BlackRock Enhanced Equity Dividend Trust (BDJ)

 

 

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 (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: 10/31/2012

Date of reporting period: 04/30/2012

 

 

 


Item 1 –   Report to Stockholders


   April 30, 2012
LOGO   

 

 

 

Semi-Annual Report (Unaudited)

 

 

  u BlackRock EcoSolutions Investment Trust (BQR)

 

  u BlackRock Energy and Resources Trust (BGR)

 

  u BlackRock Enhanced Equity Dividend Trust (BDJ)

 

  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)

 

  u BlackRock Utility and Infrastructure Trust (BUI)

 

 

 

      Not FDIC Insured ¡ No Bank Guaranteed  ¡ May Lose Value      


 

 

Table of Contents

 

 

      Page  

Dear Shareholder

     3   

Semi-Annual Report:

  

Trust Summaries

     4   

The Benefits and Risks of Option Over-Writing

     23   

Derivative Financial Instruments

     24   

Financial Statements:

  

Schedules of Investments

     25   

Statements of Assets and Liabilities

     88   

Statements of Operations

     90   

Statements of Changes in Net Assets

     92   

Financial Highlights

     97   

Notes to Financial Statements

     107   

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

     118   

Officers and Trustees

     121   

Additional Information

     122   

 

  Section 19(b) Disclosure

BlackRock EcoSolutions Investment Trust (BQR), BlackRock Energy and Resources Trust (BGR), BlackRock Enhanced Equity Dividend Trust (BDJ), BlackRock Global Opportunities Equity Trust (BOE), BlackRock Health Sciences Trust (BME), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF), BlackRock Resources & Commodities Strategy Trust (BCX), BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) and BlackRock Utility and Infrastructure Trust (BUI) (each, a “Trust”and 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      
 

BQR

   $0.235000   
 

BGR

   $0.405000   
 

BDJ

   $0.170000   
 

BOE

   $0.568750   
 

BME

   $0.384375   
 

BGY

   $0.220000   
 

BCF

   $0.271800   
 

BCX

   $0.350000   
 

BQY

   $0.250000   
   

BUI

   $0.362500     

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 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, 2012   


    

Dear Shareholder,

One year ago at this time, risk assets were in a broad retreat as political strife in Greece ignited fears about sovereign debt problems spreading across Europe and economic indicators signaled that the global recovery had slowed. Confidence was further shaken by the prolonged debt ceiling debate in Washington, DC. Early in August 2011, Standard & Poor’s downgraded the US government’s credit rating and turmoil erupted in financial markets around the world. Extraordinary levels of volatility persisted in the months that followed as the European debt crisis intensified. Macro news flow became the dominant force in financial markets, driving asset prices up and down in lock step, in a risk on/risk off trading pattern. By the end of the third quarter in 2011, equity markets had fallen nearly 20% from their April peak while safe-haven assets such as US Treasuries and gold had rallied to historic highs.

October 2011 brought enough positive economic data to assuage fears of a global double-dip recession. Additionally, European leaders began making concerted efforts to stem the region’s debt crisis. Investors began to reenter the markets, putting risk assets on the road to recovery. Improving sentiment carried over into early 2012 as a number of factors elicited greater optimism. Sovereign debt problems in Europe became less pressing. Greece secured its second bailout package and completed the restructuring of its national debt. The European Central Bank gave financial markets a boost by providing additional liquidity through its long-term refinancing operations. The outlook for the global economy grew less dim as stronger data from the United States, particularly from the labor market, lifted sentiment. Hopes for additional monetary stimulus from the US Federal Reserve and strong corporate earnings pushed risk assets (including stocks, commodities and high yield bonds) higher through the first two months of the year while rising Treasury yields pressured higher-quality fixed income assets. The risk rally softened in late March, however, due to renewed fears about slowing growth in China and Europe’s debt troubles. Equity markets staggered downward in April as Spain’s financial situation became increasingly severe and elections in Greece and France added to uncertainty about the future of the euro zone. In the United States, disappointing jobs reports in April revealed that the recent acceleration in the labor market had been a short-lived surge. Overall, US economic data signaled that the pace of the recovery had slowed, but not to the extent that warranted additional monetary stimulus.

Thanks in large part to an exceptionally strong first quarter of 2012, equities and high yield bonds posted solid returns for the 6-month period ended April 30, 2012. On a 12-month basis, US large-cap stocks and high yield bonds delivered positive results; however, small-cap stocks finished in negative territory. International and emerging equities, which experienced significant downturns in 2011, lagged the broader rebound. Fixed income securities, including corporate, government and municipal bonds, performed well despite recent yield volatility. US Treasury bonds finished strong, with an April rally erasing the effects of their broad sell-off during February and March. Continued low short-term interest rates kept yields on money market securities near their all-time lows.

Financial markets have regained a significant degree of stability since the period of turmoil we endured last year; however, considerable headwinds remain. Political uncertainty in Europe elevates concerns about additional flare ups in the debt crisis. Higher energy prices and slowing growth in China continue to pose risks for the global economy. Potential political leadership changes around the world create additional layers of uncertainty. But, we believe that with these challenges come opportunities. We remain committed to working with you and your financial professional to identify actionable ideas for your portfolio. We encourage you to visit www.blackrock.com/newworld for more information.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

 

LOGO

“Financial markets have regained a significant degree of stability since the period of turmoil we endured last year; however, considerable headwinds remain.”

Rob Kapito

President, BlackRock Advisors, LLC

 

 

Total Returns as of April 30, 2012

 

          6-month   12-month
    US large cap equities (S&P 500® Index)       12.77 %       4.76 %
    US small cap equities (Russell 2000® Index)       11.02         (4.25 )
    International equities (MSCI Europe, Australasia, Far East Index)       2.44         (12.82 )
    Emerging market equities (MSCI Emerging Markets Index)       3.93         (12.61 )
    3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)       0.01         0.05  
    US Treasury securities (BofA Merrill Lynch 10- Year US Treasury Index)       3.83         16.41  
    US investment grade bonds (Barclays US Aggregate Bond Index)       2.44         7.54  
    Tax-exempt municipal bonds (Barclays Municipal Bond Index)       5.71         11.90  
    US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)       6.91         5.89  

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

 

 

 

 

                 
      THIS PAGE NOT PART OF YOUR TRUST REPORT      3


 

 

Trust Summary as of April 30, 2012

 

 

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, 2012, the Trust returned 21.03% based on market price and 5.20% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 13.14% based on market price and 7.46% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

During the period, the water resources segment of the portfolio generated the highest positive contribution to the Trust’s performance. The strong performance of this segment was driven primarily by positions in two Brazilian-based water utility companies. The continuing growth of the middle class and more clarity on regulation continues to drive the need for better water quality and sewerage systems in developing countries. The Trust’s holding of Manila Water Co., Inc. (Philippines) also delivered a notable return as a result of strong demand for the company’s services. Additionally, the Trust benefited from holding multinational industrial manufacturer Pentair, Inc. (United States), which announced at the end of March that it would be combining with Tyco International Ltd.’s flow-control business.

 

 

In the agriculture segment of the portfolio, exposure to equipment companies contributed positively to performance, as improving investor sentiment drove these names higher. For example, in late 2011 portfolio holding Deere & Co. (United States) provided investors with more transparency into its order book for 2012, which helped to build confidence in the company’s outlook for the forthcoming year and resulted in strong performance. In addition, the Trust’s option writing strategy had a positive impact on performance.

 

 

Detracting from relative performance was the Trust’s exposure, although limited, to renewable energy technologies such as Vestas Wind Systems A/S (Denmark) and First Solar, Inc. (United States). The outlook for these companies became clouded by increased government austerity, particularly in European markets. The Trust’s exposure in this space was focused on cost, technology and market leaders.

 

Also having a negative impact on returns were holdings of companies involved in the production and distribution of fertilizers. These names were challenged during the period due to uncertainty about whether Chinese and Indian buyers would commit to contracts for the first half of 2012, which led major fertilizer producers to cut their forecasts and, therefore, put downward pressure on the industry.

Describe recent portfolio activity.

 

During the six-month period, the Trust initiated a position in Novozymes A/S (Denmark) in the new energy segment of the portfolio. Novozymes A/S appears to be well-positioned to benefit from increasing demand for enzymes as a result of the start-up of second-generation biofuel plants over the medium to long term.

 

 

In the water resources space, the Trust added two new holdings of US-based multinational water technology companies, Pall Corp. and Xylem, Inc., the latter of which was spun off from the break-up of ITT Corp. The Trust also received shares of water, hygiene and energy technology company Ecolab, Inc. (United States) as a result of its takeover of Nalco Holding Co. (United States).

 

 

During the period, the Trust held an elevated level of cash as a means of defensive positioning due to near-term uncertainty about the market outlook. The cash balance did not have a material impact on the Trust’s performance.

Describe portfolio positioning at period end.

 

As of period end, the Trust continued to hold large allocations to both the agriculture and water resources segments and less emphasis on new energy. The Trust maintained its large allocation to agriculture based on management’s view that recent improving profitability in the agriculture sector raises the potential for increased spending on farming inputs. Within the agriculture segment, the Trust’s holdings reflected a preference for agricultural science companies, agricultural equipment makers and fertilizer producers. The Trust maintained its heavy exposure to water resources as these strong dividend-paying stocks have benefited from investors’ increased demand for yield in a low interest rate environment coupled with heightened merger and acquisition activity within the space. The Trust’s water resources holdings reflected a preference for companies with exposure to infrastructure, desalination and technologies for water management.

 

 

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, 2012   


 
 

 

BlackRock EcoSolutions Investment Trust

 

 

  Trust Information

 

Symbol on New York Stock Exchange (“NYSE”)

   BQR

Initial Offering Date

   September 28, 2007

Yield on Closing Market Price as of April 30, 2012 ($9.85)1

   9.54%

Current Quarterly Distribution per Common Share2

   $0.235

Current Annualized Distribution per Common Share2

   $0.940

 

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:

        4/30/12        10/31/11        Change        High        Low  

Market Price

     $ 9.85         $ 8.58           14.80      $ 10.40         $ 7.34   

Net Asset Value

     $ 9.36         $ 9.38           (0.21 )%       $ 9.71         $ 8.50   

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

 

  Ten Largest Holdings
      4/30/12  

Cia de Saneamento de Minas Gerais

       3 %

Monsanto Co.

       3  

Manila Water Co., Inc.

       3  

Cia de Saneamento Basico do Estado de Sao Paulo

       3  

Severn Trent Plc

       3  

Syngenta AG

       3  

Agrium, Inc.

       3  

Johnson Matthey Plc

       3  

Inversiones Aguas Metropolitanas SA

       2  

Aqua America, Inc.

       2  
  Industry Allocations
      4/30/12   10/31/11  

Water Utilities

       27 %       25 %

Chemicals

       20         23  

Food Products

       14         14  

Machinery

       10         10  

Electric Utilities

       4         4  

Real Estate Investment Trusts (REITs)

       3         3  

Oil, Gas & Consumable Fuels

       3         3  

Materials

       3         2  

Electrical Equipment

       3         3  

Commercial Services & Supplies

       3         3  

Multi-Utilities

       2         2  

Electronic Equipment, Instruments & Components

       2         2  

Construction & Engineering

       2         2  

Other3

       4         4  

 

3 

Other includes a 1% holding or less in each of the following industries; for 4/30/12, Auto Components, Building Products, Independent Power Producers & Energy Traders, Metals & Mining, Paper & Forest Products, Semiconductors & Semiconductor Equipment and Road & Rail and for 10/31/11, Auto Components, Building Products, Independent Power Producers & Energy Traders, Paper & Forest Products, Semiconductors & Semiconductor Equipment and Road & Rail.

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 such industry sub-classifications for reporting ease.

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    5


 

 

Trust Summary as of April 30, 2012

 

 

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, 2012, the Trust returned (0.40)% based on market price and 0.82% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 13.14% based on market price and 7.46% 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?

 

The strongest contribution to returns for the period came from the Trust’s exposure to names in the oil, gas & consumable fuels industry, particularly within the oil & gas storage & transportation group. Notable individual performers included Cheniere Energy, Inc., MarkWest Energy Partners LP and Plains All American Pipeline LP. The Trust’s option-writing strategy, particularly in the oil & gas exploration & production group, also had a positive impact on returns. In the energy equipment & services industry, select holdings within oil & gas equipment & services boosted returns.

 

 

The largest detractor from the Trust’s performance was exposure to coal-related equities in the oil, gas & consumable fuels industry. As natural gas prices fell, it became more economical for utility companies to generate

   

electricity using natural gas rather than coal. This trend resulted in excess thermal coal inventories and pushed spot coal prices to their lowest level in several years. Even after declining more than 40% in 2011, US coal producers shed an additional 15% during the first quarter of 2012. In this space, the Trust’s holdings of Alpha Natural Resources, Inc., Consol Energy, Inc. and Peabody Energy Corp. all posted losses for the period. Within the oil & gas exploration & production group, losses from the Trust’s exposure to natural gas offset the gains from its oil-related holdings. Notable detractors with natural gas exposure included Crew Energy, Inc., EQT Corp. and Southwestern Energy Co.

Describe recent portfolio activity.

 

During the six-month period, the Trust increased its allocation within the oil, gas & consumable fuels industry to refiners and storage & transportation names, while trimming exposure to integrated oil & gas and exploration & production names as well as oil & gas equipment services.

Describe portfolio positioning at period end.

 

At the end of the period, the Trust’s largest portfolio concentrations were in the oil & gas exploration & production, oil & gas storage & transportation and oil & gas equipment & services groups. The Trust continued to favor oil producers across the market-capitalization spectrum and maintained exposure to coal and low-cost natural gas producers that have come under selling pressure in recent months.

 

 

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, 2012   


 
 

 

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, 2012 ($25.48)1

   6.36%

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:

        4/30/12        10/31/11        Change      High        Low  

Market Price

     $ 25.48         $ 26.54         (3.99)%      $ 27.99         $ 23.42   

Net Asset Value

     $ 27.53         $ 28.33         (2.82)%      $ 29.61         $ 25.31   

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

 

    Ten Largest Holdings           
      4/30/12

Range Resources Corp.

       5 %

Cheniere Energy, Inc.

       4  

Occidental Petroleum Corp.

       4  

Alpha Natural Resources, Inc.

       4  

Valero Energy Corp.

       4  

Anadarko Petroleum Corp.

       4  

Whiting Petroleum Corp.

       4  

Noble Energy, Inc.

       4  

National Oilwell Varco, Inc.

       4  

Pioneer Natural Resources Co.

       3  
    Industry Allocations                    
     4/30/12   10/31/11

Oil, Gas & Consumable Fuels

      81 %       77 %

Energy Equipment & Services

      17         20  

Metals & Mining

      2         3  

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

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    7


 

 

Trust Summary as of April 30, 2012

 

 

BlackRock Enhanced Equity Dividend Trust

 

      Trust Overview

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 distributions paid to the Trust’s shareholders. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. 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

 

 

On February 27, 2012, the Trust acquired substantially all of the assets and substantially all of the liabilities of the BlackRock Equity Dividend Trust and BlackRock Strategic Equity Dividend Trust in exchange for newly issued shares of the Trust.

How did the Trust perform?

 

For the six months ended April 30, 2012, the Trust returned 8.70% based on market price and 10.29% based on NAV. For the same period, the Russell 1000® Value Index returned 11.62%. 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 Russell 1000® Value Index.

What factors influenced performance?

 

The Trust’s sector underweight and stock selection within financials detracted from performance relative to the Russell 1000® Value Index, as did stock selection in the industrials sector. Also having a negative impact was an underweight and selection in the health care sector, stock selection and a marginal overweight in telecommunications services, and stock selection and an underweight in consumer discretionary.

 

 

Contributing positively to performance during the period was a combination of stock selection and a marginal overweight in energy, stock selection in consumer staples, and an overweight in the industrials sector. Stock selection and an underweight within information technology (“IT”) boosted returns during the period, as did an overweight in the materials sector. The Trust’s option writing strategy had a positive impact on performance.

Describe recent portfolio activity.

 

During the six-month period, the Trust made relatively few material changes to portfolio holdings or allocations. However, given positive structural changes within the financials sector and a gradually improving

 

regulatory front, the Trust added to some existing positions within the sector. Additionally, the Trust sought to reduce exposure to companies with higher portions of their revenues coming from the euro zone.

Describe portfolio positioning at period end.

 

As of period end, the Trust was positioned to benefit from a recovering global economy, with a specific focus on sectors tied closely to accelerating consumption and demand around the world. While US multinational companies have had the backing of a strong domestic equity market and the benefit of gradually improving US consumer sentiment, the emerging markets remain critically important for future revenue growth. Trust management believes these markets will be a primary driver of equity returns, either directly or indirectly, in the years to come. Companies that have made a clear effort to expand operations in emerging- market regions in order to grow their brand recognition and overall foot- print are most likely to be the early beneficiaries of growth in these markets. This view is most clearly reflected by the Trust’s relatively larger allocations to the materials, industrials, consumer staples and energy sectors. Additionally, improving fundamentals within financials increases the potential for the sector to participate when world markets eventually garner confidence.

 

 

The Trust remains less invested in IT, health care, and consumer discretionary; however, Trust management believes these sectors will ultimately become more important for dividend investing in the future as high-growth companies become stable-growth companies generating more established revenue streams. In the aggregate, while the Trust’s portfolio of holdings is purposefully structured to withstand near-term market corrections, it is also poised to compete on the upside when company fundamentals become a more visible driver of equity returns 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.

 

                 
8       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 
 

 

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, 2012 ($7.57)1

   8.98%  

Current Quarterly Distribution per Common Share2

   $0.17

Current Annualized Distribution per Common Share2

   $0.68

 

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:

        4/30/12      10/31/11      Change      High      Low  

Market Price

     $7.57      $7.29      3.84%      $7.73      $ 6.82   

Net Asset Value

     $8.46      $8.03      5.35%      $8.48      $ 7.62   

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

 

    Ten Largest Holdings
      4/30/12

Chevron Corp.

       3 %

JPMorgan Chase & Co.

       3  

Wells Fargo & Co.

       3  

Exxon Mobil Corp.

       2  

Pfizer, Inc.

       2  

BHP Billiton Ltd. - ADR

       2  

Philip Morris International, Inc.

       2  

Caterpillar, Inc.

       2  

International Business Machines Corp.

       2  

The Home Depot, Inc.

       2  
    Sector Allocations
      4/30/12   10/31/11

Financials

       19 %       16 %

Industrials

       15         16  

Consumer Staples

       12         14  

Energy

       12         15  

Consumer Discretionary

       10         7  

Utilities

       9         8  

Materials

       7         8  

Health Care

       7         6  

Information Technology

       5         4  

Telecommunication Services

       4         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 such sector sub-classifications for reporting ease.

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    9


 

 

Trust Summary as of April 30, 2012

 

 

BlackRock Global Opportunities Equity Trust

 

 

      Trust Overview

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

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

 

      Portfolio Management Commentary

How did the Trust perform?

 

For the six months ended April 30, 2012, the Trust returned 10.24% based on market price and 5.91% based on NAV. For the same period, the MSCI All Country World Index posted a return of 7.07%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

The Trust’s average cash position, which was higher than usual during the period as a means to reduce the impact of market volatility, detracted from performance as investor sentiment improved at the end of 2011 and equity markets were further supported by accommodative policy action in the first quarter of 2012. Also having a negative impact on returns was stock selection in consumer discretionary, where the Trust’s holdings in restaurants and auto manufacturers were the primary detractors. In the information technology (“IT”) sector, stock selection across all three industry groups, including semiconductors, software and hardware, hurt performance.

 

 

The largest contributor to performance for the period was stock selection in the industrials sector, where a bias toward US-based industrial machinery companies, including SPX Corp., Stanley Black & Decker, Inc. and Dover Corp., had a positive impact on returns. The Trust’s sector

   

underweight relative to the MSCI All Country World Index in materials proved beneficial as the sector continued to face headwinds due to sluggish global economic growth. In addition, the Trust’s option overwrites on approximately half of its portfolio holdings had a positive impact on returns.

