BlackRock Enhanced Equity Dividend Trust (BDJ)
Table of Contents

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 811-21784

Name of Fund: BlackRock Enhanced Equity Dividend Trust (formerly, BlackRock Enhanced Dividend Achievers™ Trust) (BDJ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Enhanced Equity Dividend Trust, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2011

Date of reporting period: 04/30/2011


Table of Contents

Item 1     –   Report to Stockholders


Table of Contents
LOGO   April 30, 2011

Semi-Annual Report (Unaudited)

 

u   

BlackRock Equity Dividend Trust (BDV)

u   

BlackRock Enhanced Equity Dividend Trust (BDJ)

u   

BlackRock Strategic Equity Dividend Trust (BDT)

u   

BlackRock EcoSolutions Investment Trust (BQR)

u   

BlackRock Energy and Resources Trust (BGR)

u   

BlackRock Global Opportunities Equity Trust (BOE)

u   

BlackRock Health Sciences Trust (BME)

u   

BlackRock International Growth and Income Trust (BGY)

u   

BlackRock Real Asset Equity Trust (BCF)

u   

BlackRock Resources & Commodities Strategy Trust (BCX)

u   

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

Not FDIC Insured No Bank Guaranteed • May Lose Value


Table of Contents

Table of Contents

 

     Page  

Section 19(b) Disclosure

     2   

Dear Shareholder

     3   

Semi-Annual Report:

  

Trust Summaries

     4   

Derivative Financial Instruments

     26   

Financial Statements:

  

Schedules of Investments

     27   

Statements of Assets and Liabilities

     90   

Statements of Operations

     92   

Statements of Changes in Net Assets

     94   

Financial Highlights

     98   

Notes to Financial Statements

     109   

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

     118   

Officers and Trustees

     121   

Additional Information

     122   

Section 19(b) Disclosure

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

 

Exchange Symbol

  

Amount Per Common Share

BDV

   $0.162500

BDJ

   $0.170000

BDT

   $0.162500

BQR

   $0.235000

BGR

   $0.405000

BOE

   $0.568750

BME

   $0.384375

BGY

   $0.340000

BCF

   $0.271800

BCX

   $0.350000

BQY

   $0.250000

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

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

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

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

 

2   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents

Dear Shareholder

Time and again, we have seen how various global events and developing trends can have significant influence on financial markets. I hope you find that the following review of recent market conditions provides additional perspective on the performance of your investments as you read this shareholder report.

Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into a consumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement. Although the sovereign debt crisis in Europe and high inflation in developing markets that troubled the global economy in 2010 remain challenges today, overall investor confidence has improved considerably. During the first four months of 2011, that confidence was shaken by political turmoil in the Middle East/North Africa region, soaring prices of oil and other commodities, tremendous natural disasters in Japan and a change in the ratings outlook for US debt. However, strong corporate earnings prevailed and financial markets resumed their course while the global economy continued to garner strength.

Equity markets experienced uneven growth and high volatility in 2010, but ended the year with gains. Following a strong start to 2011, the series of confidence-shaking events brought spurts of heightened volatility to markets worldwide, but was not enough to derail the bull market. Overall, global equities posted strong returns over the past 12 months. Emerging market equities, which had outperformed developed markets earlier in the period, fell prey to heightened inflationary pressures and underperformed developed markets later in the period. In the United States, strong corporate earnings and positive signals from the labor market were sources of encouragement for equity investors, although the housing market did not budge from its slump. Early in 2011, the US Federal Reserve announced that it would continue its Treasury purchase program (“QE2”) through to completion and keep interest rates low for an extended period. This compelled investors to continue buying riskier assets, furthering the trend of small cap stocks outperforming large caps.

While fixed income markets saw yields trend lower (pushing bond prices higher) through most of 2010, the abrupt reversal in investor sentiment and risk tolerance in the fourth quarter drove yields sharply upward. Global credit markets were surprisingly resilient in the face of recent headwinds and yields regained relative stability as the period came to a close. Yield curves globally remained steep by historical standards and higher-risk sectors continued to outperform higher-quality assets. The tax-exempt municipal market enjoyed a powerful rally during the period of low yields in 2010, but when that trend reversed, the market was dealt an additional blow as it became evident that the Build America Bond program would not be extended. Meanwhile, municipal finance troubles raised credit concerns among investors and tax-exempt mutual funds experienced heavy outflows, resulting in wider spreads and falling prices. The new year brought relief from these headwinds and a steady rebound in the tax-exempt municipal market.

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

 

Risk Assets Rallied on Growing Investor Confidence: Total Returns as of April 30, 2011

   6-month     12-month  

US large cap equities (S&P 500 Index)

     16.36     17.22

US small cap equities (Russell 2000 Index)

     23.73        22.20   

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

     12.71        19.18   

Emerging market equities (MSCI Emerging Markets Index)

     9.74        20.67   

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

     0.09        0.17   

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

     (3.85     6.37   

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

     0.02        5.36   

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

     (1.68     2.20   

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

     6.18        13.32   

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

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm that delivers consistent long-term investment results with fewer surprises. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

 

Sincerely,
LOGO
Rob Kapito
President, BlackRock Advisors, LLC

 

    THIS PAGE NOT PART OF YOUR FUND REPORT            3


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Equity Dividend Trust

Trust Overview

Effective May 9, 2011, BlackRock Dividend AchieversTM Trust changed its name to BlackRock Equity Dividend Trust.

BlackRock Equity Dividend Trust’s (BDV) (the “Trust”) investment objective is to provide total return through a combination of current income, capital gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance dividend yield.

The Board approved a change to the Trust’s non-fundamental investment policies during the period. Please refer to page 123 in the Additional Information section.

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 9.66% based on market price and 13.61% based on net asset value (“NAV”). For the same period, the benchmark Indxis Broad Dividend Achievers Index (“Dividend Achievers Index”) returned 14.53% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 17.12% and 17.29%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion of relative performance based on NAV pertains to the Dividend Achievers Index.

What factors influenced performance?

 

   

The Trust’s overweight position and strong stock selection in energy were the largest contributors to performance during the six-month period. Overweight positions in the major integrated oil & gas companies as well as select oil services names proved additive amid rising crude prices and improving refining margins. Stock selection and an underweight in financials also added to performance. Our preference for the larger diversified banks and insurance companies aided performance, led by strong returns from JPMorgan Chase & Co. Stock selection in gas utilities and an underweight in the overall utilities sector added to returns.

 

   

Stock selection in the industrials sector was the largest detractor from relative performance during the period, as large-cap holdings in aerospace & defense rallied less sharply than benchmark holdings in machinery and commercial services. Stock selection in consumer discretionary also hurt relative performance, led by Target Corp., which posted modestly negative absolute returns during the six-month period. Stock selection in telecommunication services also detracted from relative returns.

Describe recent portfolio activity.

 

   

Relatively few changes were made to the portfolio during the six-month period. Pursuant to the changes announced on May 9, 2011, Indxis Inc.’s Dividend Achievers will no longer be used as the sole investment universe. Instead, the Trust will alter its investment guidelines to investing across the broader spectrum of dividend-paying equities.

Describe Trust positioning at period end.

 

   

Consistent with the Trust’s long-term objective, the portfolio is positioned to continue to generate current income while producing market-equivalent or better total returns from a portfolio of higher-quality stocks. We continue to see growing measures of strength and stability in the fundamentals of our companies, and believe that our relative positioning in the large-cap space will continue to improve. Underneath the aggregate characteristics and structure of the market, we have seen a clear segmentation of equity returns by beta (sensitivity to market volatility), which we believe is in the process of de-segmenting. It is our view that market leadership will ultimately rest in the hands of large-cap companies that have proven, time and again, that they can reduce costs, increase efficiencies and sustain healthy earnings through market peaks and troughs. Though macroeconomic headwinds and geopolitical risks remained in the headlines for most of the period, the large-cap segment proved resilient and our companies continued to report meaningful levels of growth. Our current sector allocation reflects a higher level of confidence in the global economy, a belief that emerging markets will continue to be an integral part of a wider recovery and the expectation that dividend growth will be an important part of an equity investor’s total return for 2011.

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

 

4   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock Equity Dividend Trust

Trust Information

  

 

Symbol on New York Stock Exchange (“NYSE”)

       BDV  

Initial Offering Date

       December 23, 2003  

Yield on Closing Market Price as of April 30, 2011 ($10.50)1

       6.19%  

Current Quarterly Distribution per Common Share2

       $0.1625  

Current Annualized Distribution per Common Share2

       $0.6500  

 

  1 

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

  2 

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

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 10.50        $ 9.88          6.28 %     $ 10.77        $ 9.56  

Net Asset Value

     $ 11.01        $ 10.00          10.10 %     $ 11.01        $ 9.94  

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

Ten Largest Holdings

 

     4/30/11

International Business Machines Corp.

       5 %

Chevron Corp.

       4  

Caterpillar, Inc.

       4  

Exxon Mobil Corp.

       4  

AT&T Inc.

       3  

Johnson & Johnson

       3  

McDonald’s Corp.

       3  

Abbott Laboratories

       3  

Procter & Gamble Co. (The)

       3  

Coca-Cola Co. (The)

       3  

Sector Allocations

 

     4/30/11   10/31/10

Consumer Staples

       20 %       21 %

Industrials

       15         14  

Energy

       13         11  

Health Care

       11         12  

Utilities

       9         9  

Consumer Discretionary

       8         8  

Financials

       7         7  

Information Technology

       6         6  

Materials

       6         6  

Telecommunication Services

       5         6  

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   5


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Enhanced Equity Dividend Trust

Trust Overview

Effective May 9, 2011, BlackRock Enhanced Dividend AchieversTM Trust changed its name to BlackRock Enhanced Equity Dividend Trust.

BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by utilizing an option writing (selling) strategy to enhance dividend yield. The Trust invests, under normal market conditions, at least 80% of its assets in common stocks that are dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

The Board approved a change to the Trust’s non-fundamental investment policies during the period. Please refer to page 123 in the Additional Information section.

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 4.12% based on market price and 10.85% based on NAV. For the same period, the benchmark Dividend Achievers Index returned 14.53% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 17.12% and 17.29%, respectively. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion of relative performance based on NAV pertains to the Dividend Achievers Index.

What factors influenced performance?

 

   

The Trust’s overweight position and strong stock selection in energy were the largest contributors to performance during the six-month period. Stock selection and an underweight in financials also added to returns, as did stock selection and an underweight in utilities.

 

   

Stock selection in the industrials sector was the primary cause of the Trust’s underperformance relative to the benchmark. Stock selection in consumer discretionary and telecommunication services also hampered performance.

Describe recent portfolio activity.

 

   

Relatively few changes were made to the portfolio during the six-month period. Pursuant to the changes announced on May 9, 2011, Indxis Inc.’s Dividend Achievers will no longer be used as the sole investment universe. Instead, the Trust will alter its investment guidelines to investing across the broader spectrum of dividend-paying equities.

Describe Trust positioning at period end.

 

   

Consistent with the Trust’s long-term objective, the portfolio is positioned to continue to generate current income while producing market- equivalent or better total returns from a portfolio of higher-quality stocks. We continue to see growing measures of strength and stability in the fundamentals of our companies, and believe that our relative positioning in the large-cap space will continue to improve. Underneath the aggregate characteristics and structure of the market, we have seen a clear segmentation of equity returns by beta (sensitivity to market volatility), which we believe is in the process of de-segmenting. It is our view that market leadership will ultimately rest in the hands of large-cap companies that have proven, time and again, that they can reduce costs, increase efficiencies and sustain healthy earnings through market peaks and troughs. Though macroeconomic headwinds and geopolitical risks remained in the headlines for most of the period, the large-cap segment proved resilient and our companies continued to report meaningful levels of growth. Our current sector allocation reflects a higher level of confidence in the global economy, a belief that emerging markets will continue to be an integral part of a wider recovery and the expectation that dividend growth will be an important part of an equity investor’s total return for 2011.

 

   

On June 1, 2011, the Trust announced the reduction of its quarterly distribution per common share effective with its declaration that day. This dividend reduction takes into account the Trust’s relatively high current distribution level, the current level of the Trust’s net assets and current and projected levels of dividend income, option premiums and volatility in the market.

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

 

6   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock Enhanced Equity Dividend Trust

 

Trust Information

    

Symbol on NYSE

       BDJ  

Initial Offering Date

       August 31, 2005  

Yield on Closing Market Price as of April 30, 2011 ($8.84)1

       11.09%  

Current Quarterly Distribution per Common Share2

       $0.245  

Current Annualized Distribution per Common Share2

       $0.980  

 

  1 

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

  2 

The Quarterly Distribution per Common Share, declared on June 1, 2011, was decreased to $0.1700 per share. The yield on Closing Market Price, Current Quarterly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a tax return of capital or net realized gain.

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 8.84        $ 8.99          (1.67 )%     $ 9.28        $ 8.14  

Net Asset Value

     $ 8.71        $ 8.32          4.69 %     $ 8.71        $ 8.12  

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

Ten Largest Holdings

 

     4/30/11

International Business Machines Corp.

   5%

Chevron Corp.

   4

Exxon Mobil Corp.

   4

Johnson & Johnson

   3

AT&T Inc.

   3

Caterpillar, Inc.

   3

Procter & Gamble Co. (The)

   3

Abbott Laboratories

   3

McDonald’s Corp.

   3

Coca-Cola Co. (The)

   3

Sector Allocations

 

     4/30/11   10/31/10

Consumer Staples

       21 %       21 %

Industrials

       14         14  

Energy

       12         11  

Health Care

       11         12  

Utilities

       9         9  

Consumer Discretionary

       8         8  

Financials

       7         7  

Information Technology

       6         6  

Materials

       6         6  

Telecommunication Services

       6         6  

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   7


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Strategic Equity Dividend Trust

Trust Overview

Effective May 9, 2011, BlackRock Strategic Dividend AchieversTM Trust changed its name to BlackRock Strategic Equity Dividend Trust.

BlackRock Strategic Equity Dividend Trust’s (BDT) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing in dividend paying securities and have the potential for capital appreciation. The Trust invests, under normal market conditions, at least 80% of its assets invested in small- and mid-capitalization companies, as defined by the Russell Mid Cap Index. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust utilizes an option writing (selling) strategy to enhance dividend yield.

The Board approved a change to the Trust’s non-fundamental investment policies during the period. Please refer to page 123 in the Additional Information section.

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 13.46% based on market price and 13.92% based on NAV. For the same period, the benchmark Dividend Achievers Index returned 14.53% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 17.12% and 17.29%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion of relative performance based on NAV pertains to the Dividend Achievers Index.

What factors influenced performance?

 

   

Strong stock selection in the consumer discretionary sector was the largest contributor to performance during the six-month period. The Trust’s underweight position and positive stock selection in health care also boosted performance. An underweight and stock selection in consumer staples also added to returns.

 

   

Conversely, stock selection in energy was the largest detractor from relative performance. Stock selection and an underweight in information technology (IT) also hampered relative returns, as did stock selection in materials.

Describe recent portfolio activity.

 

   

Relatively few changes were made to the portfolio during the six-month period. Pursuant to the changes announced on May 9, 2011, Indxis Inc.’s Dividend Achievers will no longer be used as the sole investment universe. Instead, the Trust will alter its investment guidelines to investing across the broader spectrum of dividend-paying equities.

Describe Trust positioning at period end.

 

   

Consistent with the Trust’s long-term objective, the portfolio is positioned to continue to generate current income while producing market- equivalent or better total returns from a portfolio of higher-quality stocks. We continue to see growing measures of strength and stability in the fundamentals of our companies. Though macroeconomic headwinds and geopolitical risks remained in the headlines for most of the period, our companies continued to report meaningful levels of growth. Our current sector allocation reflects a higher level of confidence in the global economy, a belief that emerging markets will continue to be an integral part of a wider recovery and the expectation that dividend growth will be an important part of an equity investor’s total return for 2011.

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

 

8   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock Strategic Equity Dividend Trust

Trust Information

 

Symbol on NYSE

   BDT

Initial Offering Date

   March 30, 2004

Yield on Closing Market Price as of April 30, 2011 ($10.99)1

   5.91%

Current Quarterly Distribution per Common Share2

   $0.1625

Current Annualized Distribution per Common Share2

   $0.6500

 

  1 

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

  2 

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

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 10.99        $ 9.98          10.12 %     $ 11.00        $ 9.90  

Net Asset Value

     $ 12.24        $ 11.07          10.57 %     $ 12.24        $ 11.05  

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

Ten Largest Holdings

 

     4/30/11

Hormel Foods Corp.

       3 %

Stanley Black & Decker, Inc.

       2  

Polaris Industries, Inc.

       2  

NSTAR

       2  

Roper Industries, Inc.

       2  

Pentair, Inc.

       2  

Cincinnati Financial Corp.

       2  

Northeast Utilities

       2  

Cullen/Frost Bankers, Inc.

       2  

Eaton Vance Corp.

       2  

Sector Allocations

 

     4/30/11   10/31/10

Financials

       27 %       29 %

Utilities

       23         23  

Industrials

       17         17  

Consumer Discretionary

       10         9  

Consumer Staples

       9         9  

Materials

       6         6  

Information Technology

       3         3  

Health Care

       3         2  

Telecommunication Services

       1         1  

Energy

       1         1  

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   9


Table of Contents
Trust Summary as of April 30, 2011    BlackRock EcoSolutions Investment Trust

Trust Overview

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

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 11.11% based on market price and 9.97% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 15.73% based on market price and 16.00% based on NAV. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

Seven of the 10 top-performing positions in the portfolio were in agriculture. For most of the six-month period, grains enjoyed significant price strength; the Trust was able to benefit from positive grain price momentum as well as farming’s improving economics as many of the sleeve’s holdings supply farming inputs. Some of the Trust’s holdings in water utilities also contributed strongly to performance. These results were buoyed by investor demand for defensive stocks, improving fundamentals and, in the case of US-based stocks such as American Water and Aqua America, more positive regulatory momentum.

 

   

The outlook for new energy is much improved, and many of the sleeve’s holdings were positive contributors. However, for stock-specific reasons, two of the main detractors from the overall performance of the Trust were new energy holdings: a wind turbine manufacturer reported that orders from its largest customer had been postponed, and a smart metering company issued some cautious guidance for 2011 which led to some share price weakness.

Describe recent portfolio activity.

 

   

During the six-month period, the Trust closed its position in a US-listed Chinese water company Duoyuan Global Water. We also reduced the Trust’s exposure to renewable energy stocks, namely wind and solar companies. The proceeds were reinvested in the energy efficiency space.

Describe Trust positioning at period end.

 

   

At period end, the Trust held 34% in the water sleeve, 43% in the agriculture sleeve and 23% the new energy sleeve.

 

   

On June 1, 2011, the Trust announced the reduction of its quarterly distribution per common share effective with its declaration that day. This dividend reduction takes into account the Trust’s relatively high current distribution level, the current level of the Trust’s net assets and current and projected levels of dividend income, option premiums and volatility in the market.

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

 

10   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents

Trust Information

   BlackRock EcoSolutions Investment Trust

 

      

Symbol on NYSE

   BQR

Initial Offering Date

   September 28, 2007

Yield on Closing Market Price as of April 30, 2011 ($12.31)1

   9.75%

Current Quarterly Distribution per Common Share2

   $0.30

Current Annualized Distribution per Common Share2

   $1.20

 

  1 

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

 

  2 

The Quarterly Distribution per Common Share, declared on June 1, 2011, was decreased to $0.2350 per share. The yield on Closing Market Price, Current Quarterly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a tax return of capital or net realized gain.

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 12.31        $ 11.69          5.30 %     $ 12.66        $ 10.07  

Net Asset Value

     $ 11.10        $ 10.65          4.23 %     $ 11.16        $ 10.29  

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

Ten Largest Holdings

 

     4/30/11

Syngenta AG

       3 %

BrasilAgro - Companhia Brasileira de Propriedades AG

       3  

Johnson Matthey Plc

       3  

Agrium, Inc.

       3  

Potash Corp. of Saskatchewan, Inc.

       2  

Monsanto Co.

       2  

Sao Martinho SA

       2  

Mosaic Co. (The)

       2  

Severn Trent Plc

       2  

Cia de Saneamento de Minas Gerais-COPASA.

       2  

Industry Allocations

 

     4/30/11   10/31/10

Chemicals

       27 %       27 %

Water Utilities

       23         23  

Food Products

       14         14  

Machinery

       9         8  

Electrical Equipment

       3         6  

Electric Utilities

       3         3  

Independent Power Producers & Energy Traders

       3         2  

Real Estate Investment Trusts (REITs)

       3         3  

Electronic Equipment, Instruments, & Components

       2         3  

Commercial Services & Supplies

       2         2  

Oil, Gas & Consumable Fuels

       2         2  

Multi-Utilities

       2         2  

Semiconductors & Semiconductor Equipment

       2          

Construction & Engineering

       2         2  

Other3

       3         3  

 

  3 

Other includes a 1% holding or less in each of the following industries; for 4/30/11, Auto Components, Building Products, Industrial Conglomerates, Paper & Forest Products, Road & Rail and for 10/31/10, Road & Rail, Auto Components and Paper & Forest Products.

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011  

11


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Energy and Resources Trust

Trust Overview

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

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 27.31% based on market price and 30.52% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 15.73% based on market price and 16.00% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

Overall, performance benefited from a favorable market environment for natural resources-related equities in a rising commodity price environment; almost all areas of exposure to this segment contributed to strong absolute and relative performance during the six-month period. Energy stocks were particularly strong as oil prices climbed to more than $100/barrel. The Trust’s emphasis on oil and coal producers was the key driver of outperformance.

 

   

Stock selection in the energy equipment & services segment was the largest detractor, driven by underweight positions in Baker Hughes and Halliburton, two particularly strong names during the period.

Describe recent portfolio activity.

 

   

During the six-month period, portfolio positioning remained largely unchanged. The management team opportunistically added to select natural gas-oriented stocks as the group had lagged their more oil-oriented peers.

Describe Trust positioning at period end.

 

   

Despite recent gains, we remain content with overall positioning as we continue to favor upstream producers of coal and oil; more recently, we added to natural gas producers as this segment has lagged the broad sector. We remain modestly underweight within oil & gas drilling and oil & gas equipment & services and significantly underweight in major integrated oil companies, refiners and downstream-oriented companies.

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

 

12   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock Energy and Resources Trust

Trust Information

 

Symbol on NYSE

   BGR

Initial Offering Date

   December 29, 2004

Yield on Closing Market Price as of April 30, 2011 ($31.44)1

   5.15%

Current Quarterly Distribution per Common Share2

   $0.405

Current Annualized Distribution per Common Share2

   $1.620

 

  1 

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

 

  2 

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

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

 

      4/30/11    10/31/10    Change   High    Low

Market Price

     $ 31.44        $ 25.36          23.97 %     $ 32.13        $ 25.22  

Net Asset Value

     $ 32.88        $ 25.87          27.10 %     $ 32.98        $ 25.87  

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

Ten Largest Holdings

 

     4/30/11

Petrohawk Energy Corp.

       7 %

Massey Energy Co.

       5  

Whiting Petroleum Corp.

       5  

Occidental Petroleum Corp.

       4  

EOG Resources, Inc.

       4  

Peabody Energy Corp.

       3  

Anadarko Petroleum Corp.

       3  

National Oilwell Varco, Inc.

       3  

Apache Corp.

       3  

Halliburton Co.

       3  

Industry Allocations

 

     4/30/11   10/31/10

Oil, Gas & Consumable Fuels

       80 %       74 %

Energy Equipment & Services

       16         17  

Metals & Mining

       3         4  

Construction & Engineering

       1         1  

Gas Utilities

               2  

Pipelines

               1  

Transportation

               1  

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   13


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Global Opportunities Equity Trust

Trust Overview

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

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 7.41% based on market price and 10.50% based on NAV. For the same period, the benchmark MSCI All Country World Index posted a return of 14.06%. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

The Trust’s stock selection in the energy and financials sectors was the largest source of weakness relative to the MSCI All Country World Index. Stock selection in IT, industrials and, to a lesser degree, telecommunication services also detracted from performance.

 

   

Conversely, stock selection in the materials and utilities sectors combined to add the most relative value. The Trust’s exposures to consumer staples and consumer discretionary modestly contributed to performance. From an allocation perspective, the Trust’s underweight positions in financials and utilities were appropriately timed and contributed to relative returns, as both sectors underperformed broader markets during the six-month period.

Describe recent portfolio activity.

 

   

At the sector level, the largest changes occurred in the industrials and financials sectors, where exposure was substantially increased; we also increased the Trust’s energy weighting. Proceeds to fund the buys came primarily from profit taking and selling in IT, utilities, health care and consumer staples. The Trust’s cash position was also reduced.

Describe Trust positioning at period end.

 

   

We remain constructive yet cautious on the markets as we closely monitor the pulse of global growth through the Trust’s focus on sub-industry and company fundamentals. The portfolio is positioned to benefit from continued improvement in industrials, such as construction & engineering, trading companies and employment services; materials exposures to diversified chemicals and miners; consumer discretionary-related industries including tires & rubber and cable & satellite operators; energy-related exposures including oil equipment & services and coal; and health care equipment & services.

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

 

14   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock Global Opportunities Equity Trust

Trust Information

 

Symbol on NYSE

   BOE

Initial Offering Date

   May 31, 2005

Yield on Closing Market Price as of April 30, 2011 ($19.25)1

   11.82%

Current Quarterly Distribution per Common Share2

   $0.56875

Current Annualized Distribution per Common Share2

   $2.27500

 

  1 

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

 

  2 

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

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 19.25        $ 19.06          1.00 %     $ 19.64        $ 17.60  

Net Asset Value

     $ 19.41        $ 18.68          3.91 %     $ 19.41        $ 17.67  

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

Ten Largest Holdings

 

     4/30/11

Exxon Mobil Corp.

       2 %

Royal Dutch Shell Plc, Class A - ADR

       1  

HSBC Holdings Plc

       1  

JPMorgan Chase & Co.

       1  

Boeing Co. (The)

       1  

Hyundai Engineering & Construction Co. Ltd.

       1  

Google, Inc., Class A

       1  

Citigroup, Inc.

       1  

St. Jude Medical, Inc.

       1  

Procter & Gamble Co. (The)

       1  

Geographic Allocations

 

     4/30/11   10/31/10

United States

       39 %       44 %

Germany

       8         7  

Japan

       8         6  

United Kingdom

       6         9  

South Korea

       5         2  

Canada

       4         4  

Netherlands

       4          

Switzerland

       4         2  

Hong Kong

       3         3  

France

       3         2  

Brazil

       2         3  

Spain

       1         2  

China

       1         2  

Other3

       12         14  

 

  3 

Other includes a 1% holding or less in each of the following countries; for 4/30/11, Australia, Thailand, Norway, Denmark, Italy, Belgium, Ireland, Russia, India, Mexico, Malaysia, South Africa, Sweden, Austria, British Virgin Islands and Gibraltar and for 10/31/10, Norway, Mexico, Netherlands, Thailand, Sweden, South Africa, Ireland, Indonesia, Denmark, Finland, Belgium, Taiwan, India and Malaysia.

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   15


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Health Sciences Trust

Trust Overview

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

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 10.47% based on market price and 15.66% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned 16.84%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

The Trust generated strong positive returns during the period, but underperformed the benchmark especially during the months of December and April when benchmark performance was particularly strong. The Trust’s underperformance was due to a combination of stock selection and relative industry allocation. In particular, an underweight allocation to biotechnology detracted from relative returns as the industry performed well on merger and acquisition speculation. Stock selection in the space also had a negative impact on the Trust’s performance. Similarly, an underweight allocation to the managed health care segment, which benefited from reduced regulatory headlines in the new year, detracted from Trust performance, but was partially offset by strong performing stock selection within the allocation.

 

   

The primary drivers of the Trust’s overall positive performance came from beneficial stock selection in pharmaceuticals, life sciences tools, healthcare equipment & supplies and healthcare facilities. The Trust also benefited from an overweight in pharmaceuticals and underweight in life sciences tools.

 

   

The Trust holds cash for transactional liquidity and risk management purposes and its cash investments are actively managed based on market and risk environments. Cash investments by nature will hinder a portfolio’s performance when markets are advancing (and, likewise, will benefit a portfolio in a declining market). The Trust’s cash balance caused a slight drag on relative returns as would be expected during a period in which benchmark performance was strong.

Describe recent portfolio activity.

 

   

The Trust’s largest additions occurred in health care equipment, health care services and health care distributors. These purchases were funded by cash reserves as well as profit taking from reductions in biotechnology, managed health care and pharmaceuticals.

Describe Trust positioning at period end.

 

   

At period end, the portfolio’s allocation (and relative overweight/ underweight) was 33% in health care equipment & supplies and life sciences tools & services (10% overweight), 31% health care providers & services (9% overweight), 21% pharmaceuticals (21% underweight) and 13% biotechnology (1% underweight) with the remaining balance in machinery. We hold a constructive outlook on the sector as we gather continued signals that health care utilization in the United States is positioned to slowly improve. We believe that improving economic data may lead to the possibility of improved health care trends while, at the same time, the healthcare sector continues to benefit from its defensive characteristics.

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

 

16   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock Health Sciences Trust

Trust Information

 

Symbol on NYSE

   BME

Initial Offering Date

   March 31, 2005

Yield on Closing Market Price as of April 30, 2011 ($28.43)1

   5.41%

Current Quarterly Distribution per Common Share2

   $0.384375

Current Annualized Distribution per Common Share2

   $1.537500

 

  1 

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

  2 

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

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 28.43        $ 27.14          4.75 %     $ 28.55        $ 25.56  

Net Asset Value

     $ 29.82        $ 27.19          9.67 %     $ 29.83        $ 26.86  

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

Ten Largest Holdings

 

     4/30/11

Fresenius Medical Care AG & Co. KGaA

       4 %

DaVita, Inc.

       4  

Allergan, Inc.

       3  

Pfizer, Inc.

       3  

Covidien Plc

       3  

UnitedHealth Group, Inc.

       3  

Laboratory Corp. of America Holdings

       3  

Aetna, Inc.

       3  

Baxter International, Inc.

       3  

St. Jude Medical, Inc.

       3  

Industry Allocations

 

     4/30/11   10/31/10

Health Care Providers & Services

       31 %       27 %

Health Care Equipment & Supplies

       24         19  

Pharmaceuticals

       21         23  

Biotechnology

       13         16  

Life Sciences Tools & Services

       9         9  

Machinery

       2          

Health Care Technology

               5  

Chemicals

               1  

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   17


Table of Contents
Trust Summary as of April 30, 2011    BlackRock International Growth and Income Trust

Trust Overview

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

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 5.30% based on market price and 9.86% based on NAV. For the same period, the benchmark MSCI All Country World Index ex-US returned 12.44% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

The Trust’s stock selection within the financials sector, particularly within diversified banking and insurance, was the largest source of weakness relative to the MSCI All Country World Index ex-US. Stock selection in energy and telecommunication services also hampered returns.

 

   

Conversely, stock selection in the IT and consumer discretionary sectors added the most relative value. The Trust’s stock exposures to health care, utilities and materials all contributed to relative returns. From an allocation perspective, the Trust’s underweight positions in financials and utilities were appropriately timed and contributed to relative returns, as both sectors underperformed broader markets during the six-month period.

Describe recent portfolio activity.

 

   

At the sector level, the largest changes occurred in financials and industrials, where exposures substantially increased; we also increased the Trust’s energy weighting. Proceeds to help fund the buys came primarily from profit taking and selling in consumer staples and IT. The Trust’s cash position was also reduced.

Describe Trust positioning at period end.

 

   

We remain constructive yet cautious on the markets as we closely monitor the pulse of global growth through our focus on sub-industry and company fundamentals. The portfolio is positioned to benefit from continued improvement in industrials such as construction & engineering; industrial machinery and employment services; materials exposures including diversified chemicals and miners; consumer discretionary-related industries including auto parts & equipment and luxury goods; energy-related exposures including coal and oil equipment & services; and health care equipment & services.

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

 

18   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock International Growth and Income Trust

Trust Information

 

Symbol on NYSE

   BGY

Initial Offering Date

   May 30, 2007

Yield on Closing Market Price as of April 30, 2011 ($10.43)1

   13.04%

Current Quarterly Distribution per Common Share2

   $0.34

Current Annualized Distribution per Common Share2

   $1.36

 

  1 

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

 

  2 

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

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 10.43        $ 10.56          (1.23 )%     $ 10.98        $ 9.58  

Net Asset Value

     $ 10.84        $ 10.52          3.04 %     $ 10.84        $ 9.66  

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

Ten Largest Holdings

 

     4/30/11

Royal Dutch Shell Plc, Class A - ADR

       2 %

HSBC Holdings Plc

       2  

Xstrata Plc

       1  

BHP Billiton Ltd. - ADR

       1  

Catcher Technology Co. Ltd.

       1  

Telefonica SA

       1  

Imperial Tobacco Group Plc

       1  

Siemens AG

       1  

IHI Corp

       1  

Newcrest Mining Ltd.

       1  

Geographic Allocations

 

     4/30/11   10/31/10

United Kingdom

       13 %       20 %

Japan

       13         12  

Germany

       10         9  

France

       7         3  

Canada

       6         10  

Netherlands

       6         2  

Switzerland

       5         7  

Hong Kong

       5         5  

South Korea

       5         2  

Australia

       4         1  

Brazil

       3         4  

Taiwan

       3         2  

China

       2         2  

Denmark

       2         2  

Norway

       2          

United States

       2          

India

       1          

Italy

       1         1  

Malaysia

       1          

Mexico

       1         2  

Singapore

       1         2  

Spain

       1         3  

Thailand

       1          

Sweden

               2  

Other3

       5         9  

 

  3 

Other includes a 1% holding or less in each of the following countries; for 4/30/11, Austria, South Africa, Russia, Belgium, Bermuda, Sweden, Ireland, British Virgin Island and Gibraltar and for 10/31/10, Norway, Indonesia, South Africa, United States, Thailand, Malaysia, Belgium, Ireland and Finland.

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   19


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Real Asset Equity Trust

Trust Overview

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

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 20.94% based on market price and 20.68% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 15.73% based on market price and 16.00% based on NAV. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

The energy sleeve of the Trust was the largest driver of returns, as energy stocks were particularly strong with oil prices climbing to more than $100/barrel; the Trust’s emphasis on oil and coal producers was the key driver of returns within the energy segment. The metals & mining segment was also a strong contributor, largely as a result of exposure to select diversified metals & mining names; top performers included Iluka Resources, Xstrata and BHP Billiton. The majority of the Trust’s investments in precious metals & minerals also contributed to returns.

 

   

Conversely, select segments within the materials sector created a drag on returns, as they posted relatively low returns during the six-month period. Among these were fertilizers, gold mining names, steel, industrial gases and paper packaging.

Describe recent portfolio activity.

 

   

During the six-month period, the weighting of the three sleeves (energy, natural resources and basic materials) of the portfolio remained constant. In the energy sleeve, the management team opportunistically added to select natural gas-oriented stocks as the group had lagged their more oil-oriented peers. The basic materials sleeve remained relatively unchanged. Within metals, we took profits from Australian mineral sands producer Iluka, as it had performed well on the strength in the mineral sands market. We also increased the Trust’s exposure to copper and bulk commodities within the metals space, notably thermal and coking coal.

Describe Trust positioning at period end.

 

   

At period end, the Trust’s natural resources sleeve (44%) was biased toward diversified metals & mining names and had meaningful exposure to precious metals. Holdings in the energy sleeve (35%) were concentrated in the oil, gas & consumable fuels industry, mostly among exploration & production and coal names. In the basic materials sleeve (21%), the Trust’s industry allocation was most heavily weighted in chemicals.

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

 

20   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
   BlackRock Real Asset Equity Trust

Trust Information

 

Symbol on NYSE

   BCF

Initial Offering Date

   September 29, 2006

Yield on Closing Market Price as of April 30, 2011 ($15.70)1

   6.92%

Current Quarterly Distribution per Common Share2

   $0.2718

Current Annualized Distribution per Common Share2

   $1.0872

 

  1 

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

 

  2 

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

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

 

      4/30/11    10/31/10    Change   High    Low

Market Price

     $ 15.70        $ 13.46          16.64 %     $ 16.03        $ 13.15  

Net Asset Value

     $ 15.62        $ 13.42          16.39 %     $ 15.62        $ 13.42  

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

Ten Largest Holdings

 

     4/30/11

Rio Tinto Plc

       4 %

BHP Billiton Plc

       4  

Xstrata Plc

       3  

Caterpillar, Inc.

       3  

E.I. du Pont de Nemours & Co.

       3  

Vale SA - ADR

       3  

Industrias Penoles SAB de CV

       2  

Iluka Resources Ltd.

       2  

Praxair, Inc.

       2  

Vedanta Resources Plc

       2  

Industry Allocations

 

     4/30/11   10/31/10

Metals & Mining

       44 %       45 %

Oil, Gas & Consumable Fuels

       29         28  

Chemicals

       11         11  

Energy Equipment & Services

       6         5  

Paper & Forest Products

       5         5  

Machinery

       4         4  

Containers & Packaging

       1         1  

Gas Utilities

               1  

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   21


Table of Contents
Trust Summary as of April 30, 2011    BlackRock Resources & Commodities Strategy Trust

Trust Overview

BlackRock Resources & Commodities Strategy Trust’s (BCX) (the “Trust”) primary investment objective is to seek high current income and current gains, with a secondary objective of capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources The Trust utilizes an option writing (selling) strategy to enhance dividend yield.

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the period beginning with the Trust’s initial trading date of March 30, 2011 through April 30, 2011, the Trust returned 0.10% based on market price and 0.47% based on NAV. For the period of April 1, 2011 through April 30, 2011, the closed-end Lipper Sector Equity Funds category posted an average return of 1.83% based on market price and 3.30% based on NAV. All returns reflect reinvestment of dividends. The Trust ended the period trading at a premium to NAV, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

The Trust began investing the proceeds of its offering period on April 1, 2011. The management team is leveraging the pullback in the natural resources space since the end of the first quarter 2011 as an opportunity to initiate portfolio positions at attractive prices and will continue to invest the portfolio during the coming months.

 

   

The earnings generated through the Trust’s option writing strategy enhanced performance for the period.

Describe recent portfolio activity.

 

   

The proceeds of the Trust’s offering are being gradually invested in order to take advantage of the recent pullback in the natural resources market.

 

   

We invested the proceeds gradually in order to spread costs over a period of time, as we anticipated commodity prices would come down.

 

   

We focused attention on the metals space and de-emphasized the agriculture space in the first month.

Describe Trust positioning at period end.

 

   

The Trust was partially invested at the end of the period; we will continue to invest the proceeds of the Trust’s offering so as to initiate positions at attractive levels with potential for both capital appreciation and income.

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

 

22   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents

BlackRock Resources & Commodities Strategy Trust

Trust Information

 

Symbol on NYSE

   BCX

Initial Offering Date

   March 30, 2011

Yield on Closing Market Price as of April 30, 2011 ($20.02)1

   0.00%

Current Quarterly Distribution per Common Share2

   $0.00

Current Annualized Distribution per Common Share2

   $0.00

 

  1 

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

 

  2 

The Quarterly Distribution per Common Share, declared on May 2, 2011, was $0.35 per share. The yield on Closing Market Price, Current Quarterly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a tax return of capital or net realized gain.

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

 

     4/30/11    3/30/11    Change   High    Low

Market Price

     $ 20.02        $ 20.00          0.10 %     $ 20.14        $ 20.00  

Net Asset Value

     $ 19.19        $ 19.10          0.47 %     $ 19.19        $ 18.80  

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

Ten Largest Holdings

 

     4/30/11

Agnico-Eagle Mines Ltd

       4 %

Monsanto Co.

       4  

Franco-Nevada Corp.

       3  

Potash Corp. of Saskatchewan, Inc.

       3  

Plains All American Pipeline LP

       3  

Enterprise Products Partners LP

       3  

Silver Wheaton Corp.

       3  

Williams Partners LP

       2  

Seabridge Gold, Inc.

       2  

Fresnillo Plc

       2  

Industry Allocations

 

     4/30/11

Oil, Gas & Consumable Fuels

       50 %

Metals & Mining

       27  

Chemicals

       12  

Energy Equipment & Services

       5  

Food Products

       3  

Machinery

       2  

Commercial Services & Supplies

       1  

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

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   23


Table of Contents
Trust Summary as of April 30, 2011    BlackRock S&P Quality Rankings Global Equity Managed Trust

Trust Overview

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

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

Portfolio Management Commentary

How did the Trust perform?

 

   

For the six months ended April 30, 2011, the Trust returned 10.13% based on market price and 12.02% based on NAV. For the same period, the benchmark MSCI World Value Index returned 15.17%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

   

Stock selection in the industrials sector was the largest contributor to performance during the six-month period. Stock selection in utilities and materials also added to returns.

 

   

Conversely, stock selection in consumer discretionary was the largest detractor from relative performance. An underweight position in energy also hurt relative performance, as did stock selection in IT. The Trust’s period-end cash position hurt relative performance amid strong gains by the US equity market.

Describe recent portfolio activity.

 

   

During the six-month period, there were no significant changes made to the portfolio.

Describe Trust positioning at period end.

 

   

Consistent with the Trust’s long-term objective, the portfolio is positioned to continue to generate current income while producing market-equivalent or better total returns from a portfolio of higher-quality stocks. We continue to see growing measures of strength and stability in the fundamentals of our companies, and believe that our relative positioning in the large-cap space will continue to improve. Underneath the aggregate characteristics and structure of the market, we have seen a clear segmentation of equity returns by beta, which we believe is in the process of de-segmenting. It is our view that market leadership will ultimately rest in the hands of large cap companies who have proven, time and again, that they can reduce costs, increase efficiencies and sustain healthy earnings through market peaks and troughs. Our current sector allocation reflects a higher level of confidence in the global economy, a belief that emerging markets will continue to be an integral part of a wider recovery and the expectation that dividend growth will be an important part of an equity investor’s total return for 2011.

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

 

24   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents

BlackRock S&P Quality Rankings Global Equity Managed Trust

Trust Information

 

Symbol on NYSE Amex

   BQY

Initial Offering Date

   May 28, 2004

Yield on Closing Market Price as of April 30, 2011 ($14.27)1

   7.01%

Current Quarterly Distribution per Common Share2

   $0.25

Current Annualized Distribution per Common Share2

   $1.00

 

  1 

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

 

  2 

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

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

 

     4/30/11    10/31/10    Change   High    Low

Market Price

     $ 14.27        $ 13.44          6.18 %     $ 14.36        $ 12.70  

Net Asset Value

     $ 15.40        $ 14.26          7.99 %     $ 15.40        $ 13.64  

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

Ten Largest Holdings

 

     4/30/11

Exxon Mobil Corp.

       3 %

AT&T Inc.

       3  

Chevron Corp.

       2  

Emerson Electric Co.

       2  

Royal Bank of Canada

       2  

International Business Machines Corp.

       2  

Bank of Montreal

       2  

Caterpillar, Inc.

       2  

Santos Ltd.

       2  

HSBC Holdings Plc

       2  

Geographic Allocations

 

     4/30/11   10/31/10

United States

       50 %       50 %

United Kingdom

       8         8  

Canada

       7         7  

Australia

       6         5  

France

       5         5  

Japan

       4         5  

Sweden

       4         4  

Germany

       4         4  

Hong Kong

       2         2  

Spain

       2         2  

Italy

       2         2  

Singapore

       2         2  

Other3

       4         4  

 

  3 

Other includes a 1% holding or less in each of the following countries; for 4/30/11, Belgium, Switzerland, Finland, Portugal, and Netherlands and for 10/31/10, Belgium, Switzerland, Portugal and Finland.

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   25


Table of Contents

Derivative Financial Instruments

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

 

26   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Equity Dividend Trust (BDV)
   (Percentages shown are based on Net Assets)
  

Common Stocks

   Shares      Value  

Aerospace & Defense – 5.2%

     

General Dynamics Corp. (a)

     168,500       $ 12,270,170   

Raytheon Co. (a)

     125,500         6,093,025   

United Technologies Corp. (a)

     142,300         12,747,234   
           
        31,110,429   
           

Beverages – 6.3%

     

Brown-Forman Corp., Class B

     116,000         8,335,760   

Coca-Cola Co. (The)

     239,200         16,136,432   

PepsiCo, Inc. (a)

     195,075         13,438,717   
           
        37,910,909   
           

Capital Markets – 0.7%

     

T. Rowe Price Group, Inc. (a)

     59,900         3,848,575   
           

Chemicals – 4.3%

     

Air Products & Chemicals, Inc.

     26,200         2,502,624   

E.I. du Pont de Nemours & Co. (a)

     178,300         10,125,657   

PPG Industries, Inc.

     58,900         5,576,063   

RPM International, Inc.

     191,800         4,507,300   

Sherwin-Williams Co. (The)

     20,300         1,670,487   

Valspar Corp.

     42,500         1,670,675   
           
        26,052,806   
           

Commercial Banks – 1.8%

     

Bank of Hawaii Corp.

     56,100         2,737,119   

Cullen/Frost Bankers, Inc.

     45,700         2,707,268   

Toronto-Dominion Bank (The) (a)

     33,800         2,928,094   

U.S. Bancorp (a)

     102,200         2,638,804   
           
        11,011,285   
           

Commercial Services & Supplies – 0.5%

     

Pitney Bowes, Inc.

     128,054         3,145,006   
           

Diversified Financial Services – 1.9%

     

JPMorgan Chase & Co. (a)

     247,700         11,302,551   
           

Diversified Telecommunication Services – 5.3%

     

AT&T Inc.

     605,400         18,840,048   

CenturyLink, Inc. (a)

     324,400         13,229,032   
           
        32,069,080   
           

Electric Utilities – 4.7%

     

NextEra Energy, Inc. (a)

     167,500         9,475,475   

Northeast Utilities

     244,000         8,686,400   

PPL Corp. (a)

     76,400         2,095,652   

Progress Energy, Inc.

     163,400         7,753,330   
           
        28,010,857   
           

Electrical Equipment – 2.1%

     

Emerson Electric Co. (a)

     210,100         12,765,676   
           

Energy Equipment & Services – 1.0%

     

Halliburton Co. (a)

     113,200         5,714,336   
           

Food & Staples Retailing – 1.5%

     

Sysco Corp. (a)

     93,875         2,713,926   

Wal-Mart Stores, Inc. (a)

     117,800         6,476,644   
           
        9,190,570   
           

Food Products – 1.3%

     

General Mills, Inc. (a)

     130,100         5,019,258   

Kraft Foods, Inc., Class A

     89,000         2,988,620   
           
        8,007,878   
           

Gas Utilities – 2.3%

     

Atmos Energy Corp.

     113,200         3,949,548   

National Fuel Gas Co. (a)

     47,100         3,452,430   

Questar Corp. (a)

     188,200         3,306,674   

UGI Corp.

     99,800         3,323,340   
           
        14,031,992   
           

Health Care Equipment & Supplies – 2.0%

     

Becton Dickinson & Co. (a)

     39,400         3,386,036   

Medtronic, Inc. (a)

     206,800         8,633,900   
           
        12,019,936   
           

Hotels, Restaurants & Leisure – 3.0%

     

McDonald’s Corp. (a)

     227,300         17,799,863   
           

Household Products – 5.8%

     

Clorox Co. (a)

     87,200         6,074,352   

Colgate-Palmolive Co.

     60,900         5,136,915   

Kimberly-Clark Corp.

     103,950         6,866,937   

Procter & Gamble Co. (The)

     262,400         17,029,760   
           
        35,107,964   
           

Industrial Conglomerates – 2.7%

     

3M Co.

     130,000         12,637,300   

General Electric Co.

     177,500         3,629,875   
           
        16,267,175   
           

Insurance – 2.8%

     

Chubb Corp.

     107,100         6,981,849   

Travelers Cos., Inc. (The) (a)

     156,100         9,878,008   
           
        16,859,857   
           

IT Services – 5.6%

     

Automatic Data Processing, Inc. (a)

     53,000         2,880,550   

International Business Machines Corp. (a)

     171,500         29,254,470   

Paychex, Inc.

     49,200         1,609,332   
           
        33,744,352   
           

Portfolio Abbreviations

 

To simplify the listings of the portfolio holdings in the Trusts’ Schedules of Investments, the names and descriptions of many securities have been abbreviated according to the following list:   ADR   American Depositary Receipt   JPY   Japanese Yen
  AUD   Australian Dollar   KRW   South Korean Won
  BRL   Brazil Real   MXN   Mexican Peso
  CAD   Canadian Dollar   MYR   Malaysian Ringgit
  CHF   Swiss Franc   NOK   Norwegian Krone
  CLP   Chilean Peso   PEN   Peruvian Neuvo Sol
  DKK   Danish Krone   PHP   Philippine Peso
  EUR   Euro   SEK   Swedish Krona
  GBP   British Pound   SGD   Singapore Dollar
  GDR   Global Depositary Receipt   TWD   Taiwan Dollar
  HKD   Hong Kong Dollar   USD   US Dollar
  ILS   Israeli Shekel   ZAR   South African Rand

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   27


Table of Contents
Schedule of Investments (continued)    BlackRock Equity Dividend Trust (BDV)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Machinery – 4.2%

     

Caterpillar, Inc. (a)

     202,700       $ 23,393,607   

Pentair, Inc.

     41,500         1,666,640   
           
        25,060,247   
           

Media – 0.3%

     

McGraw-Hill Cos., Inc. (The)

     40,200         1,626,894   
           

Metals & Mining – 2.0%

     

BHP Billiton Ltd.–ADR (a)

     87,300         8,838,252   

Nucor Corp. (a)

     70,400         3,305,984   
           
        12,144,236   
           

Multiline Retail – 1.2%

     

Family Dollar Stores, Inc.

     27,500         1,490,775   

Target Corp.

     117,950         5,791,345   
           
        7,282,120   
           

Multi-Utilities – 0.9%

     

NSTAR

     72,800         3,370,640   

Vectren Corp.

     65,900         1,883,422   
           
        5,254,062   
           

Oil, Gas & Consumable Fuels – 11.9%

     

Chevron Corp. (a)

     238,150         26,063,136   

Exxon Mobil Corp.

     265,800         23,390,400   

Marathon Oil Corp.

     132,200         7,144,088   

Murphy Oil Corp. (a)

     194,900         15,100,852   
           
        71,698,476   
           

Personal Products – 0.6%

     

Avon Products, Inc. (a)

     124,100         3,646,058   
           

Pharmaceuticals – 8.7%

     

Abbott Laboratories

     332,700         17,313,708   

Eli Lilly & Co. (a)

     147,000         5,440,470   

Johnson & Johnson (a)

     286,300         18,815,636   

Merck & Co., Inc. (a)

     155,900         5,604,605   

Pfizer, Inc.

     229,500         4,810,320   
           
        51,984,739   
           

Semiconductors & Semiconductor Equipment – 0.5%

     

Linear Technology Corp. (a)

     85,400         2,971,920   
           

Specialty Retail – 1.9%

     

Lowe’s Cos., Inc.

     262,900         6,901,125   

TJX Cos., Inc.

     87,900         4,713,198   
           
        11,614,323   
           

Textiles, Apparel & Luxury Goods – 1.1%

     

VF Corp.

     64,300         6,466,008   
           

Tobacco – 3.6%

     

Altria Group, Inc. (a)

     582,000         15,620,880   

Philip Morris International, Inc.

     48,200         3,347,008   

Universal Corp.

     59,700         2,589,786   
           
        21,557,674   
           

Water Utilities – 0.8%

     

Aqua America, Inc. (a)

     147,600         3,328,380   

California Water Service Group

     41,700         1,572,924   
           
        4,901,304   
           

Total Long-Term Investments
(Cost – $513,759,770) – 98.5%

        592,179,158   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (b)(c)

     14,185,874         14,185,874   
           

Total Short-Term Securities
(Cost – $14,185,874) – 2.3%

        14,185,874   
           

Total Investments Before Outstanding Options Written
(Cost – $527,945,644*) – 100.8%

        606,365,032   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.5)%

     

3M Co., Strike Price USD 91.30, Expires 6/03/11

     260         (154,418

Abbott Laboratories, Strike Price USD 48.25, Expires 5/10/11

     665         (252,035

Air Products & Chemicals, Inc., Strike Price USD 92, Expires 6/06/11

     50         (21,608

Aqua America, Inc., Strike Price USD 22.50, Expires 6/20/11

     100         (4,000

AT&T Inc., Strike Price USD 30.80, Expires 5/23/11

     680         (38,496

Automatic Data Processing, Inc., Strike Price USD 52.50, Expires 6/20/11

     106         (25,175

Avon Products, Inc., Strike Price USD 29, Expires 5/23/11

     250         (23,750

Becton Dickinson & Co., Strike Price USD 80, Expires 5/23/11

     79         (48,585

BHP Billiton Ltd. – ADR, Strike Price USD 100, Expires 5/23/11

     87         (28,058

BHP Billiton Ltd. – ADR, Strike Price USD 100, Expires 6/20/11

     87         (40,672

Caterpillar, Inc., Strike Price USD 106.50, Expires 5/23/11

     115         (105,621

Caterpillar, Inc., Strike Price USD 110, Expires 5/23/11

     115         (72,162

CenturyLink, Inc., Strike Price USD 40, Expires 5/23/11

     650         (79,625

Chevron Corp., Strike Price USD 110, Expires 5/23/11

     475         (68,875

Clorox Co., Strike Price USD 70, Expires 5/23/11

     175         (16,625

E.I. du Pont de Nemours & Co., Strike Price USD 55, Expires 5/23/11

     180         (37,440

Eli Lilly & Co., Strike Price USD 36, Expires 5/23/11

     180         (18,900

Eli Lilly & Co., Strike Price USD 35.50, Expires 5/26/11

     115         (17,770

Emerson Electric Co., Strike Price USD 57.50, Expires 5/23/11

     420         (144,900

Exxon Mobil Corp., Strike Price USD 82.50, Expires 5/23/11

     265         (147,933

General Dynamics Corp., Strike Price USD 75, Expires 5/23/11

     340         (15,300

General Mills, Inc., Strike Price USD 36, Expires 5/23/11

     75         (19,650

General Mills, Inc., Strike Price USD 37, Expires 5/23/11

     70         (11,935

Halliburton Co., Strike Price USD 46, Expires 5/23/11

     60         (28,500

Halliburton Co., Strike Price USD 48, Expires 5/23/11

     110         (33,550

International Business Machines Corp., Strike Price USD 165, Expires 5/23/11

     345         (204,412

 

See Notes to Financial Statements.     
28   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Equity Dividend Trust (BDV)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (concluded)

     

Johnson & Johnson, Strike Price USD 60, Expires 5/23/11

     570       $ (327,750

JPMorgan Chase & Co., Strike Price USD 45, Expires 5/23/11

     495         (59,895

Linear Technology Corp., Strike Price USD 33, Expires 5/23/11

     170         (34,850

Lowe’s Cos, Inc., Strike Price USD 26.50, Expires 5/23/11

     525         (26,939

McDonald’s Corp., Strike Price USD 77.50, Expires 6/20/11

     455         (80,308

McGraw-Hill Cos., Inc. (The), Strike Price USD 39.50, Expires 5/18/11

     80         (9,513

Medtronic, Inc., Strike Price USD 39, Expires 5/23/11

     140         (39,830

Medtronic, Inc., Strike Price USD 41, Expires 5/23/11

     150         (17,250

Medtronic, Inc., Strike Price USD 40, Expires 5/23/11

     125         (24,250

Merck & Co., Inc., Strike Price USD 34, Expires 5/23/11

     155         (31,775

Merck & Co., Inc., Strike Price USD 34, Expires 5/31/11

     155         (30,724

Murphy Oil Corp., Strike Price USD 75, Expires 5/23/11

     95         (34,200

Murphy Oil Corp., Strike Price USD 75, Expires 6/20/11

     95         (41,800

National Fuel Gas Co., Strike Price USD 75, Expires 6/20/11

     95         (18,525

NextEra Energy, Inc., Strike Price USD 55, Expires 5/23/11

     335         (58,625

Northeast Utilities, Strike Price USD 34.50, Expires 5/23/11

     120         (14,061

Nucor Corp., Strike Price USD 46, Expires 5/23/11

     140         (22,190

Paychex, Inc., Strike Price USD 32.35, Expires 5/23/11

     100         (6,565

PepsiCo, Inc., Strike Price USD 65, Expires 5/23/11

     390         (154,050

PPL Corp., Strike Price USD 27, Expires 6/20/11

     40         (3,400

Procter & Gamble Co. (The), Strike Price USD 63.75, Expires 5/31/11

     525         (80,806

Questar Corp., Strike Price USD 17, Expires 5/23/11

     370         (24,050

Raytheon Co., Strike Price USD 49, Expires 5/23/11

     250         (15,000

Sysco Corp., Strike Price USD 28, Expires 5/23/11

     185         (21,738

T. Rowe Price Group, Inc., Strike Price USD 65, Expires 6/20/11

     120         (19,500

Toronto-Dominion Bank (The), Strike Price USD 90, Expires 5/23/11

     70         (2,100

Travelers Cos., Inc. (The), Strike Price USD 60, Expires 5/23/11

     155         (52,700

U.S. Bancorp, Strike Price USD 25.25, Expires 6/01/11

     102         (9,251

U.S. Bancorp, Strike Price USD 25, Expires 6/20/11

     103         (12,824

UGI Corp., Strike Price USD 32.25, Expires 6/14/11

     200         (26,665

United Technologies Corp., Strike Price USD 85, Expires 5/23/11

     285         (135,375

Wal-Mart Stores, Inc., Strike Price USD 52.50, Expires 5/23/11

     235         (59,220
           

Total Exchange-Traded Call Options Written

        (3,155,724
           

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

     

Altria Group, Inc., Strike Price USD 26.78, Expires 6/08/11, Broker Morgan Stanley & Co., Inc.

