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:

811-21729

 

 

       BlackRock Global Opportunities Equity Trust       

(Exact name of Registrant as specified in charter)


100 Bellevue Parkway, Wilmington, DE

19809

(Address of principal executive offices)

(Zip code)


Robert S. Kapito, President

BlackRock Global Opportunities Equity Trust

40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)


Registrant's telephone number, including area code:

           888-825-2257           


Date of fiscal year end:

           October 31, 2007                       


Date of reporting period:

           April 30, 2007                             

 




Item 1. Reports to Shareholders.

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

 


 

ALTERNATIVES  BLACKROCK SOLUTIONS  EQUITIES  FIXED INCOME  LIQUIDITY  REAL ESTATE


 

 

 

 

 

 

 

 

(BLACKROCK LOGO)

 

BlackRock
Closed-End Funds

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT  |  APRIL 30, 2007 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Dividend AchieversTM Trust (BDV)

 

 

 

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

 

 

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

 

 

BlackRock Global Energy and Resources Trust (BGR)

 

 

 

 

BlackRock Global Equity Income Trust (BFD)

 

 

 

 

BlackRock Global Opportunities Equity Trust (BOE)

 

 

 

 

BlackRock Health Sciences Trust (BME)

 

 

 

 

BlackRock Real Asset Equity Trust (BCF)

 

 

 

 

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

 

 

 

 

BlackRock World Investment Trust (BWC)

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Portfolios of Investments

 

16

 

 

 

Financial Statements

 

 

 

 

 

Statements of Assets and Liabilities

 

59

 

 

 

Statements of Operations

 

61

 

 

 

Statements of Changes in Net Assets

 

63

 

 

 

Financial Highlights

 

66

 

 

 

Notes to Financial Statements

 

76

 

 

 

Dividend Reinvestment Plans

 

85

 

 

 

Additional Information

 

86

 

 

 

Section 19 Notices

 

87


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 non-public 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 non-public 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 website.

          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 non-public 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 non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.



LETTER TO SHAREHOLDERS

April 30, 2007

Dear Shareholder:

          We are pleased to present the semi-annual report for the Trusts for the six months ended April 30, 2007. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.

          The following table shows the Trusts’ closing market prices and net asset values (“NAV”) per share as of April 30, 2007.

 

 

 

 

 

 

 

 

 

 











Trust (Ticker)

 

Closing Market Price

 

NAV

 









BlackRock Dividend AchieversTM Trust (BDV)

 

 

$

15.27

 

 

$

16.48

 











BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

 

15.00

 

 

 

15.04

 











BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

 

15.66

 

 

 

16.72

 











BlackRock Global Energy and Resources Trust (BGR)

 

 

 

30.24

 

 

 

32.98

 











BlackRock Global Equity Income Trust (BFD)

 

 

 

20.05

 

 

 

19.67

 











BlackRock Global Opportunities Equity Trust (BOE)

 

 

 

29.10

 

 

 

28.81

 











BlackRock Health Sciences Trust (BME)

 

 

 

27.84

 

 

 

28.42

 











BlackRock Real Asset Equity Trust (BCF)

 

 

 

15.70

 

 

 

17.07

 











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

 

 

 

18.68

 

 

 

20.40

 











BlackRock World Investment Trust (BWC)

 

 

 

17.39

 

 

 

17.33

 











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

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, is recognized for its emphasis on risk management and proprietary analytics, and for its reputation for managing money for the world’s largest institutional investors. As of March 31, 2007, BlackRock’s assets under management totaled over $1 trillion across various investment strategies. BlackRock is also a significant provider of risk management and advisory services that combine our capital markets expertise with our proprietarily developed risk management systems and technology. As of March 31, 2007, BlackRock provided risk management services to portfolios with aggregate assets of over $4.5 trillion. BlackRock Advisors, LLC and its affiliates, BlackRock Financial Management, Inc., BlackRock Capital Management, Inc., BlackRock Investment Management, LLC, BlackRock Investment Management International, Ltd. and State Street Research & Management Company, which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

 

 

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

 

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Dividend AchieversTM Trust (BDV)

 


 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BDV




Initial Offering Date:

 

December 23, 2003




Closing Market Price as of 4/30/07:

 

$15.27




Net Asset Value as of 4/30/07:

 

$16.48




Current Quarterly Distribution per Common Share:1

 

$0.225




Current Annualized Distribution per Common Share:1

 

$0.900




 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

      4/30/07

 

10/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

15.27

 

$

14.86

 

2.76%

 

$

15.50

 

$

14.18

 


















NAV

 

$

16.48

 

$

15.95

 

3.32%

 

$

16.62

 

$

15.48

 


















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

 

 

 

 

 

 

 

 

Portfolio Composition2


Sector

 

April 30, 2007

 

October 31, 2006

 







Financial Institutions

 

40

%

 

38

%

 









Energy

 

15

 

 

14

 

 









Consumer Products

 

14

 

 

15

 

 









Health Care

 

11

 

 

13

 

 









Conglomerates

 

5

 

 

4

 

 









Telecommunications

 

5

 

 

6

 

 









Real Estate Investment Trusts

 

4

 

 

5

 

 









Industrials

 

2

 

 

1

 

 









Technology

 

2

 

 

1

 

 









Automotive

 

1

 

 

1

 

 









Basic Materials

 

1

 

 

2

 

 









 

 

2

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

2


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 


 

 

 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BDJ

 





Initial Offering Date:

 

August 31, 2005

 





Closing Market Price as of 4/30/07:

 

 

$

15.00

 

 








Net Asset Value as of 4/30/07:

 

 

$

15.04

 

 








Current Monthly Distribution per Common Share:1

 

 

$

0.101875

 

 








Current Annualized Distribution per Common Share:1

 

 

$

1.222500

 

 








 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

     4/30/07

 

10/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

15.00

 

$

14.92

 

0.54%

 

$

15.60

 

$

14.19

 


















NAV

 

$

15.04

 

$

14.88

 

1.08%

 

$

15.20

 

$

14.34

 


















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

 

 

 

 

 

 

 

 

Portfolio Composition2


Sector

 

April 30, 2007

 

October 31, 2006

 







Financial Institutions

 

42

%

 

40

%

 









Consumer Products

 

13

 

 

15

 

 









Energy

 

12

 

 

13

 

 









Health Care

 

12

 

 

16

 

 









Conglomerates

 

5

 

 

4

 

 









Real Estate Investment Trusts

 

5

 

 

5

 

 









Telecommunications

 

5

 

 

4

 

 









Industrials

 

2

 

 

1

 

 









Technology

 

2

 

 

1

 

 









Automotive

 

1

 

 

 

 









Basic Materials

 

1

 

 

1

 

 









 

 

2

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

3


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Strategic Dividend Achievers™ Trust (BDT)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BDT

 





Initial Offering Date:

 

March 30, 2004

 





Closing Market Price as of 4/30/07:

 

 

$

15.66

 

 








Net Asset Value as of 4/30/07:

 

 

$

16.72

 

 








Current Quarterly Distribution per Common Share:1

 

 

$

0.225

 

 








Current Annualized Distribution per Common Share:1

 

 

$

0.900

 

 








 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

15.66

 

$

14.53

 

7.78

%

 

$

15.77

 

$

14.16

 



















NAV

 

 

$

16.72

 

$

16.13

 

3.66

%

 

$

17.28

 

$

15.94

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition2





Sector

 

April 30, 2007

 

October 31, 2006

 







Financial Institutions

 

37

%

 

41

%

 









Energy

 

18

 

 

17

 

 









Consumer Products

 

14

 

 

13

 

 









Real Estate Investment Trusts

 

10

 

 

10

 

 









Industrials

 

9

 

 

8

 

 









Automotive

 

4

 

 

4

 

 









Basic Materials

 

3

 

 

2

 

 









Technology

 

2

 

 

2

 

 









Building & Development

 

1

 

 

1

 

 









Health Care

 

1

 

 

1

 

 









Media

 

1

 

 

1

 

 









 

 

2

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

4


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Global Energy and Resources Trust (BGR)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BGR

 





Initial Offering Date:

 

December 29, 2004

 





Closing Market Price as of 4/30/07:

 

 

$

30.24

 

 








Net Asset Value as of 4/30/07:

 

 

$

32.98

 

 








Current Quarterly Distribution per Common Share:1

 

 

$

0.375

 

 








Current Annualized Distribution per Common Share:1

 

 

$

1.500

 

 








 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

30.24

 

$

26.73

 

13.13

%

 

$

30.60

 

$

25.30

 



















NAV

 

 

$

32.98

 

$

29.67

 

11.16

%

 

$

33.23

 

$

27.78

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Country

 

April 30, 2007

 

October 31, 2006

 







United States

 

63

%

 

64

%

 









Canada

 

17

 

 

20

 

 









Bermuda

 

3

 

 

4

 

 









Greece

 

3

 

 

 

 









Australia

 

2

 

 

2

 

 









Norway

 

2

 

 

3

 

 









United Kingdom

 

2

 

 

2

 

 









Brazil

 

1

 

 

1

 

 









Cayman Islands

 

1

 

 

 

 









Denmark

 

1

 

 

1

 

 









France

 

1

 

 

1

 

 









Hong Kong

 

1

 

 

 

 









Italy

 

1

 

 

1

 

 









Japan

 

1

 

 

 

 









Netherlands

 

1

 

 

1

 

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 







Sector

 

April 30, 2007

 

October 31, 2006

 







Oil & Gas

 

34

%

 

35

%

 









Pipelines

 

25

 

 

25

 

 









Coal

 

13

 

 

13

 

 









Oil & Gas Services

 

9

 

 

10

 

 









Transportation

 

8

 

 

5

 

 









Gas

 

4

 

 

4

 

 









Mining

 

4

 

 

3

 

 









Chemicals

 

1

 

 

2

 

 









Commercial Services

 

1

 

 

1

 

 









Metal

 

1

 

 

1

 

 









Electric

 

 

 

1

 

 









5


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Global Equity Income Trust (BFD)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BFD

 





Initial Offering Date:

 

March 30, 2007

 





Closing Market Price as of 4/30/07:

 

 

$

20.05

 

 








Net Asset Value as of 4/30/07:

 

 

$

19.67

 

 








Current Quarterly Distribution per Common Share:1

 

 

$

0.475

 

 








Current Annualized Distribution per Common Share:1

 

 

$

1.900

 

 








 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

 

4/30/07

 

High

 

Low

 













Market Price

 

 

$

20.05

 

$

20.72

 

$

20.00

 













     NAV

 

 

$

19.67

 

$

19.84

 

$

19.06

 













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

 

 

 

 

 

Portfolio Composition


Country

 

April 30, 2007

 





United States

 

49

%

 






United Kingdom

 

12

 

 






Japan

 

9

 

 






Germany

 

4

 

 






Australia

 

3

 

 






Canada

 

3

 

 






France

 

3

 

 






Italy

 

3

 

 






Netherlands

 

3

 

 






Switzerland

 

3

 

 






Sweden

 

2

 

 






Denmark

 

1

 

 






Finland

 

1

 

 






Greece

 

1

 

 






Hong Kong

 

1

 

 






Singapore

 

1

 

 






Spain

 

1

 

 






6



BlackRock Global Equity Income Trust (BFD) (continued)

 


 

 

 

 

 





Sector2

 

April 30, 2007

 





Financial Institutions

 

24

%

 






Energy

 

15

 

 






Consumer Products

 

11

 

 






Health Care

 

11

 

 






Industrials

 

8

 

 






Telecommunications

 

8

 

 






Technology

 

7

 

 






Basic Materials

 

6

 

 






Media

 

3

 

 






Entertainment & Leisure

 

2

 

 






Real Estate

 

2

 

 






Aerospace & Defense

 

1

 

 






Automotive

 

1

 

 






Transportation

 

1

 

 






 

 

2

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

7


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Global Opportunities Equity Trust (BOE)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BOE

 





Initial Offering Date:

 

May 31, 2005

 





Closing Market Price as of 4/30/07:

 

 

$

29.10

 

 








Net Asset Value as of 4/30/07:

 

 

$

28.81

 

 








Current Quarterly Distribution per Common Share:1

 

 

$

0.56875

 

 








Current Annualized Distribution per Common Share:1

 

 

$

2.27500

 

 








 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

29.10

 

$

27.61

 

5.40

%

 

$

29.92

 

$

25.53

 



















NAV

 

 

$

28.81

 

$

26.72

 

7.82

%

 

$

29.12

 

$

25.87

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition







Country

 

April 30, 2007

 

October 31, 2006

 







United States

 

33

%

 

28

%

 









United Kingdom

 

11

 

 

17

 

 









Germany

 

8

 

 

6

 

 









Netherlands

 

5

 

 

3

 

 









Canada

 

4

 

 

3

 

 









Hong Kong

 

4

 

 

5

 

 









Italy

 

4

 

 

4

 

 









Australia

 

3

 

 

4

 

 









France

 

3

 

 

2

 

 









Japan

 

3

 

 

4

 

 









Sweden

 

3

 

 

3

 

 









Switzerland

 

3

 

 

4

 

 









Brazil

 

2

 

 

1

 

 









Finland

 

2

 

 

2

 

 









Norway

 

2

 

 

2

 

 









Singapore

 

2

 

 

2

 

 









China

 

1

 

 

1

 

 









Denmark

 

1

 

 

1

 

 









Greece

 

1

 

 

 

 









Israel

 

1

 

 

 

 









Luxembourg

 

1

 

 

 

 









Mexico

 

1

 

 

1

 

 









Philippines

 

1

 

 

1

 

 









Taiwan

 

1

 

 

1

 

 









South Africa

 

 

 

1

 

 









South Korea

 

 

 

3

 

 









Spain

 

 

 

1

 

 









8


BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 

 

 

 

 

 

 







Sector2

 

April 30, 2007

 

October 31, 2006

 







Financial Institutions

 

21

%

 

22

%

 









Consumer Products

 

19

 

 

19

 

 









Energy

 

18

 

 

17

 

 









Telecommunications

 

8

 

 

7

 

 









Technology

 

7

 

 

4

 

 









Basic Materials

 

6

 

 

4

 

 









Real Estate

 

6

 

 

7

 

 









Industrials

 

5

 

 

4

 

 









Health Care

 

4

 

 

6

 

 









Building & Development

 

2

 

 

4

 

 









Aerospace & Defense

 

1

 

 

1

 

 









Entertainment & Leisure

 

1

 

 

1

 

 









Media

 

1

 

 

1

 

 









Transportation

 

1

 

 

1

 

 









Automotive

 

 

 

1

 

 









Containers & Packaging

 

 

 

1

 

 









 

 

2

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

9


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Health Sciences Trust (BME)

 


Trust Information

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BME

 





Initial Offering Date:

March 31, 2005



Closing Market Price as of 4/30/07:

 

$

27.84

 






Net Asset Value as of 4/30/07:

 

$

28.42

 






Current Quarterly Distribution per Common Share:1

 

$

0.384375

 






Current Annualized Distribution per Common Share:1

 

$

1.537500

 






 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

27.84

 

$

27.32

 

1.90%

 

$

28.65

 

$

25.34

 


















NAV

 

$

28.42

 

$

27.74

 

2.45%

 

$

28.72

 

$

26.41

 


















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

Portfolio Composition

 

 

 

 

 

 

 






Country

 

April 30, 2007

 

October 31, 2006






United States

 

91

%

 

83

%








Switzerland

 

8

 

 

12

 








France

 

1

 

 

 








Canada

 

 

 

2

 








United Kingdom

 

 

 

3

 








 

 

 

 

 

 

 








Sector

 

April 30, 2007

 

October 31, 2006






Healthcare Products

 

35

%

 

24

%








Pharmaceuticals

 

32

 

 

42

 








Biotechnology

 

22

 

 

20

 








Healthcare Services

 

7

 

 

10

 








Electronics

 

2

 

 

4

 








Distribution/Wholesale

 

1

 

 

 








Retail

 

1

 

 

 








10



TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Real Asset Equity Trust (BCF)

 


Trust Information

 

 



Symbol on New York Stock Exchange:

BCF



Initial Offering Date:

September 29, 2006



Closing Market Price as of 4/30/07:

 

    $

15.70

         






Net Asset Value as of 4/30/07:

 

$

17.07

 






Current Monthly Distribution per Common Share:1

 

$

0.0906

 






Current Annualized Distribution per Common Share:1

 

$

1.0872

 






 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

15.70

 

$

15.00

 

 

4.67%

 

$

15.90

 

$

14.10

 


















NAV

 

$

17.07

 

$

15.33

 

 

11.35%

 

$

17.37

 

$

14.78

 


















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

Portfolio Composition

 

 

 

 

 

 

 






Country

 

April 30, 2007

 

October 31, 2006






United States

 

47

%

 

46

%








United Kingdom

 

14

 

 

13

 








Canada

 

12

 

 

14

 








Australia

 

9

 

 

8

 








South Africa

 

4

 

 

4

 








Brazil

 

3

 

 

4

 








Netherlands

 

2

 

 

2

 








Norway

 

2

 

 

2

 








Bermuda

 

1

 

 

1

 








China

 

1

 

 

1

 








France

 

1

 

 

1

 








Mexico

 

1

 

 

1

 








New Guinea

 

1

 

 

 








Peru

 

1

 

 

1

 








Russia

 

1

 

 

 








Switzerland

 

 

 

2

 








 

 

 

 

 

 

 






Sector

 

April 30, 2007

 

October 31, 2006






Mining

 

41

%

 

41

%








Oil & Gas

 

25

 

 

27

 








Chemicals

 

8

 

 

7

 








Oil & Gas Services

 

8

 

 

9

 








Forest Products & Paper

 

7

 

 

7

 








Coal

 

4

 

 

4

 








Machinery

 

3

 

 

2

 








Pipelines

 

2

 

 

2

 








Iron & Steel

 

1

 

 

 








Metal

 

1

 

 

1

 








11



TRUST SUMMARIES (unaudited)
APRIL 30, 2007

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

 


Trust Information

 

 

 

 

 



Symbol on American Stock Exchange:

BQY



Initial Offering Date:

May 28, 2004



Closing Market Price as of 4/30/07:

 

$

18.68

 






Net Asset Value as of 4/30/07:

 

$

20.40

 






Current Quarterly Distribution per Common Share:1

 

$

0.225

 






Current Annualized Distribution per Common Share:1

 

$

0.900

 






 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

18.68

 

$

16.36

 

 

14.18% 

 

$

18.99

 

$

16.21

 


















NAV

 

$

20.40

 

$

18.55

 

 

9.97% 

 

$

20.59

 

$

18.36

 


















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

Portfolio Composition

 

 

 

 

 

 

 






Country

 

April 30, 2007

 

October 31, 2006






United States

 

49

%

 

52

%








United Kingdom

 

10

 

 

12

 








Australia

 

7

 

 

6

 








Sweden

 

6

 

 

4

 








Canada

 

5

 

 

5

 








France

 

5

 

 

5

 








Japan

 

5

 

 

6

 








Italy

 

3

 

 

1

 








Germany

 

2

 

 

2

 








Hong Kong

 

2

 

 

2

 








Netherlands

 

2

 

 

2

 








Austria

 

1

 

 

1

 








Denmark

 

1

 

 

1

 








Finland

 

1

 

 

 








Spain

 

1

 

 

1

 








12



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

 


 

 

 

 

 

 

 






Sector2

 

April 30, 2007

 

October 31, 2006






Financial Institutions

 

26

%

 

27

%








Energy

 

15

 

 

15

 








Consumer Products

 

11

 

 

11

 








Technology

 

9

 

 

11

 








Real Estate

 

8

 

 

8

 








Industrials

 

7

 

 

5

 








Telecommunications

 

7

 

 

7

 








Health Care

 

6

 

 

5

 








Automotive

 

3

 

 

2

 








Basic Materials

 

3

 

 

3

 








Aerospace & Defense

 

1

 

 

1

 








Building & Development

 

1

 

 

2

 








Business Equipment & Services

 

1

 

 

2

 








Entertainment & Leisure

 

1

 

 

1

 








Media

 

1

 

 

 








 

 

2

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

13



TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock World Investment Trust (BWC)

 


Trust Information

 

 

 

 

 



Symbol on New York Stock Exchange:

BWC



Initial Offering Date:

October 27, 2005



Closing Market Price as of 4/30/07:

 

$

17.39

 






Net Asset Value as of 4/30/07:

 

$

17.33

 






Current Monthly Distribution per Share:1

 

$

0.11375

 






Current Annualized Distribution per Share:1

 

$

1.36500

 






 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

17.39

 

$

16.59

 

4.82%

 

$

18.33

 

$

15.98

 


















NAV

 

$

17.33

 

$

16.35

 

5.99%

 

$

17.52

 

$

15.84

 


















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

Portfolio Composition

 

 

 

 

 

 

 






Country

 

April 30, 2007

 

October 31, 2006






United States

 

34

%

 

29

%








United Kingdom

 

8

 

 

12

 








Germany

 

7

 

 

5

 








Italy

 

6

 

 

5

 








Netherlands

 

5

 

 

4

 








Australia

 

4

 

 

4

 








Canada

 

4

 

 

3

 








France

 

4

 

 

2

 








Japan

 

4

 

 

8

 








Singapore

 

3

 

 

3

 








Sweden

 

3

 

 

4

 








Switzerland

 

3

 

 

5

 








Brazil

 

2

 

 

1

 








Hong Kong

 

2

 

 

4

 








Norway

 

2

 

 

1

 








China

 

1

 

 

2

 








Denmark

 

1

 

 

1

 








Finland

 

1

 

 

2

 








Greece

 

1

 

 

1

 








Israel

 

1

 

 

 








Luxembourg

 

1

 

 

 








Mexico

 

1

 

 

1

 








Philippines

 

1

 

 

1

 








Taiwan

 

1

 

 

1

 








Spain

 

 

 

1

 








14



BlackRock World Investment Trust (BWC) (continued)

 


 

 

 

 

 

 

 






Sector2

 

April 30, 2007

 

October 31, 2006






Financial Institutions

 

22

%

 

23

%








Energy

 

18

 

 

17

 








Consumer Products

 

17

 

 

18

 








Telecommunications

 

8

 

 

8

 








Basic Materials

 

6

 

 

4

 








Industrials

 

6

 

 

4

 








Technology

 

6

 

 

4

 








Health Care

 

5

 

 

6

 








Real Estate

 

5

 

 

6

 








Building & Development

 

2

 

 

3

 








Transportation

 

2

 

 

2

 








Aerospace & Defense

 

1

 

 

1

 








Entertainment & Leisure

 

1

 

 

 








Media

 

1

 

 

1

 








Automotive

 

 

 

2

 








Containers & Packaging

 

 

 

1

 








 

 

2

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

15


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Dividend AchieversTM Trust (BDV)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—99.3%

 

 

 

 

 

 

 

Common Stocks—99.3%

 

 

 

 

 

 

 

Aerospace & Defense—0.3%

 

 

 

 

 

34,300

 

United Technologies Corp.

 

$

2,302,559

 

 

 

 

 

 



 

 

 

 

Automotive—0.8%

 

 

 

 

 

142,900

 

Genuine Parts Co.

 

 

7,060,689

 

 

 

 

 

 



 

 

 

 

Basic Materials—1.1%

 

 

 

 

 

69,300

 

PPG Industries, Inc.

 

 

5,099,094

 

 

225,500

 

RPM Intl., Inc.

 

 

4,796,385

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

9,895,479

 

 

 

 

 

 



 

 

 

 

Consumer Products—13.6%

 

 

 

 

 

492,700

 

Altria Group, Inc.

 

 

33,956,884

 

 

97,700

 

Anheuser-Busch Cos., Inc.

 

 

4,805,863

 

 

481,900

 

Coca-Cola Co. (The)

 

 

25,150,361

 

 

108,200

 

Home Depot, Inc.

 

 

4,097,534

 

 

186,200

 

Kimberly-Clark Corp.

 

 

13,251,854

 

 

340,960

 

Kraft Foods, Inc.

 

 

11,411,931

 

 

158,100

 

La-Z-Boy, Inc.

 

 

1,848,189

 

 

172,500

 

McDonald’s Corp.

 

 

8,328,300

 

 

72,000

 

Procter & Gamble Co.

 

 

4,630,320

 

 

48,300

 

Stanley Works (The)

 

 

2,814,924

 

 

154,000

 

Universal Corp.

 

 

9,652,720

 

 

29,000

 

VF Corp.

 

 

2,546,490

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

122,495,370

 

 

 

 

 

 



 

 

 

 

Energy—14.7%

 

 

 

 

 

120,000

 

Atmos Energy Corp.

 

 

3,806,400

 

 

154,100

 

Briggs & Stratton Corp.

 

 

4,572,147

 

 

582,900

 

Chevron Corp.

 

 

45,343,791

 

 

357,500

 

Consolidated Edison, Inc.

 

 

18,325,450

 

 

160,300

 

Exxon Mobil Corp.

 

 

12,724,614

 

 

168,492

 

Integrys Energy Group, Inc.

 

 

9,452,401

 

 

93,200

 

National Fuel Gas Co.

 

 

4,381,332

 

 

199,700

 

Pinnacle West Capital Corp.

 

 

9,643,513

 

 

339,300

 

Progress Energy, Inc.

 

 

17,151,615

 

 

168,600

 

Vectren Corp.

 

 

4,901,202

 

 

67,600

 

WGL Holdings, Inc.

 

 

2,287,584

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

132,590,049

 

 

 

 

 

 



 

 

 

 

Financial Institutions—39.7%

 

 

 

 

 

75,000

 

Allstate Corp. (The)

 

 

4,674,000

 

 

135,600

 

Arthur J. Gallagher & Co.

 

 

3,791,376

 

 

803,600

 

Bank of America Corp.

 

 

40,903,240

 

 

429,600

 

BB&T Corp.

 

 

17,879,952

 

 

766,300

 

Citigroup, Inc.

 

 

41,089,006

 

 

281,400

 

Comerica, Inc.

 

 

17,421,474

 

 

346,000

 

Fifth Third Bancorp

 

 

14,044,140

 

 

151,400

 

First Commonwealth Financial Corp.

 

 

1,685,082

 

 

52,600

 

FirstMerit Corp.

 

 

1,098,288

 

 

123,500

 

FNB Corp.

 

 

2,072,330

 

 

41,200

 

Franklin Resources, Inc.

 

 

5,409,972

 

 

272,400

 

Freddie Mac

 

 

17,646,072

 

 

561,100

 

KeyCorp

 

 

20,020,048

 

 

99,500

 

Lincoln National Corp.

 

 

7,079,425

 

 

82,800

 

Mercury General Corp.

 

 

4,483,620

 

 

783,800

 

National City Corp.

 

 

28,647,890

 

 

104,200

 

SunTrust Banks, Inc.

 

 

8,796,564

 

 

138,000

 

T. Rowe Price Group, Inc.

 

 

6,855,840

 

 

992,100

 

U.S. Bancorp

 

 

34,078,635

 

 

102,642

 

Valley National Bancorp

 

 

2,604,028

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

92,000

 

Washington Federal, Inc.

 

$

2,181,320

 

 

863,700

 

Washington Mutual, Inc.

 

 

36,258,126

 

 

1,064,000

 

Wells Fargo & Co.

 

 

38,186,960

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

356,907,388

 

 

 

 

 

 



 

 

 

 

Health Care—11.3%

 

 

 

 

 

174,100

 

Abbott Laboratories

 

 

9,857,542

 

 

315,400

 

Eli Lilly & Co.

 

 

18,649,602

 

 

257,500

 

Johnson & Johnson

 

 

16,536,650

 

 

308,200

 

Merck & Co., Inc.

 

 

15,853,808

 

 

1,529,500

 

Pfizer, Inc.

 

 

40,470,570

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

101,368,172

 

 

 

 

 

 



 

 

 

 

Industrials—6.5%

 

 

 

 

 

77,100

 

3M Co.

 

 

6,381,567

 

 

33,300

 

Caterpillar, Inc.

 

 

2,418,246

 

 

99,000

 

Emerson Electric Co.

 

 

4,652,010

 

 

1,122,500

 

General Electric Co.

 

 

41,375,350

 

 

207,200

 

ServiceMaster Co. (The)

 

 

3,188,808

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

58,015,981

 

 

 

 

 

 



 

 

 

 

Real Estate Investment Trust—4.3%

 

 

 

 

 

69,100

 

General Growth Properties, Inc.

 

 

4,412,035

 

 

184,400

 

Health Care Property Investors, Inc.

 

 

6,525,916

 

 

55,000

 

Healthcare Realty Trust, Inc.

 

 

1,873,300

 

 

97,000

 

Home Properties, Inc.

 

 

5,402,900

 

 

94,000

 

Lexington Realty Trust

 

 

1,963,660

 

 

102,000

 

Liberty Property Trust

 

 

4,935,780

 

 

89,200

 

National Retail Properties, Inc.

 

 

2,136,340

 

 

85,900

 

Realty Income Corp.

 

 

2,396,610

 

 

58,300

 

Sun Communities, Inc.

 

 

1,735,008

 

 

167,400

 

United Dominion Realty Trust, Inc.

 

 

5,028,696

 

 

57,800

 

Universal Health Realty Income Trust

 

 

2,035,716

 

 

 

 

 

 



 

 

 

 

Total Real Estate Investment Trust

 

 

38,445,961

 

 

 

 

 

 



 

 

 

 

Technology—2.0%

 

 

 

 

 

50,100

 

Intl. Business Machines Corp.

 

 

5,120,721

 

 

118,125

 

Linear Technology Corp.

 

 

4,420,238

 

 

184,000

 

Pitney Bowes, Inc.

 

 

8,832,000

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

18,372,959

 

 

 

 

 

 



 

 

 

 

Telecommunications—5.0%

 

 

 

 

 

1,162,300

 

AT&T, Inc.

 

 

45,004,256

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $742,739,264)

 

 

892,458,863

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—0.6%

 

 

 

 

 

5,008,940

1

Fidelity Institutional Money Market Prime
Portfolio, 4.97% (cost $5,008,940)

 

 

5,008,940

 

 

 

 

 

 



 

 

 

 

Total Investments—99.9%
(cost $747,748,2042)

 

$

897,467,803

 

 

 

 

Other assets in excess of liabilities—0.1%

 

 

1,190,030

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

898,657,833

 

 

 

 

 

 



 


 

 


1

Represents current yield as of April 30, 2007.

2

Cost for federal income tax purposes is $746,805,111. The net unrealized appreciation on a tax basis is $150,662,692, consisting of $158,710,937 gross unrealized appreciation and $8,048,245 gross unrealized depreciation.

 

 

 

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

16



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—94.4%

 

 

 

 

 

 

 

Common Stocks—94.4%

 

 

 

 

 

 

 

Aerospace & Defense—0.3%

 

 

 

 

 

39,000

 

United Technologies Corp.

 

$

2,618,070

 

 

 

 

 

 



 

 

 

 

Automotive—0.4%

 

 

 

 

 

84,300

 

Genuine Parts Co.

 

 

4,165,263

 

 

 

 

 

 



 

 

 

 

Basic Materials—1.2%

 

 

 

 

 

88,600

 

PPG Industries, Inc.

 

 

6,519,188

 

 

274,500

 

RPM Intl., Inc.

 

 

5,838,615

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

12,357,803

 

 

 

 

 

 



 

 

 

 

Consumer Products—12.6%

 

 

 

 

 

583,000

 

Altria Group, Inc.

 

 

40,180,360

 

 

105,000

 

Anheuser-Busch Cos., Inc.

 

 

5,164,950

 

 

662,400

1

Coca-Cola Co. (The)

 

 

34,570,656

 

 

129,100

 

Home Depot, Inc.

 

 

4,889,017

 

 

152,500

 

Kimberly-Clark Corp.

 

 

10,853,425

 

 

234,359

 

Kraft Foods, Inc.

 

 

7,843,996

 

 

154,300

 

La-Z-Boy, Inc.

 

 

1,803,767

 

 

200,800

 

McDonald’s Corp.

 

 

9,694,624

 

 

86,100

 

Procter & Gamble Co.

 

 

5,537,091

 

 

50,800

 

Stanley Works (The)

 

 

2,960,624

 

 

90,900

 

Universal Corp.

 

 

5,697,612

 

 

34,600

 

VF Corp.

 

 

3,038,226

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

132,234,348

 

 

 

 

 

 



 

 

 

 

Energy—11.0%

 

 

 

 

 

188,000

1

Atmos Energy Corp.

 

 

5,963,360

 

 

132,800

1

Black Hills Corp.

 

 

5,286,768

 

 

410,200

1

Chevron Corp.

 

 

31,909,458

 

 

420,400

 

Consolidated Edison, Inc.

 

 

21,549,704

 

 

153,100

 

Exxon Mobil Corp.

 

 

12,153,078

 

 

192,340

 

Integrys Energy Group, Inc.

 

 

10,790,274

 

 

76,500

 

National Fuel Gas Co.

 

 

3,596,265

 

 

84,100

 

Otter Tail Corp.

 

 

2,876,220

 

 

117,000

 

Pinnacle West Capital Corp.

 

 

5,649,930

 

 

225,600

 

Progress Energy, Inc.

 

 

11,404,080

 

 

143,300

 

Vectren Corp.

 

 

4,165,731

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

115,344,868

 

 

 

 

 

 



 

 

 

 

Financial Institutions—40.0%

 

 

 

 

 

41,600

1

Allstate Corp. (The)

 

 

2,592,512

 

 

182,700

 

Arthur J. Gallagher & Co.

 

 

5,108,292

 

 

206,800

 

BancorpSouth, Inc.

 

 

5,081,076

 

 

972,800

1

Bank of America Corp.

 

 

49,515,520

 

 

429,400

1

BB&T Corp.

 

 

17,871,628

 

 

91,300

1

Chemical Financial Corp.

 

 

2,440,449

 

 

944,682

 

Citigroup, Inc.

 

 

50,653,849

 

 

287,700

 

Comerica, Inc.

 

 

17,811,507

 

 

620,600

 

Fifth Third Bancorp

 

 

25,190,154

 

 

207,200

 

First Commonwealth Financial Corp.

 

 

2,306,136

 

 

174,800

 

FirstMerit Corp.

 

 

3,649,824

 

 

149,700

 

FNB Corp.

 

 

2,511,966

 

 

42,700

 

Franklin Resources, Inc.

 

 

5,606,937

 

 

325,100

 

Freddie Mac

 

 

21,059,978

 

 

293,701

 

Fulton Financial Corp.

 

 

4,323,279

 

 

194,300

 

KeyCorp

 

 

6,932,624

 

 

151,600

 

Lincoln National Corp.

 

 

10,786,340

 

 

95,500

 

Mercury General Corp.

 

 

5,171,325

 

 

657,300

 

National City Corp.

 

 

24,024,315

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

129,600

 

Old Republic Intl. Corp.

 

$

2,756,592

 

 

124,300

 

SunTrust Banks, Inc.

 

 

10,493,406

 

 

138,900

 

T. Rowe Price Group, Inc.

 

 

6,900,552

 

 

1,183,900

 

U.S. Bancorp

 

 

40,666,965

 

 

230,350

 

Washington Federal, Inc.

 

 

5,461,598

 

 

1,072,300

 

Washington Mutual, Inc.

 

 

45,015,154

 

 

1,283,162

 

Wells Fargo & Co.

 

 

46,052,684

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

419,984,662

 

 

 

 

 

 



 

 

 

 

Health Care—11.3%

 

 

 

 

 

92,000

1

Abbott Laboratories

 

 

5,209,040

 

 

574,500

 

Eli Lilly & Co.

 

 

33,970,185

 

 

212,600

 

Johnson & Johnson

 

 

13,653,172

 

 

355,300

 

Merck & Co., Inc.

 

 

18,276,632

 

 

1,813,300

1

Pfizer, Inc.

 

 

47,979,918

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

119,088,947

 

 

 

 

 

 



 

 

 

 

Industrials—6.6%

 

 

 

 

 

82,400

 

3M Co.

 

 

6,820,248

 

 

39,800

 

Caterpillar, Inc.

 

 

2,890,276

 

 

117,100

 

Emerson Electric Co.

 

 

5,502,529

 

 

1,339,200

 

General Electric Co.

 

 

49,362,912

 

 

333,900

 

ServiceMaster Co. (The)

 

 

5,138,721

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

69,714,686

 

 

 

 

 

 



 

 

 

 

Real Estate Investment Trust—4.2%

 

 

 

 

 

53,000

 

Colonial Properties Trust

 

 

2,629,330

 

 

142,800

 

Duke Realty Corp.

 

 

6,156,108

 

 

76,500

 

General Growth Properties, Inc.

 

 

4,884,525

 

 

161,300

 

Health Care Property Investors, Inc.

 

 

5,708,407

 

 

117,400

 

Healthcare Realty Trust, Inc.

 

 

3,998,644

 

 

54,000

 

Home Properties, Inc.

 

 

3,007,800

 

 

71,700

 

Kimco Realty Corp.

 

 

3,446,619

 

 

144,700

 

Lexington Realty Trust

 

 

3,022,783

 

 

53,200

 

Liberty Property Trust

 

 

2,574,348

 

 

120,500

 

National Retail Properties, Inc.

 

 

2,885,975

 

 

83,200

 

Sun Communities, Inc.

 

 

2,476,032

 

 

102,400

 

United Dominion Realty Trust, Inc.

 

 

3,076,096

 

 

 

 

 

 



 

 

 

 

Total Real Estate Investment Trust

 

 

43,866,667

 

 

 

 

 

 



 

 

 

 

Technology—2.2%

 

 

 

 

 

53,100

 

Intl. Business Machines Corp.

 

 

5,427,351

 

 

162,000

 

Linear Technology Corp.

 

 

6,062,040

 

 

244,600

 

Pitney Bowes, Inc.

 

 

11,740,800

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

23,230,191

 

 

 

 

 

 



 

 

 

 

Telecommunications—4.6%

 

 

 

 

 

1,255,300

1

AT&T, Inc.

 

 

48,605,216

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $946,392,652)

 

 

991,210,721

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—7.4%

 

 

 

 

 

 

 

Money Market Fund—3.1%

 

 

 

 

 

32,961,170

2

Fidelity Institutional Money Market Prime Portfolio, 4.97%

 

 

32,961,170

 

 

 

 

 

 



 

See Notes to Financial Statements.

17


BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount

 

Description

 

Value

 


 

 

 

U.S. Government and Agency Discount Notes—4.3%

 

 

 

 

$

44,700,000

3

Federal Home Loan Bank Disc. Notes, 5.06%, 5/01/07

 

$

44,700,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $77,661,170)

 

 

77,661,170

 

 

 

 

 

 



 

 

 

 

Total Investments before outstanding options written
(cost $1,024,053,8224)

 

 

1,068,871,891

 

 

 

 

 

 



 

 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(1.1)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.1)%

 

 

 

 

 

(45,000

)

3M Co., strike price $79, expires 06/15/07

 

 

(199,511

)

 

(505

)

Abbott Laboratories, strike price $55, expires 05/21/07

 

 

(108,575

)

 

(230

)

Allstate Corp. (The), strike price $62.50, expires 05/21/07

 

 

(14,950

)

 

(245,100

)

Altria Group, Inc., strike price $70.45, expires 06/29/07

 

 

(282,240

)

 

(50,000

)

Altria Group, Inc., strike price $87.25, expires 05/30/07

 

 

(254,910

)

 

(20,000

)

Altria Group, Inc., strike price $89, expires 05/18/07

 

 

(67,878

)

 

(32,000

)

Anheuser-Busch Cos, Inc., strike price $52.75, expires 06/29/07

 

 

(5,705

)

 

(55,000

)

Arthur J. Gallagher & Co., strike price $28.70, expires 05/18/07

 

 

(5,817

)

 

(460

)

Arthur J. Gallagher & Co., strike price $30, expires 07/23/07

 

 

(13,800

)

 

(120,000

)

AT&T, Inc., strike price $37.50, expires 05/18/07

 

 

(179,005

)

 

(394,000

)

AT&T, Inc., strike price $40, expires 06/05/07

 

 

(179,865

)

 

(157,000

)

AT&T, Inc., strike price $40, expires 06/15/07

 

 

(79,966

)

 

(200

)

AT&T, Inc., strike price $40, expires 07/23/07

 

 

(18,000

)

 

(103,000

)

Atmos Energy Corp., strike price $31.40, expires 05/30/07

 

 

(92,906

)

 

(400

)

BancorpSouth, Inc., strike price $25, expires 05/21/07

 

 

(14,000

)

 

(340

)

BancorpSouth, Inc., strike price $25.50, expires 07/17/07

 

 

(21,151

)

 

(3,100

)

Bank of America Corp., strike price $52.50, expires 05/21/07

 

 

(46,500

)

 

(100,000

)

Bank of America Corp., strike price $53.50, expires 06/15/07

 

 

(14,158

)

 

(100,000

)

Bank of America Corp., strike price $53.50, expires 07/30/07

 

 

(49,000

)

 

(26,000

)

Bank of America Corp., strike price $54, expires 05/18/07

 

 

(1,326

)

 

(100,000

)

BB&T Corp., strike price $42.95, expires 06/15/07

 

 

(46,834

)

 

(500

)

BB&T Corp., strike price $43, expires 06/08/07

 

 

(19,267

)

 

(44,000

)

BB&T Corp., strike price $43, expires 06/29/07

 

 

(25,604

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

Black Hills Corp., strike price $37.50, expires 05/31/07

 

$

(65,512

)

 

(300

)

Black Hills Corp., strike price $38.75, expires 05/07/07

 

 

(35,105

)

 

(180

)

Black Hills Corp., strike price $40, expires 05/21/07

 

 

(12,600

)

 

(220

)

Caterpillar, Inc., strike price $70, expires 05/21/07

 

 

(79,200

)

 

(86,000

)

Chevron Corp., strike price $73, expires 05/18/07

 

 

(425,922

)

 

(300

)

Citigroup, Inc., strike price $52.50, expires 06/18/07

 

 

(69,000

)

 

(550

)

Citigroup, Inc., strike price $55, expires 06/18/07

 

 

(30,250

)

 

(280,000

)

Citigroup, Inc., strike price $55, expires 06/29/07

 

 

(266,000

)

 

(1,550

)

Citigroup, Inc., strike price $55, expires 07/06/07

 

 

(109,862

)

 

(70,000

)

Coca-Cola Co. (The), strike price $48.20, expires 05/18/07

 

 

(283,819

)

 

(120,000

)

Coca-Cola Co. (The), strike price $48.20, expires 05/30/07

 

 

(491,768

)

 

(174,000

)

Coca-Cola Co. (The), strike price $52.10, expires 06/29/07

 

 

(198,685

)

 

(14,000

)

Colonial Properties Trust, strike price $47.92, expires 06/15/07

 

 

(32,707

)

 

(15,000

)

Colonial Properties Trust, strike price $49.15, expires 06/22/07

 

 

(25,285

)

 

(500

)

Comerica, Inc., strike price $60, expires 07/23/07

 

 

(175,000

)

 

(108,000

)

Comerica, Inc., strike price $64, expires 06/29/07

 

 

(88,707

)

 

(21,000

)

Consolidated Edison, Inc., strike price $48.80, expires 06/15/07

 

 

(55,651

)

 

(139,000

)

Consolidated Edison, Inc., strike price $49.50, expires 05/07/07

 

 

(245,356

)

 

(71,000

)

Consolidated Edison, Inc., strike price $52, expires 07/20/07

 

 

(58,420

)

 

(79,000

)

Duke Realty Corp., strike price $43.75, expires 06/15/07

 

 

(66,789

)

 

(700

)

Eli Lilly & Co., strike price $60, expires 07/23/07

 

 

(91,000

)

 

(245,500

)

Eli Lilly & Co., strike price $60.60, expires 06/29/07

 

 

(208,530

)

 

(650

)

Emerson Electric Co., strike price $45, expires 06/18/07

 

 

(178,750

)

 

(700

)

Exxon Mobil Corp., strike price $80, expires 07/23/07

 

 

(185,500

)

 

(350

)

Fifth Third Bancorp, strike price $40, expires 05/21/07

 

 

(40,250

)

 

(158,000

)

Fifth Third Bancorp, strike price $40.51, expires 07/20/07

 

 

(222,627

)

 

(35,000

)

Fifth Third Bancorp, strike price $40.90, expires 06/22/07

 

 

(33,444

)

 

(114,000

)

Fifth Third Bancorp, strike price $40.90, expires 06/29/07

 

 

(117,151

)

See Notes to Financial Statements.