Describe recent portfolio activity.

 

During the six-month period, the Trust increased exposure to the industrials sector by closing its underweight in capital goods. The Trust also increased its weighting in consumer discretionary, specifically within retailers. The Trust reduced its holdings in consumer staples and integrated telecommunication services stocks. From a regional perspective, the Trust trimmed exposure to Europe and added exposure to the United States.

Describe portfolio positioning at period end.

 

At period end, the Trust’s positioning reflected several key characteristics. For one, given the number of headwinds faced by equity markets and the potential severity of the risks they impose, the Trust’s holdings were diversified in a manner that reduces the Trust’s vulnerability to any particular development or macro event. Additionally, the Trust’s holdings did not reflect an intentional bias toward any particular sector or security characteristic. The Trust’s overall portfolio risk was derived more from the individual security risks associated with its holdings than from systematic risks (i.e., risks that impact an entire market or market segment).

 

 

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, 2012   


 
 

 

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, 2012 ($15.27)1

   14.90%

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 Quarterly Distribution per Common Share, declared on May 1, 2012, was decreased to $0.41 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:
      4/30/12    10/31/11    Change    High    Low

Market Price

   $15.27    $14.95    2.14%    $16.02    $13.03

Net Asset Value

   $15.73    $16.03    (1.87)%    $16.34    $14.34

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

 

    Ten Largest Holdings          
     4/30/12  

Exxon Mobil Corp.

      2 %

British American Tobacco Plc

      1  

Apple, Inc.

      1  

Wells Fargo & Co.

      1  

PepsiCo, Inc.

      1  

Royal Dutch Shell Plc, Class A - ADR

      1  

Reynolds American, Inc.

      1  

JPMorgan Chase & Co.

      1  

Roche Holding AG

      1  

Raytheon Co.

      1  
    Geographic Allocations                    
     4/30/12   10/31/11  

United States

      54 %       48 %

United Kingdom

      8         7  

Japan

      5         6  

Germany

      4         6  

Canada

      3         3  

France

      3         3  

Switzerland

      3         3  

Hong Kong

      2         2  

Netherlands

      2         4  

China

      2         1  

Brazil

      1         2  

South Korea

      1         3  

Other3

      12         12  

 

3

Other includes a 1% holding or less in each of the following countries; for 4/30/12, Ireland, Australia, Mexico, Belgium, Italy, Sweden, Taiwan, South Africa, Norway, Indonesia, British Virgin Islands, India, Singapore, Israel, Luxembourg and Spain and for 10/31/11, Australia, Thailand, Norway, Denmark, Italy, Belgium, Ireland, Mexico, South Africa, Singapore, Luxembourg, Columbia, Taiwan, Israel, Spain and Indonesia.

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    11


 

 

Trust Summary as of April 30, 2012

 

 

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 captial 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, 2012, the Trust returned 16.59% based on market price and 10.55% based on NAV. For the same period, the Russell 3000® Healthcare Index returned 14.27%. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

 

   What factors influenced performance?
 

Detracting from performance relative to the Russell 3000® Healthcare Index was stock selection in pharmaceuticals. Although large-cap pharmaceutical stocks have largely benefited from investors’ search for non-cyclical equities during the risk-off trading periods in the market over the past year, the Trust’s exposure to European-based pharmaceuticals, which are not represented in the Russell 3000® Healthcare Index, hurt performance as uncertainty in Europe and talks of further drug pricing cuts dragged share prices down in that space. Additionally, an overweight to health care distributors had a negative impact on the Trust’s performance as deliberations surrounding the constitutionality of the new US health care legislation weighed on companies most sensitive to industry volumes.

 

 

Given evidence of decelerating health care spending in the United States and continued pricing pressures in Europe, the Trust sought to avoid companies that were more vulnerable to these trends in favor of companies that offered strong growth potential from product innovation or attractive pipeline potential. This preference resulted in an overweight to biotechnology, which was the strongest performing health care industry for the period. Also contributing positively to performance was stock selection in health care technology and an underweight to the health

   

care equipment sub-industry. The Trust’s option writing strategy had a positive impact on performance.

 

   Describe recent portfolio activity.
 

During the six-month period, the Trust sought opportunities in health care segments that are less vulnerable to reimbursement pressures and companies that are introducing enticing new products. As a result, the Trust rotated out of select procedural-based health care equipment and service names and increased exposure to areas that offer better growth potential, such as biopharmaceuticals, dental supply companies, eye care companies and animal health names. At times, the Trust’s cash balance was elevated when selling activity exceeded purchasing. The Trust’s cash position did not have a material impact on performance during the period.

 

   Describe portfolio positioning at period end.
 

As of period end, the Trust’s most significant industry allocations were in pharmaceuticals (30%), biotechnology (25%), health care providers & services (20%) and health care equipment & supplies (18%), with the balance invested across various areas of health care sector.

 

 

Amid unresolved global macroeconomic issues and the overhang of the final US Supreme Court ruling on the constitutionality of the new health care legislation, the Trust continues to focus on innovative companies that offer products or services that satisfy an unmet medical need or significantly reduce the costs associated with a current product or procedure. The Trust seeks to identify and own companies that have a strong outlook, even in a weak macroeconomic environment, due to new product cycles, strong execution and/ or margin opportunities. The Trust also continues to selectively add to its holdings of companies with overly depressed valuations and favorable risk/reward 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.

 

                 
12       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 
 

 

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, 2012 ($28.24)1

  5.44%

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:
      4/30/12    10/31/11    Change    High    Low

Market Price

   $28.24    $25.81    9.41%    $28.24    $24.22

Net Asset Value

   $27.65    $26.65    3.75%    $27.95    $24.96

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

 

    Ten Largest Holdings          
     4/30/12  

UnitedHealth Group, Inc.

      4 %

Alexion Pharmaceuticals, Inc.

      3  

Roche Holding AG

      3  

Amgen, Inc.

      3  

Biogen Idec, Inc.

      3  

Allergan, Inc.

      3  

Pfizer, Inc.

      3  

Sanofi

      3  

WellPoint, Inc.

      3  

Johnson & Johnson

      3  
    Industry Allocations                    
     4/30/12   10/31/11

Pharmaceuticals

      30 %       40 %

Biotechnology

      25         20  

Health Care Providers & Services

      20         19  

Health Care Equipment & Supplies

      18         14  

Health Care Technology

      2          

Life Sciences Tools & Services

      2         5  

Electronic Equipment, Instruments & Components

      1          

Food & Staples Retailing

      1          

Industrial Conglomerates

      1          

Machinery

              2  

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

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    13


 

 

Trust Summary as of April 30, 2012

 

 

BlackRock International Growth and Income Trust

 

    Trust Overview

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

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

 

    Portfolio Management Commentary

 

   How did the Trust perform?
 

For the six months ended April 30, 2012, the Trust returned 5.40% based on market price and 4.99% based on NAV. For the same period, the MSCI All Country World Index ex-US returned 2.73%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

 

   What factors influenced performance?
 

Relative to the MSCI All Country World Index ex-US, the Trust’s positive performance came largely from stock selection in the utilities, materials, information technology (“IT”) and financials sectors. In utilities, the Trust’s positioning within electric utilities benefited performance, where Cia Energetica de Minas Gerais significantly outperformed its competitors. In materials, the Trust’s holdings in the metals & mining industry, particularly Xstrata Plc and Quadra FNX Mining Ltd., boosted returns. In IT, the Trust’s overweight in software stocks enhanced returns during the period. Within financials, stock selection in the insurance and capital markets industries had a positive impact on performance. In addition, the Trust’s option overwrites on approximately half of its portfolio holdings had a positive impact on returns.

 

 

The Trust’s average cash position, which was higher than usual during the period as a means to reduce the impact of market volatility, detracted

   

from performance as investor sentiment improved at the end of 2011 and equity markets were further supported by accommodative policy action in the first quarter of 2012. Also having a negative impact on returns was stock selection in consumer discretionary, where the Trust’s holdings in auto manufacturers were the primary detractors.

 

   Describe recent portfolio activity.
 

During the six-month period, the Trust increased exposure to the industrials sector by closing its underweight in capital goods. The Trust increased its allocation to materials by increasing exposure to fertilizers, gold and paper products. The Trust also increased its weighting in consumer discretionary, particularly within retailers. These additions were offset by reductions in consumer staples and telecommunications services.

 

   Describe portfolio positioning at period end.
 

At period end, the Trust’s positioning reflected several key characteristics. For one, given the number of headwinds faced by equity markets and the potential severity of the risks they impose, the Trust’s holdings were diversified in a manner that reduces the Trust’s vulnerability to any particular development or macro event. Additionally, the Trust’s holdings did not reflect an intentional bias toward any particular sector or security characteristic. The Trust’s overall portfolio risk was derived more from the individual security risks associated with its holdings than from systematic risks (i.e., risks that impact an entire market or market segment).

 

 

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, 2012   


 
 

 

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, 2012 ($7.72)1

  11.40%

Current Quarterly Distribution per Common Share2

  $0.22

Current Annualized Distribution per Common Share2

  $0.88
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:
      4/30/12    10/31/11    Change    High    Low

Market Price

   $7.72    $7.88    (2.03)%    $8.49    $6.81

Net Asset Value

   $8.51    $8.72    (2.41)%    $8.90    $7.82

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

 

    Ten Largest Holdings          
     4/30/12  

Nestle SA

      2 %

Vodafone Group Plc - ADR

      2  

Royal Dutch Shell Plc, Class A - ADR

      2  

British American Tobacco Plc

      2  

Australia & New Zealand Banking Group Ltd.

      2  

HSBC Holdings Plc

      2  

Sanofi

      1  

Xstrata Plc

      1  

National Grid Plc

      1  

BP Plc

      1  
    Geographic Allocations                    
     4/30/12   10/31/11

United Kingdom

      21 %       16 %

Japan

      12         12  

Switzerland

      7         6  

Germany

      7         9  

Canada

      6         6  

France

      5         6  

Netherlands

      4         8  

Australia

      4         3  

Hong Kong

      4         4  

Brazil

      3         3  

China

      3         2  

Singapore

      3         2  

Taiwan

      2         1  

Mexico

      2         1  

South Korea

      2         4  

Sweden

      2          

Italy

      1         2  

Ireland

      1         2  

United States

      1         5  

Other3

      10         8  

 

3

Other includes a 1% holding or less in each of the following countries; for 4/30/12, Norway, South Africa, Spain, Indonesia, Belgium, Israel, Luxembourg, Bermuda, British Virgin Islands, India, and Gibraltar and for 10/31/11, Norway, Israel, South Africa, Belgium, Bermuda, Luxembourg, India, Columbia, Indonesia, Thailand, Spain, Denmark and Gibraltar.

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    15


 

 

Trust Summary as of April 30, 2012

 

 

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, 2012, the Trust returned 4.51% based on market price and 1.49% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 13.14% based on market price and 7.46% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

The largest contribution to the Trust’s performance came from the basic materials segment of the portfolio, where the Trust benefited from its holdings in chemicals, machinery, including Deere & Co. and Caterpillar, Inc., paper products, including International Paper Co. and MeadWestvaco Corp., and industrial gas name Praxair, Inc.

 

 

In the natural resources segment (metals & mining), the weak global macroeconomic outlook and fragile investor sentiment resulted in a volatile and generally weak period for mining stocks. However, the Trust’s holding in Mexican silver producer Industrias Penoles SAB de CV posted strong gains as the company continued to deliver on its operational and financial objectives. Positions in mining majors BHP Billiton Plc and Rio Tinto Plc were also notable contributors as these large-cap companies proved more resilient during the “risk-off” periods in the market as compared to their mid-tier counterparts.

 

 

In the energy segment, the Trust’s oil-related holdings in the oil & gas exploration & production group, including Whiting Petroleum Corp. and EOG Resources, Inc., delivered strong returns; however, their impact on Trust performance was muted by exposure to natural gas producers, which suffered from falling prices of natural gas during the period. In addition, the Trust’s option writing strategy had a positive impact on performance.

 

Detracting from performance in the energy segment of the portfolio was the Trust’s exposure to coal in the oil, gas & consumable fuels industry. Demand for coal weakened significantly during the period due to the relatively mild winter and utility companies switching to lower-cost natural gas. Even after declining more than 40% in 2011, US coal producers shed an additional 15% during the first quarter of 2012.

 

 

Within metals & mining, the Trust’s exposure to precious metals detracted from returns. Gold equities generally underperformed the broader metals & mining industry and some of the Trust’s holdings of gold producers detracted from performance as a result.

Describe recent portfolio activity.

 

During the six-month period, the Trust increased exposure in its metals & mining segment to gold equities upon their underperformance relative to bullion. In particular, the Trust initiated positions in Eldorado Gold Corp. and Kinross. In the basic materials segment of the portfolio, the Trust added to holdings in fertilizers, industrial gasses and steel companies while trimming positions in chemicals and paper & forest products. In the energy segment, the Trust added to integrated oil & gas names, refiners and storage & transportation, while trimming exposure to the oil & gas exploration & production and equipment & services groups.

Describe portfolio positioning at period end.

 

At the end of the period, the Trust held approximately 43% of total managed assets in metals & mining stocks, comprised of both base metals (28%) and precious metals (15%). The Trust’s allocation to the energy sector (33%) was heavily weighted in the oil & gas exploration & production group, with smaller weightings in the integrated oil & gas, oil & gas equipment & services and coal & consumable fuels groups. The basic materials segment of the portfolio (23%) was allocated heavily to chemicals with smaller exposures to the paper & forest products and machinery industries.

 

 

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, 2012   


 
 

 

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, 2012 ($11.81)1

   9.21%

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:

     4/30/12      10/31/11      Change      High      Low

Market Price

  $11.81      $11.84      (0.25)%      $12.70      $10.28

Net Asset Value

  $12.06      $12.45      (3.13)%      $13.08      $11.11

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

 

    Ten Largest Holdings
     4/30/12

Rio Tinto Plc

      4 %

BHP Billiton Plc

      4  

Caterpillar, Inc.

      4  

Industrias Penoles SAB de CV

      3  

Xstrata Plc

      3  

E.I. du Pont de Nemours & Co

      3  

Praxair, Inc.

      3  

Vale SA - ADR

      2  

Teck Resources Ltd., Class B

      2  

Iluka Resources Ltd.

      2  
    Industry Allocations
     4/30/12   10/31/11

Metals & Mining

      43 %       43 %

Oil, Gas & Consumable Fuels

      28         28  

Chemicals

      13         12  

Energy Equipment & Services

      5         6  

Paper & Forest Products

      5         6  

Machinery

      5         4  

Real Estate Investment Trusts (REITs)

      1          

Containers & Packaging

              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 such industry sub-classifications for reporting ease.

 

 

                 
  SEMI-ANNUAL REPORT       APRIL 30, 2012    17


 

 

Trust Summary as of April 30, 2012

 

 

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 six months ended April 30, 2012, the Trust returned (0.02)% based on market price and (0.96)% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 13.14% based on market price and 7.46% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

 

The Trust’s exposure in the metals & mining industry to gold and other precious metals equities had the largest negative impact on returns. Names like Seabridge Gold, Inc., Newmont Mining Corp. and Goldcorp, Inc. all hurt performance as commodity-related equities failed to recover from their late 2011 lows at the same pace as did physical commodity prices. In the oil, gas & consumable fuels industry, exposure to coal names detracted from performance. As natural gas prices fell, it became more economical for utility companies to generate electricity using natural gas rather than coal. This trend resulted in excess thermal coal inventories and pushed spot coal prices to their lowest level in several years. Even after declining more than 40% in 2011, US coal producers shed an additional 15% during the first quarter of 2012.

 

Contributing to performance within oil, gas & consumable fuels, were several of the Trust’s holdings in the oil & gas storage & transportation group. Notable individual performers included Plains All American Pipeline LP, ONEOK Partners LP, Enterprise Products Partners LP and MarkWest Energy Partners LP. In addition, the Trust’s option-writing strategy had a positive impact on returns.

Describe recent portfolio activity.

 

During the six-month period, the Trust increased exposure in metals & mining to gold and silver equities. In oil, gas & consumable fuels, the Trust added to holdings of integrated oil & gas names, while trimming its holdings in the oil & gas exploration & production group. The Trust also trimmed exposure to chemicals and oil & gas storage & transportation. The Trust’s cash allocation was elevated during the period as a means of conservative positioning amid heightened market volatility. Holding cash did not have a material impact on performance.

Describe portfolio positioning at period end.

 

At the end of the period, the Trust held approximately 43% of its total managed assets in energy stocks, 29% in metals & mining, which was comprised mostly of precious metals-related stocks, and 21% in fertilizers and other diversified chemicals, with the remaining invested in agricultural food products and machinery.

 

 

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, 2012   


 
 

 

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, 2012 ($14.25)1

   9.82%

Current Quarterly Distribution per Common Share2

   $0.35

Current Annualized Distribution per Common Share2

   $1.40
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:

        4/30/12      10/31/11      Change      High      Low

Market Price

     $14.25      $14.95      (4.68)%      $16.33      $12.78

Net Asset Value

     $15.89      $16.83      (5.59)%      $17.37      $15.12

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

 

    Ten Largest Holdings
      4/30/12

Potash Corp. of Saskatchewan, Inc

       4 %

Silver Wheaton Corp.

       3  

Monsanto Co.

       3  

E.I. du Pont de Nemours & Co.

       3  

Sprott Physical Gold Trust

       3  

Syngenta AG

       2  

ONEOK Partners LP

       2  

Franco-Nevada Corp.

       2  

Plains All American Pipeline LP

       2  

Enterprise Products Partners LP

       2  
    Industry Allocations
      4/30/12   10/31/11

Oil, Gas & Consumable Fuels

       40 %       38 %

Metals & Mining

       29         29  

Chemicals

       21         21  

Machinery

       4         5  

Food Products

       3         4  

Energy Equipment & Services

       3         3  

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

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    19


 

 

Trust Summary as of April 30, 2012

 

 

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, 2012, the Trust returned 8.99% based on market price and 7.27% based on NAV. For the same period, the MSCI World Value Index returned 6.07%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion of relative performance based on NAV pertains to the MSCI World Value Index.

What factors influenced performance?

 

Contributing positively to performance during the period was a combination of stock selection and an underweight in the energy sector as well as stock selection in telecommunications services and consumer staples. Sector overweights to consumer staples and industrials and stock selection within materials and utilities also added to returns. The Trust’s option writing strategy had a positive impact on performance during the period, as did its increased allocation to cash as a means of positioning the portfolio more conservatively amid heightened market uncertainty.

 

 

The Trust’s sector underweight and stock selection within financials detracted from performance relative to the MSCI World Value Index, as did stock selection in the industrials sector. Also having a negative impact was an underweight and selection in the health care sector, stock selection in consumer discretionary and an overweight in utilities.

Describe recent portfolio activity.

 

During the six-month period, the Trust made relatively few material changes to portfolio holdings or allocations. However, given positive

   

structural changes within the financials sector and a gradually improving regulatory front, the Trust added to some existing positions within the sector. Additionally, the Trust sought to reduce exposure to companies with higher portions of their revenues coming from the euro zone.

Describe Trust positioning at period end.

 

As of period end, the Trust was positioned to benefit from a recovering global economy, with a specific focus on sectors tied closely to accelerating consumption and demand around the world. While US multinational companies have had the backing of a strong domestic equity market and the benefit of gradually improving US consumer sentiment, the emerging markets remain critically important for future revenue growth. Trust management believes these markets will be a primary driver of equity returns, either directly or indirectly, in the years to come. This view is reflected in the Trust’s heavier weightings within industrials and energy. Companies that have made a clear effort to expand operations in emerging-market regions in order to grow their brand recognition and overall footprint are most likely to be the early beneficiaries of growth in these markets. Additionally, Trust management views financials as an important sector within the scope of a global recovery. In the aggregate, while the Trust’s portfolio of holdings is purposefully structured to withstand near-term market corrections, it is also poised to compete on the upside when company fundamentals become a more visible driver of equity returns 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.