     116,500         (42,422

Aqua America, Inc., Strike Price USD 22.25, Expires 5/03/11, Broker UBS Securities LLC

     9,600         (3,149

Aqua America, Inc., Strike Price USD 23.18, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     10,000         (454

AT&T Inc., Strike Price USD 28.50, Expires 5/09/11, Broker Citigroup Global Markets, Inc.

     53,000         (138,860

Atmos Energy Corp., Strike Price USD 35.50, Expires 5/02/11, Broker Citigroup Global Markets, Inc.

     11,200         (260

Atmos Energy Corp., Strike Price USD 33.39, Expires 5/31/11, Broker Deutsche Bank Securities Corp.

     11,300         (19,934

Bank of Hawaii Corp., Strike Price USD 48.23, Expires 5/17/11, Broker Morgan Stanley & Co., Inc.

     11,000         (11,089

Brown-Forman Corp., Class B, Strike Price USD 68.69, Expires 5/18/11, Broker Citigroup Global Markets, Inc.

     6,000         (19,660

Brown-Forman Corp., Class B, Strike Price USD 68.69, Expires 6/10/11, Broker Citigroup Global Markets, Inc.

     6,000         (21,350

Brown-Forman Corp., Class B, Strike Price USD 72.16, Expires 6/22/11, Broker Morgan Stanley & Co., Inc.

     11,000         (22,015

California Water Service Group, Strike Price USD 35.56, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     4,300         (9,288

California Water Service Group, Strike Price USD 35.41, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     4,000         (9,228

Chubb Corp., Strike Price USD 64.51, Expires 6/13/11, Broker Morgan Stanley & Co., Inc.

     21,500         (30,941

Coca-Cola Co. (The), Strike Price USD 65.79, Expires 5/10/11, Broker Citigroup Global Markets, Inc.

     48,000         (81,578

Colgate-Palmolive Co., Strike Price USD 78.37, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     12,000         (71,760

Cullen/Frost Bankers, Inc., Strike Price USD 58.50, Expires 5/05/11, Broker UBS Securities LLC

     9,000         (8,248

E.I du Pont de Nemours & Co., Strike Price USD 55.95, Expires 6/10/11, Broker Citigroup Global Markets, Inc.

     17,700         (31,194

Exxon Mobil Corp., Strike Price USD 83.08, Expires 5/09/11, Broker UBS Securities LLC

     26,500         (130,380

Family Dollar Stores, Inc., Strike Price USD 51.62, Expires 5/13/11, Broker Morgan Stanley & Co., Inc.

     5,500         (14,647

General Electric Co., Strike Price USD 20.37, Expires 5/20/11, Broker Goldman Sachs & Co.

     35,500         (14,396

General Mills, Inc., Strike Price USD 37.72, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     11,500         (10,967

Halliburton Co., Strike Price USD 46.10, Expires 5/05/11, Broker Citigroup Global Markets, Inc.

     6,000         (26,256

Kimberly-Clark Corp., Strike Price USD 66.16, Expires 6/09/11, Broker Goldman Sachs & Co.

     21,000         (12,810

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   29


Table of Contents
Schedule of Investments (continued)    BlackRock Equity Dividend Trust (BDV)
   (Percentages shown are based on Net Assets)
  
  

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Kraft Foods, Inc., Class A, Strike Price USD 31, Expires 5/10/11, Broker Morgan Stanley & Co., Inc.

     18,000       $ (46,440

Marathon Oil Corp., Strike Price USD 51.55, Expires 5/05/11, Broker Citigroup Global Markets, Inc.

     26,000         (66,200

Murphy Oil Corp., Strike Price USD 72.69, Expires 5/06/11, Broker Morgan Stanley & Co., Inc.

     20,000         (96,941

Northeast Utilities, Strike Price USD 34.51, Expires 5/09/11, Broker Goldman Sachs & Co.

     24,500         (26,800

Northeast Utilities, Strike Price USD 34.12, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     12,400         (18,352

NSTAR, Strike Price USD 47.61, Expires 6/06/11, Broker Morgan Stanley & Co., Inc.

     7,400         (2,896

NSTAR, Strike Price USD 44.27, Expires 6/13/11, Broker Citigroup Global Markets, Inc.

     7,100         (15,414

Pentair, Inc., Strike Price USD 36.27, Expires 5/04/11, Broker Societe General Securities Corp.

     4,500         (17,510

Pentair, Inc., Strike Price USD 40.04, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     3,800         (1,970

Pfizer, Inc., Strike Price USD 20.25, Expires 5/09/11, Broker Credit Suisse First Boston

     23,000         (17,815

Pfizer, Inc., Strike Price USD 20.53, Expires 5/25/11, Broker Goldman Sachs & Co.

     11,000         (7,982

Pfizer, Inc., Strike Price USD 20.50, Expires 5/31/11, Broker UBS Securities LLC

     12,000         (9,481

Philip Morris International, Inc., Strike Price USD 63.16, Expires 5/05/11, Broker JPMorgan Chase Securities

     9,600         (60,312

Pitney Bowes, Inc., Strike Price USD 25.65, Expires 5/09/11, Broker Credit Suisse First Boston

     25,500         (1,085

PPG Industries, Inc., Strike Price USD 89.28, Expires 5/10/11, Broker UBS Securities LLC

     12,000         (64,680

PPL Corp., Strike Price USD 26.11, Expires 5/06/11, Broker UBS Securities LLC

     11,300         (14,916

Progress Energy, Inc., Strike Price USD 47, Expires 5/13/11, Broker Deutsche Bank Securities Corp.

     32,500         (18,934

RPM International, Inc., Strike Price USD 23.29, Expires 5/09/11, Broker Credit Suisse First Boston

     19,300         (9,008

RPM International, Inc., Strike Price USD 23.94, Expires 6/30/11, Broker Citigroup Global Markets, Inc.

     19,000         (12,730

Sherwin-Williams Co. (The), Strike Price USD 86.42, Expires 5/12/11, Broker Goldman Sachs & Co.

     4,000         (293

TJX Cos., Inc., Strike Price USD 51.58, Expires 6/03/11, Broker Morgan Stanley & Co., Inc.

     17,500         (47,075

Travelers Cos., Inc. (The), Strike Price USD 63.76, Expires 5/31/11, Broker Morgan Stanley & Co., Inc.

     16,000         (12,320

Universal Corp., Strike Price USD 43.88, Expires 5/02/11, Broker Morgan Stanley & Co., Inc.

     6,000         (994

Universal Corp., Strike Price USD 41.76, Expires 5/05/11, Broker UBS Securities LLC

     6,000         (9,837

Vectren Corp., Strike Price USD 27.33, Expires 5/06/11, Broker Morgan Stanley & Co., Inc.

     5,900         (7,399

Vectren Corp., Strike Price USD 27.35, Expires 5/31/11, Broker UBS Securities LLC

     7,000         (8,610

VF Corp., Strike Price USD 97.67, Expires 5/05/11, Broker UBS Securities LLC

     13,000         (40,396
           

Total Over-the-Counter Call Options Written

        (1,367,276
           

Total Options Written

     

(Premiums Received – $2,406,605) – (0.7)%

        (4,523,000
           

Total Investments Net of Outstanding Options
Written – 100.1%

        601,842,032   

Liabilities in Excess of Other
Assets – (0.1)%

        (493,124
           

Net Assets – 100.0%

      $ 601,348,908   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 538,472,438   
        

Gross unrealized appreciation

   $ 68,957,766   

Gross unrealized depreciation

     (1,065,172
        

Net unrealized appreciation

   $ 67,892,594   
        

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Represents the current yield as of report date.
(c) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
     Net
Activity
     Shares
Held at
April 30,
2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

     6,437,531         7,748,343         14,185,874       $ 9,373   

 

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

 

See Notes to Financial Statements.     
30   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (concluded)    BlackRock Equity Dividend Trust (BDV)
  

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1      Level 2      Level 3      Total  

Assets:

           

Investments in Securities:

           

Long-Term Investments:

           

Common Stocks1

   $ 592,179,158         –           –         $ 592,179,158   

Short-Term Securities

     14,185,874         –           –           14,185,874   
                                   

Total

   $ 606,365,032         –           –         $ 606,365,032   
                                   

 

1

See above Schedule of Investments for values in each industry.

 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments2

         

Liabilities:

         

Equity contracts

   $ (2,213,319   $ (2,309,681     –         $ (4,523,000

 

2

Derivative financial instruments are options which are shown at value.

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   31


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Enhanced Equity Dividend Trust (BDJ)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Aerospace & Defense – 5.1%

     

General Dynamics Corp. (a)

     172,600       $ 12,568,732   

Raytheon Co. (a)

     132,500         6,432,875   

United Technologies Corp. (a)

     144,500         12,944,310   
           
        31,945,917   
           

Beverages – 6.5%

     

Brown-Forman Corp., Class B

     122,900         8,831,594   

Coca-Cola Co. (The)

     248,500         16,763,810   

PepsiCo, Inc. (a)

     216,600         14,921,574   
           
        40,516,978   
           

Capital Markets – 0.6%

     

T. Rowe Price Group, Inc. (a)

     60,800         3,906,400   
           

Chemicals – 4.1%

     

Air Products & Chemicals, Inc.

     27,100         2,588,592   

E.I. du Pont de Nemours & Co. (a)

     176,000         9,995,040   

PPG Industries, Inc.

     59,150         5,599,732   

RPM International, Inc.

     193,400         4,544,900   

Sherwin-Williams Co. (The)

     20,800         1,711,632   

Valspar Corp.

     24,800         974,888   
           
        25,414,784   
           

Commercial Banks – 1.8%

     

Bank of Hawaii Corp.

     59,000         2,878,610   

Cullen/Frost Bankers, Inc.

     48,300         2,861,292   

Toronto-Dominion Bank (The) (a)

     34,800         3,014,724   

U.S. Bancorp (a)

     98,900         2,553,598   
           
        11,308,224   
           

Commercial Services & Supplies – 0.5%

     

Pitney Bowes, Inc.

     128,700         3,160,872   
           

Diversified Financial Services – 1.9%

     

JPMorgan Chase & Co. (a)

     258,500         11,795,355   
           

Diversified Telecommunication Services – 5.4%

     

AT&T Inc.

     643,900         20,038,168   

CenturyLink, Inc. (a)

     340,800         13,897,824   
           
        33,935,992   
           

Electric Utilities – 4.8%

     

NextEra Energy, Inc. (a)

     178,000         10,069,460   

Northeast Utilities

     257,900         9,181,240   

PPL Corp. (a)

     83,500         2,290,405   

Progress Energy, Inc.

     174,700         8,289,515   
           
        29,830,620   
           

Electrical Equipment – 2.1%

     

Emerson Electric Co.

     216,600         13,160,616   
           

Energy Equipment & Services – 0.9%

     

Halliburton Co. (a)

     108,600         5,482,128   
           

Food & Staples Retailing – 1.7%

     

Sysco Corp. (a)

     101,500         2,934,365   

Wal-Mart Stores, Inc. (a)

     142,200         7,818,156   
           
        10,752,521   
           

Food Products – 1.6%

     

General Mills, Inc. (a)

     171,400         6,612,612   

Kraft Foods, Inc., Class A

     96,700         3,247,186   
           
        9,859,798   
           

Gas Utilities – 2.3%

     

Atmos Energy Corp.

     117,500         4,099,575   

National Fuel Gas Co. (a)

     45,800         3,357,140   

Questar Corp. (a)

     196,100         3,445,477   

UGI Corp.

     101,800         3,389,940   
           
        14,292,132   
           

Health Care Equipment & Supplies – 2.0%

     

Becton Dickinson & Co. (a)

     41,300         3,549,322   

Medtronic, Inc. (a)

     215,100         8,980,425   
           
        12,529,747   
           

Hotels, Restaurants & Leisure – 3.0%

     

McDonald’s Corp. (a)

     235,500         18,442,005   
           

Household Products – 6.1%

     

Clorox Co. (a)

     94,900         6,610,734   

Colgate-Palmolive Co.

     68,100         5,744,235   

Kimberly-Clark Corp.

     111,900         7,392,114   

Procter & Gamble Co. (The)

     287,300         18,645,770   
           
        38,392,853   
           

Industrial Conglomerates – 2.7%

     

3M Co.

     136,200         13,240,002   

General Electric Co.

     177,600         3,631,920   
           
        16,871,922   
           

Insurance – 2.8%

     

Chubb Corp.

     112,400         7,327,356   

Travelers Cos., Inc. (The) (a)

     161,500         10,219,720   
           
        17,547,076   
           

IT Services – 5.8%

     

Automatic Data Processing, Inc. (a)

     55,060         2,992,511   

International Business Machines Corp. (a)

     185,300         31,608,474   

Paychex, Inc.

     51,200         1,674,752   
           
        36,275,737   
           

Machinery – 3.3%

     

Caterpillar, Inc. (a)

     161,700         18,661,797   

Pentair, Inc.

     44,100         1,771,056   
           
        20,432,853   
           

Media – 0.3%

     

McGraw-Hill Cos., Inc. (The)

     42,200         1,707,834   
           

Metals & Mining – 2.0%

     

BHP Billiton Ltd. - ADR (a)

     89,500         9,060,980   

Nucor Corp. (a)

     73,000         3,428,080   
           
        12,489,060   
           

Multiline Retail – 1.2%

     

Family Dollar Stores, Inc.

     24,900         1,349,829   

Target Corp.

     124,300         6,103,130   
           
        7,452,959   
           

Multi-Utilities – 0.9%

     

NSTAR

     75,300         3,486,390   

Vectren Corp.

     68,200         1,949,156   
           
        5,435,546   
           

Oil, Gas & Consumable Fuels – 11.3%

     

Chevron Corp. (a)

     230,000         25,171,200   

Exxon Mobil Corp. (a)

     267,400         23,531,200   

Marathon Oil Corp.

     125,700         6,792,828   

 

See Notes to Financial Statements.     
32   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    Enhanced Equity Dividend Trust (BDJ)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Oil, Gas & Consumable Fuels (concluded)

     

Murphy Oil Corp. (a)

     197,900       $ 15,333,292   
           
        70,828,520   
           

Personal Products – 0.6%

     

Avon Products, Inc. (a)

     134,100         3,939,858   
           

Pharmaceuticals – 9.1%

     

Abbott Laboratories

     357,000         18,578,280   

Eli Lilly & Co. (a)

     173,600         6,424,936   

Johnson & Johnson (a)

     314,400         20,662,368   

Merck & Co., Inc. (a)

     167,000         6,003,650   

Pfizer, Inc. (a)

     232,200         4,866,912   
           
        56,536,146   
           

Semiconductors & Semiconductor Equipment – 0.5%

     

Linear Technology Corp. (a)

     90,400         3,145,920   
           

Specialty Retail – 1.9%

     

Lowe’s Cos., Inc.

     269,200         7,066,500   

TJX Cos., Inc.

     91,500         4,906,230   
           
        11,972,730   
           

Textiles, Apparel & Luxury Goods – 1.1%

     

VF Corp.

     65,900         6,626,904   
           

Tobacco – 3.5%

     

Altria Group, Inc.

     581,200         15,599,408   

Philip Morris International, Inc.

     51,400         3,569,216   

Universal Corp.

     64,000         2,776,320   
           
        21,944,944   
           

Water Utilities – 0.8%

     

Aqua America, Inc. (a)

     149,600         3,373,480   

California Water Service Group

     45,800         1,727,574   
           
        5,101,054   
           

Total Long-Term Investments
(Cost – $546,634,816) – 98.2%

        613,036,005   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (b)(c)

     25,896,956         25,896,956   
           

Total Short-Term Securities
(Cost – $25,896,956) – 4.2%

        25,896,956   
           

Total Investments Before Outstanding Options Written
(Cost – $572,531,772*) – 102.4%

        638,932,961   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (1.4)%

     

3M Co., Strike Price USD 91.30, Expires 6/03/11

     750         (445,437

Abbott Laboratories, Strike Price USD 48.25, Expires 5/10/11

     1,965         (744,735

Air Products & Chemicals, Inc., Strike Price USD 92, Expires 6/06/11

     150         (64,826

Aqua America, Inc., Strike Price USD 22.50, Expires 6/20/11

     275         (11,000

AT&T Inc., Strike Price USD 30.80, Expires 5/23/11

     580         (32,835

Automatic Data Processing, Inc., Strike Price USD 52.50, Expires 6/20/11

     300         (71,250

Avon Products, Inc., Strike Price USD 29, Expires 5/23/11

     750         (71,250

Becton Dickinson & Co., Strike Price USD 80, Expires 5/23/11

     227         (139,605

BHP Billiton Ltd. – ADR, Strike Price USD 100, Expires 5/23/11

     250         (80,625

BHP Billiton Ltd. – ADR, Strike Price USD 100, Expires 6/20/11

     250         (116,875

Caterpillar, Inc., Strike Price USD 106.50, Expires 5/23/11

     315         (289,310

Caterpillar, Inc., Strike Price USD 110, Expires 5/23/11

     305         (191,388

CenturyLink, Inc., Strike Price USD 40, Expires 5/23/11

     1,870         (229,075

Chevron Corp., Strike Price USD 110, Expires 5/23/11

     1,265         (183,425

Clorox Co., Strike Price USD 70, Expires 5/23/11

     525         (49,875

E.I. du Pont de Nemours & Co., Strike Price USD 55, Expires 5/23/11

     490         (101,920

Eli Lilly & Co., Strike Price USD 36, Expires 5/23/11

     480         (50,400

Eli Lilly & Co., Strike Price USD 35.50, Expires 5/26/11

     475         (73,399

Exxon Mobil Corp., Strike Price USD 82.50, Expires 5/23/11

     365         (203,757

Exxon Mobil Corp., Strike Price USD 85, Expires 6/20/11

     750         (281,250

General Dynamics Corp., Strike Price USD 75, Expires 5/23/11

     950         (42,750

General Mills, Inc., Strike Price USD 36, Expires 5/23/11

     310         (81,220

General Mills, Inc., Strike Price USD 37, Expires 5/23/11

     305         (52,002

Halliburton Co., Strike Price USD 46, Expires 5/23/11

     250         (118,750

Halliburton Co., Strike Price USD 48, Expires 5/23/11

     100         (30,500

International Business Machines Corp., Strike Price USD 160, Expires 5/23/11

     510         (541,875

International Business Machines Corp., Strike Price USD 165, Expires 5/23/11

     510         (302,175

Johnson & Johnson, Strike Price USD 60, Expires 5/23/11

     1,730         (994,750

JPMorgan Chase & Co., Strike Price USD 45, Expires 5/23/11

     1,420         (171,820

Linear Technology Corp., Strike Price USD 33, Expires 5/23/11

     500         (102,500

Lowe’s Cos., Inc., Strike Price USD 26.50, Expires 5/23/11

     1,480         (75,943

McDonald’s Corp., Strike Price USD 77.50, Expires 6/20/11

     1,295         (228,568

McGraw-Hill Cos., Inc. (The), Strike Price USD 39.50, Expires 5/18/11

     230         (27,349

Medtronic, Inc., Strike Price USD 39, Expires 5/23/11

     580         (165,010

Medtronic, Inc., Strike Price USD 41, Expires 5/23/11

     600         (69,000

Merck & Co., Inc., Strike Price USD 34, Expires 5/23/11

     460         (94,300

Merck & Co., Inc., Strike Price USD 34, Expires 5/31/11

     460         (91,180

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   33


Table of Contents
Schedule of Investments (continued)    BlackRock Enhanced Equity Dividend Trust (BDJ)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (concluded)

     

Murphy Oil Corp., Strike Price USD 75, Expires 5/23/11

     270       $ (97,200

Murphy Oil Corp., Strike Price USD 75, Expires 6/20/11

     270         (118,800

National Fuel Gas Co., Strike Price USD 75, Expires 6/20/11

     250         (48,750

NextEra Energy, Inc., Strike Price USD 55, Expires 5/23/11

     980         (171,500

Northeast Utilities, Strike Price USD 34.50, Expires 5/23/11

     700         (82,025

Nucor Corp., Strike Price USD 46, Expires 5/23/11

     400         (63,400

Paychex, Inc., Strike Price USD 32.35, Expires 5/23/11

     280         (18,381

PepsiCo, Inc., Strike Price USD 65, Expires 5/23/11

     1,190         (470,050

Pfizer, Inc., Strike Price USD 20, Expires 5/23/11

     535         (56,710

PPL Corp., Strike Price USD 27, Expires 6/20/11

     120         (10,200

Procter & Gamble Co. (The), Strike Price USD 63.75, Expires 5/31/11

     1,580         (243,192

Questar Corp., Strike Price USD 17, Expires 5/23/11

     1,080         (70,200

Raytheon Co., Strike Price USD 49, Expires 5/23/11

     730         (43,800

Sysco Corp., Strike Price USD 28, Expires 5/23/11

     560         (65,800

T. Rowe Price Group, Inc., Strike Price USD 65, Expires 6/20/11

     340         (55,250

Toronto-Dominion Bank (The), Strike Price USD 90, Expires 5/23/11

     190         (5,700

Travelers Cos., Inc. (The), Strike Price USD 60, Expires 5/23/11

     450         (153,000

U.S. Bancorp, Strike Price USD 25.25, Expires 6/01/11

     273         (24,759

U.S. Bancorp, Strike Price USD 25, Expires 6/20/11

     272         (33,864

UGI Corp., Strike Price USD 32.25, Expires 6/14/11

     560         (74,662

United Technologies Corp., Strike Price USD 85, Expires 5/23/11

     95         (45,125

Wal-Mart Stores, Inc., Strike Price USD 52.50, Expires 5/23/11

     785         (197,820
           

Total Exchange-Traded Call Options Written

        (8,772,117
           

Over-the-Counter Call Options Written – (0.8)%

     

Altria Group, Inc., Strike Price USD 26.78, Expires 6/08/11, Broker Morgan Stanley & Co., Inc.

     319,500         (116,343

Aqua America, Inc., Strike Price USD 22.25, Expires 5/03/11, Broker UBS Securities LLC

     26,600         (8,724

Aqua America, Inc., Strike Price USD 23.18, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     28,000         (1,270

AT&T Inc., Strike Price USD 28.50, Expires 5/09/11, Broker Citigroup Global Markets, Inc.

     296,000         (775,520

Atmos Energy Corp., Strike Price USD 35.50, Expires 5/02/11, Broker Citigroup Global Markets, Inc.

     32,200         (747

Atmos Energy Corp., Strike Price USD 33.39, Expires 5/31/11, Broker Deutsche Bank Securities Corp.

     32,800         (57,860

Bank of Hawaii Corp., Strike Price USD 48.23, Expires 5/17/11, Broker Morgan Stanley & Co., Inc.

     32,500         (32,762

Brown-Forman Corp., Class B, Strike Price USD 68.69, Expires 5/18/11, Broker Citigroup Global Markets, Inc.

     17,000         (55,704

Brown-Forman Corp., Class B, Strike Price USD 68.69, Expires 6/10/11, Broker Citigroup Global Markets, Inc.

     17,000         (60,491

Brown-Forman Corp., Class B, Strike Price USD 72.16, Expires 6/22/11, Broker Morgan Stanley & Co., Inc.

     33,500         (67,046

California Water Service Group, Strike Price USD 35.56, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     12,700         (27,432

California Water Service Group, Strike Price USD 35.41, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     12,500         (28,839

Chubb Corp., Strike Price USD 64.51, Expires 6/13/11, Broker Morgan Stanley & Co., Inc.

     62,000         (89,225

Coca-Cola Co. (The), Strike Price USD 65.79, Expires 5/10/11, Broker Citigroup Global Markets, Inc.

     137,000         (232,838

Colgate-Palmolive Co., Strike Price USD 78.37, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     37,500         (224,250

Cullen/Frost Bankers, Inc., Strike Price USD 58.50, Expires 5/05/11, Broker UBS Securities LLC

     26,500         (24,285

E.I. du Pont de Nemours & Co., Strike Price USD 55.95, Expires 6/10/11, Broker Citigroup Global Markets, Inc.

     47,800         (84,242

Emerson Electric Co., Strike Price USD 58.20, Expires 5/03/11, Broker Goldman Sachs & Co.

     119,000         (304,640

Exxon Mobil Corp., Strike Price USD 83.08, Expires 5/09/11, Broker UBS Securities LLC

     35,800         (176,136

Family Dollar Stores, Inc., Strike Price USD 51.62, Expires 5/13/11, Broker Morgan Stanley & Co., Inc.

     14,000         (37,283

General Electric Co., Strike Price USD 20.36, Expires 5/20/11, Broker Citigroup Global Markets, Inc.

     97,500         (39,938

General Mills, Inc., Strike Price USD 37.72, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     33,000         (31,470

Halliburton Co., Strike Price USD 46.10, Expires 5/05/11, Broker Citigroup Global Markets, Inc.

     25,000         (109,400

Kimberly-Clark Corp., Strike Price USD 66.16, Expires 6/09/11, Broker Goldman Sachs & Co.

     61,500         (37,515

Kraft Foods, Inc., Class A, Strike Price USD 31, Expires 5/10/11, Broker Morgan Stanley & Co., Inc.

     53,000         (136,740

Marathon Oil Corp., Strike Price USD 51.55, Expires 5/05/11, Broker Citigroup Global Markets, Inc.

     69,000         (175,684

Murphy Oil Corp., Strike Price USD 72.69, Expires 5/06/11, Broker Morgan Stanley & Co., Inc.

     55,500         (269,012

Northeast Utilities, Strike Price USD 34.12, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     72,000         (106,560

NSTAR, Strike Price USD 47.61, Expires 6/06/11, Broker Morgan Stanley & Co., Inc.

     20,000         (7,828

NSTAR, Strike Price USD 44.27, Expires 6/13/11, Broker Citigroup Global Markets, Inc.

     21,400         (46,459

 

 

See Notes to Financial Statements.     
34   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Enhanced Equity Dividend Trust (BDJ)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (concluded)

     

Pentair, Inc., Strike Price USD 36.27, Expires 5/04/11, Broker Societe General Securities Corp.

     12,500       $ (48,638

Pentair, Inc., Strike Price USD 40.04, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     11,800         (6,116

Pfizer, Inc., Strike Price USD 20.25, Expires 5/09/11, Broker Credit Suisse First Boston

     64,000         (49,573

Pfizer, Inc., Strike Price USD 20.53, Expires 5/25/11, Broker Goldman Sachs & Co.

     10,000         (7,256

Philip Morris International, Inc., Strike Price USD 63.16, Expires 5/05/11, Broker JPMorgan Chase Securities

     28,300         (177,795

Pitney Bowes, Inc., Strike Price USD 25.65, Expires 5/09/11, Broker Credit Suisse First Boston

     71,000         (3,022

PPG Industries, Inc., Strike Price USD 89.28, Expires 5/10/11, Broker UBS Securities LLC

     32,500         (175,175

PPL Corp., Strike Price USD 26.11, Expires 5/06/11, Broker UBS Securities LLC

     34,000         (44,880

Progress Energy, Inc., Strike Price USD 47, Expires 5/13/11, Broker Deutsche Bank Securities Corp.

     96,000         (55,929

RPM International, Inc., Strike Price USD 22.68, Expires 5/03/11, Broker Credit Suisse First Boston

     41,000         (33,777

RPM International, Inc., Strike Price USD 23.29, Expires 5/09/11, Broker Credit Suisse First Boston

     32,700         (15,261

RPM International, Inc., Strike Price USD 23.94, Expires 6/30/11, Broker Citigroup Global Markets, Inc.

     32,700         (21,909

Sherwin-Williams Co. (The), Strike Price USD 86.42, Expires 5/12/11, Broker Goldman Sachs & Co.

     11,500         (842

TJX Cos., Inc., Strike Price USD 51.58, Expires 6/03/11, Broker Morgan Stanley & Co., Inc.

     50,500         (135,845

Travelers Cos., Inc. (The), Strike Price USD 63.76, Expires 5/31/11, Broker Morgan Stanley & Co., Inc.

     44,000         (33,880

United Technologies Corp., Strike Price USD 85.68, Expires 5/05/11, Broker Morgan Stanley & Co., Inc.

     70,000         (273,000

Universal Corp., Strike Price USD 43.88, Expires 5/02/11, Broker Morgan Stanley & Co., Inc.

     17,700         (2,933

Universal Corp., Strike Price USD 41.76, Expires 5/05/11, Broker UBS Securities LLC

     17,500         (28,692

Vectren Corp., Strike Price USD 27.33, Expires 5/06/11, Broker Morgan Stanley & Co., Inc.

     18,400         (23,074

Vectren Corp., Strike Price USD 27.35, Expires 5/31/11, Broker UBS Securities LLC

     19,000         (23,370

VF Corp., Strike Price USD 97.67, Expires 5/05/11, Broker UBS Securities LLC

     36,500         (113,419
           

Total Over-the-Counter Call Options Written

        (4,640,629
           

Total Options Written

     

(Premiums Received – $6,889,850) – (2.2)%

        (13,412,746
           

Total Investments Net of Outstanding
Options Written – 100.2%

        625,520,215   

Liabilities in Excess of Other
Assets – (0.2)%

        (1,363,593
           

Net Assets – 100.0%

      $ 624,156,622   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 601,562,451   
        

Gross unrealized appreciation

   $ 38,581,806   

Gross unrealized depreciation

     (1,211,296
        

Net unrealized appreciation

   $ 37,370,510   
        

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Represents the current yield as of report date.
(c) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
     Net Activity      Shares
Held at
April 30,
2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

     10,960,825         14,936,131         25,896,956       $ 17,756   

 

   

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

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   35


Table of Contents
Schedule of Investments (concluded)    BlackRock Enhanced Equity Dividend Trust (BDJ)

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1    Level 2    Level 3    Total

Assets:

                   

Investments in Securities:

                   

Long-Term Investments:

                   

Common Stocks1

     $ 613,036,005                      –                      –        $ 613,036,005  

Short-Term Securities

       25,896,956                            25,896,956  
                                           

Total

     $ 638,932,961                          $ 638,932,961  
                                           

 

1

See above Schedule of Investments for values in each industry.

 

Valuation Inputs

   Level 1   Level 2   Level 3    Total

Derivative Financial Instruments2

                 

Liabilities:

                 

Equity contracts

     $ (6,280,327 )     $ (7,132,419 )                   –        $ (13,412,746 )

 

2 

Derivative financial instruments are options which are shown at value.

 

See Notes to Financial Statements.     
36   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Strategic Equity Dividend Trust (BDT)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Building Products – 1.7%

     

AO Smith Corp.

     52,550       $ 2,310,623   

Masco Corp. (a)

     240,500         3,227,510   
           
        5,538,133   
           

Capital Markets – 2.5%

     

Eaton Vance Corp.

     165,500         5,588,935   

Federated Investors, Inc., Class B

     107,046         2,759,646   
           
        8,348,581   
           

Chemicals – 1.6%

     

RPM International, Inc.

     151,400         3,557,900   

Stepan Co.

     23,950         1,723,682   
           
        5,281,582   
           

Commercial Banks – 8.5%

     

BancFirst Corp.

     28,699         1,155,709   

BancorpSouth, Inc.

     120,500         1,632,775   

Bank of Hawaii Corp.

     99,600         4,859,484   

Bank of the Ozarks, Inc.

     44,859         1,997,571   

Chemical Financial Corp.

     56,145         1,130,199   

Community Bank System, Inc. (a)

     67,600         1,691,352   

Community Trust Bancorp, Inc.

     40,515         1,146,575   

Cullen/Frost Bankers, Inc.

     94,938         5,624,127   

Iberiabank Corp.

     23,800         1,428,238   

S&T Bancorp, Inc.

     31,200         636,792   

Trustmark Corp.

     60,200         1,399,048   

United Bankshares, Inc.

     88,000         2,302,080   

Valley National Bancorp

     127,800         1,830,096   

WesBanco, Inc.

     59,400         1,205,820   
           
        28,039,866   
           

Commercial Services & Supplies – 4.6%

     

ABM Industries, Inc.

     132,800         3,229,696   

Avery Dennison Corp.

     76,941         3,211,517   

McGrath Rentcorp

     51,661         1,466,656   

Mine Safety Appliances Co.

     58,200         2,309,376   

Pitney Bowes, Inc.

     207,800         5,103,568   
           
        15,320,813   
           

Computers & Peripherals – 0.9%

     

Diebold, Inc. (a)

     86,400         2,920,320   
           

Containers & Packaging – 2.3%

     

Bemis Co., Inc.

     95,500         2,992,970   

Myers Industries, Inc.

     110,348         1,177,413   

Sonoco Products Co. (a)

     100,800         3,483,648   
           
        7,654,031   
           

Contruction Materials – 2.3%

     

Martin Marietta Materials, Inc. (a)

     43,400         3,957,646   

Vulcan Materials Co. (a)

     81,100         3,665,720   
           
        7,623,366   
           

Distributors – 0.5%

     

Genuine Parts Co. (a)

     33,500         1,798,950   
           

Diversified Consumer Services – 1.7%

     

H&R Block, Inc.

     316,421         5,470,919   
           

Diversified Telecommunication Services – 1.0%

     

CenturyLink, Inc. (a)

     80,300         3,274,634   
           

Electric Utilities – 2.7%

     

MGE Energy, Inc.

     40,371         1,695,986   

Northeast Utilities

     163,900         5,834,840   

Otter Tail Corp.

     56,461         1,320,058   
           
        8,850,884   
           

Electrical Equipment – 3.1%

     

Brady Corp., Class A

     109,300         4,121,703   

Roper Industries, Inc.

     69,400         6,002,406   
           
        10,124,109   
           

Energy Equipment & Services – 1.3%

     

Helmerich & Payne, Inc. (a)

     64,600         4,285,564   

Food & Staples Retailing – 1.6%

     

Casey’s General Stores, Inc.

     38,400         1,498,752   

SUPERVALU, Inc. (a)

     323,100         3,638,106   
           
        5,136,858   
           

Food Products – 5.4%

     

Hormel Foods Corp.

     281,700         8,284,797   

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

     38,005         2,853,035   

Lancaster Colony Corp. (a)

     47,200         2,884,392   

McCormick & Co., Inc. (a)

     74,300         3,649,616   
           
        17,671,840   
           

Gas Utilities – 10.8%

     

Atmos Energy Corp.

     92,600         3,230,814   

Energen Corp.

     61,700         4,011,117   

National Fuel Gas Co. (a)

     64,700         4,742,510   

New Jersey Resources Corp.

     123,000         5,384,940   

Northwest Natural Gas Co.

     80,600         3,726,944   

Piedmont Natural Gas Co., Inc.

     100,600         3,194,050   

South Jersey Industries, Inc. (a)

     79,500         4,567,275   

UGI Corp.

     105,000         3,496,500   

WGL Holdings, Inc.

     80,100         3,165,552   
           
        35,519,702   
           

Health Care Equipment & Supplies – 2.5%

     

Beckman Coulter, Inc.

     41,091         3,404,389   

Meridian Bioscience, Inc. (a)

     64,800         1,601,208   

Teleflex, Inc. (a)

     52,300         3,295,423   
           
        8,301,020   
           

Household Durables – 4.1%

     

Fortune Brands, Inc.

     29,000         1,887,320   

Leggett & Platt, Inc.

     144,833         3,807,660   

Stanley Black & Decker, Inc. (a)

     107,400         7,802,610   
           
        13,497,590   
           

Industrial Conglomerates – 0.7%

     

Raven Industries, Inc.

     41,300         2,245,068   
           

Insurance – 6.2%

     

Arthur J. Gallagher & Co.

     107,500         3,201,350   

Cincinnati Financial Corp.

     186,642         5,912,819   

Erie Indemnity Co., Class A

     65,000         4,707,950   

Harleysville Group, Inc.

     47,200         1,514,176   

Mercury General Corp.

     57,700         2,292,998   

Old Republic International Corp.

     233,100         2,953,377   
           
        20,582,670   
           

Leisure Equipment & Products – 2.0%

     

Polaris Industries, Inc.

     61,500         6,483,945   
           

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   37


Table of Contents
Schedule of Investments (continued)    BlackRock Strategic Equity Dividend Trust (BDT)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Machinery – 5.9%

     

Badger Meter, Inc. (a)

     59,000       $ 2,236,690   

Dover Corp. (a)

     55,500         3,776,220   

Graco, Inc.

     43,100         2,156,293   

NACCO Industries, Inc., Class A

     26,200         2,757,026   

Pentair, Inc.

     148,200         5,951,712   

Tennant Co.

     61,502         2,522,812   
           
        19,400,753   
           

Media – 0.4%

     

Meredith Corp. (a)

     43,300         1,447,086   
           

Multiline Retail – 0.9%

     

Family Dollar Stores, Inc.

     52,400         2,840,604   
           

Multi-Utilities – 6.1%

     

Black Hills Corp.

     57,800         2,008,550   

Integrys Energy Group, Inc.

     78,200         4,094,552   

MDU Resources Group, Inc.

     189,100         4,517,599   

NSTAR

     138,600         6,417,180   

Vectren Corp.

     109,450         3,128,081   
           
        20,165,962   
           

Real Estate Investment Trusts (REITs) – 9.5%

     

Federal Realty Investment Trust

     38,000         3,327,280   

Getty Realty Corp. (a)

     91,500         2,325,015   

Home Properties, Inc.

     88,100         5,585,540   

Liberty Property Trust

     63,400         2,229,778   

National Retail Properties, Inc.

     89,700         2,362,698   

Realty Income Corp.

     70,318         2,499,805   

Sovran Self Storage, Inc. (a)

     37,880         1,620,506   

Tanger Factory Outlet Centers (a)

     66,900         1,848,447   

UDR, Inc.

     117,000         3,029,130   

Universal Health Realty Income Trust

     42,625         1,837,564   

Washington REIT

     63,700         2,063,880   

Weingarten Realty Investors

     95,300         2,516,873   
           
        31,246,516   
           

Semiconductors & Semiconductor Equipment – 1.6%

     

Linear Technology Corp. (a)

     150,700         5,244,360   
           

Tobacco – 2.0%

     

Universal Corp.

     71,600         3,106,008   

Vector Group Ltd.

     192,445         3,533,290   
           
        6,639,298   
           

Trading Companies & Distributors – 0.8%

     

Fastenal Co.

     40,500         2,717,145   
           

Water Utilities – 3.1%

     

American States Water Co.

     31,925         1,114,502   

Aqua America, Inc. (a)

     240,300         5,418,765   

California Water Service Group

     33,059         1,246,985   

Middlesex Water Co.

     67,000         1,264,960   

SJW Corp.

     45,000         1,045,800   
           
        10,091,012   
           

Total Long-Term Investments
(Cost – $292,638,007) – 98.3%

        323,763,181   
           

 

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (b)(c)

     6,084,276         6,084,276   
           

Total Short-Term Securities
(Cost – $6,084,276) – 1.9%

        6,084,276   
           

Total Investments Before Outstanding Options Written
(Cost – $298,722,283*) – 100.2%

     

 

329,847,457

  

           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.3)%

     

Aqua America, Inc., Strike Price USD 22.50, Expires 6/20/11

     165         (6,600

Avery Dennison Corp., Strike Price USD 42.50, Expires 6/10/11

     154         (14,537

Badger Meter, Inc., Strike Price USD 40, Expires 5/23/11

     120         (3,600

Bemis Co., Inc., Strike Price USD 34, Expires 5/31/11

     50         (1,905

Bemis Co., Inc., Strike Price USD 32.50, Expires 6/14/11

     140         (7,226

Casey’s General Stores, Inc., Strike Price USD 40.50, Expires 6/16/11

     77         (4,459

CenturyLink, Inc., Strike Price USD 40, Expires 5/23/11

     160         (19,600

Cincinnati Financial Corp., Strike Price USD 33.50, Expires 5/26/11

     370         (9,008

Community Bank System, Inc., Strike Price USD 25, Expires 5/23/11

     135         (5,062

Diebold, Inc., Strike Price USD 35, Expires 5/23/11

     170         (4,675

Dover Corp., Strike Price USD 70, Expires 6/20/11

     110         (12,375

Fastenal Co., Strike Price USD 64, Expires 5/26/11

     80         (26,720

Fortune Brands, Inc., Strike Price USD 64, Expires 5/26/11

     58         (10,724

Genuine Parts Co., Strike Price USD 55, Expires 5/23/11

     67         (2,177

Getty Realty Corp., Strike Price USD 25, Expires 5/23/11

     185         (18,500

H&R Block, Inc., Strike Price USD 16.75, Expires 5/23/11

     630         (51,633

Helmerich & Payne, Inc., Strike Price USD 65, Expires 5/23/11

     130         (35,425

Integrys Energy Group, Inc., Strike Price USD 50.65, Expires 5/23/11

     155         (28,571

J.M. Smucker Co. (The), Strike Price USD 75, Expires 6/20/11

     75         (13,875

Lancaster Colony Corp., Strike Price USD 60, Expires 5/23/11

     95         (16,388

Liberty Property Trust, Strike Price USD 32.75, Expires 5/03/11

     127         (30,734

Linear Technology Corp., Strike Price USD 33, Expires 5/23/11

     300         (61,500

Martin Marietta Materials, Inc., Strike Price USD 90, Expires 5/23/11

     86         (27,090

 

See Notes to Financial Statements.     
38   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Strategic Equity Dividend Trust (BDT)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (concluded)

     

Masco Corp., Strike Price USD 14, Expires 6/20/11

     240       $ (9,600

Masco Corp., Strike Price USD 14, Expires 7/18/11

     240         (12,600

McCormick & Co., Inc., Strike Price USD 50, Expires 5/23/11

     150         (5,250

Meredith Corp., Strike Price USD 35, Expires 5/23/11

     85         (5,100

Meridian Bioscience, Inc., Strike Price USD 22.50, Expires 5/23/11

     113         (27,968

Meridian Bioscience, Inc., Strike Price USD 25, Expires 6/20/11

     17         (1,657

National Fuel Gas Co., Strike Price USD 75, Expires 6/20/11

     130         (25,350

New Jersey Resources Corp., Strike Price USD 42.75, Expires 6/10/11

     100         (18,762

Polaris Industries, Inc., Strike Price USD 107.50, Expires 6/20/11

     125         (40,908

Realty Income Corp., Strike Price USD 35, Expires 5/10/11

     140         (8,919

Roper Industries, Inc., Strike Price USD 86, Expires 5/23/11

     140         (25,896

Sonoco Products Co., Strike Price USD 35, Expires 7/18/11

     200         (18,500

South Jersey Industries, Inc., Strike Price USD 55, Expires 6/20/11

     160         (47,600

Sovran Self Storage, Inc., Strike Price USD 40, Expires 5/23/11

     75         (22,125

Stanley Black & Decker, Inc., Strike Price USD 75, Expires 5/23/11

     215         (12,362

SUPERVALU, Inc., Strike Price USD 11, Expires 6/20/11

     325         (25,188

SUPERVALU, Inc., Strike Price USD 11, Expires 7/18/11

     325         (30,875

Tanger Factory Outlet Centers, Strike Price USD 25, Expires 6/20/11

     133         (36,908

Teleflex, Inc., Strike Price USD 60, Expires 5/23/11

     105         (36,750

UGI Corp., Strike Price USD 32.25, Expires 6/14/11

     210         (27,998

United Bankshares, Inc., Strike Price USD 27.50, Expires 5/05/11

     176         (143

Vulcan Materials Co., Strike Price USD 47, Expires 5/23/11

     162         (8,910
           

Total Exchange-Traded Call Options Written

        (861,753
           

Over-the-Counter Call Options Written – (0.4)%

     

ABM Industries, Inc., Strike Price USD 26.20, Expires 6/06/11, Broker Citigroup Global Markets, Inc.

     26,500         (3,721

American States Water Co., Strike Price USD 34.71, Expires 6/24/11, Broker Morgan Stanley & Co., Inc.

     6,400         (8,011

AO Smith Corp., Strike Price USD 44.53, Expires 6/30/11, Broker Goldman Sachs & Co.

     10,500         (10,605

Aqua America, Inc., Strike Price USD 22.25, Expires 5/03/11, Broker UBS Securities LLC

     15,800         (5,182

Aqua America, Inc., Strike Price USD 23.18, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     15,800         (717

Arthur J. Gallagher & Co., Strike Price USD 30.90, Expires 5/31/11, Broker UBS Securities LLC

     21,500         (1,128

Atmos Energy Corp., Strike Price USD 35.50, Expires 5/02/11, Broker Citigroup Global Markets, Inc.

     9,500         (220

Atmos Energy Corp., Strike Price USD 33.39, Expires 5/31/11, Broker Deutsche Bank Securities Corp.

     9,400         (16,582

BancFirst Corp., Strike Price USD 43.07, Expires 5/31/11, Broker UBS Securities LLC

     5,700         (980

Bank of Hawaii Corp., Strike Price USD 48.23, Expires 5/17/11, Broker Morgan Stanley & Co., Inc.

     20,000         (20,161

Bank of the Ozarks, Inc., Strike Price USD 43.74, Expires 5/13/11, Broker Credit Suisse First Boston

     9,000         (9,778

Black Hills Corp., Strike Price USD 33.48, Expires 5/27/11, Broker Morgan Stanley & Co., Inc.

     11,500         (15,883

Brady Corp., Class A, Strike Price USD 35.02, Expires 5/20/11, Broker Morgan Stanley & Co., Inc.

     21,900         (59,815

California Water Service Group, Strike Price USD 35.56, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     3,100         (6,696

California Water Service Group, Strike Price USD 35.41, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     3,500         (8,075

Chemical Financial Corp., Strike Price USD 20.40, Expires 5/31/11, Broker UBS Securities LLC

     11,200         (4,320

Community Trust Bancorp, Inc., Strike Price USD 28.15, Expires 5/13/11, Broker Citigroup Global Markets, Inc.

     8,000         (4,267

Cullen/Frost Bankers, Inc., Strike Price USD 58.50, Expires 5/05/11, Broker UBS Securities LLC

     19,000         (17,412

Eaton Vance Corp., Strike Price USD 33.42, Expires 6/10/11, Broker Goldman Sachs & Co.

     33,000         (38,655

Energen Corp., Strike Price USD 62.92, Expires 5/17/11, Broker Citigroup Global Markets, Inc.

     12,500         (30,854

Erie Indemnity Co., Class A, Strike Price USD 72.92, Expires 6/06/11, Broker Citigroup Global Markets, Inc.

     13,000         (12,701

Family Dollar Stores, Inc., Strike Price USD 51.62, Expires 5/13/11, Broker Morgan Stanley & Co., Inc.

     10,500         (27,962

Federal Realty Investment Trust, Strike Price USD 84, Expires 5/31/11, Broker Goldman Sachs & Co.

     8,000         (33,760

Federated Investors, Inc., Class B, Strike Price USD 26.62, Expires 6/06/11, Broker Goldman Sachs & Co.

     21,400         (7,750

Graco, Inc., Strike Price USD 42.12, Expires 5/20/11, Broker UBS Securities LLC

     8,700         (68,817

Harleysville Group, Inc., Strike Price USD 35.54, Expires 5/06/11, Broker Morgan Stanley & Co., Inc.

     9,500           

Home Properties, Inc., Strike Price USD 57.97, Expires 5/27/11, Broker Citigroup Global Markets, Inc.

     17,500         (94,955

Hormel Foods Corp., Strike Price USD 28.28, Expires 5/05/11, Broker Goldman Sachs & Co.

     56,000         (63,334

Iberiabank Corp., Strike Price USD 61.11, Expires 6/03/11, Broker Citigroup Global Markets, Inc.

     5,000         (4,625

Leggett & Platt, Inc., Strike Price USD 23.69, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     29,000         (75,400

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   39


Table of Contents
Schedule of Investments (continued)    BlackRock Strategic Equity Dividend Trust (BDT)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

McGrath Rentcorp, Strike Price USD 27.58, Expires 6/22/11, Broker Credit Suisse First Boston

     10,300       $ (17,731

MDU Resources Group, Inc., Strike Price USD 21.92, Expires 5/06/11, Broker Citigroup Global Markets, Inc.

     38,000         (74,974

Mercury General Corp., Strike Price USD 39.60, Expires 5/06/11, Broker Citigroup Global Markets, Inc.

     11,500         (6,645

MGE Energy, Inc., Strike Price USD 40.64, Expires 5/27/11, Broker UBS Securities LLC

     8,000         (11,901

Middlesex Water Co., Strike Price USD 17.87, Expires 5/13/11, Broker UBS Securities LLC

     13,500         (13,862

Mine Safety Appliances Co., Strike Price USD 36.37, Expires 5/13/11, Broker Barclays Capital, Inc.

     11,600         (38,463

Myers Industries, Inc., Strike Price USD 9.58, Expires 5/27/11, Broker Morgan Stanley & Co., Inc.

     22,000         (24,246

Industries, Inc., Class A, Strike Price USD 96.49, Expires 5/17/11, Broker UBS Securities LLC

     5,000         (49,559

National Retail Properties, Inc., Strike Price USD 26.45, Expires 6/24/11, Broker UBS Securities LLC

     18,000         (7,924

New Jersey Resources Corp., Strike Price USD 43.64, Expires 5/06/11, Broker UBS Securities LLC

     14,500         (6,684

Northeast Utilities, Strike Price USD 34.51, Expires 5/09/11, Broker Goldman Sachs & Co.

     33,000         (36,097

Northwest Natural Gas Co., Strike Price USD 46.58, Expires 5/13/11, Broker Barclays Capital, Inc.

     16,100         (5,339

NSTAR, Strike Price USD 47.61, Expires 6/06/11, Broker Morgan Stanley & Co., Inc.

     13,700         (5,362

NSTAR, Strike Price USD 44.27, Expires 6/13/11, Broker Citigroup Global Markets, Inc.

     14,000         (30,394

Old Republic International Corp., Strike Price USD 12.68, Expires 6/14/11, Broker Goldman Sachs & Co.

     46,500         (14,257

Otter Tail Corp., Strike Price USD 21.60, Expires 5/17/11, Broker Citigroup Global Markets, Inc.

     11,500         (20,504

Peidmont National Gas, Strike Price USD 29.75, Expires 5/13/11, Broker Citigroup Global Markets, Inc.

     20,000         (40,100

Pentair, Inc., Strike Price USD 36.27, Expires 5/04/11, Broker Societe General Securities Corp.

     15,000         (58,365

Pentair, Inc., Strike Price USD 40.04, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     14,700         (7,619

Pitney Bowes, Inc., Strike Price USD 25.65, Expires 5/09/11, Broker Credit Suisse First Boston

     41,500         (1,766

Raven Industries, Inc., Strike Price USD 60.10, Expires 6/10/11, Broker UBS Securities LLC

     8,300         (5,553

RPM International, Inc., Strike Price USD 23.29, Expires 5/09/11, Broker Credit Suisse First Boston

     15,000         (7,001

RPM International, Inc., Strike Price USD 23.63, Expires 6/30/11, Broker Credit Suisse First Boston

     15,000         (8,856

S&T Bancorp, Inc., Strike Price USD 21.48, Expires 5/31/11, Broker Morgan Stanley & Co., Inc.

     6,300         (2,300

SJW Corp., Strike Price USD 23.10, Expires 5/17/11, Broker Goldman Sachs & Co.

     9,000         (5,049

Stepan Co., Strike Price USD 71.76, Expires 6/13/11, Broker Citigroup Global Markets, Inc.

     4,800         (10,751

Tennant Co., Strike Price USD 40.65, Expires 5/03/11, Broker JPMorgan Chase Securities

     12,300         (9,311

Trustmark Corp., Strike Price USD 23.21, Expires 6/03/11, Broker Morgan Stanley & Co., Inc.

     12,000         (7,886

Universal Corp., Strike Price USD 43.88, Expires 5/02/11, Broker Morgan Stanley & Co., Inc.

     7,300         (1,209

Universal Corp., Strike Price USD 41.76, Expires 5/05/11, Broker UBS Securities LLC

     7,000         (11,477

Universal Health Realty Income Trust, Strike Price USD 39.35, Expires 5/13/11, Broker Morgan Stanley & Co., Inc.

     8,500         (31,960

Valley National Bancorp, Strike Price USD 13.57, Expires 6/30/11, Broker Morgan Stanley & Co., Inc.

     25,500         (7,012

Vector Group Ltd., Strike Price USD 17.32, Expires 5/09/11, Broker Citigroup Global Markets, Inc.

     38,500         (39,963

Vectren Corp., Strike Price USD 27.33, Expires 5/06/11, Broker Morgan Stanley & Co., Inc.

     8,700         (10,910

Vectren Corp., Strike Price USD 27.35, Expires 5/31/11, Broker UBS Securities LLC

     13,000         (15,990

Washington REIT, Strike Price USD 30.74, Expires 6/14/11, Broker Morgan Stanley & Co., Inc.

     12,500         (22,137

Weingarten Realty Investors, Strike Price USD 24.31, Expires 6/03/11, Broker Citigroup Global Markets, Inc.

     19,000         (39,881

WesBanco, Inc., Strike Price USD 20.16, Expires 5/26/11, Broker UBS Securities LLC

     12,000         (7,363

WGL Holdings, Inc., Strike Price USD 37.77, Expires 6/03/11, Broker Morgan Stanley & Co., Inc.