18


BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(41,000

)

FNB Corp., strike price $18.25, expires 05/18/07

 

$

(592

)

 

(250

)

Franklin Resources, Inc., strike price $135, expires 06/18/07

 

 

(82,500

)

 

(20,000

)

Freddie Mac, strike price $65.75, expires 06/15/07

 

 

(27,729

)

 

(1,590

)

Freddie Mac, strike price $66.13, expires 06/29/07

 

 

(238,678

)

 

(88,000

)

General Electric Co., strike price $35.85, expires 06/15/07

 

 

(126,587

)

 

(105,000

)

General Electric Co., strike price $36.40, expires 05/11/07

 

 

(67,450

)

 

(50,000

)

General Electric Co., strike price $36.90, expires 06/15/07

 

 

(40,013

)

 

(100,000

)

General Electric Co., strike price $37, expires 05/07/07

 

 

(15,174

)

 

(167,500

)

General Electric Co., strike price $37.50, expires 07/20/07

 

 

(146,785

)

 

(176,000

)

General Electric Co., strike price $37.50, expires 07/31/07

 

 

(162,800

)

 

(500

)

General Electric Co., strike price $37.50, expires 09/24/07

 

 

(64,500

)

 

(420

)

General Growth Properties, Inc., strike price $65, expires 05/21/07

 

 

(52,500

)

 

(460

)

Genuine Parts Co., strike price $50, expires 05/21/07

 

 

(27,600

)

 

(32,000

)

Healthcare Realty Trust, Inc., strike price $33.12, expires 05/25/07

 

 

(54,577

)

 

(32,000

)

Healthcare Realty Trust, Inc., strike price $35.16, expires 06/13/07

 

 

(36,013

)

 

(710

)

Home Depot, Inc., strike price $42.50, expires 05/21/07

 

 

(3,550

)

 

(23,800

)

Home Properties, Inc., strike price $55.55, expires 06/15/07

 

 

(40,436

)

 

(50

)

Home Properties, Inc., strike price $60, expires 07/23/07

 

 

(3,500

)

 

(106,000

)

Integrys Energy Group, Inc., strike price $57.37, expires 07/12/07

 

 

(92,220

)

 

(300

)

Intl. Business Machines Corp., strike price $97, expires 05/25/07

 

 

(169,542

)

 

(265

)

Johnson & Johnson, strike price $65, expires 07/23/07

 

 

(35,775

)

 

(900

)

Johnson & Johnson, strike price $65.50, expires 06/29/07

 

 

(81,503

)

 

(58,000

)

KeyCorp, strike price $37.75, expires 05/30/07

 

 

(4,814

)

 

(83,900

)

Kimberly-Clark Corp., strike price $71.95, expires 06/29/07

 

 

(113,461

)

 

(350

)

Kimco Realty Corp., strike price $50, expires 05/21/07

 

 

(14,000

)

 

(50

)

Kimco Realty Corp., strike price $50, expires 07/23/07

 

 

(6,500

)

 

(185,000

)

Kraft Foods, Inc., strike price $33.63, expires 06/29/07

 

 

(182,780

)

 

(20,000

)

La-Z-Boy, Inc., strike price $14.15, expires 05/30/07

 

 

(365

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(200

)

La-Z-Boy, Inc., strike price $15, expires 07/23/07

 

$

(2,000

)

 

(25,000

)

Lexington Realty Trust, strike price $21.50, expires 05/18/07

 

 

(2,583

)

 

(25,000

)

Lexington Realty Trust, strike price $22, expires 06/15/07

 

 

(3,443

)

 

(290

)

Liberty Property Trust, strike price $50, expires 06/18/07

 

 

(23,200

)

 

(255

)

Lincoln National Corp., strike price $68, expires 05/30/07

 

 

(107,662

)

 

(580

)

Lincoln National Corp., strike price $70, expires 07/23/07

 

 

(243,600

)

 

(12

)

Linear Technology Corp., strike price $32.50, expires 05/21/07

 

 

(6,240

)

 

(250

)

Linear Technology Corp., strike price $35, expires 05/21/07

 

 

(67,500

)

 

(630

)

Linear Technology Corp., strike price $40, expires 06/18/07

 

 

(34,650

)

 

(24,000

)

McDonald’s Corp., strike price $46, expires 05/18/07

 

 

(59,485

)

 

(530

)

McDonald’s Corp., strike price $47.50, expires 06/18/07

 

 

(111,300

)

 

(330

)

McDonald’s Corp., strike price $50, expires 06/18/07

 

 

(23,100

)

 

(100,000

)

Merck & Co., Inc., strike price $44.75, expires 05/18/07

 

 

(674,297

)

 

(132

)

Merck & Co., Inc., strike price $50, expires 05/21/07

 

 

(25,080

)

 

(82,000

)

Merck & Co., Inc., strike price $53.02, expires 06/29/07

 

 

(87,429

)

 

(525

)

Mercury General Corp., strike price $55, expires 06/18/07

 

 

(57,750

)

 

(1,320

)

National City Corp., strike price $37.50, expires 06/05/07

 

 

(75,604

)

 

(1,135

)

National City Corp., strike price $38.50, expires 07/06/07

 

 

(65,276)

 

 

(116,000

)

National City Corp., strike price $38.87, expires 07/20/07

 

 

(68,600

)

 

(42,000

)

National Fuel Gas Co., strike price $42.50, expires 05/08/07

 

 

(190,584

)

 

(38,000

)

National Retail Properties, Inc., strike price $24.35, expires 06/15/07

 

 

(16,897

)

 

(28,000

)

National Retail Properties, Inc., strike price $24.55, expires 05/04/07

 

 

(622

)

 

(24,000

)

Old Republic Intl. Corp., strike price $22.50, expires 06/15/07

 

 

(2,519

)

 

(23,000

)

Old Republic Intl. Corp., strike price $23.33, expires 05/18/07

 

 

(65

)

 

(300

)

Otter Tail Corp., strike price $35, expires 05/21/07

 

 

(34,500

)

 

(149

)

Otter Tail Corp., strike price $35, expires 07/23/07

 

 

(26,820

)

 

(175,000

)

Pfizer, Inc., strike price $26.16, expires 06/15/07

 

 

(156,249

)

 

(175,000

)

Pfizer, Inc., strike price $26.50, expires 06/29/07

 

 

(143,850

)

See Notes to Financial Statements.

19


BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(1,500

)

Pfizer, Inc., strike price $27.50, expires 06/18/07

 

$

(30,000

)

 

(1,500

)

Pfizer, Inc., strike price $28, expires 07/06/07

 

 

(38,952

)

 

(9,300

)

Pinnacle West Capital Corp., strike price $47.84, expires 05/10/07

 

 

(7,392

)

 

(550

)

Pinnacle West Capital Corp., strike price $50, expires 07/23/07

 

 

(52,250

)

 

(20,000

)

Pitney Bowes, Inc., strike price $48, expires 06/15/07

 

 

(20,915

)

 

(20,300

)

Pitney Bowes, Inc., strike price $48.67, expires 05/04/07

 

 

(1,411

)

 

(740

)

Pitney Bowes, Inc., strike price $49, expires 07/06/07

 

 

(63,282

)

 

(200

)

Pitney Bowes, Inc., strike price $50, expires 07/20/07

 

 

(17,000

)

 

(265

)

PPG Industries, Inc., strike price $70, expires 05/21/07

 

 

(108,650

)

 

(22,000

)

PPG Industries, Inc., strike price $71, expires 06/15/07

 

 

(79,782

)

 

(475

)

Procter & Gamble Co., strike price $65, expires 07/23/07

 

 

(87,875

)

 

(60,000

)

Progress Energy, Inc., strike price $50.25, expires 05/11/07

 

 

(37,769

)

 

(660

)

RPM Intl., Inc., strike price $22.50, expires 05/21/07

 

 

(6,600

)

 

(684

)

SunTrust Banks, Inc., strike price $87.50, expires 05/04/07

 

 

(1,594

)

 

(40,000

)

T. Rowe Price Group, Inc., strike price $51.89, expires 07/20/07

 

 

(47,459

)

 

(36,000

)

T. Rowe Price Group, Inc., strike price $52.29, expires 06/15/07

 

 

(20,968

)

 

(325,000

)

U.S. Bancorp, strike price $36.75, expires 05/18/07

 

 

(1,004

)

 

(19,000

)

United Dominion Realty Trust, Inc., strike price $30.80, expires 06/22/07

 

 

(11,581

)

 

(375

)

United Dominion Realty Trust, Inc., strike price $31.50, expires 05/15/07

 

 

(2,856

)

 

(220

)

United Technologies Corp., strike price $70, expires 05/21/07

 

 

(3,300

)

 

(500

)

Universal Corp., strike price $65, expires 06/18/07

 

 

(65,000

)

 

(40,000

)

Vectren Corp., strike price $28.63, expires 05/18/07

 

 

(23,602

)

 

(38,800

)

Vectren Corp., strike price $30.05, expires 06/29/07

 

 

(8,950

)

 

(19,000

)

VF Corp., strike price $82.50, expires 05/18/07

 

 

(108,848

)

 

(47,000

)

Washington Federal, Inc., strike price $23.50, expires 06/15/07

 

 

(37,301

)

 

(48,000

)

Washington Federal, Inc., strike price $23.63, expires 05/18/07

 

 

(21,389

)

 

(32,000

)

Washington Federal, Inc., strike price $24.31, expires 06/15/07

 

 

(13,688

)

 

(1,000

)

Washington Mutual, Inc., strike price $42.50, expires 07/23/07

 

 

(175,000

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(134,000

)

Washington Mutual, Inc., strike price $44.30, expires 06/29/07

 

$

(60,323

)

 

(43,000

)

Washington Mutual, Inc., strike price $44.50, expires 07/20/07

 

 

(24,411

)

 

(145,000

)

Washington Mutual, Inc., strike price $45.05, expires 05/18/07

 

 

(4,869

)

 

(199,000

)

Wells Fargo & Co., strike price $35.10, expires 05/18/07

 

 

(200,570

)

 

(306,000

)

Wells Fargo & Co., strike price $36.44, expires 06/22/07

 

 

(209,674

)

 

(201,000

)

Wells Fargo & Co., strike price $36.82, expires 07/20/07

 

 

(154,770

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written
(premium received $(9,873,080))

 

 

(11,585,742

)

 

 

 

 

 



 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(1,000

)

Chevron Corp., strike price $75, expires 05/21/07

 

 

(45,000

)

 

(700

)

Chevron Corp., strike price $76, expires 05/15/07

 

 

(34,735

)

 

(100,000

)

Chevron Corp., strike price $77, expires 05/15/07

 

 

(83,176

)

 

(1,350

)

Progress Energy, Inc., strike price $50, expires 05/21/07

 

 

(40,500

)

 

(300

)

Stanley Works (The), strike price $60, expires 05/21/07

 

 

(42,000

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written
(premium received $(361,702))

 

 

(245,411

)

 

 

 

 

 



 

 

 

 

Total Outstanding Options Written
(premium received $(10,234,782))

 

 

(11,831,153

)

 

 

 

 

 



 

 

 

 

Total Investments net of outstanding options written—100.7%

 

$

1,057,040,738

 

 

 

 

Liabilities in excess of other assets—(0.7)%

 

 

(7,502,147

)

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

1,049,538,591

 

 

 

 

 

 



 


 

 


1

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

2

Represents current yield as of April 30, 2007.

3

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

4

Cost for federal income tax purposes is $1,042,633,867. The net unrealized appreciation on a tax basis is $26,238,024, consisting of $36,757,724 gross unrealized appreciation and $10,519,700 gross unrealized depreciation.

 

 

 

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

20



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—97.8%

 

 

 

 

 

 

 

Common Stocks—97.8%

 

 

 

 

 

 

 

Automotive—3.9%

 

 

 

 

 

207,000

 

Genuine Parts Co.

 

$

10,227,870

 

 

97,200

 

Harsco Corp.

 

 

4,957,200

 

 

95,000

 

Superior Industries Intl., Inc.

 

 

2,170,750

 

 

 

 

 

 



 

 

 

 

Total Automotive

 

 

17,355,820

 

 

 

 

 

 



 

 

 

 

Basic Materials—2.7%

 

 

 

 

 

256,700

 

RPM Intl., Inc.

 

 

5,460,009

 

 

155,300

 

Sonoco Products Co.

 

 

6,621,992

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

12,082,001

 

 

 

 

 

 



 

 

 

 

Building & Development—0.7%

 

 

 

 

 

111,500

 

ABM Industries, Inc.

 

 

3,137,610

 

 

 

 

 

 



 

 

 

 

Consumer Products—14.3%

 

 

 

 

 

152,000

 

Avery Dennison Corp.

 

 

9,454,400

 

 

162,600

 

La-Z-Boy, Inc.

 

 

1,900,794

 

 

82,000

 

Lancaster Colony Corp.

 

 

3,462,860

 

 

82,300

 

Meridian Bioscience, Inc.

 

 

2,446,779

 

 

76,800

 

Polaris Industries, Inc.

 

 

3,880,704

 

 

167,450

 

Sherwin-Williams Co. (The)

 

 

10,678,287

 

 

164,100

 

Stanley Works (The)

 

 

9,563,748

 

 

146,900

 

SUPERVALU, Inc.

 

 

6,742,710

 

 

65,900

 

Universal Corp.

 

 

4,130,612

 

 

137,000

 

VF Corp.

 

 

12,029,970

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

64,290,864

 

 

 

 

 

 



 

 

 

 

Energy—17.4%

 

 

 

 

 

50,400

 

American States Water Co.

 

 

1,796,256

 

 

174,200

 

Atmos Energy Corp.

 

 

5,525,624

 

 

59,600

 

Black Hills Corp.

 

 

2,372,676

 

 

66,000

 

California Water Service Group

 

 

2,565,420

 

 

195,400

 

Consolidated Edison, Inc.

 

 

10,016,204

 

 

168,912

 

Integrys Energy Group, Inc.

 

 

9,475,963

 

 

217,200

 

MDU Resources Group, Inc.

 

 

6,581,160

 

 

85,200

 

MGE Energy, Inc.

 

 

3,077,424

 

 

146,400

 

National Fuel Gas Co.

 

 

6,882,264

 

 

47,000

 

New Jersey Resources Corp.

 

 

2,523,900

 

 

99,500

 

Otter Tail Corp.

 

 

3,402,900

 

 

166,500

 

Peidmont Natural Gas Co.

 

 

4,393,935

 

 

106,700

 

Pinnacle West Capital Corp.

 

 

5,152,543

 

 

151,200

 

UGI Corp.

 

 

4,288,032

 

 

182,200

 

Vectren Corp.

 

 

5,296,554

 

 

149,000

 

WGL Holdings, Inc.

 

 

5,042,160

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

78,393,015

 

 

 

 

 

 



 

 

 

 

Financial Institutions—35.9%

 

 

 

 

 

73,900

 

Alfa Corp.

 

 

1,325,766

 

 

115,500

 

Arthur J. Gallagher & Co.

 

 

3,229,380

 

 

249,515

 

Associated Banc-Corp

 

 

8,079,296

 

 

138,300

 

Astoria Financial Corp.

 

 

3,673,248

 

 

180,473

 

BancorpSouth, Inc.

 

 

4,434,221

 

 

64,500

 

Bank of Hawaii Corp.

 

 

3,412,050

 

 

55,679

 

Chemical Financial Corp.

 

 

1,488,300

 

 

190,842

 

Cincinnati Financial Corp.

 

 

8,633,692

 

 

30,766

 

Citizens Banking Corp.

 

 

615,628

 

 

151,100

 

Comerica, Inc.

 

 

9,354,601

 

 

101,200

 

Commerce Group, Inc.

 

 

3,300,132

 

 

105,000

 

Community Bank System, Inc.

 

 

2,152,500

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

158,400

 

Compass Bancshares, Inc.

 

$

10,799,712

 

 

41,940

 

Erie Indemnity Co., Class A

 

 

2,203,947

 

 

222,328

 

Fidelity National Financial, Inc.

 

 

5,667,141

 

 

84,400

 

First Charter Corp.

 

 

1,851,736

 

 

186,000

 

First Commonwealth Financial Corp.

 

 

2,070,180

 

 

61,000

 

First Financial Holdings, Inc.

 

 

2,066,070

 

 

174,400

 

FirstMerit Corp.

 

 

3,641,472

 

 

140,000

 

FNB Corp.

 

 

2,349,200

 

 

244,125

 

Fulton Financial Corp.

 

 

3,593,520

 

 

100,900

 

Harleysville Group, Inc.

 

 

3,081,486

 

 

43,348

 

Harleysville National Corp.

 

 

731,714

 

 

73,600

 

Mercury General Corp.

 

 

3,985,440

 

 

204,045

 

Old National Bancorp

 

 

3,648,324

 

 

378,625

 

Old Republic Intl. Corp.

 

 

8,053,354

 

 

38,805

 

Park National Corp.

 

 

3,444,720

 

 

508,725

1

People’s United Financial, Inc.

 

 

10,128,715

 

 

295,000

 

Popular, Inc.

 

 

4,958,950

 

 

236,907

 

Regions Financial Corp.

 

 

8,313,066

 

 

59,800

 

S&T Bancorp, Inc.

 

 

1,947,088

 

 

142,800

 

Sky Financial Group, Inc.

 

 

3,891,300

 

 

96,600

 

Sterling Bancorp

 

 

1,672,146

 

 

78,900

 

Susquehanna Bancshares, Inc.

 

 

1,757,892

 

 

150,000

 

TCF Financial Corp.

 

 

4,062,000

 

 

98,400

 

United Bankshares, Inc.

 

 

3,296,400

 

 

175,130

 

Valley National Bancorp

 

 

4,443,048

 

 

161,810

 

Washington Federal, Inc.

 

 

3,836,515

 

 

68,400

 

WesBanco, Inc.

 

 

2,006,172

 

 

112,200

 

Wilmington Trust Corp.

 

 

4,539,612

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

161,739,734

 

 

 

 

 

 



 

 

 

 

Health Care—1.1%

 

 

 

 

 

80,000

 

Hillenbrand Industries, Inc.

 

 

4,892,000

 

 

 

 

 

 



 

 

 

 

Industrials—9.3%

 

 

 

 

 

46,300

 

Bandag, Inc.

 

 

2,335,372

 

 

146,500

 

Bemis Co., Inc.

 

 

4,866,730

 

 

320,000

 

Leggett & Platt, Inc.

 

 

7,526,400

 

 

162,000

 

LSI Industries, Inc.

 

 

2,553,120

 

 

74,600

 

McGrath RentCorp

 

 

2,249,190

 

 

312,000

 

ServiceMaster Co. (The)

 

 

4,801,680

 

 

97,600

 

Vulcan Materials Co.

 

 

12,070,192

 

 

67,400

 

W.W. Grainger, Inc.

 

 

5,568,588

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

41,971,272

 

 

 

 

 

 



 

 

 

 

Media—0.9%

 

 

 

 

 

169,800

 

New York Times Co. (The)

 

 

3,973,320

 

 

 

 

 

 



 

 

 

 

Real Estate Investment Trust—9.5%

 

 

 

 

 

67,000

 

Colonial Properties Trust

 

 

3,323,870

 

 

91,000

 

Duke Realty Corp.

 

 

3,923,010

 

 

44,400

 

EastGroup Properties, Inc.

 

 

2,224,884

 

 

97,300

 

Health Care Property Investors, Inc.

 

 

3,443,447

 

 

63,600

 

Healthcare Realty Trust, Inc.

 

 

2,166,216

 

 

132,000

 

Lexington Realty Trust

 

 

2,757,480

 

 

71,500

 

Liberty Property Trust

 

 

3,459,885

 

 

148,200

 

National Retail Properties, Inc.

 

 

3,549,390

 

 

122,700

 

Realty Income Corp.

 

 

3,423,330

 

 

86,500

 

Sun Communities, Inc.

 

 

2,574,240

 

 

70,300

 

United Dominion Realty Trust, Inc.

 

 

2,111,812

 

See Notes to Financial Statements.

21


BlackRock Strategic Dividend AchieversTM Trust (BDT) (continued)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Real Estate Investment Trust—(cont’d)

 

 

 

 

 

89,200

 

Universal Health Realty Income Trust

 

$

3,141,624

 

 

70,500

 

Washington Real Estate Investment Trust

 

 

2,669,130

 

 

81,150

 

Weingarten Realty Investors

 

 

3,883,839

 

 

 

 

 

 



 

 

 

 

Total Real Estate Investment Trust

 

 

42,652,157

 

 

 

 

 

 



 

 

 

 

Technology—2.1%

 

 

 

 

 

197,700

 

Pitney Bowes, Inc.

 

 

9,489,600

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $361,458,690)

 

 

439,977,393

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—2.2%

 

 

 

 

 

9,860,577

2

Fidelity Institutional Money Market Prime
Portfolio, 4.97% (cost $9,860,577)

 

 

9,860,577

 

 

 

 

 

 



 

 

 

 

Total Investments—100.0%
(cost $371,319,2673)

 

$

449,837,970

 

 

 

 

Other assets in excess of liabilities—0.0%

 

 

97,638

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

449,935,608

 

 

 

 

 

 



 


 

 


1

Security is fair valued.

2

Represents current yield as of April 30, 2007.

3

Cost for federal income tax purposes is $370,478,957. The net unrealized appreciation on a tax basis is $79,359,013, consisting of $89,083,233 gross unrealized appreciation and $9,724,220 gross unrealized depreciation.

 

 

 

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

22


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Global Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

LONG-TERM INVESTMENTS—95.5%

 

 

 

 

 

 

 

Common Stocks—95.5%

 

 

 

 

 

 

 

Chemicals—0.8%

 

 

 

 

 

41,100

 

Potash Corp. of Saskatchewan

 

$

7,378,272

 

 

 

 

 

 



 

 

 

 

Coal—12.6%

 

 

 

 

 

507,200

1

Arch Coal, Inc.

 

 

18,294,704

 

 

537,200

1

Consol Energy, Inc.

 

 

22,492,564

 

 

486,800

 

Massey Energy Co.

 

 

13,109,524

 

 

710,370

 

Natural Resources Partners LP

 

 

25,544,905

 

 

466,600

 

Peabody Energy Corp.

 

 

22,387,468

 

 

104,600

 

Penn Virginia GP Holdings LP

 

 

3,108,712

 

 

644,700

1

Penn Virginia Resource Partners LP

 

 

18,696,300

 

 

 

 

 

 



 

 

 

 

Total Coal

 

 

123,634,177

 

 

 

 

 

 



 

 

 

 

Commercial Services—0.7%

 

 

 

 

 

1,236,200

 

Eveready Income Fund

 

 

6,404,316

 

 

 

 

 

 



 

 

 

 

Electric—0.5%

 

 

 

 

 

52,800

 

Dominion Resources, Inc.

 

 

4,815,360

 

 

 

 

 

 



 

 

 

 

Gas—3.5%

 

 

 

 

 

210,000

1

Atmos Energy Corp.

 

 

6,661,200

 

 

613,800

 

Keyera Facilities Income Fund

 

 

10,535,084

 

 

303,100

 

NiSource, Inc.

 

 

7,453,229

 

 

244,600

 

South Jersey Industries, Inc.

 

 

9,605,442

 

 

 

 

 

 



 

 

 

 

Total Gas

 

 

34,254,955

 

 

 

 

 

 



 

 

 

 

Iron & Steel—0.2%

 

 

 

 

 

50,000

 

Tenaris S.A. (ADR)

 

 

2,318,000

 

 

 

 

 

 



 

 

 

 

Metal—0.5%

 

 

 

 

 

19,000

 

Vallourec

 

 

5,174,628

 

 

 

 

 

 



 

 

 

 

Mining—3.5%

 

 

 

 

 

207,100

1

BHP Billiton Ltd. (ADR)

 

 

10,114,764

 

 

55,000

 

Cameco Corp.

 

 

2,564,100

 

 

39,336

 

Goldcorp, Inc.

 

 

957,438

 

 

368,800

2

NovaGold Resources, Inc.

 

 

5,236,960

 

 

40,880

 

Rio Tinto Plc

 

 

2,484,070

 

 

7,300

 

Rio Tinto Plc (ADR)

 

 

1,781,200

 

 

146,700

2

Silver Wheaton Corp.

 

 

1,631,304

 

 

44,800

 

Teck Cominco Ltd., Class B

 

 

3,394,209

 

 

470,700

 

Zinifex Ltd.

 

 

6,428,791

 

 

 

 

 

 



 

 

 

 

Total Mining

 

 

34,592,836

 

 

 

 

 

 



 

 

 

 

Oil & Gas—32.5%

 

 

 

 

 

32,300

 

Apache Corp.

 

 

2,341,750

 

 

364,000

 

ARC Energy Trust

 

 

7,156,032

 

 

535,600

 

Baytex Energy Trust

 

 

10,133,886

 

 

730,273

 

BG Group Plc

 

 

10,523,220

 

 

86,600

2

Bill Barrett Corp.

 

 

3,195,540

 

 

108,000

 

Bonavista Energy Trust

 

 

3,040,814

 

 

143,500

1

Canadian Natural Resources Ltd.

 

 

8,554,035

 

 

296,900

 

Chesapeake Energy Corp.

 

 

10,020,375

 

 

309,800

2

Compton Petroleum Corp.

 

 

3,310,413

 

 

44,800

 

Devon Energy Corp.

 

 

3,264,576

 

 

76,000

1

Diamond Offshore Drilling, Inc.

 

 

6,505,600

 

 

68,100

 

EnCana Corp.

 

 

3,571,845

 

 

124,400

 

Enerplus Resources Fund

 

 

5,406,844

 

 

124,800

 

ENSCO Intl., Inc.

 

 

7,036,224

 

 

309,700

 

EOG Resources, Inc.

 

 

22,744,368

 

 

65,000

2

Exploration Co. of Delaware, Inc. (The)

 

 

674,050

 

 

215,417

2

Fairquest Energy Ltd.

 

 

640,487

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

Oil & Gas—(cont’d)

 

 

 

 

 

318,300

 

Focus Energy Trust

 

$

5,405,852

 

 

205,500

2

Forest Oil Corp.

 

 

7,241,820

 

 

116,100

 

GlobalSantaFe Corp.

 

 

7,422,273

 

 

412,100

 

Helmerich & Payne, Inc.

 

 

13,306,709

 

 

111,700

 

Hess Corp.

 

 

6,338,975

 

 

124,400

 

Husky Energy, Inc.

 

 

9,487,756

 

 

93,100

 

Marathon Oil Corp.

 

 

9,454,305

 

 

186,100

2

Newfield Exploration Co.

 

 

8,141,875

 

 

130,400

 

Noble Corp.

 

 

10,980,984

 

 

179,300

 

Noble Energy, Inc.

 

 

10,544,633

 

 

260,100

 

Norsk Hydro ASA

 

 

8,965,205

 

 

18,700

 

Penn West Energy Trust

 

 

559,197

 

 

131,900

 

Petroleo Brasileiro S.A. (ADR)

 

 

13,352,237

 

 

51,800

2

Plains Exploration & Production Co.

 

 

2,434,082

 

 

203,600

 

Precision Drilling Trust

 

 

4,900,652

 

 

98,200

2

Pride Intl., Inc.

 

 

3,221,942

 

 

224,700

 

Progress Energy Trust

 

 

2,818,113

 

 

102,100

2

Quicksilver Resources, Inc.

 

 

4,273,906

 

 

115,000

 

Range Resources Corp.

 

 

4,203,250

 

 

257,600

2

SeaDrill Ltd.

 

 

4,184,130

 

 

50,000

2

Southwestern Energy Co.

 

 

2,100,000

 

 

353,400

2

Statoil ASA (ADR)

 

 

9,919,938

 

 

89,100

 

Suncor Energy, Inc.

 

 

7,172,550

 

 

227,000

 

Talisman Energy, Inc.

 

 

4,313,000

 

 

26,500

 

Total S.A. (ADR)

 

 

1,952,785

 

 

252,900

 

Transocean, Inc.

 

 

21,799,980

 

 

44,700

2

Unit Corp.

 

 

2,554,605

 

 

37,200

 

Valero Energy Corp.

 

 

2,612,556

 

 

399,900

 

Vermilion Energy Trust

 

 

12,160,217

 

 

85,800

 

XTO Energy, Inc.

 

 

4,656,366

 

 

174,200

 

Zargon Energy Trust

 

 

4,386,783

 

 

 

 

 

 



 

 

 

 

Total Oil & Gas

 

 

318,986,735

 

 

 

 

 

 



 

 

 

 

Oil & Gas Services—8.8%

 

 

 

 

 

82,400

2

Acergy S.A.

 

 

1,762,346

 

 

195,000

2

Acergy S.A. (ADR)

 

 

4,174,950

 

 

63,800

2

Cameron Intl. Corp.

 

 

4,119,566

 

 

86,231

2

Core Laboratories N.V.

 

 

7,840,122

 

 

72,000

2

FMC Technologies, Inc.

 

 

5,103,360

 

 

136,500

2

Grant Prideco, Inc.

 

 

7,035,210

 

 

88,700

2

Helix Energy Solutions Group, Inc.

 

 

3,393,662

 

 

181,900

2

Hercules Offshore, Inc.

 

 

5,717,117

 

 

108,058

2

National Oilwell Varco, Inc.

 

 

9,168,721

 

 

355,200

 

Saipem S.p.A.

 

 

11,116,677

 

 

199,800

2

Savanna Energy Services Corp.

 

 

3,915,353

 

 

115,100

 

SBM Offshore N.V.

 

 

4,124,143

 

 

81,600

 

Schlumberger Ltd.

 

 

6,024,528

 

 

252,924

2

Weatherford Intl. Ltd.

 

 

13,275,981

 

 

 

 

 

 



 

 

 

 

Total Oil & Gas Services

 

 

86,771,736

 

 

 

 

 

 



 

 

 

 

Pipelines—24.2%

 

 

 

 

 

451,400

 

AltaGas Income Trust

 

 

10,858,979

 

 

262,600

1

Boardwalk Pipeline Partners LP

 

 

9,608,534

 

 

51,387

1

Crosstex Energy LP

 

 

1,849,932

 

 

420,000

1

Energy Transfer Partners LP

 

 

26,287,800

 

 

756,905

 

Enterprise Products Partners LP

 

 

24,561,567

 

 

262,200

 

Equitable Resources, Inc.

 

 

13,637,022

 

 

181,829

2

Kinder Morgan Management LLC

 

 

9,662,393

 

See Notes to Financial Statements.

23


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Pipelines—(cont’d)

 

 

 

 

 

440,400

 

Magellan Midstream Partners LP

 

$

22,367,916

 

 

176,200

 

NuStar Energy LP

 

 

12,184,230

 

 

292,600

 

ONEOK Partners LP

 

 

20,759,970

 

 

165,500

 

ONEOK, Inc.

 

 

8,011,855

 

 

265,500

 

Pembina Pipeline Income Fund

 

 

3,946,977

 

 

313,500

 

Plains All American Pipeline LP

 

 

18,493,365

 

 

95,100

 

Questar Corp.

 

 

9,237,063

 

 

1,125,000

 

Spectra Energy Income Fund

 

 

10,693,531

 

 

300,000

 

Targa Resources Partners LP

 

 

9,606,000

 

 

204,400

 

TEPPCO Partners LP

 

 

9,310,420

 

 

338,000

1

Williams Partners LP

 

 

16,200,340

 

 

 

 

 

 



 

 

 

 

Total Pipelines

 

 

237,277,894

 

 

 

 

 

 



 

 

 

 

Transportation—7.7%

 

 

 

 

 

600

 

AP Moller - Maersk A/S

 

 

6,776,364

 

 

800,000

 

Aries Maritime Transport Ltd.

 

 

7,512,000

 

 

725,000

 

Double Hull Tankers, Inc.

 

 

11,549,250

 

 

172,900

 

Nordic American Tanker Shipping

 

 

6,660,108

 

 

600,000

2

OceanFreight, Inc.

 

 

11,610,000

 

 

390,400

 

Seaspan Corp.

 

 

10,962,432

 

 

546,000

 

Ship Finance Intl. Ltd.

 

 

16,238,040

 

 

123,200

 

DryShips, Inc.

 

 

4,358,816

 

 

 

 

 

 



 

 

 

 

Total Transportation

 

 

75,667,010

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $699,876,950)

 

 

937,275,919

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—4.3%

 

 

 

 

 

 

 

Money Market Fund—3.0%

 

 

 

 

 

29,820,178

3

Fidelity Institutional Money Market Prime Portfolio, 4.97%

 

 

29,820,178

 

 

 

 

 

 



 


 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—1.3%

 

 

 

 

$

12,500,000

4

Federal Home Loan Bank Disc. Notes, 5.06%, 5/01/07

 

 

12,500,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $42,320,178)

 

 

42,320,178

 

 

 

 

 

 



 

 

 

 

Total Investments before outstanding options written
(cost $742,197,1285)

 

 

979,596,097

 

 

 

 

 

 



 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(0.8)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.8)%

 

 

 

 

 

(250

)

Acergy S.A. (ADR), strike price $21, expires 05/15/07

 

 

(19,303

)

 

(250

)

Acergy S.A. (ADR), strike price $22.50, expires 05/21/07

 

 

(8,750

)

 

(250

)

Acergy S.A. (ADR), strike price $22.50, expires 08/20/07

 

 

(33,750

)

 

(200

)

AP Moller - Maersk A/S, strike price 58 DKK, expires 05/31/07

 

 

(109,601

)

 

(250

)

Arch Coal, Inc., strike price $35, expires 07/23/07

 

 

(82,500

)

 

(25,000

)

Arch Coal, Inc., strike price $36, expires 05/18/07

 

 

(29,868

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

Arch Coal, Inc., strike price $37, expires 05/30/07

 

$

(27,484

)

 

(25,000

)

Arch Coal, Inc., strike price $38, expires 06/15/07

 

 

(27,531

)

 

(800

)

Arch Coal, Inc., strike price $40, expires 07/23/07

 

 

(96,000

)

 

(150,000

)

BG Group Plc, strike price 7.13 GBP, expires 05/08/07

 

 

(61,937

)

 

(10,000

)

BG Group Plc, strike price 7.54 GBP, expires 06/12/07

 

 

(3,761

)

 

(100

)

BG Group Plc, strike price 8 GBP, expires 06/15/07

 

 

(48,992

)

 

(250

)

BHP Billiton Ltd. (ADR), strike price $45.50, expires 05/31/07

 

 

(99,111

)

 

(100

)

BHP Billiton Ltd. (ADR), strike price $47.50, expires 05/21/07

 

 

(23,500

)

 

(200

)

BHP Billiton Ltd. (ADR), strike price $52.50, expires 06/18/07

 

 

(18,000

)

 

(300

)

Bill Barrett Corp., strike price $40, expires 06/18/07

 

 

(24,000

)

 

(10,000

)

Cameco Corp., strike price $41, expires 05/18/07

 

 

(58,504

)

 

(100

)

Cameco Corp., strike price $50, expires 05/21/07

 

 

(4,300

)

 

(100

)

Cameco Corp., strike price $50, expires 06/18/07

 

 

(13,500

)

 

(200

)

Cameron Intl. Corp., strike price $60, expires 05/21/07

 

 

(126,000

)

 

(200

)

Canadian Natural Resources Ltd., strike price $55, expires 06/18/07

 

 

(116,000

)

 

(20,000

)

Canadian Natural Resources Ltd., strike price $55.50, expires 05/18/07

 

 

(89,653

)

 

(200

)

Canadian Natural Resources Ltd., strike price $60, expires 06/18/07

 

 

(64,200

)

 

(250

)

Chesapeake Energy Corp., strike price $32.50, expires 07/23/07

 

 

(62,500

)

 

(25,000

)

Chesapeake Energy Corp., strike price $32.55, expires 05/18/07

 

 

(37,294

)

 

(350

)

Chesapeake Energy Corp., strike price $35, expires 07/23/07

 

 

(36,750

)

 

(250

)

Consol Energy, Inc., strike price $40, expires 07/23/07

 

 

(105,000

)

 

(25,000

)

Consol Energy, Inc., strike price $40.50, expires 06/15/07

 

 

(75,281

)

 

(25,000

)

Consol Energy, Inc., strike price $41, expires 05/18/07

 

 

(46,722

)

 

(500

)

Consol Energy, Inc., strike price $45, expires 07/23/07

 

 

(95,000

)

 

(100

)

Core Laboratories N.V., strike price $90, expires 05/21/07

 

 

(38,000

)

 

(250

)

Core Laboratories N.V., strike price $90, expires 06/18/07

 

 

(117,500

)

 

(100

)

Devon Energy Corp., strike price $75, expires 07/23/07

 

 

(30,000

)

 

(250

)

Diamond Offshore Drilling, Inc., strike price $88, expires 06/29/07

 

 

(74,179

)

See Notes to Financial Statements.

24


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(100

)

Diamond Offshore Drilling, Inc., strike price $90, expires 06/18/07

 

$

(19,500

)

 

(20,000

)

Dominion Resources, Inc., strike price $86, expires 05/18/07

 

 

(110,750

)

 

(325

)

Dominion Resources, Inc., strike price $90, expires 05/21/07

 

 

(76,375

)

 

(200

)

DryShips, Inc., strike price $25, expires 06/18/07

 

 

(218,000

)

 

(100

)

DryShips, Inc., strike price $30, expires 05/21/07

 

 

(58,000

)

 

(10,000

)

EnCana Corp., strike price $51, expires 05/18/07

 

 

(20,198

)

 

(25,000

)

EnCana Corp., strike price $54, expires 06/15/07

 

 

(29,791

)

 

(100

)

EnCana Corp., strike price $55, expires 07/23/07

 

 

(16,500

)

 

(25,000

)

ENSCO Intl., Inc., strike price $55, expires 05/18/07

 

 

(57,832

)

 

(250

)

ENSCO Intl., Inc., strike price $57, expires 06/29/07

 

 

(62,500

)

 

(150

)

ENSCO Intl., Inc., strike price $60, expires 06/18/07

 

 

(24,000

)

 

(150

)

EOG Resources, Inc., strike price $75, expires 05/21/07

 

 

(20,250

)

 

(250

)

EOG Resources, Inc., strike price $75, expires 07/23/07

 

 

(100,000

)

 

(25,000

)

EOG Resources, Inc., strike price $76, expires 05/18/07

 

 

(19,958

)

 

(300

)

EOG Resources, Inc., strike price $80, expires 07/23/07

 

 

(57,000

)

 

(100

)

EOG Resources, Inc., strike price $85, expires 07/23/07

 

 

(6,500

)

 

(300

)

Exploration Co. of Delaware, Inc. (The), strike price $11.50, expires 05/30/07

 

 

(7,003

)

 

(350

)

Forest Oil Corp., strike price $35, expires 05/21/07

 

 

(38,500

)

 

(250

)

Forest Oil Corp., strike price $36, expires 06/29/07

 

 

(31,391

)

 

(200

)

GlobalSantaFe Corp., strike price $65, expires 05/21/07

 

 

(31,000

)

 

(10,000

)

Grant Prideco, Inc., strike price $48, expires 05/18/07

 

 

(40,315

)

 

(200

)

Grant Prideco, Inc., strike price $55, expires 05/21/07

 

 

(12,000

)

 

(100

)

Grant Prideco, Inc., strike price $55, expires 07/23/07

 

 

(23,000

)

 

(100

)

Helix Energy Solutions Group, Inc., strike price $35, expires 06/18/07

 

 

(44,000

)

 

(150

)

Helix Energy Solutions Group, Inc., strike price $40, expires 06/18/07

 

 

(19,500

)

 

(100

)

Helmerich & Payne, Inc., strike price $30, expires 06/18/07

 

 

(33,000

)

 

(40,000

)

Helmerich & Payne, Inc., strike price $32, expires 05/30/07

 

 

(50,402

)

 

(50,000

)

Helmerich & Payne, Inc., strike price $33, expires 05/30/07

 

 

(39,490

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

Hercules Offshore, Inc., strike price $35, expires 06/18/07

 

$

(11,250

)

 

(100

)

Hess Corp., strike price $55, expires 05/21/07

 

 

(32,000

)

 

(125

)

Hess Corp., strike price $57.50, expires 05/30/07

 

 

(19,046

)

 

(20,000

)

Hess Corp., strike price $58.75, expires 06/15/07

 

 

(31,425

)

 

(100

)

Husky Energy, Inc., strike price 82 CAD, expires 05/21/07

 

 

(32,661

)

 

(300

)

Husky Energy, Inc., strike price 84 CAD, expires 07/23/07

 

 

(118,930

)

 

(125

)

Marathon Oil Corp., strike price $105, expires 05/21/07

 

 

(18,750

)

 

(300

)

Marathon Oil Corp., strike price $105, expires 07/23/07

 

 

(120,000

)

 

(200

)

National Oilwell Varco, Inc., strike price $70, expires 05/21/07

 

 

(308,000

)

 

(100

)

National Oilwell Varco, Inc., strike price $80, expires 05/21/07

 

 

(57,000

)

 

(100

)

National Oilwell Varco, Inc., strike price $85, expires 05/21/07

 

 

(24,600

)

 

(200

)

Newfield Exploration Co., strike price $45, expires 05/21/07

 

 

(23,000

)

 

(100

)

Newfield Exploration Co., strike price $50, expires 06/18/07

 

 

(3,500

)

 

(60

)

Noble Corp., strike price $80, expires 06/18/07

 

 

(57,000

)

 

(150

)

Noble Corp., strike price $85, expires 05/21/07

 

 

(34,500

)

 

(70

)

Noble Corp., strike price $85, expires 06/18/07

 

 

(37,100

)

 

(100

)

Noble Corp., strike price $90, expires 06/18/07

 

 

(20,000

)

 

(300

)

Noble Energy, Inc., strike price $55, expires 05/21/07

 

 

(165,000

)

 

(125

)

Noble Energy, Inc., strike price $60, expires 05/21/07

 

 

(16,875

)

 

(22,500

)

Noble Energy, Inc., strike price $61, expires 06/15/07

 

 

(30,916

)

 

(101,000

)

Norsk Hydro ASA, strike price 205 NOK, expires 06/12/07

 

 

(174,345

)

 

(250

)

NovaGold Resources, Inc., strike price $18, expires 05/04/07

 

 

 

 

(100

)

NovaGold Resources, Inc., strike price $20, expires 06/18/07

 

 

(500

)

 

(150

)

ONEOK, Inc., strike price $47.50, expires 06/18/07

 

 

(30,000

)

 

(100

)

ONEOK, Inc., strike price $47.50, expires 07/23/07

 

 

(24,500

)

 

(250

)

Peabody Energy Corp., strike price $45, expires 06/18/07

 

 

(105,000

)

 

(25,000

)

Peabody Energy Corp., strike price $46, expires 05/18/07

 

 

(67,250

)

 

(250

)

Peabody Energy Corp., strike price $49, expires 05/30/07

 

 

(37,284

)

See Notes to Financial Statements.

25


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

Peabody Energy Corp., strike price $50, expires 05/21/07

 

$

(20,000

)

 

(480

)

Peabody Energy Corp., strike price $50, expires 06/18/07

 

 

(100,800

)

 

(250

)

Peabody Energy Corp., strike price $55, expires 06/18/07

 

 

(12,500

)

 

(20,000

)

Petroleo Brasileiro S.A. (ADR), strike price $105, expires 06/15/07

 

 

(49,471

)

 

(100

)

Petroleo Brasileiro S.A. (ADR), strike price $110, expires 05/21/07

 

 

(6,500

)

 

(100

)

Potash Corp. of Saskatchewan, Inc., strike price $180, expires 05/21/07

 

 

(60,000

)

 

(200

)

Pride Intl., Inc., strike price $35, expires 05/21/07

 

 

(13,000

)

 

(150

)

Pride Intl., Inc., strike price $35, expires 07/23/07

 

 

(21,000

)

 

(100

)

Questar Corp., strike price $90, expires 07/23/07

 

 

(106,000

)

 

(50

)

Questar Corp., strike price $95, expires 05/21/07

 

 

(25,000

)

 

(150

)

Questar Corp., strike price $95, expires 07/23/07

 

 

(88,500

)

 

(150

)

Quicksilver Resources, Inc., strike price $43.75, expires 06/29/07

 

 

(27,750

)

 

(300

)

Quicksilver Resources, Inc., strike price $45, expires 06/18/07

 

 

(34,500

)

 

(200

)

Range Resources Corp., strike price $35, expires 05/21/07

 

 

(41,000

)

 

(20

)

Rio Tinto Plc, strike price 29.36 GBP, expires 06/15/07

 

 

(91,557

)

 

(180

)

Saipem S.p.A., strike price 21 EUR, expires 05/18/07

 

 

(281,487

)

 

(60,000

)

SBM Offshore N.V., strike price 27.40 EUR, expires 06/22/07

 

 

(42,837

)

 

(150

)

Schlumberger Ltd., strike price $70, expires 05/21/07

 

 

(75,000

)

 

(100

)

Schlumberger Ltd., strike price $75, expires 05/21/07

 

 

(12,500

)

 

(65,000

)

SeaDrill Ltd., strike price 107.10 NOK, expires 06/12/07

 

 

(22,572

)

 

(40,000

)

Seaspan Corp., strike price $26.75, expires 05/30/07

 

 

(63,002

)

 

(400

)

Seaspan Corp., strike price $30, expires 05/21/07

 

 

(10,000

)

 

(500

)

Ship Finance Intl. Ltd., strike price $25, expires 05/21/07

 

 

(245,000

)

 

(25,000

)

Ship Finance Intl. Ltd., strike price $26.50, expires 05/18/07

 

 

(80,302

)

 

(350

)

Silver Wheaton Corp., strike price $12.50, expires 06/18/07

 

 

(10,500

)

 

(50,000

)

South Jersey Industries, Inc., strike price $40, expires 06/15/07

 

 

(40,609

)

 

(100

)

Southwestern Energy Co., strike price $40, expires 06/18/07

 

 

(13,000

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(150

)

Southwestern Energy Co., strike price $41, expires 06/29/07

 

$

(55,500

)

 

(100

)

Southwestern Energy Co., strike price $45, expires 05/21/07

 

 

(6,000

)

 

(250

)

Statoil ASA (ADR), strike price $28.50, expires 05/30/07

 

 

(22,960

)

 

(250

)

Statoil ASA (ADR), strike price $29, expires 06/29/07

 

 

(15,000

)

 

(250

)

Statoil ASA (ADR), strike price $30, expires 07/23/07

 

 

(12,500

)

 

(25,000

)

Suncor Energy, Inc., strike price $81, expires 05/18/07

 

 

(43,011

)

 

(450

)

Suncor Energy, Inc., strike price $85, expires 06/18/07

 

 

(81,000

)

 

(250

)

Talisman Energy, Inc., strike price $18.50, expires 06/11/07

 

 

(29,931

)

 

(400

)

Talisman Energy, Inc., strike price $20, expires 07/23/07

 

 

(36,000

)

 

(100

)

Teck Cominco Ltd., Class B, strike price 47.50 CAD, expires 05/21/07

 

 

(901

)

 

(100

)

Tenaris S.A. (ADR), strike price $50, expires 05/21/07

 

 

(3,500

)

 

(100

)

Tenaris S.A. (ADR), strike price $50, expires 06/18/07

 

 

(10,000

)

 

(100

)

Total S.A. (ADR), strike price $75, expires 05/19/07

 

 

(8,000

)

 

(500

)

Transocean, Inc., strike price $85, expires 05/21/07

 

 

(170,000

)

 

(25,000

)

Transocean, Inc., strike price $86, expires 06/15/07

 

 

(100,588

)

 

(100

)

Transocean, Inc., strike price $90, expires 08/20/07

 

 

(52,000

)

 

(100

)

Unit Corp., strike price $60, expires 06/18/07

 

 

(10,000

)

 

(100

)

Valero Energy Corp., strike price $65, expires 05/21/07

 

 

(58,000

)

 

(50

)

Vallourec, strike price 210 EUR, expires 05/18/07

 

 

(34,594

)

 

(250

)

Weatherford Intl. Ltd., strike price $43, expires 05/11/07

 

 

(239,109

)

 

(250

)

Weatherford Intl. Ltd., strike price $45, expires 05/21/07

 

 

(197,500

)

 

(25,000

)

Weatherford Intl. Ltd., strike price $47, expires 05/30/07

 

 

(155,295

)

 

(100

)

Weatherford Intl. Ltd., strike price $55, expires 06/18/07

 

 

(14,500

)

 

(20,000

)

XTO Energy, Inc., strike price $57, expires 05/30/07

 

 

(10,067

)

 

(100

)

XTO Energy, Inc., strike price $65, expires 11/19/07

 

 

(11,000

)

 

(105,000

)

Zinifex Ltd., strike price 16.84 AUD, expires 06/26/07

 

 

(63,357

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written
(premium received $(4,106,541))

 

 

(7,806,358

)

 

 

 

 

 



 

See Notes to Financial Statements.