 

                 
20       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 
 

 

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, 2012 ($12.75)1

   7.84%

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:

        4/30/12      10/31/11      Change      High      Low

Market Price

     $12.75      $12.43      2.57%      $13.56      $11.32

Net Asset Value

     $13.74      $13.61      0.96%      $13.87      $12.43

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

 

    Ten Largest Holdings
      4/30/12

Exxon Mobil Corp.

       3 %

AT&T Inc.

       3  

Chevron Corp.

       3  

International Business Machines Corp.

       2  

Emerson Electric Co.

       2  

Total SA - ADR

       2  

Altria Group, Inc.

       2  

Bristol-Myers Squibb Co.

       2  

McDonald’s Corp.

       2  

The Walt Disney Co.

       2  
    Geographic Allocations
      4/30/12   10/31/11

United States

       59 %       52 %

United Kingdom

       8         8  

Canada

       5         6  

France

       5         6  

Australia

       4         6  

Japan

       4         5  

Sweden

       4         4  

Germany

       3         4  

Hong Kong

       2         3  

Singapore

       2         2  

Other3

       4         4  

 

3

Other includes a 1% holding or less in each of the following countries; for 4/30/12, Spain, Netherlands, Switzerland, Belgium, Finland and Italy and for 10/31/11, Belgium, Switzerland, Finland, Spain, Italy and Netherlands.

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    21


 

 

Trust Summary as of April 30, 2012

 

 

BlackRock Utility and Infrastructure Trust

 

    Trust Overview

BlackRock Utility and Infrastructure Trust’s (BUI) (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 issued by companies that are engaged in the Utilities and Infrastructure business segments. The Trust considers the “Utilities” business segment to include products, technologies and services connected to the management, ownership, operation, construction, development or financing of facilities used to generate, transmit or distribute electricity, water, natural resources or telecommunications and the “Infrastructure” business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets. 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.

 

    Trust Information

 

Symbol on NYSE

   BUI

Initial Offering Date

   November 25, 2011

Yield on Closing Market Price as of April 30, 2012 ($18.83)1

   7.70%

Current Quarterly Distribution per Common Share2

   $0.3625

Current Annualized Distribution per Common Share2

   $1.4500
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:

        4/30/12      11/25/11      Change      High      Low

Market Price

     $18.83      $20.00      (5.85)%      $21.02      $17.65

Net Asset Value

     $20.09      $19.10      5.18%      $20.09      $18.92

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

 

    Ten Largest Holdings
      4/30/12

CCR SA

       4 %

Tractebel Energia SA

       3  

National Grid Plc

       3  

NextEra Energy, Inc.

       3  

Verizon Communications, Inc.

       2  

Cia Energetica de Minas Gerais - ADR

       2  

American Tower Corp.

       2  

Aqua America, Inc.

       2  

BT Group Plc

       2  

Edison International

       2  
    Geographic Allocations
      4/30/12

United States

       60 %

Brazil

       16  

United Kingdom

       9  

Canada

       4  

Hong Kong

       3  

Australia

       2  

Italy

       2  

Germany

       2  

Other3

       2  

 

3

Other includes a 1% holding or less in Norway and France.

 

 

                 
22       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

The Benefits and Risks of Option Over-Writing

 

 

In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-write strategy in an effort to enhance distribution yield and total return performance. However, these objectives cannot be achieved in all market conditions.

The Trusts primarily write single stock covered call options, and may also from time to time write single stock put options. When writing (selling) a covered call option, the Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trusts receive cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trusts. During the option term, the counterparty will elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust will be obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received will increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trusts will realize gains equal to the premiums received.

Each Trust employs a plan to support a level distribution of income, capital gains and/or return of capital. Such distributions, under certain circumstances, may exceed a Trust’s total return performance. To the extent that Trust distributions exceed net investment income and net realized gains, distributions to shareholders may be classified as a non-taxable return of capital and reduce the net asset value of shares held by investors.

Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written

option (sale by the Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty will result in a sale below the current market value and will result in a gain or loss being realized by the Trust; writing covered call options limits the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. As such, an option over-write strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option will expire and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.

Each Trust intends to write covered call options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    23


 

 

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 derivative financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market, equity, foreign currency exchange rate and/or other risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial

instrument. The Trusts’ ability to use a derivative financial 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 an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

 

 

                 
24       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments April 30,  2012 (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)

     33,800       $ 1,080,586   

Building Products – 0.2%

     

Kingspan Group Plc

     23,600         245,905   

Chemicals – 19.2%

     

Agrium, Inc. (a)

     33,600         2,953,440   

CF Industries Holdings, Inc. (a)

     11,250         2,171,925   

Ecolab, Inc. (a)

     14,982         954,204   

Incitec Pivot Ltd.

     289,700         979,104   

Israel Chemicals Ltd.

     90,000         1,029,494   

K+S AG

     20,500         1,024,624   

Monsanto Co. (a)

     43,400         3,306,212   

The Mosaic Co. (a)

     40,100         2,118,082   

Novozymes A/S, B Shares

     45,100         1,183,547   

Nufarm Ltd.

     69,860         355,564   

Potash Corp. of Saskatchewan, Inc. (a)

     55,600         2,361,888   

Sinofert Holdings Ltd.

     2,633,500         571,980   

Syngenta AG

     8,700         3,050,887   

Wacker Chemie AG (b)

     7,000         564,434   
     

 

 

 
                22,625,385   

Commercial Services & Supplies – 2.5%

     

Tetra Tech, Inc. (a)(b)(c)

     90,000         2,403,000   

Tianjin Capital Environmental Protection Group Co. Ltd., Series H (c)

     2,007,000         496,445   
     

 

 

 
                2,899,445   

Construction & Engineering – 2.2%

     

Aegion Corp. (a)(c)

     14,400         262,800   

Layne Christensen Co. (a)(c)

     11,900         244,545   

Quanta Services, Inc. (a)(c)

     50,800         1,123,696   

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

     31,000         938,370   
     

 

 

 
                2,569,411   

Electric Utilities – 3.6%

     

Acciona SA

     4,800         295,626   

Iberdrola SA

     237,005         1,104,381   

ITC Holdings Corp. (a)

     5,700         441,522   

NextEra Energy, Inc. (a)

     26,100         1,679,535   

SSE Plc

     32,000         686,190   
     

 

 

 
                4,207,254   

Electrical Equipment – 2.9%

     

ABB Ltd. (a)(c)

     21,600         393,615   

American Superconductor Corp. (a)(b)(c)

     34,400         142,072   

Gamesa Corp. Tecnologica SA (b)

     40,100         109,243   

General Cable Corp. (a)(c)

     9,100         267,904   

Nordex SE (c)

     7,900         35,142   
Common Stocks    Shares      Value  

Electrical Equipment (concluded)

     

Roper Industries, Inc. (a)

     12,100       $ 1,232,990   

Schneider Electric SA (c)

     14,500         893,138   

Vestas Wind Systems A/S (c)

     37,200         327,883   
     

 

 

 
                3,401,987   

Electronic Equipment, Instruments & Components – 1.9%

  

Itron, Inc. (a)(c)

     23,200         946,560   

Trimble Navigation Ltd. (c)

     24,810         1,343,213   
     

 

 

 
                2,289,773   

Food Products – 12.8%

     

Agria Corp. - ADR

     100,000         114,000   

Archer-Daniels-Midland Co.

     45,300         1,396,599   

BrasilAgro - Companhia Brasileira de Propriedades AG (c)

     525,200         2,083,001   

Bunge Ltd. (a)

     30,900         1,993,050   

Cosan Ltd., A Shares (a)

     89,900         1,244,216   

Cresud SACIF y A - ADR

     48,600         460,728   

Illovo Sugar Ltd.

     234,900         759,999   

IOI Corp. Bhd

     533,333         918,428   

Orkla ASA

     60,700         445,812   

Sao Martinho SA

     200,000         2,398,552   

SLC Agricola SA (c)

     150,000         1,481,783   

SunOpta, Inc. (c)

     59,400         345,114   

Viterra, Inc. (a)

     64,846         1,044,389   

Wilmar International Ltd.

     86,000         336,715   
     

 

 

 
                15,022,386   

Independent Power Producers & Energy Traders – 0.8%

  

China Longyuan Power Group Corp.,
Series H (c)

     286,000         224,099   

Enel Green Power SpA

     153,400         247,692   

Ormat Technologies, Inc. (a)

     20,600         407,262   

Trina Solar Ltd. - ADR (a)(b)(c)

     11,600         84,216   
     

 

 

 
                963,269   

Machinery – 9.8%

     

AGCO Corp. (c)

     40,900         1,904,713   

CNH Global NV (a)(c)

     32,000         1,464,640   

Deere & Co. (a)

     25,900         2,133,124   

IDEX Corp. (a)

     11,900         515,389   

Kurita Water Industries Ltd.

     66,300         1,624,618   

Pall Corp. (a)

     11,500         685,515   

Pentair, Inc.

     32,400         1,404,216   

Watts Water Technologies, Inc., Class A

     29,900         1,100,918   

Xylem, Inc.

     26,100         727,668   
     

 

 

 
                11,560,801   
 

 

  Portfolio Abbreviations

 

To simplify the listings of 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    Korean Won
   BRL    Brazil Real    MXN    Mexican Peso
   CAD    Canadian Dollar    NOK    Norwegian Krone
   CHF    Swiss Franc    PEN    Peruvian Neuvo Sol
   CLP    Chilean Peso    REIT    Real Estate Investment Trust
   DKK    Danish Krone    SEK    Swedish Krona
   EUR    Euro    SGD    Singapore Dollar
   GBP    British Pound    TWD    Taiwan Dollar
   GDR    Global Depositary Receipt    USD    US Dollar
   HKD    Hong Kong Dollar    ZAR    South African Rand
   ILS    Israeli Shekel      

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    25


 

 

Schedule of Investments (continued)

 

 

BlackRock EcoSolutions Investment Trust (BQR)

(Percentages shown are based on Net Assets)

 

Common Stocks   Shares     Value  

Materials – 2.5%

   

Johnson Matthey Plc

    77,500      $ 2,910,239   

Metals & Mining – 1.0%

   

Umicore SA

    21,000        1,140,377   

Multi-Utilities – 1.6%

   

Hera SpA

    439,100        660,262   

Suez Environnement Co.

    10,425        147,056   

United Utilities Group Plc

    91,181        914,917   

Veolia Environnement

    9,500        139,096   
   

 

 

 
              1,861,331   

Oil, Gas & Consumable Fuels – 2.4%

   

Cheniere Energy, Inc. (a)(c)

    8,700        159,297   

D1 Oils Plc (c)

    360,099        5,844   

Rentech, Inc. (c)

    450,000        1,039,500   

Sasol Ltd. (a)

    25,000        1,188,613   

Sasol Ltd. - ADR (a)

    8,400        398,412   
   

 

 

 
              2,791,666   

Paper & Forest Products – 0.3%

   

Fibria Celulose SA - ADR (c)

    26,700        211,998   

Precious Woods Holding AG (c)

    20,000        181,347   
   

 

 

 
              393,345   

Real Estate Investment Trusts (REITs) – 3.1%

  

Plum Creek Timber Co., Inc. (a)

    56,600        2,379,464   

Rayonier, Inc. (a)

    27,175        1,232,386   
   

 

 

 
              3,611,850   

Road & Rail – 0.5%

   

All American Latina Logistica SA

    133,000        602,151   

Semiconductors & Semiconductor Equipment – 0.3%

  

First Solar, Inc. (a)(b)(c)

    4,800        88,320   

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

    19,400        69,646   

Renewable Energy Corp. ASA (c)

    22,700        12,970   

Solarworld AG (b)

    26,400        55,674   

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

    14,600        36,792   

Yingli Green Energy Holding Co. Ltd. - ADR
(a)(b)(c)

    38,200        139,048   
   

 

 

 
              402,450   

Water Utilities – 25.7%

   

American States Water Co. (a)

    47,400        1,727,256   

American Water Works Co., Inc.

    58,800        2,013,312   

Aqua America, Inc.

    114,800        2,607,108   

Artesian Resources Corp., Class A

    39,400        752,146   

The Athens Water Supply & Sewage Co. SA

    89,950        464,300   

California Water Service Group

    100,000        1,811,000   

China Water Affairs Group Ltd. (b)

    4,556,000        1,419,591   

Cia de Saneamento Basico do Estado de Sao Paulo

    81,000        3,188,752   

Cia de Saneamento de Minas Gerais

    160,000        3,747,869   

Hyflux Ltd.

    797,000        921,712   

Inversiones Aguas Metropolitanas SA

    1,500,000        2,643,785   

Manila Water Co., Inc.

    5,610,000        3,281,023   

Pennon Group Plc

    215,200        2,569,471   

Severn Trent Plc

    113,500        3,112,648   
   

 

 

 
              30,259,973   

Total Long-Term Investments

(Cost – $118,950,430) – 94.2%

            110,839,584   

    

   
   
Short-Term Securities   Shares     Value  

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.14% (d)(f)

    7,692,785      $ 7,692,785   
     Beneficial
Interest
(000)
        

BlackRock Liquidity Series, LLC Money Market
Series, 0.20% (d)(e)(f)

  $ 1,488        1,488,335   

Total Short-Term Securities

(Cost – $9,181,120) – 7.8%

            9,181,120   

Total Investments Before Outstanding Options Written

(Cost – $128,131,550) – 102.0%

            120,020,704   

    

   
   
Options Written   Contracts         

Exchange-Traded Call Options – (0.3)%

  

ABB Ltd., Strike Price CHF 19, Expires 5/18/12

    100        (332

Aegion Corp., Strike Price USD 17.50, Expires 6/18/12

    65        (8,126

Agrium, Inc.:

   

Strike Price USD 87.50, Expires 5/21/12

    76        (18,620

Strike Price USD 90, Expires 5/21/12

    76        (9,500

American States Water Co., Strike Price USD 37, Expires 5/14/12

    210        (9,467

American Superconductor Corp., Strike Price USD 4.50, Expires 5/25/12

    155        (2,771

Bunge Ltd., Strike Price USD 68.50, Expires 5/11/12

    140        (641

CF Industries Holdings, Inc., Strike Price USD 190, Expires 5/21/12

    50        (40,875

Cheniere Energy, Inc.:

   

Strike Price USD 18, Expires 5/21/12

    20        (2,200

Strike Price USD 19, Expires 6/18/12

    10        (1,225

Strike Price USD 20, Expires 6/18/12

    10        (850

CNH Global NV, Strike Price USD 45, Expires 5/21/12

    144        (28,440

Cosan Ltd., A Shares:

   

Strike Price USD 14, Expires 5/21/12

    45        (1,340

Strike Price USD 15, Expires 5/21/12

    360        (5,400

Deere & Co., Strike Price USD 85, Expires 5/21/12

    115        (9,142

Ecolab, Inc., Strike Price USD 62.50, Expires 5/21/12

    65        (11,050

First Solar, Inc., Strike Price USD 21, Expires 6/18/12

    22        (2,673

General Cable Corp., Strike Price USD 30, Expires 5/21/12

    41        (5,740

IDEX Corp., Strike Price USD 44, Expires 6/07/12

    54        (5,670

ITC Holdings Corp., Strike Price USD 77, Expires 6/18/12

    25        (5,357

Itron, Inc., Strike Price USD 45, Expires 5/21/12

    105        (2,100

Johnson Controls, Inc.:

   

Strike Price USD 33, Expires 5/21/12

    76        (2,090

Strike Price USD 34, Expires 5/21/12

    76        (570
 

 

See Notes to Financial Statements.     
                 
26       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock EcoSolutions Investment Trust (BQR)

(Percentages shown are based on Net Assets)

 

Options Written   Contracts     Value  

Exchange-Traded Call Options (concluded)

   

Layne Christensen Co., Strike Price USD 25, Expires 5/21/12

    54      $ (2,160

MEMC Electronic Materials, Inc., Strike Price USD 4, Expires 5/21/12

    88        (924

Monsanto Co., Strike Price USD 77.50, Expires 5/21/12

    195        (18,818

The Mosaic Co., Strike Price USD 52.50, Expires 5/21/12

    180        (26,550

NextEra Energy, Inc., Strike Price USD 65, Expires 6/18/12

    120        (6,300

Ormat Technologies, Inc., Strike Price
USD 18.50, Expires 5/25/12

    93        (13,942

Pall Corp., Strike Price USD 60, Expires 6/18/12

    52        (9,620

Plum Creek Timber Co., Inc., Strike Price USD 42, Expires 5/21/12

    255        (16,448

Potash Corp. of Saskatchewan, Inc., Strike Price USD 45, Expires 6/18/12

    250        (19,500

Quanta Services, Inc.:

   

Strike Price USD 22, Expires 5/21/12

    115        (9,200

Strike Price USD 23, Expires 5/21/12

    115        (4,025

Rayonier, Inc., Strike Price USD 46, Expires 5/04/12

    123        (360

Roper Industries, Inc., Strike Price USD 100, Expires 5/21/12

    55        (15,400

Sasol Ltd., Strike Price USD 47, Expires 6/18/12

    72        (8,352

Sasol Ltd. - ADR, Strike Price USD 50, Expires 6/18/12

    12        (750

The Shaw Group, Inc., Strike Price USD 32, Expires 5/21/12

    140        (4,900

Suntech Power Holdings Co. Ltd. - ADR, Strike Price USD 3.50, Expires 5/21/12

    66        (132

Tetra Tech, Inc., Strike Price USD 25, Expires 5/21/12

    405        (87,075

Trina Solar Ltd. - ADR, Strike Price USD 7, Expires 6/18/12

    53        (4,372

Viterra, Inc., Strike Price CAD 16, Expires 5/21/12

    648        (9,840

Yingli Green Energy Holding Co. Ltd. - ADR, Strike Price USD 4, Expires 5/21/12

    172        (1,720

Total Exchange-Traded Call Options

            (434,567

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

   

Acciona SA, Strike Price EUR 51.45, Expires 5/15/12, Broker Citigroup Global
Markets, Inc.

    2,200        (212

All American Latina Logistica SA, Strike Price BRL 9.51, Expires 5/24/12, Broker Deutsche Bank Securities Corp.

    59,900        (849

American States Water Co., Strike Price USD 35.68, Expires 5/29/12, Broker UBS Securities LLC

    26,400        (32,456

American Water Works Co., Inc., Strike Price USD 34.17, Expires 5/07/12, Broker Deutsche Bank Securities Corp.

    26,500        (6,778
Options Written   Contracts     Value  

Over-the-Counter Call Options (continued)

   

Aqua America, Inc.:

   

Strike Price USD 22.43, Expires 5/08/12, Broker Goldman
Sachs & Co.

    17,600      $ (5,923

Strike Price USD 21.92, Expires 6/08/12, Broker Goldman
Sachs & Co.

    8,000        (6,320

Strike Price USD 21.80, Expires 6/14/12, Broker Morgan
Stanley & Co., Inc.

    17,800        (18,287

Strike Price USD 22.77, Expires 6/14/12, Broker Morgan
Stanley & Co., Inc.

    4,200        (1,067

Strike Price USD 22.77, Expires 6/21/12, Broker Morgan
Stanley & Co., Inc.

    4,200        (1,180

Archer-Daniels-Midland Co., Strike Price USD 31.19, Expires 5/29/12, Broker Citigroup Global Markets, Inc.

    20,500        (14,733

BrasilAgro - Companhia Brasileira de Propriedades AG:

   

Strike Price BRL 10.14, Expires 5/07/12, Broker Banc of America Securities

    39,400          

Strike Price BRL 8.62, Expires 5/24/12, Broker Deutsche Bank
Securities Corp.

    39,400        (360

Strike Price BRL 8.07, Expires 6/05/12, Broker Deutsche Bank Securities Corp.

    39,000        (2,620

Strike Price BRL 7.96, Expires 6/12/12, Broker Banc of America Securities

    39,000        (3,772

Strike Price BRL 7.73, Expires 6/21/12, Broker Deutsche Bank
Securities Corp.

    39,400        (6,199

California Water Service Group:

   

Strike Price USD 18.16, Expires 5/07/12, Broker Credit Suisse First Boston

    22,700        (3,979

Strike Price USD 18.50, Expires 5/10/12, Broker Citigroup Global Markets, Inc.