     16,000         (32,771
           

Total Over-the-Counter Call Options Written

        (1,401,538
           

Total Options Written
(Premiums Received – $1,581,972) – (0.7)%

        (2,263,291
           

Total Investments Net of Outstanding Options Written – 99.5%

        327,584,166   
           

Other Assets in Excess of Liabilities – 0.5%

        1,665,496   
           

Net Assets – 100.0%

      $ 329,249,662   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

 

Aggregate cost

   $ 301,504,230   
        

Gross unrealized appreciation

   $ 39,166,852   

Gross unrealized depreciation

     (10,823,625
        

Net unrealized appreciation

   $ 28,343,227   
        

 

See Notes to Financial Statements.     
40   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (concluded)    BlackRock Strategic Equity Dividend Trust (BDT)

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
   Net
Activity
   Shares
Held at
April 30,
2011
   Income

BlackRock Liquidity Funds, TempFund, Institutional Class

       5,854,617          229,659          6,084,276        $ 5,616  

 

(c) Represents the current yield as of report date.

 

   

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

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1    Level 2    Level 3    Total

Assets:

                   

Investments in Securities:

                   

Long-Term Investments:

                   

Common Stocks1

     $ 323,763,181                      –                      –        $ 323,763,181  

Short-Term Securities

       6,084,276                  –                   6,084,276  
                                           

Total

     $ 329,847,457                          $ 329,847,457  
                                           

 

1 

See above Schedule of Investments for values in each industry.

 

Valuation Inputs

   Level 1   Level 2   Level 3    Total

Derivative Financial Instruments2

                 

Liabilities:

                 

Equity contracts

     $ (553,610 )     $ (1,709,681 )                   –        $ (2,263,291 )

 

2 

Derivative financial instruments are options which are shown at value.

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   41


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock EcoSolutions Investment Trust (BQR)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Auto Components – 0.9%

     

Johnson Controls, Inc. (a)

     30,800       $ 1,262,800   
           

Building Products – 0.2%

     

Kingspan Group Plc

     23,600         227,328   
           

Chemicals – 26.2%

     

Agrium, Inc.

     36,900         3,336,867   

CF Industries Holdings, Inc. (a)

     13,750         1,946,314   

Incitec Pivot Ltd.

     305,600         1,264,792   

Israel Chemicals Ltd.

     90,000         1,597,403   

Johnson Matthey Plc

     100,000         3,349,827   

K+S AG

     21,200         1,712,228   

Makhteshim-Agan Industries Ltd. (b)

     190,000         1,025,355   

Monsanto Co. (a)

     46,400         3,157,056   

Mosaic Co. (The) (a)

     40,100         3,001,886   

Nalco Holding Co. (a)

     45,400         1,326,134   

Novozymes A/S, B Shares

     9,800         1,694,723   

Nufarm Ltd. (b)

     79,160         420,515   

Potash Corp. of Saskatchewan, Inc. (a)

     58,500         3,298,230   

Sinofert Holdings Ltd. (b)

     3,099,500         1,297,918   

Syngenta AG

     10,300         3,642,670   

Umicore

     36,600         2,097,855   

Wacker Chemie AG

     8,500         2,104,493   
           
        36,274,266   
           

Commercial Services & Supplies – 2.2%

     

Tetra Tech, Inc. (b)

     97,800         2,310,036   

Tianjin Capital Environmental Protection Group Co. Ltd.

     2,083,000         691,909   
           
        3,001,945   
           

Construction & Engineering – 2.0%

     

Insituform Technologies, Inc. (b)

     16,300         412,553   

Layne Christensen Co. (a)(b)

     11,900         354,144   

Quanta Services, Inc. (a)(b)

     24,800         537,664   

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

     37,200         1,447,080   
           
        2,751,441   
           

Electric Utilities – 3.1%

     

Acciona SA

     5,450         633,971   

Iberdrola SA

     170,557         1,581,660   

NextEra Energy, Inc. (a)

     28,300         1,600,931   

Scottish & Southern Energy Plc

     20,000         453,734   
           
        4,270,296   
           

Electrical Equipment – 3.0%

     

American Superconductor Corp. (a)(b)

     37,200         440,820   

Gamesa Corp. Tecnologica SA (b)

     60,100         564,729   

General Cable Corp. (a)(b)

     10,600         514,100   

Nordex SE (b)

     16,900         169,470   

Roper Industries, Inc.

     13,300         1,150,317   

Vestas Wind Systems A/S (b)

     37,200         1,318,178   
           
        4,157,614   
           

Electronic Equipment, Instruments & Components – 2.4%

     

Itron, Inc. (a)(b)

     37,400         2,035,682   

Trimble Navigation Ltd. (b)

     27,310         1,279,200   
           
        3,314,882   
           

Food Products – 13.5%

     

Agria Corp. – ADR (b)

     100,000         121,000   

Archer-Daniels-Midland Co. (a)

     47,100         1,743,642   

BrasilAgro – Companhia Brasileira de Propriedades AG (b)

     525,200         3,421,879   

Bunge Ltd. (a)

     28,600         2,157,584   

Cosan Ltd., A Shares

     98,700         1,228,815   

Cresud SACIF y A – ADR

     52,100         907,061   

Illovo Sugar Ltd.

     234,900         1,018,292   

IOI Corp. Bhd

     533,333         953,500   

Sao Martinho SA

     200,000         3,076,532   

SLC Agricola SA

     150,000         1,885,965   

SunOpta, Inc. (b)

     72,200         509,732   

Viterra, Inc.

     105,546         1,268,359   

Wilmar International Ltd.

     95,000         409,427   
           
        18,701,788   
           

Independent Power Producers & Energy Traders – 2.5%

     

EDF Energies Nouvelles SA

     16,500         978,210   

Enel Green Power SpA (b)

     100,000         296,527   

Iberdrola Renovables SA

     351,600         1,609,710   

Ormat Technologies, Inc.

     21,500         535,350   
           
        3,419,797   
           

Industrial Conglomerates – 0.5%

     

Orkla ASA

     66,600         674,018   
           

Machinery – 9.2%

     

AGCO Corp. (b)

     42,100         2,424,118   

CNH Global NV (b)

     29,200         1,410,360   

Deere & Co. (a)

     24,100         2,349,750   

Hansen Transmissions International NV (b)

     450,000         373,948   

IDEX Corp.

     13,200         619,344   

Kurita Water Industries Ltd.

     68,100         1,994,545   

Pentair, Inc.

     56,000         2,248,960   

Watts Water Technologies, Inc.

     34,000         1,315,800   
           
        12,736,825   
           

Multi-Utilities – 2.0%

     

Hera SpA

     463,800         1,173,310   

Suez Environment Co.

     11,825         272,451   

United Utilities Group Plc

     91,181         963,523   

Veolia Environnement

     11,100         370,738   
           
        2,780,022   
           

Oil, Gas & Consumable Fuels – 2.3%

     

Cheniere Energy, Inc. (a)(b)

     11,700         106,236   

D1 Oils Plc (b)

     360,099         14,285   

Rentech, Inc. (b)

     500,000         555,000   

Sasol Ltd.

     33,500         1,935,828   

Sasol Ltd. – ADR

     9,800         566,636   
           
        3,177,985   
           

Paper & Forest Products – 0.6%

     

Fibria Celulose SA – ADR (b)

     28,500         460,275   

Precious Woods Holding AG (b)

     20,000         432,370   
           
        892,645   
           

Real Estate Investment Trusts (REITs) – 2.9%

     

Plum Creek Timber Co., Inc. (a)

     60,900         2,624,181   

Rayonier, Inc.

     20,350         1,350,426   
           
        3,974,607   
           

Road & Rail – 0.8%

     

All American Latina Logistica SA

     133,000         1,095,652   
           

Semiconductors & Semiconductor Equipment – 1.7%

     

First Solar, Inc. (a)(b)

     5,400         753,678   

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

     19,400         229,502   

Renewable Energy Corp. ASA (b)

     39,100         138,084   

 

See Notes to Financial Statements.     
42   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock EcoSolutions Investment Trust (BQR)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Semiconductors & Semiconductor Equipment (concluded)

  

  

Solarworld AG

     48,100       $ 769,751   

SunPower Corp., Class A (a)(b)

     15,450         336,348   

Suntech Power Holdings Co. Ltd. – ADR (b)

     14,600         130,962   
           
        2,358,325   
           

Water Utilities – 22.2%

     

American States Water Co.

     48,900         1,707,099   

American Water Works Co., Inc.

     64,700         1,900,886   

Aqua America, Inc. (a)

     119,200         2,687,960   

Artesian Resources Corp., Class A

     39,400         769,876   

Athens Water Supply & Sewage Co. SA (The)

     89,950         703,453   

California Water Service Group

     52,300         1,972,756   

China Water Affairs Group Ltd.

     4,556,000         1,728,384   

Cia de Saneamento Basico do Estado de Sao Paulo

     81,000         2,359,153   

Cia de Saneamento de Minas Gerais-COPASA

     160,000         2,845,665   

Hyflux Ltd.

     869,000         1,528,359   

Inversiones Aguas Metropolitanas SA

     1,500,000         2,456,293   

Manila Water Co., Inc

     5,610,000         2,361,212   

Northumbrian Water Group Plc

     430,900         2,525,603   

Pennon Group Plc

     215,200         2,377,218   

Severn Trent Plc

     113,500         2,853,232   
           
        30,777,149   
           

Total Long-Term Investments
(Cost – $136,912,955) – 98.2%

        135,849,385   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     2,973,494         2,973,494   
           

Total Short-Term Securities
(Cost – $2,973,494) – 2.1%

        2,973,494   
           

Total Investments Before Outstanding Options Written
(Cost – $139,886,449*) – 100.3%

        138,822,879   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.6)%

     

AGCO Corp., Strike Price USD 52.50, Expires 5/23/11

     190         (98,969

Agrium, Inc., Strike Price USD 90, Expires 5/23/11

     83         (22,617

Agrium, Inc., Strike Price USD 92.50, Expires 6/20/11

     83         (23,448

American Superconductor Corp., Strike Price USD 25, Expires 5/23/11

     225         (1,125

Aqua America, Inc., Strike Price USD 22.50, Expires 6/20/11

     190         (7,600

Archer-Daniels-Midland Co., Strike Price USD 36, Expires 5/23/11

     212         (33,496

Bunge Ltd., Strike Price USD 72.50, Expires 5/23/11

     130         (45,500

CF Industries Holdings, Inc., Strike Price USD 135, Expires 5/23/11

     62         (55,645

Cheniere Energy, Inc., Strike Price USD 9, Expires 5/23/11

     53         (3,312

CNH Global NV, Strike Price USD 47.50, Expires 5/18/11

     132         (16,735

Deere & Co., Strike Price USD 92.50, Expires 5/23/11

     110         (63,800

Fibria Celulose SA - ADR, Strike Price USD 15.50, Expires 6/06/11

     130         (12,000

First Solar, Inc., Strike Price USD 140, Expires 5/23/11

     13         (8,288

First Solar, Inc., Strike Price USD 145, Expires 5/23/11

     12         (5,130

General Cable Corp., Strike Price USD 45, Expires 5/23/11

     48         (20,400

Insituform Technologies, Inc., Strike Price USD 26.75, Expires 5/02/11

     74         (71

Itron, Inc., Strike Price USD 55, Expires 5/23/11

     170         (16,150

Johnson Controls, Inc., Strike Price USD 41, Expires 5/23/11

     140         (13,300

Layne Christensen Co., Strike Price USD 30, Expires 6/20/11

     54         (9,315

MEMC Electronic Materials, Inc., Strike Price USD 13, Expires 5/23/11

     88         (2,068

Monsanto Co., Strike Price USD 67.50, Expires 5/23/11

     105         (19,635

Monsanto Co., Strike Price USD 70, Expires 5/23/11

     105         (8,295

Mosaic Co. (The), Strike Price USD 80, Expires 5/23/11

     180         (11,520

Nalco Holding Co., Strike Price USD 27, Expires 5/23/11

     205         (47,662

NextEra Energy, Inc., Strike Price USD 55, Expires 5/23/11

     160         (28,000

Ormat Technologies, Inc., Strike Price USD 25.50, Expires 5/06/11

     12         (176

Plum Creek Timber Co., Inc., Strike Price USD 44, Expires 6/20/11

     275         (14,988

Potash Corp. of Saskatchewan, Inc., Strike Price USD 57.50, Expires 5/23/11

     135         (16,335

Potash Corp. of Saskatchewan, Inc., Strike Price USD 57.50, Expires 6/20/11

     135         (28,148

Quanta Services, Inc., Strike Price USD 22, Expires 5/23/11

     55         (3,025

Quanta Services, Inc., Strike Price USD 23, Expires 5/23/11

     55         (1,237

Roper Industries, Inc., Strike Price USD 86, Expires 5/23/11

     60         (11,098

Sasol Ltd.– ADR, Strike Price USD 57.50, Expires 5/27/11

     98         (17,250

Shaw Group, Inc. (The), Strike Price USD 34, Expires 5/23/11

     167         (83,500

SunPower Corp., Class A, Strike Price USD 17, Expires 5/23/11

     70         (32,725

Suntech Power Holdings Co. Ltd. – ADR, Strike Price USD 9, Expires 5/23/11

     66         (2,343

Tetra Tech, Inc., Strike Price USD 23.75, Expires 5/03/11

     440         (5,724
           

Total Exchange-Traded Call Options Written

        (790,630
           

Over-the-Counter Call Options Written – (1.2)%

     

Acciona SA, Strike Price EUR 81.27, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     2,500         (3,547

All American Latina Logistica SA, Strike Price BRL 13.36, Expires 5/17/11, Broker Deutsche Bank Securities Corp.

     59,900         (7,917

American States Water Co., Strike Price USD 34.71, Expires 6/24/11, Broker Morgan Stanley & Co., Inc.

     22,000         (27,539

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   43


Table of Contents
Schedule of Investments (continued)    BlackRock EcoSolutions Investment Trust (BQR)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

American Water Works Co., Inc., Strike Price USD 28.74, Expires 6/24/11, Broker Morgan Stanley & Co., Inc.

     29,500       $ (28,453)   

Aqua America, Inc., Strike Price USD 23.18, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     17,500         (794

Aqua America, Inc., Strike Price USD 22.25, Expires 5/03/11, Broker UBS Securities LLC

     17,200         (5,641

BrasilAgro – Companhia Brasileira de Propriedades AG, Strike Price BRL 10.60, Expires 5/17/11, Broker Deutsche Bank Securities Corp.

     39,400         (3,349

BrasilAgro – Companhia Brasileira de Propriedades AG, Strike Price BRL 10.60, Expires 6/02/11, Broker Deutsche Bank Securities Corp.

     39,400         (5,691

BrasilAgro – Companhia Brasileira de Propriedades AG, Strike Price BRL 10.60, Expires 6/14/11, Broker Deutsche Bank Securities Corp.

     39,400         (7,145

BrasilAgro – Companhia Brasileira de Propriedades AG, Strike Price BRL 10.71, Expires 6/24/11, Broker Deutsche Bank Securities Corp.

     39,000         (7,198

BrasilAgro – Companhia Brasileira de Propriedades AG, Strike Price BRL 10.71, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     39,000         (7,594

BrasilAgro – Companhia Brasileira de Propriedades AG, Strike Price BRL 10.71, Expires 6/30/11, Broker Deutsche Bank Securities Corp.

     39,000         (7,788

California Water Service Group, Strike Price USD 35.56, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     11,500         (24,840

California Water Service Group, Strike Price USD 35.41, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     12,000         (27,685

China Water Affairs Group Ltd., Strike Price HKD 2.99, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     2,050,000         (30,191

Cia de Saneamento Basico do Estado de Sao Paulo, Strike Price BRL 46.50, Expires 5/17/11, Broker Credit Suisse First Boston

     36,500         (14,939

Cia de Saneamento de Minas Gerais-COPASA, Strike Price BRL 27.49, Expires 5/17/11, Broker Credit Suisse First Boston

     36,000         (17,634

Cia de Saneamento de Minas Gerais-COPASA, Strike Price BRL 27.49, Expires 6/02/11, Broker Credit Suisse First Boston

     36,000         (21,596

Cosan Ltd., A Shares, Strike Price USD 12.94, Expires 5/02/11, Broker UBS Securities LLC

     44,500         (113

Cresud SACIF y A – ADR, Strike Price USD 17.66, Expires 6/22/11, Broker UBS Securities LLC

     23,400         (12,069

EDF Energies Nouvelles SA, Strike Price EUR 32.89, Expires 5/04/11, Broker Barclays Capital, Inc.

     7,500         (79,276

Enel Green Power SpA, Strike Price EUR 2, Expires 6/07/11, Broker UBS Securities LLC

     45,000         (3,293

Gamesa Corp. Tecnologica SA, Strike Price EUR 7.38, Expires 5/16/11, Broker Societe General Securities Corp.

     33,800         (1,011

Hansen Transmissions International NV, Strike Price GBP 0.47, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     203,000         (15,252

Hera SpA, Strike Price EUR 1.63, Expires 5/04/11, Broker Barclays Capital, Inc.

     209,000         (24,332

Hyflux Ltd., Strike Price SGD 2.20, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     391,000         (17,386)   

Iberdrola Renovables SA, Strike Price EUR 3.09, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     158,000         (10,838

Iberdrola SA, Strike Price EUR 6.13, Expires 6/15/11, Broker Societe General Securities Corp.

     77,000         (30,130

IDEX Corp., Strike Price USD 46.56, Expires 6/22/11, Broker Credit Suisse First Boston

     6,000         (7,939

Illovo Sugar Ltd., Strike Price ZAR 27.27, Expires 5/16/11, Broker Credit Suisse First Boston

     105,700         (21,355

Incitec Pivot Ltd., Strike Price AUD 4.00, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     137,500         (21,023

Inversiones Aguas Metropolitanas SA, Strike Price CLP 741.20, Expires 5/17/11, Broker UBS Securities LLC

     225,000         (10,091

Inversiones Aguas Metropolitanas SA, Strike Price CLP 741.20, Expires 6/02/11, Broker UBS Securities LLC

     225,000         (12,402

Inversiones Aguas Metropolitanas SA, Strike Price CLP 741.20, Expires 6/14/11, Broker UBS Securities LLC

     225,000         (13,817

IOI Corp. Bhd, Strike Price MYR 5.43, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     240,000         (8,393

Israel Chemicals Ltd., Strike Price ILS 58.30, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     40,500         (32,629

Johnson Matthey Plc, Strike Price GBP 18.92, Expires 5/16/11, Broker Societe General Securities Corp.

     45,000         (91,152

K+S AG, Strike Price EUR 49.91, Expires 5/16/11, Broker Societe General Securities Corp.

     9,600         (67,938

Kingspan Group Plc, Strike Price EUR 6.38, Expires 5/04/11, Broker Societe General Securities Corp.

     5,300         (1,380

Kingspan Group Plc, Strike Price EUR 6.38, Expires 5/16/11, Broker Societe General Securities Corp.

     5,300         (2,001

Kurita Water Industries Ltd., Strike Price JPY 2,380.26, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     31,000         (44,445

Makhteshim-Agan Industries Ltd., Strike Price ILS 18.79, Expires 5/16/11, Broker Credit Suisse First Boston

     85,000         (1,678

Manila Water Co., Inc., Strike Price PHP 18.16, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     2,500,000         (25,675

Nordex SE, Strike Price EUR 6.03, Expires 5/04/11, Broker Barclays Capital, Inc.

     7,600         (9,075

Northumbrian Water Group Plc, Strike Price GBP 3.34, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     97,000         (28,267

Northumbrian Water Group Plc, Strike Price GBP 3.39, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     97,000         (25,990

Novozymes A/S, B Shares, Strike Price DKK 790.33, Expires 5/04/11, Broker Barclays Capital, Inc.

     4,400         (70,254

Nufarm Ltd., Strike Price AUD 5.17, Expires 6/28/11, Broker UBS Securities LLC

     35,700         (8,560

Orkla ASA, Strike Price NOK 51.81, Expires 5/04/11, Broker Barclays Capital, Inc.

     30,000         (8,325

 

See Notes to Financial Statements.     
44   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock EcoSolutions Investment Trust (BQR)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Ormat Technologies, Inc., Strike Price USD 24.01, Expires 5/06/11, Broker Morgan Stanley & Co., Inc.

     8,500       $ (8,575

Pennon Group Plc, Strike Price GBP 6.36, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     95,000         (43,793

Pentair, Inc., Strike Price USD 36.27, Expires 5/04/11, Broker Societe General Securities Corp.

     13,000         (50,583

Pentair, Inc., Strike Price USD 40.04, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     12,200         (6,324

Rayonier, Inc., Strike Price USD 62.29, Expires 6/02/11, Broker Citigroup Global Markets, Inc.

     9,200         (38,275

Renewable Energy Corp. ASA, Strike Price NOK 17.87, Expires 5/04/11, Broker Barclays Capital, Inc.

     17,600         (2,335

Sao Martinho SA, Strike Price BRL 24.32, Expires 5/17/11, Broker UBS Securities LLC

     24,200         (7,956

Sao Martinho SA, Strike Price BRL 24.32, Expires 6/02/11, Broker UBS Securities LLC

     24,200         (11,274

Sao Martinho SA, Strike Price BRL 25.24, Expires 6/14/11, Broker Credit Suisse First Boston

     41,600         (13,461

Scottish & Southern Energy Plc, Strike Price GBP 13.30, Expires 6/07/11, Broker Societe General Securities Corp.

     9,000         (5,555

Severn Trent Plc, Strike Price GBP 14.80, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     51,000         (33,161

Sinofert Holdings Ltd., Strike Price HKD 3.23, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     1,394,000         (40,038

SLC Agricola SA, Strike Price BRL 22.59, Expires 5/17/11, Broker Credit Suisse First Boston

     33,700         (265

SLC Agricola SA, Strike Price BRL 21.05, Expires 6/14/11, Broker Credit Suisse First Boston

     33,800         (8,160

Solarworld AG, Strike Price EUR 8.27, Expires 5/04/11, Broker Barclays Capital, Inc.

     21,700         (80,501

Suez Environnement Co., Strike Price EUR 14.80, Expires 5/04/11, Broker Societe General Securities Corp.

     5,400         (6,070

SunOpta, Inc., Strike Price USD 7.17, Expires 5/26/11, Broker UBS Securities LLC

     32,500         (7,934

Syngenta AG, Strike Price CHF 304.41, Expires 5/05/11, Broker Credit Suisse First Boston

     4,700         (20,283

Tianjin Capital Environmental Protection Group Co. Ltd., Strike Price HKD 2.61, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     938,000         (9,987

Trimble Navigation Ltd., Strike Price USD 47.55, Expires 5/03/11, Broker UBS Securities LLC

     12,300         (8,014

Umicore, Strike Price EUR 35.70, Expires 5/05/11, Broker Credit Suisse First Boston

     16,500         (73,190

United Utilities Group Plc, Strike Price GBP 6.03, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     41,000         (20,298

Veolia Environnement, Strike Price EUR 22.37, Expires 5/04/11, Broker Barclays Capital, Inc.

     5,000         (2,284

Vestas Wind Systems A/S, Strike Price DKK 183.42, Expires 5/04/11, Broker Barclays Capital, Inc.

     15,700         (4,748

Viterra, Inc., Strike Price CAD 11.26, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     12,500         (2,717

Viterra, Inc., Strike Price CAD 11.43, Expires 5/31/11, Broker UBS Securities LLC

     45,000         (14,988

Wacker Chemie AG, Strike Price EUR 136.60, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     3,900         (176,749

Watts Water Technologies, Inc., Strike Price USD 37.01, Expires 6/06/11, Broker Citigroup Global Markets, Inc.

     15,300         (33,245

Wilmar International Ltd., Strike Price SGD 5.39, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     43,000         (4,843
           

Total Over-the-Counter Call Options Written

        (1,691,236
           

Total Options Written
(Premiums Received – $1,809,553) – (1.8)%

        (2,481,866
           

Total Investments Net of Outstanding Options
Written – 98.5%

        136,341,013   

Other Assets in Excess of Liabilities – 1.5%

        2,049,633   
           

Net Assets – 100.0%

      $ 138,390,646   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 153,299,319   
        

Gross unrealized appreciation

   $ 434,530   

Gross unrealized depreciation

     (14,910,970
        

Net unrealized depreciation

   $ (14,476,440
        

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Non-income producing security.
(c) Represents the current yield as of report date.
(d) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
     Net Activity     Shares
Held at
April 30,
2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

     5,825,217         (2,851,723     2,973,494       $ 3,913   

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   45


Table of Contents
Schedule of Investments (continued)    BlackRock EcoSolutions Investment Trust (BQR)
   (Percentages shown are based on Net Assets)

 

   

Foreign currency exchange contracts as of April 30, 2011 were as follows:

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Depreciation
 
USD      26,034         JPY         2,118,000       Deutsche bank Securities      5/09/11       $ (78
USD      28,711         HKD         223,000       Citigroup Global Markets, Inc.      5/04/11         (4
USD      6,531         SGD         8,000       Citigroup Global Markets, Inc.      5/04/11         (5
USD      18,777         SGD         23,000       Citigroup Global Markets, Inc.      5/04/11         (13
USD      35,148         HKD         273,000       Citigroup Global Markets, Inc.      5/04/11         (5
USD      37,016         AUD         34,000       Deutsche Bank Securities Corp.      5/03/11         (236
USD      83,041         CHF         72,000       Citigroup Global Markets, Inc.      5/03/11         (196
                       
Total                   $ (537
                       

 

   

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

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1      Level 2      Level 3      Total  

Assets:

           

Investments in Securities:

           

Long-Term Investments:

           

Common Stocks:

           

Auto Components

   $ 1,262,800                             –       $ 1,262,800   

Building Products

           $ 227,328                 227,328   

Chemicals

     16,066,487         20,207,779                 36,274,266   

Commercial Services & Supplies

     2,310,036         691,909                 3,001,945   

Construction & Engineering

     2,751,441                         2,751,441   

Electric Utilities

     1,600,931         2,669,365                 4,270,296   

Electrical Equipment

     2,105,237         2,052,377                 4,157,614   

Electronic Equipment, Instruments & Components

     3,314,882                         3,314,882   

Food Products

     16,320,569         2,381,219                 18,701,788   

Independent Power Producers & Energy Traders

     2,441,587         978,210                 3,419,797   

Industrial Conglomerates

             674,018                 674,018   

Machinery

     10,742,280         1,994,545                 12,736,825   

Multi-Utilities

             2,780,022                 2,780,022   

Oil, Gas & Consumable Fuels

     1,242,157         1,935,828                 3,177,985   

Paper & Forest Products

     892,645                         892,645   

Real Estate Investment Trusts (REITs)

     3,974,607                         3,974,607   

Road & Rail

     1,095,652                         1,095,652   

Semiconductors & Semiconductor Equipment

     1,450,490         907,835                 2,358,325   

Water Utilities

     19,928,744         10,848,405                 30,777,149   

Short-Term Securities

     2,973,494                         2,973,494   
                                   

Total

   $ 90,474,039       $ 48,348,840               $ 138,822,879   
                                   

 

See Notes to Financial Statements.     
46   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (concluded)    BlackRock EcoSolutions Investment Trust (BQR)

 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments1

         

Liabilities:

         

Equity contracts

   $ (628,607   $ (1,853,259             –       $ (2,481,866

Foreign currency exchange contracts .

     (537                    (537
                                 

Total

   $ (629,144   $ (1,853,259           $ (2,482,403
                                 

 

1 

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

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   47


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Energy and Resources Trust (BGR)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Construction & Engineering – 0.7%

     

MYR Group, Inc. (a)(b)

     269,231       $ 6,711,929   
           

Energy Equipment & Services – 15.5%

     

Cameron International Corp. (b)

     446,000         23,513,120   

Core Laboratories NV (c)

     85,000         8,158,300   

Halliburton Co. (c)

     518,800         26,189,024   

National Oilwell Varco, Inc. (c)

     365,500         28,030,195   

Schlumberger Ltd. (c)

     128,000         11,488,000   

Technip SA

     197,800         22,317,821   

Transocean Ltd. (b)(c)

     265,200         19,293,300   

Weatherford International Ltd. (b)(c)

     563,000         12,149,540   
           
        151,139,300   
           

Metals & Mining – 2.6%

     

Goldcorp, Inc. (c)

     90,300         5,041,449   

Pan American Silver Corp. (c)

     177,100         6,389,768   

Silver Wheaton Corp. (c)

     346,000         14,054,520   
           
        25,485,737   
           

Oil, Gas & Consumable Fuels – 76.9%

     

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

     316,700         18,422,439   

AltaGas Ltd.

     470,900         12,631,657   

Anadarko Petroleum Corp. (c)

     386,900         30,541,886   

Apache Corp. (c)

     204,100         27,220,817   

Arch Coal, Inc. (c)

     535,300         18,360,790   

Brigham Exploration Co. (b)(c)

     652,300         21,871,619   

Cabot Oil & Gas Corp. (c)

     200,100         11,261,628   

Cheniere Energy, Inc. (b)(c)

     1,008,031         9,152,921   

Cimarex Energy Co. (c)

     148,000         16,367,320   

Consol Energy, Inc. (c)

     257,100         13,906,539   

Crescent Point Energy Corp.

     313,000         14,211,785   

DCP Midstream Partners LP

     144,800         6,450,840   

El Paso Corp. (c)

     746,500         14,489,565   

Energy XXI (Bermuda) Ltd. (b)(c)

     444,900         16,127,625   

EOG Resources, Inc. (c)

     294,000         33,195,540   

EQT Corp. (c)

     474,400         24,958,184   

EXCO Resources, Inc. (c)

     572,000         11,983,400   

International Coal Group, Inc. (b)(c)

     723,200         7,976,896   

Keyera Corp.

     429,767         17,823,873   

MarkWest Energy Partners LP

     206,200         10,514,138   

Massey Energy Co. (c)

     726,200         49,555,888   

Nordic American Tanker Shipping Ltd.

     277,900         6,386,142   

Nuvista Energy Ltd. (b)

     593,400         5,995,777   

Occidental Petroleum Corp. (c)

     358,000         40,915,820   

ONEOK Partners LP

     176,400         15,089,256   

Peabody Energy Corp. (c)

     469,600         31,378,672   

Pembina Pipeline Corp.

     277,000         6,748,243   

Penn Virginia Corp.

     872,600         13,490,396   

Petrohawk Energy Corp. (b)(c)

     2,291,000         61,879,910   

Petroleo Brasileiro SA – ADR (c)

     548,900         18,316,793   

Petroleum Development Corp. (b)(c)

     158,900         6,327,398   

Plains All American Pipeline LP

     171,900         11,042,856   

QEP Resources, Inc.

     202,800         8,665,644   

Range Resources Corp. (c)

     373,500         21,084,075   

Royal Dutch Shell Plc, Class A – ADR

     231,600         17,944,368   

Ship Finance International Ltd.

     468,500         9,365,315   

SM Energy Co. (c)

     77,000         5,841,220   

Southwestern Energy Co. (b)(c)

     455,000         19,956,300   

Targa Resources Partners LP

     135,100         4,747,414   

Whiting Petroleum Corp. (b)(c)

     640,800         44,535,600   

Williams Partners LP

     293,100         16,354,979   
           
        753,091,528   
           

Total Long-Term Investments
(Cost – $653,695,922) – 95.7%

        936,428,494   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (d)(e)

     48,176,237         48,176,237   
           

Total Short-Term Securities
(Cost – $48,176,237) – 4.9%

        48,176,237   
           

Total Investments Before Outstanding Options Written
(Cost – $701,872,159*) – 100.6%

        984,604,731   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.9)%

     

Alpha Natural Resources, Inc., Strike Price USD 60, Expires 5/23/11

     900         (111,150

Alpha Natural Resources, Inc., Strike Price USD 60, Expires 6/20/11

     100         (22,350

Alpha Natural Resources, Inc., Strike Price USD 57.50, Expires 6/20/11

     200         (67,000

Anadarko Petroleum Corp., Strike Price USD 82.50, Expires 5/23/11

     325         (34,450

Anadarko Petroleum Corp., Strike Price USD 80, Expires 5/23/11

     650         (125,125

Anadarko Petroleum Corp., Strike Price USD 82.50, Expires 6/20/11

     325         (68,088

Apache Corp., Strike Price USD 130, Expires 5/23/11

     100         (50,750

Apache Corp., Strike Price USD 125, Expires 6/20/11

     490         (507,150

Apache Corp., Strike Price USD 130, Expires 7/18/11

     120         (98,100

Arch Coal, Inc., Strike Price USD 35, Expires 5/23/11

     500         (35,250

Arch Coal, Inc., Strike Price USD 35, Expires 6/20/11

     500         (62,500

Brigham Exploration Co., Strike Price USD 35, Expires 5/23/11

     500         (38,750

Brigham Exploration Co., Strike Price USD 36, Expires 5/23/11

     500         (26,250

Brigham Exploration Co., Strike Price USD 37, Expires 5/23/11

     500         (15,000

Brigham Exploration Co., Strike Price USD 36, Expires 6/20/11

     250         (27,500

Cabot Oil & Gas Corp., Strike Price USD 50, Expires 5/23/11

     360         (232,200

Cabot Oil & Gas Corp., Strike Price USD 55, Expires 6/20/11

     340         (117,300

Cheniere Energy, Inc., Strike Price USD 10, Expires 6/20/11

     3,750         (253,125

Cimarex Energy Co., Strike Price USD 115, Expires 5/23/11

     520         (81,900

Consol Energy, Inc., Strike Price USD 55, Expires 5/23/11

     200         (26,400

Consol Energy, Inc., Strike Price USD 52.50, Expires 5/23/11

     700         (183,400

 

See Notes to Financial Statements.     
48   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Energy and Resources Trust (BGR)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (continued)

     

Core Laboratories NV, Strike Price USD 100, Expires 5/23/11

     75       $ (3,938

Core Laboratories NV, Strike Price USD 100, Expires 6/20/11

     115         (18,400

Core Laboratories NV, Strike Price USD 100, Expires 7/18/11

     115         (24,551

El Paso Corp., Strike Price USD 18, Expires 5/23/11

     1,000         (152,000

El Paso Corp., Strike Price USD 18.60, Expires 6/02/11

     625         (72,961

El Paso Corp., Strike Price USD 20, Expires 6/20/11

     200         (11,100

Energy XXI (Bermuda) Ltd., Strike Price USD 34, Expires 5/23/11

     165         (47,850

Energy XXI (Bermuda) Ltd., Strike Price USD 33, Expires 5/23/11

     165         (61,875

Energy XXI (Bermuda) Ltd., Strike Price USD 35, Expires 5/23/11

     365         (79,388

Energy XXI (Bermuda) Ltd., Strike Price USD 36, Expires 5/23/11

     365         (57,488

Energy XXI (Bermuda) Ltd., Strike Price USD 37, Expires 5/23/11

     125         (12,812

Energy XXI (Bermuda) Ltd., Strike Price USD 36, Expires 6/20/11

     500         (123,750

EOG Resources, Inc., Strike Price USD 115, Expires 5/23/11

     1,000         (219,000

EQT Corp., Strike Price USD 50, Expires 6/20/11

     620         (204,600

EXCO Resources, Inc., Strike Price USD 21, Expires 5/23/11

     750         (30,000

EXCO Resources, Inc., Strike Price USD 21, Expires 6/20/11

     783         (58,725

Goldcorp, Inc., Strike Price USD 55, Expires 5/23/11

     250         (49,500

Goldcorp, Inc., Strike Price USD 55, Expires 6/20/11

     66         (18,810

Halliburton Co., Strike Price USD 46, Expires 5/23/11

     650         (308,750

Halliburton Co., Strike Price USD 47, Expires 5/23/11

     650         (250,250

Halliburton Co., Strike Price USD 48, Expires 5/23/11

     515         (157,075

International Coal Group, Inc., Strike Price USD 11, Expires 5/23/11

     250         (14,375

International Coal Group, Inc., Strike Price USD 12, Expires 5/23/11

     65         (1,788

International Coal Group, Inc., Strike Price USD 12, Expires 6/20/11

     965         (43,425

Massey Energy Co., Strike Price USD 70, Expires 5/23/11

     800         (91,600

National Oilwell Varco, Inc., Strike Price USD 80, Expires 5/23/11

     200         (17,800

National Oilwell Varco, Inc., Strike Price USD 85, Expires 5/23/11

     1,010         (21,715

National Oilwell Varco, Inc., Strike Price USD 85, Expires 6/20/11

     100         (7,900

Occidental Petroleum Corp., Strike Price USD 100, Expires 5/23/11

     750         (1,089,375

Occidental Petroleum Corp., Strike Price USD 110, Expires 5/23/11

     100         (57,750

Occidental Petroleum Corp., Strike Price USD 100, Expires 5/27/11

     110         (157,502

Occidental Petroleum Corp., Strike Price USD 105, Expires 6/20/11

     250         (270,625

Pan American Silver Corp., Strike Price USD 40, Expires 5/23/11

     620         (31,000

Peabody Energy Corp., Strike Price USD 75, Expires 5/23/11

     245         (3,062

Penn Virginia Corp., Strike Price USD 16, Expires 6/20/11

     500         (20,308

Petrohawk Energy Corp., Strike Price USD 24, Expires 5/23/11

     1,350         (445,500

Petrohawk Energy Corp., Strike Price USD 25, Expires 5/23/11

     1,350         (332,775

Petrohawk Energy Corp., Strike Price USD 26, Expires 5/23/11

     999         (176,823

Petrohawk Energy Corp., Strike Price USD 27, Expires 5/23/11

     875         (105,000

Petrohawk Energy Corp., Strike Price USD 29, Expires 5/23/11

     450         (22,050

Petrohawk Energy Corp., Strike Price USD 28, Expires 6/20/11

     875         (120,313

Petrohawk Energy Corp., Strike Price USD 27, Expires 6/20/11

     450         (81,900

Petroleo Brasileiro SA - ADR, Strike Price USD 35, Expires 6/20/11

     500         (32,500

Petroleum Development Corp., Strike Price USD 46, Expires 5/06/11

     215         (163

Petroleum Development Corp., Strike Price USD 50, Expires 5/23/11

     100         (2,500

Petroleum Development Corp., Strike Price USD 46, Expires 5/26/11

     215         (4,627

Petroleum Development Corp., Strike Price USD 48, Expires 5/26/11

     125         (9,357

Range Resources Corp., Strike Price USD 55, Expires 5/23/11

     500         (127,500

Range Resources Corp., Strike Price USD 55, Expires 6/20/11

     870         (313,200

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 70, Expires 5/10/11

     810         (605,880

Schlumberger Ltd., Strike Price USD 90, Expires 5/23/11

     500         (99,250

Ship Finance International Ltd., Strike Price USD 20.50, Expires 5/02/11

     200         (285

Silver Wheaton Corp., Strike Price USD 44, Expires 5/23/11

     450         (44,775

Silver Wheaton Corp., Strike Price USD 43, Expires 5/23/11

     375         (48,000

Silver Wheaton Corp., Strike Price USD 45, Expires 6/20/11

     450         (78,300

SM Energy Co., Strike Price USD 75, Expires 5/23/11

     270         (83,700

Southwestern Energy Co., Strike Price USD 43, Expires 5/23/11

     500         (77,750

Southwestern Energy Co., Strike Price USD 42, Expires 6/20/11

     614         (174,683

Southwestern Energy Co., Strike Price USD 41, Expires 6/20/11

     500         (180,000

Transocean Ltd., Strike Price USD 80, Expires 5/23/11

     900         (35,100

Weatherford International Ltd., Strike Price USD 22, Expires 5/23/11

     500         (21,250

Weatherford International Ltd., Strike Price USD 24, Expires 5/23/11

     500         (3,000

Weatherford International Ltd., Strike Price USD 22, Expires 6/20/11

     485         (41,710

Weatherford International Ltd., Strike Price USD 23, Expires 6/20/11

     485         (24,492

Whiting Petroleum Corp., Strike Price USD 70, Expires 5/23/11

     650         (121,875
           

Total Exchange-Traded Call Options Written

        (9,389,044
           

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   49


Table of Contents
Schedule of Investments (continued)    BlackRock Energy and Resources Trust (BGR)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

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

     

Brigham Exploration Co., Strike Price USD 35.19, Expires 5/31/11, Broker Citigroup Global Markets, Inc.

     50,000       $ (42,254

Cameron International Corp., Strike Price USD 61.40, Expires 5/04/11, Broker Citigroup Global Markets, Inc.

     80,000         (51

Cameron International Corp., Strike Price USD 62.01, Expires 5/10/11, Broker Citigroup Global Markets, Inc.

     80,000         (1,385

Crescent Point Energy Corp., Strike Price CAD 45.44, Expires 5/20/11, Broker Goldman Sachs & Co.

     80,000         (6,029

Crescent Point Energy Corp., Strike Price CAD 48, Expires 5/23/11, Broker T.D. Securities

     100         (898

El Paso Corp., Strike Price USD 18.17, Expires 5/05/11, Broker UBS Securities LLC

     100,000         (124,720

EQT Corp., Strike Price USD 50.39, Expires 5/27/11, Broker Morgan Stanley & Co., Inc.

     73,000         (176,095

EQT Corp., Strike Price USD 46.84, Expires 6/17/11, Broker Morgan Stanley & Co., Inc.

     31,000         (180,839

International Coal Group, Inc., Strike Price USD 10.60, Expires 5/05/11, Broker Morgan Stanley & Co., Inc.

     75,000         (39,216

International Coal Group, Inc., Strike Price USD 10.60, Expires 5/10/11, Broker Morgan Stanley & Co., Inc.

     75,000         (47,015

Massey Energy Co., Strike Price USD 65.55, Expires 6/03/11, Broker Deutsche Bank Securities Corp.

     100,000         (428,546

Nuvista Energy Ltd., Strike Price CAD 9.24, Expires 5/20/11, Broker Credit Suisse First Boston

     105,000         (48,735

Nuvista Energy Ltd., Strike Price CAD 10, Expires 6/20/11, Broker T.D. Securities

     910         (24,045

Peabody Energy Corp., Strike Price USD 72.73, Expires 5/04/11, Broker Credit Suisse First Boston

     65,000         (355

Peabody Energy Corp., Strike Price USD 73.44, Expires 5/10/11, Broker Credit Suisse First Boston

     65,000         (2,922

Petrohawk Energy Corp., Strike Price USD 24.92, Expires 5/12/11, Broker Deutsche Bank Securities Corp.

     209,500         (483,273

Petroleo Brasileiro SA - ADR, Strike Price USD 35.17, Expires 5/17/11, Broker Goldman Sachs & Co.

     92,500         (18,802

Petroleo Brasileiro SA - ADR, Strike Price USD 33.56, Expires 6/27/11, Broker Morgan Stanley & Co., Inc.

     49,500         (52,767

Plains All American Pipeline LP, Strike Price USD 65.40, Expires 6/27/11, Broker Morgan Stanley & Co., Inc.

     60,000         (30,989

QEP Resources, Inc., Strike Price USD 42.16, Expires 5/13/11, Broker Citigroup Global Markets, Inc.

     30,000         (31,085

QEP Resources, Inc., Strike Price USD 39.08, Expires 5/31/11, Broker Deutsche Bank Securities Corp.

     43,000         (161,080

Ship Finance International Ltd., Strike Price USD 21.27, Expires 5/26/11, Broker Credit Suisse First Boston

     21,000         (1,316

Ship Finance International Ltd., Strike Price USD 20.32, Expires 6/06/11, Broker Goldman Sachs & Co.

     40,000         (12,939

Ship Finance International Ltd., Strike Price USD 21, Expires 6/24/11, Broker Banc of America Securities

     50,000         (18,750

Technip SA, Strike Price EUR 73.11, Expires 5/04/11, Broker Barclays Capital, Inc.

     69,500         (336,523

Whiting Petroleum Corp., Strike Price USD 69.01, Expires 5/04/11, Broker UBS Securities LLC

     55,000         (72,393

Whiting Petroleum Corp., Strike Price USD 65.84, Expires 5/09/11, Broker Credit Suisse First Boston

     78,000         (305,385

Whiting Petroleum Corp., Strike Price USD 69.69, Expires 5/10/11, Broker UBS Securities LLC

     55,000         (74,340
           

Total Over-the-Counter Call Options Written

        (2,722,747
           

Total Options Written
(Premiums Received – $10,807,093) – (1.2)%

        (12,111,791
           

Total Investments Net of Outstanding Options Written – 99.4%

        972,492,940   

Other Assets in Excess of Liabilities – 0.6%

        6,334,698   
           

Net Assets – 100.0%

      $ 978,827,638   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

 

Aggregate cost

   $ 686,100,125   
        

Gross unrealized appreciation

   $ 304,985,930   

Gross unrealized depreciation

     (6,481,324
        

Net unrealized appreciation

   $ 298,504,606   
        

 

(a) Restricted security as to resale acquired 12/20/07. As of April 30, 2011 the Trust held 0.7% of its net assets, with a current market value of $6,711,929 and an original cost of $3,500,003 in these securities.
(b) Non-income producing security.
(c) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(d) Represents the current yield as of report date.
(e) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
     Net
Activity
     Shares
Held at
April 30,
2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

             48,176,237         48,176,237       $ 20,870   

BlackRock Liquidity Series, LLC Money Market Series

                           $ 16,359   

 

See Notes to Financial Statements.     
50   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (concluded)    BlackRock Energy and Resources Trust (BGR)

 

   

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

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Assets:

         

Investments in Securities:

         

Long-Term Investments:

         

Common Stocks:

         

Construction & Engineering

          $ 6,711,929                    –       $ 6,711,929   

Energy Equipment & Services

   $ 128,821,479        22,317,821                151,139,300   

Metals & Mining

     25,485,737                       25,485,737   

Oil, Gas & Consumable Fuels

     753,091,528                       753,091,528   

Short-Term Securities

     48,176,237                       48,176,237   
                                 

Total

   $ 955,574,981      $ 29,029,750              $ 984,604,731   
                                 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments1

         

Liabilities:

         

Equity contracts

   $ (8,518,352   $ (3,593,439           $ (12,111,791

 

1 

Derivative financial instruments are options which are shown at value.

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   51


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Australia – 1.5%

     

BHP Billiton Ltd. - ADR (a)

     104,800       $ 10,609,952   

Newcrest Mining Ltd.

     201,600         9,181,796   
           
        19,791,748   
           

Austria – 0.3%

     

Erste Group Bank AG

     84,300         4,256,077   
           

Belgium – 0.8%

     

Anheuser-Busch InBev NV

     175,300         11,187,303   
           

Brazil – 1.9%

     

Banco Bradesco SA - ADR

     400,200         8,096,046   

Banco Bradesco SA, Preference Shares

     229,300         4,544,606   

BM&FBOVESPA SA

     1,098,844         8,249,013   

Cia de Saneamento Basico do Estado de Sao Paulo - ADR (a)

     75,100         4,394,852   
           
        25,284,517   
           

British Virgin Islands – 0.2%

     

Arcos Dorados Holdings, Inc., Class A (b)

     101,200         2,229,436   
           

Canada – 4.0%

     

Bankers Petroleum Ltd. (b)

     780,000         6,842,467   

Barrick Gold Corp.

     40,900         2,086,309   

Canadian Natural Resources Ltd. (a)

     132,200         6,208,112   

First Quantum Minerals Ltd.

     35,800         5,101,637   

Manulife Financial Corp.

     406,100         7,292,331   

Petrominerales Ltd.

     207,000         7,922,074   

Sun Life Financial, Inc.

     208,600         6,828,032   

Suncor Energy, Inc. (a)

     82,900         3,816,716   

Suncor Energy, Inc.

     65,300         3,009,811   

Toronto-Dominion Bank (The)

     61,000         5,281,530   
           
        54,389,019   
           

China – 1.1%

     

China Construction Bank Corp., H Shares

     9,377,900         8,880,141   

China Merchants Bank Co. Ltd., H Shares

     2,009,800         5,191,840   

Lentuo International, Inc. - ADR (b)

     170,900         522,954   
           
        14,594,935   
           

Denmark – 0.9%

     

Carlsberg A/S, Class B

     58,400         6,929,453   

Pandora A/S

     105,500         4,752,120   
           
        11,681,573   
           

France – 3.4%

     

BNP Paribas

     77,480         6,125,153   

Cie de St-Gobain

     145,500         10,039,457   

Danone

     83,700         6,128,213   

LVMH Moet Hennessy Louis Vuitton SA

     40,300         7,235,360   

Technip SA

     91,300         10,301,401   

Unibail-Rodamco SE - REIT

     25,926         6,065,533   
           
        45,895,117   
           

Germany – 8.3%

     

BASF SE

     113,500         11,654,644   

Bayer AG

     83,600         7,339,637   

Bayerische Motoren Werke AG

     113,700         10,704,715   

Continental AG (b)

     65,800         6,597,529   

Fresenius Medical Care AG & Co. KGaA

     139,800         10,994,877   

K+S AG

     117,900         9,522,249   

Kabel Deutschland Holding AG (b)

     156,100         9,751,373   

Merck KGaA

     71,500         7,574,139   

Metro AG

     88,100         6,465,824   

SAP AG - ADR

     137,500         8,872,875   

Siemens AG

     78,400         11,403,985   

Volkswagen AG, Preference Shares (b)

     53,801         10,589,027   
           
        111,470,874   
           

Gibraltar – 0.1%

     

Bwin.Party Digital Entertainment Plc (b)

     459,393         1,177,205   
           

Hong Kong – 2.9%

     

AIA Group Ltd. (b)

     2,702,400         9,113,826   

Cheung Kong Holdings Ltd.

     263,000         4,150,785   

China Resources Enterprise Ltd.

     1,072,400         4,330,569   

China Unicom Hong Kong Ltd.

     2,876,200         5,882,659   

Hong Kong Exchanges and Clearing Ltd.

     276,600         6,325,308   

Wharf Holdings Ltd.

     1,172,800         8,606,329   
           
        38,409,476   
           

India – 0.7%

     

ICICI Bank Ltd.

     371,000         9,375,706   
           

Ireland – 0.8%

     

Accenture Plc

     120,200         6,867,026   

WPP Plc

     305,000         3,995,009   
           
        10,862,035   
           

Italy – 0.9%

     

Enel SpA

     1,049,600         7,485,063   

Intesa Sanpaolo SpA

     1,376,900         4,573,317   
           
        12,058,380   
           

Japan – 8.1%

     

Bridgestone Corp.

     385,600         8,516,521   

Dena Co. Ltd.

     145,700         5,469,604   

Hino Motors Ltd.

     1,231,700         5,838,017   

ITOCHU Corp.

     1,162,300         12,107,820   

Japan Tobacco, Inc.

     1,953         7,589,939   

Komatsu Ltd.

     145,000         5,112,613   

Marubeni Corp.

     973,800         7,114,222   

Mitsubishi Chemical Holdings Corp.

     774,800         5,246,470   

ORIX Corp.

     66,000         6,484,180   

SMC Corp.

     44,500         8,129,059   

Softbank Corp.

     213,300         9,000,582   

Sumitomo Electric Industries Ltd.

     550,100         7,659,128   

Sumitomo Heavy Industries Ltd.

     1,744,200         11,502,063   

Sumitomo Mitsui Financial Group, Inc.

     185,400         5,758,871   

Tokio Marine Holdings, Inc.

     109,800         3,071,593   
           
        108,600,682   
           

Malaysia – 0.4%

     

CIMB Group Holdings Bhd

     2,148,800         5,948,764   
           

Mexico – 0.7%

     

Fomento Economico Mexicano SAB de CV - ADR

     82,800         5,208,120   

Grupo Modelo SAB de CV, Series C

     692,200         4,386,493   
           
        9,594,613   
           

Netherlands – 3.5%

     

Aegon NV (b)

     859,500         6,831,685   

Akzo Nobel NV

     122,900         9,529,456   

Corio NV - REIT

     41,100         2,910,143   

ING Groep NV (b)

     490,800         6,465,925   

Royal Dutch Shell Plc, Class A - ADR (a)

     223,000         17,278,040   

VimpelCom Ltd. - ADR (a)

     295,000         4,298,150   
           
        47,313,399   
           

 

See Notes to Financial Statements.     
52   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Norway – 1.2%

     

DnB NOR ASA (b)

     258,400       $ 4,201,750   

Subsea 7 SA

     260,500         6,861,594   

Yara International ASA

     89,500         5,239,836   
           
        16,303,180   
           

Russia – 0.8%

     

Lukoil OAO – ADR

     88,700         6,182,390   

Rosneft Oil Co. – GDR

     476,800         4,270,316   
           
        10,452,706   
           

South Africa – 0.4%

     

Naspers Ltd., N Shares

     94,800         5,709,063   
           

South Korea – 4.9%

     

Dongbu Insurance Co. Ltd.

     195,300         9,312,619   

GS Engineering & Construction Corp.

     76,000         9,159,987   

Hyundai Engineering & Construction Co. Ltd.

     167,100         14,037,054   

Kia Motors Corp.

     135,400         9,740,488   

KT Corp. – ADR

     306,900         6,230,070   

Samsung Electronics Co. Ltd.

     13,700         11,443,347   

Samsung Life Insurance Co. Ltd.

     70,800         6,427,734   
           
        66,351,299   
           

Spain – 0.9%

     

Telefonica SA

     452,300         12,151,131   
           

Sweden – 0.4%

     

Volvo AB, B Shares

     283,000         5,561,612   
           

Switzerland – 4.3%

     

Adecco SA

     162,700         11,627,340   

Cie Financiere Richemont SA

     106,900         6,914,201   

Julius Baer Group Ltd. (b)

     76,400         3,575,349   

Novartis AG

     90,900         5,390,386   

Roche Holding AG

     67,900         11,021,522   

Weatherford International Ltd. (a)(b)

     385,100         8,310,458   

Xstrata Plc

     413,300         10,600,736   
           
        57,439,992   
           

Thailand – 1.4%

     

Bangkok Bank Public Co. Ltd.

     1,118,600         6,384,064   

Banpu Public Co. Ltd.

     491,800         12,317,196   
           
        18,701,260   
           

United Kingdom – 5.6%

     

Afren Plc (b)

     1,926,000         5,158,883   

Antofagasta Plc

     350,100         8,051,749   

Barclays Plc – ADR (a)

     490,800         9,349,740   

Barratt Development Plc (b)

     115,400         215,915   

Bellway Plc

     124,500         1,474,086   

BG Group Plc

     262,100         6,749,463   

GlaxoSmithKline Plc

     195,236         4,264,917   

HSBC Holdings Plc

     1,477,430         16,115,583   

Kazakhmys Plc

     205,200         4,766,522   

Persimmon Plc

     55,624         449,969   

Taylor Wimpey Plc (b)

     2,398,700         1,567,501   

Tullow Oil Plc

     218,300         5,237,694   

Vodafone Group Plc – ADR (a)

     400,300         11,656,736   
           
        75,058,758   
           

United States – 38.9%

     

3M Co.

     86,100         8,369,781   

Alcoa, Inc.

     360,900         6,135,300   

Allergan, Inc. (a)

     138,300         11,003,148   

American Electric Power Co., Inc. (a)

     245,500         8,955,840   

Ameriprise Financial, Inc. (a)

     92,400         5,734,344   

Apple, Inc. (a)(b)

     30,400         10,586,192   

Applied Materials, Inc. (a)

     332,800         5,221,632   

AT&T Inc.