26


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(388

)

Apache Corp., strike price $70, expires 05/21/07

 

$

(17,460

)

 

(330

)

BHP Billiton Ltd. (ADR), strike price $47.50, expires 05/21/07

 

 

(18,150

)

 

(630

)

Consol Energy, Inc., strike price $40, expires 05/21/07

 

 

(25,200

)

 

(200

)

Devon Energy Corp., strike price $65, expires 05/21/07

 

 

(2,000

)

 

(300

)

Exploration Co. of Delaware, Inc. (The), strike price $10, expires 05/21/07

 

 

(9,000

)

 

(125

)

Massey Energy Co., strike price $25, expires 05/21/07

 

 

(3,125

)

 

(904

)

Nabors Industries Ltd., strike price $30, expires 05/21/07

 

 

(13,560

)

 

(170

)

National Oilwell Varco, Inc., strike price $75, expires 05/21/07

 

 

(1,700

)

 

(200

)

Newfield Exploration Co., strike price $40, expires 05/21/07

 

 

(4,000

)

 

(200

)

Petroleo Brasileiro S.A. (ADR), strike price $90, expires 05/21/07

 

 

(6,000

)

 

(50

)

Potash Corp. of Saskatchewan, strike price $175, expires 05/21/07

 

 

(18,500

)

 

(300

)

Quicksilver Resources, Inc., strike price $37.50, expires 05/11/07

 

 

(616

)

 

(100

)

Schlumberger Ltd., strike price $70, expires 05/21/07

 

 

(4,700

)

 

(500

)

Silver Wheaton Corp., strike price $10, expires 05/21/07

 

 

(5,000

)

 

(120

)

Weatherford Intl. Ltd., strike price $45, expires 05/21/07

 

 

(1,200

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written
(premium received $(294,860))

 

 

(130,211

)

 

 

 

 

 



 

 

 

 

Total Outstanding Options Written
(premium received $(4,401,401))

 

 

(7,936,569

)

 

 

 

 

 



 

 

 

 

Total Investments net of outstanding options written—99.0%

 

$

971,659,528

 

 

 

 

Other assets in excess of liabilities—1.0%

 

 

10,072,077

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

981,731,605

 

 

 

 

 

 



 


 

 

1

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

2

Non-income producing security.

3

Represents current yield as of April 30, 2007.

4

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

5

Cost for federal income tax purposes is $735,858,306. The net unrealized appreciation on a tax basis is $243,737,791, consisting of $257,019,148 gross unrealized appreciation and $13,281,357 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

ADR

American Depositary Receipt

AUD

Australian Dollar

CAD

Canadian Dollar

DKK

Danish Krone

EUR

Euro

GBP

British Pound

NOK

Norwegian Krone

See Notes to Financial Statements.

27


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—91.8%

 

 

 

 

 

 

 

Common Stocks—91.8%

 

 

 

 

 

 

 

Australia—2.7%

 

 

 

 

 

27,912

 

Australia & New Zealand Banking
Group Ltd.

 

$

705,234

 

 

384,146

1

Brambles Ltd.

 

 

4,190,512

 

 

46,003

 

Commonwealth Bank of Australia

 

 

2,006,011

 

 

496,501

 

Insurance Australia Group Ltd.

 

 

2,454,322

 

 

238,919

 

Lion Nathan Ltd.

 

 

1,809,795

 

 

24,934

 

National Australia Bank Ltd.

 

 

885,715

 

 

12,265

 

QBE Insurance Group Ltd.

 

 

311,031

 

 

4,359

 

Rio Tinto Ltd.

 

 

297,692

 

 

1,187,628

 

Telstra Corp. Ltd.

 

 

4,588,030

 

 

112,617

 

Transurban Group

 

 

751,077

 

 

53,479

 

Wesfarmers Ltd.

 

 

1,731,874

 

 

22,853

 

Westfield Group

 

 

395,686

 

 

27,955

 

Westpac Banking Corp.

 

 

624,124

 

 

18,033

 

Woolworths Ltd.

 

 

422,357

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

21,173,460

 

 

 

 

 

 



 

 

 

 

Belgium—0.1%

 

 

 

 

 

16,504

 

Fortis

 

 

741,669

 

 

2,586

 

KBC Groep N.V.

 

 

342,138

 

 

 

 

 

 



 

 

 

 

Total Belgium

 

 

1,083,807

 

 

 

 

 

 



 

 

 

 

Bermuda—0.3%

 

 

 

 

 

12,400

 

Accenture Ltd., Class A

 

 

484,840

 

 

54,300

2

Tyco Intl. Ltd.

 

 

1,771,809

 

 

 

 

 

 



 

 

 

 

Total Bermuda

 

 

2,256,649

 

 

 

 

 

 



 

 

 

 

Canada—2.9%

 

 

 

 

 

5,100

 

Alcan, Inc.

 

 

300,284

 

 

93,400

 

ARC Energy Trust

 

 

1,836,191

 

 

6,800

 

Bank of Montreal

 

 

425,559

 

 

13,700

 

Bank of Nova Scotia

 

 

659,017

 

 

4,300

 

Canadian Imperial Bank of Commerce

 

 

378,512

 

 

46,600

 

Enerplus Resources Fund

 

 

2,025,393

 

 

85,600

 

Fording Canadian Coal Trust

 

 

2,048,415

 

 

78,800

 

Manulife Financial Corp.

 

 

2,847,705

 

 

108,100

 

Penn West Energy Trust

 

 

3,232,579

 

 

78,100

 

Precision Drilling Trust

 

 

1,870,347

 

 

35,400

 

Provident Energy Trust

 

 

413,037

 

 

35,400

 

Royal Bank of Canada

 

 

1,844,155

 

 

7,800

 

Sun Life Financial, Inc.

 

 

369,655

 

 

102,700

 

TransAlta Corp.

 

 

2,419,682

 

 

197,400

 

Yellow Pages Income Fund

 

 

2,500,625

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

23,171,156

 

 

 

 

 

 



 

 

 

 

Denmark—0.5%

 

 

 

 

 

7,400

 

Danske Bank A/S

 

 

345,567

 

 

42,159

 

TrygVesta AS

 

 

3,572,304

 

 

 

 

 

 



 

 

 

 

Total Denmark

 

 

3,917,871

 

 

 

 

 

 



 

 

 

 

Finland—1.0%

 

 

 

 

 

95,200

 

Nokia Oyj

 

 

2,401,514

 

 

57,600

 

Uponor Oyj

 

 

2,377,380

 

 

44,400

 

Wartsila Oyj, B Shares

 

 

2,968,566

 

 

 

 

 

 



 

 

 

 

Total Finland

 

 

7,747,460

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

France—3.2%

 

 

 

 

 

2,717

 

Accor S.A.

 

$

255,920

 

 

40,858

 

AXA S.A.

 

 

1,875,939

 

 

10,958

 

BNP Paribas

 

 

1,271,243

 

 

19,321

 

Carrefour S.A.

 

 

1,485,031

 

 

38,599

 

Sanofi-Aventis

 

 

3,533,230

 

 

2,983

 

Schneider Electric S.A.

 

 

420,726

 

 

25,735

 

Societe Generale

 

 

5,453,857

 

 

72,006

 

Suez S.A.

 

 

4,103,710

 

 

29,100

 

Total S.A.

 

 

2,145,197

 

 

13,612

 

Vinci S.A.

 

 

2,189,532

 

 

60,509

 

Vivendi

 

 

2,495,952

 

 

 

 

 

 



 

 

 

 

Total France

 

 

25,230,337

 

 

 

 

 

 



 

 

 

 

Germany—3.9%

 

 

 

 

 

55,959

 

Bayer AG

 

 

3,849,525

 

 

54,323

 

DaimlerChrysler AG

 

 

4,397,478

 

 

6,682

 

Deutsche Bank AG

 

 

1,024,957

 

 

10,019

 

Deutsche Post AG

 

 

344,510

 

 

214,069

 

Deutsche Telekom AG

 

 

3,898,091

 

 

51,561

 

E.ON AG

 

 

7,712,521

 

 

7,855

 

Metro AG

 

 

604,223

 

 

16,200

 

MLP AG

 

 

401,417

 

 

30,471

 

Siemens AG

 

 

3,676,482

 

 

180,620

 

TUI AG

 

 

4,959,124

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

30,868,328

 

 

 

 

 

 



 

 

 

 

Greece—0.5%

 

 

 

 

 

42,179

 

Motor Oil Hellas Corinth Refineries S.A.

 

 

1,203,354

 

 

4,988

1

National Bank of Greece S.A.

 

 

279,403

 

 

61,517

 

OPAP S.A.

 

 

2,327,712

 

 

 

 

 

 



 

 

 

 

Total Greece

 

 

3,810,469

 

 

 

 

 

 



 

 

 

 

Hong Kong—1.1%

 

 

 

 

 

110,000

 

ASM Pacific Technology

 

 

693,596

 

 

1,056,500

 

BOC Hong Kong Holdings Ltd.

 

 

2,593,304

 

 

23,000

 

Cheung Kong Holdings Ltd.

 

 

297,970

 

 

276,600

 

Hang Seng Bank Ltd.

 

 

3,886,664

 

 

203,000

 

HongKong Electric Holdings

 

 

1,015,646

 

 

33,000

 

Hutchison Whampoa Ltd.

 

 

317,762

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

8,804,942

 

 

 

 

 

 



 

 

 

 

Ireland—0.1%

 

 

 

 

 

13,671

 

Allied Irish Banks Plc

 

 

414,032

 

 

15,194

 

Bank of Ireland

 

 

326,099

 

 

 

 

 

 



 

 

 

 

Total Ireland

 

 

740,131

 

 

 

 

 

 



 

 

 

 

Italy—2.6%

 

 

 

 

 

156,459

 

Arnoldo Mondadori Editore S.p.A.

 

 

1,722,323

 

 

558,996

 

Enel S.p.A.

 

 

6,352,682

 

 

34,610

 

Eni S.p.A.

 

 

1,147,797

 

 

195,461

 

Mediaset S.p.A.

 

 

2,210,285

 

 

2,402,740

 

Telecom Italia S.p.A.

 

 

6,519,895

 

 

226,741

 

UniCredito Italiano S.p.A.

 

 

2,329,608

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

20,282,590

 

 

 

 

 

 



 

 

 

 

Japan—8.7%

 

 

 

 

 

62,200

 

Acom Co. Ltd.

 

 

2,245,258

 

 

99,000

 

Amada Co. Ltd.

 

 

1,105,470

 

 

27,700

 

Astellas Pharma, Inc.

 

 

1,211,726

 

 

13,000

 

Canon, Inc.

 

 

729,356

 

See Notes to Financial Statements.

28


BlackRock Global Equity Income Trust (BFD) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Japan—(cont’d)

 

 

 

 

 

25

 

Central Japan Railway Co.

 

$

275,275

 

 

7,900

 

Chubu Electric Power Co., Inc.

 

 

253,833

 

 

41,700

 

Daiichi Sankyo Co. Ltd.

 

 

1,244,071

 

 

426,000

 

Daiwa Securities Group, Inc.

 

 

4,744,782

 

 

1,499

 

eAccess Ltd.

 

 

928,986

 

 

257,000

 

Ebara Corp.

 

 

1,322,457

 

 

26,300

 

Eisai Co. Ltd.

 

 

1,249,107

 

 

7,900

 

FUJIFILM Holdings Corp.

 

 

325,420

 

 

29

 

Japan Real Estate Investment Corp. (REIT)

 

 

388,734

 

 

134

 

Japan Tobacco, Inc.

 

 

654,495

 

 

56,500

 

JFE Holdings, Inc.

 

 

3,105,687

 

 

97,100

 

Kansai Electric Power Co., Inc. (The)

 

 

2,717,483

 

 

55,000

 

Kao Corp.

 

 

1,509,729

 

 

251,000

 

Kobe Steel Ltd.

 

 

885,077

 

 

35,900

 

Konami Corp.

 

 

952,532

 

 

66,800

 

Marui Co. Ltd.

 

 

793,569

 

 

9,100

 

Millea Holdings, Inc.

 

 

337,193

 

 

215,500

 

Mitsubishi Chemical Holdings Corp.

 

 

1,734,110

 

 

30,200

 

Mitsubishi Corp.

 

 

643,753

 

 

26,000

 

Mitsubishi Estate Co. Ltd.

 

 

806,091

 

 

242

 

Mitsubishi UFJ Financial Group, Inc.

 

 

2,517,307

 

 

19,000

 

Mitsui & Co. Ltd.

 

 

341,651

 

 

22,000

 

Mitsui Fudosan Co. Ltd.

 

 

642,171

 

 

267

 

Mizuho Financial Group, Inc.

 

 

1,606,735

 

 

156

 

Nippon Building Fund, Inc. (REIT)

 

 

2,521,620

 

 

271,500

 

Nippon Mining Holdings, Inc.

 

 

2,180,423

 

 

233,000

 

Nippon Steel Corp.

 

 

1,503,227

 

 

272

 

Nippon Telegraph & Telephone Corp.

 

 

1,350,487

 

 

272,600

 

Nissan Motor Co. Ltd.

 

 

2,741,925

 

 

125,700

 

Nomura Holdings, Inc.

 

 

2,402,278

 

 

854

 

NTT DoCoMo, Inc.

 

 

1,453,554

 

 

150,000

 

Obayashi Corp.

 

 

945,364

 

 

22,100

 

Oracle Corp.

 

 

1,001,030

 

 

73,000

 

OSG Corp.

 

 

1,023,803

 

 

128

 

Resona Holdings, Inc.

 

 

288,869

 

 

10,200

 

Seven & I Holdings Co. Ltd.

 

 

294,125

 

 

8,700

 

Shin-Etsu Chemical Co. Ltd.

 

 

561,525

 

 

10,400

 

Softbank Corp.

 

 

223,570

 

 

28,100

 

Sony Corp.

 

 

1,494,278

 

 

408,000

 

Sumitomo Metal Industries Ltd.

 

 

2,071,588

 

 

185

 

Sumitomo Mitsui Financial Group, Inc.

 

 

1,616,173

 

 

9,000

 

Sumitomo Realty & Development Co. Ltd.

 

 

332,199

 

 

87,400

 

Sumitomo Rubber Industries, Inc.

 

 

938,066

 

 

6,050

 

T&D Holdings, Inc.

 

 

383,156

 

 

87,720

 

Takefuji Corp.

 

 

2,948,191

 

 

15,000

 

Tokyo Electric Power Co., Inc. (The)

 

 

498,536

 

 

211,000

 

TonenGeneral Sekiyu KK

 

 

2,270,073

 

 

22,100

 

Toyota Motor Corp.

 

 

1,342,332

 

 

34,000

 

Trend Micro, Inc.

 

 

1,057,311

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

68,715,761

 

 

 

 

 

 



 

 

 

 

Netherlands—2.8%

 

 

 

 

 

43,152

 

ABN AMRO Holding N.V.

 

 

2,093,686

 

 

116,988

 

Aegon N.V.

 

 

2,414,537

 

 

3,617

 

Akzo Nobel N.V.

 

 

290,282

 

 

108,812

 

Arcelor Mittal

 

 

5,816,113

 

 

27,116

 

ING Groep N.V.

 

 

1,235,101

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Netherlands—(cont’d)

 

 

 

 

 

19,573

 

OCE N.V.

 

$

368,511

 

 

239,915

 

Royal KPN N.V.

 

 

4,073,341

 

 

181,285

 

Unilever N.V.

 

 

5,532,277

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

21,823,848

 

 

 

 

 

 



 

 

 

 

New Zealand—0.1%

 

 

 

 

 

289,390

 

Sky City Entertainment Group Ltd.

 

 

1,033,692

 

 

 

 

 

 



 

 

 

 

Norway—0.4%

 

 

 

 

 

10,058

 

Norsk Hydro ASA

 

 

346,682

 

 

28,750

 

Stolt-Nielsen S.A.

 

 

867,755

 

 

95,600

 

Storebrand ASA

 

 

1,618,617

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

2,833,054

 

 

 

 

 

 



 

 

 

 

Portugal—0.1%

 

 

 

 

 

77,310

 

Energias de Portugal S.A.

 

 

423,059

 

 

 

 

 

 



 

 

 

 

Singapore—0.6%

 

 

 

 

 

456,000

 

ComfortDelgro Corp. Ltd.

 

 

682,234

 

 

26,000

 

DBS Group Holdings Ltd.

 

 

360,733

 

 

358,000

 

Parkway Holdings Ltd.

 

 

924,907

 

 

796,000

 

Singapore Press Holdings Ltd.

 

 

2,272,326

 

 

241,000

 

Singapore Telecommunications Ltd.

 

 

523,314

 

 

 

 

 

 



 

 

 

 

Total Singapore

 

 

4,763,514

 

 

 

 

 

 



 

 

 

 

Spain—1.0%

 

 

 

 

 

160,257

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

3,831,820

 

 

29,221

 

Banco Popular Espanol S.A.

 

 

578,787

 

 

77,012

 

Banco Santander Central Hispano S.A.

 

 

1,386,193

 

 

111,898

 

Telefonica S.A.

 

 

2,513,388

 

 

 

 

 

 



 

 

 

 

Total Spain

 

 

8,310,188

 

 

 

 

 

 



 

 

 

 

Sweden—1.5%

 

 

 

 

 

7,900

 

Hennes & Mauritz AB

 

 

522,249

 

 

32,500

 

Nordea Bank AB

 

 

561,982

 

 

108,000

 

OMX AB

 

 

2,578,099

 

 

7,800

 

Skandinaviska Enskilda Banken AB

 

 

285,657

 

 

184,400

 

Skanska AB, B Shares

 

 

4,266,174

 

 

394,500

 

TeliaSonera AB

 

 

3,192,814

 

 

17,500

 

Volvo AB, B Shares

 

 

343,467

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

11,750,442

 

 

 

 

 

 



 

 

 

 

Switzerland—2.4%

 

 

 

 

 

58,066

 

ABB Ltd.

 

 

1,160,317

 

 

31,815

 

Ciba Specialty Chemicals AG

 

 

2,101,997

 

 

55,528

 

Compagnie Financiere Richemont S.A.

 

 

3,346,346

 

 

49,799

1

Credit Suisse Group

 

 

3,908,364

 

 

1,323

 

Nestle S.A.

 

 

523,734

 

 

15,478

 

Novartis AG

 

 

899,206

 

 

16,274

 

Roche Holding AG

 

 

3,064,510

 

 

953

 

SGS S.A.

 

 

1,210,512

 

 

25,439

 

Swiss Reinsurance

 

 

2,391,265

 

 

1,861

 

Syngenta AG

 

 

369,689

 

 

 

 

 

 



 

 

 

 

Total Switzerland

 

 

18,975,940

 

 

 

 

 

 



 

 

 

 

United Kingdom—10.6%

 

 

 

 

 

128,182

 

Anglo American Plc

 

 

6,750,118

 

 

21,160

 

AstraZeneca Plc

 

 

1,150,811

 

 

34,309

 

Aviva Plc

 

 

538,268

 

 

43,532

 

BAE Systems Plc

 

 

394,615

 

 

104,292

 

Barclays Plc

 

 

1,505,633

 

 

33,033

 

BHP Billiton Plc

 

 

738,099

 

See Notes to Financial Statements.

29


BlackRock Global Equity Income Trust (BFD) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

United Kingdom—(cont’d)

 

 

 

 

 

798,453

 

BP Plc

 

$

8,957,535

 

 

129,115

 

British American Tobacco Plc

 

 

3,996,177

 

 

112,382

 

BT Group Plc

 

 

706,922

 

 

68,644

 

Carnival Plc

 

 

3,457,082

 

 

37,879

 

Diageo Plc

 

 

798,486

 

 

532,342

 

Electrocomponents Plc

 

 

3,249,484

 

 

367,450

 

Friends Provident Plc

 

 

1,383,473

 

 

329,369

 

GlaxoSmithKline Plc

 

 

9,500,075

 

 

51,260

 

HBOS Plc

 

 

1,100,020

 

 

453,768

1

HSBC Holdings Plc

 

 

8,372,495

 

 

9,324

 

Imperial Tobacco Group Plc

 

 

406,407

 

 

571,541

 

Lloyds TSB Group Plc

 

 

6,599,772

 

 

17,934

 

National Express Group Plc

 

 

435,781

 

 

36,607

 

National Grid Plc

 

 

574,777

 

 

272,582

 

Provident Financial Plc

 

 

4,192,551

 

 

32,682

 

Prudential Plc

 

 

485,629

 

 

77,499

 

Rank Group Plc

 

 

309,559

 

 

8,229

 

Reckitt Benckiser Plc

 

 

450,179

 

 

14,206

 

Rio Tinto Plc

 

 

863,226

 

 

43,077

 

Royal Bank of Scotland Group Plc

 

 

1,649,365

 

 

132,440

 

Royal Dutch Shell Plc

 

 

4,638,989

 

 

106,648

 

Tesco Plc

 

 

980,706

 

 

59,026

 

Unilever Plc

 

 

1,846,735

 

 

336,882

 

United Utilities Plc

 

 

5,021,486

 

 

709,801

 

Vodafone Group Plc

 

 

2,019,353

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

83,073,808

 

 

 

 

 

 



 

 

 

 

United States—44.7%

 

 

 

 

 

40,200

2

3M Co.

 

 

3,327,354

 

 

61,500

 

Abbott Laboratories

 

 

3,482,130

 

 

12,100

1

Adobe Systems, Inc.

 

 

502,876

 

 

21,500

 

Aetna, Inc.

 

 

1,007,920

 

 

31,300

 

Alcoa, Inc.

 

 

1,110,837

 

 

7,300

 

Allstate Corp. (The)

 

 

454,936

 

 

7,700

 

Alltel Corp.

 

 

482,713

 

 

75,100

 

Altria Group, Inc.

 

 

5,175,892

 

 

52,300

1

Amazon.com, Inc.

 

 

3,207,559

 

 

23,200

 

American Express Co.

 

 

1,407,544

 

 

84,600

 

American Intl. Group, Inc.

 

 

5,914,386

 

 

50,600

1

Amgen, Inc.

 

 

3,245,484

 

 

63,900

 

Anadarko Petroleum Corp.

 

 

2,981,574

 

 

34,400

 

Analog Devices, Inc.

 

 

1,328,528

 

 

41,000

 

Anheuser-Busch Cos., Inc.

 

 

2,016,790

 

 

32,900

 

Apache Corp.

 

 

2,385,250

 

 

31,300

1

Apple, Inc.

 

 

3,123,740

 

 

28,100

 

Applied Materials, Inc.

 

 

540,082

 

 

93,200

 

AT&T, Inc.

 

 

3,608,704

 

 

8,500

 

Baker Hughes, Inc.

 

 

683,315

 

 

94,000

 

Bank of America Corp.

 

 

4,784,600

 

 

44,700

 

Bank of New York Co., Inc. (The)

 

 

1,809,456

 

 

36,200

 

BB&T Corp.

 

 

1,506,644

 

 

5,900

 

Bear Stearns Cos., Inc. (The)

 

 

918,630

 

 

8,600

 

Best Buy Co., Inc.

 

 

401,190

 

 

34,500

 

Biogen Idec, Inc.

 

 

1,628,745

 

 

11,100

 

Black & Decker Corp.

 

 

1,006,992

 

 

33,200

 

Boeing Co.

 

 

3,087,600

 

 

56,400

 

Bristol-Myers Squibb Co.

 

 

1,627,704

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

 

United States—(cont’d)

 

 

 

 

 

27,600

 

Campbell Soup Co.

 

$

1,079,160

 

 

32,700

 

Carnival Corp.

 

 

1,598,703

 

 

43,400

 

Caterpillar, Inc.

 

 

3,151,708

 

 

39,600

 

CBS Corp., Class B

 

 

1,258,092

 

 

9,500

 

Celgene Corp.

 

 

581,020

 

 

16,200

 

Centex Corp.

 

 

725,274

 

 

71,100

 

Chevron Corp.

 

 

5,530,869

 

 

1,365

 

Chicago Mercantile Exchange Holdings, Inc.

 

 

705,364

 

 

11,300

 

Ciena Corp.

 

 

329,508

 

 

138,800

 

Cisco Systems, Inc.

 

 

3,711,512

 

 

136,500

 

Citigroup, Inc.

 

 

7,319,130

 

 

94,000

 

Coca-Cola Co. (The)

 

 

4,905,860

 

 

100,100

 

Comcast Corp., Class A

 

 

2,668,666

 

 

30,300

 

ConocoPhillips

 

 

2,101,305

 

 

35,500

 

Consolidated Edison, Inc.

 

 

1,819,730

 

 

23,200

 

Cooper Industries Ltd., Class A

 

 

1,154,432

 

 

32,700

 

Corning, Inc.

 

 

775,644

 

 

18,100

 

Countrywide Financial Corp.

 

 

671,148

 

 

45,800

 

Crescent Real Estate Equities Co. (REIT)

 

 

939,358

 

 

19,500

 

CSX Corp.

 

 

841,815

 

 

44,400

 

CVS/Caremark Corp.

 

 

1,609,056

 

 

40,400

 

D.R. Horton, Inc.

 

 

896,072

 

 

41,800

 

Dell, Inc.

 

 

1,053,778

 

 

39,500

 

Devon Energy Corp.

 

 

2,878,365

 

 

6,400

 

Dominion Resources, Inc.

 

 

583,680

 

 

66,700

 

Dow Chemical Co. (The)

 

 

2,975,487

 

 

27,600

 

Dow Jones & Co., Inc.

 

 

1,002,708

 

 

38,300

 

Duke Realty Corp. (REIT)

 

 

1,651,113

 

 

99,600

 

E*Trade Financial Corp.

 

 

2,199,168

 

 

56,900

 

E.I. du Pont de Nemours & Co.

 

 

2,797,773

 

 

42,400

 

Eastman Kodak Co.

 

 

1,056,184

 

 

14,200

 

Eaton Corp.

 

 

1,266,782

 

 

22,000

 

eBay, Inc.

 

 

746,680

 

 

51,400

2

Eli Lilly & Co.

 

 

3,039,282

 

 

52,000

 

EMC Corp.

 

 

789,360

 

 

38,500

 

Emerson Electric Co.

 

 

1,809,115

 

 

14,700

 

Exelon Corp.

 

 

1,108,527

 

 

23,200

 

Express Scripts, Inc.

 

 

2,216,760

 

 

151,800

 

Exxon Mobil Corp.

 

 

12,049,884

 

 

12,200

 

Fannie Mae

 

 

718,824

 

 

23,300

 

Federated Deptartment Stores, Inc.

 

 

1,023,336

 

 

3,500

 

FedEx Corp.

 

 

369,040

 

 

69,700

 

Fidelity National Financial, Inc.

 

 

1,776,653

 

 

18,100

 

First Horizon National Corp.

 

 

709,701

 

 

8,300

 

Freddie Mac

 

 

537,674

 

 

36,700

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

2,464,772

 

 

9,000

1

Genentech, Inc.

 

 

719,910

 

 

289,100

 

General Electric Co.

 

 

10,656,226

 

 

54,900

 

General Motors Corp.

 

 

1,714,527

 

 

7,900

 

Gilead Sciences, Inc.

 

 

645,588

 

 

15,900

 

Goldman Sachs Group, Inc. (The)

 

 

3,475,899

 

 

6,000

 

Google, Inc.

 

 

2,828,280

 

 

20,200

 

Halliburton Co.

 

 

641,754

 

 

11,600

 

Hartford Financial Services Group, Inc.

 

 

1,173,920

 

 

33,500

 

Health Care Property Investors, Inc. (REIT)

 

 

1,185,565

 

 

59,500

 

Hewlett-Packard Co.

 

 

2,507,330

 

See Notes to Financial Statements.

30


BlackRock Global Equity Income Trust (BFD) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

United States—(cont’d)

 

 

 

 

 

90,400

 

Home Depot, Inc.

 

$

3,423,448

 

 

36,300

 

Honeywell Intl., Inc.

 

 

1,966,734

 

 

55,200

 

Hospitality Properties Trust (REIT)

 

 

2,513,256

 

 

25,000

 

Idearc, Inc.

 

 

868,750

 

 

217,200

 

Intel Corp.

 

 

4,669,800

 

 

47,800

 

Intl. Business Machines Corp.

 

 

4,885,638

 

 

26,600

 

Intl. Paper Co.

 

 

1,003,352

 

 

35,500

 

iStar Financial, Inc. (REIT)

 

 

1,701,160

 

 

4,800

 

JC Penney Co., Inc.

 

 

379,632

 

 

138,400

2

Johnson & Johnson

 

 

8,888,048

 

 

99,700

 

JPMorgan Chase & Co.

 

 

5,194,370

 

 

22,000

2

Kellogg Co.

 

 

1,164,020

 

 

24,900

2

Kimberly-Clark Corp.

 

 

1,772,133

 

 

6,400

1

Kohl’s Corp.

 

 

473,856

 

 

51,971

 

Kraft Foods, Inc.

 

 

1,739,469

 

 

22,300

2

L-3 Communications Holdings, Inc.

 

 

2,005,439

 

 

17,800

2

Lincoln National Corp.

 

 

1,266,470

 

 

63,100

2

Linear Technology Corp.

 

 

2,361,202

 

 

27,700

 

Lowe’s Cos., Inc.

 

 

846,512

 

 

36,500

2

Ltd. Brands, Inc., Class A

 

 

1,006,305

 

 

6,500

 

Marathon Oil Corp.

 

 

660,075

 

 

68,300

2

Marsh & McLennan Cos., Inc.

 

 

2,169,208

 

 

47,200

2

Masco Corp.

 

 

1,284,312

 

 

35,000

2

Maxim Integrated Products, Inc.

 

 

1,110,200

 

 

38,000

2

McDonald’s Corp.

 

 

1,834,640

 

 

75,500

2

Medtronic, Inc.

 

 

3,996,215

 

 

28,000

2

Mellon Financial Corp.

 

 

1,202,040

 

 

83,800

2

Merck & Co., Inc.

 

 

4,310,672

 

 

43,200

2

Microchip Technology, Inc.

 

 

1,742,688

 

 

237,400

3

Microsoft Corp.

 

 

7,107,756

 

 

10,300

 

Monsanto Co.

 

 

607,597

 

 

16,300

2

Morgan Stanley

 

 

1,369,363

 

 

87,400

2

Motorola, Inc.

 

 

1,514,642

 

 

61,700

2

National City Corp.

 

 

2,255,135

 

 

129,800

3

New York Community Bancorp, Inc.

 

 

2,266,308

 

 

21,900

2

Newell Rubbermaid, Inc.

 

 

671,673

 

 

11,100

2

Newmont Mining Corp.

 

 

462,870

 

 

32,100

2

News Corp., Class A

 

 

718,719

 

 

3,700

 

Omnicom Group, Inc.

 

 

387,427

 

 

104,400

2

Oracle Corp.

 

 

1,962,720

 

 

300,900

3

Pfizer, Inc.

 

 

7,961,814

 

 

22,400

2

Pitney Bowes, Inc.

 

 

1,075,200

 

 

30,900

2

Plum Creek Timber Co., Inc. (REIT)

 

 

1,226,730

 

 

100,000

2

Procter & Gamble Co.

 

 

6,431,000

 

 

52,200

2

Qualcomm, Inc.

 

 

2,286,360

 

 

8,900

 

Reynolds American, Inc.

 

 

571,914

 

 

3,900

 

Rockwell Collins, Inc.

 

 

256,113

 

 

14,700

2

Rohm & Haas Co.

 

 

752,199

 

 

8,600

 

RR Donnelley & Sons Co.

 

 

345,720

 

 

79,000

2

Sara Lee Corp.

 

 

1,296,390

 

 

46,900

2

Schering-Plough Corp.

 

 

1,488,137

 

 

24,100

2

Schlumberger Ltd.

 

 

1,779,303

 

 

3,400

 

Sears Holdings Corp.

 

 

649,094

 

 

100,800

2

Sprint Nextel Corp.

 

 

2,019,024

 

 

15,200

2

Staples, Inc.

 

 

376,960

 

 

15,900

2

Starbucks Corp.

 

 

493,218

 

 

11,700

2

Starwood Hotels & Resorts Worldwide, Inc.

 

 

784,134

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

United States—(cont’d)

 

 

 

 

 

142,700

2

Sun Microsystems, Inc.

 

$

744,894

 

 

30,100

2

SUPERVALU, Inc.

 

 

1,381,590

 

 

97,100

1,2

Symantec Corp.

 

 

1,708,960

 

 

44,500

2

SYSCO Corp.

 

 

1,456,930

 

 

15,400

2

Target Corp.

 

 

914,298

 

 

15,400

2

Temple-Inland, Inc.

 

 

912,296

 

 

28,900

2

Texas Instruments, Inc.

 

 

993,293

 

 

45,800

2

Time Warner, Inc.

 

 

944,854

 

 

25,500

 

Transocean, Inc.

 

 

2,198,100

 

 

17,100

1,2

TravelCenters of America LLC

 

 

756,846

 

 

8,300

2

Travelers Cos., Inc. (The)

 

 

449,030

 

 

103,800

2

U.S. Bancorp

 

 

3,565,530

 

 

51,800

2

United Parcel Service, Inc., Class B

 

 

3,648,274

 

 

42,300

2

UnitedHealth Group, Inc.

 

 

2,244,438

 

 

18,600

2

UST, Inc.

 

 

1,054,248

 

 

9,600

2

Valero Energy Corp.

 

 

674,208

 

 

142,600

2

Verizon Communications, Inc.

 

 

5,444,468

 

 

67,300

2

Wachovia Corp.

 

 

3,737,842

 

 

69,300

2

Wal-Mart Stores, Inc.

 

 

3,320,856

 

 

19,000

2

Walgreen Co.

 

 

834,100

 

 

46,400

 

Walt Disney Co. (The)

 

 

1,623,072

 

 

85,800

2

Washington Mutual, Inc.

 

 

3,601,884

 

 

35,000

2

Waste Management, Inc.

 

 

1,309,350

 

 

73,600

2

Wells Fargo & Co.

 

 

2,641,504

 

 

29,400

2

Weyerhauser Co.

 

 

2,329,068

 

 

46,200

2

Wyeth

 

 

2,564,100

 

 

71,600

2

Xcel Energy, Inc.

 

 

1,724,844

 

 

27,200

2

Yahoo!, Inc.

 

 

762,688

 

 

34,100

2

Zimmer Holdings, Inc.

 

 

3,085,368

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

351,690,343

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $697,294,252)

 

 

722,480,849

 

 

 

 

 

 



 

 

 

 

Rights—0.0%

 

 

 

 

 

 

 

Sweden—0.0%

 

 

 

 

 

3,500

1

Volvo AB, B Shares

 

 

13,059

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $697,294,252)

 

 

722,493,908

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—4.2%

 

 

 

 

 

 

 

Money Market Fund—2.0%

 

 

 

 

 

15,867,658

4

Fidelity Institutional Money Market Prime Portfolio, 4.97%

 

 

15,867,658

 

 

 

 

 

 



 

 



 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—2.2%

 

 

 

 

$

17,000,000

5

Federal Home Loan Bank Disc. Notes,
5.06%, 5/01/07

 

 

17,000,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $32,867,658)

 

 

32,867,658

 

 

 

 

 

 



 

 



 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

60

 

FTSE 100 Index, strike price 6 GBP, expires 05/21/07

 

 

16,797

 

See Notes to Financial Statements.

31


BlackRock Global Equity Income Trust (BFD) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—(cont’d)

 

 

 

 

 

100

 

Nikkei, strike price 18 JPY, expires 05/11/07

 

$

8,713

 

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Purchased
(cost $62,278)

 

 

25,510

 

 

 

 

 

 



 

 

 

 

Total Investments before outstanding options written
(cost $730,224,1886)

 

 

755,387,076

 

 

 

 

 

 



 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.1)%

 

 

 

 

 

(1,090

)

DJ Euro Stoxx, strike price 4 EUR, expires 05/18/07

 

 

(1,972,421

)

 

(410

)

FTSE 100 Index, strike price 6 GBP, expires 05/18/07

 

 

(786,074

)

 

(250

)

Nikkei, strike price 17 JPY, expires 05/11/07

 

 

(363,025

)

 

(1,325

)

S&P 500, strike price $1, expires 05/21/07

 

 

(5,807,000

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written
(premium received $(4,245,248))

 

 

(8,928,520

)

 

 

 

 

 



 

 

 

 

Total Investments net of outstanding options—94.9%

 

$

746,458,556

 

 

 

 

Other assets in excess of liabilities—5.1%

 

 

40,367,974

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

786,826,530

 

 

 

 

 

 



 


 

 


1

Non-income producing security.

2

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

3

Security, or a portion thereof, pledged as collateral with a value of $17,286,120 on 225 long Dow Jones Euro Stoxx futures contracts, 80 long FTSE 100 Index futures contracts, 100 long Nikkei JPY futures contracts and 104 long S&P 500 futures contracts all expiring June 2007. The notional value of such contracts on April 30, 2007 was $69,615,092, with an unrealized gain of $632,484.

4

Represents current yield as of April 30, 2007.

5

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

6

Cost for federal income tax purposes is $730,224,187. The net unrealized appreciation on a tax basis is $25,162,889, consisting of $31,872,895 gross unrealized appreciation and $6,710,006 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

 

EUR

Euro

GBP

British Pound

JPY

Japanese Yen

REIT

Real Estate Investment Trust

See Notes to Financial Statements.

32


 

 

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

 

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

LONG-TERM INVESTMENTS—98.7%

 

 

 

 

 

 

 

Common Stocks—98.1%

 

 

 

 

 

 

 

Australia—3.5%

 

 

 

 

 

382,000

 

Lion Nathan Ltd.

 

$

2,893,623

 

 

104,200

 

Publishing & Broadcasting Ltd.

 

 

1,764,018

 

 

77,600

 

QBE Insurance Group Ltd.

 

 

1,967,877

 

 

1,569,900

 

SP AusNet

 

 

1,917,446

 

 

133,232

 

St. George Bank Ltd.

 

 

3,963,375

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

12,506,339

 

 

 

 

 

 



 

 

 

 

Bermuda—0.5%

 

 

 

 

 

44,800

 

Accenture Ltd., Class A

 

 

1,751,680

 

 

 

 

 

 



 

 

 

 

Brazil—1.6%

 

 

 

 

 

36,300

 

Cia Energetica de Minas Gerais (ADR)

 

 

1,882,881

 

 

108,750

 

Gerdau S.A. (ADR)

 

 

2,178,262

 

 

17,500

 

Petroleo Brasileiro S.A. (ADR)

 

 

1,771,525

 

 

 

 

 

 



 

 

 

 

Total Brazil

 

 

5,832,668

 

 

 

 

 

 



 

 

 

 

Canada—3.8%

 

 

 

 

 

69,200

 

Barrick Gold Corp.

 

 

1,945,212

 

 

28,900

 

Canadian Imperial Bank of Commerce

 

 

2,543,950

 

 

17,000

 

Potash Corp. of Saskatchewan

 

 

3,051,840

 

 

35,400

 

Teck Cominco Ltd., Class B

 

 

2,682,031

 

 

66,400

 

TELUS Corp.

 

 

3,681,643

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

13,904,676

 

 

 

 

 

 



 

 

 

 

Channel Islands—0.4%

 

 

 

 

 

26,600

 

Eurocastle Investment Ltd.

 

 

1,404,795

 

 

 

 

 

 



 

 

 

 

China—1.2%

 

 

 

 

 

2,075,200

1

Industrial & Commercial Bank of China

 

 

1,127,643

 

 

28,200

 

PetroChina Co. Ltd. (ADR)

 

 

3,162,348

 

 

 

 

 

 



 

 

 

 

Total China

 

 

4,289,991

 

 

 

 

 

 



 

 

 

 

Denmark—1.0%

 

 

 

 

 

78,600

 

Danske Bank A/S

 

 

3,670,477

 

 

 

 

 

 



 

 

 

 

Finland—1.7%

 

 

 

 

 

86,900

 

Fortum Oyj

 

 

2,690,523

 

 

50,300

 

Wartsila Oyj, B Shares

 

 

3,363,037

 

 

 

 

 

 



 

 

 

 

Total Finland

 

 

6,053,560

 

 

 

 

 

 



 

 

 

 

France—3.2%

 

 

 

 

 

18,400

1

Alstom S.A.

 

 

2,735,849

 

 

66,300

 

AXA S.A.

 

 

3,044,073

 

 

24,400

 

Schneider Electric S.A.

 

 

3,441,403

 

 

10,627

 

Societe Generale

 

 

2,252,114

 

 

 

 

 

 



 

 

 

 

Total France

 

 

11,473,439

 

 

 

 

 

 



 

 

 

 

Germany—7.4%

 

 

 

 

 

24,400

 

Bilfinger Berger AG

 

 

2,291,496

 

 

23,800

 

Deutsche Bank AG

 

 

3,650,701

 

 

19,200

 

E.ON AG

 

 

2,871,946

 

 

87,900

 

Hannover Rueckversicherung AG

 

 

4,450,485

 

 

73,600

 

IVG Immobilien AG

 

 

3,299,423

 

 

25,300

 

K&S AG

 

 

3,290,198

 

 

22,500

1

Linde AG

 

 

2,517,113

 

 

19,100

 

RWE AG

 

 

2,013,195

 

 

20,900

 

Siemens AG

 

 

2,521,692

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

26,906,249

 

 

 

 

 

 



 

 

 

 

Greece—0.7%

 

 

 

 

 

68,100

 

Piraeus Bank S.A.

 

 

2,467,804

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Hong Kong—3.6%

 

 

 

 

 

511,500

 

ASM Pacific Technology

 

$

3,225,222

 

 

147,500

 

Esprit Holdings Ltd.

 

 

1,787,667

 

 

963,000

 

Hang Lung Properties Ltd.

 

 

2,852,727

 

 

161,400

 

Hong Kong Exchanges & Clearing Ltd.

 

 

1,537,598

 

 

1,466,400

 

New World Development Ltd.

 

 

3,443,017

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

12,846,231

 

 

 

 

 

 



 

 

 

 

Israel—0.8%

 

 

 

 

 

175,600

2

Partner Communications (ADR)

 

 

2,862,280

 

 

 

 

 

 



 

 

 

 

Italy—3.9%

 

 

 

 

 

805,300

 

AEM S.p.A.

 

 

3,148,217

 

 

143,600

 

Credito Emiliano S.p.A.

 

 

2,388,441

 

 

164,900

 

Enel S.p.A.

 

 

1,873,998

 

 

109,200

 

Eni S.p.A.

 

 

3,621,480

 

 

305,700

 

UniCredito Italiano S.p.A.

 

 

3,140,858

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

14,172,994

 

 

 

 

 

 



 

 

 

 

Japan—2.6%

 

 

 

 

 

39,000

 

Daito Trust Construction Co. Ltd.

 

 

1,791,517

 

 

409

 

Mizuho Financial Group, Inc.

 

 

2,461,253

 

 

8,100

 

Nintendo Co. Ltd.

 

 

2,530,220

 

 

150

 

Nippon Commercial Investment Corp. (REIT)

 

 

761,029

 

 

203

 

Sumitomo Mitsui Financial Group, Inc.

 

 

1,773,423

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

9,317,442

 

 

 

 

 

 



 

 

 

 

Luxembourg—0.7%

 

 

 

 

 

48,576

 

Oriflame Cosmetics S.A.

 

 

2,550,016

 

 

 

 

 

 



 

 

 

 

Mexico—1.1%

 

 

 

 

 

37,800

2

America Movil SAB de CV (ADR)

 

 

1,985,634

 

 

406,000

 

Kimberly-Clark de Mexico SAB de CV

 

 

1,816,488

 

 

 

 

 

 



 

 

 

 

Total Mexico

 

 

3,802,122

 

 

 

 

 

 



 

 

 

 

Netherlands—5.0%

 

 

 

 

 

26,300

 

Akzo Nobel N.V.

 

 

2,110,704

 

 

68,900

1

ASML Holding N.V.

 

 

1,877,525

 

 

28,300

 

InBev N.V.

 

 

2,216,761

 

 

82,150

 

ING Groep N.V.

 

 

3,741,834

 

 

21,700

 

Rodamco Europe N.V.

 

 

3,195,728

 

 

74,900

 

SBM Offshore N.V.

 

 

2,683,739

 

 

76,700

 

Unilever N.V.

 

 

2,340,655

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

18,166,946

 

 

 

 

 

 



 

 

 

 

Norway—2.0%

 

 

 

 

 

269,500

 

Orkla ASA

 

 

4,296,208

 

 

178,600

 

Storebrand ASA

 

 

3,023,900

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

7,320,108

 

 

 

 

 

 



 

 

 

 

Philippines—0.7%

 

 

 

 

 

49,400

 

Philippine Long Distance Telephone Co. (ADR)

 

 

2,638,454

 

 

 

 

 

 



 

 

 

 

Singapore—1.6%

 

 

 

 

 

868,520

 

Singapore Telecommunications Ltd.

 

 

1,885,929

 

 

265,900

 

United Overseas Bank Ltd.