    22,200        (2,092

China Longyuan Power Group Corp., Series H, Strike Price HKD 6.16, Expires 5/30/12, Broker Citigroup Global Markets, Inc.

    129,000        (3,096

China Water Affairs Group Ltd., Strike Price HKD 2.46, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

    1,000,000        (9,515

Cia de Saneamento Basico do Estado de Sao Paulo, Strike Price BRL 68.78, Expires 5/24/12, Broker Deutsche Bank
Securities Corp.

    36,500        (120,724

Cia de Saneamento de Minas Gerais:

   

Strike Price BRL 41.43, Expires 5/07/12, Broker UBS Securities LLC

    36,000        (58,440

Strike Price BRL 41.02, Expires 5/24/12, Broker Deutsche Bank
Securities Corp.

    36,000        (71,747
 

 

See Notes to Financial Statements.

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    27


 

 

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 (continued)

   

Cresud SACIF y A - ADR, Strike Price USD 13.03, Expires 5/17/12, Broker Citigroup Global Markets, Inc.

    21,900      $ (2

Enel Green Power SpA, Strike Price EUR 1.40, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

    69,000        (12

Fibria Celulose SA - ADR, Strike Price USD 8.36, Expires 6/04/12, Broker Citigroup Global Markets, Inc.

    12,000        (2,544

Gamesa Corp. Tecnologica SA, Strike Price EUR 2.33, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

    18,000        (478

Hera SpA, Strike Price EUR 1.06, Expires 5/15/12, Broker UBS Securities LLC

    197,600        (20,846

Hyflux Ltd., Strike Price SGD 1.53, Expires 5/30/12, Broker Deutsche Bank
Securities Corp.

    359,000        (5,440

Iberdrola SA, Strike Price EUR 4.18, Expires 5/15/12, Broker Banc of America Securities

    106,700        (81

Illovo Sugar Ltd.:

   

Strike Price ZAR 25.25, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

    52,900        (523

Strike Price ZAR 25.25, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

    52,900        (1,985

Incitec Pivot Ltd., Strike Price AUD 3.10, Expires 5/30/12, Broker UBS Securities LLC

    130,400        (22,725

Inversiones Aguas Metropolitanas SA:

   

Strike Price CLP 806.99, Expires 5/07/12, Broker UBS Securities LLC

    225,000        (22,288

Strike Price CLP 828.2, Expires 5/30/12, Broker Credit Suisse First Boston

    225,000        (13,900

Strike Price CLP 827.16, Expires 6/05/12, Broker Credit Suisse First Boston

    225,000        (14,663

Israel Chemicals Ltd., Strike Price ILS 43.58, Expires 5/15/12, Broker UBS Securities LLC

    40,500        (8,340

Johnson Matthey Plc, Strike Price GBP 24.12, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

    34,900        (13,348

K+S AG, Strike Price EUR 37.02, Expires 6/27/12, Broker Morgan
Stanley & Co., Inc.

    9,300        (17,761

Kingspan Group Plc:

   

Strike Price EUR 7.85, Expires 5/15/12, Broker UBS
Securities LLC

    5,300        (1,333

Strike Price EUR 7.44, Expires 5/30/12, Broker Morgan
Stanley & Co., Inc.

    5,300        (3,573

Kurita Water Industries Ltd., Strike Price JPY 1,950.31, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

    29,900        (16,071

Nordex SE, Strike Price EUR 4.42, Expires 5/15/12, Broker Morgan
Stanley & Co., Inc.

    3,600        (2

Novozymes A/S, B Shares, Strike Price DKK 164.52, Expires 5/15/12, Broker Banc of America Securities

    24,800        (3,374

Nufarm Ltd., Strike Price AUD 4.86, Expires 5/30/12, Broker Morgan
Stanley & Co., Inc.

    31,500        (6,446

Orkla ASA, Strike Price NOK 42.47, Expires 6/27/12, Broker Deutsche Bank
Securities Corp.

    27,400        (3,555
Options Written   Contracts     Value  

Over-the-Counter Call Options (continued)

   

Pennon Group Plc, Strike Price GBP 7.21, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

    96,900      $ (27,827

Pentair, Inc., Strike Price USD 39.44, Expires 5/14/12, Broker Goldman Sachs & Co.

    11,800        (46,787

Renewable Energy Corp. ASA, Strike Price NOK 3.22, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

    10,300        (417

Sao Martinho SA:

   

Strike Price BRL 21.4, Expires 5/07/12, Broker UBS Securities LLC

    24,200        (18,864

Strike Price BRL 23.23, Expires 5/24/12, Broker Credit Suisse First Boston

    24,200        (7,086

Strike Price BRL 23.74, Expires 6/06/12, Broker Citigroup Global Markets, Inc.

    41,600        (11,844

Schneider Electric SA, Strike Price EUR 49.40, Expires 5/15/12, Broker Morgan
Stanley & Co., Inc.

    6,600        (3,676

Scottish & Southern Energy Plc, Strike Price GBP 13.55, Expires 5/15/12, Broker UBS Securities LLC

    14,400        (1,245

Severn Trent Plc, Strike Price GBP 15.68, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

    51,000        (101,042

Sinofert Holdings Ltd., Strike Price HKD 1.90, Expires 5/30/12, Broker Citigroup Global Markets, Inc.

    1,186,000        (1,947

SLC Agricola SA:

   

Strike Price BRL 16.11, Expires 5/07/12, Broker Credit Suisse First Boston

    16,900        (18,576

Strike Price BRL 17.89, Expires 5/30/12, Broker Credit Suisse First Boston

    33,700        (12,979

Strike Price BRL 18.65, Expires 6/21/12, Broker Credit Suisse First Boston

    16,900        (4,904

Solarworld AG, Strike Price EUR 2.15, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

    11,900        (10

Suez Environnement Co., Strike Price EUR 10.94, Expires 5/15/12, Broker Morgan
Stanley & Co., Inc.

    4,700        (927

SunOpta, Inc., Strike Price USD 5.74, Expires 6/05/12, Broker Goldman Sachs & Co.

    26,800        (6,921

Syngenta AG, Strike Price CHF 320.47, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

    4,000        (36,426

Tianjin Capital Environmental Protection Group Co. Ltd., Series H, Strike Price HKD 2.00, Expires 5/30/12, Broker Deutsche Bank Securities Corp.

    904,000        (2,860

Trimble Navigation Ltd., Strike Price USD 54.84, Expires 5/31/12, Broker Citigroup Global Markets, Inc.

    11,200        (17,955

Umicore SA, Strike Price EUR 41.49, Expires 5/15/12, Broker Banc of America Securities

    9,500        (11,335

United Utilities Group Plc, Strike Price GBP 6.11, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

    41,000        (6,650

Veolia Environnement, Strike Price EUR 11.60, Expires 5/15/12, Broker Banc of America Securities

    4,300        (1,146

Vestas Wind Systems A/S, Strike Price DKK 53.37, Expires 5/15/12, Broker Banc of America Securities

    16,800        (2,907
 

 

See Notes to Financial Statements.

      
                 
28       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (concluded)

   

Wacker Chemie AG, Strike Price EUR 62.51, Expires 5/15/12, Broker Banc of America Securities

    3,200      $ (1,305

Watts Water Technologies, Inc., Class A, Strike Price USD 37.70, Expires 6/29/12, Broker Goldman Sachs & Co.

    13,500        (21,670

Wilmar International Ltd., Strike Price SGD 4.84, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

    39,000        (5,170

 

 

Total Over-the-Counter Call Options

      (922,115

 

 

Total Options Written

(Premiums Received – $1,383,892) – (1.1)%

      (1,356,682

 

 
     Value  

 

 

Total Investments Net of Outstanding Options Written – 100.9%

   $ 118,664,022   

Liabilities in Excess of Other Assets – (0.9)%

     (1,041,055
  

 

 

 

Net Assets – 100.0%

   $ 117,622,967   
  

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Security, or a portion of security, is on loan.
(c) Non-income producing security.
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.
 

 

(f) 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,

2011

     Net
Activity
    Shares/
Beneficial
Interest
Held at
April 30,
2012
     Realized
Gain
     Income       

BlackRock Liquidity Funds, TempFund, Institutional Class

     9,507,628         (1,814,843     7,692,785       $ 161       $ 5,250      

BlackRock Liquidity Series, LLC Money Market Series

   $ 1,800,329       $ (311,994   $ 1,488,335               $ 29,285      

 

 

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

Currency
Purchased

 

Currency

Sold

  Counterparty   Settlement
Date
 

Unrealized
Appre-

ciation
(Depre

ciation)

 

 

 

CHF

 

1,143,500

 

USD

  1,261,348  

UBS

Securities LLC

  5/02/12     $(1,500)   

USD

 

18,633

 

BRL

  35,273   The Bank of New York Mellon Corp.   5/02/12     129   

USD

 

14,549

 

EUR

  11,000   Deutsche Bank Securities Corp.   5/04/12     (12)   

 

 

Total

            $(1,383)   
           

 

 

 

 

 

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 categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

   

Level 1 - unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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

 

 

See Notes to Financial Statements.

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    29


 

 

Schedule of Investments (concluded)

 

 

BlackRock EcoSolutions Investment Trust (BQR)

 

The following tables summarize the inputs used as of April 30, 2012 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:

       

Long-Term Investments:

       

Common Stocks:

       

Auto
Components

  $ 1,080,586               $ 1,080,586   

Building
Products

         $ 245,905          245,905   

Chemicals

    13,865,751        8,759,634          22,625,385   

Commercial Services & Supplies

    2,403,000        496,445          2,899,445   

Construction & Engineering

    2,569,411                 2,569,411   

Electric Utilities

    2,121,057        2,086,197          4,207,254   

Electrical Equipment

    2,036,581        1,365,406          3,401,987   

Electronic Equipment, Instruments & Components

    2,289,773                 2,289,773   

Food Products

    13,321,431        1,700,955          15,022,386   

Independent Power Producers & Energy Traders

    491,478        471,791          963,269   

Machinery

    9,936,183        1,624,618          11,560,801   

Materials

           2,910,239          2,910,239   

Metals & Mining

           1,140,377          1,140,377   

Multi-Utilities

           1,861,331          1,861,331   

Oil, Gas & Consumable Fuels

    1,603,053        1,188,613          2,791,666   

Paper & Forest Products

    393,345                 393,345   

Real Estate Investment Trusts (REITs)

    3,611,850                 3,611,850   

Road & Rail

    602,151                 602,151   

Semiconductors & Semiconductor Equipment

    333,806        68,644          402,450   

Water Utilities

    18,491,228        11,768,745          30,259,973   

Short-Term Securities

    7,692,785        1,488,335          9,181,120   

Total

  $ 82,843,469      $ 37,177,235        $ 120,020,704   

 

Valuation Inputs   Level 1     Level 2     Level 3     Total  

Derivative Financial Instruments1

       

Assets:

       

Foreign currency exchange contracts

  $ 129                    $ 129   

Liabilities:

       

Equity contracts

    (386,664   $ (970,018            (1,356,682

Foreign currency exchange contracts

    (1,512                   (1,512

Total

  $ (388,047   $ (970,018          $ (1,358,065

 

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.

      
                 
30       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Common Stocks   Shares     Value  

 

 

Energy Equipment & Services – 16.1%

  

Cameron International Corp. (a)(b)

    486,000      $ 24,907,500   

Core Laboratories NV (b)

    89,700        12,287,106   

National Oilwell Varco, Inc. (b)

    380,700        28,841,832   

Schlumberger Ltd. (b)

    235,900        17,489,626   

Superior Energy Services, Inc. (a)(b)

    205,300        5,526,676   

Technip SA

    166,900        18,953,177   

Transocean Ltd. (b)

    301,200        15,177,468   

Weatherford International Ltd. (a)(b)

    606,300        8,651,901   
   

 

 

 
      131,835,286   

 

 

Metals & Mining – 2.3%

   

Goldcorp, Inc. (b)

    96,200        3,680,612   

Pan American Silver Corp.

    177,100        3,455,221   

Silver Wheaton Corp. (b)

    377,000        11,509,810   
   

 

 

 
      18,645,643   

 

 

Oil, Gas & Consumable Fuels – 79.7%

   

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

    2,059,414        33,218,348   

AltaGas Ltd. (b)

    513,100        16,605,565   

Anadarko Petroleum Corp. (b)

    440,200        32,227,042   

Bonanza Creek Energy, Inc. (a)(c)

    607,500        13,346,775   

Cabot Oil & Gas Corp. (b)

    394,600        13,866,244   

Cheniere Energy, Inc. (a)(b)

    1,943,800        35,590,978   

Chesapeake Midstream Partners LP

    275,600        7,904,208   

Cimarex Energy Co. (b)

    148,200        10,242,102   

Concho Resources, Inc. (a)(b)

    69,800        7,481,164   

CONSOL Energy, Inc. (b)

    280,100        9,310,524   

Crescent Point Energy Corp. (b)

    336,400        14,697,600   

Crew Energy, Inc. (a)(b)

    1,709,192        12,111,499   

DCP Midstream Partners LP

    242,600        11,113,506   

Denbury Resources, Inc. (a)(b)(c)

    754,500        14,365,680   

El Paso Corp. (b)

    690,700        20,493,069   

Energy XXI (Bermuda) Ltd. (a)(b)

    455,700        17,170,776   

EQT Corp.

    413,611        20,606,100   

Keyera Corp. (b)

    467,567        19,117,306   

Kodiak Oil & Gas Corp. (a)(b)(c)

    827,700        7,325,145   

Kosmos Energy Ltd. (b)(c)

    1,041,300        12,683,034   

Magnum Hunter Resources Corp. (a)(b)(c)

    745,500        4,629,555   

MarkWest Energy Partners LP (b)

    415,500        24,992,325   

Noble Energy, Inc. (b)

    295,400        29,339,128   

NuVista Energy Ltd. (a)

    589,300        1,873,161   

Occidental Petroleum Corp. (b)

    379,300        34,599,746   

ONEOK Partners LP

    375,000        20,910,000   

Pembina Pipeline Corp.

    301,800        9,128,698   

Pioneer Natural Resources Co. (b)

    219,109        25,377,204   

Plains All American Pipeline LP (b)

    187,200        15,337,296   

Range Resources Corp. (b)

    559,300        37,282,938   

SM Energy Co. (b)

    83,200        5,500,352   

Southwestern Energy Co. (a)(b)(c)

    485,800        15,341,564   

Targa Resources Partners LP

    145,400        6,256,562   

Trilogy Energy Corp.

    354,770        9,811,526   

Valero Energy Corp. (b)

    1,340,223        33,103,508   

Whiting Petroleum Corp. (a)(b)

    560,800        32,077,760   

Williams Partners LP

    318,700        18,306,128   
   

 

 

 
      653,344,116   

 

 

Total Common Stocks – 98.1%

      803,825,045   

 

 
   
   
Rights   Shares     Value  

 

 

Oil, Gas & Consumable Fuels – 0.0%

  

Magnum Hunter Resources Corp., Expires 10/14/2013(a)(c)

    70,300      $   

 

 

Total Long-Term Investments

(Cost – $677,418,220) – 98.1%

      803,825,045   

 

 
   
   

Short-Term Securities

   

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.14% (d)(f)

    27,463,275        27,463,275   

 

 
    

Beneficial
Interest

(000)

       

 

 

BlackRock Liquidity Series, LLC Money
Market Series, 0.20% (d)(e)(f)

  $ 23,717        23,716,808   

 

 

Total Short-Term Securities

(Cost – $51,180,083) – 6.3%

      51,180,083   

 

 

Total Investments Before Outstanding Options Written

(Cost – $728,598,303) – 104.4%

  

  

    855,005,128   

 

 
   
   
Options Written   Contracts        

 

 

Exchange-Traded Call Options – (0.7)%

  

 

Alpha Natural Resources, Inc.:

   

Strike Price USD 20, Expires 5/21/12

    1,600        (9,599

Strike Price USD 20, Expires 6/18/12

    1,500        (36,000

AltaGas Ltd., Strike Price CAD 32, Expires 5/21/12

    600        (12,148

Anadarko Petroleum Corp.:

   

Strike Price USD 87.50, Expires 5/21/12

    470        (1,880

Strike Price USD 72.50, Expires 6/18/12

    500        (177,500

Strike Price USD 75, Expires 6/18/12

    500        (116,250

Cabot Oil & Gas Corp.:

   

Strike Price USD 35, Expires 5/21/12

    100        (13,500

Strike Price USD 32, Expires 6/18/12

    590        (230,100

Cameron International Corp.:

   

Strike Price USD 55, Expires 5/21/12

    800        (14,000

Strike Price USD 55, Expires 6/22/12

    800        (52,542

Cheniere Energy, Inc.:

   

Strike Price USD 18, Expires 5/21/12

    3,150        (346,500

Strike Price USD 19, Expires 5/21/12

    500        (31,250

Strike Price USD 19, Expires 6/18/12

    1,632        (199,920

Strike Price USD 20, Expires 6/18/12

    1,632        (138,720

Cimarex Energy Co.:

   

Strike Price USD 85, Expires 5/21/12

    180        (1,800

Strike Price USD 70, Expires 6/18/12

    300        (99,000

Concho Resources, Inc., Strike Price USD 105, Expires 5/21/12

    230        (110,400

CONSOL Energy, Inc.:

   

Strike Price USD 35, Expires 5/21/12

    300        (9,900

Strike Price USD 37, Expires 5/21/12

    240        (1,920

Core Laboratories NV, Strike Price USD 135, Expires 6/18/12

    298        (174,330
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    31


 

 

Schedule of Investments (continued)

 

 

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Options Written   Contracts     Value  

 

 

Exchange-Traded Call Options (continued)

  

Crescent Point Energy Corp., Strike Price CAD 46, Expires 5/21/12

    1,175      $ (11,895

Crew Energy, Inc.:

   

Strike Price CAD 11, Expires 5/21/12

    3,525        (14,273

Strike Price CAD 7.50, Expires 6/18/12

    1,465        (37,075

Denbury Resources, Inc., Strike Price
USD 20, Expires 5/21/12

    2,500        (68,750

El Paso Corp.:

   

Strike Price USD 30, Expires 5/21/12

    1,000        (38,000

Strike Price USD 30, Expires 6/18/12

    1,280        (94,080

Energy XXI (Bermuda) Ltd.:

   

Strike Price USD 39, Expires 5/21/12

    610        (57,950

Strike Price USD 40, Expires 6/18/12

    610        (82,350

Strike Price USD 41, Expires 6/18/12

    204        (20,910

Goldcorp, Inc., Strike Price USD 45, Expires 5/21/12

    340        (1,190

Keyera Corp., Strike Price CAD 39, Expires 6/18/12

    845        (132,586

Kodiak Oil & Gas Corp.:

   

Strike Price USD 11, Expires 5/09/12

    490        (29

Strike Price USD 12.50, Expires 5/21/12

    300        (1,500

Strike Price USD 10, Expires 6/18/12

    2,107        (79,012

Kosmos Energy Ltd.:

   

Strike Price USD 13.75, Expires 5/15/12

    335        (749

Strike Price USD 12.50, Expires 5/21/12

    675        (21,938

Strike Price USD 12.50, Expires 6/18/12

    600        (31,500

Magnum Hunter Resources Corp., Strike Price USD 7.50, Expires 5/21/12

    1,100        (11,000

MarkWest Energy Partners LP:

   

Strike Price USD 60, Expires 5/21/12

    700        (47,250

Strike Price USD 60, Expires 6/18/12

    700        (82,250

National Oilwell Varco, Inc., Strike Price USD 85, Expires 5/21/12

    570        (3,990

Noble Energy, Inc., Strike Price USD 100, Expires 5/21/12

    975        (173,062

Occidental Petroleum Corp.:

   

Strike Price USD 100, Expires 5/21/12

    1,095        (12,592

Strike Price USD 95, Expires 6/18/12

    230        (35,305

Pioneer Natural Resources Co.:

   

Strike Price USD 110, Expires 5/21/12

    135        (105,975

Strike Price USD 115, Expires 5/21/12

    100        (45,500

Strike Price USD 110, Expires 6/18/12

    100        (95,000

Plains All American Pipeline LP, Strike Price USD 80, Expires 5/21/12

    600        (115,500

Range Resources Corp.:

   

Strike Price USD 57.50, Expires 6/18/12

    980        (950,600

Strike Price USD 60, Expires 6/18/12

    980        (744,800

Schlumberger Ltd.:

   

Strike Price USD 72.50, Expires 5/21/12

    330        (87,120

Strike Price USD 75, Expires 5/21/12

    50        (5,975

Strike Price USD 77.50, Expires 5/21/12

    400        (16,600

Silver Wheaton Corp., Strike Price USD 31, Expires 5/21/12

    660        (57,750
Options Written   Contracts     Value  

 

 

Exchange-Traded Call Options (concluded)

   

SM Energy Co.:

   

Strike Price USD 80, Expires 5/21/12

    175      $ (4,375

Strike Price USD 65, Expires 6/18/12

    100        (43,500

Southwestern Energy Co.:

   

Strike Price USD 35.25, Expires 5/21/12

    1,220        (16,175

Strike Price USD 30, Expires 6/18/12

    385        (107,608

Superior Energy Services, Inc., Strike Price USD 27.50, Expires 5/21/12

    720        (46,800

Transocean Ltd., Strike Price USD 55, Expires 5/19/12

    1,040        (45,240

Valero Energy Corp.:

   

Strike Price USD 26, Expires 5/21/12

    1,850        (56,425

Strike Price USD 27, Expires 5/21/12

    380        (5,130

Strike Price USD 28, Expires 5/21/12

    300        (1,950

Strike Price USD 25, Expires 6/18/12

    300        (31,500

Strike Price USD 27, Expires 6/18/12

    1,850        (69,375

Weatherford International Ltd., Strike Price USD 18, Expires 5/21/12

    2,120        (8,480

Whiting Petroleum Corp.:

   

Strike Price USD 62.50, Expires 5/21/12

    800        (18,000

Strike Price USD 65, Expires 5/21/12

    200        (2,000

Strike Price USD 57.50, Expires 6/18/12

    964        (260,280

 

 

Total Exchange-Traded Call Options

      (5,778,153

 

 

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

  

Bonanza Creek Energy, Inc.:

   

Strike Price USD 19.89, Expires 5/04/12, Broker Deutsche Bank Securities Corp.