     274,000         8,526,880   

B.F. Goodrich Co. (The) (a)

     139,000         12,283,430   

Baxter International, Inc. (a)

     122,400         6,964,560   

Boeing Co. (The)

     179,800         14,344,444   

Broadcom Corp., Class A (a)(b)

     144,300         5,076,474   

Carnival Corp. (a)

     148,900         5,668,623   

Cisco Systems, Inc. (a)

     185,000         3,248,600   

Citigroup, Inc. (a)(b)

     2,920,400         13,404,636   

Clorox Co.

     63,600         4,430,376   

Comcast Corp., Class A (a)

     478,500         12,555,840   

Comerica, Inc. (a)

     160,000         6,068,800   

ConAgra Foods, Inc.

     259,200         6,337,440   

Corning, Inc. (a)

     455,000         9,527,700   

Covidien Plc (a)

     147,400         8,208,706   

CVS Caremark Corp. (a)

     184,400         6,682,656   

Darden Restaurants, Inc. (a)

     137,900         6,477,163   

Dow Chemical Co. (The) (a)

     203,200         8,329,168   

eBay, Inc. (b)

     220,700         7,592,080   

EMC Corp. (a)(b)

     241,400         6,841,276   

Exxon Mobil Corp. (a)

     257,800         22,686,400   

Federal Realty Investment Trust – REIT

     80,000         7,004,800   

FedEx Corp. (a)

     122,400         11,710,008   

Freeport – McMoRan Copper & Gold, Inc. (a)

     123,900         6,818,217   

General Electric Co. (a)

     603,600         12,343,620   

Gilead Sciences, Inc. (a)(b)

     159,200         6,183,328   

Google, Inc., Class A (a)(b)

     25,500         13,874,550   

HCA Holdings, Inc. (b)

     45,700         1,498,960   

Henry Schein, Inc. (a)(b)

     93,200         6,810,124   

HJ Heinz Co.

     168,300         8,622,009   

Huntsman Corp.

     336,000         7,005,600   

Johnson & Johnson

     102,500         6,736,300   

JPMorgan Chase & Co. (a)

     333,000         15,194,790   

KeyCorp (a)

     631,000         5,470,770   

Laboratory Corp. of America Holdings (a)(b)

     73,200         7,061,604   

Liberty Global, Inc., Class A (a)(b)

     216,500         10,067,250   

Lincoln National Corp. (a)

     261,000         8,151,030   

MetLife, Inc. (a)

     193,600         9,058,544   

News Corp., Class A (a)

     428,500         7,635,870   

NII Holdings, Inc. (a)(b)

     107,800         4,482,324   

NIKE, Inc., Class B

     81,600         6,717,312   

Norfolk Southern Corp. (a)

     132,000         9,857,760   

Occidental Petroleum Corp. (a)

     101,200         11,566,148   

Oracle Corp. (a)

     285,500         10,292,275   

PepsiCo, Inc. (a)

     157,900         10,877,731   

Pfizer, Inc. (a)

     342,000         7,168,320   

Procter & Gamble Co. (The)

     199,100         12,921,590   

Rowan Cos., Inc. (a)(b)

     218,400         9,107,280   

Schlumberger Ltd. (a)

     113,200         10,159,700   

Sprint Nextel Corp. (b)

     645,900         3,345,762   

St. Jude Medical, Inc. (a)

     249,100         13,311,904   

Stanley Black & Decker, Inc. (a)

     86,900         6,313,285   

Stillwater Mining Co. (a)(b)

     260,700         5,946,567   

Terex Corp. (a)(b)

     47,900         1,665,962   

Texas Instruments, Inc. (a)

     203,000         7,212,590   

United States Steel Corp. (a)

     40,000         1,908,400   

 

See Notes to Financial Statements.     
    SEMI- ANNUAL REPORT    APRIL 30, 2011   53


Table of Contents
Schedule of Investments (continued)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

United States (concluded)

     

Verizon Communications, Inc. (a)

     200,100       $ 7,559,778   
           
        522,923,551   
           

Total Long-Term Investments
(Cost – $1,204,462,205) – 99.3%

        1,334,773,411   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     20,927,661         20,927,661   
           

Total Short-Term Securities
(Cost – $20,927,661) – 1.5%

        20,927,661   
           

Total Investments Before Outstanding Options Written
(Cost – $1,225,389,866*) – 100.8%

        1,355,701,072   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.8)%

     

3M Co., Strike Price USD 91.30, Expires 6/03/11

     475         (282,110

Accenture Plc, Strike Price USD 55.50, Expires 5/23/11

     120         (23,755

Accenture Plc, Strike Price USD 56, Expires 5/23/11

     540         (88,138

American Electric Power Co., Inc., Strike Price USD 36, Expires 5/23/11

     380         (20,900

Ameriprise Financial, Inc., Strike Price USD 62.50, Expires 5/23/11

     500         (45,054

Apple, Inc., Strike Price USD 340, Expires 5/23/11

     85         (116,238

Apple, Inc., Strike Price USD 355, Expires 6/20/11

     85         (83,512

Applied Materials, Inc., Strike Price USD 15, Expires 5/23/11

     915         (75,030

Applied Materials, Inc., Strike Price USD 15, Expires 6/20/11

     915         (90,585

AT&T Inc., Strike Price USD 30.80, Expires 5/23/11

     1,510         (85,484

Barclays Plc – ADR, Strike Price USD 18.75, Expires 5/23/11

     580         (33,590

Barclays Plc – ADR, Strike Price USD 20, Expires 6/20/11

     100         (3,500

Baxter International, Inc., Strike Price USD 55, Expires 5/23/11

     676         (148,382

BHP Billiton Ltd. – ADR, Strike Price USD 90, Expires 5/23/11

     880         (1,023,000

BHP Billiton Ltd. – ADR, Strike Price USD 100, Expires 5/23/11

     30         (9,675

BHP Billiton Ltd. – ADR, Strike Price USD 100, Expires 6/20/11

     30         (14,025

Boeing Co. (The), Strike Price USD 72.50, Expires 5/23/11

     1,000         (727,500

Broadcom Corp., Class A, Strike Price USD 39, Expires 5/23/11

     300         (3,450

Broadcom Corp., Class A, Strike Price USD 40, Expires 5/23/11

     500         (3,000

Canadian Natural Resources Ltd., Strike Price USD 46, Expires 5/23/11

     365         (73,000

Canadian Natural Resources Ltd., Strike Price USD 46, Expires 6/20/11

     365         (98,550

Carnival Corp., Strike Price USD 38, Expires 6/20/11

     820         (123,000

Cia de Saneamento Basico do Estado de Sao Paulo – ADR, Strike Price USD 60, Expires 5/23/11

     410         (27,675

Cisco Systems, Inc., Strike Price USD 19, Expires 10/24/11

     1,850         (123,025

Citigroup, Inc., Strike Price USD 4.50, Expires 5/23/11

     11,500         (155,250

Citigroup, Inc., Strike Price USD 4.55, Expires 6/20/11

     4,565         (72,013

Comcast Corp., Class A, Strike Price USD 25, Expires 5/23/11

     1,050         (149,100

Comerica, Inc., Strike Price USD 38, Expires 5/23/11

     440         (28,820

Comerica, Inc., Strike Price USD 39, Expires 5/23/11

     440         (11,660

Corning, Inc., Strike Price USD 21, Expires 5/23/11

     690         (31,050

Corning, Inc., Strike Price USD 20.70, Expires 5/27/11

     815         (52,668

Corning, Inc., Strike Price USD 20, Expires 6/20/11

     1,000         (132,000

Covidien Plc, Strike Price USD 52.50, Expires 5/23/11

     360         (118,800

CVS Caremark Corp., Strike Price USD 36, Expires 5/23/11

     1,020         (104,550

Dow Chemical Co. (The), Strike Price USD 39, Expires 6/20/11

     1,120         (305,760

EMC Corp., Strike Price USD 27, Expires 5/23/11

     665         (103,408

EMC Corp., Strike Price USD 27, Expires 6/20/11

     665         (123,025

Exxon Mobil Corp., Strike Price USD 85, Expires 6/20/11

     850         (318,750

FedEx Corp., Strike Price USD 95, Expires 5/23/11

     675         (144,112

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 55, Expires 5/23/11

     175         (31,762

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 57, Expires 5/23/11

     170         (16,320

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 55, Expires 6/20/11

     170         (48,365

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 57.50, Expires 6/20/11

     166         (28,967

General Electric Co., Strike Price USD 21, Expires 5/23/11

     2,220         (41,070

Gilead Sciences, Inc., Strike Price USD 42, Expires 5/23/11

     875         (18,375

Goodrich Corp., Strike Price USD 85, Expires 5/23/11

     765         (302,175

Google, Inc., Class A, Strike Price USD 595, Expires 5/23/11

     65         (2,600

Google, Inc., Class A, Strike Price USD 530, Expires 6/20/11

     75         (170,625

Henry Schein, Inc., Strike Price USD 70, Expires 5/23/11

     530         (194,775

HJ Heinz Co., Strike Price USD 49.55, Expires 5/23/11

     925         (161,843

Johnson & Johnson, Strike Price USD 65.30, Expires 6/20/11

     565         (62,150

JPMorgan Chase & Co., Strike Price USD 45, Expires 5/23/11

     1,830         (221,430

 

See Notes to Financial Statements.     
54   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (continued)

     

KeyCorp, Strike Price USD 8.50, Expires 5/23/11

     200       $ (5,585

KeyCorp, Strike Price USD 9, Expires 5/23/11

     1,470         (11,760

Laboratory Corp. of America Holdings, Strike Price USD 95, Expires 5/23/11

     400         (91,000

Liberty Global, Inc., Class A, Strike Price USD 45, Expires 5/23/11

     600         (120,000

Liberty Global, Inc., Class A, Strike Price USD 41, Expires 5/23/11

     595         (324,275

Lincoln National Corp., Strike Price USD 29, Expires 5/23/11

     720         (172,080

Lincoln National Corp., Strike Price USD 29, Expires 6/20/11

     720         (193,680

MetLife, Inc., Strike Price USD 44, Expires 5/23/11

     405         (123,525

MetLife, Inc., Strike Price USD 44, Expires 6/20/11

     405         (137,700

MetLife, Inc., Strike Price USD 45, Expires 6/20/11

     255         (67,192

News Corp., Class A, Strike Price USD 17, Expires 5/23/11

     1,700         (191,250

NII Holdings, Inc., Strike Price USD 40, Expires 5/23/11

     295         (65,638

NII Holdings, Inc., Strike Price USD 39, Expires 5/23/11

     295         (89,975

Occidental Petroleum Corp., Strike Price USD 100, Expires 5/23/11

     100         (145,250

Occidental Petroleum Corp., Strike Price USD 105, Expires 5/23/11

     270         (265,950

Occidental Petroleum Corp., Strike Price USD 100, Expires 5/27/11

     210         (300,686

Oracle Corp., Strike Price USD 34, Expires 5/23/11

     925         (190,088

Oracle Corp., Strike Price USD 33.75, Expires 6/20/11

     650         (165,479

PepsiCo, Inc., Strike Price USD 65, Expires 5/23/11

     870         (343,650

Pfizer, Inc., Strike Price USD 20, Expires 5/23/11

     570         (60,420

Rowan Cos., Inc., Strike Price USD 43, Expires 5/23/11

     600         (51,000

Rowan Cos., Inc., Strike Price USD 44, Expires 5/23/11

     600         (31,500

Royal Dutch Shell Plc, Class A – ADR, Strike Price USD 70, Expires 5/10/11

     270         (201,960

Schlumberger Ltd., Strike Price USD 95, Expires 5/23/11

     620         (26,970

St. Jude Medical, Inc., Strike Price USD 50, Expires 5/23/11

     820         (299,300

St. Jude Medical, Inc., Strike Price USD 52.50, Expires 6/20/11

     310         (75,175

Stanley Black & Decker, Inc., Strike Price USD 75, Expires 5/23/11

     478         (27,485

Stillwater Mining Co., Strike Price USD 23, Expires 5/23/11

     440         (40,700

Stillwater Mining Co., Strike Price USD 24, Expires 5/23/11

     440         (22,000

Stillwater Mining Co., Strike Price USD 21, Expires 6/20/11

     100         (27,000

Stillwater Mining Co., Strike Price USD 24, Expires 7/18/11

     450         (67,500

Suncor Energy, Inc., Strike Price USD 45, Expires 5/23/11

     405         (79,178

Suncor Energy, Inc., Strike Price USD 46, Expires 5/23/11

     405         (55,485

Terex Corp., Strike Price USD 34, Expires 6/20/11

     265         (59,625

Texas Instruments, Inc., Strike Price USD 34, Expires 5/23/11

     290         (50,750

Texas Instruments, Inc., Strike Price USD 35, Expires 5/23/11

     290         (28,710

Texas Instruments, Inc., Strike Price USD 35, Expires 6/20/11

     535         (75,970

United States Steel Corp., Strike Price USD 52.50, Expires 5/23/11

     220         (7,040

Verizon Communications, Inc., Strike Price USD 36, Expires 5/23/11

     252         (47,376

VimpelCom Ltd. – ADR, Strike Price USD 15, Expires 6/20/11

     810         (28,350

Vodafone Group Plc – ADR, Strike Price USD 29, Expires 5/23/11

     1,225         (82,688

Vodafone Group Plc – ADR, Strike Price USD 29, Expires 6/20/11

     975         (78,000

Weatherford International Ltd., Strike Price USD 22, Expires 5/23/11

     150         (6,375

Weatherford International Ltd., Strike Price USD 22, Expires 6/20/11

     985         (84,710

Weatherford International Ltd., Strike Price USD 23, Expires 6/20/11

     985         (49,742
           

Total Exchange-Traded Call Options Written

        (11,143,373
           

Exchange-Traded Put Options Written – (0.0)%

     

Cia de Saneamento Basico do Estado de Sao Paulo – ADR, Strike Price USD 55, Expires 5/23/11

     800         (68,000

Cisco Systems, Inc., Strike Price USD 16, Expires 10/24/11

     1,850         (124,875

iShares MSCI Emerging Markets Index Fund, Strike Price USD 48, Expires 5/23/11

     1,310         (37,990

iShares MSCI Emerging Markets Index Fund, Strike Price USD 49, Expires 5/23/11

     1,310         (68,775
           

Total Exchange-Traded Put Options Written

        (299,640
           

Over-the-Counter Call Options Written – (1.9)%

     

Adecco SA, Strike Price CHF 59.03, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     29,000         (121,153

Adecco SA, Strike Price CHF 63.09, Expires 6/15/11, Broker UBS Securities LLC

     60,500         (102,858

Aegon NV, Strike Price EUR 5.11, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     266,200         (103,099

Aegon NV, Strike Price EUR 5.37, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     206,000         (33,621

Afren Plc, Strike Price GBP 1.63, Expires 5/04/11, Broker UBS Securities LLC

     505,400         (12,178

Afren Plc, Strike Price GBP 1.46, Expires 5/16/11, Broker Barclays Capital, Inc.

     554,000         (143,599

AIA Group Ltd., Strike Price HKD 24.23, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     1,486,400         (430,006

Akzo Nobel NV, Strike Price EUR 50.40, Expires 6/07/11, Broker UBS Securities LLC

     67,000         (275,644

Alcoa, Inc., Strike Price USD 18.43, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     100,000         (1,003

Alcoa, Inc., Strike Price USD 18.52, Expires 5/18/11, Broker Deutsche Bank Securities Corp.

     100,000         (2,545

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   55


Table of Contents
Schedule of Investments (continued)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Allergan, Inc., Strike Price USD 70, Expires 5/11/11, Broker Credit Suisse First Boston

     51,500       $ (492,340

Allergan, Inc., Strike Price USD 77.34, Expires 6/03/11, Broker Deutsche Bank Securities Corp.

     24,500         (79,235

American Electric Power Co., Inc., Strike Price USD 35.75, Expires 6/23/11, Broker Goldman Sachs & Co.

     97,000         (89,549

Anheuser-Busch InBev NV, Strike Price EUR 39.84, Expires 5/16/11, Broker Barclays Capital, Inc.

     96,500         (474,568

Antofagasta Plc, Strike Price GBP 14.54, Expires 5/31/11, Broker Societe General Securities Corp.

     193,000         (129,642

Banco Bradesco SA – ADR, Strike Price USD 19.66, Expires 5/12/11, Broker Citigroup Global Markets, Inc.

     127,500         (95,940

Banco Bradesco SA – ADR, Strike Price USD 21.35, Expires 5/31/11, Broker Citigroup Global Markets, Inc.

     92,000         (16,802

Banco Bradesco SA, Preference Shares, Strike Price BRL 33.52, Expires 5/05/11, Broker Morgan Stanley & Co., Inc.

     126,000         (2,520

Bankers Petroleum Ltd., Strike Price CAD 9, Expires 5/23/11, Broker T.D. Securities

     2,150         (15,907

Bankers Petroleum Ltd., Strike Price CAD 9, Expires 6/20/11, Broker T.D. Securities

     2,150         (45,447

Barclays Plc - ADR, Strike Price USD 19.46, Expires 5/10/11, Broker Morgan Stanley & Co., Inc.

     202,000         (28,636

BASF SE, Strike Price EUR 55.92, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     62,500         (1,229,523

Bayer AG, Strike Price EUR 55.11, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     26,000         (151,051

Bayer AG, Strike Price EUR 57.23, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     20,000         (75,041

Bayerische Motoren Werke AG, Strike Price EUR 59.89, Expires 5/16/11, Broker UBS Securities LLC

     8,500         (47,388

Bayerische Motoren Werke AG, Strike Price EUR 58.33, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     8,300         (67,537

Bayerische Motoren Werke AG, Strike Price EUR 55.45, Expires 5/25/11, Broker Credit Suisse First Boston

     45,800         (547,583

Bellway Plc, Strike Price GBP 6.75, Expires 5/04/11, Broker Credit Suisse First Boston

     38,000         (22,113

Bellway Plc, Strike Price GBP 6.42, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     38,000         (43,158

BG Group Plc, Strike Price GBP 15.04, Expires 5/25/11, Broker Societe General Securities Corp.

     144,200         (155,703

BM&FBOVESPA SA, Strike Price BRL 11.79, Expires 5/17/11, Broker Credit Suisse First Boston

     110,000         (15,446

BM&FBOVESPA SA, Strike Price BRL 12.10, Expires 5/17/11, Broker Goldman Sachs & Co.

     394,500         (26,317

BM&FBOVESPA SA, Strike Price BRL 12.26, Expires 5/26/11, Broker Credit Suisse First Boston

     100,000         (7,651

BNP Paribas, Strike Price EUR 54.61, Expires 5/25/11, Broker Credit Suisse First Boston

     42,600         (65,047

Bridgestone Corp., Strike Price JPY 1,772.45, Expires 6/28/11, Broker Goldman Sachs & Co.

     212,000         (244,085

Bwin.Party Digital Entertainment Plc, Strike Price GBP 1.97, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     253,000         (85

Carlsberg A/S, Class B, Strike Price DKK 558.74, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     32,200         (253,525

Cheung Kong Holdings Ltd., Strike Price HKD 125.77, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     145,000         (16,088

Cheung Kong Holdings Ltd., Strike Price HKD 125.54, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     118,000         (48,931

China Construction Bank Corp., H Shares, Strike Price HKD 7.36, Expires 5/11/11, Broker UBS Securities LLC

     1,728,000         (25,156

China Construction Bank Corp., H Shares, Strike Price HKD 7.55, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     3,430,000         (66,992

China Merchants Bank Co. Ltd., H Shares, Strike Price HKD 21.50, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     1,105,500         (4,312

China Resources Enterprise Ltd., Strike Price HKD 30.87, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     590,000         (75,359

China Unicom Hong Kong Ltd., Strike Price HKD 12.84, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     1,650,000         (648,202

Cie de St-Gobain, Strike Price EUR 45.59, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     80,000         (185,593

Cie Financiere Richemont SA, Strike Price CHF 47.94, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     45,000         (416,694

Cie Financiere Richemont SA, Strike Price CHF 56.36, Expires 6/15/11, Broker Morgan Stanley & Co., Inc.

     13,800         (28,753

CIMB Group Holdings Bhd, Strike Price MYR 8.29, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     1,611,000         (77,231

Clorox Co., Strike Price USD 69.63, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     35,000         (26,616

Comcast Corp., Class A, Strike Price USD 24.45, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     158,000         (280,001

ConAgra Foods, Inc., Strike Price USD 24.20, Expires 6/10/11, Broker Goldman Sachs & Co.

     142,500         (85,620

Continental AG, Strike Price EUR 61.94, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     8,200         (71,689

Continental AG, Strike Price EUR 63.82, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     28,000         (179,131

Corio NV – REIT, Strike Price EUR 47.48, Expires 6/15/11, Broker UBS Securities LLC

     22,600         (38,194

Covidien Plc, Strike Price USD 53.55, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     39,000         (85,660

Danone, Strike Price EUR 44.24, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     46,000         (354,854

Darden Restaurants, Inc., Strike Price USD 47.66, Expires 6/03/11, Broker Goldman Sachs & Co.

     76,000         (64,197

Dena Co. Ltd., Strike Price JPY 3,070.60, Expires 5/11/11, Broker UBS Securities LLC

     80,200         (91,573

 

See Notes to Financial Statements.     
56   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

eBay, Inc., Strike Price USD 30.72, Expires 5/05/11, Broker Morgan Stanley & Co., Inc.

     125,000       $ (458,733

Enel SpA, Strike Price EUR 4.50, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     578,000         (270,465

Erste Group Bank AG, Strike Price EUR 34.82, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     46,400         (14,532

Exxon Mobil Corp., Strike Price USD 86.10, Expires 5/27/11, Broker Citigroup Global Markets, Inc.

     57,000         (144,780

Federal Realty Investment Trust - REIT, Strike Price USD 84, Expires 5/31/11, Broker Goldman Sachs & Co.

     44,000         (185,680

First Quantum Minerals Ltd., Strike Price CAD 137.75, Expires 6/09/11, Broker UBS Securities LLC

     29,000         (220,393

Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 56.70, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     16,500         (102,300

Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 61.52, Expires 6/03/11, Broker Deutsche Bank Securities Corp.

     29,000         (67,311

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 47.02, Expires 5/16/11, Broker Barclays Capital, Inc.

     17,600         (157,162

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 49.87, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     28,400         (142,005

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 50.40, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     31,000         (136,554

General Electric Co., Strike Price USD 20.19, Expires 6/03/11, Broker Citigroup Global Markets, Inc.

     110,000         (67,973

GlaxoSmithKline Plc, Strike Price GBP 11.96, Expires 5/04/11, Broker Barclays Capital, Inc.

     108,000         (201,997

Grupo Modelo SAB de CV, Series C, Strike Price MXN 69.63, Expires 5/17/11, Broker Goldman Sachs & Co.

     95,000         (29,394

Grupo Modelo SAB de CV, Series C, Strike Price MXN 70.63, Expires 5/17/11, Broker UBS Securities LLC

     32,000         (7,437

Grupo Modelo SAB de CV, Series C, Strike Price MXN 70.63, Expires 6/02/11, Broker UBS Securities LLC

     127,000         (33,583

Grupo Modelo SAB de CV, Series C, Strike Price MXN 70.63, Expires 6/14/11, Broker UBS Securities LLC

     127,000         (36,368

GS Engineering & Construction Corp., Strike Price KRW 127,929.63, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     41,800         (462,929

HCA Holdings, Inc., Strike Price USD 32.79, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     25,000         (15,418

Hong Kong Exchanges and Clearing Ltd., Strike Price HKD 182.57, Expires 6/28/11, Broker Citigroup Global Markets, Inc.

     152,000         (120,364

HSBC Holdings Plc, Strike Price GBP 6.73, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     363,000         (4,128

HSBC Holdings Plc, Strike Price GBP 6.63, Expires 5/04/11, Broker Credit Suisse First Boston

     225,000         (7,921

HSBC Holdings Plc, Strike Price GBP 6.63, Expires 5/16/11, Broker Credit Suisse First Boston

     225,000         (24,453

Huntsman Corp., Strike Price USD 17.33, Expires 5/11/11, Broker UBS Securities LLC

     185,000         (651,503

Hyundai Engineering & Construction Co. Ltd., Strike Price KRW 83,002.50, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     27,700         (195,890

Hyundai Engineering & Construction Co. Ltd., Strike Price KRW 89,796.04, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     64,200         (444,177

ING Groep NV, Strike Price EUR 8.65, Expires 5/16/11, Broker Barclays Capital, Inc.

     12,000         (6,640

ING Groep NV, Strike Price EUR 9.35, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     125,600         (8,501

ING Groep NV, Strike Price EUR 9.43, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     132,000         (12,553

Intesa Sanpaolo SpA, Strike Price EUR 2.23, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     687,500         (67,591

Intesa Sanpaolo SpA, Strike Price EUR 2.23, Expires 6/07/11, Broker UBS Securities LLC

     69,800         (10,065

ITOCHU Corp., Strike Price JPY 840.22, Expires 6/28/11, Broker Goldman Sachs & Co.

     639,000         (359,229

Japan Tobacco, Inc., Strike Price JPY 315,296.57, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     1,070         (168,827

Julius Baer Group Ltd., Strike Price CHF 39.81, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     42,000         (56,652

K+S AG, Strike Price EUR 49.91, Expires 5/16/11, Broker Societe General Securities Corp.

     64,900         (459,290

Kabel Deutschland Holding AG, Strike Price EUR 36.09, Expires 5/04/11, Broker Barclays Capital, Inc.

     26,000         (236,888

Kabel Deutschland Holding AG, Strike Price EUR 35.86, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     26,000         (245,947

Kabel Deutschland Holding AG, Strike Price EUR 37.79, Expires 5/16/11, Broker UBS Securities LLC

     13,600         (89,971

Kabel Deutschland Holding AG, Strike Price EUR 39.29, Expires 6/07/11, Broker UBS Securities LLC

     20,300         (102,586

Kazakhmys Plc, Strike Price GBP 13.70, Expires 6/15/11, Broker Credit Suisse First Boston

     113,000         (136,912

KeyCorp, Strike Price USD 8.54, Expires 6/09/11, Broker Deutsche Bank Securities Corp.

     180,000         (66,287

Kia Motors Corp., Strike Price KRW 69,192.34, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     74,500         (545,574

Komatsu Ltd., Strike Price JPY 2,847.49, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     80,000         (134,747

KT Corp. - ADR, Strike Price USD 19.22, Expires 5/04/11, Broker UBS Securities LLC

     54,000         (58,320

KT Corp. - ADR, Strike Price USD 18.84, Expires 5/11/11, Broker Credit Suisse First Boston

     45,000         (65,858

KT Corp. - ADR, Strike Price USD 20.48, Expires 5/27/11, Broker UBS Securities LLC

     70,000         (21,820

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   57


Table of Contents
Schedule of Investments (continued)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Lukoil OAO - ADR, Strike Price USD 72.09, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     33,200       $ (18,928

Lukoil OAO - ADR, Strike Price USD 70.60, Expires 6/15/11, Broker Credit Suisse First Boston

     15,600         (33,255

LVMH Moet Hennessy Louis Vuitton SA, Strike Price EUR 121.48, Expires 6/15/11, Broker Societe General Securities Corp.

     22,200         (119,835

Manulife Financial Corp., Strike Price CAD 17.56, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     223,500         (21,189

Marubeni Corp., Strike Price JPY 589.13, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     535,000         (250,599

Merck KGaA, Strike Price EUR 66.23, Expires 5/16/11, Broker UBS Securities LLC

     40,000         (314,475

Metro AG, Strike Price EUR 49.50, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     48,500         (81,758

Mitsubishi Chemical Holdings Corp., Strike Price JPY 548.94, Expires 6/28/11, Broker Goldman Sachs & Co.

     426,000         (140,010

Naspers Ltd., N Shares, Strike Price ZAR 400.47, Expires 5/04/11, Broker UBS Securities LLC

     52,100         (33,883

Newcrest Mining Ltd., Strike Price AUD 42.72, Expires 6/28/11, Broker UBS Securities LLC

     111,000         (188,621

News Corp., Class A, Strike Price USD 16.90, Expires 5/06/11, Broker Credit Suisse First Boston

     66,000         (62,295

NIKE, Inc., Class B, Strike Price USD 78.97, Expires 5/20/11, Broker Morgan Stanley & Co., Inc.

     45,000         (164,398

Norfolk Southern Corp., Strike Price USD 69.39, Expires 5/03/11, Broker Citigroup Global Markets, Inc.

     72,500         (383,743

Novartis AG, Strike Price CHF 54.09, Expires 5/03/11, Broker Barclays Capital, Inc.

     5,000         (2

Novartis AG, Strike Price CHF 49.76, Expires 5/05/11, Broker Credit Suisse First Boston

     43,500         (77,537

Novartis AG, Strike Price CHF 48.81, Expires 5/16/11, Broker Barclays Capital, Inc.

     31,300         (90,553

ORIX Corp., Strike Price JPY 8,415, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     36,500         (44,692

Pandora A/S, Strike Price DKK 271.63, Expires 5/16/11, Broker UBS Securities LLC

     11,300         (2,935

Petrominerales Ltd., Strike Price CAD 35, Expires 5/23/11, Broker T.D. Securities

     450         (92,744

Petrominerales Ltd., Strike Price CAD 36.70, Expires 6/13/11, Broker Citigroup Global Markets, Inc.

     69,000         (110,120

Pfizer, Inc., Strike Price USD 20.53, Expires 5/25/11, Broker Goldman Sachs & Co.

     193,000         (140,049

Pfizer, Inc., Strike Price USD 20.50, Expires 5/31/11, Broker UBS Securities LLC

     92,000         (72,687

Procter & Gamble Co. (The), Strike Price USD 62.48, Expires 5/31/11, Broker Morgan Stanley & Co., Inc.

     110,000         (272,663

Roche Holding AG, Strike Price CHF 131.00, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     12,000         (130,959

Roche Holding AG, Strike Price CHF 126.69, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     13,000         (206,185

Rosneft Oil Co. - GDR, Strike Price USD 9.19, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     262,500         (34,708

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 71.87, Expires 5/04/11, Broker Goldman Sachs & Co.

     66,000         (370,260

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 71.67, Expires 6/17/11, Broker UBS Securities LLC

     30,000         (174,300

Samsung Electronics Co. Ltd., Strike Price KRW 928,529.16, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     7,500         (47,620

SAP AG - ADR, Strike Price USD 63.59, Expires 5/13/11, Broker UBS Securities LLC

     37,700         (60,513

SAP AG - ADR, Strike Price USD 63.59, Expires 5/31/11, Broker UBS Securities LLC

     37,700         (80,007

Siemens AG, Strike Price EUR 90.51, Expires 5/16/11, Broker Barclays Capital, Inc.

     34,000         (392,159

Siemens AG, Strike Price EUR 92.22, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     10,000         (90,130

SMC Corp., Strike Price JPY 14,824.80, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     24,500         (231,008

Softbank Corp., Strike Price JPY 3,179.48, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     118,000         (390,994

Sprint Nextel Corp., Strike Price USD 4.82, Expires 5/31/11, Broker Goldman Sachs & Co.

     210,000         (91,596

St. Jude Medical, Inc., Strike Price USD 52.56, Expires 5/12/11, Broker UBS Securities LLC

     36,500         (48,255

Subsea 7 SA, Strike Price NOK 134.23, Expires 5/04/11, Broker Citigroup Global Markets, Inc.

     143,500         (120,246

Sumitomo Electric Industries Ltd., Strike Price JPY 1,149.38, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     305,000         (104,045

Sumitomo Heavy Industries Ltd., Strike Price JPY 527.98, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     375,000         (93,518

Sumitomo Heavy Industries Ltd., Strike Price JPY 530.46, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     584,000         (210,680

Sumitomo Mitsui Financial Group, Inc., Strike Price JPY 2,502.78, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     102,000         (160,601

Sun Life Financial, Inc., Strike Price CAD 32, Expires 5/23/11, Broker Bank of Montreal

     575         (10,027

Sun Life Financial, Inc., Strike Price CAD 30, Expires 5/23/11, Broker T.D. Securities

     575         (72,016

Taylor Wimpey Plc, Strike Price GBP 0.38, Expires 5/16/11, Broker Barclays Capital, Inc.

     1,568,000         (57,495

Technip SA, Strike Price EUR 66.36, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     20,900         (307,294

Technip SA, Strike Price EUR 77.42, Expires 6/15/11, Broker Societe General Securities Corp.

     29,400         (101,548

Telefonica SA, Strike Price EUR 17.99, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     124,500         (38,817

Telefonica SA, Strike Price EUR 17.99, Expires 5/16/11, Broker Credit Suisse First Boston

     124,500         (53,733

Tokio Marine Holdings, Inc., Strike Price JPY 2,160.75, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     109,800         (174,886

Toronto-Dominion Bank (The), Strike Price CAD 86, Expires 5/23/11, Broker T.D. Securities

     335         (5,134

Tullow Oil Plc, Strike Price GBP 14.81, Expires 5/03/11, Broker Credit Suisse First Boston

     92,200         (4,893

 

See Notes to Financial Statements.     
58   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Global Opportunities Equity Trust (BOE)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (concluded)

     

Tullow Oil Plc, Strike Price GBP 13.69, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     111,800       $ (143,920

Unibail-Rodamco SE - REIT, Strike Price EUR 142.27, Expires 5/16/11, Broker Societe General Securities Corp.

     19,500         (455,396

Verizon Communications, Inc., Strike Price USD 38.61, Expires 5/05/11, Broker Credit Suisse First Boston

     96,000         (30,171

VimpelCom Ltd. - ADR, Strike Price USD 14.29, Expires 5/12/11, Broker UBS Securities LLC

     81,500         (26,493

Volkswagen AG, Preference Shares, Strike Price EUR 111.96, Expires 5/25/11, Broker Credit Suisse First Boston

     29,700         (927,989

Volvo AB, B Shares, Strike Price SEK 101.61, Expires 5/16/11, Broker Barclays Capital, Inc.

     283,000         (802,854

Wharf Holdings Ltd., Strike Price HKD 53.58, Expires 5/11/11, Broker BNP Paribas

     547,000         (251,126

Wharf Holdings Ltd., Strike Price HKD 56.96, Expires 5/11/11, Broker JPMorgan Chase Securities

     98,000         (14,226

WPP Plc, Strike Price GBP 8.45, Expires 5/03/11, Broker UBS Securities LLC

     284,400         (70

Xstrata Plc, Strike Price GBP 13.92, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     190,000         (454,670

Xstrata Plc, Strike Price GBP 13.42, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     37,400         (120,836

Yara International ASA, Strike Price NOK 279.79, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     58,500         (342,236
           

Total Over-the-Counter Call Options Written

        (25,726,684
           

Total Options Written
(Premiums Received – $22,021,329) – (2.7)%

   

     (37,169,697
           

Total Investments Net of Outstanding Options
Written – 98.1%

   

     1,318,531,375   

Other Assets in Excess of Liabilities – 1.9%

  

     26,007,152   
           

Net Assets – 100.0%

  

   $ 1,344,538,527   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 1,238,761,912   
        

Gross unrealized appreciation

   $ 132,392,937   

Gross unrealized depreciation

     (15,453,777
        

Net unrealized appreciation

   $ 116,939,160   
        

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Non-income producing security.
(c) Represents the current yield as of report date.
(d) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
   Net
Activity
  Shares
Held at
April 30,
2011
   Income

BlackRock Liquidity Funds, TempFund, Institutional Class

       42,426,566          (21,498,905 )       20,927,661        $ 22,225  

 

   

Foreign currency exchange contracts as of April 30, 2011 were as follows:

 

Currency
Purchased

     Currency Sold     

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

AUD

     1,398,000         USD         1,522,345       Citigroup Global Markets, Inc.      5/03/11       $ 9,400   

AUD

     1,588,000         USD         1,740,067       Citigroup Global Markets, Inc.      5/04/11         (371

AUD

     2,112,000         USD         2,300,739       RBS Securities, Inc.      5/03/11         13,313   

AUD

     3,214,000         USD         3,472,991       Citigroup Global Markets, Inc.      5/02/11         49,858   

CAD

     13,000         USD         13,664       Citigroup Global Markets, Inc.      5/03/11         76   

CAD

     367,000         USD         385,992       Deutsche Bank Securities Corp.      5/02/11         1,895   

NOK

     5,743,000         USD         1,078,091       Citigroup Global Markets, Inc.      5/02/11         16,523   

USD

     2,114         CAD         2,000       Deutsche Bank Securities, Inc.      5/02/11           

USD

     212,304         HKD         1,649,000       Citigroup Global Markets, Inc.      5/04/11         (28

USD

     33,869         EUR         23,000       Deutsche Bank Securities Corp.      5/02/11         (197

USD

     739,833         JPY         60,189,000       Deutsche Bank Securities Corp.      5/09/11         (2,217

USD

     935,395         JPY         76,437,000       Citigroup Global Markets, Inc.      5/02/11         (6,934

USD

     959,947         NOK         5,029,000       Citigroup Global Markets, Inc.      5/04/11         1,648   
                       

Total

                  $ 82,966   
                       

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   59


Table of Contents
Schedule of Investments (concluded)    BlackRock Global Opportunities Equity Trust ()
  

 

   

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

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Assets:

         

Investments in Securities:

         

Long-Term Investments:

         

Common Stocks:

         

Australia

   $ 10,609,952      $ 9,181,796                    –       $ 19,791,748   

Austria

            4,256,077                4,256,077   

Belgium

            11,187,303                11,187,303   

Brazil

     25,284,517                       25,284,517   

British Virgin

         

Islands

     2,229,436                       2,229,436   

Canada

     54,389,019                       54,389,019   

China

     522,954        14,071,981                14,594,935   

Denmark

     4,752,120        6,929,453                11,681,573   

France

            45,895,117                45,895,117   

Germany

     16,447,014        95,023,860                111,470,874   

Gibraltar

            1,177,205                1,177,205   

Hong Kong

            38,409,476                38,409,476   

India

            9,375,706                9,375,706   

Ireland

     6,867,026        3,995,009                10,862,035   

Italy

            12,058,380                12,058,380   

Japan

            108,600,682                108,600,682   

Malaysia

            5,948,764                5,948,764   

Mexico

     9,594,613                       9,594,613   

Netherlands

     21,576,190        25,737,209                47,313,399   

Norway

            16,303,180                16,303,180   

Russia

     6,182,390        4,270,316                10,452,706   

South Africa

            5,709,063                5,709,063   

South Korea

     6,230,070        60,121,229                66,351,299   

Spain

            12,151,131                12,151,131   

Sweden

            5,561,612                5,561,612   

Switzerland

     8,310,458        49,129,534                57,439,992   

Thailand

            18,701,260                18,701,260   

United Kingdom

     21,006,476        54,052,282                75,058,758   

United States

     522,923,551                       522,923,551   

Short-Term Securities

     20,927,661                       20,927,661   
                                 

Total

   $ 737,853,447      $ 617,847,625              $ 1,355,701,072   
                                 
        

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments1

         

Assets:

         

Foreign currency exchange contracts

   $ 92,713                     $ 92,713   

Liabilities:

         

Equity contracts

     (10,103,773   $ (27,065,924             (37,169,697

Foreign currency exchange contracts

     (9,747                    (9,747
                                 

Total

   $ (10,020,807   $ (27,065,924           $ (37,086,731
                                 

 

1 

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

 

60   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Health Sciences Trust (BME)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Biotechnology – 12.0%

     

3SBio, Inc. – ADR (a)(b)

     42,600       $ 766,374   

Alexion Pharmaceuticals, Inc. (a)(b)

     27,700         2,683,853   

Amgen, Inc. (a)(b)

     94,100         5,349,585   

Ariad Pharmaceuticals, Inc. (a)(b)

     45,500         389,025   

Arqule, Inc. (a)

     37,200         262,632   

Biogen Idec, Inc. (a)(b)

     17,000         1,654,950   

BioMarin Pharmaceutical, Inc. (a)(b)

     21,600         580,824   

Celgene Corp. (a)(b)

     54,300         3,197,184   

Cepheid, Inc. (a)(b)

     27,900         901,449   

Gilead Sciences, Inc. (a)(b)

     82,060         3,187,210   

Human Genome Sciences, Inc. (a)(b)

     76,000         2,239,720   

Ironwood Pharmaceuticals, Inc. (a)

     29,300         428,366   

Momenta Pharmaceuticals, Inc. (a)(b)

     48,100         907,647   

NPS Pharmaceuticals, Inc. (a)(b)

     31,800         329,766   

Regeneron Pharmaceuticals, Inc. (a)(b)

     14,800         756,428   

Seattle Genetics, Inc. (a)(b)

     96,800         1,607,848   

Synta Pharmaceuticals Corp. (a)

     134,400         815,808   

United Therapeutics Corp. (a)(b)

     17,600         1,178,496   
           
        27,237,165   
           

Diversified Consumer Services – 0.2%

     

Stewart Enterprises, Inc., Class A

     66,700         540,937   
           

Health Care Equipment & Supplies – 23.2%

     

Accuray, Inc. (a)

     12,600         112,014   

Alere, Inc. (a)

     4,200         155,988   

American Medical Systems Holdings, Inc. (a)(b)

     129,000         3,805,500   

Arthrocare Corp. (a)

     8,300         293,239   

Baxter International, Inc. (b)

     102,000         5,803,800   

China Kanghui Holdings – ADR (a)

     8,400         161,280   

China Medical Technologies, Inc. – ADR (a)(b)

     28,400         335,404   

CONMED Corp. (a)(b)

     25,800         724,464   

Cooper Cos., Inc. (The) (b)

     56,400         4,224,360   

Covidien Plc (b)

     113,600         6,326,384   

CR Bard, Inc.

     12,300         1,313,025   

DiaSorin SpA

     24,500         1,183,086   

GN Store Nord A/S

     58,700         582,115   

Haemonetics Corp. (a)

     24,700         1,733,940   

Hill-Rom Holdings, Inc. (b)

     28,400         1,278,284   

Hologic, Inc. (a)(b)

     194,000         4,271,880   

Integra LifeSciences Holdings Corp. (a)(b)

     43,300         2,265,023   

Masimo Corp. (b)

     31,200         1,085,448   

Medtronic, Inc. (b)

     59,700         2,492,475   

Natus Medical, Inc. (a)(b)

     31,900         541,343   

Nobel Biocare Holding AG (a)

     16,300         362,075   

Smith & Nephew Plc

     69,800         766,578   

St. Jude Medical, Inc. (b)

     105,100         5,616,544   

Straumann Holding AG

     2,100         549,385   

Stryker Corp. (b)

     48,000         2,832,000   

Wright Medical Group, Inc. (a)

     66,300         1,095,939   

Zimmer Holdings, Inc. (a)(b)

     39,100         2,551,275   
           
        52,462,848   
           

Health Care Providers & Services – 30.1%

     

Aetna, Inc. (b)

     142,500         5,896,650   

AmerisourceBergen Corp. (b)

     67,900         2,759,456   

Cardinal Health, Inc. (b)

     111,200         4,858,328   

DaVita, Inc. (a)

     85,500         7,531,695   

Express Scripts, Inc. (a)(b)

     41,260         2,341,092   

Fleury SA

     53,500         784,204   

Fresenius Medical Care AG & Co. KGaA

     117,600         9,248,909   

HCA Holdings, Inc. (a)

     39,100         1,282,480   

Health Management Associates, Inc., Class A (a)(b)

     72,900         822,312   

Henry Schein, Inc. (a)(b)

     76,700         5,604,469   

Humana, Inc. (a)(b)

     23,000         1,750,760   

Laboratory Corp. of America Holdings (a)(b)

     62,400         6,019,728   

McKesson Corp. (b)

     44,000         3,652,440   

Medco Health Solutions, Inc. (a)(b)

     86,810         5,150,437   

PSS World Medical, Inc. (a)(b)

     41,900         1,205,044   

Sinopharm Group Co. – H Shares

     252,700         877,048   

Tenet Healthcare Corp. (a)(b)

     313,400         2,171,862   

UnitedHealth Group, Inc. (b)

     125,200         6,163,596   
           
        68,120,510   
           

Life Sciences Tools & Services – 8.6%

     

Dionex Corp. (a)

     26,300         3,112,605   

Fluidigm Corp. (a)

     5,100         84,405   

Life Technologies Corp. (a)(b)

     51,100         2,820,720   

Lonza Group AG (a)

     14,500         1,246,968   

Mettler-Toledo International, Inc. (a)(b)

     25,100         4,703,740   

Pharmaceutical Product Development, Inc.

     18,000         555,300   

ShangPharma Corp. – ADR (a)

     27,300         327,600   

Thermo Fisher Scientific, Inc. (a)(b)

     54,300         3,257,457   

Waters Corp. (a)(b)

     34,200         3,351,600   
           
        19,460,395   
           

Machinery – 1.6%

     

Danaher Corp.

     10,800         596,592   

Pall Corp.

     50,100         2,927,844   
           
        3,524,436   
           

Personal Products – 0.2%

     

Synutra International, Inc. (a)

     49,300         512,720   
           

Pharmaceuticals – 19.9%

     

Abbott Laboratories

     47,400         2,466,696   

Allergan, Inc.

     86,900         6,913,764   

Auxilium Pharmaceuticals, Inc. (a)

     15,400         375,144   

Bayer AG

     47,800         4,196,587   

Bristol-Myers Squibb Co. (b)

     101,700         2,857,770   

Eli Lilly & Co.

     32,100         1,188,021   

Endocyte, Inc. (a)

     18,100         219,915   

GlaxoSmithKline Plc

     30,900         675,008   

Glenmark Pharmaceuticals Ltd. (a)

     81,300         551,477   

Hospira, Inc. (a)(b)

     43,700         2,479,101   

Johnson & Johnson (b)

     64,770         4,256,684   

Merck & Co., Inc. (b)

     34,900         1,254,655   

Merck KGaA

     16,700         1,769,065   

Novartis AG

     19,100         1,132,633   

Par Pharmaceutical Cos., Inc. (a)(b)

     36,600         1,260,504   

Pfizer, Inc.

     302,900         6,348,784   

Roche Holding AG

     11,300         1,834,215   

Sagent Pharmaceuticals, Inc. (a)

     11,000         224,510   

Salix Pharmaceuticals Ltd. (a)(b)

     30,200         1,186,558   

Watson Pharmaceuticals, Inc. (a)(b)

     62,600         3,882,454   
           
        45,073,545   
           

Total Long-Term Investments

(Cost – $178,705,217) – 95.8%

        216,932,556   
           

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   61


Table of Contents
Schedule of Investments (continued)    BlackRock Health Sciences Trust (BME)
   (Percentages shown are based on Net Assets)

 

Short-Term Securities

   Shares      Value  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     12,683,789       $ 12,683,789   
           

Total Short-Term Securities
(Cost – $12,683,789) – 5.6%

        12,683,789   
           

Total Investments Before Outstanding Options Written
(Cost – $191,389,006*) – 101.4%

     

 

229,616,345

  

           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (1.4)%

     

3SBio, Inc. – ADR, Strike Price USD 17.50, Expires 5/23/11

     130         (11,050

Abbott Laboratories, Strike Price USD 51.10, Expires 5/23/11

     160         (20,007

Aetna, Inc., Strike Price USD 36, Expires 5/23/11

     160         (87,600

Aetna, Inc., Strike Price USD 38, Expires 5/23/11

     50         (17,875

Aetna, Inc., Strike Price USD 38.50, Expires 6/03/11

     275         (85,917

Alexion Pharmaceuticals, Inc., Strike Price USD 100, Expires 5/23/11

     20         (3,450

Alexion Pharmaceuticals, Inc., Strike Price USD 100, Expires 6/20/11

     80         (25,200

American Medical Systems Holdings, Inc., Strike Price USD 22.50, Expires 5/23/11

     360         (252,000

AmerisourceBergen Corp., Strike Price USD 37, Expires 5/23/11

     110         (40,700

AmerisourceBergen Corp., Strike Price USD 41, Expires 5/23/11

     70         (4,025

AmerisourceBergen Corp., Strike Price USD 41, Expires 6/20/11

     45         (4,275

Amgen, Inc., Strike Price USD 55, Expires 5/23/11

     280         (58,240

Ariad Pharmaceuticals, Inc., Strike Price USD 8, Expires 5/23/11

     100         (7,500

Ariad Pharmaceuticals, Inc., Strike Price USD 9, Expires 5/23/11

     50         (1,250

Baxter International, Inc., Strike Price USD 55, Expires 5/23/11

     340         (74,630

Biogen Idec, Inc., Strike Price USD 85, Expires 7/18/11

     56         (78,960

BioMarin Pharmaceutical, Inc., Strike Price USD 30, Expires 6/20/11

     72         (3,780

Bristol-Myers Squibb Co., Strike Price USD 26, Expires 6/20/11

     420         (96,600

Cardinal Health, Inc., Strike Price USD 42, Expires 5/23/11

     250         (48,750

Cardinal Health, Inc., Strike Price USD 42, Expires 6/20/11

     125         (28,750

Celgene Corp., Strike Price USD 57.50, Expires 7/18/11

     180         (68,400

Cepheid, Inc., Strike Price USD 30, Expires 5/23/11

     85         (20,400

China Medical Technologies, Inc. – ADR, Strike Price USD 13, Expires 6/20/11

     100         (4,250

CONMED Corp., Strike Price USD 30, Expires 6/20/11

     85         (10,625

Cooper Cos, Inc. (The), Strike Price USD 75, Expires 5/23/11

     37         (6,383

Cooper Cos., Inc. (The), Strike Price USD 60, Expires 5/23/11

     150         (216,000

Covidien Plc, Strike Price USD 52.50, Expires 5/23/11

     240         (79,200

CR Bard, Inc., Strike Price USD 102.50, Expires 7/18/11

     40         (22,139

Eli Lilly & Co., Strike Price USD 35.50, Expires 5/26/11

     105         (16,225

Express Scripts, Inc., Strike Price USD 55, Expires 5/23/11

     280         (64,680

Gilead Sciences, Inc., Strike Price USD 41, Expires 5/23/11

     150         (5,850

Gilead Sciences, Inc., Strike Price USD 43, Expires 5/23/11

     150         (1,875

Health Management Associates, Inc., Class A, Strike Price USD 10, Expires 5/23/11

     190         (24,225

Henry Schein, Inc., Strike Price USD 70, Expires 5/23/11

     270         (99,225

Hill-Rom Holdings, Inc., Strike Price USD 40, Expires 6/20/11

     95         (41,325

Hologic, Inc., Strike Price USD 23, Expires 5/23/11

     595         (26,775

Hospira, Inc., Strike Price USD 56.50, Expires 5/23/11

     80         (7,946

Hospira, Inc., Strike Price USD 60, Expires 5/23/11

     30         (375

Human Genome Sciences, Inc., Strike Price USD 31, Expires 5/23/11

     215         (9,568

Humana, Inc., Strike Price USD 70, Expires 5/23/11

     55         (35,750

Humana, Inc., Strike Price USD 65, Expires 5/23/11

     25         (28,250

Integra LifeSciences Holdings Corp., Strike Price USD 50, Expires 6/20/11

     110         (36,300

Johnson & Johnson, Strike Price USD 60, Expires 5/23/11

     180         (103,500

Laboratory Corp. of America Holdings, Strike Price USD 90, Expires 5/23/11

     90         (59,850

Laboratory Corp. of America Holdings, Strike Price USD 95, Expires 5/23/11

     115         (26,162

Life Technologies Corp., Strike Price USD 55, Expires 5/23/11

     200         (23,500

Masimo Corp., Strike Price USD 35, Expires 5/23/11

     100         (9,250

McKesson Corp., Strike Price USD 80, Expires 5/23/11

     50         (19,500

McKesson Corp., Strike Price USD 85, Expires 5/23/11

     50         (5,000

McKesson Corp., Strike Price USD 75, Expires 5/23/11

     55         (45,100

Medco Health Solutions, Inc., Strike Price USD 55, Expires 5/23/11

     335         (154,100

Medtronic, Inc., Strike Price USD 39, Expires 5/23/11

     40         (11,380

Medtronic, Inc., Strike Price USD 41, Expires 5/23/11

     150         (17,250

Merck & Co., Inc., Strike Price USD 34, Expires 5/23/11

     60         (12,300

Merck & Co., Inc., Strike Price USD 34, Expires 5/31/11

     60         (11,893

Mettler-Toledo International, Inc., Strike Price USD 175, Expires 5/23/11

     87         (128,325

Momenta Pharmaceuticals, Inc., Strike Price USD 18, Expires 5/23/11

     170         (28,475

Natus Medical, Inc., Strike Price USD 17.50, Expires 5/23/11

     100         (2,500

NPS Pharmaceuticals, Inc., Strike Price USD 10, Expires 6/20/11

     100         (11,500

 

See Notes to Financial Statements.     
62   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Health Sciences Trust (BME)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (concluded)

     

Par Pharmaceutical Cos., Inc., Strike Price USD 35, Expires 5/23/11

     120       $ (12,000

Pharmaceutical Product Development, Inc., Strike Price USD 31, Expires 5/26/11

     135         (6,720

PSS World Medical, Inc., Strike Price USD 25, Expires 5/23/11

     120         (46,800

Regeneron Pharmaceuticals, Inc., Strike Price USD 45, Expires 5/23/11

     50         (37,750

Salix Pharmaceuticals Ltd., Strike Price USD 40, Expires 6/20/11

     100         (16,500

Seattle Genetics, Inc., Strike Price USD 17.50, Expires 5/23/11

     100         (4,500

Seattle Genetics, Inc., Strike Price USD 15, Expires 6/20/11

     120         (27,900

St. Jude Medical, Inc., Strike Price USD 50, Expires 5/23/11

     80         (29,200

St. Jude Medical, Inc., Strike Price USD 52.50, Expires 6/20/11

     190         (46,075

Stryker Corp., Strike Price USD 65, Expires 6/20/11

     125         (1,562

Tenet Healthcare Corp., Strike Price USD 7, Expires 5/23/11

     750         (11,250

Thermo Fisher Scientific, Inc., Strike Price USD 55.75, Expires 5/23/11

     80         (34,560

Thermo Fisher Scientific, Inc., Strike Price USD 60, Expires 6/20/11

     50         (8,250

United Therapeutics Corp., Strike Price USD 70, Expires 5/23/11

     130         (11,375

UnitedHealth Group, Inc., Strike Price USD 45, Expires 5/23/11

     520         (228,800

Waters Corp., Strike Price USD 85, Expires 5/23/11

     85         (111,350

Waters Corp., Strike Price USD 90, Expires 5/23/11

     40         (33,000

Watson Pharmaceuticals, Inc., Strike Price USD 55, Expires 5/23/11

     155         (109,275

Watson Pharmaceuticals, Inc., Strike Price USD 60, Expires 5/23/11

     50         (12,125

Zimmer Holdings, Inc., Strike Price USD 65, Expires 6/20/11

     135         (28,688
           

Total Exchange-Traded Call Options Written

        (3,263,590
           

Exchange-Traded Put Options Written – (0.0)%

     

Gilead Sciences, Inc., Strike Price USD 40, Expires 5/23/11

     360         (64,260
           

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

     

Allergan, Inc., Strike Price USD 70, Expires 5/11/11, Broker Credit Suisse First Boston

     17,500         (167,300

Allergan, Inc., Strike Price USD 77.34, Expires 6/03/11, Broker Deutsche Bank Securities Corp.

     11,500         (37,192

Bayer AG, Strike Price EUR 55.11, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     3,400         (19,753

Bayer AG, Strike Price EUR 57, Expires 5/20/11, Broker Morgan Stanley & Co., Inc.