 

 

3,717,133

 

 

 

 

 

 



 

 

 

 

Total Singapore

 

 

5,603,062

 

 

 

 

 

 



 

 

 

 

South Africa—0.5%

 

 

 

 

 

317,700

 

Truworths Intl. Ltd.

 

 

1,756,030

 

 

 

 

 

 



 

 

 

 

Spain—0.5%

 

 

 

 

 

63,600

 

Gestevision Telecinco S.A.

 

 

1,919,505

 

 

 

 

 

 



 

See Notes to Financial Statements.

33



BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Sweden—3.1%

 

 

 

 

 

71,700

 

Atlas Copco AB

 

$

2,721,832

 

 

233,200

 

Nordea Bank AB

 

 

4,018,829

 

 

97,600

 

Skanska AB, B Shares

 

 

2,258,018

 

 

43,100

1

Svenska Cellulosa AB

 

 

2,216,669

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

11,215,348

 

 

 

 

 

 



 

 

 

 

Switzerland—2.5%

 

 

 

 

 

13,500

1

Alcon, Inc.

 

 

1,821,555

 

 

6,700

 

Nestle S.A.

 

 

2,652,318

 

 

13,000

 

Syngenta AG

 

 

2,582,461

 

 

32,600

 

UBS AG

 

 

2,118,639

 

 

 

 

 

 



 

 

 

 

Total Switzerland

 

 

9,174,973

 

 

 

 

 

 



 

 

 

 

Taiwan—0.7%

 

 

 

 

 

250,700

2

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

2,642,378

 

 

 

 

 

 



 

 

 

 

United Kingdom—11.0%

 

 

 

 

 

183,100

 

Arriva Plc

 

 

2,752,441

 

 

256,200

 

BAE Systems Plc

 

 

2,322,437

 

 

589,233

 

Brit Insurance Holdings Plc

 

 

4,138,017

 

 

588,200

 

Cobham Plc

 

 

2,437,324

 

 

284,000

 

De La Rue Plc

 

 

4,017,388

 

 

200,000

 

Diageo Plc

 

 

4,215,983

 

 

202,500

 

Kelda Group Plc

 

 

3,746,783

 

 

745,200

 

Legal & General Group Plc

 

 

2,285,324

 

 

99,728

 

Scottish & Southern Energy Plc

 

 

2,981,300

 

 

156,400

 

Smiths Group Plc

 

 

3,372,449

 

 

205,313

 

United Utilities Plc

 

 

3,060,349

 

 

65,600

2

Vodafone Group Plc (ADR)

 

 

1,884,688

 

 

63,500

 

Whitbread Plc

 

 

2,384,469

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

39,598,952

 

 

 

 

 

 



 

 

 

 

United States—32.8%

 

 

 

 

 

27,200

 

A.G. Edwards, Inc.

 

 

1,970,640

 

 

32,000

 

Abbott Laboratories

 

 

1,811,840

 

 

23,400

1

Akamai Technologies, Inc.

 

 

1,031,472

 

 

193,000

2

Alaska Communications Systems Group, Inc.

 

 

3,068,700

 

 

23,900

 

AllianceBernstein Holding LP

 

 

2,173,944

 

 

39,300

2

Alltel Corp.

 

 

2,463,717

 

 

37,100

 

Altria Group, Inc.

 

 

2,556,932

 

 

18,900

1

Apple, Inc.

 

 

1,886,220

 

 

56,100

 

Archer Daniels Midland Co.

 

 

2,171,070

 

 

69,900

2

AT&T, Inc.

 

 

2,706,528

 

 

46,100

2

Bank of America Corp.

 

 

2,346,490

 

 

64,900

1

Broadcom Corp.

 

 

2,112,495

 

 

58,300

 

Chevron Corp.

 

 

4,535,157

 

 

64,500

 

Cisco Systems, Inc.

 

 

1,724,730

 

 

64,100

 

Citigroup, Inc.

 

 

3,437,042

 

 

40,300

 

Colgate-Palmolive Co.

 

 

2,729,922

 

 

64,600

2

ConocoPhillips

 

 

4,480,010

 

 

27,500

 

Constellation Energy Group, Inc.

 

 

2,450,800

 

 

77,300

 

CVS/Caremark Corp.

 

 

2,801,352

 

 

22,800

 

Dominion Resources, Inc.

 

 

2,079,360

 

 

12,100

 

Douglas Emmett, Inc. (REIT)

 

 

315,205

 

 

85,700

 

Eagle Bulk Shipping, Inc.

 

 

1,929,964

 

 

61,700

2

Exxon Mobil Corp.

 

 

4,897,746

 

 

37,900

 

General Mills, Inc.

 

 

2,270,210

 

 

3,700

2

Google, Inc.

 

 

1,744,106

 

 

146,600

 

Highland Hospitality Corp. (REIT)

 

 

2,792,730

 

 

44,3000

2

HJ Heinz Co.

 

 

2,086,973

 

 

19,500

 

Intl. Business Machines Corp.

 

 

1,993,095

 

 

37,200

2

Johnson & Johnson

 

 

2,388,984

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

United States—(cont’d)

 

 

 

 

 

51,100

 

Kellogg Co.

 

$

2,703,701

 

 

46,300

 

Loews Corp. - Carolina Group

 

 

3,543,339

 

 

67,600

2

McDonald’s Corp.

 

 

3,263,728

 

 

59,900

 

Merck & Co., Inc.

 

 

3,081,256

 

 

36,200

1

MGM Mirage

 

 

2,434,450

 

 

84,500

2

Microsoft Corp.

 

 

2,529,930

 

 

70,000

 

Motorola, Inc.

 

 

1,213,100

 

 

42,000

 

Nike, Inc.

 

 

2,262,120

 

 

72,800

 

Pepco Holdings, Inc.

 

 

2,149,056

 

 

42,000

 

PepsiCo, Inc.

 

 

2,775,780

 

 

42,600

 

Procter & Gamble Co.

 

 

2,739,606

 

 

22,600

2

Public Service Enterprise Group, Inc.

 

 

1,953,770

 

 

39,700

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

2,660,694

 

 

30,000

 

Stryker Corp.

 

 

1,948,200

 

 

24,500

 

Sunoco, Inc.

 

 

1,850,485

 

 

22,800

 

Textron, Inc.

 

 

2,318,076

 

 

30,100

1

Waters Corp.

 

 

1,788,843

 

 

115,200

2

Windstream Corp.

 

 

1,684,224

 

 

42,000

 

Yum! Brands, Inc.

 

 

2,598,120

 

 

21,500

2

Zimmer Holdings, Inc.

 

 

1,945,320

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

118,401,232

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $310,898,083)

 

 

354,249,751

 

 

 

 

 

 



 

 

 

 

Preferred Stock—0.6%

 

 

 

 

 

 

 

Germany—0.6%

 

 

 

 

 

14,700

 

Henkel KGaA, 1.30%

 

 

2,318,973

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $312,911,380)

 

 

356,568,724

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—1.6%

 

 

 

 

 

5,897,556

3

Fidelity Institutional Money Market Prime Portfolio, 4.97%
(cost $5,897,556)

 

 

5,897,556

 

 

 

 

 

 



 

 

 

 

Total Investments before outstanding options written
(cost $318,808,9364)

 

 

362,466,280

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(2.1)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(2.1)%

 

 

 

 

 

(11,000

)

A.G. Edwards, Inc., strike price $67, expires 05/18/07

 

 

(63,637

)

 

(50

)

A.G. Edwards, Inc., strike price $75, expires 08/20/07

 

 

(14,500

)

 

(25

)

Abbott Laboratories, strike price $55, expires 05/21/07

 

 

(5,375

)

 

(150

)

Abbott Laboratories, strike price $56, expires 06/08/07

 

 

(27,859

)

 

(250

)

Accenture Ltd., Class A, strike price $37.50, expires 05/25/07

 

 

(49,535

)

 

(180

)

AEM S.p.A., strike price 2.60 EUR, expires 05/18/07

 

 

(181,034

)

 

(85

)

Akamai Technologies, Inc., strike price $55, expires 05/21/07

 

 

(425

)

 

(65

)

Akamai Technologies, Inc., strike price $60, expires 05/21/07

 

 

(325

)

 

(38

)

Akzo Nobel N.V., strike price 58 EUR, expires 05/18/07

 

 

(8,816

)

 

(100

)

Akzo Nobel N.V., strike price 58 EUR, expires 07/20/07

 

 

(42,986

)

See Notes to Financial Statements.

34



BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(82,800

)

Alaska Communications Systems Group, Inc., strike price $15.98, expires 05/18/07

 

$

(29,401

)

 

(33,000

)

Alaska Communications Systems Group, Inc., strike price $16, expires 06/18/07

 

 

(22,249

)

 

(38,600

)

Alaska Communications Systems Group, Inc., strike price $16.98, expires 07/20/07

 

 

(19,686

)

 

(16

)

Alcon, Inc., strike price $130, expires 05/21/07

 

 

(9,120

)

 

(53

)

Alcon, Inc., strike price $135, expires 05/21/07

 

 

(11,395

)

 

(130

)

AllianceBernstein Holding LP, strike price $95, expires 07/23/07

 

 

(25,350

)

 

(70

)

Alltel Corp., strike price $65, expires 05/21/07

 

 

(7,350

)

 

(160

)

Alltel Corp., strike price $65, expires 07/23/07

 

 

(35,200

)

 

(35

)

Alstom S.A., strike price 90 EUR, expires 05/18/07

 

 

(96,528

)

 

(7,400

)

Alstom S.A., strike price 96.31 EUR, expires 05/08/07

 

 

(139,253

)

 

(9,300

)

Altria Group, Inc., strike price $70.45, expires 06/29/07

 

 

(10,709

)

 

(130

)

Altria Group, Inc., strike price $70.50, expires 07/10/07

 

 

(19,836

)

 

(125

)

America Movil SAB de CV (ADR), strike price $46.50, expires 05/24/07

 

 

(77,962

)

 

(100

)

America Movil SAB de CV (ADR), strike price $50, expires 05/21/07

 

 

(28,500

)

 

(17

)

Apple, Inc., strike price $100, expires 05/21/07

 

 

(3,400

)

 

(30

)

Apple, Inc., strike price $100, expires 07/23/07

 

 

(18,900

)

 

(5,700

)

Apple, Inc., strike price $92, expires 05/10/07

 

 

(45,927

)

 

(18,600

)

Archer Daniels Midland Co., strike price $40, expires 05/15/07

 

 

(13,389

)

 

(115

)

Archer Daniels Midland Co., strike price $40, expires 06/18/07

 

 

(14,375

)

 

(146,500

)

Arriva Plc, strike price 7.74 GBP, expires 05/31/07

 

 

(31,449

)

 

(78,000

)

ASM Pacific Technology, strike price 47.09 HKD, expires 05/29/07

 

 

(35,915

)

 

(204,000

)

ASM Pacific Technology, strike price 52.15 HKD, expires 06/26/07

 

 

(52,083

)

 

(125

)

ASML Holding N.V., strike price $26, expires 05/15/07

 

 

(19,378

)

 

(255

)

ASML Holding N.V., strike price $30, expires 07/23/07

 

 

(15,300

)

 

(142

)

AT&T, Inc., strike price $38.50, expires 05/07/07

 

 

(6,501

)

 

(105

)

AT&T, Inc., strike price $39, expires 06/08/07

 

 

(9,088

)

 

(3,500

)

AT&T, Inc., strike price $40, expires 06/15/07

 

 

(1,783

)

 

(137

)

AT&T, Inc., strike price $40, expires 07/23/07

 

 

(12,330

)

 

(11,000

)

Atlas Copco AB, strike price 222.06 SEK, expires 05/08/07

 

 

(59,102

)

 

(29,000

)

Atlas Copco AB, strike price 252.96 SEK, expires 06/12/07

 

 

(56,549

)

 

(130

)

AXA S.A., strike price 32 EUR, expires 05/18/07

 

 

(37,787

)

 

(16,000

)

AXA S.A., strike price 32.32 EUR, expires 05/31/07

 

 

(43,821

)

 

(10,000

)

AXA S.A., strike price 34 EUR, expires 06/22/07

 

 

(16,703

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(103,000

)

BAE Systems Plc, strike price 4.65 GBP, expires 06/12/07

 

$

(28,312

)

 

(50

)

BAE Systems Plc, strike price 460 GBP, expires 06/15/07

 

 

(17,247

)

 

(90

)

Bank of America Corp., strike price $52.50, expires 05/21/07

 

 

(1,350

)

 

(16,300

)

Bank of America Corp., strike price $53, expires 06/22/07

 

 

(4,250

)

 

(175

)

Barrick Gold Corp., strike price $30, expires 05/21/07

 

 

(3,500

)

 

(17,000

)

Barrick Gold Corp., strike price $31, expires 06/15/07

 

 

(3,526

)

 

(5,000

)

Bilfinger Berger AG, strike price 65.50 EUR, expires 05/08/07

 

 

(30,450

)

 

(9,000

)

Bilfinger Berger AG, strike price 71.88 EUR, expires 06/12/07

 

 

(32,611

)

 

(60,000

)

Brit Insurance Holdings Plc, strike price 3.17 GBP, expires 05/08/07

 

 

(44,856

)

 

(290,000

)

Brit Insurance Holdings Plc, strike price 3.24 GBP, expires 05/31/07

 

 

(190,505

)

 

(100

)

Broadcom Corp., strike price $35, expires 05/21/07

 

 

(2,000

)

 

(125

)

Broadcom Corp., strike price $35.50, expires 05/25/07

 

 

(1,636

)

 

(100

)

Broadcom Corp., strike price $37.50, expires 05/21/07

 

 

(800

)

 

(8,000

)

Canadian Imperial Bank of Commerce, strike price 102.21 CAD, expires 06/15/07

 

 

(4,335

)

 

(7,000

)

Canadian Imperial Bank of Commerce, strike price 104 CAD, expires 05/18/07

 

 

(115

)

 

(100

)

Chevron Corp., strike price $70, expires 05/21/07

 

 

(81,000

)

 

(200

)

Chevron Corp., strike price $71.50, expires 05/30/07

 

 

(129,855

)

 

(20

)

Chevron Corp., strike price $75, expires 06/18/07

 

 

(7,800

)

 

(5,400

)

Cia Energetica de Minas Gerais (ADR), strike price $45.12, expires 05/18/07

 

 

(37,315

)

 

(12,700

)

Cia Energetica de Minas Gerais (ADR), strike price $46.44, expires 06/15/07

 

 

(79,200

)

 

(120

)

Cisco Systems, Inc., strike price $27, expires 05/10/07

 

 

(4,106

)

 

(70

)

Cisco Systems, Inc., strike price $27.25, expires 05/30/07

 

 

(4,142

)

 

(175

)

Cisco Systems, Inc., strike price $27.50, expires 07/23/07

 

 

(21,875

)

 

(140

)

Citigroup, Inc., strike price $55, expires 06/18/07

 

 

(7,700

)

 

(10,300

)

Citigroup, Inc., strike price $55, expires 06/29/07

 

 

(9,785

)

 

(140

)

Citigroup, Inc., strike price $55, expires 07/06/07

 

 

(9,923

)

 

(117,000

)

Cobham Plc, strike price 2.06 GBP, expires 05/08/07

 

 

(10,713

)

 

(235,000

)

Cobham Plc, strike price 2.14 GBP, expires 06/12/07

 

 

(22,486

)

 

(175

)

ConocoPhillips, strike price $70, expires 05/21/07

 

 

(19,250

)

See Notes to Financial Statements.

35



BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(18,000

)

ConocoPhillips, strike price $72, expires 06/15/07

 

$

(20,786

)

 

(110

)

Constellation Energy Group, Inc., strike price $82, expires 05/07/07

 

 

(78,662

)

 

(40

)

Constellation Energy Group, Inc., strike price $95, expires 07/23/07

 

 

(5,400

)

 

(27,000

)

Credito Emiliano S.p.A., strike price 11.61 EUR, expires 05/08/07

 

 

(25,978

)

 

(59,000

)

Credito Emiliano S.p.A., strike price 12.14 EUR, expires 05/31/07

 

 

(31,944

)

 

(26,000

)

CVS/Caremark Corp., strike price $35.96, expires 06/15/07

 

 

(39,331

)

 

(100

)

CVS/Caremark Corp., strike price $37.50, expires 06/18/07

 

 

(9,500

)

 

(16,000

)

Daito Trust Construction Co. Ltd., strike price 5 JPY, expires 05/09/07

 

 

(37,377

)

 

(43,000

)

Danske Bank A/S, strike price 258.56 DKK, expires 05/31/07

 

 

(37,357

)

 

(58,000

)

De La Rue Plc, strike price 7.38 GBP, expires 05/08/07

 

 

(2,995

)

 

(112,000

)

De La Rue Plc, strike price 7.46 GBP, expires 05/31/07

 

 

(20,714

)

 

(25

)

Deutsche Bank AG, strike price 105 EUR, expires 05/18/07

 

 

(30,056

)

 

(6,000

)

Deutsche Bank AG, strike price 105.01 EUR, expires 06/12/07

 

 

(76,223

)

 

(5,100

)

Deutsche Bank AG, strike price 113.78 EUR, expires 06/28/07

 

 

(28,542

)

 

(122,000

)

Diageo Plc, strike price 10.18 GBP, expires 05/31/07

 

 

(121,039

)

 

(3,000

)

Dominion Resources, Inc., strike price $86, expires 05/18/07

 

 

(16,613

)

 

(55

)

Dominion Resources, Inc., strike price $90, expires 05/21/07

 

 

(12,925

)

 

(23

)

E.ON AG, strike price 105 EUR, expires 05/18/07

 

 

(16,980

)

 

(75

)

E.ON AG, strike price 110 EUR, expires 07/20/07

 

 

(37,767

)

 

(21,500

)

Eagle Bulk Shipping, Inc., strike price $21, expires 05/18/07

 

 

(33,358

)

 

(170

)

Eagle Bulk Shipping, Inc., strike price $22.50, expires 06/18/07

 

 

(14,450

)

 

(100

)

Enel S.p.A., strike price 5.30 EUR, expires 06/15/07

 

 

(6,298

)

 

(80

)

Enel S.p.A., strike price 8.20 EUR, expires 05/18/07

 

 

(11,529

)

 

(65,000

)

Eni S.p.A., strike price 24.35 EUR, expires 05/31/07

 

 

(41,450

)

 

(57,000

)

Esprit Holdings Ltd., strike price 101.82 HKD, expires 06/26/07

 

 

(18,305

)

 

(23,600

)

Esprit Holdings Ltd., strike price 89.99 HKD, expires 05/29/07

 

 

(20,831

)

 

(16,000

)

Eurocastle Investment Ltd., strike price 40 EUR, expires 05/31/07

 

 

(10,117

)

 

(130

)

Exxon Mobil Corp., strike price $75, expires 05/21/07

 

 

(93,600

)

 

(240

)

Exxon Mobil Corp., strike price $80, expires 07/23/07

 

 

(63,600

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(48,000

)

Fortum Oyj, strike price 23.37 EUR, expires 05/31/07

 

$

(24,763

)

 

(310

)

Gerdau S.A. (ADR), strike price $20, expires 06/18/07

 

 

(35,650

)

 

(140

)

Gerdau S.A. (ADR), strike price $22.50, expires 06/18/07

 

 

(4,900

)

 

(150

)

Gerdau S.A. (ADR), strike price $22.50, expires 09/24/07

 

 

(13,500

)

 

(32,000

)

Gestevision Telecinco S.A., strike price 21.81 EUR, expires 05/31/07

 

 

(31,475

)

 

(14

)

Google, Inc., strike price $500, expires 05/21/07

 

 

(2,030

)

 

(14

)

Google, Inc., strike price $500, expires 06/18/07

 

 

(7,840

)

 

(145,000

)

Hang Lung Properties Ltd., strike price 22.23 HKD, expires 05/29/07

 

 

(30,868

)

 

(385,000

)

Hang Lung Properties Ltd., strike price 24.62 HKD, expires 06/26/07

 

 

(45,746

)

 

(52,000

)

Hannover Rueckversicherung AG, strike price 33.75 EUR, expires 05/31/07

 

 

(278,715

)

 

(71

)

Henkel KGaA, 1.30%, strike price 105 EUR, expires 05/18/07

 

 

(105,901

)

 

(15,700

)

Highland Hospitality Corp. (REIT), strike price $17.39, expires 05/18/07

 

 

(26,393

)

 

(49,600

)

Highland Hospitality Corp. (REIT), strike price $18.47, expires 06/15/07

 

 

(48,850

)

 

(65

)

HJ Heinz Co., strike price $45, expires 06/18/07

 

 

(18,850

)

 

(97

)

HJ Heinz Co., strike price $46.25, expires 05/07/07

 

 

(9,890

)

 

(85

)

HJ Heinz Co., strike price $48, expires 07/06/07

 

 

(8,925

)

 

(82,000

)

Hong Kong Exchanges & Clearing Ltd., strike price 84 HKD, expires 06/26/07

 

 

(15,864

)

 

(170

)

InBev N.V., strike price 55 EUR, expires 05/18/07

 

 

(66,813

)

 

(700,000

)

Industrial & Commercial Bank of China, strike price 4.45 HKD, expires 06/26/07

 

 

(9,623

)

 

(450,000

)

Industrial & Commercial Bank of China, strike price 4.56 HKD, expires 05/29/07

 

 

(1,837

)

 

(45,000

)

ING Groep N.V., strike price 33.04 EUR, expires 06/12/07

 

 

(79,265

)

 

(25

)

Intl. Business Machines Corp., strike price $100, expires 07/23/07

 

 

(12,250

)

 

(90

)

Intl. Business Machines Corp., strike price $97, expires 05/25/07

 

 

(50,863

)

 

(48,000

)

IVG Immobilien AG, strike price 36.53 EUR, expires 06/12/07

 

 

(19,563

)

 

(115

)

Johnson & Johnson, strike price $65, expires 05/21/07

 

 

(5,175

)

 

(90

)

Johnson & Johnson, strike price $65, expires 07/23/07

 

 

(12,150

)

 

(5,000

)

K&S AG, strike price 82.35 EUR, expires 05/08/07

 

 

(95,112

)

 

(10,000

)

K&S AG, strike price 91.42 EUR, expires 06/12/07

 

 

(110,344

)

 

(122,000

)

Kelda Group Plc, strike price 9.52 GBP, expires 06/12/07

 

 

(28,373

)

See Notes to Financial Statements.

36



BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(246,000

)

Kimberly-Clark de Mexico SAB de CV, strike price 51 MXN, expires 05/25/07

 

$

(13,273

)

 

(111,000

)

Legal & General Group Plc, strike price 1.51 GBP, expires 05/08/07

 

 

(9,999

)

 

(336,000

)

Legal & General Group Plc, strike price 1.60 GBP, expires 05/31/07

 

 

(17,039

)

 

(90

)

Linde AG, strike price 84 EUR, expires 07/20/07

 

 

(28,494

)

 

(40,000

)

Lion Nathan Ltd., strike price 9.38 AUD, expires 05/29/07

 

 

(5,402

)

 

(189,000

)

Lion Nathan Ltd., strike price 9.61 AUD, expires 06/26/07

 

 

(29,338

)

 

(50

)

Loews Corp.-Carolina Group, strike price $75, expires 06/18/07

 

 

(15,500

)

 

(80

)

Loews Corp.-Carolina Group, strike price $78.50, expires 07/13/07

 

 

(20,540

)

 

(125

)

Loews Corp.-Carolina Group, strike price $80, expires 06/18/07

 

 

(8,750

)

 

(140

)

McDonald’s Corp., strike price $45, expires 06/18/07

 

 

(58,940

)

 

(200

)

McDonald’s Corp., strike price $50, expires 06/18/07

 

 

(14,000

)

 

(85

)

Merck & Co., Inc., strike price $45, expires 05/21/07

 

 

(56,100

)

 

(27,000

)

Merck & Co., Inc., strike price $53.02, expires 06/29/07

 

 

(28,788

)

 

(120

)

MGM Mirage, strike price $75, expires 05/21/07

 

 

(3,600

)

 

(100

)

MGM Mirage, strike price $75, expires 06/18/07

 

 

(7,500

)

 

(17,000

)

Microsoft Corp., strike price $29.38, expires 06/15/07

 

 

(19,687

)

 

(340

)

Microsoft Corp., strike price $30, expires 07/23/07

 

 

(39,100

)

 

(160

)

Mizuho Financial Group, Inc., strike price 837 JPY, expires 05/09/07

 

 

 

 

(140

)

Motorola, Inc., strike price $19, expires 05/21/07

 

 

(1,400

)

 

(140

)

Motorola, Inc., strike price $19, expires 07/23/07

 

 

(4,900

)

 

(105

)

Motorola, Inc., strike price $20, expires 07/23/07

 

 

(3,150

)

 

(4,300

)

Nestle S.A., strike price 485.91 CHF, expires 06/12/07

 

 

(26,536

)

 

(147,700

)

New World Development Ltd., strike price 18.58 HKD, expires 05/29/07

 

 

(14,873

)

 

(732,000

)

New World Development Ltd., strike price 19.04 HKD, expires 06/26/07

 

 

(85,745

)

 

(30

)

Nike, Inc., strike price $55, expires 05/19/07

 

 

(1,650

)

 

(70

)

Nike, Inc., strike price $55, expires 07/23/07

 

 

(12,250

)

 

(15,000

)

Nike, Inc., strike price $55.12, expires 06/29/07

 

 

(17,539

)

 

(3,200

)

Nintendo Co. Ltd., strike price 34 JPY, expires 06/05/07

 

 

(89,386

)

 

(75

)

Nippon Commercial Investment Corp. (REIT), strike price 623 JPY, expires 06/05/07

 

 

(17,420

)

 

(70,000

)

Nordea Bank AB, strike price 112.51 SEK, expires 05/31/07

 

 

(54,953

)


 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(23,800

)

Oriflame Cosmetics S.A., strike price 348.49 SEK, expires 06/29/07

 

$

(78,480

)

 

(105,000

)

Orkla ASA, strike price 431.53 NOK, expires 05/31/07

 

 

(164,630

)

 

(55,000

)

Orkla ASA, strike price 84.70 NOK, expires 05/08/07

 

 

(103,314

)

 

(27,000

)

Partner Communications (ADR), strike price $14.30, expires 05/18/07

 

 

(57,233

)

 

(61,000

)

Partner Communications (ADR), strike price $17.75, expires 07/20/07

 

 

(23,215

)

 

(145

)

Pepco Holdings, Inc., strike price $30, expires 05/21/07

 

 

(7,250

)

 

(215

)

Pepco Holdings, Inc., strike price $30, expires 08/20/07

 

 

(21,500

)

 

(170

)

PepsiCo, Inc., strike price $65, expires 05/21/07

 

 

(26,860

)

 

(85

)

PepsiCo, Inc., strike price $65, expires 07/23/07

 

 

(22,100

)

 

(85

)

PetroChina Co. Ltd. (ADR), strike price $115, expires 06/18/07

 

 

(28,900

)

 

(70

)

PetroChina Co. Ltd. (ADR), strike price $125, expires 06/18/07

 

 

(6,300

)

 

(60

)

Petroleo Brasileiro S.A. (ADR), strike price $110, expires 06/18/07

 

 

(12,000

)

 

(35

)

Petroleo Brasileiro S.A. (ADR), strike price $95, expires 05/21/07

 

 

(25,200

)

 

(9,800

)

Philippine Long Distance Telephone Co. (ADR), strike price $51.67, expires 05/18/07

 

 

(27,109

)

 

(170

)

Philippine Long Distance Telephone Co. (ADR), strike price $55, expires 06/18/07

 

 

(37,400

)

 

(13,000

)

Piraeus Bank S.A., strike price 24.75 EUR, expires 05/08/07

 

 

(35,509

)

 

(27,200

)

Piraeus Bank S.A., strike price 26.98 EUR, expires 05/31/07

 

 

(23,527

)

 

(50

)

Potash Corp. of Saskatchewan, strike price $165, expires 05/21/07

 

 

(81,000

)

 

(35

)

Potash Corp. of Saskatchewan, strike price $175, expires 06/18/07

 

 

(42,000

)

 

(140

)

Procter & Gamble Co., strike price $65, expires 06/18/07

 

 

(19,460

)

 

(95

)

Public Service Enterprise Group, Inc., strike price $77, expires 05/07/07

 

 

(89,979

)

 

(25

)

Public Service Enterprise Group, Inc., strike price $80, expires 06/18/07

 

 

(19,250

)

 

(15,600

)

Publishing & Broadcasting Ltd., strike price 19.54 AUD, expires 05/29/07

 

 

(14,313

)

 

(42,000

)

Publishing & Broadcasting Ltd., strike price 20.39 AUD, expires 06/26/07

 

 

(25,950

)

 

(7,800

)

QBE Insurance Group Ltd., strike price 31 AUD, expires 05/29/07

 

 

(3,969

)

 

(35,000

)

QBE Insurance Group Ltd., strike price 33.37 AUD, expires 06/26/07

 

 

(7,552

)

 

(130

)

Rodamco Europe N.V., strike price 106 EUR, expires 06/15/07

 

 

(93,137

)

 

(6,000

)

RWE AG, strike price 82.85 EUR, expires 06/12/07

 

 

(5,426

)

 

(54

)

RWE AG, strike price 86 EUR, expires 06/15/07

 

 

(2,137

)

See Notes to Financial Statements.

37



BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(15,000

)

SBM Offshore N.V., strike price 26.89 EUR, expires 05/08/07

 

$

(3,572

)

 

(26,000

)

SBM Offshore N.V., strike price 27.40 EUR, expires 06/22/07

 

 

(18,563

)

 

(8,000

)

Schneider Electric S.A., strike price 92.50 EUR, expires 06/15/07

 

 

(130,827

)

 

(19,000

)

Scottish & Southern Energy Plc, strike price 15.14 GBP, expires 05/08/07

 

 

(7,739

)

 

(40,000

)

Scottish & Southern Energy Plc, strike price 15.26 GBP, expires 05/31/07

 

 

(32,352

)

 

(80

)

Siemens AG, strike price 92 EUR, expires 06/15/07

 

 

(21,944

)

 

(391,000

)

Singapore Telecommunications Ltd., strike price 3.54 SGD, expires 06/26/07

 

 

(24,846

)

 

(58,000

)

Skanska AB, B Shares, strike price 154.22 SEK, expires 06/12/07

 

 

(61,736

)

 

(93,000

)

Smiths Group Plc, strike price 10.28 GBP, expires 05/31/07

 

 

(119,162

)

 

(781,000

)

SP AusNet, strike price 1.42 AUD, expires 06/26/07

 

 

(44,991

)

 

(157,000

)

SP AusNet, strike price 1.46 AUD, expires 05/29/07

 

 

(4,932

)

 

(87,000

)

St. George Bank Ltd., strike price 35.17 AUD, expires 06/26/07

 

 

(109,810

)

 

(30

)

Starwood Hotels & Resorts Worldwide, Inc., strike price $70, expires 05/21/07

 

 

(1,650

)

 

(120

)

Starwood Hotels & Resorts Worldwide, Inc., strike price $70, expires 06/18/07

 

 

(18,000

)

 

(142,000

)

Storebrand ASA, strike price 106.02 NOK, expires 06/12/07

 

 

(66,540

)

 

(12,000

)

Stryker Corp., strike price $67.51, expires 05/18/07

 

 

(4,586

)

 

(60

)

Stryker Corp., strike price $70, expires 06/18/07

 

 

(2,400

)

 

(80

)

Sumitomo Mitsui Financial Group, Inc., strike price 1 JPY, expires 05/09/07

 

 

(83

)

 

(125

)

Sunoco, Inc., strike price $74, expires 05/30/07

 

 

(46,131

)

 

(11,000

)

Svenska Cellulosa AB, strike price 375.50 SEK, expires 05/08/07

 

 

(65

)

 

(14,300

)

Svenska Cellulosa AB, strike price 384.94 SEK, expires 06/12/07

 

 

(2,554

)

 

(5,200

)

Syngenta AG, strike price 240.18 CHF, expires 06/12/07

 

 

(39,623

)

 

(385

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $10.75, expires 07/12/07

 

 

(9,625

)

 

(87,700

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11.40, expires 05/18/07

 

 

(2,698

)

 

(24,000

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11.70, expires 06/15/07

 

 

(772

)

 

(12,500

)

Teck Cominco Ltd., Class B, strike price 45 CAD, expires 07/20/07

 

 

(29,131

)

 

(70

)

Teck Cominco Ltd., Class B, strike price 47.50 CAD, expires 05/21/07

 

 

(631

)

 

(270

)

TELUS Corp., strike price 60 CAD, expires 05/21/07

 

 

(54,735

)

 

(100

)

TELUS Corp., strike price 64 CAD, expires 08/18/07

 

 

(22,525

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(12,800

)

Textron, Inc., strike price $101.61, expires 06/29/07

 

$

(52,641

)

 

(35

)

Textron, Inc., strike price $95, expires 06/18/07

 

 

(29,400

)

 

(97,000

)

Truworths Intl. Ltd., strike price 37.44 ZAR, expires 06/12/07

 

 

(40,484

)

 

(57,700

)

Truworths Intl. Ltd., strike price 37.83 ZAR, expires 06/06/07

 

 

(20,889

)

 

(180

)

UBS AG, strike price 78 CHF, expires 06/15/07

 

 

(47,692

)

 

(152,800

)

Unicredito Italiano S.p.A., strike price 7.39 EUR, expires 05/08/07

 

 

(47,021

)

 

(28,700

)

United Overseas Bank Ltd., strike price 21.22 SGD, expires 05/29/07

 

 

(14,188

)

 

(131,000

)

United Overseas Bank Ltd., strike price 23.37 SGD, expires 06/26/07

 

 

(24,468

)

 

(165,000

)

United Utilities Plc, strike price 7.55 GBP, expires 05/31/07

 

 

(42,484

)

 

(175

)

Vodafone Group Plc (ADR), strike price $27.50, expires 05/21/07

 

 

(27,125

)

 

(70

)

Vodafone Group Plc (ADR), strike price $28.50, expires 06/22/07

 

 

(5,984

)

 

(115

)

Vodafone Group Plc (ADR), strike price $30, expires 07/23/07

 

 

(5,750

)

 

(30,000

)

Wartsila Oyj, B Shares, strike price 46.32 EUR, expires 05/31/07

 

 

(153,775

)

 

(180

)

Waters Corp., strike price $60, expires 05/19/07

 

 

(17,100

)

 

(38,000

)

Whitbread Plc, strike price 19.39 GBP, expires 05/31/07

 

 

(31,693

)

 

(32,500

)

Windstream Corp., strike price $15, expires 05/25/07

 

 

(4,505

)

 

(300

)

Windstream Corp., strike price $15, expires 06/18/07

 

 

(10,500

)

 

(125

)

Yum! Brands, Inc., strike price $63, expires 06/22/07

 

 

(17,381

)

 

(85

)

Yum! Brands, Inc., strike price $65, expires 07/23/07

 

 

(11,050

)

 

(40

)

Zimmer Holdings, Inc., strike price $90, expires 05/21/07

 

 

(6,800

)

 

(70

)

Zimmer Holdings, Inc., strike price $90, expires 06/18/07

 

 

(21,700

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written
(premium received $(4,899,753))

 

 

(7,722,114

)

 

 

 

 

 



 

 

 

 

OUTSTANDING PUT OPTION WRITTEN—0.0%

 

 

 

 

 

(70,000

)

Verigy Ltd., strike price $23.75, expires 05/18/07 (premium received $(38,500))

 

 

(35,239

)

 

 

 

 

 



 

 

 

 

Total Outstanding Options Written
(premium received $(4,938,253))

 

 

(7,757,353

)

 

 

 

 

 



 

 

 

 

Total Investments net of outstanding options written—98.2%

 

$

354,708,927

 

 

 

 

Other assets in excess of liabilities—1.8%

 

 

6,428,062

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

361,136,989

 

 

 

 

 

 



 

See Notes to Financial Statements.

38



BlackRock Global Opportunities Equity Trust (BOE) (continued)

 


 

 


1

Non-income producing security.

2

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

3

Represents current yield as of April 30, 2007.

4

Cost for federal income tax purposes is $320,463,333. The net unrealized appreciation on a tax basis is $42,002,947, consisting of $44,377,570 gross unrealized appreciation and $2,374,623 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

ADR

American Depositary Receipt

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

JPY

Japanese Yen

MXN

Mexican Peso

NOK

Norwegian Krone

REIT

Real Estate Investment Trust

SEK

Swedish Krona

SGD

Singapore Dollar

ZAR

South African Rand

See Notes to Financial Statements.

39


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—88.8%

 

 

 

 

 

 

 

Common Stocks—88.8%

 

 

 

 

 

 

 

Biotechnology—19.6%

 

 

 

 

 

186,600

1

Alexion Pharmaceuticals, Inc.

 

$

7,811,076

 

 

99,500

1

Applera Corp. - Celera Group

 

 

1,393,000

 

 

96,400

 

Biogen Idec, Inc.

 

 

4,551,044

 

 

58,200

1

Charles River Laboratories Intl., Inc.

 

 

2,756,352

 

 

74,500

1

Genentech, Inc.

 

 

5,959,255

 

 

90,700

1

Integra LifeSciences Holdings Corp.

 

 

4,133,199

 

 

99,067

1

InterMune, Inc.

 

 

2,864,027

 

 

191,718

1

Kosan Biosciences, Inc.

 

 

1,102,378

 

 

138,400

1

Myriad Genetics, Inc.

 

 

5,058,520

 

 

64,537

1

NicOx S.A.

 

 

1,721,330

 

 

120,800

1

Regeneron Pharmaceuticals, Inc.

 

 

3,285,760

 

 

21,300

1

Seattle Genetics, Inc.

 

 

202,563

 

 

40,500

1

Vertex Pharmaceuticals, Inc.

 

 

1,244,970

 

 

54,000

1

XOMA Ltd.

 

 

183,600

 

 

 

 

 

 



 

 

 

 

Total Biotechnology

 

 

42,267,074

 

 

 

 

 

 



 

 

 

 

Distribution/Wholesale—1.1%

 

 

 

 

 

22,300

1

MWI Veterinary Supply, Inc.

 

 

828,668

 

 

46,200

 

Owen & Minor, Inc.

 

 

1,633,170

 

 

 

 

 

 



 

 

 

 

Total Distribution/Wholesale

 

 

2,461,838

 

 

 

 

 

 



 

 

 

 

Electronics—1.6%

 

 

 

 

 

39,200

1

Varian, Inc.

 

 

2,272,032

 

 

19,700

1

Waters Corp.

 

 

1,170,771

 

 

 

 

 

 



 

 

 

 

Total Electronics

 

 

3,442,803

 

 

 

 

 

 



 

 

 

 

Healthcare Products—30.9%

 

 

 

 

 

18,900

1

Alcon, Inc.

 

 

2,550,177

 

 

93,800

 

Baxter Intl., Inc.

 

 

5,311,894

 

 

72,000

 

Becton Dickinson & Co.

 

 

5,665,680

 

 

94,800

 

Biomet, Inc.

 

 

4,095,360

 

 

26,400

 

Cooper Cos., Inc. (The)

 

 

1,349,040

 

 

83,000

1

Cyberonics, Inc.

 

 

1,814,380

 

 

105,300

 

Dentsply Intl., Inc.

 

 

3,518,073

 

 

38,100

1

Edwards Lifesciences Corp.

 

 

1,866,900

 

 

143,300

 

Johnson & Johnson

 

 

9,202,726

 

 

128,600

 

Medtronic, Inc.

 

 

6,806,798

 

 

52,600

1

SenoRx, Inc.

 

 

418,170

 

 

29,800

 

St. Jude Medical, Inc.

 

 

1,275,142

 

 

126,500

 

Stryker Corp.

 

 

8,214,910

 

 

133,600

1

Thoratec Corp.

 

 

2,621,232

 

 

41,100

1

Ventana Medical Systems, Inc.

 

 

1,997,049

 

 

211,500

1

Wright Medical Group, Inc.

 

 

4,995,630

 

 

52,100

 

Zimmer Holdings, Inc.

 

 

4,714,008

 

 

 

 

 

 



 

 

 

 

Total Healthcare Products

 

 

66,417,169

 

 

 

 

 

 



 

 

 

 

Healthcare Services—6.3%

 

 

 

 

 

89,100

 

Aetna, Inc.

 

 

4,177,008

 

 

84,000

2

Manor Care, Inc.

 

 

5,450,760

 

 

19,600

1

Pediatrix Medical Group, Inc.

 

 

1,118,180

 

 

53,500

 

UnitedHealth Group, Inc.

 

 

2,838,710

 

 

 

 

 

 



 

 

 

 

Total Healthcare Services

 

 

13,584,658

 

 

 

 

 

 



 

 

 

 

Pharmaceuticals—28.5%

 

 

 

 

 

88,500

 

Abbott Laboratories

 

 

5,010,870

 

 

200,938

1

BioMarin Pharmaceuticals, Inc.

 

 

3,247,158

 

 

21,900

1

Cardiome Pharma Corp.

 

 

204,765

 

 

68,700

1

CV Therapeutics, Inc.

 

 

579,141

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 









 

 

 

Pharmaceuticals—(cont’d)

 

 

 

 

 

65,100

 

Gilead Sciences, Inc.

 

$

5,319,972

 

 

221,800

2

Merck & Co., Inc.

 

 

11,409,392

 

 

29,500

 

Novartis AG (ADR)

 

 

1,713,655

 

 

185,900

2

Pfizer, Inc.

 

 

4,918,914

 

 

66,500

1

Poniard Pharmaceuticals, Inc.

 

 

462,175

 

 

60,550

 

Roche Holding AG

 

 

11,401,996

 

 

206,000

 

Schering-Plough Corp.

 

 

6,536,380

 

 

55,900

1

Tongjitang Chinese Medicines Co. (ADR)

 

 

595,335

 

 

9,600

1

United Therapeutics Corp.

 

 

536,736

 

 

168,300

 

Wyeth

 

 

9,340,650

 

 

 

 

 

 



 

 

 

 

Total Pharmaceuticals

 

 

61,277,139

 

 

 

 

 

 



 

 

 

 

Retail—0.8%

 

 

 

 

 

48,700

 

CVS/Caremark Corp.

 

 

1,764,888

 

 

 

 

 

 



 

 

 

 

Total Common Stocks

 

 

 

 

 

 

 

(cost $166,123,720)

 

 

191,215,569

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—18.1%

 

 

 

 

 

 

 

Money Market Fund—3.0%

 

 

 

 

 

6,527,546

3

Fidelity Institutional Money Market Prime Portfolio, 4.97%

 

 

6,527,546

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 


 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—15.1%

 

 

 

 

$

32,400,000

4

Federal Home Loan Bank Disc. Notes, 5.06%, 5/01/07

 

 

32,400,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments

 

 

 

 

 

 

 

(cost $38,927,546)

 

 

38,927,546

 

 

 

 

 

 



 

 

 

 

Total Investments before outstanding options written
(cost $205,051,2665)

 

 

230,143,115

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(0.8)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.8)%

 

 

 

 

 

(250

)

Abbott Laboratories, strike price $56.25, expires 06/05/07

 

 

(41,358

)

 

(200

)

Aetna, Inc., strike price $45, expires 05/21/07

 

 

(53,000

)

 

(250

)

Alexion Pharmaceuticals, Inc., strike price $45, expires 05/21/07

 

 

(11,250

)

 

(81

)

Alexion Pharmaceuticals, Inc., strike price $45, expires 06/18/07

 

 

(10,125

)

 

(100

)

Alexion Pharmaceuticals, Inc., strike price $50, expires 05/21/07

 

 

(1,000

)

 

(50

)

Applera Corp. - Celera Group, strike price $15, expires 05/21/07

 

 

(750

)

 

(200

)

Applera Corp. - Celera Group, strike price $17.50, expires 06/16/07

 

 

(3,000

)

 

(200

)

Baxter Intl., Inc., strike price $52.50, expires 05/19/07

 

 

(88,000

)

 

(100

)

Becton Dickinson & Co., strike price $80, expires 05/21/07

 

 

(6,000

)

 

(100

)

Biogen Idec, Inc., strike price $50, expires 06/18/07

 

 

(8,500

)

 

(100

)

Biogen Idec, Inc., strike price $50, expires 07/23/07

 

 

(14,000

)

See Notes to Financial Statements.