    48,400        (100,696

Strike Price USD 19.89, Expires 5/10/12, Broker Deutsche Bank Securities Corp.

    48,400        (101,820

Strike Price USD 21.89, Expires 5/25/12, Broker Morgan Stanley & Co., Inc.

    47,000        (33,210

Cabot Oil & Gas Corp., Strike Price USD 32.00,
Expires 6/13/12, Broker Morgan
Stanley & Co., Inc.

    62,000        (245,110

Consol Energy, Inc., Strike Price USD 35.07, Expires 6/13/12, Broker Morgan Stanley & Co., Inc.

    46,000        (40,448

Crew Energy, Inc., Strike Price CAD 9.81, Expires 5/25/12, Broker Goldman Sachs & Co.

    99,000        (175

Energy XXI (Bermuda) Ltd., Strike Price USD
37.45, Expires 6/06/12, Broker Morgan
Stanley & Co., Inc.

    24,000        (51,380

EQT Corp.:

   

Strike Price USD 51.33, Expires 5/04/12, Broker UBS Securities LLC

    50,000        (3,385

Strike Price USD 52.58, Expires 5/04/12, Broker Banc of America Securities

    64,000        (714

Strike Price USD 51.33, Expires 5/11/12, Broker UBS Securities LLC

    50,000        (13,813

Keyera Corp., Strike Price CAD 41.73, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

    70,000        (20,449

Kosmos Energy Ltd., Strike Price USD 12.49,
Expires 5/29/12, Broker Deutsche Bank
Securities Corp.

    62,000        (12,660
 

 

See Notes to Financial Statements.     
                 
32       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (continued)

  

 

Magnum Hunter Resources Corp.:

   

Strike Price USD 6.35, Expires
6/12/12, Broker Morgan
Stanley & Co., Inc.

    65,000      $ (26,506

Strike Price USD 6.20, Expires 6/22/12,
Broker Deutsche Bank Securities Corp.

    71,000        (28,819

National Oilwell Varco, Inc., Strike Price
USD 87.50, Expires 6/13/12, Broker Citigroup
Global Markets, Inc.

    76,000        (18,698

ONEOK Partners LP, Strike Price USD 55.47,
Expires 6/06/12, Broker Deutsche Bank
Securities Corp.

    35,000        (34,075

Pioneer Natural Resources, Strike Price
USD 119.07, Expires 6/07/12, Broker Deutsche
Bank Securities Corp.

    48,000        (178,509

Technip SA:

   

Strike Price EUR 89.07, Expires 6/13/12,
Broker Morgan Stanley & Co., Inc.

    29,200        (102,383

Strike Price EUR 89.07, Expires 6/27/12,
Broker Morgan Stanley & Co., Inc.

    29,200        (121,698
Options Written   Contracts     Value  

 

 

Over-the-Counter Call Options (concluded)

  

 

Trilogy Energy Corp.:

   

Strike Price CAD 27.09, Expires 5/10/12, Broker Deutsche Bank Securities Corp.

    58,500      $ (45,664

Strike Price CAD 27.36, Expires 5/25/12, Broker Deutsche Bank Securities Corp.

    58,500        (60,044

 

 

Total Over-the-Counter Call Options

  

    (1,240,256

 

 

Total Options Written

(Premiums Received – $7,456,147) – (0.9)%

  

  

    (7,018,409

 

 

Total Investments Net of Outstanding Options Written – 103.5%

   

    847,986,719   

Liabilities in Excess of Other Assets – (3.5)%

  

    (28,646,356
   

 

 

 

Net Assets – 100.0%

    $ 819,340,363   
   

 

 

 

 

(a) Non-income producing security.
(b) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(c) Security, or a portion of security, is on loan.
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.

 

 
(f) 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,

2011

   

Net

Activity

    Shares/
Beneficial
Interest
Held at
April 30,
2012
    Realized
Gain
    Income      

 

   

BlackRock Liquidity Funds, TempFund, Institutional Class

    14,873,138        12,590,137        27,463,275        $412      $ 13,609     

BlackRock Liquidity Series, LLC Money Market Series

    $60,660,178      $ (36,943,370   $ 23,716,808             $ 55,379     

 

 

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

   

Currency

Purchased

 

Currency

Sold

    Counterparty  

Settlement

Date

 

Unrealized

Depreciation

 
 

 

 
 

EUR 4,772,000

  USD  6,325,859      Citigroup
Global
Markets,
Inc.
  5/02/12     $(9,177)   

 

 

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 categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

   

Level 1 - unadjusted 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)

 

 

 

See Notes to Financial Statements.

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    33


 

 

Schedule of Investments (concluded)

 

 

BlackRock Energy and Resources Trust (BGR)

 

   Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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, 2012 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:

       

Long-Term Investments:

       

Common Stocks:

       

Energy Equipment
& Services

  $112,882,109   $  18,953,177     $131,835,286

Metals & Mining

  18,645,643       18,645,643

Oil, Gas &
Consumable
Fuels

  653,344,116       653,344,116

Rights

       

Short-Term Securities

  27,463,275   23,716,808     51,180,083

Total

  $812,335,143   $42,669,985     $855,005,128
       
Valuation Inputs   Level 1   Level 2   Level 3   Total

Derivative Financial Instruments1

       

Liabilities:

       

Equity
contracts

  $(5,708,659)   $(1,309,750)     $(7,018,409)

Foreign
Currency
Contracts

  (9,177)       (9,177)

Total

  $(5,708,659)   $(1,309,750)     $(7,018,409)

 

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.     
                 
34       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock Enhanced Equity Dividend Trust (BDJ)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Aerospace & Defense – 4.5%

  

General Dynamics Corp.

     150,500       $ 10,158,750   

Honeywell International, Inc.

     158,400         9,608,544   

Northrop Grumman Corp. (a)

     161,700         10,232,376   

Raytheon Co. (a)

     290,700         15,738,498   

Rockwell Collins, Inc. (a)

     53,400         2,984,526   

United Technologies Corp. (a)

     236,800         19,332,352   
     

 

 

 
        68,055,046   

 

 

Air Freight & Logistics – 0.6%

  

United Parcel Service, Inc., Class B (a)

     114,400         8,939,216   

 

 

Auto Components – 0.3%

  

Johnson Controls, Inc. (a)

     158,400         5,064,048   

 

 

Beverages – 1.9%

     

The Coca-Cola Co. (a)

     212,700         16,233,264   

Diageo Plc - ADR (a)

     124,400         12,579,328   
     

 

 

 
        28,812,592   

 

 

Building Products – 0.3%

  

AO Smith Corp.

     42,050         2,001,580   

Fortune Brands Home and Security, Inc. (a)(b)

     12,400         281,976   

Masco Corp. (a)

     185,600         2,446,208   
     

 

 

 
        4,729,764   

 

 

Capital Markets – 0.3%

  

Eaton Vance Corp. (a)

     128,800         3,387,440   

Federated Investors, Inc., Class B (a)(c)

     80,446         1,776,248   
     

 

 

 
        5,163,688   

 

 

Chemicals – 2.9%

  

The Dow Chemical Co. (a)

     209,800         7,108,024   

E.I. du Pont de Nemours & Co. (a)

     400,000         21,384,000   

Olin Corp.

     234,400         4,913,024   

Praxair, Inc. (a)

     77,600         8,978,320   

RPM International, Inc.

     53,000         1,408,210   

Stepan Co.

     10,350         940,401   
     

 

 

 
        44,731,979   

 

 

Commercial Banks – 7.4%

  

BancorpSouth, Inc.

     52,600         708,522   

Bank of Hawaii Corp. (a)

     43,000         2,102,270   

Bank of Nova Scotia (a)

     207,100         11,488,667   

Bank of the Ozarks, Inc.

     37,700         1,164,930   

Chemical Financial Corp.

     52,445         1,157,461   

Community Bank System, Inc.

     29,100         818,292   

Community Trust Bancorp, Inc.

     31,300         1,000,035   

Cullen/Frost Bankers, Inc.

     92,000         5,424,320   

Iberiabank Corp.

     23,200         1,184,824   

M&T Bank Corp. (a)

     32,700         2,821,029   

National Bank of Canada (a)

     181,500         14,165,764   

S&T Bancorp, Inc.

     24,800         464,256   

The Toronto-Dominion Bank (a)

     123,100         10,395,795   

Trustmark Corp. (a)

     57,500         1,463,375   

U.S. Bancorp (a)

     521,600         16,779,872   

Valley National Bancorp

     107,915         1,359,729   

Wells Fargo & Co. (a)

     1,157,700         38,701,911   

WesBanco, Inc.

     46,300         948,224   
     

 

 

 
        112,149,276   

 

 

Commercial Services & Supplies – 0.3%

  

ABM Industries, Inc.

     103,800         2,416,464   

Avery Dennison Corp. (a)

     7,241         231,567   

McGrath RentCorp

     39,761         1,169,769   

Mine Safety Appliances Co.

     21,200         900,152   
     

 

 

 
        4,717,952   

 

 
Common Stocks    Shares      Value  

Computers & Peripherals – 0.2%

  

Diebold, Inc. (a)

     67,900       $ 2,678,655   

 

 

Construction Materials – 0.4%

     

Martin Marietta Materials, Inc. (a)

     33,500         2,776,480   

Vulcan Materials Co. (a)

     62,600         2,679,906   
     

 

 

 
        5,456,386   

 

 

Consumer Finance – 1.0%

  

American Express Co.

     241,600         14,546,736   

 

 

Containers & Packaging – 0.5%

  

Bemis Co., Inc. (a)

     94,400         3,057,616   

Myers Industries, Inc.

     48,848         807,457   

Sonoco Products Co.

     98,900         3,276,557   
     

 

 

 
        7,141,630   

 

 

Distributors – 0.3%

  

Fastenal Co. (a)

     61,500         2,879,430   

Genuine Parts Co. (a)

     32,300         2,092,394   
     

 

 

 
        4,971,824   

 

 

Diversified Consumer Services – 0.3%

  

H&R Block, Inc. (a)

     313,421         4,607,289   

 

 

Diversified Financial Services – 2.9%

     

Bank of America Corp. (a)

     691,600         5,608,876   

JPMorgan Chase & Co. (a)

     903,000         38,810,940   
     

 

 

 
        44,419,816   

 

 

Diversified Telecommunication Services – 3.8%

  

AT&T Inc. (a)

     650,100         21,394,791   

BCE, Inc.

     94,100         3,813,873   

CenturyLink, Inc. (a)

     548,100         21,134,736   

Verizon Communications, Inc. (a)

     254,600         10,280,748   

Windstream Corp.

     31,154         350,171   
     

 

 

 
        56,974,319   

 

 

Electric Utilities – 3.7%

     

American Electric Power Co., Inc. (a)

     136,300         5,293,891   

Duke Energy Corp. (a)

     204,200         4,376,006   

Edison International

     103,600         4,559,436   

FirstEnergy Corp. (a)

     85,100         3,984,382   

ITC Holdings Corp.

     34,600         2,680,116   

MGE Energy, Inc.

     15,071         689,348   

NextEra Energy, Inc. (a)

     145,400         9,356,490   

Northeast Utilities

     207,882         7,643,821   

Otter Tail Corp.

     44,761         982,952   

PPL Corp.

     102,400         2,800,640   

The Southern Co. (a)

     285,500         13,115,870   
     

 

 

 
        55,482,952   

 

 

Electrical Equipment – 0.9%

  

Brady Corp., Class A

     87,500         2,715,125   

Rockwell Automation, Inc. (a)

     60,800         4,702,272   

Roper Industries, Inc. (a)

     65,600         6,684,640   
     

 

 

 
        14,102,037   

 

 

Energy Equipment & Services – 0.6%

  

Helmerich & Payne, Inc. (a)

     50,700         2,605,473   

Schlumberger Ltd. (a)

     92,800         6,880,192   
     

 

 

 
        9,485,665   

 

 

Food & Staples Retailing – 0.5%

  

Wal-Mart Stores, Inc. (a)

     119,900         7,063,309   

 

 

Food Products – 4.5%

  

Beam, Inc. (a)

     28,000         1,589,840   

General Mills, Inc.

     235,900         9,174,151   
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    35


 

 

Schedule of Investments (continued)

 

 

BlackRock Enhanced Equity Dividend Trust (BDJ)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Food Products (concluded)

     

HJ Heinz Co.

     165,100       $ 8,801,481   

Hormel Foods Corp. (a)

     220,200         6,399,012   

The J.M. Smucker Co.

     16,705         1,330,219   

Kraft Foods, Inc., Class A (a)

     334,600         13,340,502   

Lancaster Colony Corp.

     45,800         2,986,618   

McCormick & Co., Inc. (a)

     8,300         464,053   

Mead Johnson Nutrition Co. (a)

     137,500         11,764,500   

Unilever NV

     377,200         12,956,820   
     

 

 

 
        68,807,196   

 

 

Gas Utilities – 1.8%

     

Atmos Energy Corp.

     41,500         1,352,070   

Energen Corp.

     57,500         3,011,850   

National Fuel Gas Co.

     64,700         3,061,604   

New Jersey Resources Corp.

     121,200         5,240,688   

Northwest Natural Gas Co.

     63,700         2,911,090   

Piedmont Natural Gas Co., Inc. (a)

     98,300         2,996,184   

South Jersey Industries, Inc.

     78,000         3,841,500   

UGI Corp.

     41,400         1,208,052   

WGL Holdings, Inc.

     78,300         3,140,613   
     

 

 

 
        26,763,651   

 

 

Health Care Equipment & Supplies – 0.2%

  

  

Meridian Bioscience, Inc.

     62,000         1,274,100   

Teleflex, Inc.

     23,000         1,441,410   
     

 

 

 
        2,715,510   

 

 

Health Care Providers & Services – 0.3%

  

  

Quest Diagnostics, Inc. (a)

     89,200         5,145,948   

 

 

Hotels, Restaurants & Leisure – 1.3%

  

  

McDonald’s Corp. (a)

     210,300         20,493,735   

 

 

Household Durables – 0.5%

     

Stanley Black & Decker, Inc. (a)

     104,500         7,645,220   

 

 

Household Products – 1.5%

     

Kimberly-Clark Corp.

     118,950         9,334,008   

The Procter & Gamble Co. (a)

     214,000         13,618,960   
     

 

 

 
        22,952,968   

 

 

Independent Power Producers & Energy Traders – 0.5%

  

International Power Plc

     1,046,800         7,081,040   

 

 

Industrial Conglomerates – 2.3%

  

  

3M Co. (a)

     110,400         9,865,345   

General Electric Co. (a)

     1,122,100         21,970,718   

Raven Industries, Inc.

     39,828         2,398,044   
     

 

 

 
        34,234,107   

 

 

Insurance – 4.0%

     

ACE Ltd.

     108,800         8,265,535   

Arthur J. Gallagher & Co.

     38,000         1,427,280   

The Chubb Corp.

     174,500         12,750,715   

Cincinnati Financial Corp. (a)

     145,942         5,198,454   

Erie Indemnity Co., Class A

     51,300         3,944,970   

Harleysville Group, Inc.

     37,700         2,259,738   

Mercury General Corp.

     31,000         1,400,890   

Old Republic International Corp.

     218,000         2,169,100   

Prudential Financial, Inc. (a)

     133,100         8,057,874   

The Travelers Cos., Inc.

     236,600         15,218,112   
     

 

 

 
        60,692,668   

 

 

IT Services – 1.8%

     

Automatic Data Processing, Inc. (a)

     52,160         2,901,139   

International Business Machines
Corp. (a)

     118,800         24,601,104   
     

 

 

 
        27,502,243   

 

 
Common Stocks    Shares      Value  

Leisure Equipment & Products – 1.1%

  

  

Mattel, Inc. (a)

     198,900       $ 6,683,040   

Polaris Industries, Inc. (a)

     121,000         9,612,240   
     

 

 

 
        16,295,280   

 

 

Machinery – 4.0%

     

Caterpillar, Inc. (a)

     254,600         26,165,242   

Deere & Co. (a)

     283,900         23,382,004   

Dover Corp. (a)

     54,400         3,408,704   

Graco, Inc.

     39,600         2,111,076   

NACCO Industries, Inc., Class A

     11,400         1,293,558   

Pentair, Inc.

     105,100         4,555,034   
     

 

 

 
        60,915,618   

 

 

Media – 2.0%

     

Comcast Corp., Special Class A (a)

     462,000         13,781,460   

Meredith Corp. (c)

     33,500         965,805   

Time Warner Cable, Inc. (a)

     141,066         11,348,760   

The Walt Disney Co. (a)

     105,100         4,530,861   
     

 

 

 
        30,626,886   

 

 

Metals & Mining – 2.6%

     

BHP Billiton Ltd. - ADR (a)

     372,100         27,647,030   

Rio Tinto Plc - ADR

     145,700         8,169,399   

Southern Copper Corp. (a)

     130,077         4,276,932   
     

 

 

 
        40,093,361   

 

 

Multiline Retail – 0.2%

     

Family Dollar Stores, Inc.

     51,200         3,458,560   

 

 

Multi-Utilities – 2.0%

     

Consolidated Edison, Inc. (a)

     60,600         3,602,670   

Dominion Resources, Inc.

     223,500         11,664,465   

Integrys Energy Group, Inc.

     76,800         4,196,352   

Public Service Enterprise
Group, Inc. (a)

     171,600         5,345,340   

Sempra Energy

     64,800         4,195,152   

Wisconsin Energy Corp.

     52,900         1,948,836   
     

 

 

 
        30,952,815   

 

 

Oil, Gas & Consumable Fuels – 10.5%

  

  

Chevron Corp. (a)

     376,550         40,125,168   

ConocoPhillips (a)

     158,300         11,339,029   

Enbridge, Inc. (a)

     406,600         17,036,163   

EQT Corp.