     2         (603

Bayer AG, Strike Price EUR 57.23, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     15,400         (57,781

Covidien Plc, Strike Price USD 53.55, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     9,000         (19,768

DaVita, Inc., Strike Price USD 86.78, Expires 6/03/11, Broker Morgan Stanley & Co., Inc.

     28,500         (75,586

DiaSorin SpA, Strike Price EUR 33.19, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     8,000         (7,006

Fleury SA, Strike Price BRL 23.43, Expires 6/14/11, Broker Morgan Stanley & Co., Inc.

     16,000         (10,686

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 47.80, Expires 5/25/11, Broker Credit Suisse First Boston

     22,200         (172,611

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 46.61, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     19,000         (181,208

GlaxoSmithKline Plc, Strike Price GBP 11.96, Expires 5/04/11, Broker Barclays Capital, Inc.

     10,000         (18,703

GN Store Nord A/S, Strike Price DKK 51.31, Expires 6/07/11, Broker UBS Securities LLC

     20,000         (3,596

Haemonetics Corp., Strike Price USD 64.43, Expires 5/09/11, Broker Citigroup Global Markets, Inc.

     8,200         (47,360

HCA Holdings, Inc., Strike Price USD 32.79, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     12,000         (7,401

Health Management Associates, Inc., Class A, Strike Price USD 10.45, Expires 5/05/11, Broker Morgan Stanley & Co., Inc.

     15,500         (12,906

Merck KGaA, Strike Price EUR 66.23, Expires 5/16/11, Broker UBS Securities LLC

     5,000         (39,309

Novartis AG, Strike Price CHF 54.09, Expires 5/03/11, Broker Barclays Capital, Inc.

     4,000         (2

Novartis AG, Strike Price CHF 48.81, Expires 5/16/11, Broker Barclays Capital, Inc.

     13,200         (38,188

Pall Corp., Strike Price USD 57.85, Expires 5/10/11, Broker Morgan Stanley & Co., Inc.

     15,500         (15,614

Pfizer, Inc., Strike Price USD 20.25, Expires 5/09/11, Broker Credit Suisse First Boston

     114,000         (88,302

Pfizer, Inc., Strike Price USD 20.53, Expires 5/25/11, Broker Goldman Sachs & Co.

     28,000         (20,318

Roche Holding AG, Strike Price CHF 138.17, Expires 5/25/11, Broker UBS Securities LLC

     3,800         (13,915

Smith & Nephew Plc, Strike Price GBP 6.78, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     24,500         (5,869

St. Jude Medical, Inc., Strike Price USD 52.56, Expires 5/12/11, Broker UBS Securities LLC

     7,500         (9,915

Stewart Enterprises, Inc., Class A, Strike Price USD 8.20, Expires 6/13/11, Broker Citigroup Global Markets, Inc.

     22,000         (9,532

Synutra International, Inc., Strike Price USD 11.09, Expires 6/13/11, Broker UBS Securities LLC

     16,500         (6,897

Wright Medical Group, Inc., Strike Price USD 16.55, Expires 5/09/11, Broker Barclays Capital, Inc.

     22,000         (9,978
           

Total Over-the-Counter Call Options Written

        (1,097,299
           

Total Options Written
(Premiums Received – $1,992,851) – (1.9)%

        (4,425,149
           

Total Investments Net of Outstanding Options Written – 99.5%

        225,191,196   

Other Assets in Excess of Liabilities – 0.5%

        1,203,041   
           

Net Assets – 100.0%

      $ 226,394,237   
           

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   63


Table of Contents
Schedule of Investments (continued)    BlackRock Health Sciences Trust (BME)

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 193,806,321   
        

Gross unrealized appreciation

   $ 36,359,841   

Gross unrealized depreciation

     (549,817
        

Net unrealized appreciation

   $ 35,810,024   
        

 

(a) Non-income producing security.
(b) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(c) Represents the current yield as of report date.
(d) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
     Net
Activity
    Shares
Held at
April 30,
2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

     14,067,561         (1,383,772     12,683,789       $ 7,849   

 

   

Foreign currency exchange contracts as of April 30, 2011 were as follows:

 

Currency
Purchased

     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

EUR

     171,000         USD         252,841       RBS Securities, Inc.      5/03/11       $ 414   

EUR

     173,000         USD         256,756       Deutsche Bank Securities Corp.      5/04/11         (546

USD

     108,074         CHF         95,000       Citigroup Global Markets, Inc.      5/02/11         (1,752
                       

Total

  

               $ (1,884
                       

 

   

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

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1      Level 2      Level 3      Total  

Assets:

           

Investments in Securities:

           

Long-Term Investments:

           

Common Stocks:

           

Biotechnology

   $ 27,237,165                             –       $ 27,237,165   

Diversified Consumer Services

     540,937                         540,937   

Health Care Equipment & Supplies

     49,786,187       $ 2,676,661                 52,462,848   

Health Care Providers & Services

     57,994,553         10,125,957                 68,120,510   

Life Sciences Tools & Services

     18,213,427         1,246,968                 19,460,395   

Machinery

     3,524,436                         3,524,436   

Personal Products

     512,720                         512,720   

Pharmaceuticals

     36,683,625         8,389,920                 45,073,545   

Short-Term Securities

     12,683,789                         12,683,789   
                                   

Total

   $ 207,176,839       $ 22,439,506               $ 229,616,345   
                                   

 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments1

         

Assets:

         

Foreign currency exchange contracts

   $ 414                           –       $ 414   

Liabilities:

         

Equity contracts

     (3,122,443   $ (1,302,706             (4,425,149

Foreign currency exchange contracts

     (2,298                    (2,298
                                 

Total

   $ (3,124,327   $ (1,302,706           $ (4,427,033
                                 

 

1 

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

 

See Notes to Financial Statements.     
64   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Australia – 3.6%

     

Australia & New Zealand Banking Group Ltd.

     366,500       $ 9,762,520   

BHP Billiton Ltd. – ADR (a)

     149,300         15,115,132   

Lynas Corp. Ltd. (b)

     2,278,000         5,250,029   

Newcrest Mining Ltd.

     272,500         12,410,910   
           
        42,538,591   
           

Austria – 1.0%

     

Erste Group Bank AG

     74,700         3,771,399   

Voestalpine AG

     160,101         7,876,564   
           
        11,647,963   
           

Belgium – 0.8%

     

Anheuser-Busch InBev NV

     159,800         10,198,123   
           

Bermuda – 0.6%

     

Seadrill Ltd.

     189,500         6,723,068   
           

Brazil – 3.4%

     

Banco Bradesco SA – ADR (a)

     518,300         10,485,209   

Banco Bradesco SA, Preference Shares

     203,300         4,029,300   

BM&FBOVESPA SA

     962,344         7,224,309   

Cia Energetica de Minas Gerais – ADR

     278,400         5,810,208   

Gol Linhas Aereas Inteligentes SA – Preference Shares (b)

     122,200         1,697,999   

HRT Participacoes em Petroleo SA (b)

     5,100         5,219,298   

Hypermarcas SA (b)

     421,600         5,651,884   
           
        40,118,207   
           

British Virgin Islands – 0.2%

     

Arcos Dorados Holdings, Inc., Class A (b)

     89,200         1,965,080   
           

Canada – 6.2%

     

Barrick Gold Corp. (a)

     182,200         9,294,022   

Canadian National Railway Co. (a)

     135,500         10,491,765   

Canadian Natural Resources Ltd. (a)

     119,200         5,597,632   

First Quantum Minerals Ltd.

     49,900         7,110,941   

Magna International, Inc., Class A

     69,800         3,577,250   

Manulife Financial Corp.

     370,000         6,644,084   

Petrominerales Ltd.

     186,100         7,122,212   

Royal Bank of Canada

     92,300         5,814,173   

Sun Life Financial, Inc.

     189,100         6,189,745   

Suncor Energy, Inc. (a)

     73,600         3,388,544   

Suncor Energy, Inc.

     57,500         2,650,293   

Toronto-Dominion Bank (The)

     68,300         5,913,582   
           
        73,794,243   
           

China – 1.9%

     

China Construction Bank Corp., H Shares

     12,479,700         11,817,304   

China Merchants Bank Co. Ltd., H Shares

     2,363,900         6,106,574   

Lentuo International, Inc. – ADR (b)

     155,700         476,442   

Sinopharm Group Co. – H Shares

     266,400         924,597   

Tencent Holdings Ltd.

     121,200         3,460,760   
           
        22,785,677   
           

Denmark – 1.6%

     

Carlsberg A/S, Class B

     52,500         6,229,388   

FLSmidth & Co. A/S (b)

     96,200         8,676,776   

Pandora A/S

     93,700         4,220,603   
           
        19,126,767   
           

France – 6.5%

     

BNP Paribas

     153,640         12,145,953   

Cap Gemini SA

     91,100         5,518,023   

Cie de St-Gobain

     127,200         8,776,763   

Danone

     142,300         10,418,695   

GDF Suez

     183,160         7,489,292   

LVMH Moet Hennessy Louis Vuitton SA

     36,500         6,553,117   

Societe Generale

     130,500         8,721,041   

Technip SA

     105,200         11,869,741   

Unibail-Rodamco SE – REIT

     24,752         5,790,869   
           
        77,283,494   
           

Germany – 10.0%

     

BASF SE

     86,500         8,882,174   

Bayer AG

     91,400         8,024,436   

Bayerische Motoren Werke AG

     99,500         9,367,803   

Continental AG (b)

     58,100         5,825,478   

Deutsche Bank AG

     146,400         9,534,943   

E.ON AG

     145,900         4,986,742   

Fresenius Medical Care AG & Co. KGaA

     152,200         11,970,102   

K+S AG

     107,300         8,666,135   

Kabel Deutschland Holding AG (b)

     145,000         9,057,970   

Merck KGaA

     76,100         8,061,426   

Metro AG

     78,100         5,731,906   

SAP AG – ADR (a)

     119,500         7,711,335   

Siemens AG

     92,100         13,396,774   

Volkswagen AG, Preference Shares (b)

     38,644         7,605,851   
           
        118,823,075   
           

Gibraltar – 0.1%

     

Bwin.Party Digital Entertainment Plc (b)

     423,699         1,085,738   
           

Hong Kong – 5.1%

     

AIA Group Ltd. (b)

     2,385,800         8,046,094   

Cheung Kong Holdings Ltd.

     349,000         5,508,076   

China Merchants Holdings International Co. Ltd.

     1,566,000         7,220,773   

China Mobile Ltd.

     603,500         5,551,285   

China Resources Enterprise Ltd.

     955,500         3,858,503   

China Unicom Hong Kong Ltd.

     2,532,000         5,178,671   

CNOOC Ltd. – ADR (a)

     23,000         5,737,350   

Hong Kong Exchanges and Clearing Ltd.

     242,500         5,545,507   

Melco Crown Entertainment Ltd. – ADR (a)(b)

     306,200         3,288,588   

New World Development Ltd.

     2,238,900         3,940,249   

Wharf Holdings Ltd.

     1,027,000         7,536,408   
           
        61,411,504   
           

India – 1.3%

     

HDFC Bank Ltd.

     123,000         6,386,206   

ICICI Bank Ltd.

     232,400         5,873,084   

Infosys Technologies Ltd. – ADR (a)

     46,500         3,030,870   
           
        15,290,160   
           

Ireland – 0.3%

     

WPP Plc

     318,600         4,173,148   
           

Italy – 1.0%

     

Enel SpA

     916,700         6,537,307   

Intesa Sanpaolo SpA

     1,770,500         5,880,643   
           
        12,417,950   
           

Japan – 12.7%

     

Bridgestone Corp.

     345,500         7,630,856   

Chiba Bank Ltd. (The)

     957,900         5,671,378   

Daiwa Office Investment Corp.

     699         2,505,080   

Dena Co. Ltd.

     132,200         4,962,812   

IHI Corp.

     5,000,600         12,723,606   

ITOCHU Corp.

     540,200         5,627,329   

Japan Prime Realty Investment

     899         2,556,372   

Japan Tobacco, Inc.

     2,155         8,374,971   

JGC Corp.

     428,000         10,715,569   

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   65


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Japan (concluded)

     

Komatsu Ltd.

     119,300       $ 4,206,446   

Kubota Corp.

     898,400         8,614,001   

Marubeni Corp.

     856,800         6,259,463   

Mitsubishi Chemical Holdings Corp.

     680,900         4,610,637   

Mitsui Fudosan Co. Ltd.

     293,500         5,093,756   

ORIX Corp.

     57,600         5,658,920   

Sekisui Chemical Co. Ltd.

     607,000         5,092,701   

SMC Corp.

     40,400         7,380,089   

Softbank Corp.

     192,500         8,122,888   

Sumitomo Heavy Industries Ltd.

     1,580,000         10,419,252   

Sumitomo Mitsui Financial Group, Inc.

     160,300         4,979,218   

Teijin Ltd.

     1,044,900         5,007,649   

Tokio Marine Holdings, Inc.

     94,000         2,629,597   

Toray Industries, Inc.

     839,700         6,228,556   

Yamato Holdings Co. Ltd.

     387,000         6,178,674   
           
        151,249,820   
           

Malaysia – 1.4%

     

CIMB Group Holdings Bhd

     4,231,200         11,713,706   

Petronas Chemicals Group Bhd (b)

     1,996,800         4,874,026   
           
        16,587,732   
           

Mexico – 0.9%

     

Fomento Economico Mexicano SAB de CV – ADR

     111,000         6,981,900   

Grupo Modelo SAB de CV, Series C

     623,300         3,949,871   
           
        10,931,771   
           

Netherlands – 5.9%

     

Aegon NV (b)

     921,600         7,325,283   

Corio NV – REIT

     16,300         1,154,144   

ING Groep NV (b)

     602,600         7,938,807   

Koninklijke DSM NV

     122,200         8,422,867   

Koninklijke KPN NV

     318,800         5,059,530   

Randstad Holding NV

     173,000         9,733,066   

Royal Dutch Shell Plc, Class A – ADR (a)

     356,400         27,613,872   

VimpelCom Ltd. – ADR (a)

     257,000         3,744,490   
           
        70,992,059   
           

Norway – 2.3%

     

Aker Solutions ASA (b)

     192,700         4,644,578   

DnB NOR ASA (b)

     228,200         3,710,679   

Norsk Hydro ASA

     853,600         7,571,169   

Subsea 7 SA

     236,800         6,237,333   

Yara International ASA

     85,400         4,999,799   
           
        27,163,558   
           

Russia – 0.9%

     

Lukoil OAO – ADR

     106,700         7,436,990   

Rosneft Oil Co. – GDR

     419,900         3,760,708   
           
        11,197,698   
           

Singapore – 0.9%

     

Singapore Telecommunications Ltd.

     2,251,100         5,746,217   

Straits Asia Resources Ltd.

     2,198,900         5,319,132   
           
        11,065,349   
           

South Africa – 1.0%

     

MTN Group Ltd.

     288,000         6,405,797   

Naspers Ltd., N Shares

     85,400         5,142,974   
           
        11,548,771   
           

South Korea – 4.6%

     

GS Engineering & Construction Corp.

     69,100         8,328,357   

Hyundai Engineering & Construction Co. Ltd.

     145,500         12,222,569   

Hyundai Marine & Fire Insurance Co. Ltd.

     301,600         7,935,807   

Kia Motors Corp.

     119,000         8,560,695   

KT Corp. – ADR

     280,000         5,684,000   

Samsung Electronics Co. Ltd.

     8,100         6,765,774   

Samsung Life Insurance Co. Ltd.

     62,400         5,665,121   
           
        55,162,323   
           

Spain – 1.2%

     

Telefonica SA

     522,200         14,029,008   
           

Sweden – 0.4%

     

Volvo AB, B Shares

     245,000         4,814,823   
           

Switzerland – 5.3%

     

Adecco SA

     97,800         6,989,268   

Cie Financiere Richemont SA

     94,800         6,131,583   

Julius Baer Group Ltd. (b)

     143,300         6,706,120   

Novartis AG

     149,000         8,835,727   

Roche Holding AG

     67,600         10,972,826   

Swiss Reinsurance Co. Ltd. (b)

     140,800         8,401,046   

Xstrata Plc

     602,000         15,440,704   
           
        63,477,274   
           

Taiwan – 3.4%

     

AU Optronics Corp. – ADR (b)

     492,700         3,990,870   

Catcher Technology Co. Ltd.

     2,248,700         14,152,483   

Mega Financial Holding Co. Ltd.

     7,811,100         6,824,458   

Siliconware Precision Industries Co. – ADR (a)

     881,500         5,976,570   

Taiwan Semiconductor Manufacturing Co. Ltd. – ADR (a)

     680,684         9,189,234   
           
        40,133,615   
           

Thailand – 1.1%

     

Bangkok Bank Public Co. Ltd.

     800,500         4,568,606   

Banpu Public Co. Ltd.

     346,700         8,683,147   
           
        13,251,753   
           

United Kingdom – 13.0%

     

Aegis Group Plc

     1,464,800         3,432,329   

Antofagasta Plc

     412,700         9,491,450   

Barclays Plc – ADR (a)

     497,800         9,483,090   

Barratt Development Plc (b)

     105,100         196,644   

Bellway Plc

     113,600         1,345,029   

BG Group Plc

     365,300         9,407,016   

Britvic Plc

     1,128,700         7,729,891   

Cairn Energy Plc (b)

     617,400         4,671,040   

Carnival Plc

     130,000         5,234,164   

Cookson Group Plc (b)

     802,700         9,630,044   

GKN Plc

     1,067,400         3,982,976   

GlaxoSmithKline Plc

     311,100         6,795,957   

HSBC Holdings Plc

     1,994,000         21,750,251   

Imperial Tobacco Group Plc

     395,000         13,932,534   

Inchcape Plc (b)

     837,120         5,110,164   

International Consolidated Airlines Group (b)

     2,420,400         9,630,174   

Kazakhmys Plc

     234,000         5,435,508   

National Grid Plc

     872,200         8,948,809   

Persimmon Plc

     50,300         406,901   

Taylor Wimpey Plc (b)

     2,185,100         1,427,918   

Tullow Oil Plc

     287,600         6,900,416   

Vodafone Group Plc – ADR (a)

     360,400         10,494,848   
           
        155,437,153   
           

 

See Notes to Financial Statements.     
66   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)
  

 

Common Stocks

   Shares      Value  

United States – 1.5%

     

Covidien Plc (a)

     151,600       $ 8,442,604   

NII Holdings, Inc. (a)(b)

     120,200         4,997,916   

TE Connectivity Ltd.

     133,700         4,793,144   
           
        18,233,664   
           

Total Common Stocks – 100.1%

        1,194,659,159   
           

Rights – 0.0%

             

Brazil – 0.0%

     

HRT Participacoes em Petroleo SA

     1,469         9,338   
           

Total Rights – 0.0%

        9,338   
           

Total Long-Term Investments
(Cost – $1,070,649,712) – 100.1%

        1,194,668,497   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     20,076,877         20,076,877   
           

Total Short-Term Securities
(Cost – $20,076,877) – 1.7%

        20,076,877   
           

Total Investments Before Outstanding Options Written
(Cost – $1,090,726,589*) – 101.8%

        1,214,745,374   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.2)%

     

Barclays Plc - ADR, Strike Price USD 18.75, Expires 5/23/11

     850         (49,226

Barclays Plc - ADR, Strike Price USD 20, Expires 6/20/11

     100         (3,500

Barrick Gold Corp., Strike Price USD 50, Expires 5/23/11

     65         (13,032

Barrick Gold Corp., Strike Price USD 52.50, Expires 5/23/11

     65         (5,492

Barrick Gold Corp., Strike Price USD 55, Expires 6/20/11

     1,320         (121,440

BHP Billiton Ltd. - ADR, Strike Price USD 90, Expires 5/23/11

     775         (900,938

BHP Billiton Ltd. - ADR, Strike Price USD 100, Expires 5/23/11

     25         (8,062

BHP Billiton Ltd. - ADR, Strike Price USD 100, Expires 6/20/11

     25         (11,688

Canadian National Railway Co., Strike Price USD 75, Expires 5/23/11

     274         (78,775

Canadian Natural Resources Ltd., Strike Price USD 46, Expires 5/23/11

     330         (66,000

Canadian Natural Resources Ltd., Strike Price USD 46, Expires 6/20/11

     330         (89,100

CNOOC Ltd. - ADR, Strike Price USD 250, Expires 6/20/11

     125         (107,500

Covidien Plc, Strike Price USD 52.50, Expires 5/23/11

     415         (136,950

Infosys Technologies Ltd. - ADR, Strike Price USD 67.50, Expires 6/20/11

     255         (29,962

Melco Crown Entertainment Ltd. - ADR, Strike Price USD 10, Expires 6/20/11

     845         (107,738

Melco Crown Entertainment Ltd. - ADR, Strike Price USD 11, Expires 6/20/11

     845         (67,600

NII Holdings, Inc., Strike Price USD 40, Expires 5/23/11

     330         (73,425

NII Holdings, Inc., Strike Price USD 39, Expires 5/23/11

     330         (100,650

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 70, Expires 5/10/11

     400         (299,200

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 75, Expires 5/23/11

     100         (27,750

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 77.50, Expires 6/20/11

     255         (41,690

Suncor Energy, Inc., Strike Price USD 45, Expires 5/23/11

     360         (70,380

Suncor Energy, Inc., Strike Price USD 46, Expires 5/23/11

     360         (49,320

Taiwan Semiconductor Manufacturing Co. Ltd. – ADR, Strike Price USD 12.50, Expires 5/23/11

     1,715         (180,075

VimpelCom Ltd. - ADR, Strike Price USD 15, Expires 6/20/11

     640         (22,400

Vodafone Group Plc - ADR, Strike Price USD 29, Expires 5/23/11

     995         (67,162

Vodafone Group Plc - ADR, Strike Price USD 29, Expires 6/20/11

     990         (79,200
           

Total Exchange-Traded Call Options Written

        (2,808,255
           

Over-the-Counter Call Options Written – (2.6)%

     

Adecco SA, Strike Price CHF 63.09, Expires 6/15/11, Broker UBS Securities LLC

     53,800         (91,467

Aegis Group Plc, Strike Price GBP 1.42, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     650,000         (8,990

Aegis Group Plc, Strike Price GBP 1.37, Expires 6/15/11, Broker Morgan Stanley & Co., Inc.

     156,000         (17,452

Aegon NV, Strike Price EUR 5.11, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     428,000         (165,765

Aegon NV, Strike Price EUR 5.37, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     79,000         (12,893

AIA Group Ltd., Strike Price HKD 24.23, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     1,312,200         (379,611

Aker Solutions ASA, Strike Price NOK 127.37, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     106,000         (99,431

Anheuser-Busch InBev NV, Strike Price EUR 39.84, Expires 5/16/11, Broker Barclays Capital, Inc.

     87,900         (432,275

Antofagasta Plc, Strike Price GBP 14.54, Expires 5/31/11, Broker Societe General Securities Corp.

     169,000         (113,521

Antofagasta Plc, Strike Price GBP 13.76, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     60,000         (86,945

AU Optronics Corp. - ADR, Strike Price USD 8.95, Expires 5/27/11, Broker Deutsche Bank Securities Corp.

     142,000         (5,796

Australia & New Zealand Banking Group Ltd., Strike Price AUD 23.87, Expires 5/11/11, Broker JPMorgan Chase Securities

     201,500         (127,757

Banco Bradesco SA - ADR, Strike Price USD 19.66, Expires 5/12/11, Broker Citigroup Global Markets, Inc.

     143,000         (107,603

Banco Bradesco SA - ADR, Strike Price USD 21.35, Expires 5/31/11, Broker Citigroup Global Markets, Inc.

     173,000         (31,595

Banco Bradesco SA, Preference Shares, Strike Price BRL 33.52, Expires 5/05/11, Broker Morgan Stanley & Co., Inc.

     112,000         (2,240

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   67


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Barclays Plc - ADR, Strike Price USD 19.46, Expires 5/10/11, Broker Morgan Stanley & Co., Inc.

     179,000       $ (25,375

BASF SE, Strike Price EUR 62.11, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     47,600         (495,444

Bayer AG, Strike Price EUR 55.11, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     35,300         (205,081

Bayer AG, Strike Price EUR 57.23, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     15,000         (56,280

Bayerische Motoren Werke AG, Strike Price EUR 59.89, Expires 5/16/11, Broker UBS Securities LLC

     6,500         (36,238

Bayerische Motoren Werke AG, Strike Price EUR 58.33, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     7,600         (61,841

Bayerische Motoren Werke AG, Strike Price EUR 55.45, Expires 5/25/11, Broker Credit Suisse First Boston

     40,600         (485,412

Bellway Plc, Strike Price GBP 6.75, Expires 5/04/11, Broker Credit Suisse First Boston

     35,000         (20,368

Bellway Plc, Strike Price GBP 6.42, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     35,000         (39,750

BG Group Plc, Strike Price GBP 15.76, Expires 5/16/11, Broker Societe General Securities Corp.

     151,000         (54,524

BG Group Plc, Strike Price GBP 15.04, Expires 5/25/11, Broker Societe General Securities Corp.

     50,500         (54,529

BM&FBOVESPA SA, Strike Price BRL 11.79, Expires 5/17/11, Broker Credit Suisse First Boston

     40,000         (5,617

BM&FBOVESPA SA, Strike Price BRL 12.10, Expires 5/17/11, Broker Goldman Sachs & Co.

     403,500         (26,917

BM&FBOVESPA SA, Strike Price BRL 12.26, Expires 5/26/11, Broker Credit Suisse First Boston

     86,000         (6,580

BNP Paribas, Strike Price EUR 54.61, Expires 5/25/11, Broker Credit Suisse First Boston

     43,400         (66,269

BNP Paribas, Strike Price EUR 53.19, Expires 6/07/11, Broker UBS Securities LLC

     41,000         (111,526

Bridgestone Corp., Strike Price JPY 1,772.45, Expires 6/28/11, Broker Goldman Sachs & Co.

     190,000         (218,755

Britvic Plc, Strike Price GBP 4.03, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     399,300         (134,284

Britvic Plc, Strike Price GBP 3.94, Expires 6/15/11, Broker Morgan Stanley & Co., Inc.

     225,000         (99,352

Bwin.Party Digital Entertainment Plc, Strike Price GBP 1.97, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     131,000         (44

Bwin.Party Digital Entertainment Plc, Strike Price GBP 1.68, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     102,000         (17,056

Cairn Energy Plc, Strike Price GBP 4.44, Expires 5/04/11, Broker Societe General Securities Corp.

     340,000         (63,230

Cap Gemini SA, Strike Price EUR 39.16, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     50,100         (150,531

Carlsberg A/S, Class B, Strike Price DKK 558.74, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     28,900         (227,543

Carnival Plc, Strike Price GBP 24.92, Expires 5/16/11, Broker Societe General Securities Corp.

     71,000         (28,793

Catcher Technology Co. Ltd., Strike Price TWD 134.63, Expires 5/11/11, Broker Credit Suisse First Boston

     1,236,800         (1,957,100

Cheung Kong Holdings Ltd., Strike Price HKD 125.77, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     190,000         (21,081

Cheung Kong Holdings Ltd., Strike Price HKD 125.54, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     159,000         (65,932

Chiba Bank Ltd. (The), Strike Price JPY 475.32, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     325,000         (61,652

Chiba Bank Ltd. (The), Strike Price JPY 481.06, Expires 6/28/11, Broker Goldman Sachs & Co.

     202,000         (45,322

China Construction Bank Corp., H Shares, Strike Price HKD 7.34, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     1,658,000         (25,641

China Construction Bank Corp., H Shares, Strike Price HKD 7.36, Expires 5/11/11, Broker UBS Securities LLC

     2,401,000         (34,953

China Construction Bank Corp., H Shares, Strike Price HKD 7.55, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     2,805,000         (54,785

China Merchants Bank Co. Ltd., Strike Price HKD 21.92, Expires 5/11/11, Broker JPMorgan Chase Securities

     288,000         (375

China Merchants Bank Co. Ltd., Strike Price HKD 20.73, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     1,012,000         (77,437

China Merchants Holdings International Co. Ltd., Strike Price HKD 36.51, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     861,000         (191,774

China Mobile Ltd., Strike Price HKD 72.52, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     332,000         (46,953

China Resources Enterprise Ltd., Strike Price HKD 30.87, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     526,000         (67,184

China Unicom Hong Kong Ltd., Strike Price HKD 12.84, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     1,450,000         (569,632

Cia Energetica de Minas Gerais - ADR, Strike Price USD 20.66, Expires 5/26/11, Broker Deutsche Bank Securities Corp.

     153,000         (90,552

Cie de St-Gobain, Strike Price EUR 45.59, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     70,000         (162,393

Cie Financiere Richemont SA, Strike Price CHF 47.94, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     40,000         (370,395

Cie Financiere Richemont SA, Strike Price CHF 56.36, Expires 6/15/11, Broker Morgan Stanley & Co., Inc.

     12,200         (25,420

CIMB Group Holdings Bhd, Strike Price MYR 8.29, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     3,173,000         (152,114

Continental AG, Strike Price EUR 61.94, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     7,000         (61,198

 

See Notes to Financial Statements.     
68   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Continental AG, Strike Price EUR 63.82, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     25,000       $ (159,938

Cookson Group Plc, Strike Price GBP 6.73, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     221,000         (191,279

Cookson Group Plc, Strike Price GBP 6.73, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     221,000         (206,297

Corio NV - REIT, Strike Price EUR 47.48, Expires 6/15/11, Broker UBS Securities LLC

     9,000         (15,210

Covidien Plc, Strike Price USD 53.55, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     43,500         (95,543

Daiwa Office Investment Corp., Strike Price JPY 287,625.78, Expires 5/11/11, Broker JPMorgan Chase Securities

     190         (17,681

Daiwa Office Investment Corp., Strike Price JPY 292,587.91, Expires 6/28/11, Broker Goldman Sachs & Co.

     195         (31,335

Danone, Strike Price EUR 44.24, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     78,000         (601,710

Dena Co. Ltd., Strike Price JPY 3,070.60, Expires 5/11/11, Broker UBS Securities LLC

     72,700         (83,009

Deutsche Bank AG, Strike Price EUR 41.98, Expires 6/07/11, Broker UBS Securities LLC

     80,500         (298,185

E.ON AG, Strike Price EUR 22.39, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     80,300         (104,436

Enel SpA, Strike Price EUR 4.50, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     505,000         (236,306

Erste Group Bank AG, Strike Price EUR 34.82, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     41,100         (12,872

First Quantum Minerals Ltd., Strike Price CAD 137.75, Expires 6/09/11, Broker UBS Securities LLC

     40,500         (307,790

FLSmidth & Co. A/S, Strike Price DKK 458.54, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     53,000         (99,000

Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 56.70, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     34,500         (213,900

Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 61.52, Expires 6/03/11, Broker Deutsche Bank Securities Corp.

     26,500         (61,509

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 47.02, Expires 5/16/11, Broker Barclays Capital, Inc.

     23,000         (205,382

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 49.87, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     60,800         (304,012

GDF Suez, Strike Price EUR 27.65, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     100,800         (77,444

GKN Plc, Strike Price GBP 2.10, Expires 5/04/11, Broker Barclays Capital, Inc.

     162,000         (38,281

GKN Plc, Strike Price GBP 1.86, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     425,000         (267,328

GlaxoSmithKline Plc, Strike Price GBP 11.96, Expires 5/04/11, Broker Barclays Capital, Inc.

     171,100         (320,016

Grupo Modelo SAB de CV, Series C, Strike Price MXN 69.63, Expires 5/17/11, Broker Goldman Sachs & Co.

     78,000         (24,134

Grupo Modelo SAB de CV, Series C, Strike Price MXN 70.63, Expires 5/17/11, Broker UBS Securities LLC

     36,200         (8,413

Grupo Modelo SAB de CV, Series C, Strike Price MXN 70.63, Expires 6/02/11, Broker UBS Securities LLC

     114,100         (30,172

Grupo Modelo SAB de CV, Series C, Strike Price MXN 70.63, Expires 6/14/11, Broker UBS Securities LLC

     114,100         (32,674

GS Engineering & Construction Corp., Strike Price KRW 127,929.63, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     38,000         (420,844

Hong Kong Exchanges and Clearing Ltd., Strike Price HKD 182.57, Expires 6/28/11, Broker Citigroup Global Markets, Inc.

     133,000         (105,319

HRT Participacoes em Petroleo SA, Strike Price BRL 1,605.90, Expires 6/24/11, Broker Goldman Sachs & Co.

     2,800         (214,728

HSBC Holdings Plc, Strike Price GBP 6.63, Expires 5/04/11, Broker Credit Suisse First Boston

     548,500         (19,310

HSBC Holdings Plc, Strike Price GBP 6.63, Expires 5/16/11, Broker Credit Suisse First Boston

     548,500         (59,611

Hypermarcas SA, Strike Price BRL 21.33, Expires 5/17/11, Broker Deutsche Bank Securities Corp.

     231,900         (70,672

Hyundai Engineering & Construction Co. Ltd., Strike Price KRW 83,002.50, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     21,600         (152,752

Hyundai Engineering & Construction Co. Ltd., Strike Price KRW 89,796.04, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     58,400         (404,049

Hyundai Marine & Fire Insurance Co. Ltd., Strike Price KRW 28,532.50, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     166,000         (266,339

IHI Corp., Strike Price JPY 195.74, Expires 5/11/11, Broker UBS Securities LLC

     2,750,000         (501,548

Imperial Tobacco Group Plc, Strike Price GBP 19.91, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     218,000         (440,695

Inchcape Plc, Strike Price GBP 3.73, Expires 6/07/11, Broker Societe General Securities Corp.

     460,500         (99,999

ING Groep NV, Strike Price EUR 8.65, Expires 5/16/11, Broker Barclays Capital, Inc.

     15,500         (8,577

ING Groep NV, Strike Price EUR 9.35, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     105,200         (7,120

ING Groep NV, Strike Price EUR 9.43, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     210,000         (19,970

International Consolidated Airlines Group, Strike Price GBP 2.30, Expires 6/15/11, Broker Societe General Securities Corp.

     490,000         (131,822

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   69


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

International Consolidated Airlines Group, Strike Price GBP 2.26, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     841,500       $ (248,762

Intesa Sanpaolo SpA, Strike Price EUR 2.23, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     763,500         (75,063

Intesa Sanpaolo SpA, Strike Price EUR 2.23, Expires 6/07/11, Broker UBS Securities LLC

     210,300         (30,326

ITOCHU Corp., Strike Price JPY 840.22, Expires 6/28/11, Broker Goldman Sachs & Co.

     297,000         (166,966

Japan Prime Realty Investment, Strike Price JPY 233,876.01, Expires 6/28/11, Broker UBS Securities LLC

     245         (21,179

Japan Prime Realty Investment, Strike Price JPY 225,937, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     250         (25,634

Japan Tobacco, Inc., Strike Price JPY 315,296.57, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     1,185         (186,972

JGC Corp., Strike Price JPY 1,869.51, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     58,000         (125,714

JGC Corp., Strike Price JPY 1,948.29, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     134,000         (192,608

Julius Baer Group Ltd., Strike Price CHF 39.81, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     78,800         (106,290

K+S AG, Strike Price EUR 49.91, Expires 5/16/11, Broker Societe General Securities Corp.

     59,000         (417,536

Kabel Deutschland Holding AG, Strike Price EUR 36.09, Expires 5/04/11, Broker Barclays Capital, Inc.

     24,000         (218,666

Kabel Deutschland Holding AG, Strike Price EUR 35.86, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     24,000         (227,028

Kabel Deutschland Holding AG, Strike Price EUR 37.79, Expires 5/16/11, Broker UBS Securities LLC

     11,500         (76,078

Kabel Deutschland Holding AG, Strike Price EUR 39.29, Expires 6/07/11, Broker UBS Securities LLC

     20,300         (102,586

Kazakhmys Plc, Strike Price GBP 13.70, Expires 6/15/11, Broker Credit Suisse First Boston

     128,700         (155,934

Kia Motors Corp., Strike Price KRW 69,192.34, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     65,500         (479,666

Komatsu Ltd., Strike Price JPY 2,847.49, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     66,000         (111,166

Koninklijke DSM NV, Strike Price EUR 43.83, Expires 6/15/11, Broker UBS Securities LLC

     43,400         (187,856

Koninklijke DSM NV, Strike Price EUR 46.46, Expires 6/15/11, Broker UBS Securities LLC

     23,800         (38,837

Koninklijke KPN NV, Strike Price EUR 12.19, Expires 6/07/11, Broker Credit Suisse First Boston

     175,400         (387

KT Corp. - ADR, Strike Price USD 19.22, Expires 5/04/11, Broker UBS Securities LLC

     55,000         (59,400

KT Corp. - ADR, Strike Price USD 18.84, Expires 5/11/11, Broker Credit Suisse First Boston

     34,000         (49,759

KT Corp. - ADR, Strike Price USD 20.48, Expires 5/27/11, Broker UBS Securities LLC

     65,000         (20,262

Kubota Corp., Strike Price JPY 798.27, Expires 5/11/11, Broker UBS Securities LLC

     494,000         (82,451

Lukoil OAO - ADR, Strike Price USD 72.09, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     26,400         (15,051

Lukoil OAO - ADR, Strike Price USD 73.31, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     32,300         (10,511

LVMH Moet Hennessy Louis Vuitton SA, Strike Price EUR 121.48, Expires 6/15/11, Broker Societe General Securities Corp.

     20,000         (107,960

Lynas Corp. Ltd., Strike Price AUD 2.33, Expires 5/11/11, Broker JPMorgan Chase Securities

     1,253,000         (34,827

Magna International, Inc., Class A, Strike Price USD 52.17, Expires 5/26/11, Broker Goldman Sachs & Co.

     38,500         (55,828

Manulife Financial Corp., Strike Price CAD 17.56, Expires 5/09/11, Broker Morgan Stanley & Co., Inc.

     203,500         (19,293

Marubeni Corp., Strike Price JPY 589.13, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     471,000         (220,621

Mega Financial Holding Co. Ltd., Strike Price TWD 25.45, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     4,296,000         (136,871

Merck KGaA, Strike Price EUR 66.23, Expires 5/16/11, Broker UBS Securities LLC

     35,000         (275,165

Metro AG, Strike Price EUR 49.50, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     43,000         (72,487

Mitsubishi Chemical Holdings Corp., Strike Price JPY 548.94, Expires 6/28/11, Broker Goldman Sachs & Co.

     374,500         (123,084

Mitsui Fudosan Co. Ltd., Strike Price JPY 1,405.42, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     162,000         (230,778

MTN Group Ltd., Strike Price ZAR 140.20, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     159,000         (231,565

Naspers Ltd., N Shares, Strike Price ZAR 384.81, Expires 6/07/11, Broker Societe General Securities Corp.

     47,000         (180,205

National Grid Plc, Strike Price GBP 5.96, Expires 6/07/11, Broker Societe General Securities Corp.

     480,000         (154,765

New World Development Ltd., Strike Price HKD 13.81, Expires 6/28/11, Broker BNP Paribas

     1,232,000         (89,682

Newcrest Mining Ltd., Strike Price AUD 42.72, Expires 6/28/11, Broker UBS Securities LLC

     150,000         (254,893

Norsk Hydro ASA, Strike Price NOK 47.85, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     470,000         (35,348

Novartis AG, Strike Price CHF 54.09, Expires 5/03/11, Broker Barclays Capital, Inc.

     8,000         (4

Novartis AG, Strike Price CHF 49.76, Expires 5/05/11, Broker Credit Suisse First Boston

     91,300         (162,738

Novartis AG, Strike Price CHF 48.81, Expires 5/16/11, Broker Barclays Capital, Inc.

     49,700         (143,785

ORIX Corp., Strike Price JPY 8,415, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     32,000         (39,182

Pandora A/S, Strike Price DKK 271.63, Expires 5/16/11, Broker UBS Securities LLC

     10,000         (2,598

Petrominerales Ltd., Strike Price CAD 35, Expires 5/23/11, Broker T.D. Securities

     450         (92,744

Petrominerales Ltd., Strike Price CAD 36.70, Expires 6/13/11, Broker Citigroup Global Markets, Inc.

     57,500         (91,767

Randstad Holding NV, Strike Price EUR 37.40, Expires 5/16/11, Broker Barclays Capital, Inc.

     34,000         (56,555

 

See Notes to Financial Statements.     
70   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Randstad Holding NV, Strike Price EUR 39.73, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     61,300       $ (56,812

Roche Holding AG, Strike Price CHF 131.00, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     15,200         (165,882

Roche Holding AG, Strike Price CHF 138.17, Expires 5/25/11, Broker UBS Securities LLC

     22,000         (80,561

Rosneft Oil Co. - GDR, Strike Price USD 9.19, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     231,000         (30,543

Royal Bank of Canada, Strike Price CAD 60, Expires 6/20/11, Broker T.D. Securities

     510         (66,031

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 71.87, Expires 5/04/11, Broker Goldman Sachs & Co.

     58,500         (328,185

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 71.67, Expires 6/17/11, Broker UBS Securities LLC

     62,000         (360,220

Samsung Electronics Co. Ltd., Strike Price KRW 928,529.16, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     4,500         (28,572

SAP AG - ADR, Strike Price USD 63.59, Expires 5/13/11, Broker UBS Securities LLC

     32,800         (52,648

SAP AG - ADR, Strike Price USD 63.59, Expires 5/31/11, Broker UBS Securities LLC

     32,800         (69,608

Seadrill Ltd., Strike Price NOK 199.31, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     105,000         (13,103

Sekisui Chemical Co. Ltd., Strike Price JPY 668.92, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     334,000         (110,320

Siemens AG, Strike Price EUR 90.51, Expires 5/16/11, Broker Barclays Capital, Inc.

     31,900         (367,937

Siemens AG, Strike Price EUR 92.22, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     20,000         (180,259

Siliconware Precision Industries Co. - ADR, Strike Price USD 6.13, Expires 5/03/11, Broker Citigroup Global Markets, Inc.

     98,900         (64,285

Siliconware Precision Industries Co. - ADR, Strike Price USD 6.22, Expires 5/05/11, Broker Citigroup Global Markets, Inc.

     115,000         (64,170

Siliconware Precision Industries Co. - ADR, Strike Price USD 6.18, Expires 5/17/11, Broker Citigroup Global Markets, Inc.

     102,000         (63,109

Siliconware Precision Industries Co. - ADR, Strike Price USD 6.32, Expires 6/02/11, Broker Citigroup Global Markets, Inc.

     169,000         (94,094

Singapore Telecommunications Ltd., Strike Price SGD 3.17, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     1,238,000         (72,706

SMC Corp., Strike Price JPY 14,824.80, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     22,300         (210,264

Societe Generale, Strike Price EUR 45.46, Expires 5/16/11, Broker Barclays Capital, Inc.

     30,000         (51,335

Societe Generale, Strike Price EUR 46.23, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     46,300         (96,680

Societe Generale, Strike Price EUR 48.89, Expires 6/07/11, Broker UBS Securities LLC

     8,300         (7,581

Softbank Corp., Strike Price JPY 3,179.48, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     106,000         (351,232

Straits Asia Resources Ltd., Strike Price SGD 2.99, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     1,209,000         (156,873

Subsea 7 SA, Strike Price NOK 134.23, Expires 5/04/11, Broker Citigroup Global Markets, Inc.

     130,500         (109,353

Sumitomo Heavy Industries Ltd., Strike Price JPY 527.98, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     318,000         (79,303

Sumitomo Heavy Industries Ltd., Strike Price JPY 530.46, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     551,000         (198,775

Sumitomo Mitsui Financial Group, Inc., Strike Price JPY 2,622.42, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     88,200         (28,962

Sun Life Financial, Inc., Strike Price CAD 32, Expires 5/23/11, Broker Bank of Montreal

     520         (9,068

Sun Life Financial, Inc., Strike Price CAD 30, Expires 5/23/11, Broker T.D. Securities

     520         (65,127

Swiss Reinsurance Co. Ltd., Strike Price CHF 48.88, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     57,500         (182,078

Swiss Reinsurance Co. Ltd., Strike Price CHF 52.26, Expires 5/25/11, Broker Credit Suisse First Boston

     20,000         (21,832

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 12.43, Expires 5/27/11, Broker Citigroup Global Markets, Inc.

     98,000         (104,566

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 12.04, Expires 5/31/11, Broker Citigroup Global Markets, Inc.

     100,000         (146,000

Taylor Wimpey Plc, Strike Price GBP 0.38, Expires 5/16/11, Broker Barclays Capital, Inc.

     1,428,000         (52,362

TE Connectivity Ltd., Strike Price USD 33.70, Expires 5/03/11, Broker Citigroup Global Markets, Inc.

     74,000         (159,100

Technip SA, Strike Price EUR 66.36, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     29,400         (432,270

Technip SA, Strike Price EUR 77.42, Expires 6/15/11, Broker Societe General Securities Corp.

     28,500         (98,439

Teijin Ltd., Strike Price JPY 386.02, Expires 6/28/11, Broker UBS Securities LLC

     575,000         (151,112

Telefonica SA, Strike Price EUR 17.99, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     143,600         (44,772

Telefonica SA, Strike Price EUR 17.99, Expires 5/16/11, Broker Credit Suisse First Boston

     143,600         (61,976

Tencent Holdings Ltd., Strike Price HKD 225.90, Expires 6/28/11, Broker Citigroup Global Markets, Inc.

     67,000         (107,627

Tokio Marine Holdings, Inc., Strike Price JPY 2,160.75, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     94,000         (149,720

Toray Industries, Inc., Strike Price JPY 592.53, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     462,000         (160,591

Toronto-Dominion Bank (The), Strike Price CAD 86, Expires 5/23/11, Broker T.D. Securities

     375         (5,747

Tullow Oil Plc, Strike Price GBP 14.81, Expires 5/03/11, Broker Credit Suisse First Boston

     74,500         (3,954

Tullow Oil Plc, Strike Price GBP 13.69, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     168,000         (216,267

Unibail-Rodamco SE - REIT, Strike Price EUR 142.27, Expires 5/16/11, Broker Societe General Securities Corp.

     18,600         (434,377

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   71


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (concluded)

     

VimpelCom Ltd. - ADR, Strike Price USD 14.29, Expires 5/12/11, Broker UBS Securities LLC

     77,500       $ (25,193

Voestalpine AG, Strike Price EUR 33.74, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     88,100         (128,205

Volkswagen AG, Preference Shares, Strike Price EUR 111.96, Expires 5/25/11, Broker Credit Suisse First Boston

     21,300         (665,528

Volvo AB, B Shares, Strike Price SEK 101.61, Expires 5/16/11, Broker Barclays Capital, Inc.

     245,000         (695,050

Wharf Holdings Ltd., Strike Price HKD 53.58, Expires 5/11/11, Broker BNP Paribas

     479,000         (219,908

Wharf Holdings Ltd., Strike Price HKD 56.96, Expires 5/11/11, Broker JPMorgan Chase Securities

     86,000         (12,484

WPP Plc, Strike Price GBP 7.45, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     299,000         (205,753

Xstrata Plc, Strike Price GBP 13.92, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     74,000         (177,082

Xstrata Plc, Strike Price GBP 13.42, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     165,000         (533,108

Xstrata Plc, Strike Price GBP 15.45, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     93,000         (101,397

Yamato Holdings Co. Ltd., Strike Price JPY 1,259.47, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     212,000         (122,017

Yara International ASA, Strike Price NOK 279.79, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     55,600         (325,272
           

Total Over-the-Counter Call Options Written

        (31,046,602
           

Total Options Written
(Premiums Received – $20,790,497) – (2.8)%

        (33,854,857
           

Total Investments Net of Outstanding Options Written – 99.0%

        1,180,890,517   

Other Assets in Excess of Liabilities – 1.0%

        11,668,298   
           

Net Assets – 100.0%

      $ 1,192,558,815   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 1,105,361,047   
        

Gross unrealized appreciation

   $ 124,090,334   

Gross unrealized depreciation

     (14,706,006
        

Net unrealized appreciation

   $ 109,384,328   
        

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Non-income producing security.
(c) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
     Net
Activity
    Shares
Held at
April 30,
2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

     57,450,039         (37,373,162     20,076,877       $ 31,672   

 

(d) Represents the current yield as of report date.

 

   

Foreign currency exchange contracts as of April 30, 2011 were as follows:

 

Currency
Purchased

     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

AUD

     391,000         USD         428,442       Citigroup Global Markets, Inc.      5/04/11       $ (91

AUD

     538,000         USD         586,078       RBS Securities, Inc.      5/03/11         3,391   

AUD

     964,000         USD         1,049,743       Citigroup Global Markets, Inc.      5/03/11         6,482   

CAD

     13,000         USD         13,664       Citigroup Global Markets, Inc.      5/03/11         76   

CAD

     498,000         USD         523,772       Deutsche Bank Securities Corp.      5/02/11         2,572   

EUR

     1,456,000         USD         2,154,318       Den Danske Bank      5/03/11         2,055   

EUR

     499,000         USD         740,584       Deutsche Bank Securities Corp.      5/04/11         (1,574

EUR

     977,000         USD         1,444,596       RBS Securities, Inc.      5/03/11         2,366   

NOK

     5,076,000         USD         952,880       Citigroup Global Markets, Inc.      5/02/11         14,604   

USD

     13,253         EUR         9,000       Deutsche Bank Securities Corp.      5/02/11         (77

USD

     426,219         JPY         34,675,000       Deutsche Bank Securities Corp.      5/09/11         (1,277

USD

     43,268         SGD         53,000       Citigroup Global Markets, Inc.      5/04/11         (31

USD

     440,260         CHF         387,000       Citigroup Global Markets, Inc.      5/02/11         (7,139

USD

     602,280         HKD         4,678,000       Citigroup Global Markets, Inc.      5/04/11         (80

USD

     763,042         JPY         62,353,000       Citigroup Global Markets, Inc.      5/02/11         (5,656

USD

     918,907         NOK         4,814,000       Citigroup Global Markets, Inc.      5/04/11         1,577   
                       

Total

  

               $ 17,198   
                       

 

   

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

 

See Notes to Financial Statements.     
72   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock International Growth and Income Trust (BGY)

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1      Level 2      Level 3      Total  

Assets:

           

Investments in Securities:

           

Long-Term Investments:

           

Common Stocks:

           

Australia

   $ 15,115,132       $ 27,423,459                     –       $ 42,538,591   

Austria

             11,647,963                 11,647,963   

Belgium

             10,198,123                 10,198,123   

Bermuda

             6,723,068                 6,723,068   

Brazil

     40,118,207                         40,118,207   

British Virgin

           

Islands

     1,965,080                         1,965,080   

Canada

     73,794,243                         73,794,243   

China

     476,442         22,309,235                 22,785,677   

Denmark

     4,220,603         14,906,164                 19,126,767   

France

             77,283,494                 77,283,494   

Germany

     15,772,761         103,050,314                 118,823,075   

Gibraltar

             1,085,738                 1,085,738   

Hong Kong

     9,025,938         52,385,566                 61,411,504   

India

     3,030,870         12,259,290                 15,290,160   

Ireland

             4,173,148                 4,173,148   

Italy

             12,417,950                 12,417,950   

Japan

             151,249,820                 151,249,820   

Malaysia

     4,874,026         11,713,706                 16,587,732   

Mexico

     10,931,771                         10,931,771   

Netherlands

     36,417,892         34,574,167                 70,992,059   

Norway

             27,163,558                 27,163,558   

Russia

     7,436,990         3,760,708                 11,197,698   

Singapore

             11,065,349                 11,065,349   

South Africa

             11,548,771                 11,548,771   

South Korea

     5,684,000         49,478,323                 55,162,323   

Spain

             14,029,008                 14,029,008   

Sweden

             4,814,823                 4,814,823   

Switzerland

             63,477,274                 63,477,274   

Taiwan

     19,156,674         20,976,941                 40,133,615   

Thailand

             13,251,753                 13,251,753   

United Kingdom

     29,608,112         125,829,041                 155,437,153   

United States

     18,233,664                         18,233,664   

Rights

     9,338                         9,338   

Short-Term Securities

     20,076,877                         20,076,877   
                                   

Total

   $ 315,948,620       $ 898,796,754               $ 1,214,745,374   
                                   

 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments1

         

Assets:

         

Foreign currency exchange contracts

   $ 33,123                             –       $ 33,123   

Liabilities:

         

Equity contracts

     (2,656,858   $ (31,197,999             (33,854,857

Foreign currency exchange contracts

     (15,925                    (15,925
                                 

Total

   $ (2,639,660   $ (31,197,999           $ (33,837,659
                                 

 

1 

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

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   73


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Chemicals – 10.3%

     

Agrium, Inc. (a)

     77,000       $ 6,963,110   

Air Products & Chemicals, Inc.

     92,900         8,873,808   

Celanese Corp., Series A

     102,200         5,101,824   

Dow Chemical Co. (The) (a)

     173,025         7,092,295   

E.I. du Pont de Nemours & Co. (a)

     429,479         24,390,112   

Monsanto Co. (a)

     72,900         4,960,116   

Mosaic Co. (The) (a)

     20,200         1,512,172   

Olin Corp. (a)

     181,100         4,661,514   

Potash Corp. of Saskatchewan, Inc. (a)

     189,300         10,672,734   

Praxair, Inc.

     164,800         17,538,016   
           
        91,765,701   
           

Containers & Packaging – 0.9%

     

Temple-Inland, Inc. (a)

     331,583         7,802,148   
           

Energy Equipment & Services – 6.2%

     

Basic Energy Services, Inc. (a)(b)

     48,800         1,500,112   

Calfrac Well Services Ltd.

     16,500         583,687   

Core Laboratories NV (a)

     118,500         11,373,630   

Halliburton Co. (a)

     176,500         8,909,720   

Key Energy Services, Inc. (a)(b)

     264,700         4,817,540   

Noble Corp.

     79,102         3,402,177   

Patterson-UTI Energy, Inc. (a)

     73,500         2,286,585   

Schlumberger Ltd. (a)

     142,500         12,789,375   

Seadrill Ltd.

     94,742         3,361,250   

Technip SA

     26,900         3,035,133   

Trican Well Service Ltd.

     145,000         3,573,852   
           
        55,633,061   
           

Machinery – 3.9%

     

Caterpillar, Inc. (a)

     235,900         27,225,219   

Deere & Co. (a)

     75,300         7,341,750   
           
        34,566,969   
           

Metals & Mining – 43.4%

     

African Rainbow Minerals Ltd.

     278,750         9,078,838   

Agnico-Eagle Mines Ltd. (a)

     106,950         7,441,581   

Alamos Gold, Inc.

     575,000         9,650,690   

Alcoa, Inc. (a)

     280,450         4,767,650   

Allegheny Technologies, Inc. (a)

     38,600         2,779,200   

Alumina Ltd.

     1,496,066         3,746,910   

Anglo American Plc

     97,945         5,134,158   

Anglo Platinum Ltd.

     50,444         5,133,664   

Barrick Gold Corp. (a)

     98,600         5,029,586   

BHP Billiton Plc

     878,600         37,147,059   

Carpenter Technology Corp.

     42,666         2,187,059   

Cia de Minas Buenaventura SA - ADR (a)

     281,100         11,713,437   

Cliffs Natural Resources, Inc. (a)

     28,100         2,633,532   

Eramet

     15,250         6,002,411   

First Quantum Minerals Ltd.

     106,000         15,105,406   

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

     128,400         7,065,852   

Fresnillo Plc

     475,000         13,090,856   

Goldcorp, Inc. (a)

     173,750         9,700,464   

Harry Winston Diamond Corp. (b)

     145,600         2,477,578   

IAMGOLD Corp.