40



BlackRock Health Sciences Trust (BME) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

BioMarin Pharmaceuticals, Inc., strike price $17.50, expires 05/21/07

 

$

(5,000

)

 

(100

)

Cardiome Pharma Corp., strike price $12.50, expires 06/18/07

 

 

(2,000

)

 

(100

)

Charles River Laboratories Intl., Inc., strike price $50, expires 05/21/07

 

 

(4,000

)

 

(60

)

Cooper Cos., Inc. (The), strike price $50, expires 05/21/07

 

 

(14,400

)

 

(100

)

Cyberonics, Inc., strike price $22.50, expires 05/21/07

 

 

(8,000

)

 

(300

)

Dentsply Intl., Inc., strike price $33.25, expires 05/25/07

 

 

(25,263

)

 

(50

)

Edwards Lifesciences Corp., strike price $50, expires 05/21/07

 

 

(5,250

)

 

(50

)

Genentech, Inc., strike price $85, expires 05/21/07

 

 

(1,250

)

 

(50

)

Genentech, Inc., strike price $90, expires 06/18/07

 

 

(1,250

)

 

(100

)

Gilead Sciences, Inc., strike price $80, expires 05/21/07

 

 

(29,500

)

 

(40

)

Integra LifeSciences Holdings Corp., strike price $45, expires 06/18/07

 

 

(9,800

)

 

(100

)

Integra LifeSciences Holdings Corp., strike price $50, expires 06/18/07

 

 

(5,500

)

 

(250

)

Johnson & Johnson, strike price $65, expires 05/21/07

 

 

(11,250

)

 

(230

)

Manor Care, Inc., strike price $55, expires 05/19/07

 

 

(236,900

)

 

(200

)

Medtronic, Inc., strike price $55, expires 05/19/07

 

 

(6,000

)

 

(250

)

Merck & Co., Inc., strike price $46.50, expires 05/30/07

 

 

(128,684

)

 

(300

)

Merck & Co., Inc., strike price $46.50, expires 06/29/07

 

 

(161,169

)

 

(100

)

Myriad Genetics, Inc., strike price $35, expires 05/21/07

 

 

(21,000

)

 

(250

)

Myriad Genetics, Inc., strike price $38, expires 05/30/07

 

 

(147

)

 

(500

)

Pfizer, Inc., strike price $27.50, expires 06/18/07

 

 

(10,000

)

 

(200

)

Regeneron Pharmaceuticals, Inc., strike price $22.50, expires 05/21/07

 

 

(106,000

)

 

(150

)

Regeneron Pharmaceuticals, Inc., strike price $30, expires 06/18/07

 

 

(16,500

)

 

(11,000

)

Roche Holding AG, strike price 220 CHF, expires 06/12/07

 

 

(98,605

)

 

(225

)

Schering-Plough Corp., strike price $25, expires 05/21/07

 

 

(153,000

)

 

(250

)

Schering-Plough Corp., strike price $25.50, expires 05/31/07

 

 

(163,000

)

 

(50

)

St. Jude Medical, Inc., strike price $45, expires 05/21/07

 

 

(1,750

)

 

(100

)

Stryker Corp., strike price $65, expires 05/21/07

 

 

(13,500

)

 

(50

)

Stryker Corp., strike price $65, expires 06/16/07

 

 

(10,500

)

 

(10,000

)

Stryker Corp., strike price $67.51, expires 05/18/07

 

 

(3,822

)

 

(100

)

Stryker Corp., strike price $70, expires 06/18/07

 

 

(4,000

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(200

)

Thoratec Corp., strike price $22.50, expires 05/21/07

 

$

(2,000

)

 

(100

)

UnitedHealth Group, Inc., strike price $55, expires 06/18/07

 

 

(11,000

)

 

(30

)

Varian, Inc., strike price $60, expires 05/21/07

 

 

(1,800

)

 

(100

)

Ventana Medical Systems, Inc., strike price $50, expires 06/18/07

 

 

(14,000

)

 

(30

)

Vertex Pharmaceuticals, Inc., strike price $35, expires 05/21/07

 

 

(600

)

 

(100

)

Waters Corp., strike price $60, expires 05/19/07

 

 

(9,500

)

 

(200

)

Wright Medical Group, Inc., strike price $25, expires 05/21/07

 

 

(8,000

)

 

(80,000

)

Wright Medical Group, Inc., strike price $26, expires 05/30/07

 

 

(12,533

)

 

(200

)

Wyeth, strike price $57.50, expires 05/21/07

 

 

(5,000

)

 

(235

)

Wyeth, strike price $57.50, expires 07/23/07

 

 

(28,200

)

 

(250

)

Wyeth, strike price $60, expires 07/23/07

 

 

(13,750

)

 

(150

)

Zimmer Holdings, Inc., strike price $90, expires 06/18/07

 

 

(46,500

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written
(premium received $(879,826))

 

 

(1,646,906

)

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(150

)

Abbott Laboratories, strike price $55, expires 05/21/07

 

 

(4,500

)

 

(30

)

Abbott Laboratories, strike price $57.50, expires 05/21/07

 

 

(4,350

)

 

(25,000

)

Aetna, Inc., strike price $44, expires 05/18/07

 

 

(5,902

)

 

(10

)

Alcon, Inc., strike price $135, expires 05/21/07

 

 

(3,430

)

 

(100

)

Becton Dickinson & Co., strike price $75, expires 05/21/07

 

 

(2,500

)

 

(100

)

Cyberonics, Inc., strike price $20, expires 05/21/07

 

 

(3,500

)

 

(400

)

Gilead Sciences, Inc., strike price $75, expires 05/21/07

 

 

(8,000

)

 

(300

)

Gilead Sciences, Inc., strike price $80, expires 05/21/07

 

 

(25,500

)

 

(20

)

Noble Corp., strike price $35, expires 05/21/07

 

 

(900

)

 

(50

)

Pediatrix Medical Group, Inc., strike price $55, expires 05/21/07

 

 

(2,250

)

 

(100

)

Stryker Corp., strike price $65, expires 05/21/07

 

 

(11,500

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written
(premium received $(118,616))

 

 

(72,332

)

 

 

 

 

 



 

 

 

 

Total Outstanding Options Written
(premium received $(998,442))

 

 

(1,719,238

)

 

 

 

 

 



 

 

 

 

Total Investments net of outstanding options written—106.1%

 

$

228,423,877

 

 

 

 

Liabilities in excess of other assets—(6.1)%

 

 

(13,150,127

)

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

215,273,750

 

 

 

 

 

 



 

See Notes to Financial Statements.

41



BlackRock Health Sciences Trust (BME) (continued)

 


 

 

1

Non-income producing security.

2

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

3

Represents current yield as of April 30, 2007.

4

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

5

Cost for federal income tax purposes is $206,326,629. The net unrealized appreciation on a tax basis is $23,816,486, consisting of $24,272,970 gross unrealized appreciation and $456,484 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

ADR

American Depositary Receipt

CHF

Swiss Franc

See Notes to Financial Statements.

42



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—85.9%

 

 

 

 

 

 

 

Common Stocks—85.9%

 

 

 

 

 

 

 

Chemicals—7.3%

 

 

 

 

 

40,000

 

Agrium, Inc.

 

$

1,549,200

 

 

157,400

1

Air Products & Chemicals, Inc.

 

 

12,041,100

 

 

106,900

 

Celanese Corp., Ser. A

 

 

3,545,873

 

 

109,025

1

Dow Chemical Co. (The)

 

 

4,863,605

 

 

377,879

 

E.I. du Pont de Nemours & Co.

 

 

18,580,311

 

 

154,052

 

Lyondell Chemical Co.

 

 

4,794,098

 

 

133,036

 

Olin Corp.

 

 

2,280,237

 

 

21,320

 

Potash Corp. of Saskatchewan

 

 

3,827,366

 

 

162,700

 

Praxair, Inc.

 

 

10,502,285

 

 

158,100

 

Rohm & Haas Co.

 

 

8,089,977

 

 

 

 

 

 



 

 

 

 

Total Chemicals

 

 

70,074,052

 

 

 

 

 

 



 

 

 

 

Coal—3.3%

 

 

 

 

 

180,000

1

Arch Coal, Inc.

 

 

6,492,600

 

 

232,100

1

Consol Energy, Inc.

 

 

9,718,027

 

 

272,300

 

Massey Energy Co.

 

 

7,333,039

 

 

177,200

 

Peabody Energy Corp.

 

 

8,502,056

 

 

 

 

 

 



 

 

 

 

Total Coal

 

 

32,045,722

 

 

 

 

 

 



 

 

 

 

Forest Products & Paper—6.4%

 

 

 

 

 

469,992

1

Intl. Paper Co.

 

 

17,728,098

 

 

347,011

 

MeadWestvaco Corp.

 

 

11,576,287

 

 

213,383

 

Temple-Inland, Inc.

 

 

12,640,809

 

 

449,703

 

Votorantim Celulose e Papel S.A. (ADR)

 

 

8,985,066

 

 

142,604

 

Weyerhauser Co.

 

 

11,297,089

 

 

 

 

 

 



 

 

 

 

Total Forest Products & Paper

 

 

62,227,349

 

 

 

 

 

 



 

 

 

 

Iron & Steel—0.7%

 

 

 

 

 

27,900

 

Allegheny Technologies, Inc.

 

 

3,057,282

 

 

29,800

 

Carpenter Technology Corp.

 

 

3,616,826

 

 

 

 

 

 



 

 

 

 

Total Iron & Steel

 

 

6,674,108

 

 

 

 

 

 



 

 

 

 

Machinery—2.4%

 

 

 

 

 

263,625

 

Caterpillar, Inc.

 

 

19,144,448

 

 

37,983

 

Deere & Co.

 

 

4,155,340

 

 

 

 

 

 



 

 

 

 

Total Machinery

 

 

23,299,788

 

 

 

 

 

 



 

 

 

 

Metal—0.9%

 

 

 

 

 

5,795,000

 

Jiangxi Copper Co. Ltd.

 

 

8,160,067

 

 

 

 

 

 



 

 

 

 

Mining—35.3%

 

 

 

 

 

198,000

 

Aber Diamond Corp.

 

 

7,155,401

 

 

288,950

2

African Rainbow Minerals Ltd.

 

 

4,840,568

 

 

150,000

1

Agnico-Eagle Mines Ltd.

 

 

5,292,000

 

 

250,000

2

Alamos Gold, Inc.

 

 

1,502,388

 

 

79,450

1

Alcan, Inc.

 

 

4,677,222

 

 

153,550

1

Alcoa, Inc.

 

 

5,449,489

 

 

1,969,600

 

Alumina Ltd.

 

 

11,628,134

 

 

190,050

 

Anglo American Plc

 

 

10,008,112

 

 

46,500

 

Anglo Platinum Ltd.

 

 

7,469,016

 

 

693,000

 

Antofagasta Plc

 

 

7,344,615

 

 

112,700

1

Barrick Gold Corp.

 

 

3,167,997

 

 

982,000

 

BHP Billiton Plc

 

 

21,942,090

 

 

162,450

1

Cia de Minas Buenaventura S.A. (ADR)

 

 

5,292,621

 

 

413,050

1

Cia Vale do Rio Doce (ADR)

 

 

16,773,960

 

 

23,450

 

Eramet

 

 

5,614,026

 

 

252,000

 

First Quantum Minerals Ltd.

 

 

17,398,649

 

 

124,500

1

Freeport-McMoRan Copper & Gold, Inc.

 

 

8,361,420

 

 

64,000

 

Gold Fields Ltd.

 

 

1,144,465

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 









 

 

 

Mining—(cont’d)

 

 

 

 

 

202,750

1

Goldcorp, Inc.

 

$

4,934,935

 

 

1,302,500

 

Iluka Resources Ltd.

 

 

6,272,978

 

 

563,900

 

Impala Platinum Holdings Ltd.

 

 

18,187,789

 

 

650,317

 

Industrias Penoles SA de CV

 

 

8,045,906

 

 

640,900

 

Jubille Mines NL

 

 

8,992,180

 

 

253,000

 

Kazakhmys Plc

 

 

5,730,376

 

 

1,984,867

2

Lihir Gold Ltd.

 

 

4,892,637

 

 

64,000

 

Lonmin Plc

 

 

4,183,178

 

 

1,926,950

 

Minara Resources Ltd.

 

 

11,762,653

 

 

1,558,650

 

Minsur S.A.

 

 

5,172,576

 

 

19,250

 

MMC Norilsk Nickel

 

 

3,666,885

 

 

3,800

 

MMC Norilsk Nickel (ADR)

 

 

741,371

 

 

63,900

1

Newmont Mining Corp.

 

 

2,664,630

 

 

2,340,050

 

Oxiana Ltd.

 

 

5,887,876

 

 

377,400

 

Rio Tinto Plc

 

 

22,932,681

 

 

32,550

1

Southern Copper Corp.

 

 

2,613,765

 

 

906,850

 

Straits Resources Ltd.

 

 

2,959,058

 

 

180,150

 

Teck Cominco Ltd., Class B

 

 

13,648,809

 

 

435,000

 

Vedanta Resources Plc

 

 

11,844,354

 

 

440,032

 

Xstrata Plc

 

 

22,897,887

 

 

7,315,250

 

Zijin Mining Group Co. Ltd.

 

 

4,237,156

 

 

1,788,500

 

Zinifex Ltd.

 

 

24,427,220

 

 

 

 

 

 



 

 

 

 

Total Mining

 

 

341,759,073

 

 

 

 

 

 



 

 

 

 

Oil & Gas—21.1%

 

 

 

 

 

65,900

 

Apache Corp.

 

 

4,777,750

 

 

378,114

 

BG Group Plc

 

 

5,448,615

 

 

74,500

2

Bill Barrett Corp.

 

 

2,749,050

 

 

202,475

2

Cairn Energy Plc

 

 

6,802,149

 

 

162,600

 

Canadian Natural Resources Ltd.

 

 

9,692,586

 

 

165,384

 

Chesapeake Energy Corp.

 

 

5,581,710

 

 

332,600

2

Compton Petroleum Corp.

 

 

3,554,046

 

 

47,000

 

Devon Energy Corp.

 

 

3,424,890

 

 

53,000

 

EnCana Corp.

 

 

2,779,850

 

 

155,300

 

ENSCO Intl., Inc.

 

 

8,755,814

 

 

146,800

 

EOG Resources, Inc.

 

 

10,780,992

 

 

126,000

2

Exploration Co. of Delaware, Inc. (The)

 

 

1,306,620

 

 

69,900

2

Forest Oil Corp.

 

 

2,463,276

 

 

367,800

2

Galleon Energy, Inc.

 

 

5,368,376

 

 

154,700

 

GlobalSantaFe Corp.

 

 

9,889,971

 

 

196,900

 

Helmerich & Payne, Inc.

 

 

6,357,901

 

 

159,800

 

Hess Corp.

 

 

9,068,650

 

 

77,000

 

Husky Energy, Inc.

 

 

5,872,660

 

 

51,700

 

Marathon Oil Corp.

 

 

5,250,135

 

 

82,900

2

Nabors Industries Ltd.

 

 

2,662,748

 

 

81,100

2

Newfield Exploration Co.

 

 

3,548,125

 

 

69,400

 

Noble Corp.

 

 

5,844,174

 

 

129,800

 

Noble Energy, Inc.

 

 

7,633,538

 

 

205,600

 

Norsk Hydro ASA

 

 

7,086,683

 

 

102,900

 

Occidental Petroleum Corp.

 

 

5,217,030

 

 

22,000

 

Petroleo Brasileiro S.A. (ADR)

 

 

2,227,060

 

 

40,700

2

Plains Exploration & Production Co.

 

 

1,912,493

 

 

101,300

2

Pride Intl., Inc.

 

 

3,323,653

 

 

117,800

2

Quicksilver Resources, Inc.

 

 

4,931,108

 

 

72,300

 

Range Resources Corp.

 

 

2,642,565

 

 

136,400

2

Real Resources, Inc.

 

 

1,137,998

 

 

164,300

2

SeaDrill Ltd.

 

 

2,668,682

 

 

86,500

2

Southwestern Energy Co.

 

 

3,633,000

 

See Notes to Financial Statements.

43



BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 









 

 

 

Oil & Gas—(cont’d)

 

 

 

 

 

107,800

2

Statoil ASA (ADR)

 

$

3,025,946

 

 

80,600

 

Suncor Energy, Inc.

 

 

6,488,300

 

 

193,000

 

Talisman Energy, Inc.

 

 

3,667,000

 

 

84,400

2

TODCO

 

 

3,836,824

 

 

8,100

 

Total S.A. (ADR)

 

 

596,889

 

 

128,900

 

Transocean, Inc.

 

 

11,111,180

 

 

35,000

2

Unit Corp.

 

 

2,000,250

 

 

60,600

 

Valero Energy Corp.

 

 

4,255,938

 

 

88,000

 

XTO Energy, Inc.

 

 

4,775,760

 

 

 

 

 

 



 

 

 

 

Total Oil & Gas

 

 

204,151,985

 

 

 

 

 

 



 

 

 

 

Oil & Gas Services—6.9%

 

 

 

 

 

188,600

2

Acergy S.A.

 

 

4,033,719

 

 

45,900

2

Cameron Intl. Corp.

 

 

2,963,763

 

 

82,800

2

Cie Generale de Geophysique-Veritas (ADR)

 

 

3,443,652

 

 

129,000

2

Core Laboratories N.V.

 

 

11,728,680

 

 

52,189

2

FMC Technologies, Inc.

 

 

3,699,157

 

 

138,300

2

Grant Prideco, Inc.

 

 

7,127,982

 

 

83,800

2

Hanover Compressor Co.

 

 

1,812,594

 

 

98,500

2

Helix Energy Solutions Group, Inc.

 

 

3,768,610

 

 

83,100

2

Hercules Offshore, Inc.

 

 

2,611,833

 

 

51,800

2

National Oilwell Varco, Inc.

 

 

4,395,230

 

 

166,700

 

Pason Systems, Inc.

 

 

2,341,520

 

 

73,200

 

SBM Offshore N.V.

 

 

2,622,826

 

 

93,300

 

Schlumberger Ltd.

 

 

6,888,339

 

 

47,200

 

Smith Intl., Inc.

 

 

2,475,168

 

 

130,400

2

Weatherford Intl. Ltd.

 

 

6,844,696

 

 

 

 

 

 



 

 

 

 

Total Oil & Gas Services

 

 

66,757,769

 

 

 

 

 

 



 

 

 

 

Pipelines—1.4%

 

 

 

 

 

143,000

 

Questar Corp.

 

 

13,889,590

 

 

 

 

 

 



 

 

 

 

Transportation—0.2%

 

 

 

 

 

63,400

 

DryShips, Inc.

 

 

2,243,092

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $681,605,352)

 

 

831,282,595

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—14.9%

 

 

 

 

 

 

 

Money Market Fund—2.8%

 

 

 

 

 

27,292,879

3

Fidelity Institutional Money Market Prime Portfolio, 4.97%

 

 

27,292,879

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 


 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—12.1%

 

 

 

 

$

117,070,000

4

Federal Home Loan Bank Disc. Notes, 5.06%, 5/01/07

 

 

117,070,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments
(cost $144,362,879)

 

 

144,362,879

 

 

 

 

 

 



 

 

 

 

Total Investments before outstanding options written
(cost $825,968,2315)

 

 

975,645,474

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING OPTIONS WRITTEN—(1.2)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.1)%

 

 

 

 

 

(320

)

Aber Diamond Corp, strike price 44 CAD, expires 05/21/07

 

$

(2,595

)

 

(46,000

)

Acergy S.A., strike price 122.53 NOK, expires 05/08/07

 

 

(59,913

)

 

(25,000

)

Acergy S.A., strike price 131 NOK, expires 06/12/07

 

 

(20,451

)

 

(57,000

)

African Rainbow Minerals Ltd., strike price 106.05 ZAR, expires 05/08/07

 

 

(103,396

)

 

(35,200

)

African Rainbow Minerals Ltd., strike price 106.65 ZAR, expires 06/06/07

 

 

(73,751

)

 

(250

)

Agnico-Eagle Mines Ltd., strike price $40, expires 05/21/07

 

 

(5,000

)

 

(100

)

Agrium, Inc., strike price $40, expires 05/21/07

 

 

(9,000

)

 

(10,000

)

Agrium, Inc., strike price $42, expires 07/20/07

 

 

(15,200

)

 

(100

)

Air Products & Chemicals, Inc., strike price $75, expires 05/21/07

 

 

(23,500

)

 

(100

)

Air Products & Chemicals, Inc., strike price $75, expires 06/18/07

 

 

(32,000

)

 

(32,000

)

Air Products & Chemicals, Inc., strike price $76, expires 05/30/07

 

 

(61,936

)

 

(100

)

Alcan, Inc., strike price $55, expires 05/21/07

 

 

(53,000

)

 

(250

)

Alcan, Inc., strike price $60, expires 06/18/07

 

 

(48,750

)

 

(210

)

Alcoa, Inc., strike price $35, expires 07/23/07

 

 

(45,150

)

 

(254

)

Alcoa, Inc., strike price $37.50, expires 05/21/07

 

 

(5,080

)

 

(50

)

Allegheny Technologies, Inc., strike price $120, expires 07/23/07

 

 

(20,000

)

 

(50

)

Allegheny Technologies, Inc., strike price $125, expires 05/21/07

 

 

(1,000

)

 

(329,000

)

Alumina Ltd., strike price 7.68 AUD, expires 05/04/07

 

 

(19

)

 

(327,000

)

Alumina Ltd., strike price 7.92 AUD, expires 06/26/07

 

 

(28,930

)

 

(43,100

)

Anglo American Plc, strike price 25.96 GBP, expires 05/08/07

 

 

(84,406

)

 

(20,000

)

Anglo American Plc, strike price 26.37 GBP, expires 05/31/07

 

 

(49,395

)

 

(8,400

)

Anglo Platinum Ltd., strike price 1,103.90 ZAR, expires 05/08/07

 

 

(59,190

)

 

(5,800

)

Anglo Platinum Ltd., strike price 1,144.25 ZAR, expires 06/06/07

 

 

(43,828

)

 

(117,900

)

Antofagasta Plc, strike price 5.05 GBP, expires 05/08/07

 

 

(81,371

)

 

(104,000

)

Antofagasta Plc, strike price 5.09 GBP, expires 05/31/07

 

 

(79,585

)

 

(150

)

Apache Corp., strike price $75, expires 05/21/07

 

 

(11,250

)

 

(100

)

Arch Coal, Inc., strike price $35, expires 07/23/07

 

 

(33,000

)

See Notes to Financial Statements.

44



BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(10,000

)

Arch Coal, Inc., strike price $36, expires 05/18/07

 

$

(11,947

)

 

(500

)

Arch Coal, Inc., strike price $40, expires 07/23/07

 

 

(60,000

)

 

(250

)

Barrick Gold Corp., strike price $30, expires 05/21/07

 

 

(5,000

)

 

(60,000

)

BG Group Plc, strike price 7.13 GBP, expires 05/08/07

 

 

(24,775

)

 

(65,000

)

BG Group Plc, strike price 7.54 GBP, expires 06/12/07

 

 

(24,449

)

 

(167

)

BHP Billiton Plc, strike price 11 GBP, expires 06/15/07

 

 

(232,093

)

 

(150,000

)

BHP Billiton Plc, strike price 11.85 GBP, expires 06/12/07

 

 

(82,124

)

 

(300

)

Bill Barrett Corp., strike price $40, expires 06/18/07

 

 

(24,000

)

 

(150

)

Cameron Intl. Corp., strike price $60, expires 05/21/07

 

 

(94,500

)

 

(100

)

Canadian Natural Resources Ltd., strike price $55, expires 06/18/07

 

 

(58,000

)

 

(20,000

)

Canadian Natural Resources Ltd., strike price $55.50, expires 05/18/07

 

 

(89,653

)

 

(100

)

Canadian Natural Resources Ltd., strike price $60, expires 05/21/07

 

 

(14,500

)

 

(140

)

Canadian Natural Resources Ltd., strike price $60, expires 06/18/07

 

 

(44,940

)

 

(50

)

Carpenter Technology Corp., strike price $135, expires 05/21/07

 

 

(1,500

)

 

(50

)

Carpenter Technology Corp., strike price $135, expires 06/18/07

 

 

(9,750

)

 

(400

)

Caterpillar, Inc., strike price $65, expires 05/21/07

 

 

(340,000

)

 

(330

)

Caterpillar, Inc., strike price $67.50, expires 05/21/07

 

 

(186,450

)

 

(250

)

Caterpillar, Inc., strike price $70, expires 05/21/07

 

 

(90,000

)

 

(21,500

)

Celanese Corp., Ser. A, strike price $31.14, expires 05/18/07

 

 

(49,571

)

 

(200

)

Celanese Corp., Ser. A, strike price $35, expires 06/18/07

 

 

(14,000

)

 

(280

)

Chesapeake Energy Corp., strike price $32.50, expires 07/23/07

 

 

(70,000

)

 

(10,000

)

Chesapeake Energy Corp., strike price $32.55, expires 05/18/07

 

 

(14,918

)

 

(330

)

Cia de Minas Buenaventura S.A. (ADR), strike price $30, expires 06/18/07

 

 

(108,900

)

 

(220

)

Cia de Minas Buenaventura S.A. (ADR), strike price $35, expires 05/21/07

 

 

(5,500

)

 

(250

)

Cia Vale do Rio Doce (ADR), strike price $37.50, expires 05/21/07

 

 

(87,500

)

 

(250

)

Cia Vale do Rio Doce (ADR), strike price $37.50, expires 06/18/07

 

 

(105,000

)

 

(1,000

)

Cia Vale do Rio Doce (ADR), strike price $45, expires 06/18/07

 

 

(55,000

)

 

(150

)

Cie Generale de Geophysique-Veritas (ADR), strike price $45, expires 05/21/07

 

 

(9,000

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(10,000

)

Consol Energy, Inc., strike price $40.50, expires 06/15/07

 

$

(30,112

)

 

(10,000

)

Consol Energy, Inc., strike price $41, expires 05/18/07

 

 

(18,689

)

 

(500

)

Consol Energy, Inc., strike price $45, expires 07/23/07

 

 

(95,000

)

 

(50

)

Core Laboratories N.V., strike price $100, expires 06/18/07

 

 

(5,750

)

 

(150

)

Core Laboratories N.V., strike price $90, expires 05/21/07

 

 

(57,000

)

 

(200

)

Core Laboratories N.V., strike price $90, expires 06/18/07

 

 

(94,000

)

 

(100

)

Deere & Co., strike price $120, expires 05/21/07

 

 

(7,500

)

 

(100

)

Devon Energy Corp., strike price $75, expires 05/21/07

 

 

(11,500

)

 

(100

)

Devon Energy Corp., strike price $75, expires 07/23/07

 

 

(30,000

)

 

(100

)

Dow Chemical Co. (The), strike price $45, expires 06/18/07

 

 

(14,000

)

 

(25,000

)

Dow Chemical Co. (The), strike price $47.25, expires 06/29/07

 

 

(15,207

)

 

(150

)

DryShips, Inc., strike price $25, expires 06/18/07

 

 

(163,500

)

 

(60

)

DryShips, Inc., strike price $30, expires 05/21/07

 

 

(34,800

)

 

(11,000

)

E.I. du Pont de Nemours & Co., strike price $52.50, expires 05/18/07

 

 

(297

)

 

(250

)

E.I. du Pont de Nemours & Co., strike price $52.50, expires 07/23/07

 

 

(12,500

)

 

(250

)

E.I. du Pont de Nemours & Co., strike price $55, expires 07/23/07

 

 

(3,750

)

 

(26,000

)

EnCana Corp., strike price $51, expires 05/18/07

 

 

(52,514

)

 

(12,500

)

ENSCO Intl., Inc., strike price $55, expires 05/18/07

 

 

(28,916

)

 

(125

)

ENSCO Intl., Inc., strike price $57, expires 06/29/07

 

 

(31,250

)

 

(200

)

ENSCO Intl., Inc., strike price $60, expires 06/18/07

 

 

(32,000

)

 

(350

)

EOG Resources, Inc., strike price $75, expires 05/21/07

 

 

(47,250

)

 

(50

)

EOG Resources, Inc., strike price $80, expires 07/23/07

 

 

(9,500

)

 

(4,000

)

Eramet, strike price 160.10 EUR, expires 05/31/07

 

 

(94,362

)

 

(3,800

)

Eramet, strike price 170.18 EUR, expires 06/12/07

 

 

(53,704

)

 

(200

)

Exploration Co. of Delaware, Inc. (The), strike price $11.50, expires 05/30/07

 

 

(4,669

)

 

(100

)

Exploration Co. of Delaware, Inc. (The), strike price $12.50, expires 08/20/07

 

 

(5,500

)

 

(125

)

Exploration Co. of Delaware, Inc. (The), strike price $15, expires 05/21/07

 

 

(625

)

 

(440

)

First Quantum Minerals Ltd., strike price 84 CAD, expires 05/21/07

 

 

(49,554

)

See Notes to Financial Statements.

45



BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(400

)

First Quantum Minerals Ltd., strike price 86 CAD, expires 07/23/07

 

$

(126,138

)

 

(100

)

FMC Technologies, Inc., strike price $75, expires 05/21/07

 

 

(7,000

)

 

(200

)

Forest Oil Corp., strike price $35, expires 05/21/07

 

 

(22,000

)

 

(250

)

Freeport-McMoRan Copper & Gold, Inc., strike price $65, expires 05/21/07

 

 

(80,000

)

 

(300

)

GlobalSantaFe Corp., strike price $65, expires 05/21/07

 

 

(46,500

)

 

(64,000

)

Gold Fields Ltd., strike price 138 ZAR, expires 05/08/07

 

 

(686

)

 

(25,000

)

Grant Prideco, Inc., strike price $48, expires 05/18/07

 

 

(100,786

)

 

(100

)

Grant Prideco, Inc., strike price $55, expires 05/21/07

 

 

(6,000

)

 

(300

)

Hanover Compressor Co., strike price $22.50, expires 06/16/07

 

 

(28,500

)

 

(100

)

Helix Energy Solutions Group, Inc., strike price $35, expires 06/18/07

 

 

(44,000

)

 

(100

)

Helix Energy Solutions Group, Inc., strike price $40, expires 05/21/07

 

 

(11,500

)

 

(130

)

Helix Energy Solutions Group, Inc., strike price $40, expires 06/18/07

 

 

(16,900

)

 

(100

)

Helmerich & Payne, Inc., strike price $30, expires 06/18/07

 

 

(33,000

)

 

(20,000

)

Helmerich & Payne, Inc., strike price $32, expires 05/30/07

 

 

(25,201

)

 

(30,000

)

Helmerich & Payne, Inc., strike price $33, expires 05/30/07

 

 

(23,694

)

 

(200

)

Hercules Offshore, Inc., strike price $35, expires 06/18/07

 

 

(9,000

)

 

(100

)

Hess Corp., strike price $55, expires 05/21/07

 

 

(32,000

)

 

(125

)

Hess Corp., strike price $57.50, expires 05/30/07

 

 

(19,046

)

 

(35,000

)

Hess Corp., strike price $58.75, expires 06/15/07

 

 

(54,994

)

 

(100

)

Husky Energy, Inc., strike price 82 CAD, expires 05/21/07

 

 

(32,661

)

 

(200

)

Husky Energy, Inc., strike price 84 CAD, expires 07/23/07

 

 

(79,286

)

 

(210,000

)

Iluka Resources Ltd., strike price 6.28 AUD, expires 06/26/07

 

 

(17,121

)

 

(222,000

)

Iluka Resources Ltd., strike price 6.71 AUD, expires 05/03/07

 

 

(2

)

 

(101,700

)

Impala Platinum Holdings Ltd., strike price 220.74 ZAR, expires 05/08/07

 

 

(160,044

)

 

(73,700

)

Impala Platinum Holdings Ltd., strike price 231.62 ZAR, expires 06/06/07

 

 

(111,887

)

 

(120,200

)

Industrias Penoles SA de CV, strike price $126.49, expires 05/07/07

 

 

(96,063

)

 

(100,000

)

Industrias Penoles SA de CV, strike price 135.95 MXN, expires 06/01/07

 

 

(49,608

)

 

(43,100

)

Intl. Paper Co., strike price $37.25, expires 05/31/07

 

 

(51,761

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(440

)

Intl. Paper Co., strike price $37.50, expires 07/23/07

 

$

(79,200

)

 

(680

)

Intl. Paper Co., strike price $38, expires 06/22/07

 

 

(83,347

)

 

(907,000

)

Jiangxi Copper Co. Ltd., strike price 12.06 HKD, expires 06/26/07

 

 

(65,154

)

 

(1,022,000

)

Jiangxi Copper Co. Ltd., strike price 8.86 HKD, expires 05/04/07

 

 

(306,230

)

 

(82,800

)

Jubille Mines NL, strike price 17.26 AUD, expires 05/03/07

 

 

(6,675

)

 

(130,000

)

Jubille Mines NL, strike price 19.05 AUD, expires 06/26/07

 

 

(31,838

)

 

(41,000

)

Kazakhmys Plc, strike price 12 GBP, expires 06/12/07

 

 

(22,197

)

 

(43,100

)

Kazakhmys Plc, strike price 12.43 GBP, expires 05/08/07

 

 

(598

)

 

(272,300

)

Lihir Gold Ltd., strike price 3.23 AUD, expires 05/04/07

 

 

(147,024

)

 

(253,225

)

Lihir Gold Ltd., strike price 3.26 AUD, expires 06/26/07

 

 

(137,372

)

 

(17,900

)

Lonmin Plc, strike price 32.58 GBP, expires 05/31/07

 

 

(52,906

)

 

(10,900

)

Lonmin Plc, strike price 33.06 GBP, expires 05/08/07

 

 

(13,514

)

 

(300

)

Lyondell Chemical Co., strike price $35, expires 06/18/07

 

 

(6,000

)

 

(200

)

Lyondell Chemical Co., strike price $35, expires 09/24/07

 

 

(20,200

)

 

(125

)

Marathon Oil Corp., strike price $105, expires 05/21/07

 

 

(18,750

)

 

(100

)

Marathon Oil Corp., strike price $105, expires 07/23/07

 

 

(40,000

)

 

(50,000

)

MeadWestvaco Corp., strike price $31.25, expires 05/30/07

 

 

(114,774

)

 

(72,000

)

MeadWestvaco Corp., strike price $32.47, expires 06/29/07

 

 

(121,149

)

 

(292,000

)

Minara Resources Ltd., strike price 6.61 AUD, expires 05/04/07

 

 

(199,975

)

 

(350,000

)

Minara Resources Ltd., strike price 8.78 AUD, expires 06/26/07

 

 

(44,836

)

 

(450,000

)

Minsur S.A., strike price $10.04, expires 05/30/07

 

 

(91,845

)

 

(3,800

)

MMC Norilsk Nickel (ADR), strike price $205.92, expires 06/12/07

 

 

(20,745

)

 

(200

)

Nabors Industries Ltd., strike price $35, expires 06/18/07

 

 

(10,000

)

 

(100

)

National Oilwell Varco, Inc., strike price $75, expires 05/21/07

 

 

(107,000

)

 

(100

)

National Oilwell Varco, Inc., strike price $85, expires 06/18/07

 

 

(40,200

)

 

(100

)

Newfield Exploration Co., strike price $45, expires 05/21/07

 

 

(11,500

)

 

(100

)

Newfield Exploration Co., strike price $45, expires 06/18/07

 

 

(17,000

)

 

(100

)

Newmont Mining Corp., strike price $45, expires 05/21/07

 

 

(1,500

)

See Notes to Financial Statements.

46



BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(125

)

Newmont Mining Corp., strike price $47.50, expires 06/18/07

 

$

(2,500

)

 

(40

)

Noble Corp., strike price $80, expires 06/18/07

 

 

(38,000

)

 

(100

)

Noble Corp., strike price $85, expires 05/21/07

 

 

(23,000

)

 

(50

)

Noble Corp., strike price $85, expires 06/18/07

 

 

(26,500

)

 

(100

)

Noble Corp., strike price $90, expires 05/21/07

 

 

(8,000

)

 

(250

)

Noble Energy, Inc., strike price $55, expires 05/21/07

 

 

(137,500

)

 

(12,500

)

Noble Energy, Inc., strike price $61, expires 06/15/07

 

 

(17,176

)

 

(200

)

Noble Energy, Inc., strike price $65, expires 05/21/07

 

 

(3,000

)

 

(37,800

)

Norsk Hydro ASA, strike price 201.11 NOK, expires 05/07/07

 

 

(52,519

)

 

(30,000

)

Norsk Hydro ASA, strike price 205 NOK, expires 06/12/07

 

 

(51,786

)

 

(165

)

Occidental Petroleum Corp., strike price $50, expires 05/21/07

 

 

(24,750

)

 

(290

)

Olin Corp., strike price $17, expires 06/05/07

 

 

(16,060

)

 

(150

)

Olin Corp., strike price $17.50, expires 05/21/07

 

 

(3,000

)

 

(404,000

)

Oxiana Ltd., strike price 2.93 AUD, expires 05/04/07

 

 

(37,799

)

 

(375,000

)

Oxiana Ltd., strike price 3.28 AUD, expires 06/26/07

 

 

(23,509

)

 

(27,500

)

Pason Systems, Inc., strike price 15 CAD, expires 05/18/07

 

 

(19,900

)

 

(27,500

)

Pason Systems, Inc., strike price 15.30 CAD, expires 06/15/07

 

 

(19,552

)

 

(250

)

Peabody Energy Corp., strike price $45, expires 06/18/07

 

 

(105,000

)

 

(330

)

Peabody Energy Corp., strike price $50, expires 06/18/07

 

 

(69,300

)

 

(100

)

Peabody Energy Corp., strike price $55, expires 06/18/07

 

 

(5,000

)

 

(5,000

)

Petroleo Brasileiro S.A. (ADR), strike price $105, expires 06/15/07

 

 

(12,368

)

 

(50

)

Petroleo Brasileiro S.A. (ADR), strike price $110, expires 05/21/07

 

 

(3,250

)

 

(50

)

Potash Corp. of Saskatchewan, strike price $200, expires 06/18/07

 

 

(12,750

)

 

(250

)

Praxair, Inc., strike price $66, expires 05/07/07

 

 

(1,565

)

 

(300

)

Praxair, Inc., strike price $70, expires 07/23/07

 

 

(13,500

)

 

(250

)

Pride Intl., Inc., strike price $35, expires 05/21/07

 

 

(16,250

)

 

(100

)

Pride Intl., Inc., strike price $35, expires 07/23/07

 

 

(14,000

)

 

(50

)

Questar Corp., strike price $95, expires 05/21/07

 

 

(25,000

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(425

)

Questar Corp., strike price $95, expires 07/23/07

 

$

(250,750

)

 

(100

)

Quicksilver Resources, Inc., strike price $43.75, expires 06/29/07

 

 

(18,500

)

 

(100

)

Quicksilver Resources, Inc., strike price $45, expires 05/21/07

 

 

(4,500

)

 

(200

)

Quicksilver Resources, Inc., strike price $45, expires 06/18/07

 

 

(23,000

)

 

(200

)

Range Resources Corp., strike price $40, expires 06/18/07

 

 

(8,000

)

 

(62

)

Rio Tinto Plc, strike price 29.36 GBP, expires 06/15/07

 

 

(283,825

)

 

(64,300

)

Rio Tinto Plc, strike price 29.99 GBP, expires 05/08/07

 

 

(133,692

)

 

(400

)

Rohm & Haas Co., strike price $55, expires 07/23/07

 

 

(28,000

)

 

(25,000

)

SBM Offshore N.V., strike price 27.40 EUR, expires 06/22/07

 

 

(17,849

)

 

(23,400

)

SBM Offshore N.V., strike price 28.64 EUR, expires 05/08/07

 

 

(70

)

 

(50

)

Schlumberger Ltd., strike price $67.50, expires 05/21/07

 

 

(33,500

)

 

(250

)

Schlumberger Ltd., strike price $70, expires 05/21/07

 

 

(125,000

)

 

(41,000

)

SeaDrill Ltd., strike price 107.10 NOK, expires 06/12/07

 

 

(14,238

)

 

(100

)

Smith Intl., Inc., strike price $50, expires 05/21/07

 

 

(40,000

)

 

(100

)

Smith Intl., Inc., strike price $55, expires 06/18/07

 

 

(11,500

)

 

(19

)

Southern Copper Corp., strike price $60, expires 06/18/07

 

 

(38,190

)

 

(10,000

)

Southern Copper Corp., strike price $88.81, expires 06/29/07

 

 

(11,637

)

 

(100

)

Southwestern Energy Co., strike price $41, expires 06/29/07

 

 

(37,000

)

 

(250

)

Southwestern Energy Co., strike price $45, expires 05/21/07

 

 

(15,000

)

 

(100

)

Statoil ASA (ADR), strike price $28.50, expires 05/30/07

 

 

(9,184

)

 

(350

)

Statoil ASA (ADR), strike price $29, expires 06/29/07

 

 

(21,000

)

 

(158,000

)

Straits Resources Ltd., strike price 3.35 AUD, expires 05/04/07

 

 

(77,547

)

 

(144,000

)

Straits Resources Ltd., strike price 4.12 AUD, expires 06/26/07

 

 

(20,109

)

 

(150

)

Suncor Energy, Inc., strike price $80, expires 06/18/07

 

 

(51,000

)

 

(150

)

Suncor Energy, Inc., strike price $85, expires 06/18/07

 

 

(27,000

)

 

(250

)

Talisman Energy, Inc., strike price $18.50, expires 06/11/07

 

 

(29,931

)

 

(400

)

Talisman Energy, Inc., strike price $20, expires 07/23/07

 

 

(36,000

)

 

(150

)

Teck Cominco Ltd., Class B, strike price 45 CAD, expires 08/20/07

 

 

(42,571

)

See Notes to Financial Statements.

47



BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(200

)

Teck Cominco Ltd., Class B, strike price 46 CAD, expires 05/21/07

 

$

(7,208

)

 

(250

)

Teck Cominco Ltd., Class B, strike price 47.50 CAD, expires 05/21/07

 

 

(2,252

)

 

(450

)

Temple-Inland, Inc., strike price $62.25, expires 06/20/07

 

 

(60,617

)

 

(25,000

)

Temple-Inland, Inc., strike price $62.51, expires 07/20/07

 

 

(36,250

)

 

(280

)

TODCO, strike price $40, expires 06/18/07

 

 

(173,600

)

 

(50

)

Total S.A. (ADR), strike price $75, expires 05/19/07

 

 

(4,000

)

 

(100

)

Transocean, Inc., strike price $85, expires 05/21/07

 

 

(34,000

)

 

(25,000

)

Transocean, Inc., strike price $86, expires 06/15/07

 

 

(100,588

)

 

(100

)

Transocean, Inc., strike price $95, expires 05/21/07

 

 

(2,900

)

 

(100

)

Unit Corp., strike price $60, expires 06/18/07

 

 

(10,000

)

 

(100

)

Valero Energy Corp., strike price $65, expires 05/21/07

 

 

(58,000

)

 

(68,000

)

Vedanta Resources Plc, strike price 14.25 GBP, expires 06/12/07

 

 

(67,927

)

 

(74,000

)

Vedanta Resources Plc, strike price 14.38 GBP, expires 05/08/07

 

 

(14,039

)

 

(50,000

)

Votorantim Celulose e Papel S.A. (ADR), strike price $19, expires 05/18/07

 

 

(55,668

)

 

(370

)

Votorantim Celulose e Papel S.A. (ADR), strike price $20, expires 06/18/07

 

 

(49,950

)

 

(50,000

)

Votorantim Celulose e Papel S.A. (ADR), strike price $20.91, expires 07/20/07

 

 

(32,615

)

 

(200

)

Weatherford Intl. Ltd., strike price $43, expires 05/11/07

 

 

(191,287

)

 

(100

)

Weatherford Intl. Ltd., strike price $50, expires 05/21/07

 

 

(34,000

)

 

(100

)

Weatherford Intl. Ltd., strike price $55, expires 06/18/07

 

 

(14,500

)

 

(330

)

Weyerhauser Co., strike price $80, expires 07/23/07

 

 

(132,000

)

 

(100

)

Weyerhauser Co., strike price $85, expires 07/23/07

 

 

(21,500

)

 

(64,300

)

Xstrata Plc, strike price 25.42 GBP, expires 05/08/07

 

 

(150,221

)

 

(82,000

)

Xstrata Plc, strike price 26.47 GBP, expires 05/31/07

 

 

(173,038

)

 

(1,227,500

)

Zijin Mining Group Co. Ltd., strike price 4.36 HKD, expires 05/04/07

 

 

(39,320

)

 

(1,208,000

)

Zijin Mining Group Co. Ltd., strike price 5.06 HKD, expires 06/26/07

 

 

(30,924

)

 

(315,000

)

Zinifex Ltd., strike price 16.84 AUD, expires 06/26/07

 

 

(190,072

)

 

(280,000

)

Zinifex Ltd., strike price 17.19 AUD, expires 05/04/07

 

 

(4,539

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written
(premium received $(8,328,217))

 

 

(10,946,264

)

 

 

 

 

 



 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%

 

 

 

 

 

(100

)

Agrium, Inc., strike price $35, expires 05/21/07

 

$

(2,500

)

 

(100

)

Agrium, Inc., strike price $40, expires 05/21/07

 

 

(18,000

)

 

(100

)

Alcan, Inc., strike price $45, expires 05/21/07

 

 

(500

)

 

(250

)

Alcan, Inc., strike price $50, expires 06/18/07

 

 

(6,250

)

 

(50

)

Allegheny Technologies, Inc., strike price $100, expires 06/18/07

 

 

(9,600

)

 

(100

)

Allegheny Technologies, Inc., strike price $110, expires 05/21/07

 

 

(32,000

)

 

(17,000

)

Canadian Natural Resources Ltd., strike price $58.50, expires 05/18/07

 

 

(14,268

)

 

(625

)

Cia Vale do Rio Doce (ADR), strike price $40, expires 05/21/07

 

 

(53,125

)

 

(150

)

Cie Generale de Geophysique-Veritas (ADR), strike price $40, expires 05/21/07

 

 

(9,750

)

 

(530

)

Consol Energy, Inc., strike price $40, expires 05/21/07

 

 

(21,200

)

 

(350

)

Deere & Co., strike price $105, expires 05/21/07

 

 

(64,750

)

 

(300

)

Dow Chemical Co. (The), strike price $45, expires 05/21/07

 

 

(30,000

)

 

(100

)

E.I. du Pont de Nemours & Co., strike price $47.50, expires 05/21/07

 

 

(3,000

)

 

(25,000

)

E.I. du Pont de Nemours & Co., strike price $48.50, expires 05/09/07

 

 

(7,092

)

 

(50

)

EOG Resources, Inc., strike price $70, expires 05/21/07

 

 

(3,250

)

 

(200

)

Exploration Co. of Delaware, Inc. (The), strike price $10, expires 05/21/07

 

 

(6,000

)

 

(230

)

Freeport-McMoRan Copper & Gold, Inc., strike price $65, expires 05/21/07

 

 

(21,850

)

 

(100

)

Helix Energy Solutions Group, Inc., strike price $35, expires 06/18/07

 

 

(4,500

)

 

(250

)

Lyondell Chemical Co., strike price $30, expires 05/21/07

 

 

(8,750

)

 

(275

)

Massey Energy Co., strike price $25, expires 05/21/07

 

 

(6,875

)

 

(230

)

National Oilwell Varco, Inc., strike price $75, expires 05/21/07

 

 

(2,300

)

 

(350

)

Occidental Petroleum Corp., strike price $50, expires 05/21/07

 

 

(24,500

)

 

(250

)

Petroleo Brasileiro S.A. (ADR), strike price $90, expires 05/21/07

 

 

(7,500

)

 

(100

)

Potash Corp. of Saskatchewan, strike price $175, expires 05/21/07

 

 

(37,000

)

 

(100

)

Quicksilver Resources, Inc., strike price $37.50, expires 05/11/07

 

 

(205

)

 

(735

)

Range Resources Corp., strike price $35, expires 05/21/07

 

 

(22,050

)

 

(100

)

Rohm & Haas Co., strike price $50, expires 05/21/07

 

 

(7,000

)

 

(100

)

Smith Intl., Inc., strike price $50, expires 05/21/07

 

 

(2,600

)

See Notes to Financial Statements.