     143,100         7,129,242   

Exxon Mobil Corp. (a)

     337,200         29,113,848   

Kinder Morgan, Inc. (a)(c)

     63,400         2,276,060   

Marathon Oil Corp. (a)

     224,800         6,595,632   

Marathon Petroleum Corp. (a)

     117,900         4,905,819   

Occidental Petroleum Corp. (a)

     118,800         10,836,936   

Peabody Energy Corp. (a)

     45,100         1,403,061   

Royal Dutch Shell Plc,
Class A - ADR (a)

     49,900         3,569,846   

Spectra Energy Corp. (a)

     224,300         6,894,982   

Total SA - ADR (a)

     376,500         18,113,415   
     

 

 

 
        159,339,201   

 

 

Paper & Forest Products – 0.5%

  

  

MeadWestvaco Corp.

     249,600         7,942,272   

 

 

Pharmaceuticals – 5.8%

     

Abbott Laboratories

     168,600         10,463,316   

Bristol-Myers Squibb Co. (a)

     405,500         13,531,535   

Johnson & Johnson (a)

     226,700         14,755,903   

Merck & Co., Inc. (a)

     516,900         20,283,156   

Pfizer, Inc. (a)

     1,267,600         29,066,068   
     

 

 

 
        88,099,978   

 

 
 

 

See Notes to Financial Statements.     
                 
36       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock Enhanced Equity Dividend Trust (BDJ)

(Percentages shown are based on Net Assets)

 

Common Stocks   Shares     Value  

Real Estate Investment Trusts (REITs) – 2.1%

  

Federal Realty Investment Trust

    36,600      $ 3,684,156   

Getty Realty Corp. (a)

    72,800        1,151,696   

Home Properties, Inc.

    86,300        5,268,615   

Liberty Property Trust

    60,000        2,187,000   

National Retail Properties, Inc. (c)

    70,100        1,919,338   

Realty Income Corp.

    31,018        1,220,248   

Sovran Self Storage, Inc. (c)

    30,680        1,616,836   

Tanger Factory Outlet Centers (c)

    66,000        2,067,120   

UDR, Inc.

    141,000        3,712,530   

Universal Health Realty Income Trust (c)

    23,525        951,351   

Washington REIT (a)

    62,300        1,840,965   

Weingarten Realty Investors

    68,600        1,822,016   

Weyerhaeuser Co. (a)

    209,000        4,255,240   
   

 

 

 
      31,697,111   

 

 

Road & Rail – 1.5%

   

Canadian National Railway Co.

    164,000        13,985,920   

Union Pacific Corp. (a)

    74,300        8,354,292   
   

 

 

 
      22,340,212   

 

 

Semiconductors & Semiconductor Equipment – 1.5%

  

Intel Corp. (a)

    614,800        17,460,320   

Linear Technology Corp. (a)

    146,900        4,805,099   
   

 

 

 
      22,265,419   

 

 

Software – 1.4%

   

Microsoft Corp. (a)

    663,400        21,242,068   

 

 

Specialty Retail – 2.6%

   

The Home Depot, Inc. (a)

    456,900        23,662,851   

Limited Brands, Inc.

    304,500        15,133,650   
   

 

 

 
      38,796,501   

 

 

Textiles, Apparel & Luxury Goods – 1.1%

   

VF Corp. (a)

    107,400        16,330,170   

 

 

Tobacco – 3.3%

   

Altria Group, Inc. (a)

    223,600        7,202,155   

Lorillard, Inc.

    79,400        10,742,026   

Philip Morris International, Inc. (a)

    301,100        26,951,461   

Universal Corp.

    55,700        2,552,731   

Vector Group Ltd.

    159,710        2,770,970   
   

 

 

 
      50,219,343   

 

 

Water Utilities – 1.1%

   

American States Water Co. (a)

    31,425        1,145,126   

American Water Works Co., Inc.

    218,400        7,478,016   

Aqua America, Inc.

    238,000        5,404,980   

California Water Service Group

    64,618        1,170,232   

Middlesex Water Co.

    66,100        1,226,816   

SJW Corp.

    35,100        845,910   
   

 

 

 
      17,271,080   

 

 

Wireless Telecommunication Services – 0.3%

  

Vodafone Group Plc - ADR (a)

    181,500        5,051,145   

Total Long-Term Investments

(Cost – $1,340,929,383) – 95.9%

      1,456,265,485   

 

 
        
        
Short-Term Securities   Shares     Value  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.14% (d)(f)

    53,206,161      $ 53,206,161   
    

Beneficial
Interest

(000)

        

BlackRock Liquidity Series, LLC Money Market Series, 0.20% (d)(e)(f)

  $ 4,272        4,272,334   

 

 

Total Short-Term Securities

(Cost – $57,478,495) – 3.8%

      57,478,495   

 

 

Total Investments Before Outstanding Options Written

(Cost – $1,398,407,878) – 99.7%

      1,513,743,980   

 

 
        
        
Options Written   Contracts         

Exchange-Traded Call Options – (0.6)%

  

3M Co., Strike Price USD 87.50, Expires 5/21/12

    610        (140,299

Altria Group, Inc., Strike Price USD 32, Expires 6/18/12

    365        (23,908

American Electric Power Co., Inc., Strike Price USD 38, Expires 5/21/12

    745        (67,049

American States Water Co., Strike Price USD 37, Expires 5/14/12

    204        (9,197

AT&T Inc., Strike Price USD 31.65, Expires 5/16/12

    1,145        (144,270

Automatic Data Processing, Inc.:

   

Strike Price USD 55.50, Expires 5/04/12

    190        (8,124

Strike Price USD 55, Expires 5/21/12

    95        (11,638

Avery Dennison Corp., Strike Price USD 30, Expires 5/21/12

    72        (16,920

Bank of America Corp.:

   

Strike Price USD 11, Expires 5/21/12

    1,180        (1,180

Strike Price USD 9, Expires 5/21/12

    910        (4,095

Strike Price USD 9, Expires 6/18/12

    1,715        (23,152

Bank of Hawaii Corp., Strike Price USD 50, Expires 5/21/12

    430        (17,200

Bank of Nova Scotia, Strike Price
CAD 57.50, Expires 5/21/12

    1,140        (4,039

Beam, Inc., Strike Price USD 57.50, Expires 5/21/12

    155        (12,788

Bemis Co., Inc., Strike Price USD 31.75, Expires 5/24/12

    189        (18,408

BHP Billiton Ltd. - ADR:

   

Strike Price USD 75, Expires 5/21/12

    1,515        (194,678

Strike Price USD 80, Expires 5/21/12

    525        (6,038

Bristol-Myers Squibb Co., Strike Price
USD 34, Expires 5/21/12

    940        (16,450

Caterpillar, Inc.:

   

Strike Price USD 115, Expires 5/21/12

    1,221        (12,210

Strike Price USD 105, Expires 6/18/12

    180        (52,470
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    37


 

 

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 (continued)

  

CenturyLink, Inc.:

     

Strike Price USD 39, Expires 5/21/12

     1,270       $ (47,625

Strike Price USD 38, Expires 6/18/12

     1,040         (104,000

Chevron Corp., Strike Price USD 105, Expires 6/18/12

     745         (227,225

Cincinnati Financial Corp., Strike Price USD 35, Expires 6/18/12

     800         (98,000

The Coca-Cola Co.:

     

Strike Price USD 77, Expires 6/12/12

     795         (66,890

Strike Price USD 75, Expires 6/18/12

     375         (78,750

Comcast Corp., Special Class A:

     

Strike Price USD 30, Expires 5/21/12

     340         (18,700

Strike Price USD 29, Expires 6/18/12

     774         (114,165

ConocoPhillips, Strike Price USD 75, Expires 5/21/12

     310         (4,650

Consolidated Edison, Inc., Strike Price USD 58.50, Expires 6/12/12

     335         (41,198

Deere & Co.:

     

Strike Price USD 85, Expires 5/21/12

     935         (74,332

Strike Price USD 82.50, Expires 6/18/12

     625         (179,375

Diageo Plc - ADR:

     

Strike Price USD 97, Expires 5/11/12

     445         (184,404

Strike Price USD 101, Expires 6/18/12

     240         (53,021

Diebold, Inc.:

     

Strike Price USD 39.50, Expires 5/21/12

     500         (38,591

Strike Price USD 40, Expires 5/21/12

     179         (9,845

Dover Corp., Strike Price USD 62, Expires 6/18/12

     300         (68,797

The Dow Chemical Co.:

     

Strike Price USD 36, Expires 5/21/12

     773         (8,890

Strike Price USD 36, Expires 6/18/12

     380         (15,960

Duke Energy Corp., Strike Price USD 21, Expires 5/21/12

     1,120         (53,200

E.I. du Pont de Nemours & Co.:

     

Strike Price USD 55, Expires 5/21/12

     895         (14,320

Strike Price USD 53, Expires 5/24/12

     705         (82,795

Strike Price USD 53, Expires 5/29/12

     600         (78,554

Eaton Vance Corp., Strike Price USD 26.75, Expires 5/21/12

     115         (2,934

Enbridge, Inc., Strike Price CAD 39, Expires 5/21/12

     1,530         (370,168

Exxon Mobil Corp.:

     

Strike Price USD 85, Expires 5/21/12

     765         (129,285

Strike Price USD 87.50, Expires 5/21/12

     425         (17,638

Strike Price USD 86, Expires 6/20/12

     672         (127,008

Fastenal Co.:

     

Strike Price USD 55, Expires 5/21/12

     345         (2,588

Strike Price USD 48.50, Expires 6/04/12

     270         (18,286

Federated Investors, Inc., Class B, Strike Price USD 25, Expires 5/21/12

     204         (2,040

FirstEnergy Corp., Strike Price USD 45, Expires 5/21/12

     315         (57,488

Fortune Brands Home and Security, Inc., Strike Price USD 22.50, Expires 5/21/12

     124         (10,230

General Electric Co.:

     

Strike Price USD 20.20, Expires 5/14/12

     1,565         (11,282

Strike Price USD 21, Expires 5/21/12

     568         (1,420

Strike Price USD 20, Expires 6/18/12

     2,038         (62,159
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

Genuine Parts Co., Strike Price
USD 65, Expires 5/21/12

     178       $ (16,020

Getty Realty Corp., Strike Price
USD 15, Expires 5/21/12

     200         (21,000

H&R Block, Inc., Strike Price USD 17, Expires 5/21/12

     600         (3,000

Helmerich & Payne, Inc., Strike Price USD 55, Expires 6/18/12

     280         (30,100

The Home Depot, Inc.:

     

Strike Price USD 49, Expires 5/21/12

     215         (65,038

Strike Price USD 51.50, Expires 6/18/12

     2,300         (329,733

Hormel Foods Corp., Strike Price
USD 30, Expires 5/21/12

     100         (1,000

Intel Corp.:

     

Strike Price USD 28, Expires 5/21/12

     780         (48,360

Strike Price USD 28, Expires 6/18/12

     1,540         (139,370

Strike Price USD 29, Expires 6/18/12

     1,060         (47,700

International Business Machines Corp.:

  

Strike Price USD 205, Expires 5/21/12

     435         (143,550

Strike Price USD 202, Expires 6/22/12

     200         (148,984

Johnson & Johnson:

     

Strike Price USD 63.80, Expires 5/31/12

     385         (53,219

Strike Price USD 65, Expires 6/18/12

     579         (46,320

Johnson Controls, Inc.:

     

Strike Price USD 33, Expires 5/21/12

     294         (8,085

Strike Price USD 34, Expires 5/21/12

     294         (2,205

JPMorgan Chase & Co.:

     

Strike Price USD 46, Expires 5/21/12

     2,070         (16,560

Strike Price USD 46.75, Expires 5/24/12

     2,310         (19,760

Strike Price USD 45, Expires 6/18/12

     565         (33,052

Kinder Morgan, Inc., Strike Price
USD 35, Expires 5/21/12

     350         (35,000

Kraft Foods, Inc., Class A, Strike Price USD 38, Expires 5/21/12

     275         (54,038

Linear Technology Corp., Strike Price USD 32.40, Expires 6/12/12

     810         (74,679

M&T Bank Corp., Strike Price USD 90, Expires 7/23/12

     55         (7,975

Marathon Oil Corp., Strike Price
USD 35, Expires 5/21/12

     1,235         (3,705

Marathon Petroleum Corp., Strike Price USD 45, Expires 5/21/12

     650         (11,375

Martin Marietta Materials, Inc.:

     

Strike Price USD 85, Expires 5/21/12

     165         (18,975

Strike Price USD 95, Expires 5/21/12

     165         (1,650

Masco Corp.:

     

Strike Price USD 13, Expires 5/21/12

     225         (15,750

Strike Price USD 14, Expires 5/21/12

     226         (6,780

Strike Price USD 13, Expires 7/23/12

     500         (57,500

Mattel, Inc., Strike Price USD 35, Expires 5/21/12

     735         (7,350

McCormick & Co., Inc., Strike Price USD 55, Expires 5/21/12

     83         (10,168

McDonald’s Corp.:

     

Strike Price USD 100, Expires 5/21/12

     800         (23,200

Strike Price USD 97.50, Expires 6/18/12

     365         (61,320

Mead Johnson Nutrition Co., Strike Price USD 85, Expires 6/18/12

     240         (72,840
 

 

See Notes to Financial Statements.     
                 
38       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (continued)

  

Merck & Co., Inc.:

     

Strike Price USD 38, Expires 5/21/12

     460       $ (63,710

Strike Price USD 39, Expires 5/21/12

     1,120         (70,560

Strike Price USD 39, Expires 6/18/12

     315         (28,035

Strike Price USD 40, Expires 6/18/12

     420         (17,220

Microsoft Corp.:

     

Strike Price USD 33, Expires 5/21/12

     1,200         (16,800

Strike Price USD 33, Expires 6/18/12

     1,520         (53,960

Strike Price USD 32.35, Expires 6/21/12

     930         (56,730

National Bank of Canada, Strike Price CAD 82, Expires 5/21/12

     990         (8,017

NextEra Energy, Inc., Strike Price
USD 65, Expires 6/18/12

     800         (42,000

Northrop Grumman Corp., Strike Price
USD 62.50, Expires 5/21/12

     890         (120,150

Occidental Petroleum Corp.:

     

Strike Price USD 97.50, Expires 5/21/12

     205         (4,818

Strike Price USD 95, Expires 6/18/12

     450         (69,075

Peabody Energy Corp.:

     

Strike Price USD 35, Expires 5/21/12

     125         (1,938

Strike Price USD 32, Expires 6/18/12

     125         (17,312

Pfizer, Inc.:

     

Strike Price USD 22, Expires 5/21/12

     1,825         (177,025

Strike Price USD 23, Expires 5/21/12

     2,400         (72,000

Philip Morris International, Inc., Strike Price USD 87.50, Expires 6/18/12

     250         (77,500

Piedmont Natural Gas Co., Inc., Strike Price USD 30, Expires 5/21/12

     500         (35,000

Polaris Industries, Inc.:

     

Strike Price USD 67.50, Expires 5/21/12

     235         (289,050

Strike Price USD 80, Expires 6/18/12

     300         (90,000

Strike Price USD 85, Expires 6/18/12

     135         (15,188

Praxair, Inc., Strike Price USD 115, Expires 6/18/12

     140         (40,250

The Procter & Gamble Co., Strike Price USD 68, Expires 5/24/12

     185         (802

Prudential Financial, Inc.:

     

Strike Price USD 65, Expires 5/21/12

     500         (11,750

Strike Price USD 62.50, Expires 6/18/12

     235         (33,722

Public Service Enterprise Group, Inc., Strike Price USD 30, Expires 5/21/12

     540         (67,500

Quest Diagnostics, Inc., Strike Price USD 60, Expires 5/21/12

     490         (9,800

Raytheon Co., Strike Price USD 50, Expires 5/21/12

     1,590         (667,800

Rockwell Automation, Inc.:

     

Strike Price USD 80, Expires 5/21/12

     310         (18,600

Strike Price USD 80, Expires 6/22/12

     26         (4,235

Rockwell Collins, Inc., Strike Price
USD 57.50, Expires 6/13/12

     140         (10,579

Roper Industries, Inc., Strike Price
USD 100, Expires 5/21/12

     135         (37,800

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 70, Expires 7/23/12

     275         (78,375
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

Schlumberger Ltd.:

     

Strike Price USD 75, Expires 5/21/12

     255       $ (30,472

Strike Price USD 77.50, Expires 5/21/12

     255         (10,582

The Southern Co.:

     

Strike Price USD 45, Expires 5/21/12

     525         (49,612

Strike Price USD 46, Expires 6/18/12

     1,045         (42,322

Southern Copper Corp., Strike Price USD 33, Expires 5/21/12

     715         (39,325

Spectra Energy Corp.:

     

Strike Price USD 33, Expires 5/21/12

     720         (3,600

Strike Price USD 31, Expires 6/18/12

     515         (25,750

Stanley Black & Decker, Inc., Strike Price USD 75, Expires 6/18/12

     575         (89,125

Time Warner Cable, Inc.:

     

Strike Price USD 80, Expires 5/21/12

     415         (67,438

Strike Price USD 82.50, Expires 6/18/12

     360         (37,800

The Toronto-Dominion Bank, Strike Price USD 85, Expires 5/21/12

     678         (67,800

Total SA - ADR, Strike Price USD 50, Expires 5/21/12

     860         (30,100

Trustmark Corp., Strike Price USD 25, Expires 5/21/12

     460         (15,180

U.S. Bancorp:

     

Strike Price USD 32, Expires 5/21/12

     1,400         (86,800

Strike Price USD 31, Expires 6/18/12

     735         (123,480

Strike Price USD 32, Expires 6/18/12

     735         (74,235

Union Pacific Corp., Strike Price
USD 110, Expires 6/18/12

     410         (198,850

United Parcel Service, Inc., Class B, Strike Price USD 80, Expires 6/18/12

     630         (36,225

United Technologies Corp.:

     

Strike Price USD 82.50, Expires 5/21/12

     160         (12,080

Strike Price USD 85, Expires 5/21/12

     360         (5,040

Strike Price USD 87.50, Expires 5/21/12

     785         (1,962

Verizon Communications, Inc., Strike Price USD 38, Expires 5/21/12

     220         (52,910

VF Corp.:

     

Strike Price USD 150, Expires 5/21/12

     300         (118,500

Strike Price USD 150, Expires 6/18/12

     300         (169,500

Vodafone Group Plc - ADR:

     

Strike Price USD 27, Expires 5/21/12

     183         (17,385

Strike Price USD 28, Expires 5/21/12

     408         (11,220

Strike Price USD 28, Expires 6/18/12

     408         (17,340

Vulcan Materials Co., Strike Price
USD 42, Expires 5/21/12

     353         (57,362

Wal-Mart Stores, Inc., Strike Price
USD 60, Expires 5/21/12

     360         (15,660

The Walt Disney Co.:

     

Strike Price USD 44, Expires 5/21/12

     185         (12,025

Strike Price USD 43, Expires 6/18/12

     390         (57,330

Washington REIT, Strike Price USD 30, Expires 5/21/12

     281         (9,835
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    39


 

 

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 (concluded)

  

  

Wells Fargo & Co.:

     

Strike Price USD 33, Expires 5/21/12

     1,445       $ (108,375

Strike Price USD 35, Expires 5/21/12

     1,000         (8,500

Strike Price USD 36, Expires 5/21/12

     1,000         (1,500

Strike Price USD 34, Expires 6/18/12

     1,445         (99,705

Strike Price USD 34, Expires 7/23/12

     1,475         (171,100

Weyerhaeuser Co., Strike Price USD 22,
Expires 5/21/12

     770         (5,775

Total Exchange-Traded Call Options

              (9,184,388

Over-the-Counter Call Options – (0.6)%

  

  

Abbott Laboratories, Strike Price USD 60.48, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     93,000         (163,684

ABM Industries, Inc.:

     

Strike Price USD 24.44, Expires 5/04/12, Broker Morgan Stanley & Co., Inc.

     23,800         (97

Strike Price USD 23.70, Expires 5/29/12, Broker UBS Securities LLC

     45,000         (17,698

ACE Ltd., Strike Price USD 75.30, Expires 6/06/12, Broker Goldman Sachs & Co.