     96,500         2,006,188   

Iluka Resources Ltd.

     1,343,586         18,486,951   

Impala Platinum Holdings Ltd.

     510,200         15,955,408   

Industrias Penoles SAB de CV

     513,569         19,986,528   

Jiangxi Copper Co. Ltd., Class H

     1,659,500         5,653,897   

Kazakhmys Plc

     251,400         5,839,687   

Minara Resources Ltd.

     1,572,550         1,334,416   

Minsur SA

     3,846,986         4,954,194   

MMC Norilsk Nickel JSC - ADR

     12,923         357,726   

Newcrest Mining Ltd.

     137,885         6,279,921   

Newmont Mining Corp. (a)

     68,350         4,005,994   

OZ Minerals Ltd.

     5,596,957         8,883,636   

Rio Tinto Plc

     517,104         37,730,465   

Southern Copper Corp. (a)

     75,500         2,828,230   

Straits Resources Ltd. (b)

     692,629         671,880   

Teck Resources Ltd., Class B

     288,400         15,676,597   

United States Steel Corp. (a)

     39,900         1,903,629   

Vale SA - ADR (a)

     725,300         24,225,020   

Vedanta Resources Plc

     432,700         16,896,673   

Xstrata Plc

     1,177,996         30,214,431   

Zijin Mining Group Co. Ltd.

     4,273,750         3,369,047   
           
        387,146,449   
           

Oil, Gas & Consumable Fuels – 28.4%

     

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

     109,400         6,363,798   

Angle Energy, Inc. (b)

     183,800         1,843,536   

Apache Corp. (a)

     93,200         12,430,084   

Arch Coal, Inc. (a)

     83,000         2,846,900   

Bill Barrett Corp. (b)

     73,900         3,083,847   

Cenovus Energy, Inc. (a)

     121,300         4,657,920   

Chesapeake Energy Corp. (a)

     160,100         5,390,567   

Coal & Allied Industries Ltd.

     15,000         1,838,178   

ConocoPhillips (a)

     22,600         1,783,818   

Consol Energy, Inc. (a)

     227,279         12,293,521   

Continental Resources, Inc. (a)(b)

     49,300         3,385,924   

Crescent Point Energy Corp.

     161,800         7,346,539   

Denbury Resources, Inc. (a)(b)

     334,500         7,549,665   

Energy XXI (Bermuda) Ltd. (a)(b)

     137,500         4,984,375   

EOG Resources, Inc. (a)

     99,000         11,178,090   

EQT Corp.

     147,100         7,738,931   

Exxon Mobil Corp. (a)

     55,800         4,910,400   

Forest Oil Corp. (a)(b)

     143,000         5,135,130   

Galleon Energy, Inc., Class A (b)

     317,400         1,174,127   

Gasco Energy, Inc. (b)

     579,700         237,677   

Hess Corp. (a)

     51,300         4,409,748   

James River Coal Co. (b)

     83,836         1,955,056   

Massey Energy Co.

     204,000         13,920,960   

Newfield Exploration Co. (a)(b)

     69,400         4,913,520   

Noble Energy, Inc. (a)

     76,800         7,393,536   

Occidental Petroleum Corp. (a)

     112,800         12,891,912   

OGX Petroleo e Gas Participacoes SA (b)

     610,000         6,444,317   

Patriot Coal Corp. (a)(b)

     122,460         3,083,543   

Peabody Energy Corp. (a)

     172,300         11,513,086   

Penn West Petroleum Ltd. (a)

     337,100         8,633,131   

PetroBakken Energy Ltd., Class A

     36,600         694,748   

PetroChina Co. Ltd. - ADR (a)

     14,500         2,110,910   

Petrohawk Energy Corp. (a)(b)

     168,800         4,559,288   

Plains Exploration & Production Co. (a)(b)

     163,600         6,223,344   

Premier Oil Plc (b)

     112,700         3,787,863   

QEP Resources, Inc.

     114,400         4,888,312   

Range Resources Corp. (a)

     104,700         5,910,315   

Southwestern Energy Co. (a)(b)

     148,300         6,504,438   

Statoil ASA

     196,000         5,741,606   

Suncor Energy, Inc. (a)

     136,300         6,275,252   

Talisman Energy, Inc. (a)

     312,200         7,524,020   

Ultra Petroleum Corp. (a)(b)

     62,000         3,148,980   

Whiting Petroleum Corp. (a)(b)

     219,000         15,220,500   
           
        253,921,412   
           

Paper & Forest Products – 5.2%

     

Fibria Celulose SA - ADR (b)

     315,600         5,096,940   

International Paper Co. (a)

     405,900         12,534,192   

MeadWestvaco Corp. (a)

     451,600         15,214,404   

 

See Notes to Financial Statements.     
74   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Paper & Forest Products (concluded)

     

Mondi Plc

     322,512       $ 3,205,416   

Weyerhaeuser Co. (a)

     466,900         10,743,364   
           
        46,794,316   
           

Total Long-Term Investments
(Cost – $605,660,766) – 98.3%

        877,630,056   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     19,415,877         19,415,877   
           

Total Short-Term Securities
(Cost – $19,415,877) – 2.1%

        19,415,877   
           

Total Investments Before Outstanding Options Written
(Cost – $625,076,643*) – 100.4%

        897,045,933   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.7)%

     

Agnico-Eagle Mines Ltd., Strike Price USD 70, Expires 5/23/11

     355         (62,480

Agrium, Inc., Strike Price USD 90, Expires 5/23/11

     102         (27,795

Agrium, Inc., Strike Price USD 92.50, Expires 6/20/11

     152         (42,940

Air Products & Chemicals, Inc., Strike Price USD 92, Expires 6/06/11

     300         (129,651

Alcoa, Inc., Strike Price USD 17, Expires 5/23/11

     925         (36,075

Allegheny Technologies, Inc., Strike Price USD 67.50, Expires 5/23/11

     130         (69,550

Alpha Natural Resources, Inc., Strike Price USD 57.50, Expires 5/23/11

     100         (23,100

Alpha Natural Resources, Inc., Strike Price USD 60, Expires 5/23/11

     200         (24,700

Alpha Natural Resources, Inc., Strike Price USD 57.50, Expires 6/20/11

     100         (33,500

Apache Corp., Strike Price USD 125, Expires 6/20/11

     300         (310,500

Arch Coal, Inc., Strike Price USD 35, Expires 5/23/11

     110         (7,755

Arch Coal, Inc., Strike Price USD 35, Expires 6/20/11

     110         (13,750

Barrick Gold Corp., Strike Price USD 52.50, Expires 5/23/11

     325         (27,463

Barrick Gold Corp., Strike Price USD 57.50, Expires 5/23/11

     30         (255

Basic Energy Services, Inc., Strike Price USD 25, Expires 5/23/11

     200         (113,000

Carpenter Technology Corp., Strike Price USD 43, Expires 5/05/11

     150         (123,900

Caterpillar, Inc., Strike Price USD 106.50, Expires 5/23/11

     255         (234,203

Caterpillar, Inc., Strike Price USD 110, Expires 5/23/11

     335         (210,213

Caterpillar, Inc., Strike Price USD 115, Expires 5/23/11

     100         (28,000

Caterpillar, Inc., Strike Price USD 110, Expires 6/20/11

     90         (67,275

Cenovus Energy Inc., Strike Price USD 40, Expires 5/23/11

     400         (13,000

Chesapeake Energy Corp., Strike Price USD 34, Expires 6/20/11

     265         (38,690

Chesapeake Energy Corp., Strike Price USD 35, Expires 6/20/11

     265         (27,560

Cia de Minas Buenaventura SA - ADR, Strike Price USD 41, Expires 5/23/11

     300         (62,250

Cia de Minas Buenaventura SA - ADR, Strike Price USD 43, Expires 5/23/11

     280         (30,800

Cia de Minas Buenaventura SA - ADR, Strike Price USD 45, Expires 5/23/11

     350         (16,625

Cliffs Natural Resources, Inc., Strike Price USD 95, Expires 5/23/11

     95         (24,320

ConocoPhillips, Strike Price USD 75, Expires 5/23/11

     75         (31,875

Consol Energy, Inc., Strike Price USD 55, Expires 5/23/11

     300         (39,600

Consol Energy, Inc., Strike Price USD 52.50, Expires 5/23/11

     450         (117,900

Continental Resources, Inc., Strike Price USD 70, Expires 5/23/11

     60         (10,950

Continental Resources, Inc., Strike Price USD 75, Expires 6/20/11

     100         (12,000

Core Laboratories NV, Strike Price USD 100, Expires 5/23/11

     100         (5,250

Core Laboratories NV, Strike Price USD 100, Expires 6/20/11

     145         (23,200

Core Laboratories NV, Strike Price USD 100, Expires 7/18/11

     145         (30,955

Deere & Co., Strike Price USD 92.50, Expires 5/23/11

     250         (145,000

Denbury Resources, Inc., Strike Price USD 23, Expires 5/23/11

     400         (30,000

Denbury Resources, Inc., Strike Price USD 25, Expires 5/23/11

     280         (5,600

Denbury Resources, Inc., Strike Price USD 24, Expires 6/20/11

     400         (27,000

Dow Chemical Co. (The), Strike Price USD 39, Expires 5/23/11

     100         (23,150

Dow Chemical Co. (The), Strike Price USD 40, Expires 6/20/11

     100         (20,300

Dow Chemical Co. (The), Strike Price USD 38, Expires 6/20/11

     470         (164,500

E.I. du Pont de Nemours & Co., Strike Price USD 55, Expires 5/23/11

     147         (30,576

E.I. du Pont de Nemours & Co., Strike Price USD 57.50, Expires 5/23/11

     200         (11,200

Energy XXI (Bermuda) Ltd., Strike Price USD 35, Expires 5/23/11

     175         (38,063

Energy XXI (Bermuda) Ltd., Strike Price USD 36, Expires 5/23/11

     175         (27,563

Energy XXI (Bermuda) Ltd., Strike Price USD 37, Expires 5/23/11

     75         (7,688

Energy XXI (Bermuda) Ltd., Strike Price USD 36, Expires 6/20/11

     100         (24,750

EOG Resources, Inc., Strike Price USD 115, Expires 5/23/11

     300         (65,700

Exxon Mobil Corp., Strike Price USD 82.50, Expires 5/23/11

     230         (128,395

Forest Oil Corp., Strike Price USD 38, Expires 5/23/11

     475         (26,125

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 55, Expires 5/23/11

     225         (40,838

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 52.50, Expires 5/23/11

     100         (34,000

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 57.50, Expires 6/20/11

     99         (17,276

Goldcorp, Inc., Strike Price USD 55, Expires 5/23/11

     300         (59,400

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   75


Table of Contents
Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentage shown are based on net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (continued)

     

Goldcorp, Inc., Strike Price USD 55, Expires 6/20/11

     274       $ (78,090

Halliburton Co., Strike Price USD 46, Expires 5/23/11

     260         (123,500

Halliburton Co., Strike Price USD 47, Expires 5/23/11

     260         (100,100

Halliburton Co., Strike Price USD 48, Expires 5/23/11

     100         (30,500

Hess Corp., Strike Price USD 80, Expires 5/23/11

     180         (115,200

International Paper Co., Strike Price USD 28, Expires 5/23/11

     410         (121,155

International Paper Co., Strike Price USD 31, Expires 5/23/11

     150         (9,375

International Paper Co., Strike Price USD 30.25, Expires 6/03/11

     540         (71,718

International Paper Co., Strike Price USD 31, Expires 6/20/11

     240         (25,800

Key Energy Services, Inc., Strike Price USD 17, Expires 5/23/11

     595         (76,718

Key Energy Services, Inc., Strike Price USD 15, Expires 6/20/11

     280         (91,000

MeadWestvaco Corp., Strike Price USD 32.50, Expires 5/23/11

     100         (16,000

MeadWestvaco Corp., Strike Price USD 30, Expires 5/23/11

     1         (380

Monsanto Co., Strike Price USD 67.50, Expires 5/23/11

     120         (22,440

Monsanto Co., Strike Price USD 70, Expires 5/23/11

     120         (9,480

Mosaic Co. (The), Strike Price USD 80, Expires 5/23/11

     70         (4,480

Newfield Exploration Co., Strike Price USD 80, Expires 5/23/11

     340         (5,100

Newmont Mining Corp., Strike Price USD 55, Expires 5/23/11

     225         (92,250

Newmont Mining Corp., Strike Price USD 45, Expires 5/23/11

     260         (360,750

Noble Energy, Inc., Strike Price USD 100, Expires 5/23/11

     255         (17,850

Occidental Petroleum Corp., Strike Price USD 100, Expires 5/23/11

     100         (145,250

Occidental Petroleum Corp., Strike Price USD 110, Expires 5/23/11

     50         (28,875

Occidental Petroleum Corp., Strike Price USD 100, Expires 5/27/11

     150         (214,776

Occidental Petroleum Corp., Strike Price USD 105, Expires 6/20/11

     100         (108,250

Olin Corp., Strike Price USD 22.50, Expires 5/23/11

     100         (37,750

Patriot Coal Corp., Strike Price USD 25, Expires 5/23/11

     55         (6,105

Patriot Coal Corp., Strike Price USD 27, Expires 6/20/11

     350         (32,025

Patterson-UTI Energy, Inc., Strike Price USD 27, Expires 5/23/11

     146         (61,320

Patterson-UTI Energy, Inc., Strike Price USD 31, Expires 5/23/11

     97         (9,458

Peabody Energy Corp., Strike Price USD 75, Expires 5/23/11

     50         (625

Penn West Petroleum Ltd., Strike Price USD 27, Expires 6/20/11

     700         (22,750

PetroChina Co. Ltd. – ADR, Strike Price USD 140, Expires 5/23/11

     48         (32,400

Petrohawk Energy Corp., Strike Price USD 24, Expires 5/23/11

     60         (19,800

Petrohawk Energy Corp., Strike Price USD 25, Expires 5/23/11

     60         (14,790

Petrohawk Energy Corp., Strike Price USD 27, Expires 5/23/11

     160         (19,200

Petrohawk Energy Corp., Strike Price USD 29, Expires 5/23/11

     50         (2,450

Petrohawk Energy Corp., Strike Price USD 28, Expires 6/20/11

     160         (22,000

Petrohawk Energy Corp., Strike Price USD 27, Expires 6/20/11

     50         (9,100

Plains Exploration & Production Co., Strike Price USD 37, Expires 5/23/11

     265         (49,555

Plains Exploration & Production Co., Strike Price USD 36, Expires 5/23/11

     265         (67,840

Potash Corp. of Saskatchewan, Inc., Strike Price USD 57.50, Expires 5/23/11

     315         (38,115

Potash Corp. of Saskatchewan, Inc., Strike Price USD 57.50, Expires 6/20/11

     315         (65,678

Range Resources Corp., Strike Price USD 55, Expires 5/23/11

     150         (38,250

Range Resources Corp., Strike Price USD 55, Expires 6/20/11

     195         (70,200

Schlumberger Ltd., Strike Price USD 90, Expires 5/23/11

     450         (89,325

Schlumberger Ltd., Strike Price USD 95, Expires 5/23/11

     50         (2,175

Southern Copper Corp., Strike Price USD 42, Expires 5/23/11

     250         (2,500

Southwestern Energy Co., Strike Price USD 43, Expires 5/23/11

     160         (24,880

Southwestern Energy Co., Strike Price USD 42, Expires 6/20/11

     203         (57,754

Southwestern Energy Co., Strike Price USD 41, Expires 6/20/11

     160         (57,600

Suncor Energy, Inc., Strike Price USD 45, Expires 5/23/11

     75         (14,663

Suncor Energy, Inc., Strike Price USD 46, Expires 5/23/11

     75         (10,275

Suncor Energy, Inc., Strike Price USD 45, Expires 6/20/11

     300         (79,650

Talisman Energy, Inc., Strike Price USD 24, Expires 5/23/11

     500         (37,500

Talisman Energy, Inc., Strike Price USD 26, Expires 5/23/11

     100         (1,000

Talisman Energy, Inc., Strike Price USD 24, Expires 6/20/11

     500         (48,750

Temple-Inland, Inc., Strike Price USD 25, Expires 5/23/11

     550         (13,750

Temple-Inland, Inc., Strike Price USD 24, Expires 5/23/11

     190         (9,975

Ultra Petroleum Corp., Strike Price USD 49, Expires 6/20/11

     210         (67,200

United States Steel Corp., Strike Price USD 52.50, Expires 5/23/11

     130         (4,160

Vale SA – ADR, Strike Price USD 33, Expires 5/23/11

     595         (63,070

Vale SA – ADR, Strike Price USD 34, Expires 5/23/11

     200         (11,200

Vale SA – ADR, Strike Price USD 32, Expires 6/20/11

     800         (172,400

Vale SA – ADR, Strike Price USD 33, Expires 6/20/11

     800         (122,800

Weyerhaeuser Co., Strike Price USD 26, Expires 5/23/11

     100         (500

Weyerhaeuser Co., Strike Price USD 25, Expires 5/23/11

     605         (3,021

 

See Notes to Financial Statements.     
76   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentage shown are based on net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (concluded)

     

Weyerhaeuser Co., Strike Price USD 24, Expires 7/18/11

     850       $ (57,375

Whiting Petroleum Corp., Strike Price USD 70, Expires 5/23/11

     200         (37,500
           

Total Exchange-Traded Call Options Written

        (6,475,675
           

Over-the-Counter Call Options Written – (0.9)%

     

African Rainbow Minerals Ltd., Strike Price ZAR 222.67, Expires 5/04/11, Broker UBS Securities LLC

     46,000         (4,254

African Rainbow Minerals Ltd., Strike Price ZAR 213.62, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     46,000         (75,966

Alamos Gold, Inc., Strike Price CAD 15, Expires 5/23/11, Broker Bank of Montreal

     2,000         (232,521

Alamos Gold, Inc., Strike Price CAD 15.50, Expires 5/23/11, Broker T.D. Securities

     2,000         (158,537

Alamos Gold, Inc., Strike Price CAD 16, Expires 5/23/11, Broker T.D. Securities

     1,750         (97,104

Alumina Ltd., Strike Price AUD 2.44, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     493,700         (5,893

Angle Energy, Inc., Strike Price CAD 10.04, Expires 6/06/11, Broker Deutsche Bank Securities Corp.

     30,500         (10,200

Angle Energy, Inc., Strike Price CAD 10.04, Expires 6/13/11, Broker Deutsche Bank Securities Corp.

     30,500         (11,658

Anglo American Plc, Strike Price GBP 32.07, Expires 6/15/11, Broker Societe General Securities Corp.

     32,400         (68,297

Anglo Platinum Ltd., Strike Price ZAR 660.54, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     16,700         (86,188

BHP Billiton Plc, Strike Price GBP 25.59, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     290,000         (402,263

Bill Barrett Corp., Strike Price USD 43.32, Expires 5/18/11, Broker Deutsche Bank Securities Corp.

     26,000         (13,575

Celanese Corp., Series A, Strike Price USD 40.82, Expires 5/05/11, Broker Morgan Stanley & Co., Inc.

     34,000         (309,400

Coal & Allied Industries Ltd., Strike Price AUD 126.21, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     5,000         (34

Crescent Point Energy Corp., Strike Price CAD 45.44, Expires 5/20/11, Broker Goldman Sachs & Co.

     20,600         (1,552

Crescent Point Energy Corp., Strike Price CAD 48, Expires 5/23/11, Broker T.D. Securities

     180         (1,617

Crescent Point Energy Corp., Strike Price CAD 44, Expires 6/20/11, Broker T.D. Securities

     150         (10,305

E.I. du Pont de Nemours & Co., Strike Price USD 53, Expires 5/03/11, Broker UBS Securities LLC

     127,000         (481,330

EQT Corp., Strike Price USD 48.83, Expires 5/27/11, Broker Citigroup Global Markets, Inc.

     5,000         (18,886

EQT Corp., Strike Price USD 50.39, Expires 5/27/11, Broker Morgan Stanley & Co., Inc.

     34,000         (82,017

EQT Corp., Strike Price USD 46.84, Expires 6/17/11, Broker Morgan Stanley & Co., Inc.

     10,000         (58,335

Eramet, Strike Price EUR 265.29, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     2,500         (11,444

Eramet, Strike Price EUR 268.59, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     2,500         (25,405

Exxon Mobil Corp., Strike Price USD 83.08, Expires 5/09/11, Broker UBS Securities LLC

     12,700         (62,484

Fibria Celulose SA – ADR, Strike Price USD 16.09, Expires 6/01/11, Broker Morgan Stanley & Co., Inc.

     52,000         (28,598

Fibria Celulose SA – ADR, Strike Price USD 16.01, Expires 6/30/11, Broker Morgan Stanley & Co., Inc.

     52,000         (40,199

First Quantum Minerals Ltd., Strike Price CAD 130, Expires 5/23/11, Broker T.D. Securities

     350         (335,703

Fresnillo Plc, Strike Price GBP 16.38, Expires 5/04/11, Broker Credit Suisse First Boston

     82,500         (49,274

Fresnillo Plc, Strike Price GBP 16.28, Expires 6/15/11, Broker Credit Suisse First Boston

     74,300         (126,869

Galleon Energy, Inc., Class A, Strike Price CAD 3.75, Expires 7/06/11, Broker Citigroup Global Markets, Inc.

     50,000         (8,455

Harry Winston Diamond Corp., Strike Price CAD 14, Expires 5/23/11, Broker T.D. Securities

     230         (52,994

Harry Winston Diamond Corp., Strike Price CAD 17, Expires 5/23/11, Broker T.D. Securities

     250         (5,813

IAMGOLD Corp., Strike Price CAD 20, Expires 6/20/11, Broker T.D. Securities

     160         (16,572

IAMGOLD Corp., Strike Price CAD 21, Expires 6/20/11, Broker T.D. Securities

     160         (10,231

Iluka Resources Ltd., Strike Price AUD 12.06, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     492,900         (376,117

Impala Platinum Holdings Ltd., Strike Price ZAR 196.90, Expires 6/15/11, Broker Societe General Securities Corp.

     168,000         (359,017

Industrias Penoles SAB de CV, Strike Price MXN 432.02, Expires 5/26/11, Broker Goldman Sachs & Co.

     41,500         (82,769

Industrias Penoles SAB de CV, Strike Price MXN 445.49, Expires 6/02/11, Broker Credit Suisse First Boston

     42,700         (60,612

Industrias Penoles SAB de CV, Strike Price MXN 445.49, Expires 6/14/11, Broker Credit Suisse First Boston

     42,700         (70,451

Industrias Penoles SAB de CV, Strike Price MXN 445.49, Expires 6/28/11, Broker Credit Suisse First Boston

     42,700         (80,587

Jiangxi Copper Co. Ltd., Class H, Strike Price HKD 25.91, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     552,000         (71,073

Kazakhmys Plc, Strike Price GBP 13.70, Expires 6/15/11, Broker Credit Suisse First Boston

     83,000         (100,564

Massey Energy Co., Strike Price USD 65.55, Expires 6/03/11, Broker Deutsche Bank Securities Corp.

     50,000         (214,273

MeadWestvaco Corp., Strike Price USD 29.60, Expires 5/04/11, Broker Goldman Sachs & Co.

     88,000         (359,920

MeadWestvaco Corp., Strike Price USD 33, Expires 5/31/11, Broker UBS Securities LLC

     50,000         (57,664

Minara Resources Ltd., Strike Price AUD 0.78, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     259,450         (5,140

Minara Resources Ltd., Strike Price AUD 0.80, Expires 6/28/11, Broker Deutsche Bank Securities Corp.

     259,500         (14,903

Minsur SA, Strike Price PEN 4.14, Expires 5/10/11, Broker Credit Suisse First Boston

     319,500         (1,741

Minsur SA, Strike Price PEN 4.14, Expires 5/26/11, Broker Credit Suisse First Boston

     319,500         (7,115

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   77


Table of Contents
Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentage shown are based on net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Minsur SA, Strike Price PEN 2.93, Expires 6/02/11, Broker Credit Suisse First Boston

     639,000       $ (166,504

MMC Norilsk Nickel JSC – ADR, Strike Price USD 26.11, Expires 5/04/11, Broker Barclays Capital, Inc.

     4,300         (6,424

Mondi Plc, Strike Price GBP 5.86, Expires 6/15/11, Broker Societe General Securities Corp.

     107,000         (48,772

Newcrest Mining Ltd., Strike Price AUD 39.54, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     45,500         (112,542

OGX Petroleo e Gas Participacoes SA, Strike Price BRL 17.32, Expires 6/02/11, Broker Goldman Sachs & Co.

     200,000         (104,072

Olin Corp., Strike Price USD 25.25, Expires 6/17/11, Broker Citigroup Global Markets, Inc.

     50,000         (57,935

OZ Minerals Ltd., Strike Price AUD 1.57, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     1,847,000         (5,694

Peabody Energy Corp., Strike Price USD 72.73, Expires 5/04/11, Broker Credit Suisse First Boston

     22,500         (123

Peabody Energy Corp., Strike Price USD 73.44, Expires 5/10/11, Broker Credit Suisse First Boston

     22,500         (1,012

Penn West Petroleum Ltd., Strike Price USD 28.94, Expires 5/03/11, Broker Citigroup Global Markets, Inc.

     41,500           

PetroBakken Energy Ltd., Class A, Strike Price CAD 19, Expires 6/20/11, Broker T.D. Securities

     120         (5,390

Petrohawk Energy Corp., Strike Price USD 24.92, Expires 5/12/11, Broker Deutsche Bank Securities Corp.

     10,000         (23,068

Praxair, Inc., Strike Price USD 100.56, Expires 5/04/11, Broker Goldman Sachs & Co.

     27,000         (158,220

Praxair, Inc., Strike Price USD 98.86, Expires 5/13/11, Broker Goldman Sachs & Co.

     27,400         (207,144

Premier Oil Plc, Strike Price GBP 20.01, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     37,200         (51,856

QEP Resources, Inc., Strike Price USD 42.16, Expires 5/13/11, Broker Citigroup Global Markets, Inc.

     19,000         (19,687

QEP Resources, Inc., Strike Price USD 39.08, Expires 5/31/11, Broker Deutsche Bank Securities Corp.

     22,000         (82,413

Rio Tinto Plc, Strike Price GBP 44.10, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     171,000         (448,134

Seadrill Ltd., Strike Price NOK 210.59, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     31,300           

Statoil ASA, Strike Price NOK 153.58, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     65,000         (51,584

Technip SA, Strike Price EUR 73.11, Expires 5/04/11, Broker Barclays Capital, Inc.

     8,900         (43,094

Teck Resources Ltd., Class B, Strike Price CAD 54, Expires 5/23/11, Broker T.D. Securities

     435         (35,171

Teck Resources Ltd., Class B, Strike Price CAD 55, Expires 5/23/11, Broker T.D. Securities

     515         (30,209

Temple-Inland, Inc., Strike Price USD 23.29, Expires 6/10/11, Broker Morgan Stanley & Co., Inc.

     35,500         (38,513

Trican Well Service Ltd., Strike Price CAD 22, Expires 5/23/11, Broker Bank of Montreal

     240         (37,415

Trican Well Service Ltd., Strike Price CAD 23, Expires 5/23/11, Broker Bank of Montreal

     240         (19,024

Vedanta Resources Plc, Strike Price GBP 23.61, Expires 6/15/11, Broker Societe General Securities Corp.

     143,000         (212,398

Whiting Petroleum Corp., Strike Price USD 69.01, Expires 5/04/11, Broker UBS Securities LLC

     17,000         (22,376

Whiting Petroleum Corp., Strike Price USD 65.84, Expires 5/09/11, Broker Credit Suisse First Boston

     20,000         (78,304

Whiting Petroleum Corp., Strike Price USD 69.69, Expires 5/10/11, Broker UBS Securities LLC

     17,000         (22,978

Xstrata Plc, Strike Price GBP 13.42, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     390,000         (1,260,074

Zijin Mining Group Co. Ltd., Strike Price HKD 6.24, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     1,410,000         (12,324
           

Total Over-the-Counter Call Options Written

        (8,128,373
           

Total Options Written

     

(Premiums Received – $10,523,272) – (1.6)%

        (14,604,048
           

Total Investments Net of Outstanding Options Written – 98.8%

        882,441,885   

Other Assets in Excess of Liabilities – 1.2%

        10,581,104   
           

Net Assets – 100.0%

      $ 893,022,989   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 662,403,892   
        

Gross unrealized appreciation

   $ 242,383,052   

Gross unrealized depreciation

     (7,741,011
        

Net unrealized appreciation

   $ 234,642,041   
        

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Non-income producing security.
(c) Represents the current yield as of report date.
(d) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares/
Beneficial Interest
Held at
October 31,

2010
   Net Activity   Shares/
Beneficial Interest
Held at

April 30,
2011
   Income

BlackRock Liquidity Funds, TempFund, Institutional Class

       22,448,837          (3,032,960 )       19,415,877        $ 18,302  

BlackRock Liquidity Series, LLC Money Market Series

       2,250,000          (2,250,000 )              $ 1,538  

 

See Notes to Financial Statements.     
78   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (concluded)    BlackRock Real Asset Equity Trust (BCF)

 

   

Foreign currency exchange contracts as of April 30, 2011 were as follows:

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 
USD     14,153         AUD        13,000       Deutsche Bank Securities Corp.      5/03/11         $ (90)   
USD     363,259         ZAR        2,443,000       Deutsche Bank Securities Corp.      5/03/11         (8,697)   
USD     39,942         GBP        24,000       Citigroup Global Markets, Inc.      5/04/11         (144)   
USD     40,169         CAD        38,000       Deutsche Bank Securities Corp.      5/02/11           
USD     45,219         CAD        43,000       RBS Securities, Inc.      5/02/11         (229)   
                     
Total                   $(9,154)   
                     

 

   

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

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1    Level 2    Level 3    Total

Assets:

                   

Investments in Securities:

                   

Long-Term Investments:

                   

Common Stocks:

                   

Chemicals

     $ 91,765,701                               –        $ 91,765,701  

Containers & Packaging

       7,802,148                            7,802,148  

Energy Equipment & Services

       49,236,678        $ 6,396,383                   55,633,061  

Machinery

       34,566,969                            34,566,969  

Metals & Mining

       156,810,295          230,336,154                   387,146,449  

Oil, Gas & Consumable Fuels

       242,553,765          11,367,647                   253,921,412  

Paper & Forest Products

       43,588,900          3,205,416                   46,794,316  

Short-Term Securities

       19,415,877                            19,415,877  
                                           

Total

     $ 645,740,333        $ 251,305,600                 $ 897,045,933  
                                           

 

Valuation Inputs

   Level 1   Level 2   Level 3    Total

Derivative Financial Instruments1

                 

Assets:

                 

Foreign currency exchange contracts

     $ 6                     –                     –        $ 6  

Liabilities:

                 

Equity contracts

       (6,513,965 )     $ (8,090,083 )            (14,604,048 )

Foreign currency exchange contracts

       (9,160 )                        (9,160 )
                                         

Total

     $ (6,523,119 )     $ (8,090,083 )              $ (14,613,202 )
                                         

 

1 

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

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   79


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock Resources & Commodities Strategy Trust (BCX)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Chemicals – 5.6%

     

Agrium, Inc.

     28,600       $ 2,586,298   

E.I. du Pont de Nemours & Co.

     17,300         982,467   

Israel Chemicals Ltd.

     148,400         2,633,940   

K+S AG

     38,908         3,142,423   

Monsanto Co. (a)

     212,300         14,444,892   

Mosaic Co. (The)

     65,200         4,880,872   

Potash Corp. of Saskatchewan, Inc.

     225,900         12,736,242   

Scotts Miracle-Gro Co. (The)

     50,000         2,823,500   

Uralkali – GDR

     73,276         3,089,327   
           
        47,319,961   
           

Commercial Services & Supplies – 0.2%

     

Alexco Resource Corp. (b)

     175,000         1,678,250   
           

Energy Equipment & Services – 2.5%

     

Basic Energy Services, Inc. (b)

     7,100         218,254   

Calfrac Well Services Ltd.

     7,700         272,387   

Core Laboratories NV

     64,300         6,171,514   

Halliburton Co. (a)

     36,800         1,857,664   

Key Energy Services, Inc. (b)

     36,100         657,020   

Patterson-UTI Energy, Inc.

     13,300         413,763   

Schlumberger Ltd.

     73,900         6,632,525   

Seadrill Ltd.

     53,100         1,883,878   

Technip SA

     4,904         553,320   

Trican Well Service Ltd.

     78,300         1,929,880   
           
        20,590,205   
           

Food Products – 1.3%

     

Archer-Daniels-Midland Co.

     47,500         1,758,450   

Bunge Ltd.

     25,582         1,929,906   

China Agri-industries Holdings Ltd.

     3,122,000         3,572,808   

SLC Agricola SA

     300,600         3,779,474   
           
        11,040,638   
           

Machinery – 0.9%

     

AGCO Corp. (b)

     25,900         1,491,322   

Caterpillar, Inc. (a)

     37,000         4,270,170   

Deere & Co.

     21,500         2,096,250   
           
        7,857,742   
           

Metals & Mining – 13.2%

     

Agnico-Eagle Mines Ltd. (a)

     246,400         17,144,512   

Augusta Resource Corp. (b)

     100,000         457,000   

Avalon Rare Metals, Inc. (b)

     106,000         966,845   

Centerra Gold, Inc.

     236,300         4,395,582   

Compass Minerals International, Inc.

     8,600         839,446   

Eldorado Gold Corp. (a)

     215,000         3,994,700   

Franco-Nevada Corp.

     339,900         13,478,886   

Fresnillo Plc

     335,200         9,238,010   

Gold Resource Corp.

     74,000         2,231,100   

Goldcorp, Inc.

     31,400         1,753,062   

HudBay Minerals, Inc.

     140,300         2,239,106   

MAG Silver Corp. (b)

     227,400         2,754,324   

New Gold, Inc. (b)

     354,000         3,964,800   

Novagold Resources, Inc. (a)(b)

     592,200         7,609,770   

Pan American Silver Corp. (a)

     104,800         3,781,184   

Quadra FNX Mining Ltd. (b)

     109,400         1,795,679   

Seabridge Gold, Inc. (a)(b)

     275,000         9,369,250   

Silver Wheaton Corp. (a)

     255,400         10,374,348   

Silvercorp Metals, Inc. (a)

     285,100         3,874,509   

Titanium Metals Corp. (a)(b)

     304,200         6,093,126   

US Gold Corp. (a)(b)

     474,700         4,462,180   
           
        110,817,419   
           

Oil, Gas & Consumable Fuels – 23.9%

     

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

     57,900         3,368,043   

Angle Energy, Inc. (b)

     100,000         1,003,012   

Apache Corp.

     28,900         3,854,393   

Arch Coal, Inc. (a)

     43,600         1,495,480   

Baytex Energy Corp.

     61,100         3,773,263   

Bill Barrett Corp. (b)

     39,800         1,660,854   

Bonavista Energy Corp.

     136,600         4,104,569   

Chesapeake Energy Corp. (a)

     87,800         2,956,226   

ConocoPhillips

     3,300         260,469   

Consol Energy, Inc. (a)

     112,200         6,068,898   

Continental Resources, Inc. (a)(b)

     25,400         1,744,472   

Crescent Point Energy Corp.

     54,600         2,479,116   

Denbury Resources, Inc. (a)(b)

     173,900         3,924,923   

Enbridge Energy Partners LP

     45,422         1,539,806   

Enterprise Products Partners LP

     255,600         11,059,812   

EOG Resources, Inc. (a)

     54,000         6,097,140   

EQT Corp.

     38,200         2,009,702   

Exxon Mobil Corp.

     7,800         686,400   

Forest Oil Corp. (b)

     75,000         2,693,250   

Galleon Energy, Inc., Class A (b)

     158,700         587,063   

Gasco Energy, Inc. (b)

     366,500         150,265   

James River Coal Co. (b)

     45,966         1,071,927   

Keyera Corp.

     207,700         8,614,013   

Magellan Midstream Partners LP

     140,200         8,622,300   

MarkWest Energy Partners LP

     150,000         7,648,500   

Massey Energy Co. (a)

     134,800         9,198,752   

Newfield Exploration Co. (b)

     35,500         2,513,400   

Noble Energy, Inc.

     24,800         2,387,496   

Occidental Petroleum Corp.

     59,700         6,823,113   

OGX Petroleo e Gas Participacoes SA (b)

     325,800         3,441,899   

ONEOK Partners LP

     102,700         8,784,958   

Patriot Coal Corp. (b)

     16,000         402,880   

Peabody Energy Corp.

     91,800         6,134,076   

Penn West Petroleum Ltd. (a)

     290,100         7,429,461   

Permian Basin Royalty Trust

     200,000         4,400,000   

PetroBakken Energy Ltd., Class A

     17,500         332,188   

PetroChina Co. Ltd. – ADR (a)

     7,100         1,033,618   

Petrohawk Energy Corp. (a)(b)

     18,800         507,788   

Plains All American Pipeline LP

     197,300         12,674,552   

Plains Exploration & Production Co. (b)

     21,500         817,860   

Premier Oil Plc (b)

     59,800         2,009,886   

Range Resources Corp.

     54,000         3,048,300   

Ship Finance International Ltd.

     403,600         8,067,964   

Southwestern Energy Co. (a)(b)

     79,000         3,464,940   

Statoil ASA

     70,856         2,075,649   

Talisman Energy, Inc. (a)

     106,000         2,554,600   

Targa Resources Partners LP

     100,000         3,514,000   

Vermilion Energy, Inc.

     69,100         3,710,067   

Whiting Petroleum Corp. (a)(b)

     115,000         7,992,500   

Williams Partners LP

     173,573         9,685,376   
           
        200,479,219   
           

Total Long-Term Investments
(Cost – $396,139,352) – 47.6%

        399,783,434   
           

 

See Notes to Financial Statements.     
80   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    Resources & Commodities Strategy Trust (BCX)
   (Percentages shown are based on Net Assets)

 

Short-Term Securities

   Shares      Value  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     374,205,599       $ 374,205,599   
           

Total Short-Term Securities
(Cost – $374,205,599) – 44.5%

        374,205,599   
           

Total Investments Before Outstanding Options Written
(Cost – $770,344,951*) – 92.1%

        773,989,033   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.2)%

     

Agnico-Eagle Mines Ltd., Strike Price USD 67.50, Expires 5/23/11

     900         (283,500

Alpha Natural Resources, Inc., Strike Price USD 57.50, Expires 5/23/11

     200         (46,200

Apache Corp., Strike Price USD 126.50, Expires 5/31/11

     100         (81,379

Arch Coal, Inc., Strike Price USD 37, Expires 5/23/11

     160         (3,280

Caterpillar, Inc., Strike Price USD 115, Expires 6/20/11

     50         (21,500

Chesapeake Energy Corp., Strike Price USD 34, Expires 6/20/11

     155         (22,630

Chesapeake Energy Corp., Strike Price USD 35, Expires 6/20/11

     155         (16,120

Consol Energy, Inc., Strike Price USD 55, Expires 5/23/11

     215         (28,380

Consol Energy, Inc., Strike Price USD 52.50, Expires 5/23/11

     150         (39,300

Continental Resources, Inc., Strike Price USD 70, Expires 5/23/11

     90         (16,425

Denbury Resources, Inc., Strike Price USD 26, Expires 5/23/11

     100         (1,000

Denbury Resources, Inc., Strike Price USD 24, Expires 6/20/11

     500         (33,750

Eldorado Gold Corp., Strike Price USD 18, Expires 5/23/11

     100         (9,500

EOG Resources, Inc., Strike Price USD 115, Expires 6/20/11

     190         (70,300

Halliburton Co., Strike Price USD 48, Expires 5/23/11

     100         (30,500

Massey Energy Co., Strike Price USD 67.50, Expires 5/23/11

     235         (54,755

Massey Energy Co., Strike Price USD 67.50, Expires 6/20/11

     235         (84,012

Monsanto Co., Strike Price USD 71, Expires 6/20/11

     620         (85,957

Monsanto Co., Strike Price USD 72.50, Expires 6/20/11

     100         (9,300

Novagold Resources, Inc., Strike Price USD 14, Expires 5/23/11

     2,300         (28,750

Occidental Petroleum Corp., Strike Price USD 102, Expires 5/31/11

     210         (263,050

Pan American Silver Corp., Strike Price USD 42, Expires 5/23/11

     300         (7,500

Pan American Silver Corp., Strike Price USD 41, Expires 5/23/11

     100         (3,500

Penn West Petroleum Ltd., Strike Price USD 26, Expires 6/20/11

     250         (16,875

PetroChina Co. Ltd. – ADR, Strike Price USD 155, Expires 5/23/11

     25         (1,375

Petrohawk Energy Corp., Strike Price USD 27, Expires 5/23/11

     50         (6,000

Petrohawk Energy Corp., Strike Price USD 28, Expires 6/20/11

     50         (6,875

Seabridge Gold, Inc., Strike Price USD 35, Expires 5/23/11

     1,400         (122,500

Silver Wheaton Corp., Strike Price USD 47, Expires 5/23/11

     325         (14,950

Silver Wheaton Corp., Strike Price USD 48, Expires 5/23/11

     325         (11,375

Silvercorp Metals, Inc., Strike Price USD 15, Expires 5/23/11

     1,000         (25,000

Southwestern Energy Co., Strike Price USD 42, Expires 5/23/11

     300         (68,100

Talisman Energy, Inc., Strike Price USD 24, Expires 5/23/11

     190         (14,250

Talisman Energy, Inc., Strike Price USD 25, Expires 6/20/11

     190         (10,925

Titanium Metals Corp., Strike Price USD 19, Expires 5/23/11

     1,300         (191,750

US Gold Corp., Strike Price USD 10, Expires 5/23/11

     850         (23,375

US Gold Corp., Strike Price USD 10, Expires 6/20/11

     850         (51,000

Whiting Petroleum Corp., Strike Price USD 70, Expires 6/20/11

     200         (61,000
           

Total Exchange-Traded Call Options Written

        (1,865,938 ) 
           

Exchange-Traded Put Options Written – (0.2)%

     

Agrium, Inc., Strike Price USD 85, Expires 5/23/11

     150         (10,500

Allegheny Technologies, Inc., Strike Price USD 60, Expires 5/23/11

     618         (9,270

Allegheny Technologies, Inc., Strike Price USD 62.50, Expires 5/23/11

     175         (4,812

Allied Nevada Gold Corp., Strike Price USD 35, Expires 5/23/11

     600         (9,000

Apache Corp., Strike Price USD 120, Expires 5/23/11

     100         (2,350

Augusta Resource Corp., Strike Price USD 5, Expires 5/23/11

     800         (38,000

Caterpillar, Inc., Strike Price USD 109, Expires 5/12/11

     190         (5,653

Caterpillar, Inc., Strike Price USD 110, Expires 5/23/11

     185         (15,725

CF Industries Holdings, Inc., Strike Price USD 125, Expires 5/23/11

     292         (21,024

CF Industries Holdings, Inc., Strike Price USD 130, Expires 5/23/11

     150         (20,175

Compass Minerals International, Inc., Strike Price USD 90, Expires 5/23/11

     100         (2,750

Consol Energy, Inc., Strike Price USD 50, Expires 5/02/11

     320         (112

Deere & Co., Strike Price USD 95, Expires 5/23/11

     215         (31,605

Energy XXI (Bermuda) Ltd., Strike Price USD 32, Expires 5/23/11

     272         (8,160

Energy XXI (Bermuda) Ltd., Strike Price USD 33, Expires 5/23/11

     180         (8,100

Enterprise Products Partners LP, Strike Price USD 42, Expires 5/23/11

     350         (12,250

Halliburton Co., Strike Price USD 45, Expires 5/23/11

     250         (4,000

Joy Global, Inc., Strike Price USD 95, Expires 5/23/11

     307         (26,402

Monsanto Co., Strike Price USD 67.50, Expires 5/23/11

     100         (13,250

Monsanto Co., Strike Price USD 70, Expires 5/23/11

     100         (27,450

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011  

81


Table of Contents
Schedule of Investments (continued)    BlackRock Resources & Commodities Strategy Trust (BCX)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Put Options Written (concluded)

     

Noble Corp., Strike Price USD 42, Expires 5/23/11

     315       $ (24,098

Noble Corp., Strike Price USD 43, Expires 5/23/11

     105         (12,548

Novagold Resources, Inc., Strike Price USD 12, Expires 5/23/11

     500         (7,500

Patriot Coal Corp., Strike Price USD 25, Expires 5/23/11

     155         (14,648

Penn West Petroleum Ltd., Strike Price USD 25.75, Expires 5/09/11

     540         (24,425

Penn West Petroleum Ltd., Strike Price USD 26, Expires 5/23/11

     540         (44,550

Plains Exploration & Production Co., Strike Price USD 35, Expires 5/23/11

     215         (6,342

QEP Resources, Inc., Strike Price USD 40, Expires 5/23/11

     150         (4,125

Rio Tinto Plc, Strike Price USD 67.50, Expires 5/23/11

     468         (14,040

Scotts Miracle-Gro Co. (The), Strike Price USD 55, Expires 5/23/11

     1,700         (195,500

Seabridge Gold, Inc., Strike Price USD 31, Expires 5/23/11

     1,200         (39,000

Seabridge Gold, Inc., Strike Price USD 30, Expires 5/23/11

     250         (5,000

Silver Wheaton Corp., Strike Price USD 41, Expires 5/23/11

     1,000         (239,500

Silver Wheaton Corp., Strike Price USD 40, Expires 5/23/11

     950         (179,550

Silver Wheaton Corp., Strike Price USD 42, Expires 5/23/11

     250         (74,500

Silvercorp Metals, Inc., Strike Price USD 15, Expires 5/23/11

     500         (82,500

Silvercorp Metals, Inc., Strike Price USD 13, Expires 5/23/11

     2,500         (106,250

Suncor Energy, Inc., Strike Price USD 42, Expires 5/23/11

     250         (5,750

Talisman Energy, Inc., Strike Price USD 22, Expires 5/23/11

     100         (1,500

Talisman Energy, Inc., Strike Price USD 23, Expires 5/23/11

     100         (3,000

Talisman Energy, Inc., Strike Price USD 24, Expires 6/20/11

     400         (40,000

Titanium Metals Corp., Strike Price USD 18, Expires 5/23/11

     600         (12,000

Ultra Petroleum Corp., Strike Price USD 46, Expires 5/23/11

     165         (4,125

Ultra Petroleum Corp., Strike Price USD 47, Expires 5/23/11

     165         (5,775
           

Total Exchange-Traded Put Options Written

        (1,416,814
           

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

     

Angle Energy, Inc., Strike Price CAD 10.04, Expires 6/06/11, Broker Deutsche Bank Securities Corp.

     17,500         (5,852

Angle Energy, Inc., Strike Price CAD 10.04, Expires 6/13/11, Broker Deutsche Bank Securities Corp.

     17,500         (6,689

Bill Barrett Corp., Strike Price USD 43.32, Expires 5/18/11, Broker Deutsche Bank Securities Corp.

     14,000         (7,309

Centerra Gold, Inc., Strike Price CAD 18, Expires 5/23/11, Broker T.D. Securities

     420         (25,524

Centerra Gold, Inc., Strike Price CAD 18, Expires 6/20/11, Broker T.D. Securities

     420         (38,842

Core Laboratories NV, Strike Price USD 103.98, Expires 5/18/11, Broker Credit Suisse First Boston

     23,000         (4,225

Crescent Point Energy Corp., Strike Price CAD 44, Expires 6/20/11, Broker T.D. Securities

     180         (12,366

Franco-Nevada Corp., Strike Price CAD 38, Expires 5/23/11, Broker T.D. Securities

     600         (50,732

Franco-Nevada Corp., Strike Price CAD 40, Expires 6/20/11, Broker T.D. Securities

     600         (31,707

Fresnillo Plc, Strike Price GBP 16.00, Expires 5/16/11, Broker Deutsche Bank Securities Corp.

     118,000         (162,948

Galleon Energy, Inc., Class A, Strike Price CAD 3.81, Expires 6/28/11, Broker Morgan Stanley & Co., Inc.

     53,000         (6,380

MAG Silver Corp., Strike Price CAD 12.50, Expires 6/10/11, Broker UBS Securities LLC

     80,000         (38,147

New Gold, Inc., Strike Price USD 11.49, Expires 5/05/11, Broker Deutsche Bank Securities Corp.

     62,000         (9,027

New Gold, Inc., Strike Price USD 11.60, Expires 5/18/11, Broker Deutsche Bank Securities Corp.

     62,000         (18,574

OGX Petroleo e Gas Participacoes SA, Strike Price BRL 20.07, Expires 6/02/11, Broker Goldman Sachs & Co.

     115,000         (14,608

Peabody Energy Corp., Strike Price USD 67, Expires 6/08/11, Broker Citigroup Global Markets, Inc.

     32,000         (80,456

Penn West Petroleum Ltd., Strike Price USD 26.50, Expires 6/22/11, Broker UBS Securities LLC

     25,000         (10,290

Penn West Petroleum Ltd., Strike Price USD 26, Expires 6/30/11, Broker Morgan Stanley & Co., Inc.

     38,000         (25,536

PetroBakken Energy Ltd., Class A, Strike Price CAD 18.64, Expires 6/08/11, Broker Deutsche Bank Securities Corp.

     6,000         (2,806

Premier Oil Plc, Strike Price GBP 20.25, Expires 6/23/11, Broker Morgan Stanley & Co., Inc.

     20,000         (25,334

Schlumberger Ltd., Strike Price USD 92.50, Expires 6/01/11, Broker Deutsche Bank Securities Corp.

     26,000         (39,768

Seadrill Ltd., Strike Price NOK 202.83, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     19,000         (1,072

Ship Finance International Ltd., Strike Price USD 21.27, Expires 5/26/11, Broker Credit Suisse First Boston

     135,000         (8,459

Ship Finance International Ltd., Strike Price USD 21, Expires 6/24/11, Broker Banc of America Securities

     20,000         (7,500

SLC Agricola SA, Strike Price BRL 22.54, Expires 6/14/11, Broker Credit Suisse First Boston

     31,500         (2,414

SLC Agricola SA, Strike Price BRL 22.54, Expires 6/28/11, Broker Credit Suisse First Boston

     31,500         (3,744

SLC Agricola SA, Strike Price BRL 22.54, Expires 6/30/11, Broker Credit Suisse First Boston

     31,500         (3,938

Trican Well Service Ltd., Strike Price CAD 22.03, Expires 5/31/11, Broker Deutsche Bank Securities Corp.

     27,000         (42,799
           

Total Over-the-Counter Call Options Written

        (687,046
           

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

     

Allied Nevada Gold Corp., Strike Price USD 36, Expires 5/12/11, Broker Deutsche Bank Securities Corp.

     25,000         (822

Augusta Resource Corp., Strike Price USD 4.50, Expires 5/20/11, Broker Deutsche Bank Securities Corp.

     320,000         (75,091

 

See Notes to Financial Statements.     
82   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock Resources & Commodities Strategy Trust (BCX)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Put Options Written (concluded)

     

Cenovus Energy, Inc., Strike Price USD 37.75, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     23,300       $ (9,271

Cenovus Energy, Inc., Strike Price USD 38, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     23,200         (11,499

Cenovus Energy, Inc., Strike Price USD 37.22, Expires 6/08/11, Broker Morgan Stanley & Co., Inc.

     15,500         (13,950

CF Industries Holdings, Inc., Strike Price USD 130, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     1,428         (874

Crescent Point Energy Corp., Strike Price CAD 42, Expires 5/23/11, Broker Bank of Montreal

     330         (15,695

EQT Corp., Strike Price USD 48.50, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     19,300         (315

HudBay Minerals, Inc., Strike Price CAD 15.50, Expires 5/06/11, Broker Deutsche Bank Securities Corp.

     50,000         (27,304

HudBay Minerals, Inc., Strike Price CAD 16.27, Expires 5/06/11, Broker Deutsche Bank Securities Corp.

     75,000         (93,662

HudBay Minerals, Inc., Strike Price CAD 15, Expires 5/23/11, Broker T.D. Securities

     1,250         (59,451

MAG Silver Corp., Strike Price CAD 12, Expires 5/23/11, Broker T.D. Securities

     500         (46,240

Plains Exploration & Production Co., Strike Price USD 35, Expires 5/12/11, Broker Morgan Stanley & Co., Inc.

     21,800         (2,575

QEP Resources, Inc., Strike Price USD 40, Expires 5/12/11, Broker Deutsche Bank Securities Corp.

     31,300         (2,436

Quadra FNX Mining Ltd., Strike Price CAD 14, Expires 5/06/11, Broker Barclays Capital, Inc.

     50,000         (521

Quadra FNX Mining Ltd., Strike Price CAD 13, Expires 5/23/11, Broker T.D. Securities

     500         (2,114

Syngenta AG, Strike Price CHF 296.55, Expires 5/06/11, Broker UBS Securities LLC

     15,000         (13,409

Syngenta AG, Strike Price CHF 300, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     15,000         (55,583

Vermilion Energy, Inc., Strike Price CAD 50, Expires 5/23/11, Broker Bank of Montreal

     120         (12,368
           

Total Over-the-Counter Put Options Written

        (443,180
           

Total Options Written

     

(Premiums Received – $5,293,339) – (0.5)%

        (4,412,978
           

Total Investments Net of Outstanding Options Written – 91.6%

        769,576,055   

Other Assets in Excess of Liabilities – 8.4%

        70,277,142   
           

Net Assets – 100.0%

      $ 839,853,197   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 770,344,951   
        

Gross unrealized appreciation

   $ 9,826,049   

Gross unrealized depreciation

     (6,181,967
        

Net unrealized appreciation

   $ 3,644,082   
        

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(b) Non-income producing security.
(c) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
March 30,
2011
   Net
Activity
   Shares
Held at
April 30,
2011
   Income

BlackRock Liquidity Funds, TempFund, Institutional Class

          374,205,599          374,205,599        $ 51,181  

 

(d) Represents the current yield as of report date.

 

   

Foreign currency exchange contracts as of April 30, 2011 were as follows:

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
   Unrealized
Appreciation
(Depreciation)
 
CAD     1,816,000         USD        1,909,258       Morgan Stanley & Co., Inc.    5/03/11    $ 9,965   
CAD     845,000         USD        885,267       Citigroup Global Markets, Inc.    5/02/11      7,826   
CAD     9,447,000         USD        9,936,512       Deutsche bank Securities Corp.    5/03/11      47,465   
GBP     554,000         USD        917,191       Deutsche bank Securities Corp.    5/03/11      8,141   
HKD     8,918,000         USD        1,147,666       Citigroup Global Markets, Inc.    5/03/11      650   
NOK     7,640,000         USD        1,458,606       Citigroup Global Markets, Inc.    5/04/11      (2,768
USD     268,319         GBP        162,000       Deutsche Bank Securities Corp.    5/03/11      (2,264
USD     90,909         CAD        86,000       Deutsche Bank Securities Corp.    5/02/11      14   
                     
Total                 $ 69,029   
                     

 

   

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

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   83


Table of Contents
Schedule of Investments (concluded)    BlackRock Resources & Commodities Strategy Trust (BCX)

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1    Level 2    Level 3    Total

Assets:

                   

Investments in Securities:

                   

Long-Term Investments:

                   

Common Stocks:

                   

Chemicals

     $ 38,454,271        $ 8,865,690                      –        $ 47,319,961  

Commercial Services & Supplies

       1,678,250                            1,678,250  

Energy Equipment & Services

       18,153,007          2,437,198                   20,590,205  

Food Products

       7,467,830          3,572,808                   11,040,638  

Machinery

       7,857,742                            7,857,742  

Metals & Mining

       101,579,409          9,238,010                   110,817,419  

Oil, Gas & Consumable Fuels

       196,393,684          4,085,535                   200,479,219  

Short-Term Securities

       374,205,599                            374,205,599  
                                           

Total

     $ 745,789,792        $ 28,199,241                 $ 773,989,033  
                                           

 

     Derivative Financial Instruments1  

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Assets:

         

Foreign currency exchange contracts

   $ 74,061                           –       $ 74,061   

Liabilities:

         

Equity contracts

     (3,117,214   $ (1,295,764             (4,412,978

Foreign currency exchange contracts

     (5,032                    (5,032
                                 

Total

   $ (3,048,185   $ (1,295,764           $ (4,343,949
                                 

 

1 

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

 

See Notes to Financial Statements.     
84   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments April 30, 2011 (Unaudited)    BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

Australia – 5.2%

     

Australia & New Zealand Banking Group Ltd.