48



BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(10,000

)

Southern Copper Corp., strike price $79.68, expires 05/09/07

 

$

(15,374

)

 

(150

)

Suncor Energy, Inc., strike price $75, expires 05/21/07

 

 

(4,500

)

 

(250

)

Temple-Inland, Inc., strike price $58.75, expires 05/25/07

 

 

(41,211

)

 

(200

)

Temple-Inland, Inc., strike price $60, expires 05/21/07

 

 

(31,000

)

 

(190

)

Weatherford Intl. Ltd., strike price $45, expires 05/21/07

 

 

(1,900

)

 

(100

)

Weyerhauser Co., strike price $70, expires 05/21/07

 

 

(2,100

)

 

(100

)

Weyerhauser Co., strike price $70, expires 06/18/07

 

 

(5,500

)

 

(200

)

XTO Energy, Inc., strike price $50, expires 05/21/07

 

 

(4,000

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written
(premium received $(649,860))

 

 

(532,000

)

 

 

 

 

 



 

 

 

 

Total Outstanding Options Written
(premium received $(8,978,077))

 

 

(11,478,264

)

 

 

 

 

 



 

 

 

 

Total Investments net of outstanding options written—99.6%

 

$

964,167,210

 

 

 

 

Other assets in excess of liabilities—0.4%

 

 

3,980,264

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

968,147,474

 

 

 

 

 

 



 


 

 

1

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

2

Non-income producing security.

3

Represents current yield as of April 30, 2007.

4

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

5

Cost for federal income tax purposes is $827,007,193. The net unrealized appreciation on a tax basis is $148,638,281, consisting of $152,927,187 gross unrealized appreciation and $4,288,906 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

ADR

American Depositary Receipt

AUD

Australian Dollar

CAD

Canadian Dollar

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

MXN

Mexican Peso

NOK

Norwegian Krone

ZAR

South African Rand

See Notes to Financial Statements.

49


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—98.7%

 

 

 

 

 

 

 

Common Stocks—98.7%

 

 

 

 

 

 

 

Australia—6.5%

 

 

 

 

 

281,000

 

CSR Ltd.

 

$

852,307

 

 

117,200

 

Foster’s Group Ltd.

 

 

618,736

 

 

275,000

 

Gunns Ltd.

 

 

784,484

 

 

64,700

 

National Australia Bank Ltd.

 

 

2,298,298

 

 

126,100

 

Santos Ltd.

 

 

1,167,823

 

 

84,400

 

TABCORP Holdings Ltd.

 

 

1,264,755

 

 

33,200

 

Wesfarmers Ltd.

 

 

1,075,155

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

8,061,558

 

 

 

 

 

 



 

 

 

 

Austria—1.1%

 

 

 

 

 

14,000

 

Boehler-Uddeholm AG

 

 

1,365,475

 

 

 

 

 

 



 

 

 

 

Canada—5.3%

 

 

 

 

 

25,500

 

Bank of Montreal

 

 

1,595,847

 

 

14,100

 

Bank of Nova Scotia

 

 

678,258

 

 

16,000

 

Enbridge, Inc.

 

 

527,615

 

 

30,600

 

Royal Bank of Canada

 

 

1,594,100

 

 

34,700

 

Toronto-Dominion Bank

 

 

2,119,705

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

6,515,525

 

 

 

 

 

 



 

 

 

 

Denmark—1.2%

 

 

 

 

 

32,400

 

Danske Bank A/S

 

 

1,513,021

 

 

 

 

 

 



 

 

 

 

Finland—1.1%

 

 

 

 

 

19,200

 

Kesko Oyj, B Shares

 

 

1,332,058

 

 

 

 

 

 



 

 

 

 

France—5.1%

 

 

 

 

 

16,200

 

AXA S.A.

 

 

743,801

 

 

11,700

 

Bouygues

 

 

932,269

 

 

19,400

 

M6-Metropole Television

 

 

689,639

 

 

5,300

 

Societe Generale

 

 

1,123,196

 

 

17,200

 

Total S.A.

 

 

1,267,951

 

 

9,100

 

Vinci S.A.

 

 

1,463,763

 

 

 

 

 

 



 

 

 

 

Total France

 

 

6,220,619

 

 

 

 

 

 



 

 

 

 

Germany—1.6%

 

 

 

 

 

10,500

 

BASF AG

 

 

1,252,767

 

 

15,200

 

SAP AG

 

 

731,449

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

1,984,216

 

 

 

 

 

 



 

 

 

 

Hong Kong—2.5%

 

 

 

 

 

71,000

 

Esprit Holdings Ltd.

 

 

860,504

 

 

22,600

 

Hang Seng Bank Ltd.

 

 

317,565

 

 

204,500

 

HongKong Electric Holdings

 

 

1,023,150

 

 

191,000

 

Hopewell Holdings

 

 

840,427

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

3,041,646

 

 

 

 

 

 



 

 

 

 

Italy—2.6%

 

 

 

 

 

156,200

 

Enel S.p.A.

 

 

1,775,127

 

 

42,400

 

Eni S.p.A.

 

 

1,406,142

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

3,181,269

 

 

 

 

 

 



 

 

 

 

Japan—4.6%

 

 

 

 

 

11,700

 

Canon, Inc.

 

 

656,421

 

 

14,200

 

Hoya Corp.

 

 

436,353

 

 

53,000

 

Mitsui & Co. Ltd.

 

 

953,027

 

 

36,500

 

Nomura Holdings, Inc.

 

 

697,559

 

 

53,000

 

Ricoh Co. Ltd.

 

 

1,163,257

 

 

42,000

 

Sharp Corp.

 

 

770,753

 

 

17,300

 

Toyota Motor Corp.

 

 

1,050,784

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

5,728,154

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 









 

 

 

Netherlands—2.3%

 

 

 

 

 

20,800

 

ABN AMRO Holding N.V.

 

$

1,009,192

 

 

104,100

 

Royal KPN N.V.

 

 

1,767,438

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

2,776,630

 

 

 

 

 

 



 

 

 

 

Norway—0.5%

 

 

 

 

 

22,900

 

Ekornes ASA

 

 

574,656

 

 

 

 

 

 



 

 

 

 

Spain—0.6%

 

 

 

 

 

32,600

 

Indra Sistemas S.A.

 

 

802,501

 

 

 

 

 

 



 

 

 

 

Sweden—5.4%

 

 

 

 

 

15,300

 

Hennes & Mauritz AB

 

 

1,011,444

 

 

26,500

1

Kungsleden AB

 

 

427,701

 

 

80,300

 

Ratos AB, B Shares

 

 

2,667,281

 

 

27,000

 

Scania AB

 

 

2,579,698

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

6,686,124

 

 

 

 

 

 



 

 

 

 

United Kingdom—9.9%

 

 

 

 

 

55,300

 

Alliance & Leicester Plc

 

 

1,258,014

 

 

141,100

 

Barclays Plc

 

 

2,037,020

 

 

40,000

 

George Wimpey Plc

 

 

463,384

 

 

64,100

 

GlaxoSmithKline Plc

 

 

1,848,853

 

 

61,200

1

HSBC Holdings Plc

 

 

1,129,204

 

 

193,500

 

Rentokil Initial Plc

 

 

666,908

 

 

46,300

 

Royal Dutch Shell Plc, A Shares

 

 

1,607,925

 

 

69,183

 

Scottish & Southern Energy Plc

 

 

2,068,178

 

 

372,500

 

Vodafone Group Plc

 

 

1,059,746

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

12,139,232

 

 

 

 

 

 



 

 

 

 

United States—48.4%

 

 

 

 

 

17,100

 

Abbott Laboratories

 

 

968,202

 

 

16,500

 

Agree Realty Corp. (REIT)

 

 

559,350

 

 

55,700

 

Allied Capital Corp.

 

 

1,609,730

 

 

29,600

 

Altria Group, Inc.

 

 

2,040,032

 

 

28,000

 

Ameren Corp.

 

 

1,471,960

 

 

11,100

 

American Intl. Group, Inc.

 

 

776,001

 

 

110,480

 

AT&T, Inc.

 

 

4,277,786

 

 

47,200

 

Bank of America Corp.

 

 

2,402,480

 

 

12,800

 

Chevron Corp.

 

 

995,712

 

 

13,200

 

Cisco Systems, Inc.

 

 

352,968

 

 

35,500

 

Citigroup, Inc.

 

 

1,903,510

 

 

11,200

 

Colonial Properties Trust (REIT)

 

 

555,632

 

 

17,300

 

ConAgra Foods, Inc.

 

 

425,234

 

 

24,600

 

Consolidated Edison, Inc.

 

 

1,260,996

 

 

18,800

 

Eli Lilly & Co.

 

 

1,111,644

 

 

45,200

 

Emerson Electric Co.

 

 

2,123,948

 

 

14,400

 

Equity Residential (REIT)

 

 

668,592

 

 

35,800

 

Exxon Mobil Corp.

 

 

2,841,804

 

 

25,900

 

First Industrial Realty Trust, Inc. (REIT)

 

 

1,134,161

 

 

76,100

 

General Electric Co.

 

 

2,805,046

 

 

37,600

 

Health Care REIT, Inc.

 

 

1,701,024

 

 

31,000

 

Hewlett-Packard Co.

 

 

1,306,340

 

 

21,400

 

Home Depot, Inc.

 

 

810,418

 

 

12,700

 

Hospitality Properties Trust (REIT)

 

 

578,231

 

 

68,500

 

Intel Corp.

 

 

1,472,750

 

 

16,400

 

Intl. Business Machines Corp.

 

 

1,676,244

 

 

16,800

 

Johnson & Johnson

 

 

1,078,896

 

 

17,300

 

KeyCorp

 

 

617,264

 

 

25,000

 

Kimco Realty Corp. (REIT)

 

 

1,201,750

 

 

20,483

 

Kraft Foods, Inc.

 

 

685,566

 

 

10,800

 

Liberty Properties Trust (REIT)

 

 

522,612

 

See Notes to Financial Statements.

50



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

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

United States—(cont’d)

 

 

 

 

 

23,000

 

McDonald’s Corp.

 

$

1,110,440

 

 

25,000

 

Merck & Co., Inc.

 

 

1,286,000

 

 

25,500

 

Microchip Technology, Inc.

 

 

1,028,670

 

 

79,700

 

Microsoft Corp.

 

 

2,386,218

 

 

17,100

 

Morgan Stanley

 

 

1,436,571

 

 

47,400

 

Motorola, Inc.

 

 

821,442

 

 

34,400

 

Nationwide Health Properties, Inc. (REIT)

 

 

1,102,864

 

 

7,900

 

PepsiCo, Inc.

 

 

522,111

 

 

56,800

 

Pfizer, Inc.

 

 

1,502,928

 

 

9,300

 

Pitney Bowes, Inc.

 

 

446,400

 

 

8,500

 

Rohm & Haas Co.

 

 

434,945

 

 

32,900

 

Thornburg Mortgage, Inc. (REIT)

 

 

914,620

 

 

13,800

 

United Technologies Corp.

 

 

926,394

 

 

21,900

 

UST, Inc.

 

 

1,241,292

 

 

13,800

 

Wachovia Corp.

 

 

766,452

 

 

12,100

 

Wal-Mart Stores, Inc.

 

 

579,832

 

 

30,100

 

Wells Fargo & Co.

 

 

1,080,289

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

59,523,351

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $84,040,708)

 

 

121,446,035

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

MONEY MARKET FUND—0.4%

 

 

 

 

 

554,805

2

Fidelity Institutional Money Market Prime
Portfolio, 4.97% (cost $554,805)

 

$

554,805

 

 

 

 

 

 



 

 

 

 

Total Investments—99.1%
(cost $84,595,5133)

 

$

122,000,840

 

 

 

 

Other assets in excess of liabilities—0.9%

 

 

1,048,796

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

123,049,636

 

 

 

 

 

 



 


 

 

1

Non-income producing security.

2

Represents current yield as of April 30, 2007.

3

Cost for federal income tax purposes is $84,662,079. The net unrealized appreciation on a tax basis is $37,338,761, consisting of $37,862,689 gross unrealized appreciation and $523,928 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

REIT

Real Estate Investment Trust

See Notes to Financial Statements.

51


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—100.8%

 

 

 

 

 

 

 

Common Stocks—99.5%

 

 

 

 

 

 

 

Australia—3.7%

 

 

 

 

 

951,200

 

Lion Nathan Ltd.

 

$

7,205,273

 

 

261,400

 

Publishing & Broadcasting Ltd.

 

 

4,425,281

 

 

322,700

 

QBE Insurance Group Ltd.

 

 

8,183,427

 

 

4,084,700

 

SP AusNet

 

 

4,988,975

 

 

302,400

 

St. George Bank Ltd.

 

 

8,995,771

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

33,798,727

 

 

 

 

 

 



 

 

 

 

Bermuda—0.5%

 

 

 

 

 

115,800

 

Accenture Ltd., Class A

 

 

4,527,780

 

 

 

 

 

 



 

 

 

 

Brazil—1.7%

 

 

 

 

 

91,900

 

Cia Energetica de Minas Gerais (ADR)

 

 

4,766,853

 

 

244,400

 

Gerdau S.A. (ADR)

 

 

4,895,332

 

 

58,100

 

Petroleo Brasileiro S.A. (ADR)

 

 

5,881,463

 

 

 

 

 

 



 

 

 

 

Total Brazil

 

 

15,543,648

 

 

 

 

 

 



 

 

 

 

Canada—3.7%

 

 

 

 

 

127,700

 

Barrick Gold Corp.

 

 

3,583,976

 

 

62,400

 

Canadian Imperial Bank of Commerce

 

 

5,492,819

 

 

43,000

1

Potash Corp. of Saskatchewan

 

 

7,719,360

 

 

90,000

 

Teck Cominco Ltd., Class B

 

 

6,818,722

 

 

171,300

 

TELUS Corp.

 

 

9,497,975

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

33,112,852

 

 

 

 

 

 



 

 

 

 

Channel Islands—0.4%

 

 

 

 

 

69,100

 

Eurocastle Investment Ltd.

 

 

3,649,299

 

 

 

 

 

 



 

 

 

 

China—1.5%

 

 

 

 

 

5,352,800

 

Industrial & Commercial Bank of China

 

 

2,908,658

 

 

97,200

 

PetroChina Co. Ltd. (ADR)

 

 

10,900,008

 

 

 

 

 

 



 

 

 

 

Total China

 

 

13,808,666

 

 

 

 

 

 



 

 

 

 

Denmark—1.0%

 

 

 

 

 

202,900

 

Danske Bank A/S

 

 

9,475,060

 

 

 

 

 

 



 

 

 

 

Finland—1.4%

 

 

 

 

 

149,115

 

Fortum Oyj

 

 

4,616,771

 

 

126,300

 

Wartsila Oyj, B Shares

 

 

8,444,365

 

 

 

 

 

 



 

 

 

 

Total Finland

 

 

13,061,136

 

 

 

 

 

 



 

 

 

 

France—3.9%

 

 

 

 

 

47,700

 

Alstom S.A.

 

 

7,092,392

 

 

170,900

 

AXA S.A.

 

 

7,846,637

 

 

61,700

 

Schneider Electric S.A.

 

 

8,702,237

 

 

53,700

 

Societe Generale

 

 

11,380,304

 

 

 

 

 

 



 

 

 

 

Total France

 

 

35,021,570

 

 

 

 

 

 



 

 

 

 

Germany—6.0%

 

 

 

 

 

66,800

 

Bilfinger Berger AG

 

 

6,273,440

 

 

59,700

 

Deutsche Bank AG

 

 

9,157,431

 

 

49,400

 

E.ON AG

 

 

7,389,277

 

 

96,000

 

Hannover Rueckversicherung AG

 

 

4,860,598

 

 

64,900

 

K&S AG

 

 

8,440,073

 

 

57,900

 

Linde AG

 

 

6,477,372

 

 

49,000

 

RWE AG

 

 

5,164,742

 

 

52,400

 

Siemens AG

 

 

6,322,329

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

54,085,262

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 


 

 

 

Greece—0.8%

 

 

 

 

 

188,650

 

Piraeus Bank S.A.

 

$

6,836,287

 

 

 

 

 

 



 

 

 

 

Hong Kong—1.7%

 

 

 

 

 

384,000

 

Esprit Holdings Ltd.

 

 

4,653,994

 

 

520,700

 

Hong Kong Exchanges & Clearing Ltd.

 

 

4,960,515

 

 

2,324,000

 

New World Development Ltd.

 

 

5,456,608

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

15,071,117

 

 

 

 

 

 



 

 

 

 

Israel—0.8%

 

 

 

 

 

440,600

 

Partner Communications (ADR)

 

 

7,181,780

 

 

 

 

 

 



 

 

 

 

Italy—5.3%

 

 

 

 

 

2,087,000

 

AEM S.p.A.

 

 

8,158,860

 

 

372,600

 

Credito Emiliano S.p.A.

 

 

6,197,305

 

 

422,000

 

Enel S.p.A.

 

 

4,795,798

 

 

279,200

 

Eni S.p.A.

 

 

9,259,315

 

 

124,100

 

Fondiaria-SAI S.p.A. (Italy)

 

 

5,852,895

 

 

534,000

 

Milano Assicurazioni S.p.A.

 

 

5,259,856

 

 

782,100

 

UniCredito Italiano S.p.A.

 

 

8,035,541

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

47,559,570

 

 

 

 

 

 



 

 

 

 

Japan—3.7%

 

 

 

 

 

109,200

 

Daito Trust Construction Co. Ltd.

 

 

5,016,249

 

 

1,095

 

Mizuho Financial Group, Inc.

 

 

6,589,419

 

 

20,600

 

Nintendo Co. Ltd.

 

 

6,434,882

 

 

390

 

Nippon Commercial Investment Corp. (REIT)

 

 

1,978,674

 

 

25,470

 

ORIX Corp.

 

 

6,791,288

 

 

755

 

Sumitomo Mitsui Financial Group, Inc.

 

 

6,595,734

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

33,406,246

 

 

 

 

 

 



 

 

 

 

Luxembourg—0.7%

 

 

 

 

 

124,018

 

Oriflame Cosmetics S.A.

 

 

6,510,372

 

 

 

 

 

 



 

 

 

 

Mexico—1.1%

 

 

 

 

 

182,000

1

America Movil SAB de CV (ADR)

 

 

9,560,460

 

 

 

 

 

 



 

 

 

 

Netherlands—5.2%

 

 

 

 

 

61,200

 

Akzo Nobel N.V.

 

 

4,911,601

 

 

176,800

 

ASML Holding N.V.

 

 

4,817,800

 

 

71,900

 

InBev N.V.

 

 

5,631,982

 

 

218,600

 

ING Groep N.V.

 

 

9,956,968

 

 

52,500

 

Rodamco Europe N.V.

 

 

7,731,600

 

 

193,700

 

SBM Offshore N.V.

 

 

6,940,456

 

 

222,220

 

Unilever N.V.

 

 

6,781,491

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

46,771,898

 

 

 

 

 

 



 

 

 

 

Norway—1.6%

 

 

 

 

 

437,500

 

Orkla ASA (Norway)

 

 

6,974,364

 

 

453,500

 

Storebrand ASA

 

 

7,678,268

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

14,652,632

 

 

 

 

 

 



 

 

 

 

Philippines—0.8%

 

 

 

 

 

128,500

 

Philippine Long Distance Telephone Co. (ADR)

 

 

6,863,185

 

 

 

 

 

 



 

 

 

 

Singapore—2.9%

 

 

 

 

 

2,138,300

 

CapitaLand Ltd.

 

 

11,827,440

 

 

2,289,035

 

Singapore Telecommunications Ltd.

 

 

4,970,476

 

 

671,400

 

United Overseas Bank Ltd.

 

 

9,385,795

 

 

 

 

 

 



 

 

 

 

Total Singapore

 

 

26,183,711

 

 

 

 

 

 



 

 

 

 

South Africa—0.4%

 

 

 

 

 

578,600

 

Truworths Intl. Ltd.

 

 

3,198,108

 

 

 

 

 

 



 

See Notes to Financial Statements.

52


BlackRock World Investment Trust (BWC) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 


 

 

 

Spain—0.5%

 

 

 

 

 

162,700

 

Gestevision Telecinco S.A.

 

$

4,910,433

 

 

 

 

 

 



 

 

 

 

Sweden—3.6%

 

 

 

 

 

317,100

 

Atlas Copco AB

 

 

12,037,558

 

 

339,200

 

Nordea Bank AB

 

 

5,865,359

 

 

244,900

 

Skanska AB, B Shares

 

 

5,665,867

 

 

93,463

 

SSAB Svenskt Stal AB (Sweden)

 

 

3,264,706

 

 

110,500

 

Svenska Cellulosa AB

 

 

5,683,107

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

32,516,597

 

 

 

 

 

 



 

 

 

 

Switzerland—3.3%

 

 

 

 

 

34,500

 

Alcon, Inc.

 

 

4,655,085

 

 

16,500

 

Nestle S.A.

 

 

6,531,829

 

 

34,100

 

Roche Holding AG

 

 

6,421,273

 

 

33,600

 

Syngenta AG

 

 

6,674,670

 

 

90,800

 

UBS AG

 

 

5,900,993

 

 

 

 

 

 



 

 

 

 

Total Switzerland

 

 

30,183,850

 

 

 

 

 

 



 

 

 

 

Taiwan—0.8%

 

 

 

 

 

646,800

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

6,817,272

 

 

 

 

 

 



 

 

 

 

United Kingdom—8.6%

 

 

 

 

 

449,200

 

Arriva Plc

 

 

6,752,576

 

 

631,900

 

BAE Systems Plc

 

 

5,728,133

 

 

1,490,800

 

Cobham Plc

 

 

6,177,426

 

 

321,700

 

De La Rue Plc

 

 

4,550,682

 

 

360,500

 

Diageo Plc

 

 

7,599,309

 

 

423,900

 

Kelda Group Plc

 

 

7,843,266

 

 

2,000,000

 

Legal & General Group Plc

 

 

6,133,450

 

 

330,100

 

National Express Group Plc

 

 

8,021,143

 

 

250,000

 

Scottish & Southern Energy Plc

 

 

7,473,579

 

 

275,000

 

Smiths Group Plc

 

 

5,929,818

 

 

477,500

 

United Utilities Plc

 

 

7,117,506

 

 

163,800

 

Vodafone Group Plc (ADR)

 

 

4,705,974

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

78,032,862

 

 

 

 

 

 



 

 

 

 

United States—33.9%

 

 

 

 

 

69,800

1

A.G. Edwards, Inc.

 

 

5,057,010

 

 

80,900

1

Abbott Laboratories

 

 

4,580,558

 

 

60,700

1

Akamai Technologies, Inc.

 

 

2,675,656

 

 

477,200

1

Alaska Communications Systems Group, Inc.

 

 

7,587,480

 

 

61,800

 

AllianceBernstein Holding LP

 

 

5,621,328

 

 

98,200

1

Alltel Corp.

 

 

6,156,158

 

 

97,200

 

Altria Group, Inc.

 

 

6,699,024

 

 

48,100

1

Apple, Inc.

 

 

4,800,380

 

 

187,100

 

Archer Daniels Midland Co.

 

 

7,240,770

 

 

180,900

1

AT&T, Inc.

 

 

7,004,448

 

 

118,800

1

Bank of America Corp.

 

 

6,046,920

 

 

162,900

 

Broadcom Corp.

 

 

5,302,395

 

 

148,000

1

Chevron Corp.

 

 

11,512,920

 

 

163,200

 

Cisco Systems, Inc.

 

 

4,363,968

 

 

165,300

1

Citigroup, Inc.

 

 

8,863,386

 

 

100,700

 

Colgate-Palmolive Co.

 

 

6,821,418

 

 

168,600

1

ConocoPhillips

 

 

11,692,410

 

 

68,100

 

Constellation Energy Group, Inc.

 

 

6,069,072

 

 

194,500

1

CVS/Caremark Corp.

 

 

7,048,680

 

 

59,400

1

Dominion Resources, Inc.

 

 

5,417,280

 

 

31,300

 

Douglas Emmett, Inc. (REIT)

 

 

815,365

 

 

215,300

 

Eagle Bulk Shipping, Inc.

 

 

4,848,556

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 


 

 

 

United States—(cont’d)

 

 

 

 

 

158,800

1

Exxon Mobil Corp.

 

$

12,605,544

 

 

95,400

 

General Mills, Inc.

 

 

5,714,460

 

 

10,700

1

Google, Inc.

 

 

5,043,766

 

 

371,800

1

Highland Hospitality Corp. (REIT)

 

 

7,082,790

 

 

112,400

1

HJ Heinz Co.

 

 

5,295,164

 

 

48,800

 

Intl. Business Machines Corp.

 

 

4,987,848

 

 

95,700

1

Johnson & Johnson

 

 

6,145,854

 

 

127,900

 

Kellogg Co.

 

 

6,767,189

 

 

141,300

1

Loews Corp. - Carolina Group

 

 

10,813,689

 

 

173,900

1

McDonald’s Corp.

 

 

8,395,892

 

 

151,500

1

Merck & Co., Inc.

 

 

7,793,160

 

 

91,200

 

MGM Mirage

 

 

6,133,200

 

 

217,800

1

Microsoft Corp.

 

 

6,520,932

 

 

180,000

 

Motorola, Inc.

 

 

3,119,400

 

 

105,600

 

Nike, Inc.

 

 

5,687,616

 

 

184,500

 

Pepco Holdings, Inc.

 

 

5,446,440

 

 

108,000

 

PepsiCo, Inc.

 

 

7,137,720

 

 

107,700

 

Procter & Gamble Co.

 

 

6,926,187

 

 

57,900

 

Public Service Enterprise Group, Inc.

 

 

5,005,455

 

 

102,200

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

6,849,444

 

 

76,700

 

Stryker Corp.

 

 

4,980,898

 

 

61,500

 

Sunoco, Inc.

 

 

4,645,095

 

 

58,900

 

Textron, Inc.

 

 

5,988,363

 

 

82,700

1

Waters Corp.

 

 

4,914,861

 

 

296,900

1

Windstream Corp.

 

 

4,340,678

 

 

105,700

 

Yum! Brands, Inc.

 

 

6,538,602

 

 

55,900

 

Zimmer Holdings, Inc.

 

 

5,057,833

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

306,163,262

 

 

 

 

 

 



 

 

 

 

Total Common Stocks
(cost $782,600,103)

 

 

898,503,642

 

 

 

 

 

 



 

 

 

 

Preferred Stocks—1.3%

 

 

 

 

 

 

 

Germany—0.7%

 

 

 

 

 

37,300

 

Henkel KGaA, 1.30%

 

 

5,884,196

 

 

 

 

 

 



 

 

 

 

Italy—0.6%

 

 

 

 

 

1,515,800

 

Unipol S.p.A., 2.98%

 

 

5,622,315

 

 

 

 

 

 



 

 

 

 

Total Preferred Stocks
(cost $9,383,836)

 

 

11,506,511

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $791,983,939)

 

 

910,010,153

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

1,762,354

1

Fidelity Institutional Money Market Prime Portfolio, 4.97% (cost $1,762,354)

 

 

1,762,354

 

 

 

 

 

 



 

 

 

 

Total Investments before outstanding options written
(cost $793,746,2933)

 

 

911,772,507

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(2.2)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(2.2)%

 

 

 

 

 

(28,500

)

A.G. Edwards, Inc., strike price $67, expires 05/18/07

 

 

(164,878

)

 

(130

)

A.G. Edwards, Inc., strike price $75, expires 08/20/07

 

 

(37,700

)

 

(100

)

Abbott Laboratories, strike price $55, expires 05/21/07

 

 

(21,500

)

See Notes to Financial Statements.

53


BlackRock World Investment Trust (BWC) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(345)

 

Abbott Laboratories, strike price $56, expires 06/08/07

 

$

(64,075

)

 

(310)

 

Accenture Ltd., Class A, strike price $39, expires 05/30/07

 

 

(342

)

 

(380)

 

Accenture Ltd., Class A, strike price $39.75, expires 06/05/07

 

 

(32,629

)

 

(460)

 

AEM S.p.A., strike price 2.60 EUR, expires 05/18/07

 

 

(462,643

)

 

(215)

 

Akamai Technologies, Inc., strike price $55, expires 05/21/07

 

 

(1,075

)

 

(145)

 

Akamai Technologies, Inc., strike price $60, expires 05/21/07

 

 

(725

)

 

(88)

 

Akzo Nobel N.V., strike price 58 EUR, expires 05/18/07

 

 

(20,415

)

 

(250)

 

Akzo Nobel N.V., strike price 58 EUR, expires 07/20/07

 

 

(107,466

)

 

(131,300)

 

Alaska Communications Systems Group, Inc., strike price $15.98, expires 05/18/07

 

 

(46,622

)

 

(155,000)

 

Alaska Communications Systems Group, Inc., strike price $16, expires 06/18/07

 

 

(104,501

)

 

(95,500)

 

Alaska Communications Systems Group, Inc., strike price $16.98, expires 07/20/07

 

 

(48,705

)

 

(44)

 

Alcon, Inc., strike price $130, expires 05/21/07

 

 

(25,080

)

 

(133)

 

Alcon, Inc., strike price $135, expires 05/21/07

 

 

(28,595

)

 

(340)

 

AllianceBernstein Holding LP, strike price $95, expires 07/23/07

 

 

(66,300

)

 

(180)

 

Alltel Corp., strike price $65, expires 05/21/07

 

 

(18,900

)

 

(400)

 

Alltel Corp., strike price $65, expires 07/23/07

 

 

(88,000

)

 

(95)

 

Alstom S.A., strike price 90 EUR, expires 05/18/07

 

 

(262,005

)

 

(19,100)

 

Alstom S.A., strike price 96.31 EUR, expires 05/08/07

 

 

(359,423

)

 

(29,600)

 

Altria Group, Inc., strike price $70.45, expires 06/29/07

 

 

(34,085

)

 

(280)

 

Altria Group, Inc., strike price $70.50, expires 07/10/07

 

 

(42,724

)

 

(590)

 

America Movil SAB de CV (ADR), strike price $46.50, expires 05/24/07

 

 

(367,982

)

 

(500)

 

America Movil SAB de CV (ADR), strike price $50, expires 05/21/07

 

 

(142,500

)

 

(46)

 

Apple, Inc., strike price $100, expires 05/21/07

 

 

(9,200

)

 

(75)

 

Apple, Inc., strike price $100, expires 07/23/07

 

 

(47,250

)

 

(14,400)

 

Apple, Inc., strike price $92, expires 05/10/07

 

 

(116,027

)

 

(61,300)

 

Archer Daniels Midland Co., strike price $40, expires 05/15/07

 

 

(44,126

)

 

(385)

 

Archer Daniels Midland Co., strike price $40, expires 06/18/07

 

 

(48,125

)

 

(359,300)

 

Arriva Plc, strike price 7.74 GBP, expires 05/31/07

 

 

(77,129

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(310)

 

ASML Holding N.V., strike price $26, expires 05/15/07

 

$

(48,058

)

 

(665)

 

ASML Holding N.V., strike price $30, expires 07/23/07

 

 

(39,900

)

 

(398)

 

AT&T, Inc., strike price $38.50, expires 05/07/07

 

 

(18,222

)

 

(270)

 

AT&T, Inc., strike price $39, expires 06/08/07

 

 

(23,369

)

 

(9,200)

 

AT&T, Inc., strike price $40, expires 06/15/07

 

 

(4,686

)

 

(325)

 

AT&T, Inc., strike price $40, expires 07/23/07

 

 

(29,250

)

 

(49,000)

 

Atlas Copco AB, strike price 222.06 SEK, expires 05/08/07

 

 

(263,273

)

 

(53,500)

 

Atlas Copco AB, strike price 233.45 SEK, expires 05/31/07

 

 

(208,739

)

 

(72,000)

 

Atlas Copco AB, strike price 252.96 SEK, expires 06/12/07

 

 

(140,397

)

 

(340)

 

AXA S.A., strike price 32 EUR, expires 05/18/07

 

 

(98,828

)

 

(43,000)

 

AXA S.A., strike price 32.32 EUR, expires 05/31/07

 

 

(117,770

)

 

(25,000)

 

AXA S.A., strike price 34 EUR, expires 06/22/07

 

 

(41,758

)

 

(43,000)

 

BAE Systems Plc, strike price 4.65 GBP, expires 06/12/07

 

 

(11,820

)

 

(211,000)

 

BAE Systems Plc, strike price 4.66 GBP, expires 05/31/07

 

 

(44,316

)

 

(125)

 

BAE Systems Plc, strike price 460 GBP, expires 06/15/07

 

 

(43,118

)

 

(235)

 

Bank of America Corp., strike price $52.50, expires 05/21/07

 

 

(3,525

)

 

(41,800)

 

Bank of America Corp., strike price $53, expires 06/22/07

 

 

(10,899

)

 

(350)

 

Barrick Gold Corp., strike price 36 CAD, expires 05/21/07

 

 

(1,577

)

 

(14,000)

 

Bilfinger Berger AG, strike price 65.50 EUR, expires 05/08/07

 

 

(85,261

)

 

(26,000)

 

Bilfinger Berger AG, strike price 68.92 EUR, expires 05/31/07

 

 

(122,126

)

 

(250)

 

Broadcom Corp., strike price $35, expires 05/21/07

 

 

(5,000

)

 

(315)

 

Broadcom Corp., strike price $35.50, expires 05/25/07

 

 

(4,123

)

 

(250)

 

Broadcom Corp., strike price $37.50, expires 05/21/07

 

 

(2,000

)

 

(25,000)

 

Canadian Imperial Bank of Commerce, strike price 102.21 CAD, expires 06/15/07

 

 

(13,546

)

 

(23,000)

 

Canadian Imperial Bank of Commerce, strike price 104 CAD, expires 05/18/07

 

 

(377

)

 

(342,000)

 

CapitaLand Ltd., strike price 7.54 SGD, expires 05/29/07

 

 

(234,951

)

 

(834,000)

 

CapitaLand Ltd., strike price 8.68 SGD, expires 06/26/07

 

 

(267,506

)

 

(240)

 

Chevron Corp., strike price $70, expires 05/21/07

 

 

(194,400

)

See Notes to Financial Statements.

54


BlackRock World Investment Trust (BWC) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(500)

 

Chevron Corp., strike price $71.50, expires 05/30/07

 

$

(324,638

)

 

(75)

 

Chevron Corp., strike price $75, expires 06/18/07

 

 

(29,250

)

 

(13,800)

 

Cia Energetica de Minas Gerais (ADR), strike price $45.12, expires 05/18/07

 

 

(95,360

)

 

(32,100)

 

Cia Energetica de Minas Gerais (ADR), strike price $46.44, expires 06/15/07

 

 

(200,182

)

 

(310)

 

Cisco Systems, Inc., strike price $27, expires 05/10/07

 

 

(10,606

)

 

(180)

 

Cisco Systems, Inc., strike price $27.25, expires 05/30/07

 

 

(10,650

)

 

(400)

 

Cisco Systems, Inc., strike price $27.50, expires 07/23/07

 

 

(50,000

)

 

(360)

 

Citigroup, Inc., strike price $55, expires 06/18/07

 

 

(19,800

)

 

(26,700)

 

Citigroup, Inc., strike price $55, expires 06/29/07

 

 

(25,365

)

 

(360)

 

Citigroup, Inc., strike price $55, expires 07/06/07

 

 

(25,516

)

 

(745,400)

 

Cobham Plc, strike price 2.04 GBP, expires 05/31/07

 

 

(128,188

)

 

(149,000)

 

Cobham Plc, strike price 2.06 GBP, expires 05/08/07

 

 

(13,643

)

 

(465)

 

ConocoPhillips, strike price $70, expires 05/21/07

 

 

(51,150

)

 

(46,000)

 

ConocoPhillips, strike price $72, expires 06/15/07

 

 

(53,119

)

 

(190)

 

Constellation Energy Group, Inc., strike price $82, expires 05/07/07

 

 

(135,871

)

 

(185)

 

Constellation Energy Group, Inc., strike price $95, expires 07/23/07

 

 

(24,975

)

 

(69,000)

 

Credito Emiliano S.p.A., strike price 11.61 EUR, expires 05/08/07

 

 

(66,388

)

 

(154,000)

 

Credito Emiliano S.p.A., strike price 12.14 EUR, expires 05/31/07

 

 

(83,379

)

 

(65,800)

 

CVS/Caremark Corp., strike price $35.96, expires 06/15/07

 

 

(99,537

)

 

(250)

 

CVS/Caremark Corp., strike price $37.50, expires 06/18/07

 

 

(23,750

)

 

(44,000)

 

Daito Trust Construction Co. Ltd., strike price 5 JPY, expires 05/09/07

 

 

(102,788

)

 

(62,000)

 

Danske Bank A/S, strike price 258.56 DKK, expires 05/31/07

 

 

(53,864

)

 

(49,000)

 

Danske Bank A/S, strike price 259.66 DKK, expires 06/12/07

 

 

(47,102

)

 

(64,000)

 

De La Rue Plc, strike price 7.38 GBP, expires 05/08/07

 

 

(3,304

)

 

(128,700)

 

De La Rue Plc, strike price 7.53 GBP, expires 05/08/07

 

 

(2,260

)

 

(58)

 

Deutsche Bank AG, strike price 105 EUR, expires 05/18/07

 

 

(69,731

)

 

(14,000)

 

Deutsche Bank AG, strike price 105.01 EUR, expires 06/12/07

 

 

(177,854

)

 

(15,700)

 

Deutsche Bank AG, strike price 113.78 EUR, expires 06/28/07

 

 

(87,865

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(216,000)

 

Diageo Plc, strike price 10.18 GBP, expires 05/31/07

 

$

(214,298

)

 

(7,000)

 

Dominion Resources, Inc., strike price $86, expires 05/18/07

 

 

(38,763

)

 

(148)

 

Dominion Resources, Inc., strike price $90, expires 05/21/07

 

 

(34,780

)

 

(63)

 

E.ON AG, strike price 105 EUR, expires 05/18/07

 

 

(46,511

)

 

(185)

 

E.ON AG, strike price 110 EUR, expires 07/20/07

 

 

(93,158

)

 

(29)

 

Eagle Bulk Shipping, Inc., strike price $20, expires 06/18/07

 

 

(7,830

)

 

(51,500)

 

Eagle Bulk Shipping, Inc., strike price $21, expires 05/18/07

 

 

(79,904

)

 

(430)

 

Eagle Bulk Shipping, Inc., strike price $22.50, expires 06/18/07

 

 

(36,550

)

 

(250)

 

Enel S.p.A., strike price 5.30 EUR, expires 06/15/07

 

 

(15,745

)

 

(215)

 

Enel S.p.A., strike price 8.20 EUR, expires 05/18/07

 

 

(30,983

)

 

(167,000)

 

Eni S.p.A., strike price 24.35 EUR, expires 05/31/07

 

 

(106,496

)

 

(150,000)

 

Esprit Holdings Ltd., strike price 101.82 HKD, expires 06/26/07

 

 

(48,171

)

 

(61,300)

 

Esprit Holdings Ltd., strike price 89.99 HKD, expires 05/29/07

 

 

(54,107

)

 

(41,000)

 

Eurocastle Investment Ltd., strike price 40 EUR, expires 05/31/07

 

 

(25,925

)

 

(325)

 

Exxon Mobil Corp., strike price $75, expires 05/21/07

 

 

(234,000

)

 

(620)

 

Exxon Mobil Corp., strike price $80, expires 07/23/07

 

 

(164,300

)

 

(40,000)

 

Fondiaria-SAI S.p.A., strike price 34.39 EUR, expires 05/31/07

 

 

(262,210

)

 

(82,000)

 

Fortum Oyj, strike price 23.37 EUR, expires 05/31/07

 

 

(42,304

)

 

(630)

 

Gerdau S.A. (ADR), strike price $20, expires 06/18/07

 

 

(72,450

)

 

(530)

 

Gerdau S.A. (ADR), strike price $22.50, expires 06/18/07

 

 

(18,550

)

 

(180)

 

Gerdau S.A. (ADR), strike price $22.50, expires 09/24/07

 

 

(16,200

)

 

(81,000)

 

Gestevision Telecinco S.A., strike price 21.81 EUR, expires 05/31/07

 

 

(79,671

)

 

(36)

 

Google, Inc., strike price $500, expires 05/21/07

 

 

(5,220

)

 

(36)

 

Google, Inc., strike price $500, expires 06/18/07

 

 

(20,160

)

 

(50,000)

 

Hannover Rueckversicherung AG, strike price 34.44 EUR, expires 06/12/07

 

 

(237,379

)

 

(189)

 

Henkel KGaA, 1.30%, strike price 105 EUR, expires 05/18/07

 

 

(281,905

)

 

(39,700)

 

Highland Hospitality Corp. (REIT), strike price $17.39, expires 05/18/07

 

 

(66,739

)

 

(126,700)

 

Highland Hospitality Corp. (REIT), strike price $18.47, expires 06/15/07

 

 

(124,784

)

See Notes to Financial Statements.

55


BlackRock World Investment Trust (BWC) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(170)

 

HJ Heinz Co., strike price $45, expires 06/18/07

 

$

(49,300

)

 

(235)

 

HJ Heinz Co., strike price $46.25, expires 05/07/07

 

 

(23,960

)

 

(215)

 

HJ Heinz Co., strike price $48, expires 07/06/07

 

 

(22,575

)

 

(265,000)

 

Hong Kong Exchanges & Clearing Ltd., strike price 84 HKD, expires 06/26/07

 

 

(51,269

)

 

(430)

 

InBev N.V., strike price 55 EUR, expires 05/18/07

 

 

(168,998

)

 

(1,785,000)

 

Industrial & Commercial Bank of China, strike price 4.45 HKD, expires 06/26/07

 

 

(24,540

)

 

(1,150,000)

 

Industrial & Commercial Bank of China, strike price 4.56 HKD, expires 05/29/07

 

 

(4,696

)

 

(120,000)

 

ING Groep N.V., strike price 33.04 EUR, expires 06/12/07

 

 

(211,374

)

 

(50)

 

Intl. Business Machines Corp., strike price $100, expires 07/23/07

 

 

(24,500

)

 

(240)

 

Intl. Business Machines Corp., strike price $97, expires 05/25/07

 

 

(135,634

)

 

(300)

 

Johnson & Johnson, strike price $65, expires 05/21/07

 

 

(13,500

)

 

(230)

 

Johnson & Johnson, strike price $65, expires 07/23/07

 

 

(31,050

)

 

(13,000)

 

K&S AG, strike price 82.35 EUR, expires 05/08/07

 

 

(247,291

)

 

(26,000)

 

K&S AG, strike price 91.42 EUR, expires 06/12/07

 

 

(286,896

)

 

(255,000)

 

Kelda Group Plc, strike price 9.47 GBP, expires 05/31/07

 

 

(53,766

)

 

(300,000)

 

Legal & General Group Plc, strike price 1.51 GBP, expires 05/08/07

 

 

(27,026

)

 

(900,000)

 

Legal & General Group Plc, strike price 1.61 GBP, expires 05/31/07

 

 

(39,252

)

 

(230)

 

Linde AG, strike price 84 EUR, expires 07/20/07

 

 

(72,818

)

 

(99,600)

 

Lion Nathan Ltd., strike price 9.38 AUD, expires 05/29/07

 

 

(13,451

)

 

(471,000)

 

Lion Nathan Ltd., strike price 9.61 AUD, expires 06/26/07

 

 

(73,113

)

 

(23,600)

 

Loews Corp. - Carolina Group, strike price $73, expires 05/18/07

 

 

(90,698

)

 

(140)

 

Loews Corp. - Carolina Group, strike price $75, expires 06/18/07

 

 

(43,400

)

 

(215)

 

Loews Corp. - Carolina Group, strike price $78.50, expires 07/13/07

 

 

(55,202

)

 

(185)

 

Loews Corp. - Carolina Group, strike price $80, expires 06/18/07

 

 

(12,950

)

 

(350)

 

McDonald’s Corp., strike price $45, expires 06/18/07

 

 

(147,350

)

 

(520)

 

McDonald’s Corp., strike price $50, expires 06/18/07

 

 

(36,400

)

 

(225)

 

Merck & Co., Inc., strike price $45, expires 05/21/07

 

 

(148,500

)

 

(68,000)

 

Merck & Co., Inc., strike price $53.02, expires 06/29/07

 

 

(72,502

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(330)

 

MGM Mirage, strike price $75, expires 05/21/07

 

$

(9,900

)

 

(300)

 

MGM Mirage, strike price $75, expires 06/18/07

 

 

(22,500

)

 

(43,000)

 

Microsoft Corp., strike price $29.38, expires 06/15/07

 

 

(49,797

)

 

(870)

 

Microsoft Corp., strike price $30, expires 07/23/07

 

 

(100,050

)

 

(80,000)

 

Milano Assicurazioni S.p.A., strike price 6.43 EUR, expires 05/08/07

 

 

(83,952

)

 

(213,000)

 

Milano Assicurazioni S.p.A., strike price 6.79 EUR, expires 06/12/07

 

 

(131,958

)

 

(440)

 

Mizuho Financial Group, Inc., strike price 837 JPY, expires 05/09/07

 

 

 

 

(360)

 

Motorola, Inc., strike price $19, expires 05/21/07

 

 

(3,600

)

 

(360)

 

Motorola, Inc., strike price $19, expires 07/23/07

 

 

(12,600

)

 

(270)

 

Motorola, Inc., strike price $20, expires 07/23/07

 

 

(8,100

)

 

(68,000)

 

National Express Group Plc, strike price 11.82 GBP, expires 05/08/07

 

 

(71,933

)

 

(130,000)

 

National Express Group Plc, strike price 12.66 GBP, expires 05/31/07

 

 

(48,552

)

 

(10,700)

 

Nestle S.A., strike price 485.91 CHF, expires 06/12/07

 

 

(66,030

)

 

(234,200)

 

New World Development Ltd., strike price 18.58 HKD, expires 05/29/07

 

 

(23,583

)

 

(1,160,000)

 

New World Development Ltd., strike price 19.04 HKD, expires 06/26/07

 

 

(135,880

)

 

(100)

 

Nike, Inc., strike price $55, expires 05/19/07

 

 

(5,500

)

 

(150)

 

Nike, Inc., strike price $55, expires 07/23/07

 

 

(26,250

)

 

(38,000)

 

Nike, Inc., strike price $55.12, expires 06/29/07

 

 

(44,432

)

 

(8,200)

 

Nintendo Co. Ltd., strike price 34 JPY, expires 06/05/07

 

 

(229,050

)

 

(195)

 

Nippon Commercial Investment Corp. (REIT), strike price 623 JPY, expires 06/05/07

 

 

(45,291

)

 

(101,800)

 

Nordea Bank AB, strike price 112.51 SEK, expires 05/31/07

 

 

(79,917

)

 

(61,200)

 

Oriflame Cosmetics S.A., strike price 348.49 SEK, expires 06/29/07

 

 

(201,805

)

 

(3,800)

 

ORIX Corp., strike price 32 JPY, expires 06/05/07

 

 

(24,662

)

 

(10,000)

 

ORIX Corp., strike price 33 JPY, expires 05/09/07

 

 

(6,985

)

 

(170,000)

 

Orkla ASA, strike price 431.53 NOK, expires 05/31/07

 

 

(266,544

)

 

(90,000)

 

Orkla ASA, strike price 84.70 NOK, expires 05/08/07

 

 

(169,059

)

 

(67,700)

 

Partner Communications (ADR), strike price $14.30, expires 05/18/07

 

 

(143,508

)

 

(153,000)

 

Partner Communications (ADR), strike price $17.75, expires 07/20/07

 

 

(58,227

)

See Notes to Financial Statements.