     60,000         (116,656

Altria Group, Inc., Strike Price USD 31.56, Expires 6/05/12, Broker Goldman Sachs & Co.

     86,500         (59,707

American Express Co., Strike Price USD 52.40, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     133,000         (1,038,730

American States Water Co., Strike Price USD 35.68, Expires 5/29/12, Broker UBS Securities LLC

     11,000         (13,523

American Water Works Co., Inc.:

     

Strike Price USD 34.17, Expires 5/07/12, Broker Deutsche Bank Securities Corp.

     81,000         (20,718

Strike Price USD 33.33, Expires 5/29/12, Broker Citigroup Global Markets, Inc.

     11,000         (11,012

Strike Price USD 33.44, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     28,000         (25,620

AO Smith Corp., Strike Price USD 44.46,
Expires 5/29/12, Broker UBS
Securities LLC

     23,000         (79,406

Aqua America, Inc.:

     

Strike Price USD 22.43, Expires 5/08/12, Broker Goldman Sachs & Co.

     14,800         (4,981

Strike Price USD 18.99, Expires 5/14/12, Broker Deutsche Bank Securities Corp.

     20,000         (1,779

Strike Price USD 21.92, Expires 6/08/12, Broker Goldman Sachs & Co.

     53,000         (41,870

Strike Price USD 22.77, Expires 6/14/12, Broker Morgan Stanley & Co., Inc.

     31,500         (8,001

Strike Price USD 22.77, Expires 6/21/12, Broker Morgan Stanley & Co., Inc.

     31,500         (8,852
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

  

Arthur J. Gallagher & Co., Strike Price USD 36, Expires 5/11/12, Broker UBS Securities LLC

     38,000       $ (63,584

AT&T Inc.:

     

Strike Price USD 30.50, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     124,000         (298,840

Strike Price USD 32.85, Expires 6/25/12, Broker Goldman Sachs & Co.

     119,000         (64,831

Atmos Energy Corp., Strike Price USD 31.58, Expires 6/01/12, Broker Deutsche Bank Securities Corp.

     41,500         (44,566

BancorpSouth, Inc., Strike Price USD 13.50, Expires 5/25/12, Broker Goldman Sachs & Co.

     52,600         (18,941

Bank of the Ozarks, Inc., Strike Price USD 31.44, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     37,700         (18,421

BCE, Inc.:

     

Strike Price USD 41.51, Expires 5/09/12, Broker Credit Suisse First Boston

     36,000         (1,856

Strike Price USD 41.97, Expires 5/16/12, Broker Banc of America Securities

     15,700         (833

Bemis Co., Inc., Strike Price USD 31.52, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     75,000         (87,899

Bristol-Myers Squibb Co.:

     

Strike Price USD 32.81, Expires 5/04/12, Broker Banc of America Securities

     101,500         (60,306

Strike Price USD 32.81, Expires 5/10/12, Broker Banc of America Securities

     101,500         (68,775

California Water Service Group:

     

Strike Price USD 18.16, Expires 5/07/12, Broker Credit Suisse First Boston

     29,300         (5,136

Strike Price USD 18.50, Expires 5/10/12, Broker Citigroup Global Markets, Inc.

     6,300         (594

Canadian National Railway Co.:

     

Strike Price USD 77.05, Expires 5/10/12, Broker Goldman Sachs & Co.

     62,000         (510,260

Strike Price USD 80.10, Expires 6/13/12, Broker UBS Securities LLC

     28,500         (167,042

CenturyLink, Inc., Strike Price USD 39.08, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     71,500         (7,192

Chemical Financial Corp.:

     

Strike Price USD 21.87, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     18,300         (16,338

Strike Price USD 21.59, Expires 6/01/12, Broker Goldman Sachs & Co.

     34,100         (36,763
 

 

See Notes to Financial Statements.     
                 
40       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (continued)

  

  

Chevron Corp., Strike Price USD 112.36, Expires 5/14/12, Broker Citigroup Global Markets, Inc.

     132,800       $ (6,139

The Chubb Corp.:

     

Strike Price USD 71.58, Expires 6/14/12, Broker Morgan Stanley & Co., Inc.

     66,500         (158,797

Strike Price USD 73.64, Expires 6/28/12, Broker Banc of America Securities

     29,500         (41,064

Cincinnati Financial Corp., Strike Price USD 35.99, Expires 6/29/12, Broker Banc of America Securities

     65,900         (45,800

Comcast Corp., Special Class A, Strike Price USD 29.44, Expires 5/07/12, Broker Morgan Stanley & Co., Inc.

     140,000         (70,420

Community Trust Bancorp, Inc., Strike Price USD 32.22, Expires 6/08/12, Broker Credit Suisse First Boston

     14,300         (11,456

ConocoPhillips, Strike Price USD 78, Expires 5/17/12, Broker Deutsche Bank Securities Corp.

     56,000         (496

Cullen/Frost Bankers, Inc., Strike Price USD 57.47, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     50,000         (96,359

Dominion Resources, Inc.:

     

Strike Price USD 51.09, Expires 5/29/12, Broker UBS Securities LLC

     60,000         (76,176

Strike Price USD 50.98, Expires 6/22/12, Broker Morgan Stanley & Co., Inc.

     63,000         (83,019

Edison International:

     

Strike Price USD 42.95, Expires 5/07/12, Broker Morgan Stanley & Co., Inc.

     34,000         (36,871

Strike Price USD 42.58, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     23,000         (35,765

Enbridge, Inc., Strike Price CAD 38.52, Expires 5/03/12, Broker Deutsche Bank Securities Corp.

     70,700         (205,333

Energen Corp.:

     

Strike Price USD 50.96, Expires 5/11/12, Broker Goldman Sachs & Co.

     25,900         (41,793

Strike Price USD 48, Expires 5/25/12, Broker Goldman Sachs & Co.

     31,600         (140,030

EQT Corp.:

     

Strike Price USD 51.33, Expires 5/04/12, Broker UBS Securities LLC

     20,500         (1,388

Strike Price USD 51.33, Expires 5/11/12, Broker UBS Securities LLC

     20,500         (5,663

Strike Price USD 46.84, Expires 6/22/12, Broker Citigroup Global Markets, Inc.

     37,500         (144,646

Erie Indemnity Co., Class A, Strike Price USD 76.07, Expires 6/08/12, Broker Credit Suisse First Boston

     23,300         (37,096

Family Dollar Stores, Inc., Strike Price USD 69.09, Expires 6/06/12, Broker Deutsche Bank Securities Corp.

     28,000         (44,119

Federal Realty Investment Trust, Strike Price USD 97.69, Expires 6/13/12, Broker Deutsche Bank
Securities Corp.

     20,000         (97,478
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

  

Federated Investors, Inc., Class B, Strike Price USD 20.79, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     60,046       $ (91,270

FirstEnergy Corp., Strike Price USD 45.56, Expires 6/06/12, Broker Goldman Sachs & Co.

     15,500         (22,551

General Dynamics Corp.:

     

Strike Price USD 74, Expires 5/04/12, Broker Goldman Sachs & Co.

     26,000           

Strike Price USD 73.12, Expires 5/30/12, Broker Deutsche Bank Securities Corp.

     56,800         (2,542

General Mills, Inc.:

     

Strike Price USD 38.57, Expires 5/04/12, Broker Deutsche Bank Securities Corp.

     28,000         (10,121

Strike Price USD 39.80, Expires 6/04/12, Broker Citigroup Global Markets, Inc.

     102,000         (12,035

Graco, Inc., Strike Price USD 54.54, Expires 6/22/12, Broker Goldman Sachs & Co.

     21,500         (42,306

H&R Block, Inc., Strike Price USD 16.48, Expires 6/11/12, Broker Morgan Stanley & Co., Inc.

     172,500         (7,471

HJ Heinz Co., Strike Price USD 53.15, Expires 6/12/12, Broker Banc of America Securities

     90,800         (89,529

Home Properties, Inc., Strike Price USD 61.15, Expires 6/13/12, Broker Credit Suisse First Boston

     47,500         (61,634

Honeywell International, Inc., Strike Price USD 61.04, Expires 5/04/12, Broker Morgan Stanley & Co., Inc.

     87,000         (27,210

Hormel Foods Corp., Strike Price USD 28.80, Expires 6/08/12, Broker Credit Suisse First Boston

     50,000         (27,576

Integrys Energy Group, Inc., Strike Price USD 52.60, Expires 5/07/12, Broker Deutsche Bank Securities Corp.

     42,300         (86,123

International Power Plc:

     

Strike Price GBP 3.73, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     119,700         (86,111

Strike Price GBP 3.87, Expires 5/09/12, Broker Banc of America Securities

     275,500         (133,089

Strike Price GBP 4.21, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     183,000         (35,464

ITC Holdings Corp., Strike Price USD 76.68, Expires 6/13/12, Broker Citigroup Global Markets, Inc.

     19,000         (29,858

The J.M. Smucker Co., Strike Price USD 79.17, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     16,700         (13,608

Johnson & Johnson, Strike Price USD 65.58, Expires 6/22/12, Broker Banc of America Securities

     28,100         (17,787

Johnson Controls, Inc., Strike Price USD 33.25, Expires 5/02/12, Broker Goldman Sachs & Co.

     28,500         (406
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    41


 

 

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 (continued)

  

  

Kimberly-Clark Corp.:

     

Strike Price USD 73.00, Expires 5/07/12, Broker Deutsche Bank Securities Corp.

     46,000       $ (251,482

Strike Price USD 76.72, Expires 6/04/12, Broker Morgan Stanley & Co., Inc.

     19,500         (40,864

Kraft Foods, Inc., Class A, Strike Price USD 38.20, Expires 6/06/12, Broker Morgan Stanley & Co., Inc.

     156,500         (275,880

Lancaster Colony Corp., Strike Price USD 65.67, Expires 6/21/12, Broker Deutsche Bank Securities Corp.

     25,000         (29,870

Liberty Property Trust:

     

Strike Price USD 35.48, Expires 5/11/12, Broker Deutsche Bank Securities Corp.

     27,700         (28,683

Strike Price USD 35.92, Expires 5/29/12, Broker UBS
Securities LLC

     20,000         (18,308

The Limited, Inc.:

     

Strike Price USD 48.94, Expires 6/11/12, Broker Morgan Stanley & Co., Inc.

     83,500         (163,984

Strike Price USD 48.94, Expires 6/25/12, Broker Morgan Stanley & Co., Inc.

     83,500         (186,911

Lorillard, Inc., Strike Price USD 137.84, Expires 6/06/12, Broker Morgan Stanley & Co., Inc.

     43,500         (94,395

M&T Bank Corp., Strike Price USD 84.90, Expires 5/07/12, Broker Banc of America Securities

     12,500         (18,718

Mattel, Inc., Strike Price USD 32.24, Expires 6/01/12, Broker Deutsche Bank Securities Corp.

     36,000         (54,409

McGrath Rentcorp, Strike Price USD 29.74, Expires 5/31/12, Broker Morgan Stanley & Co., Inc.

     17,361         (10,213

Mead Johnson Nutrition Co., Strike Price USD 85.63, Expires 6/04/12, Broker Banc of America Securities

     51,500         (109,522

MeadWestvaco Corp., Strike Price USD 27.92, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     137,300         (110,008

Merck & Co., Inc., Strike Price USD 38.11, Expires 6/04/12, Broker Deutsche Bank Securities Corp.

     54,000         (70,940

Mercury General Corp., Strike Price USD 44.05, Expires 6/08/12, Broker Morgan Stanley & Co., Inc.

     29,500         (43,366

Meredith Corp., Strike Price USD 31.24, Expires 6/08/12, Broker Morgan Stanley & Co., Inc.

     14,000         (3,459

Meridian Bioscience, Inc., Strike Price USD 18.49, Expires 6/01/12, Broker Morgan Stanley & Co., Inc.

     62,000         (130,698

MGE Energy, Inc., Strike Price USD 45.85, Expires 6/08/12, Broker Goldman Sachs & Co.

     15,000         (12,894

Middlesex Water Co.:

     

Strike Price USD 18.81, Expires 5/04/12, Broker Morgan Stanley & Co., Inc.

     15,000         (660

Strike Price USD 18.36, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     31,100         (13,684
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

  

Mine Safety Appliances Co., Strike Price USD 42.53, Expires 6/08/12, Broker Credit Suisse First Boston

     21,200       $ (33,282

Myers Industries, Inc., Strike Price USD 15.20, Expires 5/07/12, Broker Deutsche Bank Securities Corp.

     48,800         (64,855

National Fuel Gas Co., Strike Price USD 45.53, Expires 6/01/12, Broker Morgan Stanley & Co., Inc.

     64,700         (119,333

National Retail Properties, Inc., Strike Price USD 26.74, Expires 5/17/12, Broker Morgan Stanley & Co., Inc.

     30,600         (20,240

New Jersey Resources Corp., Strike Price USD 46.24, Expires 5/07/12, Broker Goldman Sachs & Co.

     66,600         (20

Northeast Utilities, Strike Price USD 36.30, Expires 5/03/12, Broker Deutsche Bank Securities Corp.

     60,200         (1

Northwest Natural Gas Co.:

     

Strike Price USD 45.38, Expires 5/08/12, Broker UBS Securities LLC

     12,800         (7,207

Strike Price USD 46.16, Expires 6/28/12, Broker Deutsche Bank Securities Corp.

     22,000         (17,393

Old Republic International Corp., Strike Price USD 11.16, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     120,000         (1

Otter Tail Corp.:

     

Strike Price USD 21.72, Expires 5/11/12, Broker Citigroup Global Markets, Inc.

     7,200         (2,844

Strike Price USD 21.92, Expires 5/29/12, Broker UBS Securities LLC

     16,800         (7,277

Pentair, Inc., Strike Price USD 39.44, Expires 5/14/12, Broker Goldman Sachs & Co.

     39,800         (157,808

Pfizer, Inc.:

     

Strike Price USD 22.54, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     70,000         (49,687

Strike Price USD 22.54, Expires 6/05/12, Broker Morgan Stanley & Co., Inc.

     70,000         (44,828

Strike Price USD 23.19, Expires 6/25/12, Broker UBS Securities LLC

     135,000         (57,109

Philip Morris International, Inc., Strike Price USD 87.95, Expires 5/17/12, Broker Credit Suisse First Boston

     141,000         (301,760

PPL Corp.:

     

Strike Price USD 27.28, Expires 5/25/12, Broker Deutsche Bank Securities Corp.

     28,500         (8,134

Strike Price USD 27.28, Expires 6/06/12, Broker Deutsche Bank Securities Corp.

     28,500         (9,339

Praxair, Inc., Strike Price USD 112.78, Expires 5/07/12, Broker Morgan Stanley & Co., Inc.

     29,000         (85,217

The Procter & Gamble Co., Strike Price USD 67.75, Expires 5/24/12, Broker Morgan Stanley & Co., Inc.

     80,000         (4,342

Raven Industries, Inc., Strike Price USD 65.56, Expires 5/08/12, Broker Goldman Sachs & Co.

     21,900         (2,256
 

 

See Notes to Financial Statements.     
                 
42       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (continued)

  

Rio Tinto Plc - ADR:

     

Strike Price USD 58, Expires 5/09/12, Broker Goldman Sachs & Co.

     54,500       $ (26,752

Strike Price USD 58.30, Expires 6/06/12, Broker Morgan Stanley & Co., Inc.

     25,500         (38,154

Rockwell Collins, Inc., Strike Price USD 59.39, Expires 5/08/12, Broker Banc of America Securities

     15,500         (246

Roper Industries, Inc., Strike Price
USD 98.68, Expires 6/04/12, Broker
Deutsche Bank Securities Corp.

     22,500         (94,721

RPM International, Inc., Strike Price
USD 26.14, Expires 5/29/12, Broker
Deutsche Bank Securities Corp.

     53,000         (43,282

S&T Bancorp, Inc., Strike Price
USD 21.59, Expires 6/01/12, Broker
Goldman Sachs & Co.

     24,800         (244

Sempra Energy:

     

Strike Price USD 59.09, Expires 5/09/12, Broker Goldman Sachs & Co.

     11,000         (62,150

Strike Price USD 59.56, Expires 5/11/12, Broker Goldman Sachs & Co.

     24,500         (126,910

SJW Corp., Strike Price USD 24.04, Expires 6/01/12, Broker Morgan Stanley & Co., Inc.

     35,100         (21,891

Sonoco Products Co., Strike Price USD 33.30, Expires 6/29/12, Broker Goldman Sachs & Co.

     54,000         (47,320

Sovran Self Storage, Inc., Strike Price USD 50.40, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     16,800         (42,336

Stepan Co., Strike Price USD 88.95, Expires 6/01/12, Broker Morgan Stanley & Co., Inc.

     10,350         (44,829

Tanger Factory Outlet Centers:

     

Strike Price USD 29.94, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     23,000         (31,913

Strike Price USD 30.54, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     13,000         (14,173

Teleflex, Inc., Strike Price USD 61.95, Expires 6/01/12, Broker Deutsche Bank Securities Corp.

     23,000         (38,174

Total SA - ADR, Strike Price USD 55.90, Expires 5/16/12, Broker Citigroup Global Markets, Inc.

     121,000         (756

The Travelers Cos., Inc.:

     

Strike Price USD 58.21, Expires 5/04/12, Broker Banc of America Securities

     9,500         (58,045

Strike Price USD 62.99, Expires 6/01/12, Broker Morgan Stanley & Co., Inc.

     120,000         (251,264
Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

UDR, Inc.:

     

Strike Price USD 26.65, Expires 5/25/12, Broker Citigroup Global Markets, Inc.

     28,000       $ (22,428

Strike Price USD 26.85, Expires 6/12/12, Broker Banc of America Securities

     49,500         (18,810

UGI Corp., Strike Price USD 26.77, Expires 6/08/12, Broker Deutsche Bank Securities Corp.

     41,400         (100,188

Unilever NV, Strike Price USD 34, Expires 6/25/12, Broker Deutsche Bank Securities Corp.

     207,500         (182,722

Universal Corp., Strike Price USD 45.21, Expires 6/08/12, Broker Morgan Stanley & Co., Inc.

     11,200         (12,873

Universal Health Realty Income Trust, Strike Price USD 38.88, Expires 6/08/12, Broker Morgan Stanley & Co., Inc.

     23,500         (39,205

Vulcan Materials Co., Strike Price USD 42.02, Expires 6/08/12, Broker Citigroup Global Markets, Inc.

     27,300         (53,509

Wal-Mart Stores, Inc., Strike Price USD 61.71, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     30,000         (1,712

Weingarten Realty Investors, Strike Price USD 25.45, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     26,000         (31,140

WesBanco, Inc., Strike Price USD 20.03, Expires 6/01/12, Broker Morgan Stanley & Co., Inc.

     46,300         (40,394

Weyerhaeuser Co., Strike Price USD 21.36, Expires 6/01/12, Broker Morgan Stanley & Co., Inc.

     38,000         (9,830

WGL Holdings, Inc., Strike Price USD 39.29, Expires 6/01/12, Broker Goldman Sachs & Co.

     78,300         (83,516

 

 

Total Over-the-Counter Call Options

  

     (9,462,478

 

 

Total Options Written

(Premiums Received – $16,745,158) – (1.2)%

  

  

     (18,646,866

 

 

Total Investments Net of Outstanding Options Written – 98.5%

   

     1,495,097,114   

Other Assets Less Liabilities – 1.5%

  

     22,725,212   
     

 

 

 

Net Assets – 100.0%

      $ 1,517,822,326   
     

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Non-income producing security.
(c) Security, or a portion of security, is on loan.
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    43


 

 

Schedule of Investments (concluded)

 

 

BlackRock Enhanced Equity Dividend Trust (BDJ)

 

(f) 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,

2011

    

Net

Activity

    

Shares/
Beneficial
Interest

Held at

April 30,

2012

     Realized
Gain
     Income       

BlackRock Liquidity Funds, TempFund, Institutional Class

     30,155,024         23,051,137         53,206,161       $ 1,108       $ 29,994      

BlackRock Liquidity Series, LLC Money Market Series

     $446,250         $3,826,084         $4,272,334                 $74,722      

 

    

 

   

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

Currency

Purchased

  Currency Sold   Counterparty   Settlement
Date
  Unrealized
Appreciation
 

USD    98,367

 

CAD    97,000

  RBS
Securities,Inc.
  5/02/12   $ 174   

 

 

 

   

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 categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

   

Level 1 - unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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, 2012 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:

        

Long-Term Investments:

        

Common Stocks1

  $ 1,449,184,445      $ 7,081,040              $ 1,456,265,485   

Short-Term Securities

    53,206,161        4,272,334                57,478,495   

 

 

Total

  $ 1,502,390,606      $ 11,353,374              $ 1,513,743,980   
 

 

 

 

 

1

See above Schedule of Investments for values in each industry excluding Level 2, Independent Power Producers & Energy Traders, within the table.