     22,700       $ 604,664   

BHP Billiton Ltd. – ADR

     17,425         882,217   

Foster’s Group Ltd.

     113,300         699,269   

National Australia Bank Ltd.

     43,100         1,283,201   

Santos Ltd.

     84,300         1,400,930   
           
        4,870,281   
           

Belgium – 1.0%

     

Mobistar SA

     5,120         379,858   

Solvay SA

     3,900         562,299   
           
        942,157   
           

Canada – 6.7%

     

Bank of Montreal

     22,300         1,464,590   

Bank of Nova Scotia

     12,900         786,557   

Enbridge, Inc.

     14,650         952,254   

National Bank of Canada

     6,300         521,632   

Royal Bank of Canada

     27,700         1,744,882   

Suncor Energy, Inc.

     3,950         182,064   

TransCanada Corp.

     12,300         529,232   
           
        6,181,211   
           

Finland – 0.6%

     

Kesko Oyj, Class B

     10,200         529,340   
           

France – 4.6%

     

Bouygues SA

     10,400         517,561   

PPR

     1,715         306,619   

Sanofi SA

     4,600         363,939   

Schneider Electric SA

     4,970         878,066   

Societe Generale

     4,300         287,360   

Total SA

     16,000         1,024,664   

Vinci SA

     13,100         874,446   
           
        4,252,655   
           

Germany – 3.8%

     

Allianz SE

     5,300         832,690   

BASF SE

     12,700         1,304,088   

RWE AG

     4,200         274,059   

SAP AG

     7,250         467,118   

Siemens AG

     4,400         640,020   
           
        3,517,975   
           

Hong Kong – 2.2%

     

Esprit Holdings Ltd.

     67,460         281,534   

Hang Seng Bank Ltd.

     20,400         318,854   

Hopewell Holdings Ltd.

     178,000         538,238   

Power Assets Holdings Ltd.

     126,600         886,526   
           
        2,025,152   
           

Italy – 1.9%

     

Enel SpA

     65,200         464,964   

ENI SpA

     47,000         1,258,363   
           
        1,723,327   
           

Japan – 4.1%

     

Canon, Inc.

     10,900         513,309   

Hitachi Koki Co. Ltd.

     36,400         333,423   

Mitsui & Co. Ltd.

     48,800         868,400   

Oracle Corp.

     13,600         589,326   

Ricoh Co. Ltd.

     49,000         540,741   

Sharp Corp.

     36,000         331,223   

Takeda Pharmaceutical Co. Ltd.

     13,900         673,633   
           
        3,850,055   
           

Netherlands – 0.4%

     

Koninklijke KPN NV

     26,000         412,634   
           

Portugal – 0.5%

     

Portugal Telecom SGPS SA

     39,500         483,396   
           

Singapore – 1.7%

     

Keppel Corp. Ltd.

     70,400         685,558   

K-Green Trust

     14,200         12,064   

Singapore Technologies Engineering Ltd.

     165,000         425,210   

United Overseas Bank Ltd.

     25,400         407,540   
           
        1,530,372   
           

Spain – 1.8%

     

ACS Actividades de Construccion y Servicios SA

     7,900         397,428   

Banco Santander SA

     43,700         558,071   

Iberdrola SA

     41,727         386,955   

Indra Sistemas SA

     15,900         360,636   
           
        1,703,090   
           

Sweden – 4.2%

     

Axfood AB

     8,900         326,987   

Hennes & Mauritz AB, Class B

     27,200         961,308   

Ratos AB, Class B

     22,700         938,207   

Scania AB, Class B

     45,700         1,187,293   

TeliaSonera AB

     58,800         479,864   
           
        3,893,659   
           

Switzerland – 0.9%

     

Nestle SA

     6,800         422,065   

Zurich Financial Services AG (a)

     1,424         400,398   
           
        822,463   
           

United Kingdom – 7.8%

     

AstraZeneca Plc

     17,700         878,232   

Barclays Plc – ADR

     53,300         253,388   

BHP Billiton Plc

     14,150         598,260   

British American Tobacco Plc

     17,300         755,956   

GlaxoSmithKline Plc

     32,425         708,322   

HSBC Holdings Plc

     128,100         1,397,295   

Man Group Plc

     76,400         319,722   

Royal Dutch Shell Plc, Class A – ADR

     16,200         625,795   

Scottish & Southern Energy Plc

     35,000         794,034   

Standard Chartered Plc

     33,550         932,413   
           
        7,263,417   
           

United States – 47.1%

     

3M Co.

     6,100         592,981   

Abbott Laboratories

     13,200         686,928   

Aflac, Inc. (b)

     8,500         477,615   

Altria Group, Inc.

     49,100         1,317,844   

Ameren Corp.

     26,000         762,060   

American Express Co. (b)

     11,000         539,880   

AT&T Inc.

     77,250         2,404,020   

Automatic Data Processing, Inc. (b)

     10,800         586,980   

Bank of America Corp. (b)

     22,300         273,844   

Bristol-Myers Squibb Co. (b)

     46,300         1,301,030   

Caterpillar, Inc. (b)

     12,650         1,459,936   

CenturyLink, Inc. (b)

     15,500         632,090   

Chevron Corp. (b)

     19,625         2,147,760   

Chubb Corp.

     7,400         482,406   

Cincinnati Financial Corp.

     14,500         459,360   

Coca-Cola Co. (The)

     12,700         856,742   

Consolidated Edison, Inc.

     18,200         948,584   

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   85


Table of Contents
Schedule of Investments (continued)    BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
   (Percentages shown are based on Net Assets)

 

Common Stocks

   Shares      Value  

United States (concluded)

     

Dominion Resources, Inc.

     10,500       $ 487,410   

Eaton Vance Corp.

     13,400         452,518   

Emerson Electric Co. (b)

     30,300         1,841,028   

Equity Residential – REIT (b)

     12,600         752,472   

Exxon Mobil Corp.

     31,700         2,789,600   

General Electric Co.

     61,500         1,257,675   

Genuine Parts Co. (b)

     7,600         408,120   

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

     3,450         520,984   

HCP, Inc. – REIT

     13,825         547,748   

Health Care REIT, Inc.

     12,700         682,879   

Hewlett-Packard Co. (b)

     7,500         302,775   

Home Depot, Inc. (b)

     13,800         512,532   

Hudson City Bancorp, Inc. (b)

     30,625         291,856   

Intel Corp.

     50,100         1,161,819   

International Business Machines Corp. (b)

     9,125         1,556,542   

Johnson & Johnson (b)

     8,900         584,908   

Kraft Foods, Inc., Class A

     14,808         497,253   

Liberty Property Trust – REIT

     9,400         330,598   

M&T Bank Corp. (b)

     5,700         503,709   

McDonald’s Corp. (b)

     15,500         1,213,805   

Merck & Co., Inc. (b)

     22,200         798,090   

MetLife, Inc. (b)

     9,400         439,826   

Microchip Technology, Inc. (b)

     22,300         915,192   

Microsoft Corp. (b)

     44,300         1,152,686   

Nationwide Health Properties, Inc.

     16,925         741,315   

PepsiCo, Inc. (b)

     9,800         675,122   

Pfizer, Inc. (b)

     33,900         710,544   

Philip Morris International, Inc.

     13,900         965,216   

PPG Industries, Inc.

     8,600         814,162   

Reynolds American, Inc. (b)

     15,300         567,783   

Southern Co. (The)

     11,200         437,248   

T. Rowe Price Group, Inc. (b)

     7,300         469,025   

United Technologies Corp. (b)

     12,000         1,074,960   

Wal-Mart Stores, Inc. (b)

     11,300         621,274   

Wells Fargo & Co. (b)

     25,700         748,127   
           
        43,756,861   
           

Total Long-Term Investments
(Cost – $79,711,392) – 94.5%

        87,758,045   
           

Short-Term Securities

             

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     7,179,686         7,179,686   
           

Total Short-Term Securities
(Cost – $7,179,686) – 7.7%

        7,179,686   
           

Total Investments Before Outstanding Options Written
(Cost – $86,891,078*) – 102.2%

        94,937,731   
           

Options Written

   Contracts         

Exchange-Traded Call Options Written – (0.6)%

     

3M Co., Strike Price USD 91.30, Expires 6/03/11

     25         (14,848

Abbott Laboratories, Strike Price USD 51.10, Expires 5/23/11

     50         (6,252

Aflac, Inc., Strike Price USD 55, Expires 5/23/11

     34         (6,188

Ameren Corp., Strike Price USD 29, Expires 6/06/11

     105         (5,538

American Express Co., Strike Price USD 47, Expires 5/23/11

     45         (10,822

AT&T Inc., Strike Price USD 30.80, Expires 5/23/11

     70         (3,963

Automatic Data Processing, Inc., Strike Price USD 52.50, Expires 6/20/11

     44         (10,450

Bank of America Corp., Strike Price USD 13, Expires 6/20/11

     90         (1,665

Bristol-Myers Squibb Co., Strike Price USD 26, Expires 5/23/11

     185         (40,515

Caterpillar, Inc., Strike Price USD 106.50, Expires 5/23/11

     25         (22,961

Caterpillar, Inc., Strike Price USD 110, Expires 5/23/11

     25         (15,687

CenturyLink, Inc., Strike Price USD 40, Expires 5/23/11

     60         (7,350

Chevron Corp., Strike Price USD 110, Expires 5/23/11

     80         (11,600

Chubb Corp., Strike Price USD 62, Expires 6/20/11

     20         (6,870

Cincinnati Financial Corp., Strike Price USD 33.50, Expires 5/26/11

     60         (1,461

Consolidated Edison, Inc., Strike Price USD 50.75, Expires 6/06/11

     73         (10,427

Eaton Vance Corp., Strike Price USD 31.75, Expires 5/05/11

     54         (11,375

Emerson Electric Co., Strike Price USD 57.50, Expires 5/23/11

     120         (41,400

Equity Residential – REIT, Strike Price USD 57.50, Expires 5/23/11

     50         (12,625

Exxon Mobil Corp., Strike Price USD 82.50, Expires 5/23/11

     60         (33,494

Genuine Parts Co., Strike Price USD 50, Expires 5/23/11

     30         (8,925

Goldman Sachs Group, Inc. (The), Strike Price USD 165, Expires 5/23/11

     14         (203

HCP, Inc. – REIT, Strike Price USD 37.50, Expires 5/18/11

     56         (11,872

Hewlett-Packard Co., Strike Price USD 42, Expires 5/23/11

     15         (623

Hewlett-Packard Co., Strike Price USD 43, Expires 5/23/11

     15         (330

Home Depot, Inc., Strike Price USD 37, Expires 5/23/11

     55         (4,785

Hudson City Bancorp, Inc., Strike Price USD 10, Expires 5/23/11

     125         (1,250

Intel Corp., Strike Price USD 20.25, Expires 5/26/11

     175         (50,750

International Business Machines Corp., Strike Price USD 165, Expires 5/23/11

     35         (20,737

Johnson & Johnson, Strike Price USD 60, Expires 5/23/11

     35         (20,125

Liberty Property Trust – REIT, Strike Price USD 32.75, Expires 5/03/11

     38         (9,196

M&T Bank Corp., Strike Price USD 90, Expires 6/20/11

     23         (3,392

McDonald’s Corp., Strike Price USD 77.50, Expires 6/20/11

     60         (10,590

Merck & Co., Inc., Strike Price USD 34, Expires 5/23/11

     45         (9,225

Merck & Co., Inc., Strike Price USD 34, Expires 5/31/11

     45         (8,920

MetLife, Inc., Strike Price USD 44, Expires 5/23/11

     10         (3,050

MetLife, Inc., Strike Price USD 44, Expires 6/20/11

     10         (3,400

 

See Notes to Financial Statements.     
86   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Schedule of Investments (continued)    BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Exchange-Traded Call Options Written (concluded)

     

MetLife, Inc., Strike Price USD 45, Expires 5/23/11

     18       $ (3,969

Microchip Technology, Inc., Strike Price USD 38, Expires 5/23/11

     90         (27,900

Microsoft Corp., Strike Price USD 26, Expires 5/23/11

     180         (7,110

Nationwide Health Properties, Inc., Strike Price USD 43, Expires 5/31/11

     68         (8,451

PepsiCo, Inc., Strike Price USD 65, Expires 5/23/11

     40         (15,800

Pfizer, Inc., Strike Price USD 20, Expires 5/23/11

     20         (2,120

Reynolds American, Inc., Strike Price USD 37, Expires 6/20/11

     61         (4,880

T. Rowe Price Group, Inc., Strike Price USD 65, Expires 6/20/11

     30         (4,875

United Technologies Corp., Strike Price USD 85, Expires 5/23/11

     48         (22,800

Wal-Mart Stores, Inc., Strike Price USD 52.50, Expires 5/23/11

     45         (11,340

Wells Fargo & Co., Strike Price USD 31, Expires 5/23/11

     100         (650
           

Total Exchange-Traded Call Options Written

        (552,759
           

Over-the-Counter Call Options Written – (0.9)%

     

ACS Actividades de Construccion y Servicios SA, Strike Price EUR 32.78, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     3,200         (5,616

Allianz SE, Strike Price EUR 101.36, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     2,200         (17,886

Altria Group, Inc., Strike Price USD 26.78, Expires 6/08/11, Broker Morgan Stanley & Co., Inc.

     19,500         (7,101

AstraZeneca Plc, Strike Price GBP 29.57, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     7,000         (6,785

AT&T Inc., Strike Price USD 28.50, Expires 5/09/11, Broker Citigroup Global Markets, Inc.

     24,000         (62,880

Australia & New Zealand Banking Group Ltd., Strike Price AUD 23.87, Expires 5/11/11, Broker JPMorgan Chase Securities

     9,000         (5,706

Axfood AB, Strike Price SEK 234.36, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     3,600         (601

Banco Santander SA, Strike Price EUR 8.26, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     17,500         (14,367

Bank of Montreal, Strike Price CAD 64, Expires 5/23/11, Broker T.D. Securities

     90         (1,237

Bank of Nova Scotia, Strike Price CAD 58, Expires 6/20/11, Broker T.D. Securities

     52         (7,062

Barclays Plc - ADR, Strike Price GBP 3.09, Expires 5/03/11, Broker Credit Suisse First Boston

     21,400         (134

BASF SE, Strike Price EUR 62.11, Expires 5/04/11, Broker Morgan Stanley & Co., Inc.

     5,100         (53,083

BHP Billiton Ltd. - ADR, Strike Price AUD 45.50, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     7,000         (8,788

BHP Billiton Plc, Strike Price GBP 25.59, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     5,700         (7,907

Bouygues SA, Strike Price EUR 33.53, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     4,200         (5,466

British American Tobacco Plc, Strike Price GBP 24.61, Expires 5/04/11, Broker Barclays Capital, Inc.

     7,000         (18,168

Chubb Corp., Strike Price USD 64.51, Expires 6/13/11, Broker Morgan Stanley & Co., Inc.

     1,000         (1,439

Coca-Cola Co. (The), Strike Price USD 65.79, Expires 5/10/11, Broker Citigroup Global Markets, Inc.

     5,000         (8,498

Dominion Resources, Inc, Strike Price USD 45.13, Expires 5/06/11, Broker Goldman Sachs & Co.

     4,000         (5,183

Enbridge, Inc., Strike Price CAD 60, Expires 5/23/11, Broker Bank of Montreal

     58         (10,881

Enel SpA, Strike Price EUR 4.34, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     26,000         (18,405

ENI SpA, Strike Price EUR 17.51, Expires 5/25/11, Broker Credit Suisse First Boston

     18,800         (18,107

Esprit Holdings Ltd., Strike Price HKD 35.85, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     27,000         (942

Exxon Mobil Corp., Strike Price USD 83.08, Expires 5/09/11, Broker UBS Securities LLC

     6,500         (31,980

Foster’s Group Ltd., Strike Price AUD 5.77, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     45,300         (1,877

General Electric Co., Strike Price USD 20.37, Expires 5/20/11, Broker Goldman Sachs & Co.

     24,600         (9,976

GlaxoSmithKline Plc, Strike Price GBP 11.96, Expires 5/04/11, Broker Barclays Capital, Inc.

     13,000         (24,314

Hang Seng Bank Ltd., Strike Price HKD 127.16, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     8,200         (51

Health Care REIT, Inc., Strike Price USD 52.15, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     5,000         (8,100

Hennes & Mauritz AB, Class B, Strike Price SEK 202.61, Expires 5/16/11, Broker Citigroup Global Markets, Inc.

     10,900         (21,522

Hitachi Koki Co. Ltd., Strike Price JPY 774.67, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     14,600         (1,853

Hopewell Holdings Ltd., Strike Price HKD 23.18, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     71,000         (4,181

HSBC Holdings Plc, Strike Price GBP 6.73, Expires 5/03/11, Broker Morgan Stanley & Co., Inc.

     51,300         (583

Iberdrola SA, Strike Price EUR 6.13, Expires 6/15/11, Broker Societe General Securities Corp.

     17,000         (6,652

Indra Sistemas SA, Strike Price EUR 14.61, Expires 6/15/11, Broker Citigroup Global Markets, Inc.

     6,400         (8,070

Intel Corp., Strike Price USD 20.49, Expires 5/20/11, Broker Goldman Sachs & Co.

     2,500         (6,650

Keppel Corp. Ltd., Strike Price SGD 11.07, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     28,600         (19,783

Kesko Oyj, Class B, Strike Price EUR 31.73, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     4,000         (20,031

Koninklijke KPN NV, Strike Price EUR 12.19, Expires 6/07/11, Broker Credit Suisse First Boston

     10,400         (23

Kraft Foods, Inc., Class A, Strike Price USD 31.78, Expires 5/27/11, Broker Morgan Stanley & Co., Inc.

     3,000         (5,542

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   87


Table of Contents
Schedule of Investments (continued)    BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
   (Percentages shown are based on Net Assets)

 

Options Written

   Contracts      Value  

Over-the-Counter Call Options Written (continued)

     

Kraft Foods, Inc., Class A, Strike Price USD 32.92, Expires 6/14/11, Broker Goldman Sachs & Co.

     3,000       $ (3,194

Man Group Plc, Strike Price GBP 2.50, Expires 6/07/11, Broker Credit Suisse First Boston

     31,000         (4,070

Mitsui & Co. Ltd., Strike Price JPY 1,494.80, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     19,600         (3,223

Mobistar SA, Strike Price EUR 47.25, Expires 5/16/11, Broker Barclays Capital, Inc.

     2,100         (8,895

National Australia Bank Ltd., Strike Price AUD 25.75, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     17,300         (26,922

National Bank of Canada, Strike Price CAD 78, Expires 5/23/11, Broker T.D. Securities

     25         (3,541

Nestle SA, Strike Price CHF 53.25, Expires 6/07/11, Broker Citigroup Global Markets, Inc.

     2,800         (3,533

Oracle Corp., Strike Price JPY 3,439.05, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     5,500         (8,497

Pfizer, Inc., Strike Price USD 20.53, Expires 5/25/11, Broker Goldman Sachs & Co.

     3,000         (2,177

Pfizer, Inc., Strike Price USD 20.50, Expires 5/31/11, Broker UBS Securities LLC

     9,000         (7,111

Philip Morris International, Inc., Strike Price USD 63.16, Expires 5/05/11, Broker JPMorgan Chase Securities

     5,600         (35,182

Portugal Telecom SGPS SA, Strike Price EUR 8.28, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     15,800         (4,509

Power Assets Holdings Ltd., Strike Price HKD 52.22, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     50,700         (14,514

PPG Industries, Inc., Strike Price USD 89.28, Expires 5/10/11, Broker UBS Securities LLC

     3,500         (18,865

PPR, Strike Price EUR 115, Expires 5/20/11, Broker Morgan Stanley & Co., Inc.

     6         (5,818

Ratos AB, Class B, Strike Price SEK 122.31, Expires 5/25/11, Broker Barclays Capital, Inc.

     9,100         (14,284

Ricoh Co. Ltd., Strike Price JPY 901.93, Expires 6/28/11, Broker UBS Securities LLC

     20,000         (11,021

Royal Bank of Canada, Strike Price CAD 60, Expires 6/20/11, Broker T.D. Securities

     110         (14,242

Royal Dutch Shell Plc, Class A – ADR, Strike Price EUR 25.94, Expires 5/25/11, Broker Credit Suisse First Boston

     6,500         (3,234

RWE AG, Strike Price EUR 47.07, Expires 6/07/11, Broker Morgan Stanley & Co., Inc.

     1,700         (398

Sanofi SA, Strike Price EUR 47.62, Expires 5/16/11, Broker Morgan Stanley & Co., Inc.

     1,800         (15,491

Santos Ltd., Strike Price AUD 15.73, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     33,800         (3,499

SAP AG, Strike Price EUR 45.93, Expires 6/15/11, Broker UBS Securities LLC

     2,900         (913

Scania AB, Class B, Strike Price SEK 143.10, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     18,300         (42,349

Schneider Electric SA, Strike Price EUR 120.52, Expires 5/25/11, Broker Credit Suisse First Boston

     2,000         (7,208

Scottish & Southern Energy Plc, Strike Price GBP 12.17, Expires 5/04/11, Broker Credit Suisse First Boston

     14,000         (33,096

Sharp Corp., Strike Price JPY 833.25, Expires 5/11/11, Broker Morgan Stanley & Co., Inc.

     15,000         (344

Siemens AG, Strike Price EUR 90.51, Expires 5/16/11, Broker Barclays Capital, Inc.

     1,800         (20,761

Singapore Technologies Engineering Ltd., Strike Price SGD 3.16, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     67,575         (2,549

Societe Generale, Strike Price EUR 45.46, Expires 5/16/11, Broker Barclays Capital, Inc.

     1,800         (3,080

Solvay SA, Strike Price EUR 82.66, Expires 5/25/11, Broker Citigroup Global Markets, Inc.

     1,600         (34,835

Southern Co. (The), Strike Price USD 38.43, Expires 6/06/11, Broker Credit Suisse First Boston

     2,000         (1,436

Southern Co. (The), Strike Price USD 38.90, Expires 6/16/11, Broker JPMorgan Chase Securities

     2,500         (1,324

Standard Chartered Plc, Strike Price GBP 16.51, Expires 5/04/11, Broker Credit Suisse First Boston

     13,400         (5,116

Suncor Energy, Inc., Strike Price CAD 46, Expires 5/23/11, Broker T.D. Securities

     16         (736

Takeda Pharmaceutical Co. Ltd., Strike Price JPY 3,923.85, Expires 5/11/11, Broker Citigroup Global Markets, Inc.

     5,600         (4,041

TeliaSonera AB, Strike Price SEK 53.38, Expires 5/25/11, Broker Credit Suisse First Boston

     23,600         (1,263

Total SA, Strike Price EUR 42.36, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     6,400         (11,612

TransCanada Corp., Strike Price CAD 40, Expires 5/23/11, Broker T.D. Securities

     49         (4,790

United Overseas Bank Ltd., Strike Price SGD 18.79, Expires 5/11/11, Broker Deutsche Bank Securities Corp.

     10,000         (7,012

Vinci SA, Strike Price EUR 43.43, Expires 5/25/11, Broker Credit Suisse First Boston

     5,300         (12,877

Zurich Financial Services AG, Strike Price CHF 256.88, Expires 5/25/11, Broker Morgan Stanley & Co., Inc.

     570         (806
           

Total Over-the-Counter Call Options Written

        (865,798
           

Total Options Written

     

(Premiums
Received – $751,576) – (1.5)%

        (1,418,557
           

Total Investments Net of
Outstanding Options
Written – 100.7%

        93,519,174   

Liabilities in Excess of Other
Assets – (0.7)%

        (618,396
           

Net Assets – 100.0%

      $ 92,900,778   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011 as computed for federal income tax purposes, were as follows:

Aggregate cost

   $ 88,158,573   
        

Gross unrealized appreciation

   $ 8,888,278   

Gross unrealized depreciation

     (2,109,120
        

Net unrealized appreciation

   $ 6,779,158   
        

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   88


Table of Contents
Schedule of Investments (concluded)    BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
  

 

(a) Non-income producing security.
(b) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(c) Represents the current yield as of report date.
(d) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares
Held at
October 31,
2010
     Net Activity      Shares
Held at
April 30,
2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

     5,624,436         1,555,250         7,179,686       $ 4,707   

 

   

Foreign currency exchange contracts as of April 30, 2011 were as follows:

 

Currency Purchased

               Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Depreciation
 
            Deutsche Bank      

USD

     10,202       JPY      830,000       Securities Corp.      5/09/11       $ (31

USD

     6,310       CAD      6,000       RBS Securities, Inc.      5/02/11         (32
                       

Total

                  $ (63
                       

 

   

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

 

   

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial statement purposes as follows:

 

   

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

 

   

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

 

   

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

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

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

   Level 1      Level 2      Level 3      Total  

Assets:

           

Investments in Securities:

           

Long-Term Investments:

           

Common Stocks:

           

Australia

           $ 4,870,281               $ 4,870,281   

Belgium

   $ 379,858         562,299                 942,157   

Canada

     6,181,211                         6,181,211   

Finland

             529,340                 529,340   

France

             4,252,655                 4,252,655   

Germany

     741,177         2,776,798                 3,517,975   

Hong Kong

             2,025,152                 2,025,152   

Italy

             1,723,327                 1,723,327   

Japan

             3,850,055                 3,850,055   

Netherlands

     412,634                         412,634   

Portugal

             483,396                 483,396   

Singapore

             1,530,372                 1,530,372   

Spain

     397,428         1,305,662                 1,703,090   

Sweden

     326,987         3,566,672                 3,893,659   

Switzerland

             822,463                 822,463   

United Kingdom

             7,263,417                 7,263,417   

United States

     43,756,861                         43,756,861   

Short-Term Securities

     7,179,686                         7,179,686   
                                   

Total

   $ 59,375,842       $ 35,561,889               $ 94,937,731   
                                   

 

     Derivative Financial Instruments1  

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Liabilities:

         

Equity contracts

   $ (388,871   $ (1,029,686           $ (1,418,557

Foreign currency exchange contracts

     (63                    (63
                                 

Total

   $ (388,934   $ (1,029,686           $ (1,418,620
                                 

 

1

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

 

See Notes to Financial Statements.     
    SEMI-ANNUAL REPORT    APRIL 30, 2011   89


Table of Contents
Statements of Assets and Liabilities   

April 30, 2011 (Unaudited)

   BlackRock
Equity
Dividend
Trust (BDV)
    BlackRock
Enhanced
Equity
Dividend
Trust (BDJ)
    BlackRock
Strategic
Equity
Dividend
Trust (BDT)
    BlackRock
EcoSolutions
Investment
Trust (BQR)
    BlackRock
Energy and
Resources
Trust (BGR)
 

Assets

          

Investments at value – unaffiliated1

   $ 592,179,158      $ 613,036,005      $ 323,763,181      $ 135,849,385      $ 936,428,494   

Investments at value – affiliated2

     14,185,874        25,896,956        6,084,276        2,973,494        48,176,237   

Cash

     621        654        7,362        870,137          

Foreign currency at value3

                          276,445        2,815   

Investments sold receivable

     4,236,605        11,265,672        3,427,256        1,928,549        7,571,312   

Cash pledged as collateral for options written

     433,158        2,740,904        877,677        710,000        200,000   

Unrealized appreciation on foreign currency exchange contracts

                                   

Dividends and interest receivable

     1,222,086        1,275,145        442,791        306,861        845,562   

Securities lending income receivable – affiliated

                                 849   

Other assets

     224,511        250,791        66,826        17,922        255,301   
                                        

Total assets

     612,482,013        654,466,127        334,669,369        142,932,793        993,480,570   
                                        

Liabilities

          

Investments purchased payable

     5,758,240        15,760,965        2,660,998        1,779,845        1,072,345   

Options written at value4

     4,523,000        13,412,746        2,263,291        2,481,866        12,111,791   

Unrealized depreciation on foreign currency exchange contracts

                          537          

Bank overdraft

                                 199,237   

Investment advisory fees payable

     313,477        502,287        199,164        134,078        868,974   

Licensing fee payable

     189,052        199,185        104,085                 

Officer’s and Trustees’ fees payable

     175,394        165,564        45,117               198,958   

Other accrued expenses payable

     173,942        268,758        147,052        145,821        201,627   
                                        

Total liabilities

     11,133,105        30,309,505        5,419,707        4,542,147        14,652,932   
                                        

Net Assets

   $ 601,348,908      $ 624,156,622      $ 329,249,662      $ 138,390,646      $ 978,827,638   
                                        

Net Assets Consist of

          

Paid-in capital

   $ 674,491,951      $ 851,060,468      $ 340,653,058      $ 201,610,316      $ 680,602,964   

Undistributed (distributions in excess of) net investment income

     (11,461,712     (29,402,527     (4,857,160     (7,229,784     (13,691,941

Accumulated net realized gain (loss)

     (137,984,324     (257,399,074     (36,990,091     (54,282,362     30,487,293   

Net unrealized appreciation/depreciation

     76,302,993        59,897,755        30,443,855        (1,707,524     281,429,322   
                                        

Net Assets

   $ 601,348,908      $ 624,156,622      $ 329,249,662      $ 138,390,646      $ 978,827,638   
                                        

Net asset value5

   $ 11.01      $ 8.71      $ 12.24      $ 11.10      $ 32.88   
                                        

1 Investments at cost – unaffiliated

   $ 513,759,770      $ 546,634,816      $ 292,638,007      $ 136,912,955      $ 653,695,922   

2 Investments at cost – affiliated

   $ 14,185,874      $ 25,896,956      $ 6,084,276      $ 2,973,494      $ 48,176,237   

3 Foreign currency at cost

                        $ 266,220      $ 2,689   

4 Premiums received

   $ 2,406,605      $ 6,889,850      $ 1,581,972      $ 1,809,553      $ 10,807,093   

5 Shares outstanding, unlimited number of shares authorized, $0.001 par value

     54,638,903        71,655,012        26,908,028        12,464,163        29,766,217   

 

See Notes to Financial Statements.     
90   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents

 

BlackRock
Global
Opportunities
Equity Trust
(BOE)
    BlackRock
Health
Sciences
Trust (BME)
    BlackRock
International
Growth and
Income Trust
(BGY)
    BlackRock
Real Asset
Equity Trust
(BCF)
    BlackRock
Resources &
Commodities
Strategy
Trust (BCX)
     BlackRock
S&P Quality
Rankings
Global Equity
Managed
Trust (BQY)
 
                 
$ 1,334,773,411      $ 216,932,556      $ 1,194,668,497      $ 877,630,056      $ 399,783,434       $ 87,758,045   
  20,927,661        12,683,789        20,076,877        19,415,877        374,205,599         7,179,686   
  22,004,180        1,577,914        2,344,268        14,429        110,365,844         35   
  11,710,997        87,264        16,673,340        5,207,650        417,362         13,438   
  21,337,836        2,768,571        37,803,547        12,655,583        1,540,073         115,105   
         513,000        6,910,000        600,000                  
  92,713        414        33,123        6        74,061      

 

 

 

 

  

  4,690,353        253,667        4,452,599        1,626,049        855,034         335,252   
                                        
  1,055,591        31,170        397,087        473,543                19,171   
                                              
  1,416,592,742        234,848,345        1,283,359,338        917,623,193        887,241,407         95,420,732   
                                              
                 
  33,061,398        3,713,304        55,168,706        8,706,659        40,767,877         883,143   
  37,169,697        4,425,149        33,854,857        14,604,048        4,412,978         1,418,557   
  9,747        2,298        15,925        9,160        5,032      

 

 

 

63

 

  

                                        
  1,073,548        179,581        948,542        717,089        656,074         55,342   
                                        
  302,794        14,096        265,366        164,183                11,732   
  437,031        119,680        547,127        399,065        1,546,249         151,117   
                                              
  72,054,215        8,454,108        90,800,523        24,600,204        47,388,210         2,519,954   
                                              
$ 1,344,538,527      $ 226,394,237      $ 1,192,558,815      $ 893,022,989      $ 839,853,197       $ 92,900,778   
                                              
                 
$ 1,450,672,597      $ 176,834,894      $ 1,695,250,427      $ 715,120,980      $ 834,041,011       $ 82,951,843   
  (73,728,978     (11,268,237     (69,569,370     (33,660,691     187,739      

 

 

 

(731,914

 

  (148,842,664     25,012,730        (544,390,279     (56,808,683     1,099,735         3,294,620   
  116,437,572        35,814,850        111,268,037        268,371,383        4,524,712         7,386,229   
                                              
$ 1,344,538,527      $ 226,394,237      $ 1,192,558,815      $ 893,022,989      $ 839,853,197       $ 92,900,778   
                                              
$ 19.41      $ 29.82      $ 10.84      $ 15.62      $ 19.19       $ 15.40   
                                              
$ 1,204,462,205      $ 178,705,217      $ 1,070,649,712      $ 605,660,766      $ 396,139,352       $ 79,711,392   
$ 20,927,661      $ 12,683,789      $ 20,076,877      $ 19,415,877      $ 374,205,599       $ 7,179,686   
$ 11,361,223      $ 87,057      $ 16,648,556      $ 4,794,011      $ 412,509       $ 13,311   
$ 22,021,329      $ 1,992,851      $ $20,790,497      $ 10,523,272      $ 5,293,339       $ 751,576   
  69,280,845        7,591,500        109,989,277        57,173,280        43,756,964      

 

 

 

6,033,028

 

  

 

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   91


Table of Contents
Statements of Operations   

 

Period Ended April 30, 2011 (Unaudited)

   BlackRock
Equity
Dividend
Trust (BDV)
    BlackRock
Enhanced
Equity
Dividend
Trust (BDJ)
    BlackRock
Strategic
Equity
Dividend
Trust (BDT)
    BlackRock
EcoSolutions
Investment
Trust (BQR)
    BlackRock
Energy and
Resources
Trust (BGR)
 

Investment Income

          

Dividends

   $ 8,777,764      $ 9,219,504      $ 5,182,615      $ 1,162,873      $ 6,250,149   

Foreign taxes withheld

     (6,619     (6,836            (45,072     (269,491

Income – affiliated

     9,373        17,756        5,616        3,913        20,870   

Securities lending – affiliated

                                 16,359   
                                        

Total income

     8,780,518        9,230,424        5,188,231        1,121,714        6,017,887   
                                        

Expenses

          

Investment advisory

     1,835,326        3,000,294        1,166,935        796,731        5,303,096   

Licensing

     282,358        300,029        155,591                 

Printing

     62,543        73,442        32,408        21,438        81,682   

Custodian

     50,437        45,792        43,968        55,308        64,284   

Professional

     32,232        33,571        28,916        28,798        34,137   

Officer and Trustees

     28,042        24,266        21,832        7,327        30,184   

Insurance

     16,158        18,027        8,483        4,133        22,398   

Registration

     11,617        11,557        6,147        7,412        6,979   

Transfer agent

     6,332        6,286        6,130        5,957        6,143   

Organization and offering

                                   

Miscellaneous

     13,201        14,787        12,501        18,270        13,250   
                                        

Total expenses

     2,338,246        3,528,051        1,482,911        945,374        5,562,153   
                                        

Less fees waived by advisor

     (4,172     (7,804     (2,505     (1,760     (521,033
                                        

Total expenses after fees waived

     2,334,074        3,520,247        1,480,406        943,614        5,041,120   
                                        

Net investment income (loss)

     6,446,444        5,710,177        3,707,825        178,100        976,767   
                                        

Realized and Unrealized Gain (Loss)

          

Net realized gain (loss) from:

          

Investments

     18,057,473        (2,497,886     6,165,910        (12,667,094     25,693,705   

Options written

     2,927,373        8,696,282        2,002,268        1,972,990        9,052,217   

Foreign currency transactions

                          45,812        28,724   
                                        
     20,984,846        6,198,396        8,168,178        (10,648,292     34,774,646   
                                        

Net change in unrealized appreciation/depreciation on:

          

Investments

     46,752,703        56,551,945        28,458,949        23,421,229        192,705,184   

Options written

     (1,467,802     (5,492,975     (209,533     60,811        4,505,904   

Foreign currency transactions

                          17,904        267   
                                        
     45,284,901        51,058,970        28,249,416        23,499,944        197,211,355   
                                        

Total realized and unrealized gain

     66,269,747        57,257,366        36,417,594        12,851,652        231,986,001   
                                        

Net Increase in Net Assets Resulting from Operations

   $ 72,716,191      $ 62,967,543      $ 40,125,419      $ 13,029,752      $ 232,962,768   
                                        

 

1 

Commencement of operations was March 30, 2011. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

 

2 

Net of $11,443 and $(130,854) foreign capital gain tax for BME and BCF, respectively.

 

See Notes to Financial Statements.     
92   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
BlackRock
Global
Opportunities
Equity Trust
(BOE)
    BlackRock
Health
Sciences
Trust (BME)
    BlackRock
International
Growth and
Income
Trust (BGY)
    BlackRock
Real Asset
Equity
Trust (BCF)
    BlackRock
Resources &
Commodities
Strategy
Trust (BCX)1
    BlackRock
S&P Quality
Rankings
Global Equity
Managed
Trust (BQY)
 
                
$ 13,169,632      $ 1,116,212      $ 12,859,926      $ 7,397,942      $ 957,998      $ 1,584,984   
  (861,075     (31,649     (1,077,016     (210,653     (21,284     (77,351
  22,225        7,849        31,672        18,302        51,181        4,707   
                       1,538                 
                                             
  12,330,782        1,092,412        11,814,582        7,207,129        987,895        1,512,340   
                                             
                
  6,435,020        1,046,296        5,727,850        4,976,775        849,027        325,117   
                                     65,023   
  142,786        23,636        127,565        80,023        31,080        12,290   
  228,066        63,570        307,795        109,861        34,857        57,786   
  131,553        27,819        45,648        67,485        12,495        24,876   
  48,423        13,060        35,266        42,286        6,132        6,666   
  27,874        5,539        36,761        22,616               2,511   
  6,339        4,442        21,973        13,997        1,751        997   
  6,860        5,962        6,277        6,025        1,300        5,937   
                              33,000          
  40,955        10,501        51,089        20,694        2,220        29,393   
                                             
  7,067,876        1,200,825        6,360,224        5,339,762        971,862        530,596   
                                             
  (9,740     (3,336     (13,782     (837,600     (171,706     (2,108
                                             
  7,058,136        1,197,489        6,346,442        4,502,162        800,156        528,488   
                                             
  5,272,646        (105,077     5,468,140        2,704,967        187,739        983,852   
                                             
               
                
  55,498,075        15,724,470        30,399,651        (19,989,981     (59,423     3,462,771   
  30,103,319        3,184,756        21,147,179        3,205,559        1,445,548        1,185,887   
  (25,353     26,537        239,757        16,707        (286,390     23,215   
                                             
  85,576,041        18,935,763        51,786,587        (16,767,715     1,099,735        4,671,873   
                                             
                
  37,641,111        13,677,794 2      57,412,963        161,603,809 2      3,644,082        4,796,101   
  159,643        (1,348,036     (4,162,066     8,632,424        880,361        (583,175
  477,487        (7,924     263,379        435,994        269        1,934   
                                             
  38,278,241        12,321,834        53,514,276        170,672,227        4,524,712        4,214,860   
                                             
  123,854,282        31,257,597        105,300,863        153,904,512        5,624,447        8,886,733   
                                             
$ 129,126,928      $ 31,152,520      $ 110,769,003      $ 156,609,479      $ 5,812,186      $ 9,870,585   
                                             

 

 

 

 

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   93


Table of Contents

Statements of Changes in Net Assets

 

     BlackRock
Equity Dividend
Trust (BDV)
    BlackRock
Enhanced Equity
Dividend Trust (BDJ)
 

Increase (Decrease) in Net Assets:

   Six Months Ended
April 30, 2011
(Unaudited)
    Year Ended
October 31, 2010
    Six Months Ended
April 30, 2011
(Unaudited)
    Year Ended
October 31, 2010
 

Operations

        

Net investment income

   $ 6,446,444      $ 12,774,122      $ 5,710,177      $ 12,053,505   

Net realized gain (loss)

     20,984,846        21,350,952        6,198,396        (18,624,524

Net change in unrealized appreciation/depreciation

     45,284,901        48,266,248        51,058,970        88,956,779   
                                

Net increase in net assets resulting from operations

     72,716,191        82,391,322        62,967,543        82,385,760   
                                

Dividends and Distributions to Shareholders From

        

Net investment income

     (17,738,048     (35,436,905     (34,950,986     (12,098,232

Net realized gains

                            

Tax return of capital

                          (57,140,851
                                

Decrease in net assets resulting from dividends and distributions to shareholders

     (17,738,048     (35,436,905     (34,950,986     (69,239,083
                                

Capital Share Transactions

        

Reinvestment of dividends

     1,242,056               3,812,506        7,115,353   
                                

Net Assets

        

Total increase in net assets

     56,220,199        46,954,417        31,829,063        20,262,030   

Beginning of period

     545,128,709        498,174,292        592,327,559        572,065,529   
                                

End of period

   $ 601,348,908      $ 545,128,709      $ 624,156,622      $ 592,327,559   
                                

Undistributed (distributions in excess of) net investment income

   $ (11,461,712   $ (170,108   $ (29,402,527   $ (161,718
                                

 

See Notes to Financial Statements.
94   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents

 

BlackRock
Strategic Equity
Dividend Trust (BDT)
    BlackRock
EcoSolutions
Investment Trust (BQR)
    BlackRock
Energy and
Resources Trust (BGR)
 

Six Months Ended
April 30, 2011
(Unaudited)

    Year Ended
October 31, 2010
    Six Months Ended
April 30,  2011
(Unaudited)
    Year Ended
October 31, 2010
    Six Months Ended
April 30,  2011
(Unaudited)
    Year Ended
October 31, 2010
 
         
$ 3,707,825      $ 7,854,309      $ 178,100      $ 591,108      $ 976,767      $ 7,856,849   
  8,168,178        17,406,479        (10,648,292     (16,492,323     34,774,646        43,600,450   

 

 

 

28,249,416

 

  

    28,627,135        23,499,944        31,576,755        197,211,355        58,150,619   
                                             

 

 

 

40,125,419

 

  

    53,887,923        13,029,752        15,675,540        232,962,768        109,607,918   
                                             

 

 

 

 

 

  

         
  (8,745,109)        (17,490,218     (7,408,476     (582,037     (24,110,636     (5,141,482
                                     (43,079,790
                       (13,928,324              
                                             

 

 

 

(8,745,109)

 

  

    (17,490,218     (7,408,476     (14,510,361     (24,110,636     (48,221,272
                                             
         
                1,766,928        2,811,900                 
                                             
         
  31,380,310        36,397,705        7,388,204        3,977,079        208,852,132        61,386,646   
  297,869,352        261,471,647        131,002,442        127,025,363        769,975,506        708,588,860   
                                             
  $329,249,662      $ 297,869,352      $ 138,390,646      $ 131,002,442      $ 978,827,638      $ 769,975,506   
                                             

 

 

 

$(4,857,160)

 

  

  $ 180,124      $ (7,229,784   $ 592      $ (13,691,941   $ 9,441,928   
                                             

 

      
    SEMI-ANNUAL REPORT    APRIL 30, 2011   95


Table of Contents
Statements of Changes in Net Assets (concluded)   

 

     BlackRock
Global Opportunities
Equity Trust (BOE)
    BlackRock
Health Sciences
Trust (BME)
 

Increase (Decrease) in Net Assets:

   Six Months Ended
April 30,  2011
(Unaudited)
    Year Ended
October 31, 2010
   
Six Months  Ended
April 30, 2011
(Unaudited)
    Year Ended
October 31, 2010
 

Operations

        

Net investment income (loss)

   $ 5,272,646      $ 13,025,662      $ (105,077   $ 183,378   

Net realized gain (loss)

     85,576,041        106,884,446        18,935,763        19,645,424   

Net change in unrealized appreciation/depreciation

     38,278,241        39,742,566        12,321,834        5,633,072   
                                

Net increase in net assets resulting from operations

     129,126,928        159,652,674        31,152,520        25,461,874   
                                

Dividends and Distributions to Shareholders From

        

Net investment income

     (78,679,380     (99,018,419     (11,150,016     (136,268

Net realized gains

            (16,795,876            (11,535,663

Tax return of capital

            (40,455,279              
                                

Decrease in net assets resulting from dividends and distributions to shareholders

     (78,679,380     (156,269,574     (11,150,016     (11,671,931
                                

Capital Share Transactions

        

Net proceeds from the issuance of shares

                            

Reinvestment of dividends

     3,986,141        8,551,415                 
                                

Net increase in net assets derived from shares transactions

     3,986,141        8,551,415                 
                                

Net Assets

        

Total increase (decrease) in net assets

     54,433,689        11,934,515        20,002,504        13,789,943   

Beginning of period

     1,290,104,838        1,278,170,323        206,391,733        192,601,790   
                                

End of period

   $ 1,344,538,527      $ 1,290,104,838      $ 226,394,237      $ 206,391,733   
                                

Undistributed (distributions in excess of) net investment income

   $ (73,728,978   $ (322,244   $ (11,268,237   $ (13,144
                                

 

1

Commencement of operations.

 

See Notes to Financial Statements.     
96   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
BlackRock
International Growth
and Income Trust (BGY)
    BlackRock
Real Asset
Equity Trust (BCF)
    BlackRock
Resources
& Commodities
Strategy Trust (BCX)
     BlackRock S&P Quality
Rankings Global Equity
Managed Trust (BQY)
 
Six Months Ended
April 30, 2011
(Unaudited)
    Year Ended
October 31, 2010
    Six Months Ended
April 30, 2011
(Unaudited)
    Year Ended
October 31, 2010
    Period
March 30, 20111 to
April 30, 2011
(Unaudited)
     Six Months Ended
April 30, 2011
(Unaudited)
    Year Ended
October 31, 2010
 
                   
$ 5,468,140      $ 15,908,603      $ 2,704,967      $ 9,774,635      $ 187,739       $ 983,852      $ 1,975,474   
  51,786,587        (34,783,078     (16,767,715     12,868,530        1,099,735         4,671,873        3,939,256   
  53,514,276        147,763,569        170,672,227        135,575,929        4,524,712         4,214,860     

 

 

 

4,317,334

 

  

                                                      
  110,769,003        128,889,094        156,609,479        158,219,094        5,812,186         9,870,585     

 

 

 

10,232,064

 

  

                                                      
            

 

 

 

 

 

  

  (74,792,708     (13,597,240     (31,009,711     (42,492,192             (3,016,514     (664,248
                                             (4,237,588
         (159,367,997            (19,209,691                      
                                                      
  (74,792,708     (172,965,237     (31,009,711     (61,701,883             (3,016,514  

 

 

 

(4,901,836

 

                                                      
                   
                              834,041,011                  
         22,011,255        1,960,017        4,017,701                         
                                                      
         22,011,255        1,960,017        4,017,701        834,041,011             

 

 

 

 

  

                                                      
                   
  35,976,295        (22,064,888     127,559,785        100,534,912        839,853,197         6,854,071        5,330,228   
  1,156,582,520        1,178,647,408        765,463,204        664,928,292                86,046,707        80,716,479   
                                                      
$ 1,192,558,815      $ 1,156,582,520      $ 893,022,989      $ 765,463,204      $ 839,853,197       $ 92,900,778      $ 86,046,707   
                                                      
$ (69,569,370   $ (244,802   $ (33,660,691   $ (5,357,801   $ 187,739       $ (731,914  

 

$

 

1,300,748

 

  

                                                      

 

 

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   97


Table of Contents
Financial Highlights    BlackRock Equity Dividend Trust (BDV)
    

Six Months

Ended

April 30, 2011

    Year Ended October 31,  
   (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 10.00      $ 9.14      $ 10.33      $ 15.49      $ 15.95      $ 14.21   
                                                

Net investment income

     0.12        0.23        0.30        0.41        0.45        0.42   

Net realized and unrealized gain (loss)

     1.22        1.28        (0.84     (4.67     (0.01     2.21   
                                                

Net increase (decrease) from investment operations

     1.34        1.51        (0.54     (4.26     0.44        2.63   
                                                

Dividends and distributions from:

            

Net investment income

     (0.33 )1      (0.65     (0.30     (0.43     (0.44     (0.41

Net realized gain

                                 (0.38     (0.32

Tax return of capital

                   (0.35     (0.47     (0.08     (0.16
                                                

Total dividends and distributions

     (0.33     (0.65     (0.65     (0.90     (0.90     (0.89
                                                

Net asset value, end of period

   $ 11.01      $ 10.00      $ 9.14      $ 10.33      $ 15.49      $ 15.95   
                                                

Market price, end of period

   $ 10.50      $ 9.88      $ 8.27      $ 9.20      $ 13.64      $ 14.86   
                                                

Total Investment Return2

            

Based on net asset value

     13.61 %3      17.36     (3.75 )%      (27.56 )%      3.15     19.89
                                                

Based on market price

     9.66 %3      28.15     (2.21 )%      (26.73 )%      (2.50 )%      24.31
                                                

Ratios to Average Net Assets

            

Total expenses

     0.83 %4      0.82     0.85     0.83     0.82     0.84
                                                

Total expenses after fees waived

     0.83 %4      0.82     0.85     0.83     0.82     0.84
                                                

Net investment income

     2.28 %4      2.44     3.46     3.46     2.87     2.90
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 601,349      $ 545,129      $ 498,174      $ 563,030      $ 844,633      $ 869,703   
                                                

Portfolio turnover

     36     104     56     23     12     11
                                                
  1 

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  3

Aggregate total investment return.

  4

Annualized.

 

See Notes to Financial Statements.

 

98   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Financial Highlights    BlackRock Enhanced Equity Dividend Trust (BDJ)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,  
   (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 8.32      $ 8.13      $ 9.59      $ 14.10      $ 14.88      $ 14.01   
                                                

Net investment income

     0.08        0.17        0.25        0.34        0.39        0.37   

Net realized and unrealized gain (loss)

     0.80        1.00        (0.55     (3.73     0.06        1.71   
                                                

Net increase (decrease) from investment operations

     0.88        1.17        (0.30     (3.39     0.45        2.08   
                                                

Dividends and distributions from:

            

Net investment income

     (0.49 )1      (0.17     (0.25     (0.52     (0.43     (0.15

Net realized gain

                                 (0.80     (1.06

Tax return of capital

            (0.81     (0.91     (0.60              
                                                

Total dividends and distributions

     (0.49     (0.98     (1.16     (1.12     (1.23     (1.21
                                                

Net asset value, end of period

   $ 8.71      $ 8.32      $ 8.13      $ 9.59      $ 14.10      $ 14.88   
                                                

Market price, end of period

   $ 8.84      $ 8.99      $ 7.89      $ 8.47      $ 12.68      $ 14.92   
                                                

Total Investment Return2

            

Based on net asset value

     10.85 %3      15.23     (1.63 )%      (24.35 )%      3.21     15.72
                                                

Based on market price

     4.12 %3      28.30     8.08     (25.70 )%      (7.43 )%      17.97
                                                

Ratios to Average Net Assets

            

Total expenses

     1.18 %4      1.16     1.20     1.18     1.17     1.19
                                                

Total expenses after fees waived

     1.17 %4      1.16     1.20     1.18     1.17     1.19
                                                

Net investment income

     1.90 %4      2.06     3.11     3.20     2.76     2.73
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 624,157      $ 592,328      $ 572,066      $ 668,969      $ 983,762      $ 1,033,127   
                                                

Portfolio turnover

     104     232     117     86     91     138
                                                
  1 

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  2 

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  3 

Aggregate total investment return.

  4

Annualized.

 

See Notes to Financial Statements.

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   99


Table of Contents
Financial Highlights    BlackRock Strategic Equity Dividend Trust (BDT)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,  
     (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 11.07      $ 9.72      $ 10.67      $ 15.22      $ 16.13      $ 15.14   
                                                

Net investment income

     0.14        0.29        0.30        0.37        0.40        0.37   

Net realized and unrealized gain (loss)

     1.36        1.71        (0.60     (4.02     (0.41     1.52   
                                                

Net increase (decrease) from investment operations

     1.50        2.00        (0.30     (3.65     (0.01     1.89   
                                                

Dividends and distributions from:

            

Net investment income

     (0.33 )1      (0.65     (0.31     (0.40     (0.40     (0.35

Net realized gain

                                 (0.38     (0.55

Tax return of capital

                   (0.34     (0.50     (0.12       
                                                

Total dividends and distributions

     (0.33     (0.65     (0.65     (0.90     (0.90     (0.90
                                                

Net asset value, end of period

   $ 12.24      $ 11.07      $ 9.72      $ 10.67      $ 15.22      $ 16.13   
                                                

Market price, end of period

   $ 10.99      $ 9.98      $ 8.37      $ 9.01      $ 13.19      $ 14.53   
                                                

Total Investment Return2

            

Based on net asset value

     13.92 %3      21.94     (1.10 )%      (23.93 )%      0.24     13.65
                                                

Based on market price

     13.46 %3      27.67     0.86     (25.88 )%      (3.56 )%      17.43
                                                

Ratios to Average Net Assets

            

Total expenses

     0.95 %4      0.93     0.97     0.94     0.95     0.96
                                                

Total expenses after fees waived

     0.95 %4      0.93     0.97     0.94     0.95     0.96
                                                

Net investment income

     2.38 %4      2.76     3.68     3.40     2.75     2.57
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 329,250      $ 297,869      $ 261,472      $ 287,141      $ 409,646      $ 433,938   
                                                

Portfolio turnover

     34     71     66     20     18     18
                                                
  1

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  3

Aggregate total investment return.

  4

Annualized.

 

See Notes to Financial Statements.