56


BlackRock World Investment Trust (BWC) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(370)

 

Pepco Holdings, Inc., strike price $30, expires 05/21/07

 

$

(18,500

)

 

(555)

 

Pepco Holdings, Inc., strike price $30, expires 08/20/07

 

 

(55,500

)

 

(430)

 

PepsiCo, Inc., strike price $65, expires 05/21/07

 

 

(67,940

)

 

(215)

 

PepsiCo, Inc., strike price $65, expires 07/23/07

 

 

(55,900

)

 

(215)

 

PetroChina Co. Ltd. (ADR), strike price $115, expires 06/18/07

 

 

(73,100

)

 

(320)

 

PetroChina Co. Ltd. (ADR), strike price $125, expires 06/18/07

 

 

(28,800

)

 

(170)

 

Petroleo Brasileiro S.A. (ADR), strike price $110, expires 06/18/07

 

 

(34,000

)

 

(150)

 

Petroleo Brasileiro S.A. (ADR), strike price $95, expires 05/21/07

 

 

(108,000

)

 

(25,700)

 

Philippine Long Distance Telephone Co. (ADR), strike price $51.67, expires 05/18/07

 

 

(71,092

)

 

(450)

 

Philippine Long Distance Telephone Co. (ADR), strike price $55, expires 06/18/07

 

 

(99,000

)

 

(37,000)

 

Piraeus Bank S.A., strike price 24.75 EUR, expires 05/08/07

 

 

(101,065

)

 

(75,400)

 

Piraeus Bank S.A., strike price 26.98 EUR, expires 05/31/07

 

 

(65,218

)

 

(120)

 

Potash Corp. of Saskatchewan, strike price $165, expires 05/21/07

 

 

(194,400

)

 

(95)

 

Potash Corp. of Saskatchewan, strike price $175, expires 06/18/07

 

 

(114,000

)

 

(360)

 

Procter & Gamble Co., strike price $65, expires 06/18/07

 

 

(50,040

)

 

(240)

 

Public Service Enterprise Group, Inc., strike price $77, expires 05/07/07

 

 

(227,316

)

 

(70)

 

Public Service Enterprise Group, Inc., strike price $80, expires 06/18/07

 

 

(53,900

)

 

(39,200)

 

Publishing & Broadcasting Ltd., strike price 19.54 AUD, expires 05/29/07

 

 

(35,966

)

 

(105,000)

 

Publishing & Broadcasting Ltd., strike price 20.39 AUD, expires 06/26/07

 

 

(64,874

)

 

(32,500)

 

QBE Insurance Group Ltd., strike price 31 AUD, expires 05/29/07

 

 

(16,537

)

 

(145,000)

 

QBE Insurance Group Ltd., strike price 33.37 AUD, expires 06/26/07

 

 

(31,286

)

 

(20,000)

 

Roche Holding AG, strike price 224 CHF, expires 05/31/07

 

 

(119,027

)

 

(315)

 

Rodamco Europe N.V., strike price 106 EUR, expires 06/15/07

 

 

(225,679

)

 

(16,000)

 

RWE AG, strike price 82.85 EUR, expires 06/12/07

 

 

(14,469

)

 

(134)

 

RWE AG, strike price 86 EUR, expires 06/15/07

 

 

(5,303

)

 

(38,000)

 

SBM Offshore N.V., strike price 26.89 EUR, expires 05/08/07

 

 

(9,048

)

 

(68,000)

 

SBM Offshore N.V., strike price 27.40 EUR, expires 06/22/07

 

 

(48,549

)

 

(20,000)

 

Schneider Electric S.A., strike price 92.50 EUR, expires 06/15/07

 

 

(327,068

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(50,000)

 

Scottish & Southern Energy Plc, strike price 15.14 GBP, expires 05/08/07

 

$

(20,367

)

 

(100,000)

 

Scottish & Southern Energy Plc, strike price 15.26 GBP, expires 05/31/07

 

 

(80,881

)

 

(202)

 

Siemens AG, strike price 92 EUR, expires 06/15/07

 

 

(55,407

)

 

(1,030,000)

 

Singapore Telecommunications Ltd., strike price 3.54 SGD, expires 06/26/07

 

 

(65,451

)

 

(147,000)

 

Skanska AB, B Shares, strike price 154.22 SEK, expires 06/12/07

 

 

(156,470

)

 

(165,000)

 

Smiths Group Plc, strike price 10.28 GBP, expires 05/31/07

 

 

(211,417

)

 

(29,500)

 

Societe Generale, strike price 158.49 EUR, expires 06/22/07

 

 

(225,961

)

 

(2,034,000)

 

SP AusNet, strike price 1.42 AUD, expires 06/26/07

 

 

(117,173

)

 

(408,000)

 

SP AusNet, strike price 1.46 AUD, expires 05/29/07

 

 

(12,816

)

 

(63,000)

 

SSAB Svenskt Stal AB, Ser. A, strike price 214.55 SEK, expires 05/31/07

 

 

(261,512

)

 

(7,000)

 

SSAB Svenskt Stal AB, Ser. A, strike price 223.89 SEK, expires 06/12/07

 

 

(21,842

)

 

(197,000)

 

St. George Bank Ltd., strike price 35.17 AUD, expires 06/26/07

 

 

(248,649

)

 

(70)

 

Starwood Hotels & Resorts Worldwide, Inc., strike price $70, expires 05/21/07

 

 

(3,850

)

 

(300)

 

Starwood Hotels & Resorts Worldwide, Inc., strike price $70, expires 06/18/07

 

 

(45,000

)

 

(362,000)

 

Storebrand ASA, strike price 106.02 NOK, expires 06/12/07

 

 

(169,630

)

 

(31,000)

 

Stryker Corp., strike price $67.51, expires 05/18/07

 

 

(11,848

)

 

(150)

 

Stryker Corp., strike price $70, expires 06/18/07

 

 

(6,000

)

 

(300)

 

Sumitomo Mitsui Financial Group, Inc., strike price 1 JPY, expires 05/09/07

 

 

(310

)

 

(310)

 

Sunoco, Inc., strike price $74, expires 05/30/07

 

 

(114,406

)

 

(29,000)

 

Svenska Cellulosa AB, strike price 375.50 SEK, expires 05/08/07

 

 

(170

)

 

(36,800)

 

Svenska Cellulosa AB, strike price 384.94 SEK, expires 06/12/07

 

 

(6,573

)

 

(13,400)

 

Syngenta AG, strike price 240.18 CHF, expires 06/12/07

 

 

(102,105

)

 

(975)

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $10.75, expires 07/12/07

 

 

(24,375

)

 

(226,400)

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11.40, expires 05/18/07

 

 

(6,966

)

 

(64,000)

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11.70, expires 06/15/07

 

 

(2,058

)

 

(31,500)

 

Teck Cominco Ltd., Class B, strike price 45 CAD, expires 07/20/07

 

 

(73,410

)

See Notes to Financial Statements.

57


BlackRock World Investment Trust (BWC) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(180)

 

Teck Cominco Ltd., Class B, strike price 47.50 CAD, expires 05/21/07

 

$

(1,622

)

 

(695)

 

TELUS Corp., strike price 60 CAD, expires 05/21/07

 

 

(140,891

)

 

(250)

 

TELUS Corp., strike price 64 CAD, expires 08/18/07

 

 

(56,311

)

 

(19,000)

 

Textron, Inc., strike price $101.61, expires 06/29/07

 

 

(78,139

)

 

(90)

 

Textron, Inc., strike price $95, expires 06/18/07

 

 

(75,600

)

 

(178,000)

 

Truworths Intl. Ltd., strike price 37.44 ZAR, expires 06/12/07

 

 

(74,291

)

 

(104,000)

 

Truworths Intl. Ltd., strike price 37.83 ZAR, expires 06/06/07

 

 

(37,650

)

 

(55,000)

 

UBS AG, strike price 72.78 CHF, expires 05/31/07

 

 

(302,479

)

 

(391,000)

 

Unicredito Italiano S.p.A., strike price 7.39 EUR, expires 05/08/07

 

 

(120,322

)

 

(133,000)

 

Unilever N.V., strike price 21.63 EUR, expires 05/31/07

 

 

(206,411

)

 

(382,000)

 

Unipol S.p.A., 2.98%, strike price 2.61 EUR, expires 05/08/07

 

 

(66,825

)

 

(527,000)

 

Unipol S.p.A., 2.98%, strike price 2.77 EUR, expires 05/31/07

 

 

(32,413

)

 

(72,300)

 

United Overseas Bank Ltd., strike price 21.22 SGD, expires 05/29/07

 

 

(35,741

)

 

(331,000)

 

United Overseas Bank Ltd., strike price 23.37 SGD, expires 06/26/07

 

 

(61,823

)

 

(382,000)

 

United Utilities Plc, strike price 7.55 GBP, expires 05/31/07

 

 

(98,357

)

 

(445)

 

Vodafone Group Plc (ADR), strike price $27.50, expires 05/21/07

 

 

(68,975

)

 

(180)

 

Vodafone Group Plc (ADR), strike price $28.50, expires 06/22/07

 

 

(15,388

)

 

(275)

 

Vodafone Group Plc (ADR), strike price $30, expires 07/23/07

 

 

(13,750

)

 

(75,000)

 

Wartsila Oyj, B Shares, strike price 46.32 EUR, expires 05/31/07

 

 

(384,437

)

 

(495)

 

Waters Corp., strike price $60, expires 05/19/07

 

 

(47,025

)

 

(87,500)

 

Windstream Corp., strike price $15, expires 05/25/07

 

 

(12,130

)

 

(750)

 

Windstream Corp., strike price $15, expires 06/18/07

 

 

(26,250

)

 

(315)

 

Yum! Brands, Inc., strike price $63, expires 06/22/07

 

 

(43,801

)

 

(215)

 

Yum! Brands, Inc., strike price $65, expires 07/23/07

 

 

(27,950

)

 

(105)

 

Zimmer Holdings, Inc., strike price $90, expires 05/21/07

 

 

(17,850

)

 

(185)

 

Zimmer Holdings, Inc., strike price $90, expires 06/18/07

 

 

(57,350

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written
(premium received $(12,250,350))

 

 

(20,160,431

)

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 


 

 

 

OUTSTANDING PUT OPTION WRITTEN—0.0%

 

 

 

 

 

(178,000)

 

Verigy Ltd., strike price $23.75, expires 05/18/07 (premium received $(97,900))

 

$

(89,607

)

 

 

 

 

 



 

 

 

 

Total Outstanding Options Written
(premium received $(12,348,250))

 

 

(20,250,038

)

 

 

 

 

 



 

 

 

 

Total Investments net of outstanding options written—98.8%

 

$

891,522,469

 

 

 

 

Other assets in excess of liabilities—1.2%

 

 

11,096,962

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

902,619,431

 

 

 

 

 

 



 


 

 


1

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

2

Represents current yield as of April 30, 2007.

3

Cost for federal income tax purposes is $796,160,295. The net unrealized appreciation on a tax basis is $115,612,211, consisting of $122,267,595 gross unrealized appreciation and $6,655,384 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

ADR

American Depositary Receipt

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

JPY

Japanese Yen

NOK

Norwegian Krone

REIT

Real Estate Investment Trust

SEK

Swedish Krona

SGD

Singapore Dollar

ZAR

South African Rand

See Notes to Financial Statements.

58


 

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
April 30, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend
AchieversTM Trust
(BDV)

 

Enhanced
Dividend
AchieversTM Trust
(BDJ)

 

Strategic
Dividend
AchieversTM Trust
(BDT)

 

Global
Energy and
Resources Trust
(BGR)

 

 

 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffiliated1

 

$

897,467,803

 

$

1,068,871,891

 

$

449,837,970

 

$

979,596,097

 

Investments in affiliates

 

 

62,423

 

 

22,980

 

 

40,809

 

 

36,923

 

Cash

 

 

 

 

 

 

 

 

 

Foreign currency at value2

 

 

 

 

 

 

 

 

1,253,622

 

Receivable for investments sold

 

 

 

 

4,887,953

 

 

 

 

12,006,159

 

Variation margin receivable

 

 

 

 

 

 

 

 

 

Dividend and interest receivable

 

 

2,250,889

 

 

2,540,402

 

 

762,756

 

 

2,065,071

 

Other assets

 

 

16,226

 

 

26,799

 

 

6,660

 

 

156,825

 

 

 



 



 



 



 

 

 

 

899,797,341

 

 

1,076,350,025

 

 

450,648,195

 

 

995,114,697

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

1,168,420

 

 

 

 

 

Payable for investments purchased

 

 

 

 

12,077,883

 

 

 

 

4,158,924

 

Outstanding options written at value3

 

 

 

 

11,831,153

 

 

 

 

7,936,569

 

Variation margin payable

 

 

 

 

 

 

 

 

 

Unrealized loss on forward currency contracts

 

 

 

 

 

 

 

 

 

Investment advisory fee payable

 

 

473,272

 

 

853,501

 

 

276,409

 

 

940,946

 

Deferred Trustees’ fees

 

 

62,423

 

 

22,980

 

 

40,809

 

 

36,923

 

Licensing fee payable

 

 

290,953

 

 

341,655

 

 

147,676

 

 

 

Payable to affiliates

 

 

40,459

 

 

32,004

 

 

50,345

 

 

52,817

 

Other accrued expenses

 

 

272,401

 

 

483,838

 

 

197,348

 

 

256,913

 

 

 



 



 



 



 

 

 

 

1,139,508

 

 

26,811,434

 

 

712,587

 

 

13,383,092

 

 

 



 



 



 



 

Net Assets

 

$

898,657,833

 

$

1,049,538,591

 

$

449,935,608

 

$

981,731,605

 

 

 



 



 



 



 

Composition of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value ($0.001 per share)

 

$

54,518

 

$

69,778

 

$

26,908

 

$

29,766

 

Paid-in capital in excess of par

 

 

744,951,784

 

 

998,186,688

 

 

376,494,750

 

 

709,335,050

 

Undistributed (distributions in excess) of net investment income

 

 

(11,237,098

)

 

(13,245,684

)

 

(5,213,353

)

 

(17,483,619

)

Accumulated net realized gain

 

 

15,169,030

 

 

21,306,111

 

 

108,600

 

 

55,941,836

 

Net unrealized appreciation

 

 

149,719,599

 

 

43,221,698

 

 

78,518,703

 

 

233,908,572

 

 

 



 



 



 



 

Net Assets, April 30, 2007

 

$

898,657,833

 

$

1,049,538,591

 

$

449,935,608

 

$

981,731,605

 

 

 



 



 



 



 

Net asset value per share4

 

$

16.48

 

$

15.04

 

$

16.72

 

$

32.98

 

 

 



 



 



 



 

1        Investments at cost, unaffiliated

 

$

747,748,204

 

$

1,024,053,822

 

$

371,319,267

 

$

742,197,128

 

2        Foreign currency at cost

 

 

 

 

 

 

 

 

1,253,420

 

3        Premiums received

 

 

 

 

10,234,782

 

 

 

 

4,401,401

 

4        Shares outstanding

 

 

54,518,315

 

 

69,778,138

 

 

26,908,028

 

 

29,766,217

 

See Notes to Financial Statements.

59



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equity
Income Trust
(BFD)

 

Global
Opportunities
Equity Trust
(BOE)

 

Health
Sciences Trust
(BME)

 

Real Asset
Equity Trust
(BCF)

 

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

 

World
Investment
Trust
(BWC)

 

 

 


 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffiliated1

 

$

755,387,076

 

$

362,466,280

 

$

230,143,115

 

$

975,645,474

 

$

122,000,840

 

$

911,772,507

 

Investments in affiliates

 

 

 

 

16,025

 

 

9,426

 

 

8,059

 

 

8,277

 

 

13,413

 

Cash

 

 

23,777

 

 

446,960

 

 

 

 

 

 

 

 

19

 

Foreign currency at value2

 

 

40,036,428

 

 

2,486,461

 

 

159,658

 

 

7,372,566

 

 

1,123,726

 

 

5,912,701

 

Receivable for investments sold

 

 

 

 

4,079,641

 

 

217,038

 

 

6,795,441

 

 

 

 

6,208,536

 

Variation margin receivable

 

 

114,458

 

 

 

 

 

 

 

 

 

 

 

Dividend and interest receivable

 

 

1,421,725

 

 

1,001,625

 

 

86,203

 

 

1,487,427

 

 

273,724

 

 

2,784,775

 

Other assets

 

 

 

 

311

 

 

4,755

 

 

165,957

 

 

 

 

9,701

 

 

 



 



 



 



 



 



 

 

 

 

796,983,464

 

 

370,497,303

 

 

230,620,195

 

 

991,474,924

 

 

123,406,567

 

 

926,701,652

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

 

 

1,005,899

 

 

 

 

 

Payable for investments purchased

 

 

121,439

 

 

1,102,334

 

 

13,367,035

 

 

9,668,477

 

 

 

 

2,789,084

 

Outstanding options written at value3

 

 

8,928,520

 

 

7,757,353

 

 

1,719,238

 

 

11,478,264

 

 

 

 

20,250,038

 

Variation margin payable

 

 

326,154

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on forward currency contracts

 

 

 

 

 

 

1,131

 

 

 

 

 

 

 

Investment advisory fee payable

 

 

641,786

 

 

292,395

 

 

174,362

 

 

947,359

 

 

74,438

 

 

732,426

 

Deferred Trustees’ fees

 

 

 

 

16,025

 

 

9,426

 

 

8,059

 

 

8,277

 

 

13,413

 

Licensing fee payable

 

 

 

 

 

 

 

 

 

 

178,161

 

 

 

Payable to affiliates

 

 

3,323

 

 

21,253

 

 

9,360

 

 

8,119

 

 

9,848

 

 

13,051

 

Other accrued expenses

 

 

135,712

 

 

170,954

 

 

65,893

 

 

211,273

 

 

86,207

 

 

284,209

 

 

 



 



 



 



 



 



 

 

 

 

10,156,934

 

 

9,360,314

 

 

15,346,445

 

 

23,327,450

 

 

356,931

 

 

24,082,221

 

 

 



 



 



 



 



 



 

Net Assets

 

$

786,826,530

 

$

361,136,989

 

$

215,273,750

 

$

968,147,474

 

$

123,049,636

 

$

902,619,431

 

 

 



 



 



 



 



 



 

Composition of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value ($0.001 per share)

 

$

40,006

 

$

12,534

 

$

7,574

 

$

56,708

 

$

6,033

 

$

52,075

 

Paid-in capital in excess of par

 

 

762,521,044

 

 

299,105,417

 

 

180,667,837

 

 

811,015,946

 

 

86,100,387

 

 

745,055,617

 

Undistributed (distributions in excess) of net investment income

 

 

2,340,719

 

 

(13,984,477

)

 

(10,758,256

)

 

(22,031,934

)

 

(1,198,565

)

 

(50,800,912

)

Accumulated net realized gain

 

 

286,569

 

 

35,138,632

 

 

20,982,009

 

 

31,778,467

 

 

734,405

 

 

98,137,916

 

Net unrealized appreciation

 

 

21,638,192

 

 

40,864,883

 

 

24,374,586

 

 

147,328,287

 

 

37,407,376

 

 

110,174,735

 

 

 



 



 



 



 



 



 

Net Assets, April 30, 2007

 

$

786,826,530

 

$

361,136,989

 

$

215,273,750

 

$

968,147,474

 

$

123,049,636

 

$

902,619,431

 

 

 



 



 



 



 



 



 

Net asset value per share4

 

$

19.67

 

$

28.81

 

$

28.42

 

$

17.07

 

$

20.40

 

$

17.33

 

 

 



 



 



 



 



 



 

    Investments at cost,
      unaffiliated

 

$

730,224,188

 

$

318,808,936

 

$

205,051,266

 

$

825,968,231

 

$

84,595,513

 

$

793,746,293

 

2      Foreign currency at cost

 

 

39,475,546

 

 

2,470,924

 

 

157,406

 

 

7,231,337

 

 

1,124,293

 

 

5,879,724

 

3      Premiums received

 

 

4,245,248

 

 

4,938,253

 

 

998,442

 

 

8,978,077

 

 

 

 

12,348,250

 

4      Shares outstanding

 

 

40,006,021

 

 

12,534,148

 

 

7,574,390

 

 

56,708,028

 

 

6,033,028

 

 

52,074,804

 

60


 

STATEMENTS OF OPERATIONS (unaudited)

For the period ended1 April 30, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend
AchieversTM
Trust
(BDV)

 

Enhanced
Dividend
AchieversTM
Trust
(BDJ)

 

Strategic
Dividend
AchieversTM
Trust
(BDT)

 

Global
Energy and
Resources
Trust
(BGR)

 

 

 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

$

15,849,301

 

$

18,896,454

 

$

7,731,743

 

$

11,957,478

 

Interest income

 

 

187,746

 

 

1,250,792

 

 

98,430

 

 

589,325

 

Income from affiliates

 

 

2,157

 

 

551

 

 

1,069

 

 

927

 

Foreign taxes withheld

 

 

(1,600

)

 

 

 

(9,440

)

 

(726,992

)

 

 



 



 



 



 

Total investment income

 

 

16,037,604

 

 

20,147,797

 

 

7,821,802

 

 

11,820,738

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

2,844,286

 

 

5,147,808

 

 

1,662,255

 

 

5,319,520

 

Transfer agent

 

 

14,899

 

 

15,031

 

 

9,899

 

 

11,138

 

Custodian

 

 

65,962

 

 

124,702

 

 

39,196

 

 

90,325

 

Reports to shareholders

 

 

79,396

 

 

81,722

 

 

43,624

 

 

57,712

 

Trustees

 

 

21,670

 

 

22,069

 

 

15,297

 

 

21,635

 

Registration

 

 

19,477

 

 

15,971

 

 

8,125

 

 

10,206

 

Independent accountants

 

 

24,592

 

 

28,898

 

 

22,935

 

 

38,607

 

Legal

 

 

51,191

 

 

54,308

 

 

34,135

 

 

52,489

 

Officers fees

 

 

6,639

 

 

8,103

 

 

3,411

 

 

7,238

 

Insurance

 

 

28,004

 

 

44,631

 

 

14,145

 

 

25,899

 

Deferred trustees’ fees

 

 

2,157

 

 

551

 

 

1,069

 

 

927

 

Organization

 

 

 

 

 

 

 

 

 

License fee

 

 

437,583

 

 

514,781

 

 

221,634

 

 

 

Miscellaneous

 

 

31,517

 

 

33,206

 

 

24,197

 

 

35,605

 

 

 



 



 



 



 

Total expenses

 

 

3,627,373

 

 

6,091,781

 

 

2,099,922

 

 

5,671,301

 

Less Advisory fees waived

 

 

 

 

 

 

 

 

(886,587

)

Less fees paid indirectly

 

 

(13

)

 

(4,814

)

 

(74

)

 

(659

)

 

 



 



 



 



 

Net expenses

 

 

3,627,360

 

 

6,086,967

 

 

2,099,848

 

 

4,784,055

 

 

 



 



 



 



 

Net investment income

 

 

12,410,244

 

 

14,060,830

 

 

5,721,954

 

 

7,036,683

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

15,169,030

 

 

22,864,368

 

 

109,248

 

 

26,189,169

 

Foreign currency

 

 

 

 

 

 

 

 

7,416

 

Futures

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

13,731,829

 

 

 

 

8,903,535

 

 

 



 



 



 



 

 

 

 

15,169,030

 

 

36,596,197

 

 

109,248

 

 

35,100,120

 

 

 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

25,909,152

 

 

4,124,653

 

 

22,275,336

 

 

95,286,547

 

Foreign currency

 

 

 

 

 

 

 

 

37,706

 

Futures

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

(1,117,394

)

 

 

 

(6,508,547

)

 

 



 



 



 



 

 

 

 

25,909,152

 

 

3,007,259

 

 

22,275,336

 

 

88,815,706

 

 

 



 



 



 



 

Net gain

 

 

41,078,182

 

 

39,603,456

 

 

22,384,584

 

 

123,915,826

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Net Assets Resulting from Operation

 

$

53,488,426

 

$

53,664,286

 

$

28,106,538

 

$

130,952,509

 

 

 



 



 



 



 


 

 


1

Commencement of operations for Global Equity Income Trust (BFD) was March 30, 2007. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

See Notes to Financial Statements.

61


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





















 

 

 

Global
Equity
Income
Trust
(BFD)

 

Global
Opportunities
Equity
Trust
(BOE)

 

Health
Sciences Trust
(BME)

 

Real Asset
Equity Trust
(BCF)

 

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

 

World
Investment
Trust
(BWC)

 

 

 


 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

$

2,846,396

 

$

5,379,605

 

$

887,149

 

$

7,713,096

 

$

2,081,502

 

$

11,359,839

 

Interest income

 

 

622,799

 

 

220,757

 

 

555,848

 

 

3,671,664

 

 

13,910

 

 

693,728

 

Income from affiliates

 

 

 

 

369

 

 

459

 

 

153

 

 

482

 

 

752

 

Foreign taxes withheld

 

 

(305,870

)

 

(318,570

)

 

(27,569

)

 

(114,763

)

 

(90,572

)

 

(748,360

)

 

 



 



 



 



 



 



 

Total investment income

 

 

3,163,325

 

 

5,282,161

 

 

1,415,887

 

 

11,270,150

 

 

2,005,322

 

 

11,305,959

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

683,571

 

 

1,694,918

 

 

1,037,220

 

 

4,616,922

 

 

431,554

 

 

4,300,278

 

Transfer agent

 

 

1,787

 

 

9,923

 

 

9,922

 

 

9,806

 

 

9,899

 

 

18,887

 

Custodian

 

 

22,373

 

 

116,953

 

 

39,915

 

 

123,706

 

 

39,046

 

 

129,434

 

Reports to shareholders

 

 

57,375

 

 

22,514

 

 

12,534

 

 

47,842

 

 

12,363

 

 

74,152

 

Trustees

 

 

7,076

 

 

9,873

 

 

7,054

 

 

19,269

 

 

4,277

 

 

38,920

 

Registration

 

 

2,752

 

 

9,398

 

 

7,056

 

 

15,155

 

 

794

 

 

3,704

 

Independent accountants

 

 

6,630

 

 

25,956

 

 

22,325

 

 

22,860

 

 

20,937

 

 

62,998

 

Legal

 

 

5,570

 

 

25,336

 

 

20,305

 

 

49,737

 

 

9,569

 

 

138,434

 

Officers fees

 

 

6,793

 

 

2,617

 

 

1,689

 

 

5,835

 

 

852

 

 

6,793

 

Insurance

 

 

8,536

 

 

9,910

 

 

6,561

 

 

32,233

 

 

3,316

 

 

16,238

 

Deferred trustees’ fees

 

 

 

 

369

 

 

459

 

 

153

 

 

482

 

 

752

 

Organization

 

 

15,000

 

 

 

 

 

 

 

 

 

 

 

License fee

 

 

 

 

 

 

 

 

 

 

86,311

 

 

 

Miscellaneous

 

 

5,143

 

 

11,860

 

 

10,005

 

 

19,096

 

 

10,646

 

 

29,522

 

 

 



 



 



 



 



 



 

Total expenses

 

 

822,606

 

 

1,939,627

 

 

1,175,045

 

 

4,962,614

 

 

630,046

 

 

4,820,112

 

Less Advisory fees waived

 

 

 

 

 

 

 

 

(177,574

)

 

 

 

 

Less fees paid indirectly

 

 

 

 

(1,737

)

 

(1,914

)

 

(975

)

 

(18

)

 

(2,213

)

 

 



 



 



 



 



 



 

Net expenses

 

 

822,606

 

 

1,937,890

 

 

1,173,131

 

 

4,784,065

 

 

630,028

 

 

4,817,899

 

 

 



 



 



 



 



 



 

Net investment income

 

 

2,340,719

 

 

3,344,271

 

 

242,756

 

 

6,486,085

 

 

1,375,294

 

 

6,488,060

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(18,925

)

 

27,431,544

 

 

11,407,938

 

 

17,234,070

 

 

933,290

 

 

57,782,442

 

Foreign currency

 

 

1,081,998

 

 

95,487

 

 

4,555

 

 

212,867

 

 

14,006

 

 

(58,055

)

Futures

 

 

1,315,490

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

(2,091,994

)

 

1,766,274

 

 

2,514,175

 

 

14,198,212

 

 

 

 

8,961,895

 

 

 



 



 



 



 



 



 

 

 

 

286,569

 

 

29,293,305

 

 

13,926,668

 

 

31,645,149

 

 

947,296

 

 

66,686,282

 

 

 



 



 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

25,162,888

 

 

10,136,753

 

 

3,244,464

 

 

96,189,145

 

 

11,516,570

 

 

34,862,145

 

Foreign currency

 

 

565,590

 

 

(21,781

)

 

3,375

 

 

128,273

 

 

134

 

 

17,530

 

Futures

 

 

592,985

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

(4,683,271

)

 

549,667

 

 

(1,171,646

)

 

(1,597,769

)

 

 

 

(1,526,184

)

 

 



 



 



 



 



 



 

 

 

 

21,638,192

 

 

10,664,639

 

 

2,076,193

 

 

94,719,649

 

 

11,516,704

 

 

33,353,491

 

 

 



 



 



 



 



 



 

Net gain

 

 

21,924,761

 

 

39,957,944

 

 

16,002,861

 

 

126,364,798

 

 

12,464,000

 

 

100,039,773

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Net Assets Resulting from Operation

 

$

24,265,480

 

$

43,302,215

 

$

16,245,617

 

$

132,850,883

 

$

13,839,294

 

$

106,527,833

 

 

 



 



 



 



 



 



 

62


 

STATEMENTS OF CHANGES IN NET ASSETS

For the period ended April 30, 2007 (unaudited) and the year ended October 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend
Achievers TM Trust
(BDV)

 

Enhanced Dividend
Achievers TM Trust
(BDJ)

 

Strategic Dividend
Achievers TM Trust
(BDT)

 

 

 


 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 


 


 

Net Increase in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

12,410,244

 

$

23,566,389

 

$

14,060,830

 

$

27,052,655

 

$

5,721,954

 

$

10,732,790

 

Net realized gain

 

 

15,169,030

 

 

16,975,443

 

 

36,596,197

 

 

54,038,012

 

 

109,248

 

 

14,048,250

 

Net change in unrealized appreciation/depreciation

 

 

25,909,152

 

 

103,536,421

 

 

3,007,259

 

 

63,471,457

 

 

22,275,336

 

 

26,008,232

 

 

 



 



 



 



 



 



 

Net increase in net assets resulting from operations

 

 

53,488,426

 

 

144,078,253

 

 

53,664,286

 

 

144,562,124

 

 

28,106,538

 

 

50,789,272

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income2

 

 

(24,533,243

)

 

(22,570,718

)

 

(42,545,352

)

 

(10,706,985

)

 

(12,108,615

)

 

(9,419,016

)

Net realized gain

 

 

 

 

(17,516,869

)

 

 

 

(73,809,323

)

 

 

 

(14,798,212

)

Tax return of capital

 

 

 

 

(8,978,900

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(24,533,243

)

 

(49,066,487

)

 

(42,545,352

)

 

(84,516,308

)

 

(12,108,615

)

 

(24,217,228

)

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over allotment option exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of distributions

 

 

 

 

 

 

5,292,836

 

 

4,835,662

 

 

 

 

 

 

 



 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

5,292,836

 

 

4,835,662

 

 

 

 

 

 

 



 



 



 



 



 



 

Total increase

 

 

28,955,183

 

 

95,011,766

 

 

16,411,770

 

 

64,881,478

 

 

15,997,923

 

 

26,572,044

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

869,702,650

 

 

774,690,884

 

 

1,033,126,821

 

 

968,245,343

 

 

433,937,685

 

 

407,365,641

 

 

 



 



 



 



 



 



 

End of period

 

$

898,657,833

 

$

869,702,650

 

$

1,049,538,591

 

$

1,033,126,821

 

$

449,935,608

 

$

433,937,685

 

 

 



 



 



 



 



 



 

End of period undistributed (distributions in excess of) net investment income

 

$

(11,237,098

)

$

885,901

 

$

(13,245,684

)

$

15,238,838

 

$

(5,213,353

)

$

1,173,308

 


 

 


1

Commencement of investment operations for Global Equity Income Trust (BFD) and Real Asset Equity Trust (BCF) were March 30, 2007 and September 29, 2006, respectively. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for the six months ended April 30, 2007 and the full year ended October 31, 2006.

2

A portion of the dividends from net investment income for the six months ended April 30, 2007 may be deemed a tax return of capital or net realized gain at fiscal year end.

See Notes to Financial Statements.

63


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy
and Resources Trust
(BGR)

 

Global
Equity
Income Trust
(BFD)

 

Global
Opportunities
Equity Trust
(BOE)

 

 

 


 


 


 

 

 

2007

 

2006

 

20071

 

2007

 

2006

 

 

 


 


 


 


 


 

Net Increase in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

7,036,683

 

$

21,964,532

 

$

2,340,719

 

$

3,344,271

 

$

7,702,654

 

Net realized gain

 

 

35,100,120

 

 

70,119,457

 

 

286,569

 

 

29,293,305

 

 

25,569,877

 

Net change in unrealized appreciation/depreciation

 

 

88,815,706

 

 

38,734,819

 

 

21,638,192

 

 

10,664,639

 

 

31,487,087

 

 

 



 



 



 



 



 

Net increase in net assets resulting from operations

 

 

130,952,509

 

 

130,818,808

 

 

24,265,480

 

 

43,302,215

 

 

64,759,618

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income2

 

 

(32,324,653

)

 

(14,526,650

)

 

 

 

(17,172,978

)

 

(7,361,682

)

Net realized gain

 

 

 

 

(70,112,103

)

 

 

 

 

 

(20,795,839

)

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(32,324,653

)

 

(84,638,753

)

 

 

 

(17,172,978

)

 

(28,157,521

)

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

762,561,050

 

 

 

 

 

Net proceeds from the underwriters’ over allotment option exercised

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of distributions

 

 

 

 

 

 

 

 

3,263,566

 

 

947,061

 

 

 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

762,561,050

 

 

3,263,566

 

 

947,061

 

 

 



 



 



 



 



 

Total increase

 

 

98,627,856

 

 

46,180,055

 

 

786,826,530

 

 

29,392,803

 

 

37,549,158

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

883,103,749

 

 

836,923,694

 

 

 

 

331,744,186

 

 

294,195,028

 

 

 



 



 



 



 



 

End of period

 

$

981,731,605

 

$

883,103,749

 

$

786,826,530

 

$

361,136,989

 

$

331,744,186

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period undistributed (distributions in excess of) net investment income

 

$

(17,483,619

)

$

7,804,351

 

$

2,340,719

 

$

(13,984,477

)

$

(155,770

)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health
Sciences Trust
(BME)

 

Real Asset
Equity Trust
(BCF)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

20061

 

 

 


 


 


 


 

Net Increase in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

242,756

 

$

(227,560

)

$

6,486,085

 

$

1,873,481

 

Net realized gain

 

 

13,926,668

 

 

20,676,079

 

 

31,645,149

 

 

553,302

 

Net change in unrealized appreciation/depreciation

 

 

2,076,193

 

 

4,130,694

 

 

94,719,649

 

 

52,608,638

 

 

 



 



 



 



 

Net increase in net assets resulting from operations

 

 

16,245,617

 

 

24,579,213

 

 

132,850,883

 

 

55,035,421

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income2

 

 

(10,996,070

)

 

 

 

(30,826,484

)

 

 

Net realized gain

 

 

 

 

(14,432,701

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(10,996,070

)

 

(14,432,701

)

 

(30,826,484

)

 

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

765,247,654

 

Net proceeds from the underwriters’ over allotment option exercised

 

 

 

 

 

 

45,840,000

 

 

 

Reinvestment of distributions

 

 

1,872,905

 

 

 

 

 

 

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

1,872,905

 

 

 

 

45,840,000

 

 

765,247,654

 

 

 



 



 



 



 

Total increase

 

 

7,122,452

 

 

10,146,512

 

 

147,864,399

 

 

820,283,075

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

208,151,298

 

 

198,004,786

 

 

820,283,075

 

 

 

 

 



 



 



 



 

End of period

 

$

215,273,750

 

$

208,151,298

 

$

968,147,474

 

$

820,283,075

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period undistributed (distributions in excess of) net investment income

 

$

(10,758,256

)

$

(4,942

)

$

(22,031,934

)

$

2,308,465

 

64


 

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended April 30, 2007 (unaudited) and the year ended October 31, 2006

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

World
Investment Trust
(BWC)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Net Increase in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

1,375,294

 

$

2,516,366

 

$

6,488,060

 

$

16,529,596

 

Net realized gain

 

 

947,296

 

 

1,922,416

 

 

66,686,282

 

 

77,969,300

 

Net change in unrealized appreciation

 

 

11,516,704

 

 

17,346,666

 

 

33,353,491

 

 

71,385,346

 

 

 



 



 



 



 

Net increase in net assets resulting from operations

 

 

13,839,294

 

 

21,785,448

 

 

106,527,833

 

 

165,884,242

 

 

 



 



 



 



 

 

Dividends and Distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income1

 

 

(2,714,865

)

 

(2,926,375

)

 

(55,507,461

)

 

(17,424,000

)

Net realized gain

 

 

 

 

(3,335,638

)

 

 

 

(47,551,119

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(2,714,865

)

 

(6,262,013

)

 

(55,507,461

)

 

(64,975,119

)

 

 



 



 



 



 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from underwriters over-allotment option exercised

 

 

 

 

 

 

 

 

75,020,025

 

Reinvestment of distributions

 

 

 

 

 

 

1,652,473

 

 

1,036,697

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

1,652,473

 

 

76,056,722

 

 

 



 



 



 



 

Total increase

 

 

11,124,429

 

 

15,523,435

 

 

52,672,845

 

 

176,965,845

 

 

 



 



 



 



 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

111,925,207

 

 

96,401,772

 

 

849,946,586

 

 

672,980,741

 

 

 



 



 



 



 

End of period

 

$

123,049,636

 

$

111,925,207

 

$

902,619,431

 

$

849,946,586

 

 

 



 



 



 



 

End of period undistributed (distributions in excess of) net investment income

 

$

(1,198,565

)

$

141,006

 

$

(50,800,912

)

$

(1,781,511

)



 

 

1

A portion of the dividends from net investment income for the six months ended April 30, 2007 may be deemed a tax return of capital or net realized gain at fiscal year end.

65


FINANCIAL HIGHLIGHTS

BlackRock Dividend AchieversTM Trust (BDV)

 


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30,
2007
(unaudited)

 

Year Ended
October 31

 

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

 

 

 

 


 

 

 

 

 

2006

 

2005

 

 

 

 


 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

 

15.95

 

$

 

14.21

 

$

 

14.67

 

$

 

14.33

2

 

 





 





 





 





 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

0.24

 

 

 

 

0.42

 

 

 

 

0.43

 

 

 

 

0.37

 

Net realized and unrealized gain

 

 

 

 

0.74

 

 

 

 

2.21

 

 

 

 

0.01

 

 

 

 

0.66

 

 

 





 





 





 





 

Net increase from investment operations

 

 

 

 

0.98

 

 

 

 

2.63

 

 

 

 

0.44

 

 

 

 

1.03

 

 

 





 





 





 





 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

(0.45

)3

 

 

 

(0.41

)

 

 

 

(0.43

)

 

 

 

(0.38

)

Net realized gains

 

 

 

 

 

 

 

 

(0.32

)

 

 

 

(0.28

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

 

 

(0.16

)

 

 

 

(0.19

)

 

 

 

(0.29

)

 

 





 





 





 





 

Total dividends and distributions

 

 

 

 

(0.45

)

 

 

 

(0.89

)

 

 

 

(0.90

)

 

 

 

(0.67

)

 

 





 





 





 





 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 





 





 





 





 

Net asset value, end of period

 

$

 

16.48

 

$

 

15.95

 

$

 

14.21

 

$

14.67

 

 

 



 



 



 



 

Market price, end of period

 

$

15.27

 

$

14.86

 

$

12.77

 

$

14.98

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value5

 

 

 

 

6.41

%

 

 

 

19.89

%

 

 

 

3.11

%

 

 

 

7.28

%

 

 



 



 



 



 

At market value

 

 

 

 

5.83

%

 

 

 

24.31

%

 

 

 

(9.25

) %

 

 

 

4.62

%

 

 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

 

0.83

%6

 

 

 

0.84

%

 

 

 

0.84

%

 

 

 

0.83

%6

Net expenses

 

 

 

 

0.83

%6

 

 

 

0.84

%

 

 

 

0.84

%

 

 

 

0.83

%6

Net investment income

 

 

 

 

2.84

%6

 

 

 

2.90

%

 

 

 

2.93

%

 

 

 

3.00

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

882,418

 

$

812,789

 

$

805,289

 

$

777,731

 

Portfolio turnover

 

 

 

 

12

%

 

 

 

11

%

 

 

 

27

%

 

 

 

6

%

Net assets, end of period (000)

 

$

898,658

 

$

869,703

 

$

774,691

 

$

800,020

 



 

 

1

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

2

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

3

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

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited.

6

Annualized.

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

See Notes to Financial Statements.

66


FINANCIAL HIGHLIGHTS

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 




 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30,
2007
(unaudited)

 

Year Ended
October 31,
2006

 

For the Period
August 31, 20051
through
October 31, 2005

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.88

 

$

14.01

 

$

14.33

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.31

 

 

0.37

 

 

0.06

 

Net realized and unrealized gain (loss)

 

 

0.46

 

 

1.71

 

 

(0.26

)

 

 



 



 



 

Net increase (decrease) from investment operations

 

 

0.77

 

 

2.08

 

 

(0.20

)

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.61

)3

 

(0.15

)

 

(0.06

)

Net realized gains

 

 

 

 

(1.06

)

 

(0.04

)

 

 



 



 



 

Total dividends and distributions

 

 

(0.61

)

 

(1.21

)

 

(0.10

)

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.02

)

 

 



 



 



 

Net asset value, end of period

 

$

15.04

 

$

14.88

 

$

14.01

 

 

 



 



 



 

Market price, end of period

 

$

15.00

 

$

14.92

 

$

13.79

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

 

 

 

 

 

 

 

 

At net asset value5

 

 

5.31

%

 

15.72

%

 

(1.42

)%

 

 



 



 



 

At market value

 

 

4.75

%

 

17.97

%

 

(7.40

)%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.18

%6

 

1.19

%

 

1.25

%6

Net expenses

 

 

1.18

%6

 

1.19

%

 

1.25

%6

Net investment income

 

 

2.73

%6

 

2.73

%

 

2.44

%6

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

1,038,094

 

$

989,585

 

$

953,303

 

Portfolio turnover

 

 

73

%

 

138

%

 

5

%

Net assets, end of period (000)

 

$

1,049,539

 

$

1,033,127

 

$

968,245

 


 

 

1

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

2

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

3

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

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited.

6

Annualized.

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

See Notes to Financial Statements.

67


FINANCIAL HIGHLIGHTS

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30,
2007
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year Ended
October 31

 

 

For the Period
March 30, 20041
through
October 31, 2004

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

2006

 

2005

 

 

 

 

 


 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.13

 

$

15.14

 

$

14.96

 

$

14.33

2

 

 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.23

 

 

0.37

 

 

0.46

 

 

0.18

 

Net realized and unrealized gain

 

 

0.81

 

 

1.52

 

 

0.62

 

 

0.92

 

 

 



 



 



 



 

Net increase from investment operations

 

 

1.04

 

 

1.89

 

 

1.08

 

 

1.10

 

 

 



 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.45

)3

 

(0.35

)

 

(0.46

)

 

(0.17

)

Net realized gain

 

 

 

 

(0.55

)

 

(0.42

)

 

 

Tax return of capital

 

 

 

 

 

 

(0.02

)

 

(0.28

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(0.45

)

 

(0.90

)

 

(0.90

)

 

(0.45

)

 

 



 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

(0.02

)

 

 



 



 



 



 

Net asset value, end of period

 

$

16.72

 

$

16.13

 

$

15.14

 

$

14.96

 

 

 



 



 



 



 

Market price, end of period

 

$

15.66

 

$

14.53

 

$

13.20

 

$

14.54

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value5

 

 

6.72

%

 

13.65

%

 

7.62

%

 

7.75

%

 

 



 



 



 



 

At market value

 

 

10.96

%

 

17.43

%

 

(3.46

)%

 

0.01

%

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.95

%6

 

0.96

%

 

0.96

%

 

0.99

%6

Net expenses

 

 

0.95

%6

 

0.96

%

 

0.96

%

 

0.99

%6

Net investment income

 

 

2.58

%6

 

2.57

%

 

3.01

%

 

2.18

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

446,942

 

$

417,199

 

$

410,719

 

$

377,074

 

Portfolio turnover

 

 

%

 

18

%

 

24

%

 

1

%

Net assets, end of period (000)

 

$

449,936

 

$

433,938

 

$

407,366

 

$

402,570

 


 

 

1

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

2

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

3

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

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited.

