 

 

relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods and a measure of operational efficiency. If a portfolio manager’s tenure is less than five years, performance periods will reflect time in position. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to the portfolio managers, such benchmarks include the following:


 

 

 

 

   

 

Portfolio Manager

Applicable Benchmarks

 

   

 

Richard S. Davis

Customized industry-specific benchmarks.

 

   

 

Robert Shearer

A combination of Lipper Equity Income Funds and Utility Income Fund classifications.

 

   

 

 

 

Portfolio managers who meet relative investment performance and financial management objectives during a specified performance time period are eligible to receive an additional bonus which may or may not be a large part of their overall compensation. A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.

 

 

 

Distribution of Discretionary Incentive Compensation

 

 

 

Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods.

 

 

 

          Long-Term Retention and Incentive Plan (“LTIP”) — From time to time long-term incentive equity awards are granted to certain key employees to aid in retention, align their interests with long-term shareholder interests and motivate performance. Equity awards are generally granted in the form of BlackRock, Inc. restricted stock units that, once vested, settle in BlackRock, Inc. common stock. Messrs. Walsh, Davis, Shearer and McClements have each received awards under the LTIP.

 

 

 

          Deferred Compensation Program — A portion of the compensation paid to eligible BlackRock employees may be voluntarily deferred into an account that tracks the performance of certain of the firm’s investment products. Each participant in the deferred compensation program is permitted to allocate his deferred amounts among the various investment options. Messrs. Walsh, Rice, Davis, Shearer and McClements have each participated in the deferred compensation program.




 

 

 

Other compensation benefits. In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

 

 

 

          Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay contributed to the plan capped at $4,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation. The RSP offers a range of investment options, including registered investment companies managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent employee investment direction, are invested into a balanced portfolio. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of $25,000. Each of Messrs. Walsh, Rice, Shearer and McClements is eligible to participate in these plans.

 

 

 

          United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a Group Personal Pension Plan (GPPP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the GPPP is between 6% to 15% (dependent on service related entitlement) of eligible pay capped at £150,000 per annum. The GPPP offers a range of investment options, including several collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, are invested into a passive balanced managed fund. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of $25,000. Mr. Davis is eligible to participate in these plans.

 

 

 

(a)(4) Beneficial Ownership of Securities – As of October 31, 2010.


 

 

   

Portfolio Manager

Dollar Range of Equity Securities

 

of the Fund Beneficially Owned

   

Denis J. Walsh

$1 - $10,000

   

Dan J. Rice

$1 - $10,000

   

Richard S. Davis

$1 - $10,000

   

Robert Shearer

$10,001 - $50,000

   

Kyle G. McClements

$10,001 - $50,000

   

 

 

 

(b) Not Applicable

 

 

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.




 

 

Item 10 –

Submission of Matters to a Vote of Security Holders – On October 25, 2010, the Board of Trustees of the Fund amended and restated in its entirety the bylaws of the Fund (the “Amended and Restated Bylaws”). The Amended and Restated Bylaws were deemed effective as of October 28, 2010 and set forth, among other things, the processes and procedures that shareholders of the Fund must follow, and specifies additional information that shareholders of the Fund must provide, when proposing trustee nominations at any annual meeting or special meeting in lieu of an annual meeting or other business to be considered at an annual meeting or special meeting.

 

 

Item 11 –

Controls and Procedures

 

 

11(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

11(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 12 –

Exhibits attached hereto

 

 

12(a)(1) –

Code of Ethics – See Item 2

 

 

12(a)(2) –

Certifications – Attached hereto

 

 

12(a)(3) –

Not Applicable

 

 

12(b) –

Certifications – Attached hereto

 

 

12(c) –

Notices to the registrant’s common shareholders in accordance with 1940 Act Section 19(a) and Rule 19a-11


 

 

 

 

 

 

 

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.



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock Real Asset Equity Trust

 

 

By:

/s/ Anne F. Ackerley

 

 

 

 

Anne F. Ackerley

 

Chief Executive Officer (principal executive officer) of

 

BlackRock Real Asset Equity Trust

 

 

Date: January 5, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

 

By:

/s/ Anne F. Ackerley

 

 

 

 

Anne F. Ackerley

 

Chief Executive Officer (principal executive officer) of

 

BlackRock Real Asset Equity Trust

 

Date: January 5, 2011

 

 

By:

/s/ Neal J. Andrews

 

 

 

 

Neal J. Andrews

 

Chief Financial Officer (principal financial officer) of

 

BlackRock Real Asset Equity Trust

 

Date: January 5, 2011