 

100   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Financial Highlights    BlackRock EcoSolutions Investment Trust (BQR)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,    

Period

September 28, 20071
through October 31,

 
     (Unaudited)     2010     2009     2008     2007  

Per Share Operating Performance

          

Net asset value, beginning of period

   $ 10.65      $ 10.56      $ 10.23      $ 20.31      $ 19.10 2 
                                        

Net investment income

     0.01        0.05        0.06        0.03          

Net realized and unrealized gain (loss)

     1.04        1.24        1.78        (8.51     1.25   
                                        

Net increase (decrease) from investment operations

     1.05        1.29        1.84        (8.48     1.25   
                                        

Dividends and distributions from:

          

Net investment income

     (0.60 )3      (0.05     (0.07     (0.02       

Net realized gain

                   (0.09     (1.58       

Tax return of capital

            (1.15     (1.35              
                                        

Total dividends and distributions

     (0.60     (1.20     (1.51     (1.60       
                                        

Offering costs resulting from the issuance of shares

                                 (0.04
                                        

Net asset value, end of period

   $ 11.10      $ 10.65      $ 10.56      $ 10.23      $ 20.31   
                                        

Market price, end of period

   $ 12.31      $ 11.69      $ 10.23      $ 9.20      $ 19.75   
                                        

Total Investment Return4

          

Based on net asset value

     9.97 %5      13.04     19.64     (43.99 )%      6.28 %5 
                                        

Based on market price

     11.11 %5      28.08     28.88     (48.20 )%      (1.25 )%5 
                                        

Ratios to Average Net Assets

          

Total expenses

     1.42 %6      1.45     1.51     1.36     1.70 %6 
                                        

Total expenses after fees waived and paid indirectly

     1.42 %6      1.45     1.50     1.35     1.68 %6 
                                        

Net investment income

     0.27 %6      0.47     0.65     0.38     0.97 %6 
                                        

Supplemental Data

          

Net assets, end of period (000)

   $ 138,391      $ 131,002      $ 127,025      $ 120,282      $ 238,731   
                                        

Portfolio turnover

     54     124     62     45     4
                                        

 

  1 

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

  2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

  3 

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  4 

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  5

Aggregate total investment return.

  6

Annualized.

 

See Notes to Financial Statements.

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   101


Table of Contents
Financial Highlights    BlackRock Energy and Resources Trust (BGR)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,  
     (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 25.87      $ 23.81      $ 20.71      $ 37.60      $ 29.67      $ 28.12   
                                                

Net investment income

     0.03        0.26        0.41        1.18        0.49        0.75   

Net realized and unrealized gain (loss)

     7.79        3.42        4.32        (14.63     9.27        3.65   
                                                

Net increase (decrease) from investment operations

     7.82        3.68        4.73        (13.45     9.76        4.40   
                                                

Dividends and distributions from:

            

Net investment income

     (0.81 )1      (0.17     (0.47     (0.96     (0.70     (0.49

Net realized gain

            (1.45     (0.19     (2.48     (1.13     (2.36

Tax return of capital

                   (0.97                     
                                                

Total dividends and distributions

     (0.81     (1.62     (1.63     (3.44     (1.83     (2.85
                                                

Net asset value, end of period

   $ 32.88      $ 25.87      $ 23.81      $ 20.71      $ 37.60      $ 29.67   
                                                

Market price, end of period

   $ 31.44      $ 25.36      $ 22.18      $ 17.99      $ 32.14      $ 26.73   
                                                

Total Investment Return2

            

Based on net asset value

     30.52 %3      15.89     25.54     (38.15 )%      34.98     17.30
                                                

Based on market price

     27.31 %3      21.95     34.63     (37.14 )%      28.07     18.11
                                                

Ratios to Average Net Assets

            

Total expenses

     1.25 %4      1.27     1.30     1.27     1.27     1.28
                                                

Total expenses after fees waived

     1.14 %4      1.11     1.10     1.07     1.07     1.08
                                                

Net investment income

     0.22 %4      1.04     1.77     1.38     1.69     2.47
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 978,828      $ 769,976      $ 708,589      $ 616,479      $ 1,119,310      $ 883,104   
                                                

Portfolio turnover

     80     80     62     54     47     40
                                                
  1

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  2 

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  3 

Aggregate total investment return.

  4

Annualized.

 

See Notes to Financial Statements.

 

102   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Financial Highlights    BlackRock Global Opportunities Equity Trust (BOE)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,  
     (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 18.68      $ 18.64      $ 18.03      $ 31.09      $ 26.72      $ 23.77   
                                                

Net investment income

     0.08        0.19        0.19        0.39        0.55        0.58   

Net realized and unrealized gain (loss)

     1.79        2.13        2.70        (10.39     6.32        4.64   
                                                

Net increase (decrease) from investment operations

     1.87        2.32        2.89        (10.00     6.87        5.22   
                                                

Dividends and distributions from:

            

Net investment income

     (1.14 )1      (1.44     (0.20     (0.56     (0.36     (0.59

Net realized gain

            (0.25            (2.48     (2.14     (1.68

Tax return of capital

            (0.59     (2.08     (0.02              
                                                

Total dividends and distributions

     (1.14     (2.28     (2.28     (3.06     (2.50     (2.27
                                                

Net asset value, end of period

   $ 19.41      $ 18.68      $ 18.64      $ 18.03      $ 31.09      $ 26.72   
                                                

Market price, end of period

   $ 19.25      $ 19.06      $ 18.40      $ 15.89      $ 28.76      $ 27.61   
                                                

Total Investment Return2

            

Based on net asset value

     10.50 %3      13.76     20.50     (35.08 )%      27.47     24.48
                                                

Based on market price

     7.41 %3      17.58     34.97     (38.15 )%      14.11     26.64
                                                

Ratios to Average Net Assets

            

Total expenses

     1.10 %4      1.11     1.21     1.14     1.15     1.16
                                                

Total expenses after fees waived

     1.10 %4      1.10     1.20     1.14     1.15     1.16
                                                

Net investment income

     0.82 %4      1.03     1.05     1.60     1.87     2.45
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 1,344,539      $ 1,290,105      $ 1,278,170      $ 227,835      $ 389,741      $ 331,744   
                                                

Portfolio turnover

     154     264     300     120     111     184
                                                
  1

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  3

Aggregate total investment return.

  4

Annualized.

 

See Notes to Financial Statements

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   103


Table of Contents
Financial Highlights    BlackRock Health Sciences Trust (BME)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,  
     (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 27.19      $ 25.37      $ 23.66      $ 30.33      $ 27.74      $ 26.38   
                                                

Net investment income (loss)

     (0.01     0.02        0.10        0.10        0.05        0.00 1 

Net realized and unrealized gain (loss)

     4.11        3.34        3.32        (4.70     4.76        3.28   
                                                

Net increase (decrease) from investment operations

     4.10        3.36        3.42        (4.60     4.81        3.28   
                                                

Dividends and distributions from:

            

Net investment income

     (1.47 )2      (0.02     (0.13     (0.09     (0.02       

Net realized gain

            (1.52     (1.01     (1.98     (2.20     (1.92

Tax return of capital

                   (0.57                     
                                                

Total dividends and distributions

     (1.47     (1.54     (1.71     (2.07     (2.22     (1.92
                                                

Net asset value, end of period

   $ 29.82      $ 27.19      $ 25.37      $ 23.66      $ 30.33      $ 27.74   
                                                

Market price, end of period

   $ 28.43      $ 27.14      $ 22.61      $ 21.62      $ 27.05      $ 27.32   
                                                

Total Investment Return3

            

Based on net asset value

     15.66 %4      13.69     16.31     (15.55 )%      18.62     13.00
                                                

Based on market price

     10.47 %4      27.33     13.44     (13.47 )%      7.42     16.59
                                                

Ratios to Average Net Assets

            

Total expenses

     1.15 %5      1.15     1.15     1.13     1.13     1.15
                                                

Total expenses after fees waived

     1.14 %5      1.15     1.15     1.13     1.13     1.15
                                                

Net investment income

     (0.10 )%5      0.09     0.37     0.20     0.15     (0.11 )% 
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 226,394      $ 206,392      $ 192,602      $ 179,642      $ 230,280      $ 208,151   
                                                

Portfolio turnover

     129     239     167     121     89     181
                                                
  1

Amounted to less than $0.01 per share outstanding.

  2

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.

  3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  4

Aggregate total investment return.

  5 

Annualized.

 

See Notes to Financial Statements.

 

104   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Financial Highlights    BlackRock International Growth and Income Trust (BGY)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,    

Period

May 30, 20071

through October 31,

 
     (Unaudited)     2010     2009     2008     2007  

Per Share Operating Performance

          

Net asset value, beginning of period

   $ 10.52      $ 10.92      $ 10.41      $ 20.12      $ 19.10 2 
                                        

Net investment income

     0.05        0.14        0.29        0.27        0.14   

Net realized and unrealized gain (loss)

     0.95        1.05        2.04        (8.31     1.50   
                                        

Net increase (decrease) from investment operations

     1.00        1.19        2.33        (8.04     1.64   
                                        

Dividends and distributions from:

          

Net investment income

     (0.68 )3      (0.12     (0.30     (0.30     (0.10

Net realized gain

                          (0.88     (0.50

Tax return of capital

            (1.47     (1.52     (0.49       
                                        

Total dividends and distributions

     (0.68     (1.59     (1.82     (1.67     (0.60
                                        

Offering costs resulting from the issuance of shares

                                 (0.02
                                        

Net asset value, end of period

   $ 10.84      $ 10.52      $ 10.92      $ 10.41      $ 20.12   
                                        

Market price, end of period

   $ 10.43      $ 10.56      $ 10.92      $ 9.09      $ 17.76   
                                        

Total Investment Return4

          

Based on net asset value

     9.86 %5      12.06     26.28     (41.76 )%      8.93 %5 
                                        

Based on market price

     5.30 %5      12.49     44.62     (42.39 )%      (8.17 )%5 
                                        

Ratios to Average Net Assets

          

Total expenses

     1.11 %6      1.13     1.12     1.11     1.07 %6 
                                        

Total expenses after fees waived

     1.11 %6      1.13     1.12     1.11     1.07 %6 
                                        

Net investment income

     0.95 %6      1.40     2.68     2.34     1.75 %6 
                                        

Supplemental Data

          

Net assets, end of period (000)

   $ 1,192,559      $ 1,156,583      $ 1,178,647      $ 1,106,516      $ 2,138,523   
                                        

Portfolio turnover

     129     247     198     123     46
                                        
  1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

  2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

  3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  5

Aggregate total investment return.

  6

Annualized.

 

See Notes to Financial Statements.

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   105


Table of Contents
Financial Highlights    BlackRock Real Asset Equity Trust (BCF)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,    

Period

September 29, 20061
through October 31,

 
     (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 13.42      $ 11.73      $ 9.44      $ 20.79      $ 15.33      $ 14.33 2 
                                                

Net investment income

     0.05        0.17        0.08        0.20        0.20        0.04   

Net realized and unrealized gain (loss)

     2.69        2.61        3.30        (10.16     6.35        0.98   
                                                

Net increase (decrease) from investment operations

     2.74        2.78        3.38        (9.96     6.55        1.02   
                                                

Dividends and distributions from:

            

Net investment income

     (0.54 )3      (0.74     (0.11     (0.17     (0.29       

Net realized gain

                          (1.22     (0.80       

Tax return of capital

            (0.35     (0.98                     
                                                

Total dividends and distributions

     (0.54     (1.09     (1.09     (1.39     (1.09       
                                                

Offering costs resulting from the issuance of shares

                                        (0.02
                                                

Net asset value, end of period

   $ 15.62      $ 13.42      $ 11.73      $ 9.44      $ 20.79      $ 15.33   
                                                

Market price, end of period

   $ 15.70      $ 13.46      $ 11.45      $ 7.74      $ 17.59      $ 15.00   
                                                

Total Investment Return4

            

Based on net asset value

     20.68 %5      24.65     40.96     (50.14 )%      45.34     6.98 %5 
                                                

Based on market price

     20.94 %5      28.08     67.81     (51.69 )%      25.67     5 
                                                

Ratios to Average Net Assets

            

Total expenses

     1.29 %6      1.28     1.32     1.29     1.21     1.42 %6 
                                                

Total expenses after fees waived and paid indirectly

     1.08 %6      1.08     1.12     1.09     1.08     1.22 %6 
                                                

Net investment income

     0.65 %6      1.37     0.68     1.14     1.37     2.63 %6 
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 893,023      $ 765,463      $ 664,928      $ 535,257      $ 1,179,087      $ 820,283   
                                                

Portfolio turnover

     57     71     58     29     61     0
                                                
  1 

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

  2 

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

  3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  5

Aggregate total investment return.

  6

Annualized.

 

See Notes to Financial Statements.

 

106   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents
Financial Highlights    BlackRock Resources & Commodities Strategy Trust (BCX)

 

     Period
March 30, 20111
through
April 30,2011
(Unaudited)
 

Per Share Operating Performance

  

Net asset value, beginning of period

   $ 19.10 2 
        

Net investment income

     0.00 3 

Net realized and unrealized gain

     0.12   
        

Net increase from investment operations

     0.12   
        

Capital charges with respect to the issuance of shares

     (0.03
        

Net asset value, end of period

   $ 19.19   
        

Market price, end of period

   $ 20.02   
        

Total Investment Return4

  

Based on net asset value

     0.47 %5 
        

Based on market price

     0.10 %5 
        

Ratios to Average Net Assets

  

Total expenses

     1.29 %6 
        

Total expenses after fees waived

     1.05 %6 
        

Net investment income

     0.30 %6 
        

Supplemental Data

  

Net assets, end of period (000)

   $ 839,853   
        

Portfolio turnover

     1
        
  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 $0.90 per share sales charge from the initial offering price of $20.00 per share.

  3

Amounted to less than $0.01 per share outstanding.

  4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  5

Aggregate total investment return.

  6

Annualized.

 

See Notes to Financial Statements.

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   107


Table of Contents
Financial Highlights (concluded)    BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)

 

    

Six Months

Ended

April 30, 2011

    Year Ended October 31,  
   (Unaudited)     2010     2009     2008     2007     2006  

Per Share Operating Performance

            

Net asset value, beginning of period

   $ 14.26      $ 13.38      $ 12.38      $ 21.00      $ 18.55      $ 15.98   
                                                

Net investment income

     0.16        0.33        0.36        0.50        0.46        0.39   

Net realized and unrealized gain (loss)

     1.48        1.36        1.43        (8.22     2.90        3.22   
                                                

Net increase (decrease) from investment operations

     1.64        1.69        1.79        (7.72     3.36        3.61   
                                                

Dividends and distributions from:

            

Net investment income

     (0.50 )1      (0.11     (0.39     (0.52     (0.44     (0.49

Net realized gain

            (0.70     (0.33            (0.40     (0.55

Tax return of capital

                   (0.07     (0.38     (0.07     0.00 2 
                                                

Total dividends and distributions

     (0.50     (0.81     (0.79     (0.90     (0.91     (1.04
                                                

Net asset value, end of period

   $ 15.40      $ 14.26      $ 13.38      $ 12.38      $ 21.00      $ 18.55   
                                                

Market price, end of period

   $ 14.27      $ 13.44      $ 11.54      $ 10.50      $ 18.07      $ 16.36   
                                                

Total Investment Return3

            

Based on net asset value

     12.02 %4      14.08     17.64     (37.53 )%      19.10     24.34
                                                

Based on market price

     10.13 %4      24.67     19.63     (38.42 )%      16.20     20.52
                                                

Ratios to Average Net Assets

            

Total expenses

     1.22 %5      1.23     1.17     0.96     1.20     1.13
                                                

Total expenses after fees waived

     1.22 %5      1.22     1.16     0.96     1.20     1.13
                                                

Net investment income

     2.27 %5      2.40     3.39     3.11     2.45     2.45
                                                

Supplemental Data

            

Net assets, end of period (000)

   $ 92,901      $ 86,047      $ 80,716      $ 74,716      $ 126,706      $ 111,925   
                                                

Portfolio turnover

     62     59     64     10     12     10
                                                
  1

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  2

Amounted to less than $0.01 per share outstanding.

  3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  4 

Aggregate total investment return.

  5

Annualized.

 

See Notes to Financial Statements.

108   SEMI-ANNUAL REPORT    APRIL 30, 2011    


Table of Contents

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock Equity Dividend Trust (“BDV”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Strategic Equity Dividend Trust (“BDT”), BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”) BlackRock Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”), BlackRock Resources & Commodities Strategy Trust (“BCX”) and BlackRock S&P Quality Rankings Global Equity Managed Trust (“BQY”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except BQR, BGR, BME, BGY, BCF and BCX are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). BQR, BGR, BME, BGY, BCF and BCX are registered as non-diversified, closed-end management investment companies under the 1940 Act. Prior to commencement of operations on March 30, 2011, BCX had no operations other than those relating to organizational matters and the sale of 6,964 Common Shares on February 11, 2011 to BlackRock HoldCo 2, Inc. for $100,012. Investment operations for BCX commenced on March 30, 2011. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosure in the financial statements. Actual results could differ from those estimates. The Trusts determine and make available for publication the net asset values of their shares on a daily basis.

The following is a summary of significant accounting policies followed by the Trusts:

Valuation: US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust fair values their financial instruments at market value using independent dealers or pricing services under policies approved by the Board of Trustees (the “Board”). Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used unless it is determined that such prior day’s price no longer reflects the fair value of the security. Investments in open-end investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Trusts value their investments in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the net assets of theunderlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Trusts may withdraw up to 25% of their investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close of business on the New York Stock Exchange (“NYSE”). Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by an independent pricing service or through brokers using a mathematical model which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Trust’s net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Assets and be valued at their fair value, as determined in good faith by the investment advisor using a pricing service and/or policies approved by the Board. Each business day, the Trust uses a

 

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pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency Transactions: Each Trust’s books and records are maintained in US dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the date the transactions are entered into. Generally, when the US dollar rises in value against a foreign currency, the Trust’s investments denominated in that currency will lose value because its currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.

Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that a Trust either delivers collateral or segregates assets in connection with certain investments (e.g., options written or foreign currency exchange contracts), each Trust will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party to such transactions has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when a Trust is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

Dividends and Distributions: Dividends and distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to each Trust’s level distribution plan, a Trust intends to make monthly cash dividends and/or distributions to shareholders, which may consist of net investment income, net options premium and net realized and unrealized gains on investments. The portion of dividends and distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, may be treated as a tax return of capital. The character of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

Securities Lending: The Trusts may lend securities to approved borrowers, such as banks, brokers and other financial institutions. The borrower pledges cash, securities issued or guaranteed by the US government or irrevocable letters of credit issued by a bank as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Trusts and any additional required collateral is delivered to the Trust on the next business day. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Trusts earn dividends and interest on the securities loaned but do not receive dividend or interest income on the securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Trusts could experience delays and costs in gaining access to the collateral. The Trusts also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. During the period, participating Trusts accepted only cash collateral in connection with securities loaned.

Income Taxes: It is the Trusts’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

The Trusts file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ US federal tax returns remains open for each of the four periods ended October 31, 2010. The statute of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Dividend Achievers Universe: BDV, BDJ and BDT have been granted a revocable license by Indxis, Inc. (“Indxis”) to use the Dividend AchieversTM universe of common stocks. If Indxis 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

 

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investment objective during the period in which it implements these replacement investment policies or strategies. “Indxis” and “Dividend AchieversTM” are trademarks of Indxis and have been licensed for use by BDV, BDJ, and BDT. The products are not sponsored, endorsed, sold or promoted by Indxis and Indxis makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown in the Statements of Operations as licensing. Effective May 9, 2011, the Dividend Achievers Universe is no longer used by BDV, BDJ and BDT.

S&P Quality Rankings: BQY has been granted a license by Standard & Poor’s® (“S&P”) to use the S&P Quality Rankings and the S&P

International Quality Rankings. If S&P terminates the license to use either the S&P Quality Rankings or the S&P International Quality Rankings, the Board may need to adopt a new investment strategy and/ or new investment policies. There is no assurance that the Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Standard & Poor’s,” “S&P,” “Standard & Poor’s Earnings and Dividend Rankings,” “S&P Earnings and Dividend Rankings,” “Standard & Poor’s Quality Rankings,” “Standard & Poor’s International Quality Rankings,” “S&P International Quality Rankings” and “S&P Quality Rankings” are trademarks of S&P and have been licensed for use by the Trust. The Trust is not sponsored, endorsed, managed, sold or promoted by S&P and S&P makes no representation regarding the availability of investing in each Trust. The Trust is required to pay a quarterly licensing fee, which is shown in the Statements of Operations as licensing.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, independent Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover the Trusts’ deferred compensation liability, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income – affiliated in the Statements of Operations, if any.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.

2. Derivative Financial Instruments:

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as equity risk and foreign currency exchange rate risk. These contracts may be contracted on an exchange or OTC.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Trusts’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain netted against any collateral pledged by/posted to the counterparty. For OTC options purchased, the Trusts bear the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral received on the options should the counterparty fail to perform under the contracts. Options written by the Trusts do not give rise to counterparty credit risk, as options written obligate the Trusts to perform and not the counterparty. Counterparty risk related to exchange-traded options is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

The Trusts’ mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) implemented between a Trust and each of its respective counterparties. The ISDA Master Agreement allows each Trust to offset with each separate counterparty certain derivative financial instrument’s payables and/or receivables with collateral held. The amount of collateral moved to/from applicable counterparties is generally based upon minimum transfer amounts of up to $500,000. To the extent amounts due to the Trusts from their counterparties are not fully collateralized contractually or otherwise, the Trusts bear the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. In addition, the Trusts manage counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trusts’ net assets decline by a stated percentage or the Trusts fail to meet the terms of its ISDA Master Agreements, which would cause the Trusts to accelerate payment of any net liability owed to the counterparty.

Foreign Currency Exchange Contracts: Certain Trusts may enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Trust, help to manage the overall exposure to the currencies in which some of the

 

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investments held by a Trust are denominated. The contract is marked-to-market daily and the change in market value is recorded by a Trust as an unrealized gain or loss. When the contract is closed, a Trust records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Options: The Trusts purchase and write call and put options to increase or decrease their exposure to underlying instruments (including equity risk and/or interest rate risk) and/or, in the case of options written, to generate gains from options premiums. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

When the Trust purchases (write) an option, an amount equal to the premium paid (received) by the Trust is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written).When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or the Trust enters into a closing transaction), the Trust realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premiums received or paid). When the Trust writes a call option, such option is “covered,” meaning that the Trust holds the underlying instrument subject to being called by the option counterparty. When the Trust writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Trust bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Trusts may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Trust purchasing or selling a security at a price different from the current market value.

 

Derivative Instruments Categorized by Risk Exposure:   

Fair Values of Derivative Financial Instruments as of April 30, 2011*

 

Asset Derivatives

 
    

Statements of

Assets and

Liabilities

Location

   BOE      BME      BGY      BCF      BCX  

Foreign currency exchange contracts

  

Unrealized

appreciation on

foreign currency

exchange contracts

   $ 92,713       $ 414       $ 33,123       $ 6       $ 74,061   
                                               

Liability Derivatives

 
    

Statements of

Assets and

Liabilities

Location

   BDV      BDJ      BDT      BQR      BGR      BOE  

Equity contracts

   Options written at value    $ 4,523,000       $ 13,412,746       $ 2,263,291       $ 2,481,866       $ 12,111,791       $ 37,169,697   

Foreign currency exchange contracts

   Unrealized depreciation on foreign currency exchange contracts                              537                 9,747   
                                                        

Total

      $ 4,523,000       $ 13,412,746       $ 2,263,291       $ 2,482,403       $ 12,111,791       $ 37,179,444   
                                                        

 

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Liability Derivatives

 
     

Statements of
Assets and
Liabilities
Location

   BME      BGY      BCF      BCX      BQY  

Equity contracts

   Investments at value – unaffiliated    $ 4,425,149       $ 33,854,857       $ 14,604,048       $ 4,412,978       $ 1,418,557   

Foreign currency exchange contracts

   Unrealized depreciation on foreign currency exchange contracts      2,298         15,925         9,160         5,032         63   
                                               

Total

      $ 4,427,447       $ 33,870,782       $ 14,613,208       $ 4,418,010       $ 1,418,620   
                                               

The Effect of Derivative Financial Instruments in the Statements of Operations

Period Ended April 30, 2011

 

Net Realized Gain (Loss) from

 
    

BDV

   BDJ      BDT      BQR      BGR      BOE  

Foreign currency exchange contracts:

                 

Foreign currency transactions

                      $ 45,812       $ 28,724       $ (25,353

Equity contracts:

                 

Options**

   $2,927,373    $ 8,696,282       $ 2,002,268         1,972,990         9,052,217         30,103,319   
                                                 

Total

   $2,927,373    $ 8,696,282       $ 2,002,268       $ 2,018,802       $ 9,080,941       $ 30,077,966   
                                                 

Net Realized Gain (Loss) from

 
    

BME

   BGY      BCF      BCX     BQY  

Foreign currency exchange contracts:

             

Foreign currency transactions

   $26,537    $ 239,757       $ 16,707       $ (286,390   $ 23,215   

Equity contracts:

             

Options**

   3,184,756      21,147,179         3,205,559         1,445,548        1,185,887   
                                       

Total

   $3,211,293    $ 21,386,936       $ 3,222,266       $ 1,159,158      $ 1,209,102   
                                       

Net Change in Unrealized Appreciation/Depreciation on

 
     BDV     BDJ     BDT     BQR      BGR      BOE  

Foreign currency exchange contracts:

              

Foreign currency transactions

                        $ 17,904       $ 267       $ 477,487   

Equity contracts:

              

Options**

   $ (1,467,802   $ (5,492,975   $ (209,533     60,811         4,505,904         159,643   
                                                  

Total

   $ (1,467,802   $ (5,492,975   $ (209,533   $ 78,715       $ 4,506,171       $ 637,130   
                                                  

Net Change in Unrealized Appreciation/Depreciation on

 
     BME     BGY     BCF      BCX      BQY  

Foreign currency exchange contracts:

            

Foreign currency transactions

   $ (7,924   $ 263,379      $ 435,994       $ 269       $ 1,934   

Equity contracts:

            

Options**

     (1,348,036     (4,162,066     8,632,424         880,361         (583,175
                                          

Total

   $ (1,355,960   $ (3,898,687   $ 9,068,418       $ 880,630       $ (581,241
                                          

 

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For the period ended April 30, 2011, the average quarterly balances of outstanding derivative financial instruments were as follows:

 

     BDV      BDJ      BDT      BQR      BGR      BOE  

Foreign currency transactions:

                 

Average number of contracts – US dollars purchased

                             6                 8   

Average number of contracts – US dollars sold

                             1                 8   

Average US dollar amounts purchased

                           $ 204,388               $ 7,362,713   

Average US dollar amounts sold

                           $ 111,880               $ 11,278,645   

Options:

                 

Average number of contracts Purchased

                                             36,350   

Average number of contracts written

     813,738         2,480,276         1,084,977         10,824,054         1,903,917         32,819,075   

Average notional value of contracts purchased

                                           $ 2,543,425   

Average notional value of contracts written

   $ 107,077,106       $ 309,051,996       $ 60,504,463       $ 58,815,512       $ 276,275,591       $ 724,926,398   
     BME      BGY      BCF      BCX      BQY  

Foreign currency transactions:

              

Average number of contracts – US dollars purchased

     1         9         4         2         4   

Average number of contracts – US dollars sold

     3         9                 6           

Average US dollar amounts purchased

   $ 54,723       $ 5,908,593       $ 614,862       $ 359,228       $ 72,384   

Average US dollar amounts sold

   $ 788,136       $ 6,972,561               $ 16,254,500           

Options:

              

Average number of contracts purchased

     125         1,210                           

Average number of contracts written

     356,617         57,753,965         10,065,449         1,728,390         965,649   

Average notional value of contracts purchased

   $ 275,000       $ 2,244,241                           

Average notional value of contracts written

   $ 67,572,264       $ 619,584,694       $ 221,729,518       $ 183,298,029       $ 33,416,660   

3. Investment Advisory Agreement and Other Transactions with Affiliates:

As of April 30, 2011, the PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) were the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Trusts for 1940 Act purposes, but BAC and Barclays are not.

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust, except BCX, pays the Manager a monthly fee at the following annual rates of the average weekly value of each Trust’s net assets: 0.65% for BDV, 1.00% for BDJ, 0.75% for BDT, 1.20% for BQR, 1.20% for BGR, 1.00% for BOE, 1.00% for BME, 1.00% for BGY, 1.20% for BCF and 0.75% for BQY. BCX pays the Manager a monthly fee at the annual rate of 1.20% the average daily value of the Trust’s net assets. The Manager has voluntarily agreed to waive a portion of the investment advisory fees on BGR and BCF as a percentage of their average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2006 through 2011 for BCF), 0.15% in 2010 for BGR and in 2012 for BCF, 0.10% in 2011 for BGR and in 2013 for BCF and 0.05% in 2012 for BGR and in 2014 for BCF. The Manager has voluntarily agreed to waive a portion of the investment advisory fee on BCX as a percentage of its average daily net assets as follows: 0.20% for the first five years of the Trust’s operations (2011 through 2015), 0.15% in 2016, 0.10% in 2017 and 0.05% in 2018. These waivers are shown as fees waived by advisor in the Statement of Operations.

The Manager entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. for BDV, BDJ, BDT and BQY, State Street Research & Management Company for BGR, BlackRock Investment Management, LLC (“BIM”) and BlackRock Capital Management, Inc. for BGY, BCF and BCX, and BlackRock International Limited for BQR and BCF, each an affiliate of the Manager. The Manager pays each sub-advisor for services they provide, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Manager.

The Trusts have received an exemptive order from the SEC permitting them, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Trusts, invest cash collateral received by the Trusts for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral, if applicable, are shown in the Statements of Assets and Liabilities as securities loaned at value and

 

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collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedules of Investments. The share of income earned by the Trusts on such investments is shown as securities lending – affiliated in the Statements of Operations. For the period ended April 30, 2011, BIM received $9,210 in securities lending agent fees related to securities lending activities for the Trusts.

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock Inc. or its affiliates. The Trusts reimburse the Manager for compensation paid to the Trusts’ Chief Compliance Officer.

4. Investments:

Purchases and sales of investment securities, excluding short-term securities for the period ended April 30, 2011, were as follows:

 

     Purchases      Sales  

BDV

   $ 204,585,087       $ 210,119,649   

BDJ

   $ 614,589,361       $ 617,611,255   

BDT

   $ 105,633,920       $ 107,165,715   

BQR

   $ 71,015,782       $ 70,696,047   

BGR

   $ 710,972,494       $ 753,668,732   

BOE

   $ 1,999,691,903       $ 1,970,829,308   

BME

   $ 259,989,761       $ 259,729,179   

BGY

   $ 1,500,374,757       $ 1,446,665,063   

BCF

   $ 473,729,828       $ 483,488,071   

BCX

   $ 399,097,148       $ 1,420,239   

BQY

   $ 51,219,291       $ 51,723,288   

Transactions in options written for the period ended April 30, 2011, were as follows:

 

     Calls  
     Contracts     Premiums
Received
 

BDV

    

Options outstanding at beginning of period

     1,058,624      $ 2,081,824   

Options written

     3,023,994        8,222,635   

Options expired

     (1,274,885     (2,437,541

Options closed

     (94,485     (787,596

Options exercised

     (1,857,764     (4,672,717
                

Options outstanding at end of period

     855,484      $ 2,406,605   
                

BDJ

    

Options outstanding at beginning of period

     3,415,728      $ 5,867,239   

Options written

     9,267,118        23,514,154   

Options expired

     (4,114,613     (7,404,762

Options closed

     (306,471     (1,473,884

Options exercised

     (5,626,425     (13,612,897
                

Options outstanding at end of period

     2,635,337      $ 6,889,850   
                

 

     Calls     Puts  
     Contracts     Premiums
Received
    Contracts     Premiums
Received
 

BDT

        

Options outstanding at beginning of period

     1,184,538      $ 1,666,095       

Options written

     3,641,167        5,069,189       

Options expired

     (1,289,568     (1,699,301    

Options closed

     (246,660     (499,011    

Options exercised

     (2,200,772     (2,955,000    
                    

Options outstanding at end of period

     1,088,705      $ 1,581,972       
                    

BQR

        

Options outstanding at beginning of period

     10,733,762      $ 1,877,185       

Options written

     41,514,089        6,415,680       

Options expired

     (18,682,339     (3,021,613    

Options closed

     (17,814,342     (1,275,704    

Options exercised

     (4,851,548     (2,185,995    
                    

Options outstanding at end of period

     10,899,622      $ 1,809,553       
                    

BGR

        

Options outstanding at beginning of period

     3,926,254      $ 10,749,311        60,000      $ 54,000   

Options written

     7,359,971        35,926,984        30        2,820   

Options expired

     (2,324,498     (7,790,392     (60,030     (56,820

Options closed

     (1,369,558     (5,466,787              

Options exercised

     (5,715,202     (22,612,023              
                                

Options outstanding at end of period

     1,876,967      $ 10,807,093                 
                                

BOE

        

Options outstanding at beginning of period

     38,327,827      $ 21,081,150        61,617      $ 703,043   

Options written

     131,554,294        85,657,061        448,728        1,003,640   

Options expired

     (56,508,427     (30,370,902     (451,240     (665,538

Options closed

     (41,699,003     (21,619,346     (3,970     (373,227

Options exercised

     (40,541,094     (33,158,822     (49,865     (235,730
                                

Options outstanding at end of period

     31,133,597      $ 21,589,141        5,270      $ 432,188   
                                

BME

        

Options outstanding at beginning of period

     876,625      $ 2,356,405        491,849      $ 679,120   

Options written

     1,179,792        6,461,250        8,293        419,527   

Options expired

     (545,302     (1,842,570     (128,804     (591,430

Options closed

     (267,054     (1,570,606     (35,194     (247,909

Options exercised

     (740,362     (3,453,022     (335,784     (217,914
                                

Options outstanding at end of period

     503,699      $ 1,951,457        360      $ 41,394   
                                

 

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     Calls     Puts  
     Contracts     Premiums
Received
    Contracts     Premiums
Received
 

BGY

        

Options outstanding at beginning of period

     95,251,880      $ 20,135,143        189,715      $ 307,112   

Options written

     271,861,360        78,711,015        1,059,366        888,686   

Options expired

     (114,046,563     (31,560,489     (1,205,341     (718,113

Options closed

     (133,257,203     (21,233,034     (1,550     (209,225

Options exercised

     (63,279,515     (25,262,138     (42,190     (268,460
                                

Options outstanding at end of period

     56,529,959      $ 20,790,497                 
                                

BCF

        

Options outstanding at beginning of period

     11,941,951      $ 11,565,925        17,690      $ 23,507   

Options written

     34,044,203        37,490,499        725        41,393   

Options expired

     (15,761,610     (11,304,812     (18,415     (64,900

Options closed

     (9,763,501     (10,508,056              

Options exercised

     (10,605,189     (16,720,284              
                                

Options outstanding at end of period

     9,855,854      $ 10,523,272                 
                                

BCX

        

Options outstanding at beginning of period

                            

Options written

     1,021,290      $ 2,531,169        1,922,148      $ 5,732,605   

Options expired

                   (759,805     (1,383,881

Options closed

                   (107,030     (108,420

Options exercised

                   (348,213 ))      (1,478,134   
                                

Options outstanding at end of period

     1,021,290      $ 2,531,169        707,100      $ 2,762,170   
                                

 

     Calls  
     Contracts     Premiums
Received
 

BQY

    

Options outstanding at beginning of period

     958,208      $ 783,029   

Options written

     3,033,639        2,632,581   

Options expired

     (1,738,165     (1,070,945

Options closed

     (366,889     (354,862

Options exercised

     (906,981     (1,238,227
                

Options outstanding at end of period

     979,812      $ 751,576   
                

As of April 30, 2011, the value of portfolio securities subject to covered call options written were as follows:

 

     Value  

BDV

   $ 114,927,204   

BDJ

   $ 330,496,802   

BDT

   $ 63,144,942   

BQR

   $ 59,967,331   

BGR

   $ 281,833,453   

BOE

   $ 722,629,191   

BME

   $ 71,249,314   

BGY

   $ 647,729,247   

BCF

   $ 300,179,064   

BCX

   $ 80,282,791   

BQY

   $ 34,930,487   

5. Capital Loss Carryforwards:

As of October 31, 2010, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

Expires October 31

   BDV      BDJ      BDT      BQR      BOE      BGY      BCF  

2015

                                   $ 19,715,459                   

2016

   $ 26,663,834       $ 29,702,025                         162,655,860                   

2017

     121,777,683         196,333,943       $ 42,127,622       $ 21,140,114         38,148,041       $ 525,935,486       $ 7,772,360   

2018

             8,526,748                 9,080,494                 55,605,462           
                                                              

Total

   $ 148,441,517       $ 234,562,716       $ 42,127,622       $ 30,220,608       $ 220,519,360       $ 581,540,948       $ 7,772,360   
                                                              

Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after October 31, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years.

6. Concentration, Market and Credit Risk:

BOE and BQY invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When such Trusts concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Please see the Schedules of Investments for concentrations in specific countries. In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may fail to or be unable to perform on its commitments. The Trusts manages counterparty credit risk by entering into transactions only with counterparties that it

 

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Notes to Financial Statements (concluded)

believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Trusts’ Statements of Assets and Liabilities, less any collateral held by the Trusts.

The Trusts listed below invest a significant portion of their assets in securities in the following sectors:

 

Consumer Staples

   BDV, BDJ

Financials

   BDT

Materials

   BQR, BCF, BCX

Utilities

   BDT, BQR

Energy

   BGR, BCF, BCX

Health Care

   BME

Changes in economic conditions affecting these sectors would have a greater impact on these Trusts, and could affect the value, income and/or liquidity of positions in such securities.

As of April 30, 2011, the Trusts listed below had the following industry classifications:

 

Industry

   BOE     BGY     BQY  

Oil, Gas & Consumable Fuels

     8     8     12

Commercial Banks

     9        14        13   

Pharmaceuticals

     5               8   

Insurance

     5                 

Metals & Mining

     5        8          

Diversified Telecommunication

                   5   

Other*

     68        70        62   

 

  * All other industries held were each less than 5% of long-term investments.

7. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. At April 30, 2011, the shares owned by an affiliate of the Manager of the Trusts were as follows:

 

      Common
Shares Owned
 

BDV

     8,028   

BDJ

     8,028   

BDT

     8,028   

BQR

     6,964   

BGR

     4,817   

BOE

     12,927   

BME

     4,817   

BGY

     6,178   

BCF

     8,028   

BCX

     6,964   

BQY

     8,028   

Transactions in common shares of beneficial interest for the period ended April 30, 2011 were as follows:

 

Trust

   Commencement
of Investment
Operations
     Initial
Public
Offering
     Underwriters’
Exercising  the
Over-allotment
Option
 

BCX

     March 30, 2011         43,756,964           

Shares issued and outstanding during the period ended April 30, 2011 and the year ended October 31, 2010 increased by the following amounts as a result of dividend reinvestments:

 

     Period Ended
April 30,  2011
     Year Ended
October 31, 2010
 

BDV

     120,588           

BDJ

     451,773         874,108   

BQR

     160,299         279,540   

BOE

     224,318         486,833   

BGY

             2,045,205   

BCF

     128,189         337,063   

Shares issued and outstanding remained constant for BDT, BGR, BME and BQY for the period ended April 30, 2011 and the year ended October 31, 2010.

8. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

Subsequent to April 30, 2011, the Board declared distributions per common share as follows:

 

     Record
Date
     Payable
Date
     Distribution
per Common
Share
 

BDV

     6/15/11         6/30/11       $ 0.162500   

BDJ

     6/15/11         6/30/11       $ 0.170000   

BDT

     6/15/11         6/30/11       $ 0.162500   

BQR

     6/15/11         6/30/11       $ 0.235000   

BGR

     6/15/11         6/30/11       $ 0.405000   

BOE

     5/16/11         5/31/11       $ 0.568750   

BME

     6/15/11         6/30/11       $ 0.384375   

BGY

     6/15/11         6/30/11       $ 0.340000   

BCF

     6/15/11         6/30/11       $ 0.271800   

BCX

     6/15/11         6/30/11       $ 0.350000   

BQY

     5/16/11         5/31/11       $ 0.250000   

 

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Resources & Commodities Strategy Trust (the “Trust”) met on February 11, 2011 to consider the approval of the Trust’s investment advisory agreement (the “Advisory Agreement”) among the Trust, BlackRock Cayman Resources & Commodities Strategy Fund, Ltd., a wholly-owned subsidiary of the Trust formed in the Cayman Islands (the “Subsidiary”), and BlackRock Advisors, LLC (the “Manager”), the Trust’s and the Subsidiary’s investment advisor. The Board also considered the approval of the sub-investment advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Capital Management, Inc. (the “Sub-Advisor”), with respect to the Trust and the Subsidiary. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.” The Trust and the Subsidiary sometimes are referred to herein collectively as the “Fund.”

Activities and Composition of the Board

At the time the Board considered the Agreements, the Board consisted of ten individuals, eight of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chairman of the Board is an Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member) and is chaired by an Independent Board Member. The Board also has one ad hoc committee, the Joint Product Pricing Committee, which consists of Independent Board Members and the directors/trustees of the boards of certain other BlackRock-managed funds, who are not “interested persons” of their respective funds.

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the initial approval of the Agreements. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services to be provided to the Fund by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the February 11, 2011 meeting, the Board received materials specifically relating to the Agreements. The materials provided in connection with the February 11, 2011 meeting included information regarding (i) the investment objectives and policies of the Fund; (ii) the team of investment advisory personnel assigned to the Fund; (iii) the Fund’s management fee and estimated total operating expenses as compared with a peer group of funds as determined by Lipper, Inc. (“Lipper”); and (iv) certain anticipated direct and indirect “fallout” benefits to BlackRock from its relationship with the Fund. Periodically, the Board Members, in connection with their duties as trustees or directors of other funds in the BlackRock family of closed-end funds, have received other information including general information regarding BlackRock’s management of such funds, BlackRock’s management of relationships with service providers to such funds, resources devoted to compliance with such funds’ investment objectives and policies, the structure and expertise of the Advisors and their parent companies, BlackRock’s policies and procedures in respect of execution of portfolio transactions and other matters.

At a meeting with the Independent Board Members attending in person, on February 11, 2011, the Board, including the Independent Board Members, reviewed materials relating to its consideration of the Agreements and thereafter unanimously approved the Advisory Agreement among the Manager, the Trust and the Subsidiary and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Trust and the Subsidiary. In approving the Agreements, the Board considered, among other factors: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of BlackRock portfolio management in general; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) economies of scale; and (e) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as services related to the valuation and pricing of Fund portfolio holdings, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, considered the nature, extent and quality of services to be provided by BlackRock. The Board considered, among other factors, BlackRock’s compliance record, including whether other funds advised by BlackRock have operated within their investment objectives, policies and restrictions, the Fund’s investment objectives, policies and restrictions, the number, education and experience of BlackRock’s investment personnel generally and the Fund’s portfolio management team, investments by portfolio managers in the funds they manage, BlackRock’s portfolio trading capabilities, BlackRock’s use of technology, BlackRock’s commitment to compliance, BlackRock’s credit analysis capabilities, BlackRock’s risk analysis capabilities and BlackRock’s approach to training and retaining portfolio

 

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

managers and other research, advisory and management personnel. The Board also reviewed a general description of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services to be provided to the Fund. BlackRock and its affiliates and significant shareholders provide the Fund with certain administrative and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In addition to investment advisory services, BlackRock and its affiliates provide the Fund with other services, including (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) assisting with daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; and (viii) performing other administrative functions necessary for the operation of the Fund, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, accounting, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of Portfolio Management

The Board, including the Independent Board Members, previously received and considered information about BlackRock’s investment performance for other BlackRock-advised funds. The Board, however, did not consider the performance history of the Fund because the Fund was newly organized and had not yet commenced operations as of the February 11, 2011 meeting.

C. Consideration of the Advisory Fees:

The Board, including the Independent Board Members, reviewed the Fund’s contractual management fee ratio compared with the other funds in its Lipper category. It also compared the Fund’s total expense ratio, as well as the actual management fee ratio, to those of other funds in its Lipper category. The funds within the peer group were selected by Lipper, which is not affiliated with the Manager. The Board noted that the net asset value of the Trust’s investment in the Subsidiary is not included in the calculation of the Trust’s management fee. The Board also noted the fees paid to the Manager by the Subsidiary.

The peer group selected by Lipper for the Fund contained seven non-leveraged closed-end funds, which included the Fund, two sector equity funds and four real estate funds. The peer group comparison was done within five sub categories of fees and expenses: (i) contractual management fees; (ii) total expenses including investment related expenses and taxes; (iii) total expenses excluding investment related expenses and taxes; (iv) management fees based on common shares; and (v) non-management expenses.

When compared to all the funds in the peer group with fees and expenses expressed as a percentage of net assets, the Fund’s contractual management fee, before giving effect to any fee waivers by the Manager, was above the median, while the Fund’s actual management fees and actual expenses, after giving effect to any fee waivers by the Manager, was generally below or in-line with the median. The Board also compared the Fund’s management fees and total expenses to certain other closed-end funds of similar strategy and noted that the Fund’s management fees and total expenses were comparable to the management fees and total expenses of such funds.

During the Board Members’ deliberations in connection with its approval of the management fee, the Board Members were aware that BlackRock intended to pay compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of the Trust’s common shares and of the anticipated amounts of such compensation and the general nature of the services to be rendered to BlackRock in consideration of such compensation. The Board Members also considered whether the management fee met applicable standards in light of the services provided by the Manager, without regard to whether the Manager ultimately pays any portion of the anticipated compensation to the underwriters. The Board also considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board.

As the Fund had not commenced operations as of the date of the February 11, 2011 meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

Following consideration of this information, the Board, including the Independent Board Members, concluded that the fees to be paid pursuant to the Agreements were fair and reasonable in light of the services to be provided.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase. The Board also considered the extent to which the Fund may benefit from such economies and whether there should be changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the asset level of the

 

    SEMI-ANNUAL REPORT    APRIL 30, 2011   119


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Fund. Based on the ad hoc Joint Product Pricing Committee’s and the Board’s review and consideration of this issue, the Board concluded that closed-end funds are typically priced at scale at a fund’s inception; therefore, the implementation of breakpoints was not necessary.

The Board noted that most closed-end fund complexes do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. The Board noted that only one closed-end fund in the Fund Complex has breakpoints in its fee structure.

E. Other factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates and significant shareholders may derive from their respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates and significant shareholders as service providers to the Fund, including for administrative and distribution services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts. The Board further noted that BlackRock’s funds may invest in affiliated exchange-traded funds without any offset against the management fees payable by the funds to BlackRock.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock, which included information on brokerage commissions and trade execution practices for BlackRock closed-end funds throughout the year.

The Board, including all of the Independent Board Members, concluded that these ancillary benefits that BlackRock and its affiliates could receive with regard to providing investment advisory and other services to the Fund were consistent with those generally available to other fund sponsors.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Trust shares in the secondary market if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board, including the Independent Board Members, unanimously approved the Advisory Agreement among the Manager, the Trust and the Subsidiary and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, each with respect to the Trust and the Subsidiary. Based upon its evaluation of all of the aforementioned factors in their totality, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

 

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Officers and Trustees

 

Richard E. Cavanagh, Chairman of the Board and Trustee

Karen P. Robards, Vice Chair of the Board,

Chair of the Audit Committee and Trustee

Michael Castellano, Trustee and Member of the Audit Committee

Richard S. Davis, Trustee

Frank J. Fabozzi, Trustee and Member of the Audit Committee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee and Member of the Audit Committee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee and Member of the Audit Committee

John M. Perlowski, President and Chief Executive Officer

Brendan Kyne, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer of the Trusts

Ira P. Shapiro, Secretary

Effective November 10, 2010, Ira P. Shapiro became Secretary of the Trusts.
Effective February 11, 2011, John M. Perlowski became President and Chief Executive Officer of the Trusts.
Effective April 14, 2011, Michael Castellano became a Trustee of the Trusts and a Member of the Audit Committee.
Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Financial Management, Inc.1

New York, NY 10022

State Street Research & Management Co.2

One Financial Center

Boston, MA 02111

BlackRock Capital Management, Inc.3

Wilmington, DE 19809

BlackRock Investment Management, LLC4

Plainsboro, NJ 08536

BlackRock International Ltd.4

Edinburgh, EH3 8JB

United Kingdom

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

Custodian

The Bank of New York Mellon

New York, NY 10286

Transfer Agent

BNY Mellon Shareowner Services

Jersey City, NJ 07310

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

New York, NY 10281

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

1         For BDV, BDJ, BDT and BQY.

2         For BGR.

3         For BGY, BCF and BCX

4         For BQR and BCF

 

 

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Additional Information

Section 19(a) Notices

These reported amounts and sources of distributions are estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

April 30, 2011

 

    Total Cumulative Distributions
for the Fiscal Year
    % Breakdown of the Total Cumulative
Distributions for the Fiscal Year
 
    Net
Investment
Income
    Net Realized
Capital Gains
(Short-Term)
    Net Realized
Capital Gains
(Long-Term)
    Return
of
Capital
    Total Per
Common Share
    Net
Investment
Income
    Net Realized
Capital Gains
(Short-Term)
    Net Realized
Capital Gains
(Long-Term)
    Return
of
Capital
    Total Per
Common Share
 

BDV

  $ 0.102213      $      $      $ 0.222787      $ 0.325000        31     0     0     69     100

BDJ

  $ 0.071362      $      $      $ 0.418638      $ 0.490000        15     0     0     85     100

BDT

  $ 0.114725      $      $      $ 0.210275      $ 0.325000        35     0     0     65     100

BQR

  $ 0.003015      $      $      $ 0.596985      $ 0.600000        1     0     0     99     100

BGR

  $ 0.041851      $ 0.202719      $ 0.163847      $ 0.401583      $ 0.810000        5     25     20     50     100

BOE

  $ 0.023932      $      $      $ 1.113568      $ 1.137500        2     0     0     98     100

BME

  $      $ 1.117916      $ 0.350834      $      $ 1.468750        0     76     24     0     100

BGY

  $ 0.019335      $      $      $ 0.660665      $ 0.680000        3     0     0     97     100

BCF

  $ 0.027539      $      $      $ 0.516061      $ 0.543600        5     0     0     95     100

BQY

  $ 0.077819      $ 0.138372      $ 0.283809      $      $ 0.500000        16     28     57     0     100

Each Trust estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

Other than the revisions discussed in the Board approvals on page 123, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolio.

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov. and may also

 

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Additional Information (continued)

General Information (concluded)

be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’s website at http:// www.sec.gov.

Availability of Proxy Voting Record

Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Trusts.

Board Approval

BDV’s, BDJ’s, and BDT’s Boards each approved changes to certain non-fundamental investment objectives and policies employed by each Trust. As a result of these changes, the Trusts no longer use Indxis’s Dividend AchieversTM as the underlying universe for investment in equity securities. Pursuant to the new non-fundamental investment objectives and policies, effective March 9, 2011, each Trust broadened its investment guidelines to investing across the broader spectrum of dividend paying equities. Under normal market conditions, at least 80% of the Trust’s total assets will be invested in dividend paying equities. Also, for BDT, under normal market conditions, at least 80% of the Trust’s total assets will be invested in small- and mid-capitalization companies, as defined by the Russell Mid Cap Index. Similarly, the investment strategy described in the Trusts’ non-fundamental investment objectives or investment policies, as the case may be for each Trust, has been modified to remove reference to “above average” dividend paying equities.

The Board has taken this action as a consequence of recent market events, during which a number of companies reduced, suspended or failed to raise their dividends over the past several years, resulting in their exclusion from consideration as Dividend AchieversTM and reducing the number of available companies for purchase in the Trusts. Given the need to raise dividends for at least ten consecutive calendar years, such companies would be excluded from consideration as Dividend AchieversTM for the foreseeable future.

In addition to the foregoing, the Board also approved changes to the Trusts’ restriction on other eligible investments. Previously, the Trusts were restricted to investing, under normal market conditions, no more than 20% of their total assets in equity securities that are not identified as Dividend AchieversTM by Indxis, Inc. In similar concept to the 80% policy change, the amended policy allows the Trusts to invest, under normal market conditions, up to 20% in equity securities of issuers that do not pay dividends.

Each Trust has also removed investment policies limiting the market cap, position size or number of holdings permitted in such Trust.

BDT has removed its policy that under current market conditions, BDT’s investment advisor and subadvisor will consider an issuer with a market capitalization ranking in the bottom 90% of the market capitalization of all issuers included in the Russell 3000 Index to be a small to mid-capitalization company.

BDT will now invest at least 80% of its total assets in small to mid-capitalization companies, as defined by the Russell Mid Cap Index. BDV and BDJ have each removed its policy limiting its maximum weighting of any individual issuer in its portfolio to 5% at the time of purchase. BDT has removed its policy limiting its investments under current market conditions to no more than (i) 2% of its total assets in mid-capitalization issuers; (ii) 1.5% of its total assets in any small/mid-capitalization issuer; and (iii) 0.5% of its total assets in any small capitalization issuer, at the time of purchase.

BDV and BDJ have each removed its policy limiting its portfolio to approximately 60 to 90 issuers from the top 100 highest yielding common stocks in the Dividend AchieversTM Universe. BDT has removed its policy limiting its portfolio to approximately 100 small to mid-capitalization companies included in the Russell 3000 Index.

Each Trust will remain subject to the fundamental investment restriction that such Trust may not invest 25% or more of the value of its total assets in any one industry or invest, with respect to 75% of its total assets, more than 5% of the value of its total assets in the securities of any single issuer or purchase more than 10% of the outstanding securities of any one issuer.

As disclosed in its prospectus, each Trust is required to provide shareholders 60 days notice of a change to its current non-fundamental policies described above. Accordingly, a notice describing the changes

 

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Additional Information (concluded)

Board Approval (concluded)

discussed above were mailed to shareholders of record as of March 9, 2011. No action is required by shareholders of the Trusts in connection with this change.

Upon the completion of the 60-day notice period, each Trust’s name changed to reflect this change in non-fundamental policy. Each Trust will continue to trade on the New York Stock Exchange under its current ticker symbol even after the name change becomes effective.

Dividend Policy

The Trusts’ dividend policy is to distribute all or a portion of its net investment income to its shareholders on a quarterly basis. In order to provide shareholders with a more stable level of dividend distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular quarter and may at times in any particular quarter pay out such accumulated but undistributed income in addition to net investment income earned in that quarter. As a result, the dividends paid by the Trusts for any particular quarter may be more or less than the amount of net investment income earned by the Trusts during such quarter. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statement of Assets and Liabilities, which comprises part of the financial information included in this report.

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

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to 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.

 

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This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

LOGO

 

#CEF-SAR-BK11-0411    LOGO


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Item  2       Code of Ethics – Not Applicable to this semi-annual report
Item  3       Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item  4       Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item  5       Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
Item  6       Investments
     

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

 

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item  7       Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item  8       Portfolio Managers of Closed-End Management Investment Companies
      (a) Not Applicable to this semi-annual report
      (b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
Item  9       Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item  10       Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item  11       Controls and Procedures
      (a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
      (b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item  12       Exhibits attached hereto
      (a)(1) – Code of Ethics – Not Applicable to this semi-annual report
      (a)(2) – Certifications – Attached hereto
      (a)(3) – Not Applicable
      (b) – Certifications – Attached hereto


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12(c)       Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

 

 

1 

The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.


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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Enhanced Equity Dividend Trust

   
By:  

/s/ John M. Perlowski

   
  John M. Perlowski    
 

Chief Executive Officer (principal executive officer) of

BlackRock Enhanced Equity Dividend Trust

 

Date: July 5, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ John M. Perlowski

   
  John M. Perlowski    
 

Chief Executive Officer (principal executive officer) of

BlackRock Enhanced Equity Dividend Trust

 

Date: July 5, 2011

 

By:  

/s/ Neal J. Andrews

   
  Neal J. Andrews    
 

Chief Financial Officer (principal financial officer) of

BlackRock Enhanced Equity Dividend Trust

 

Date: July 5, 2011