6

Annualized.

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

See Notes to Financial Statements.

68


FINANCIAL HIGHLIGHTS

BlackRock Global Energy and Resources Trust (BGR)

 


 

 

 

 

 

 

 

 

 

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30,
2007
(unaudited)

 

Year Ended
October 31,
2006

 

For the Period
December 29, 20041
through
October 31, 2005

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

29.67

 

$

28.12

 

$

23.88

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.37

 

 

0.75

 

 

0.56

 

Net realized and unrealized gain

 

 

4.03

 

 

3.65

 

 

4.85

 

 

 



 



 



 

Net increase from investment operations

 

 

4.40

 

 

4.40

 

 

5.41

 

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.09

)3

 

(0.49

)

 

(0.54

)

Net realized gains

 

 

 

 

(2.36

)

 

(0.59

)

 

 



 



 



 

Total dividends and distributions

 

 

(1.09

)

 

(2.85

)

 

(1.13

)

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.04

)

 

 



 



 



 

Net asset value, end of period

 

$

32.98

 

$

29.67

 

$

28.12

 

 

 



 



 



 

Market price, end of period

 

$

30.24

 

$

26.73

 

$

25.16

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

 

 

 

 

 

 

 

 

At net asset value5

 

 

15.61

%

 

17.30

%

 

22.99

%

 

 



 



 



 

At market value

 

 

17.66

%

 

18.11

%

 

5.10

%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.28

%6

 

1.28

%

 

1.30

%6

Net expenses

 

 

1.08

%6

 

1.08

%

 

1.10

%6

Net investment income before

 

 

1.59

%6

 

2.47

%

 

2.59

%6

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

893,934

 

$

889,944

 

$

770,023

 

Portfolio turnover

 

 

21

%

 

40

%

 

64

%

Net assets, end of period (000)

 

$

981,732

 

$

883,104

 

$

836,924

 


 

 


1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

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

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited.

6

Annualized.

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

See Notes to Financial Statements.

69


FINANCIAL HIGHLIGHTS

BlackRock Global Equity Income Trust (BFD)

 


 

 

 

 

 






 

 

 

 

 

 

 

For the Period
March 30, 20071
through
April 30, 2007
(unaudited)

 

 

 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

Net asset value, beginning of period

 

$

19.10

2

 

 



 

Investment operations:

 

 

 

 

Net investment income

 

 

0.02

 

Net realized and unrealized gain

 

 

0.57

 

 

 



 

Net increase from investment operations

 

 

0.59

 

 

 



 

Capital charges with respect to issuance of shares

 

 

(0.02

)

 

 



 

Net asset value, end of period

 

$

19.67

 

 

 



 

Market price, end of period

 

$

20.05

 

 

 



 

 

 

 

 

 

TOTAL INVESTMENT RETURN3

 

 

 

 

At net asset value

 

 

2.98

%

 

 



 

At market value

 

 

0.25

%

 

 



 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:4

 

 

 

 

Total expenses

 

 

1.20

%

Net expenses

 

 

1.20

%

Net investment income

 

 

3.42

%

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

Average net assets (000)

 

$

779,698

 

Portfolio turnover

 

 

1

%

Net assets, end of period (000)

 

$

786,827

 


 

 


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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

4

Annualized.

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

See Notes to Financial Statements.

70


FINANCIAL HIGHLIGHTS

BlackRock Global Opportunities Equity Trust (BOE)

 


 

 

 

 

 

 

 

 

 

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30,
2007
(unaudited)

 

Year Ended
October 31,
2006

 

For the Period
May 31, 20051
through
October 31, 2005

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

26.72

 

$

23.77

 

$

23.88

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.27

 

 

0.58

 

 

0.37

 

Net realized and unrealized gain

 

 

3.20

 

 

4.64

 

 

0.13

 

 

 



 



 



 

Net increase from investment operations

 

 

3.47

 

 

5.22

 

 

0.50

 

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.38

)3

 

(0.59

)

 

(0.23

)

Net realized gains

 

 

 

 

(1.68

)

 

(0.33

)

 

 



 



 



 

Total dividends and distributions

 

 

(1.38

)

 

(2.27

)

 

(0.56

)

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.05

)

 

 



 



 



 

Net asset value, end of period

 

$

28.81

 

$

26.72

 

$

23.77

 

 

 



 



 



 

Market price, end of period

 

$

29.10

 

$

27.61

 

$

23.88

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:4

 

 

 

 

 

 

 

 

 

 

At net asset value5

 

 

13.40

%

 

24.48

%

 

0.81

%

 

 



 



 



 

At market value

 

 

10.85

%

 

26.64

%

 

(2.21

)%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.14

%6

 

1.16

%

 

1.19

%6

Net expenses

 

 

1.14

%6

 

1.16

%

 

1.19

%6

Net investment income

 

 

1.97

%6

 

2.45

%

 

3.66

%6

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

341,793

 

$

314,884

 

$

294,175

 

Portfolio turnover

 

 

88

%

 

184

%

 

55

%

Net assets, end of period (000)

 

$

361,137

 

$

331,744

 

$

294,195

 


 

 


1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

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

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited.

6

Annualized.

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

See Notes to Financial Statements.

71


FINANCIAL HIGHLIGHTS

BlackRock Health Sciences Trust (BME)

 


 

 

 

 

 

 

 

 

 

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30,
2007
(unaudited)

 

Year Ended
October 31,
2006

 

For the Period
March 31, 20051
through
October 31, 2005

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

27.74

 

$

26.38

 

$

23.88

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

0.04

 

 

3

 

(0.03

)

Net realized and unrealized gain

 

 

2.10

 

 

3.28

 

 

3.34

 

 

 



 



 



 

Net increase from investment operations

 

 

2.14

 

 

3.28

 

 

3.31

 

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.46

)4

 

 

 

 

Net realized gains

 

 

 

 

(1.92

)

 

(0.77

)

 

 



 



 



 

Total dividends and distributions

 

 

(1.46

)

 

(1.92

)

 

(0.77

)

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.04

)

 

 



 



 



 

Net asset value, end of period

 

$

28.42

 

$

27.74

 

$

26.38

 

 

 



 



 



 

Market price, end of period

 

$

27.84

 

$

27.32

 

$

25.19

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:5

 

 

 

 

 

 

 

 

 

 

At net asset value6

 

 

8.18

%

 

13.00

%

 

13.88

%

 

 



 



 



 

At market value

 

 

7.60

%

 

16.59

%

 

3.81

%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.13

%7

 

1.15

%

 

1.18

%7

Net expenses

 

 

1.13

%7

 

1.15

%

 

1.18

%7

Net investment income (loss)

 

 

0.23

%7

 

(0.11

)%

 

(0.19

)%7

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

209,163

 

$

206,098

 

$

192,836

 

Portfolio turnover

 

 

57

%

 

181

%

 

104

%

Net assets, end of period (000)

 

$

215,274

 

$

208,151

 

$

198,005

 


 

 


1

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

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Amounted to less than $0.01 per common share outstanding.

4

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

5

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

6

Unaudited.

7

Annualized.

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

See Notes to Financial Statements.

72


FINANCIAL HIGHLIGHTS

BlackRock Real Asset Equity Trust (BCF)

 


 

 

 

 

 

 

 

 







 

 

 

 

 

 

 

 

Six Months Ended
April 30,
2007
(unaudited)

 

For the Period
September 29, 20061
through
October 31, 2006

 

 

 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.33

 

$

14.33

2

 

 



 



 

Investment operations:

 

 

 

 

 

 

 

Net investment income

 

 

0.13

 

 

0.04

 

Net realized and unrealized gain

 

 

2.15

 

 

0.98

 

 

 



 



 

Net increase from investment operations

 

 

2.28

 

 

1.02

 

 

 



 



 

Dividends from net investment income

 

 

(0.54

)3

 

 

 

 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

(0.02

)

 

 



 



 

Net asset value, end of period

 

$

17.07

 

$

15.33

 

 

 



 



 

Market price, end of period

 

$

15.70

 

$

15.00

 

 

 



 



 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:4

 

 

 

 

 

 

 

At net asset value5

 

 

15.43

%

 

6.98

%

 

 



 



 

At market value

 

 

8.50

%

 

%

 

 



 



 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:6

 

 

 

 

 

 

 

Total expenses

 

 

1.12

%

 

1.42

%

Net expenses

 

 

1.08

%

 

1.22

%

Net investment income

 

 

1.46

%

 

2.63

%

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

Average net assets (000)

 

$

895,228

 

$

787,768

 

Portfolio turnover

 

 

37

%

 

%

Net assets, end of period (000)

 

$

968,147

 

$

820,283

 


 

 


1

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

2

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

3

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

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited.

6

Annualized.

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

See Notes to Financial Statements.

73


FINANCIAL HIGHLIGHTS

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30,
2007
(unaudited)

 

 

 

 

 

For the Period
May 28, 20041
through
October 31, 2004

 

 

 

 

Year Ended
October 31

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

 

 

 


 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

18.55

 

$

15.98

 

$

15.29

 

$

14.33

2

 

 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.24

 

 

0.39

 

 

0.56

 

 

0.21

 

Net realized and unrealized gain

 

 

2.06

 

 

3.22

 

 

0.88

 

 

0.96

 

 

 



 



 



 



 

Net increase from investment operations

 

 

2.30

 

 

3.61

 

 

1.44

 

 

1.17

 

 

 



 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.45

)3

 

(0.49

)

 

(0.37

)

 

(0.17

)

Net realized gains

 

 

 

 

(0.55

)

 

(0.38

)

 

 

Tax return of capital

 

 

 

 

4

 

 

 

(0.02

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(0.45

)

 

(1.04

)

 

(0.75

)

 

(0.19

)

 

 



 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

(0.02

)

 

 



 



 



 



 

Net asset value, end of period

 

$

20.40

 

$

18.55

 

$

15.98

 

$

15.29

 

 

 



 



 



 



 

Market price, end of period

 

$

18.68

 

$

16.36

 

$

14.54

 

$

13.80

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value6

 

 

12.88

%

 

24.34

%

 

10.08

%

 

8.13

%

 

 



 



 



 



 

At market value

 

 

17.20

%

 

20.52

%

 

10.97

%

 

(6.80

)%

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.10

%7

 

1.13

%

 

1.14

%

 

1.23

%7

Net expenses

 

 

1.09

%7

 

1.13

%

 

1.14

%

 

1.23

%7

Net investment income

 

 

2.39

%7

 

2.45

%

 

3.35

%

 

3.27

%7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

116,035

 

$

102,587

 

$

96,697

 

$

87,094

 

Portfolio turnover

 

 

3

%

 

10

%

 

38

%

 

4

%

Net assets, end of period (000)

 

$

123,050

 

$

111,925

 

$

96,402

 

$

92,243

 


 

 


1

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

2

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

3

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

4

Amounted to less than $0.01 per share outstanding.

5

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

6

Unaudited.

7

Annualized.

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

See Notes to Financial Statements.

74


FINANCIAL HIGHLIGHTS

BlackRock World Investment Trust (BWC)

 


 

 

 

 

 

 

 

 

 

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30,
2007
(unaudited)

 

Year Ended
October 31,
2006

 

For the Period
October 27, 20051
through
October 31, 2005

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.35

 

$

14.42

 

$

14.33

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.11

 

 

0.30

 

 

 

Net realized and unrealized gain

 

 

1.94

 

 

2.88

 

 

0.11

 

 

 



 



 



 

Net increase from investment operations

 

 

2.05

 

 

3.18

 

 

0.11

 

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.07

)3

 

(0.34

)

 

 

Net realized gains

 

 

 

 

(0.91

)

 

 

 

 



 



 



 

Total dividends and distributions

 

 

(1.07

)

 

(1.25

)

 

 

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.02

)

 

 



 



 



 

Net asset value, end of period

 

$

17.33

 

$

16.35

 

$

14.42

 

 

 



 



 



 

Market price, end of period

 

$

17.39

 

$

16.59

 

$

15.08

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:4

 

 

 

 

 

 

 

 

 

 

At net asset value5

 

 

12.98

%

 

22.47

%

 

0.80

%

 

 



 



 



 

At market value

 

 

11.67

%

 

18.99

%

 

0.53

%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.12

%6

 

1.10

%

 

1.23

%6

Net expenses

 

 

1.12

%6

 

1.10

%

 

1.23

%6

Net investment income

 

 

1.51

%6

 

2.04

%

 

2.59

%6

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

867,183

 

$

808,627

 

$

667,368

 

Portfolio turnover

 

 

86

%

 

153

%

 

%

Net assets, end of period (000)

 

$

902,619

 

$

849,947

 

$

672,981

 


 

 


1

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

2

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

3

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

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited.

6

Annualized.

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

See Notes to Financial Statements.

75


 

NOTES TO FINANCIAL STATEMENTS


Note 1. Organization & Accounting Policies

BlackRock Dividend AchieversTM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend AchieversTM Trust (“Enhanced Dividend Achievers”), BlackRock Strategic Dividend AchieversTM Trust (“Strategic Dividend Achievers”), BlackRock Global Energy and Resources Trust (“Global Energy and Resources”), BlackRock Global Opportunities Equity Trust (“Global Opportunities”), BlackRock Health Sciences Trust (“Health Sciences”), BlackRock Real Asset Equity Trust (“Real Asset”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“S&P Quality Rankings”) and BlackRock World Investment Trust (“World Investment”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except Global Energy and Resources, Global Equity Income, Health Sciences and Real Asset, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). Global Energy and Resources, Global Equity Income, Health Sciences and Real Asset are registered as non-diversified, closed-end management investment companies under the 1940 Act.

          Real Asset was organized on July 19, 2006, and had no transactions until August 23, 2006, when the Trust sold 8,028 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Real Asset commenced on September 29, 2006. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

          Global Equity Income was organized on January 10, 2007, and had no transactions until February 22, 2007 when the Trust sold 6,021 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Global Equity Income commenced on March 30, 2007. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

          Under the Trusts’ organizational documents, their officers and Trustees (as defined below) are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts’ maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.

          The following is a summary of significant accounting policies followed by the Trusts.

Investment Valuation: The Trusts value most of their investments on the basis of current market quotations provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures based on valuation technology commonly employed in the market for such investments. Exchange-traded options are valued at their last sales price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter (“OTC”) options quotations are provided by dealers selected under the supervision of the Board. Considerations utilized by dealers in valuing OTC options include, but are not limited to, volatility factors of the underlying security, price movement of the underlying security in relation to the strike price and the time left until expiration of the option. Investments in open-end investment companies are valued at net asset value. Short-term debt investments having a remaining maturity of 60 days or less when purchased and debt investments originally purchased with maturities in excess of 60 days but which currently have maturities of 60 days or less may be valued at amortized cost. Any investments or other assets for which current market quotations are not readily available are valued at their fair value (“Fair Value Assets”) as determined in good faith under procedures established by and under the general supervision and responsibility of the Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that BlackRock Advisors deems relevant.

          In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications for FAS 157 and its impact on the Trust’s financial statements, if any, has not been determined.

          In addition, in February 2007, Statement of Financial Accounting Standard No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured as fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similiar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Trusts’ financial statements, if any, has not been determined.

Investment Transactions and Investment Income: Investment transactions are recorded on the trade date. The cost of investments sold and the related gain or loss is determined by the use of the specific identified method, generally high cost, for both financial reporting and federal income tax purposes. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except certain

76


dividends from foreign securities where the ex-dividend date may have passed. These dividends are recorded as soon as the Trusts are informed of the ex-dividend date. Dividend income on foreign securities is recorded net of any applicable withholding tax.

Forward Currency Contracts: Certain Trusts may enter into forward currency contracts primarily to facilitate settlement of purchases and sales of foreign securities and to help manage the overall exposure to foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. In the event that a security fails to settle within the normal settlement period, the forward currency contract is renegotiated at a new rate. The gain or loss arising from the difference between the settlement value of the original and renegotiated forward contracts is isolated and is included in net realized gains (losses) from foreign currency transactions. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contract.

          Forward currency contracts, when used by the Trusts, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trusts. Forward currency contracts are not meant to be used to eliminate all of the exposure to the foreign currency, rather they allow the Trusts to limit their exposure to foreign currency within a narrow band consistent with the objectives of the Trusts.

Foreign Currency Translation: Foreign currency amounts are translated into United States dollars on the following basis:

 

 

(i)

market value of investment securities, other assets and liabilities at the current rate of exchange; and

 

(ii)

purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

          The Trusts do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. The Trusts report forward foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

          Net realized and unrealized foreign exchange gains and losses includes realized foreign exchange gains and losses from sales and maturities of foreign portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of interest and discount recorded on the Trusts’ books and the U.S. dollar equivalent amounts actually received or paid, and changes in unrealized foreign exchange gains and losses in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate.

          Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Option Writing/Purchasing: When a Trust writes or purchases an option, an amount equal to the premium received or paid by the Trust is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Trust on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether a Trust has realized a gain or a loss on investment transactions. A Trust, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

          A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period.

          The main risk that is associated with purchasing options is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the loss. The risk associated with writing call options is that a Trust may forgo the opportunity for a profit if the market value of the underlying position increases and the option is exercised. The risk in writing put options is that a Trust may incur a loss if the market value of the underlying position decreases and the option is exercised. In addition, the Trust risks not being able to enter into a closing transaction for the written option as a result of an illiquid market.

          Certain Trusts may invest in over-the-counter (“OTC”) options. OTC options differ from exchange-listed options in that they are two-party contracts, with exercise price, premium and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-listed options. The counterparties to these transactions typically will be major international banks, broker-dealers and financial institutions. The Trusts may be required to restrict the sale of securities being used to cover certain written OTC options. The OTC options written by the Trust will not be issued, guaranteed or cleared by the Options Clearing Corporation. In addition, the Trusts’ ability to terminate the OTC options may be more limited than with exchange-traded options. Banks, broker-dealers or other financial institutions participating in such transaction may fail to settle a transaction in accordance with the terms of the option as written. In the event of default or insolvency of the counterparty, the Trusts may be unable to liquidate an OTC option position.

Financial Futures Contracts: A financial futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received,

77


depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and a Trust’s basis in the contract.

          Financial futures contracts, when used by a Trust, help in maintaining a targeted duration. Financial futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, a Trust may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Segregation: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require a Trust to segregate assets in connection with certain investments (e.g., call options written), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized gains, if any, to shareholders. Therefore, no federal income tax provisions have been recorded.

          In July 2006, the Financial Accounting Standards Board released FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes”. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact on the Trusts’ financial statements has not yet been determined.

Dividends and Distributions: All Trusts except Enhanced Dividend AchieversTM, Real Asset and World Investment declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Enhanced Dividend AchieversTM, Real Asset and World Investment declare and pay dividends and distributions to shareholders monthly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. If the total dividends and distributions made in any tax year exceeds net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax-free return of capital. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities including investment valuations at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the Trusts’ Board, non-interested Trustees (“Independent Trustees”) are required to defer a portion of their annual complex-wide compensation pursuant to the plan. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Independent Trustees. These amounts are shown on the Statement of Assets and Liabilities as “Investments in affiliates.” This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Independent Trustees in order to match its deferred compensation obligations.

Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally prorated to the Trusts on the basis of relative net assets of all of the BlackRock Closed-End Funds.

Note 2. Agreements and Other Transactions with Affiliates Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned sub- and sidiary of BlackRock, Inc., serves as sub-advisor to Dividend AchieversTM, Enhanced Dividend AchieversTM, Strategic Dividend AchieversTM, S&P Quality Rankings and World Investment. State Street Research & Management Company (“SSRM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Global Energy and Resources. BlackRock Investment Management, LLC (“BIM”) and BlackRock Investment Managment International Limited (“BII”), each a wholly owned subsidiary of BlackRock, Inc. serves as sub-advisor to Real Asset. BlackRock Capital Management, Inc. (“BCM”) a wholly owned subsidiary of BlackRock, Inc. and BIM serves as sub-advisor to Global Equity Income. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are principal owners of BlackRock, Inc. The Investment Management Agreement covers both investment advisory and administration services.

          The Trusts’ investment advisory fees paid to the Advisor are computed weekly, accrued daily and payable monthly, based on an annual rate, 0.65% for Dividend AchieversTM, 1.00% for Enhanced Dividend AchieversTM, 0.75% for Strategic Dividend AchieversTM, 1.20% for Global

78


Energy and Resources, 1.00% for Global Equity Income, 1.00% for Global Opportunities, 1.00% for Health Sciences, 1.20% for Real Asset, 0.75% for S&P Quality Rankings and 1.00% for World Investment, of the Trust’s average weekly net assets. “Net assets” means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory fees or some other expenses on Global Energy and Resources and Real Asset as a percentage of its average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2004 through 2009 for Global Energy and Resources and 2006 through 2011 for Real Asset), 0.15% in 2010 for Global Energy and Resources and in 2012 for Real Asset, 0.10% in 2011 for Global Energy and Resources and in 2013 for Real Asset and 0.05% in 2012 for Global Energy and Resources and in 2014 for Real Asset.

          The Advisor pays BFM, SSRM, BCM, BIM and BII fees for its sub-advisory services.

          Pursuant to the Investment Management Agreement, the Advisor provides continuous supervision of the investment portfolios and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. The Trust bears all other costs and expenses, which include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support and compliance support to the Trust. For the six months ended April 30, 2007, the Trusts reimbursed the Advisor the following amounts which are included in miscellaneous expenses in the Statement of Operations:

 

 

 

 

 

 

 

 

 

 

Trust

 

Amount

 

Trust

 

Amount

 


 


 


 


 

Dividend AchieversTM

 

$

14,761

 

Global Opportunities

 

$

6,889

 

Enhanced Dividend AchieversTM

 

 

14,854

 

Health Sciences

 

 

5,034

 

Strategic Dividend AchieversTM

 

 

12,220

 

Real Asset

 

 

6,853

 

Global Energy and Resources

 

 

17,252

 

S&P Quality Rankings

 

 

2,692

 

Global Equity Income

 

 

3,323

 

World Investment

 

 

13,051

 

Dividend Achievers Universe: Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM have been granted a revocable license by Mergent®, Inc. (“Mergent®”) to use the Dividend AchieverTM universe of common stocks. If Mergent® revokes each Trust’s license to use the Dividend AchieversTM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. ‘‘Mergent®’’ and ‘‘Dividend AchieversTM’’ are trademarks of Mergent® and have been licensed for use by Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM. The products are not sponsored, endorsed, sold or promoted by Mergent® and Mergent® makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown on the Statement of Operations.

S&P Quality Rankings: S&P Quality Rankings has been granted a license by Standard & Poor’s®, (“S&P®”) to use the S&P Quality Rankings and the S&P International Quality Rankings. If S&P® terminates the license to use either the S&P Quality Rankings or the S&P International Quality Rankings, the Board may need to adopt a new investment strategy and/or new investment polices. There is no assurance that the Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Standard & Poor’s®”, “S&P®”, “Standard & Poor’s Earnings and Dividend Rankings”, “S&P Earnings and Dividend Rankings”, “Standard & Poor’s Quality Rankings”, “Standard & Poor’s International Quality Rankings”, “S&P International Quality Rankings” and “S&P Quality Rankings” are trademarks of Standard & Poor’s® and have been licensed for use by the Trust. The Trust is not sponsored, managed, advised, sold or promoted by Standard & Poor’s®. The Trust is required to pay a quarterly licensing fee, which is shown on the Statement of Operations.

          During the six months ended April 30, 2007, Merrill Lynch & Co., Inc. through their affiliated broker-dealer Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), earned commissions on transactions of securities as follows:

 

 

 

 

 

Trust

 

Commission
Amount

 


 


 

Enhanced Dividend AchieversTM

 

$

85,948

 

Global Energy and Resources

 

 

21,234

 

Global Equity Income

 

 

13,048

 

Global Opportunities

 

 

32,774

 

Health Sciences

 

 

16,998

 

Real Asset

 

 

59,968

 

World Investment

 

 

88,554

 

79


Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2007, were as follows:

 

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 

 


 


 


 

 

Dividend AchieversTM

 

$

108,063,029

 

$

122,799,836

 

 

Enhanced Dividend AchieversTM

 

 

784,622,746

 

 

725,506,394

 

 

Strategic Dividend AchieversTM

 

 

 

 

15,253,234

 

 

Global Energy and Resources

 

 

183,662,218

 

 

216,013,399

 

 

Global Equity Income

 

 

700,390,806

 

 

3,077,640

 

 

Global Opportunities

 

 

296,624,276

 

 

300,525,049

 

 

Health Sciences

 

 

106,361,539

 

 

128,274,274

 

 

Real Asset

 

 

374,599,970

 

 

281,786,843

 

 

S&P Quality Rankings

 

 

3,033,448

 

 

4,730,944

 

 

World Investment

 

 

733,823,092

 

 

739,417,833

 

 

          Transactions in options written during the six months ended April 30, 2007, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 


 


 

Trust

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 


 


 


 


 


 

Enhanced Dividend AchieversTM

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

6,951,027

 

$

8,225,806

 

 

90,000

 

$

27,000

 

Options written

 

 

23,145,315

 

 

30,939,214

 

 

308,040

 

 

648,791

 

Options expired

 

 

(6,177,047

)

 

(7,035,555

)

 

(153,625

)

 

(222,218

)

Options exercised

 

 

(6,618,870

)

 

(10,061,648

)

 

(91,065

)

 

(79,351

)

Options closed

 

 

(9,877,088

)

 

(12,194,737

)

 

(50,000

)

 

(12,520

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

7,423,337

 

$

9,873,080

 

 

103,350

 

$

361,702

 

 

 



 



 



 



 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

1,136,290

 

$

5,347,629

 

 

511,460

 

$

1,008,817

 

Options written

 

 

2,840,265

 

 

10,046,411

 

 

41,277

 

 

1,266,234

 

Options expired

 

 

(1,224,420

)

 

(5,396,323

)

 

(452,611

)

 

(982,261

)

Options exercised

 

 

(612,150

)

 

(2,183,122

)

 

(29,113

)

 

(248,984

)

Options closed

 

 

(878,925

)

 

(3,708,054

)

 

(66,344

)

 

(748,946

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

1,261,060

 

$

4,106,541

 

 

4,669

 

$

294,860

 

 

 



 



 



 



 

Global Equity Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

$

 

Options written

 

 

4,295

 

 

5,416,127

 

 

 

 

 

Options closed

 

 

(1,220

)

 

(1,170,879

)

 

 

 

 

 

 



 



 



 



 

Options outstanding at end of period

 

 

3,075

 

$

4,245,248

 

 

 

$

 

 

 



 



 



 



 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

8,934,189

 

$

4,111,793

 

 

 

$

 

Options written

 

 

26,763,544

 

 

13,780,151

 

 

140,439

 

 

116,273

 

Options expired

 

 

(4,639,630

)

 

(2,653,344

)

 

(70,206

)

 

(47,618

)

Options exercised

 

 

(13,936,600

)

 

(5,127,155

)

 

(170

)

 

(25,839

)

Options closed

 

 

(7,528,212

)

 

(5,211,692

)

 

(63

)

 

(4,316

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

9,593,291

 

$

4,899,753

 

 

70,000

 

$

38,500

 

 

 



 



 



 



 

80


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 


 


 

Trust

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 


 


 


 


 


 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

235,261

 

$

1,704,633

 

 

 

$

 

Options written

 

 

527,565

 

 

3,184,328

 

 

50,868

 

 

435,219

 

Options expired

 

 

(206,355

)

 

(1,031,088

)

 

(22,510

)

 

(174,960

)

Options exercised

 

 

(96,582

)

 

(1,181,619

)

 

(550

)

 

(35,299

)

Options closed

 

 

(351,158

)

 

(1,796,428

)

 

(1,548

)

 

(106,344

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

108,731

 

$

879,826

 

 

26,260

 

$

118,616

 

 

 



 



 



 



 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

6,843,497

 

$

4,653,527

 

 

5,234,825

 

$

3,404,041

 

Options written

 

 

30,998,129

 

 

21,425,330

 

 

1,539,272

 

 

7,123,671

 

Options expired

 

 

(8,351,822

)

 

(5,726,796

)

 

(5,864,843

)

 

(6,032,460

)

Options exercised

 

 

(11,580,280

)

 

(6,767,496

)

 

(503,235

)

 

(2,101,241

)

Options closed

 

 

(5,997,297

)

 

(5,256,348

)

 

(275,625

)

 

(1,744,151

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

11,912,227

 

$

8,328,217

 

 

130,394

 

$

649,860

 

 

 



 



 



 



 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

24,148,361

 

$

9,547,129

 

 

 

$

 

Options written

 

 

59,876,412

 

 

32,520,016

 

 

357,116

 

 

295,198

 

Options expired

 

 

(12,073,460

)

 

(6,507,831

)

 

(178,524

)

 

(120,844

)

Options exercised

 

 

(32,587,153

)

 

(12,896,596

)

 

(430

)

 

(65,358

)

Options closed

 

 

(17,285,384

)

 

(10,412,368

)

 

(162

)

 

(11,096

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

22,078,776

 

$

12,250,350

 

 

178,000

 

$

97,900

 

 

 



 



 



 



 

          As of April 30, 2007, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

Trust

 

Value

 


 


 

Enhanced Dividend AchieversTM

 

$

507,934,183

 

Global Energy and Resources

 

 

182,785,219

 

Global Equity Income

 

 

8,903,010

 

Global Opportunities

 

 

193,161,193

 

Health Sciences

 

 

47,920,447

 

Real Asset

 

 

315,423,637

 

World Investment

 

 

496,739,517

 

          Details of open forward foreign currency exchange contracts at April 30, 2007, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Foreign
Currency
Bought

 

Settlement
Date

 

Contract to
Purchase/
Receive

 

Value at
Settlement
Date (US$)

 

Value at
April 30,
2007 (US$)

 

Unrealized
Depreciation

 


 


 


 


 


 


 


 

Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sciences

 

Swiss Franc

 

05/03/07

 

 

 

944,000

 

 

 

 

781,618

 

 

 

 

782,558

 

 

$

(940

)

 

 

Euro

 

05/02/07

 

 

 

98,000

 

 

 

 

133,736

 

 

 

 

133,927

 

 

 

(191

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,131

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

81


Note 4. Income Tax Information

The tax character of distributions paid during the year ended October 31, 2006, were as follows:

Distributions Paid From:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period ended October 31, 2006

 

 

 


 

 

 

Ordinary
Income

 

Non-taxable
Return of
Capital

 

Long-term
Capital
Gains

 

Total
Distributions

 

 

 


 


 


 


 

Dividend AchieversTM

 

$

23,135,339

 

$

8,978,900

 

$

16,952,248

 

$

49,066,487

 

Enhanced Dividend AchieversTM

 

 

51,946,761

 

 

 

 

32,569,547

 

 

84,516,308

 

Strategic Dividend AchieversTM

 

 

10,051,697

 

 

 

 

14,165,531

 

 

24,217,228

 

Global Energy and Resources

 

 

42,657,932

 

 

 

 

41,980,821

 

 

84,638,753

 

Global Opportunities

 

 

27,654,546

 

 

 

 

502,975

 

 

28,157,521

 

Health Sciences

 

 

12,399,889

 

 

 

 

2,032,812

 

 

14,432,701

 

S&P Quality Rankings

 

 

3,563,848

 

 

29,330

 

 

2,668,835

 

 

6,262,013

 

World Investment

 

 

64,975,119

 

 

 

 

 

 

64,975,119

 

          For Federal income tax purposes, the Trusts had no capital loss carryforwards at April 30, 2007.

Note 5. Capital

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for the Trusts. At April 30, 2007, the shares owned by an affiliate of the Advisor of the Trusts were as follows:

 

 

 

 

 

Trust

 

 

Common Shares
Owned


 

 


Dividend AchieversTM

 

 

8,028

 

Enhanced Dividend AchieversTM

 

 

8,028

 

Strategic Dividend AchieversTM

 

 

8,028

 

Global Energy and Resources

 

 

4,817

 

Global Equity Income

 

 

6,021

 

Global Opportunities

 

 

4,817

 

Health Sciences

 

 

4,817

 

Real Asset

 

 

8,028

 

S&P Quality Rankings

 

 

8,028

 

World Investment

 

 

8,028

 

          Transaction in common shares of beneficial interest for the periods ended April 30, 2007 and October 31, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Commencement
of Investment
Operations

 

Initial Public
Offering

 

Underwriters’
Exercising the
Over-allotment
Option

 


 

 


 


 


 

Global Equity Income

 

 

March 30, 2007

 

 

 

40,006,021

 

 

 

 

 

 

Real Asset

 

 

September 29, 2006

 

 

 

53,508,028

 

 

 

 

3,200,000

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Reinvestment
of Dividends and
Distributions for
the period ended
October 31, 2006

 

Reinvestment
of Dividends and
Distributions for the
six months ended
April 30, 2007

 


 


 


 

Enhanced Dividend AchieversTM

 

 

 

334,800

 

 

 

 

354,756

 

 

Global Opportunities

 

 

 

36,764

 

 

 

 

120,452

 

 

Health Sciences

 

 

 

 

 

 

 

69,573

 

 

World Investment

 

 

 

 

 

 

 

98,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          Offering costs incurred in connection with the Trusts’ offering of common shares have been charged against the proceeds from the initial common share offering of the common shares for Global Equity Income and Real Asset in the amount of $1,287,151 and $1,254,847, respectively.

82


Note 6. Concentration Risks

As of April 30, 2007, the Trusts listed below had the following industry classifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

Global
Equity Income

 

Global
Opportunities

 

S&P Quality
Rankings

 

World
Investment

 


 


 


 


 


 

Financial Institutions

 

 

 

24

%

 

 

 

21

%

 

 

 

26

%

 

 

 

22

%

 

Energy

 

 

 

15

 

 

 

 

18

 

 

 

 

15

 

 

 

 

18

 

 

Consumer Products

 

 

 

11

 

 

 

 

19

 

 

 

 

11

 

 

 

 

17

 

 

Health Care

 

 

 

11

 

 

 

 

4

 

 

 

 

6

 

 

 

 

5

 

 

Industrials

 

 

 

8

 

 

 

 

5

 

 

 

 

7

 

 

 

 

6

 

 

Telecommunications

 

 

 

8

 

 

 

 

8

 

 

 

 

7

 

 

 

 

8

 

 

Technology

 

 

 

7

 

 

 

 

7

 

 

 

 

9

 

 

 

 

6

 

 

Basic Materials

 

 

 

6

 

 

 

 

6

 

 

 

 

3

 

 

 

 

6

 

 

Media

 

 

 

3

 

 

 

 

1

 

 

 

 

1

 

 

 

 

1

 

 

Entertainment & Leisure

 

 

 

2

 

 

 

 

1

 

 

 

 

1

 

 

 

 

1

 

 

Real Estate

 

 

 

2

 

 

 

 

6

 

 

 

 

8

 

 

 

 

5

 

 

Aerospace & Defense

 

 

 

1

 

 

 

 

1

 

 

 

 

1

 

 

 

 

1

 

 

Automotive

 

 

 

1

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

Transportation

 

 

 

1

 

 

 

 

1

 

 

 

 

 

 

 

 

2

 

 

Building & Development

 

 

 

 

 

 

 

2

 

 

 

 

1

 

 

 

 

2

 

 

Business Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

          As of April 30, 2007, the Trusts listed below had the following geographic concentrations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country

 

Global Energy
and Resources

 

Health
Sciences

 

Real Assets

 

 


 


 


 


 

 

United States

 

 

 

63

%

 

 

 

91

%

 

 

 

47

%

 

 

Canada

 

 

 

17

 

 

 

 

 

 

 

 

12

 

 

 

Switzerland

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

Bermuda

 

 

 

3

 

 

 

 

 

 

 

 

1

 

 

 

Greece

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

2

 

 

 

 

 

 

 

 

9

 

 

 

Norway

 

 

 

2

 

 

 

 

 

 

 

 

2

 

 

 

United Kingdom

 

 

 

2

 

 

 

 

 

 

 

 

14

 

 

 

Brazil

 

 

 

1

 

 

 

 

 

 

 

 

3

 

 

 

Cayman Islands

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

Denmark

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

France

 

 

 

1

 

 

 

 

1

 

 

 

 

1

 

 

 

Hong Kong

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

Italy

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

Japan

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

Netherlands

 

 

 

1

 

 

 

 

 

 

 

 

2

 

 

 

South Africa

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

China

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Mexico

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

New Guinea

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Peru

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Russia

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

83


Note 7. Subsequent Event

On May 8, 2007, Global Equity Income issued an additional 4,919,954 shares from the underwriters’ exercising their over-allotment option in the amount of $93,938,305.

          Subsequent to April 30, 2007, the Board declared distributions per common share for Enhanced Dividend AchieversTM, Global Opportunities, Real Asset, S&P Quality Rankings and World Investment payable May 30, 2007, to shareholders of record on May 15, 2007, and for Dividend AchieversTM, Enhanced Dividend AchieversTM, Strategic Dividend AchieversTM, Global Energy and Resources, Health Sciences, Real Asset and World Investment payable June 29, 2007, to shareholders of record on June 15, 2007. The per share distributions declared were as follows:

 

 

 

 

 

Trust

 

 

Distribution per
Common Share


 

 


Dividend AchieversTM

 

 

0.225000

 

Enhanced Dividend AchieversTM

 

 

0.101875

 

Strategic Dividend AchieversTM

 

 

0.225000

 

Global Energy and Resources

 

 

0.375000

 

Global Equity Income

 

 

0.475000

 

Global Opportunities

 

 

0.568750

 

Health Sciences

 

 

0.384375

 

Real Asset

 

 

0.090600

 

S&P Quality Rankings

 

 

0.225000

 

World Investment

 

 

0.113750

 

84


 

DIVIDEND REINVESTMENT PLANS


          Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions reinvested by The Bank of New York (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.

          The Plan Agent serves as agent for the shareholders in administering the Plan. After a Trust declares a distribution, the Plan Agent will acquire shares for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open-market purchases”). If, on the distribution payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the distribution amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the distribution by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the distribution will be divided by 95% of the market price on the payment date. If, on the distribution payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the distribution amount in shares acquired on behalf of the participants in open-market purchases.

          Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the distribution record date; otherwise such termination or resumption will be effective with respect to any subsequently declared distribution.

          The Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of distributions. The automatic reinvestment of distributions will not relieve participants of any federal income tax that may be payable on such distributions.

          Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at The Bank of New York, Dividend Reinvestment Department, P.O. Box 1958, Newark, New Jersey 07101-9774; or by calling 1-866-216-0242.

85


 

ADDITIONAL INFORMATION


          The Trusts listed for trading on the New York Stock Exchange (“NYSE”) have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards and the Trusts listed for trading on the American Stock Exchange (“AMEX”) have filed with the AMEX their corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

          During the period, there were no material changes in any Trusts’ investment objective or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

          The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

          Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or the Sub-Advisor. They serve in the following capacities for the Advisor or the Sub-Advisor; Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisors, Donald Burke, Anne Ackerley, Bartholomew Battista, Vincent Tritto and Brian Kindelan—Managing Directors of the Advisor and the Sub-Advisors, Neal Andrews—Manging Director of the Advisor, James Kong—Managing Director of the BFM, Jay Fife—Managing Director of the Sub-Advisors, Spencer Fleming—Director of the Advisor and the Sub-Advisor and Robert Mahar—Director of the Sub-Advisor.

Important Information Regarding the BlackRock Closed-End Funds Semi-Annual Investor Update

          The Semi-Annual Investor Update (“Update”) is available on the Internet and may be accessed through BlackRock’s website at http://www.blackrock.com. The Update provides information on the fixed income markets and summaries of BlackRock Closed-End Funds’ investment objectives and strategies. It also contains recent news regarding the BlackRock Closed-End Funds.

          If you would like to receive a hard copy of the BlackRock Closed-End Funds Semi-Annual Investor Update, please call (800) 699-1BFM.

86


 

SECTION 19 NOTICES


          The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Trusts’ investment experience during the remainder of its fiscal year and may be subject to changes based on the tax regulations. The Trusts will send you a Form 1099-DIV for the calendar year that will tell you how to report these dividends and distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fiscal Year to Date
Cumulative Distributions

 

 

 

 

 

 

Percentage of Fiscal Year to Date
Cumulative Distributions by Character

 

 

 

 

 


 

 

 

 

 

 


 

 

 

Trust

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return of
Capital

 

Total Per
Common
Share

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return of
Capital

 

Total Per
Common
Share

 


 


 


 


 


 


 


 


 


 

Dividend Achievers*

 

 

$

0.33

 

 

 

$

 

 

 

$

0.12

 

 

 

$

0.45

 

 

74

%

 

%

 

26

%

 

100%

 

Enhanced Dividend Achievers

 

 

$

0.40

 

 

 

$

0.21

 

 

 

$

 

 

 

$

0.61

 

 

66

%

 

34

%

 

%

 

100%

 

Strategic Dividend Achievers*

 

 

$

0.31

 

 

 

$

 

 

 

$

0.14

 

 

 

$

0.45

 

 

69

%

 

%

 

31

%

 

100%

 

Global Energy and Resources

 

 

$

0.17

 

 

 

$

0.92

 

 

 

$

 

 

 

$

1.09

 

 

16

%

 

84

%

 

%

 

100%

 

Global Opportunities

 

 

$

0.63

 

 

 

$

0.75

 

 

 

$

 

 

 

$

1.38

 

 

46

%

 

54

%

 

%

 

100%

 

Health Sciences

 

 

$

 

 

 

$

1.46

 

 

 

$

 

 

 

$

1.46

 

 

%

 

100

%

 

%

 

100%

 

Real Asset

 

 

$

0.40

 

 

 

$

0.14

 

 

 

$

 

 

 

$

0.54

 

 

74

%

 

26

%

 

%

 

100%

 

S&P Quality Rankings*

 

 

$

0.28

 

 

 

$

 

 

 

$

0.17

 

 

 

$

0.45

 

 

63

%

 

%

 

37

%

 

100%

 

World Investment

 

 

$

0.12

 

 

 

$

0.95

 

 

 

$

 

 

 

$

1.07

 

 

11

%

 

89

%

 

%

 

100%

 


 

 

*

The Trust estimates that is has distributed more than its income and net realized gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Trust is paid back to you. A return of capital does not necessarily reflect the Trusts’ investment performance and should not be confused with ‘yield’ or ‘income.’

87


BlackRock Closed-End Funds

 

 

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer, Lead Trustee1
Richard E. Cavanagh, Lead Trustee2
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito3

Officers
Robert S. Kapito, President
Donald C. Burke, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Neal Andrews, Assistant Treasurer
Jay Fife, Assistant Treasurer
Spencer Fleming, Assistant Treasurer
James Kong, Assistant Treasurer
Robert Mahar, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

Sub-Advisors
BlackRock Financial Management, Inc.4
40 East 52nd Street
New York, NY 10022

BlackRock Capital Management, Inc.5
One Financial Center
Boston, MA 02111

BlackRock Investment Management, LLC6
800 Scudders Mill Road
Princeton, NJ 08356

BlackRock Investment Management International, Ltd.5
33 King William Street
London, EC4R 9AS UK

State Street Research & Management Co.7
One Financial Center
Boston, MA 02111

Accounting Agent
The Bank of New York
2 Hanson Place
Brooklyn, NY 11217

Custodian
The Bank of New York
100 Colonial Center Parkway
Suite 200
Lake Mary, FL 32746

Transfer Agent
The Bank of New York
P.O. Box 11258
Church Street Station
New York, NY 10286
(866) 216-0242

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
4 Times Square
New York, NY 10036

Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022

          This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

BlackRock Closed-End Funds
c/o BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM


 

 


1

Retired, effective December 31, 2006.

2

Effective as of January 1, 2007.

3

Resigned, effective December 31, 2006.

4

For all Trusts except Global Energy and Resources, Global Equity Income, Global Opportunities, Health Sciences and Real Asset.

5

For Real Asset.

6

For Global Equity Income and Real Asset.

7

For Global Energy and Resources.

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (866) 216-0242.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (866)216-0242. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (866) 216-0242 or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Trust’s Form N-Q may also be obtained, upon request, by calling (866) 216-0242.


 

 

This report is for shareholder information. This is not a prospectus intended for
use in the purchase or sale of Trust shares. Statements and other information
contained in this report are as dated and are subject to change.

CEF-SEMI-7-0407

(BLACKROCK LOGO)



Item 2. Code of Ethics.

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

 

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

(a) Not applicable for semi-annual reports.

(b) Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.

Not applicable because no such purchases were made during the period covered by this report.

 

Item 10. Submission of Matters to a Vote of Security Holders.

No matters were voted on by shareholders during the period covered by this report.

 

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

 



(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant's 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.

 

(a) (1) Not applicable.

 

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.

 

(a) (3) Not applicable.

 

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

 



SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)        BlackRock Global Opportunities Equity Trust       

 


By:   /s/ Donald C. Burke  

Name:

 

Donald C. Burke

Title:

 

Treasurer

Date:

 

July 3, 2007

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:   /s/ Robert S. Kapito  

Name:

 

Robert S. Kapito

Title:

 

Principal Executive Officer

Date:

 

July 3, 2007

 

By:   /s/ Donald C. Burke  

Name:

 

Donald C. Burke

Title:

 

Principal Financial Officer

Date:

 

July 3, 2007