 

Valuation Inputs    Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments2

         

Assets:

         

Foreign currency exchange contracts

   $ 174                     $ 174   

Liabilities:

         

Equity contracts

     (7,531,908   $ (11,114,958             (18,646,866

 

 

Total

   $ (7,531,734   $ (11,114,958           $ (18,646,692
  

 

 

 

 

2 

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

 

 

See Notes to Financial Statements.     
                 
44       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock Global Opportunities Equity Trust (BOE)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Australia – 1.2%

     

Australia & New Zealand Banking Group Ltd.

     173,200       $ 4,290,726   

Newcrest Mining Ltd.

     198,600         5,411,860   

PanAust Ltd. (a)

     910,300         3,051,137   
     

 

 

 
        12,753,723   

 

 

Belgium – 0.9%

     

Anheuser-Busch InBev NV

     132,700         9,564,391   

 

 

Brazil – 1.3%

     

Banco Bradesco SA - ADR

     375,200         6,014,456   

Banco Bradesco SA, Preference Shares

     245,100         3,908,947   

BM&FBOVESPA SA

     746,344         4,169,957   
     

 

 

 
        14,093,360   

 

 

British Virgin Islands – 0.6%

     

Arcos Dorados Holdings, Inc., Class A (b)

     357,000         6,379,590   

 

 

Canada – 3.1%

     

First Quantum Minerals Ltd. (b)

     175,500         3,645,553   

Manulife Financial Corp. (b)(c)

     395,900         5,414,394   

Saputo, Inc. (b)

     145,100         6,781,664   

Suncor Energy, Inc. (b)

     144,900         4,787,496   

The Toronto-Dominion Bank (b)

     60,800         5,138,626   

TransCanada Corp. (b)

     177,300         7,800,231   
     

 

 

 
        33,567,964   

 

 

China – 1.6%

     

Air China Ltd., Class H (a)

     3,510,000         2,535,269   

China Construction Bank Corp., H Shares

     9,404,400         7,298,230   

China Eastern Airlines Corp. Ltd., H Shares (a)(c)

     4,478,000         1,488,797   

China Southern Airlines Corp. Ltd., H Shares (a)

     4,188,000         1,876,780   

Lentuo International, Inc. - ADR (a)

     162,800         459,096   

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (c)

     2,385,800         3,539,625   
     

 

 

 
        17,197,797   

 

 

France – 3.0%

     

Arkema SA

     62,000         5,498,711   

BNP Paribas SA

     80,780         3,260,226   

Danone SA

     107,000         7,532,683   

LVMH Moet Hennessy Louis Vuitton SA

     41,600         6,901,247   

Sanofi

     132,400         10,112,930   
     

 

 

 
        33,305,797   

 

 

Germany – 3.7%

     

Allianz SE

     60,200         6,714,773   

Continental AG

     37,700         3,656,452   

Daimler AG

     127,800         7,071,354   

Deutsche Bank AG

     211,300         9,173,165   

Deutsche Lufthansa AG

     483,400         6,295,006   

Merck KGaA

     66,300         7,287,672   
     

 

 

 
        40,198,422   

 

 

Hong Kong – 2.1%

     

AIA Group Ltd.

     2,563,900         9,073,313   

BOC Hong Kong Holdings Ltd.

     1,807,000         5,585,193   

Hong Kong Exchanges and Clearing Ltd.

     291,900         4,642,089   

Wharf Holdings Ltd.

     626,500         3,715,373   
     

 

 

 
        23,015,968   

 

 
Common Stocks    Shares      Value  

India – 0.6%

     

ICICI Bank Ltd.

     137,900       $ 2,308,661   

Jubilant Foodworks Ltd. (a)

     172,380         3,873,198   
     

 

 

 
        6,181,859   

 

 

Indonesia – 0.6%

     

Adaro Energy Tbk PT

     20,081,700         4,046,526   

Tower Bersama Infrastructure Tbk PT

     7,277,100         2,407,603   
     

 

 

 
        6,454,129   

 

 

Ireland – 1.4%

     

Accenture Plc, Class A (b)

     117,300         7,618,636   

Covidien Plc (b)

     136,800         7,555,464   
     

 

 

 
        15,174,100   

 

 

Israel – 0.5%

     

Check Point Software Technologies
Ltd. (a)(b)

     98,191         5,707,843   

 

 

Italy – 0.8%

     

ENI SpA

     267,100         5,934,899   

Intesa Sanpaolo SpA

     2,010,300         3,047,316   
     

 

 

 
        8,982,215   

 

 

Japan – 4.6%

     

Bridgestone Corp.

     183,400         4,339,570   

Hino Motors Ltd.

     665,700         4,707,931   

Hitachi Ltd.

     531,000         3,382,069   

Honda Motor Co. Ltd.

     129,700         4,667,798   

IHI Corp.

     4,252,000         10,286,250   

ORIX Corp.

     54,600         5,220,350   

Softbank Corp.

     208,200         6,214,035   

Sumitomo Mitsui Financial Group, Inc.

     155,700         4,982,210   

Tokio Marine Holdings, Inc.

     66,700         1,706,428   

Toyota Motor Corp.

     125,900         5,159,101   
     

 

 

 
        50,665,742   

 

 

Luxembourg – 0.3%

     

ArcelorMittal

     179,800         3,123,468   

 

 

Mexico – 0.9%

     

Fomento Economico Mexicano
SAB de CV - ADR

     61,800         5,021,868   

Grupo Modelo SAB de CV, Series C

     739,800         5,227,917   
     

 

 

 
        10,249,785   

 

 

Netherlands – 2.0%

     

Akzo Nobel NV

     114,600         6,146,069   

Corio NV - REIT

     43,200         1,935,237   

Royal Dutch Shell Plc, Class A - ADR (b)

     176,600         12,633,964   

Ziggo NV (a)(b)

     47,200         1,484,489   
     

 

 

 
        22,199,759   

 

 

Norway – 0.7%

     

Statoil ASA

     288,100         7,730,411   

 

 

Singapore – 0.6%

     

Avago Technologies Ltd.

     94,800         3,268,704   

Sakari Resources Ltd.

     1,803,800         2,853,568   
     

 

 

 
        6,122,272   

 

 

South Africa – 0.7%

     

Naspers Ltd., N Shares

     128,200         7,735,172   

 

 
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    45


 

 

Schedule of Investments (continued)

 

 

BlackRock Global Opportunities Equity Trust (BOE)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

South Korea – 1.3%

     

Dongbu Insurance Co. Ltd. (a)

     196,800       $ 7,837,507   

Samsung Electronics Co. Ltd.

     5,450         6,670,589   
     

 

 

 
        14,508,096   

 

 

Spain – 0.3%

     

Telefonica SA

     205,800         3,005,240   

 

 

Sweden – 0.8%

     

Svenska Cellulosa AB, B Shares

     204,082         3,235,258   

Volvo AB, B Shares

     365,300         5,069,714   
     

 

 

 
        8,304,972   

 

 

Switzerland – 2.8%

     

Julius Baer Group Ltd. (a)

     149,200         5,719,076   

Novartis AG

     51,500         2,843,637   

Roche Holding AG

     64,900         11,861,160   

Weatherford International Ltd. (a)(b)

     281,700         4,019,859   

Xstrata Plc

     332,900         6,393,522   
     

 

 

 
        30,837,254   

 

 

Taiwan – 0.7%

     

First Financial Holding Co. Ltd.

     8,220,360         4,898,377   

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

     204,000         3,178,320   
     

 

 

 
        8,076,697   

 

 

United Kingdom – 7.4%

     

Afren Plc (a)

     1,784,400         3,906,605   

Barclays Plc - ADR (b)

     118,300         1,684,592   

BG Group Plc

     280,100         6,609,024   

BP Plc

     1,041,200         7,521,747   

British American Tobacco Plc

     291,700         14,961,180   

Compass Group Plc

     434,700         4,544,486   

GlaxoSmithKline Plc

     235,136         5,432,002   

HSBC Holdings Plc

     870,830         7,861,148   

Inmarsat Plc

     616,300         4,397,748   

National Grid Plc

     722,700         7,804,113   

Subsea 7 SA (a)

     212,000         5,490,578   

Vodafone Group Plc - ADR (b)

     396,300         11,029,029   
     

 

 

 
        81,242,252   

 

 

United States – 53.3%

     

Allergan, Inc. (b)

     80,400         7,718,400   

Amazon.Com, Inc. (a)(b)

     26,300         6,098,970   

American Electric Power Co., Inc. (b)

     248,200         9,640,088   

Ameriprise Financial, Inc. (b)

     150,500         8,158,605   

Apple, Inc. (a)(b)

     24,900         14,547,576   

AT&T Inc.

     276,900         9,112,779   

Biogen Idec, Inc. (a)(b)

     40,761         5,462,382   

Broadcom Corp., Class A (a)

     155,700         5,698,620   

Caterpillar, Inc. (b)

     46,000         4,727,420   

Cisco Systems, Inc. (b)

     231,400         4,662,710   

Citigroup, Inc. (b)

     111,990         3,700,150   

The Clorox Co.

     24,811         1,739,251   

Comcast Corp., Class A (b)

     192,900         5,850,657   

ConAgra Foods, Inc. (b)

     249,600         6,444,672   

Costco Wholesale Corp. (b)

     95,900         8,455,503   

Crown Holdings, Inc. (a)(b)

     189,600         7,011,408   

CSX Corp.

     255,900         5,709,129   

Dominion Resources, Inc.

     151,200         7,891,128   

Dover Corp. (b)

     128,600         8,058,076   

eBay, Inc. (a)(b)

     206,300         8,468,615   

Eli Lilly & Co. (b)

     142,300         5,889,797   

EMC Corp. (a)(b)

     206,300         5,819,723   

EQT Corp.

     79,900         3,980,618   

Exelon Corp. (b)

     184,600         7,201,246   

Express Scripts Holding Co. (a)(b)

     78,500         4,379,515   
Common Stocks    Shares      Value  

United States (continued)

     

Exxon Mobil Corp. (b)

     255,200       $ 22,033,968   

F5 Networks, Inc. (a)(b)

     27,200         3,642,896   

Federal Realty Investment Trust - REIT

     76,300         7,680,358   

FedEx Corp. (b)

     53,600         4,729,664   

Fortinet, Inc. (a)(b)

     204,874         5,351,309   

The Gap, Inc. (b)

     104,300         2,972,550   

General Mills, Inc.

     229,300         8,917,477   

The Goldman Sachs Group, Inc. (b)

     70,100         8,072,015   

Google, Inc., Class A (a)(b)

     7,500         4,539,225   

The Hain Celestial Group, Inc. (a)

     7,357         347,986   

Informatica Corp. (a)

     83,400         3,838,068   

Intel Corp. (b)

     213,600         6,066,240   

International Business Machines Corp. (b)

     46,800         9,691,344   

International Paper Co. (b)

     305,300         10,169,543   

Johnson & Johnson (b)

     63,000         4,100,670   

JPMorgan Chase & Co. (b)

     290,100         12,468,498   

KeyCorp (b)

     1,067,300         8,581,092   

Kraft Foods, Inc., Class A (b)

     286,200         11,410,794   

Las Vegas Sands Corp. (b)

     92,100         5,110,629   

Liberty Global, Inc., Class A (a)

     132,600         6,604,806   

Lowe’s Cos., Inc.

     229,400         7,219,218   

Manpower, Inc.

     102,000         4,345,200   

Medtronic, Inc. (b)

     100,000         3,820,000   

MetLife, Inc. (b)

     179,900         6,481,797   

Microsoft Corp. (b)

     182,300         5,837,246   

Monsanto Co. (b)

     88,400         6,734,312   

The Nasdaq OMX Group, Inc. (a)(b)

     224,800         5,523,336   

Newmont Mining Corp. (b)

     145,300         6,923,545   

NII Holdings, Inc. (a)(b)

     68,600         960,057   

NIKE, Inc., Class B (b)

     54,400         6,085,728   

Occidental Petroleum Corp. (b)

     96,700         8,820,974   

Oracle Corp.

     193,600         5,689,904   

Owens Corning (a)(b)

     183,700         6,310,095   

PepsiCo, Inc. (b)

     195,900         12,929,400   

Pfizer, Inc. (b)

     294,500         6,752,885   

Polycom, Inc. (a)(b)

     261,800         3,474,086   

PPL Corp.

     355,600         9,725,660   

The Procter & Gamble Co.

     85,200         5,422,128   

QLIK Technologies, Inc. (a)(b)

     205,105         5,909,075   

QUALCOMM, Inc. (b)

     103,200         6,588,288   

Raytheon Co. (b)

     213,600         11,564,304   

Reynolds American, Inc.

     307,900         12,571,557   

Rockwell Automation, Inc. (b)

     84,700         6,550,698   

Rowan Cos., Inc. (a)

     131,600         4,544,148   

Schlumberger Ltd. (b)

     135,800         10,068,212   

SPX Corp.

     104,400         8,015,832   

Stanley Black & Decker, Inc. (b)

     143,500         10,498,460   

Stryker Corp. (b)

     85,300         4,654,821   

TE Connectivity Ltd.

     149,600         5,454,416   

Teradata Corp. (a)(b)

     85,933         5,996,405   

Tibco Software, Inc. (a)(b)

     143,364         4,716,676   

Time Warner, Inc.

     229,700         8,604,562   

United States Steel Corp. (b)

     235,400         6,668,882   

UnitedHealth Group, Inc. (b)

     98,400         5,525,160   

Verizon Communications, Inc. (b)

     168,600         6,808,068   

Viacom, Inc., Class B

     120,200         5,576,078   

WellPoint, Inc. (b)

     39,700         2,692,454   

Wells Fargo & Co. (b)

     413,200         13,813,276   

Whirlpool Corp. (b)

     70,900         4,539,018   
 

 

See Notes to Financial Statements.     
                 
46       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock Global Opportunities Equity Trust (BOE)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

United States (concluded)

     

Whole Foods Market, Inc. (b)

     64,500       $ 5,358,015   
     

 

 

 
        582,530,146   

 

 

Total Long Term Investments

     

(Cost – $1,036,455,863) – 97.8%

        1,068,908,424   

 

 
     
     
Short-Term Securities                

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.14% (d)(f)

     87,884,120         87,884,120   

 

 
      Beneficial
Interest
(000)
         

BlackRock Liquidity Series, LLC
Money Market Series,
0.20% (d)(e)(f)

   $ 1,835         1,835,031   

 

 

Total Short-Term Securities

(Cost – $89,719,151) – 8.2%

        89,719,151   

 

 

    

     

    

     
Options Purchased – 0.0%    Contracts          

Exchange-Traded Call Options – 0.0%

  

  

Barclays Plc - ADR, Strike Price USD 16,
Expires 5/21/12

     457         3,428   

 

 

Total Options Purchased

(Cost – $925) – 0.0%

           3,428  

Total Investments Before
Outstanding Options Written

(Cost – $1,126,175,939) – 106.0%

           1,158,631,003  

    

     

    

     
Options Written    Contracts          

Exchange-Traded Call Options – (0.6)%

  

  

Accenture Plc, Class A, Strike Price USD 65,
Expires 5/21/12

     610         (65,574

Allergan, Inc., Strike Price
USD 95, Expires 5/21/12

     415         (96,488

Amazon.Com, Inc., Strike Price
USD 195, Expires 6/18/12

     136         (522,580

American Electric Power Co., Inc.,
Strike Price USD 38,
Expires 5/21/12

     1,285         (115,650

Ameriprise Financial, Inc., Strike Price
USD 55, Expires 5/21/12

     500         (32,500

Apple, Inc.:

     

Strike Price USD 620, Expires 5/21/12

     100         (43,750

Strike Price USD 630, Expires 5/21/12

     28         (8,232

Arcos Dorados Holdings, Inc.,
Class A:

     

Strike Price USD 20, Expires 5/21/12

     1,373         (10,298

Strike Price USD 22.50, Expires 5/21/12

     37         (370

Barclays Plc - ADR:

     

Strike Price USD 17, Expires 5/21/12

     715         (3,575

Strike Price USD 14, Expires 6/18/12

     925         (92,500

Biogen Idec, Inc.:

     

Strike Price USD 125, Expires 5/21/12

     108         (103,140

Strike Price USD 130, Expires 6/18/12

     103         (74,160

Caterpillar, Inc., Strike Price USD 115,
Expires 5/21/12

     240         (2,400
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

  

Check Point Software Technologies Ltd.,
Strike Price USD 60, Expires 6/18/12

     510       $ (58,650

Cisco Systems, Inc., Strike Price
USD 21, Expires 5/21/12

     1,200         (33,000

Citigroup, Inc., Strike Price USD 35,
Expires 6/18/12

     580         (40,310

Comcast Corp., Class A:

     

Strike Price USD 30, Expires 5/21/12

     470         (38,775

Strike Price USD 29.50, Expires 6/06/12

     530         (70,949

ConAgra Foods, Inc., Strike Price
USD 27, Expires 5/21/12

     1,300         (6,500

Costco Wholesale Corp., Strike Price
USD 91, Expires 5/21/12

     500         (9,517

Covidien Plc:

     

Strike Price USD 55, Expires 5/21/12

     355         (33,725

Strike Price USD 54.50, Expires 6/06/12

     60         (9,210

Crown Holdings, Inc.:

     

Strike Price USD 39, Expires 5/21/12

     500         (7,500

Strike Price USD 38, Expires 6/05/12

     500         (20,001

Dover Corp., Strike Price USD 62,
Expires 6/18/12

     670         (153,646

eBay, Inc., Strike Price USD 38,
Expires 5/21/12

     1,070         (342,400

Eli Lilly & Co., Strike Price USD 40,
Expires 6/18/12

     1,090         (166,225

EMC Corp., Strike Price USD 28,
Expires 6/18/12

     1,070         (103,790

Exelon Corp., Strike Price USD 38,
Expires 5/21/12

     960         (103,200

Express Scripts Holding Co.:

     

Strike Price USD 57.50, Expires 5/21/12

     210         (13,755

Strike Price USD 60, Expires 5/21/12

     155         (2,480

Strike Price USD 60, Expires 6/18/12

     40         (2,100

Exxon Mobil Corp.:

     

Strike Price USD 87.50, Expires 5/21/12

     788         (32,702

Strike Price USD 86, Expires 6/20/12

     535         (101,115

F5 Networks, Inc., Strike Price
USD 135, Expires 5/21/12

     180         (64,800

FedEx Corp., Strike Price USD 97.50,
Expires 5/21/12

     280         (2,240

First Quantum Minerals Ltd.:

     

Strike Price CAD 22, Expires 6/18/12

     450         (43,276

Strike Price CAD 23, Expires 6/18/12

     450         (30,749

Fortinet, Inc.:

     

Strike Price USD 29, Expires 5/21/12

     530         (9,275

Strike Price USD 30, Expires 5/21/12

     530         (5,300

The Gap, Inc., Strike Price USD 28,
Expires 6/18/12

     540         (85,590

The Goldman Sachs Group, Inc.:

     

Strike Price USD 130, Expires 5/21/12

     180         (1,350

Strike Price USD 115, Expires 6/18/12

     180         (74,700

Google, Inc., Class A, Strike Price
USD 630, Expires 5/21/12

     71         (22,720

Intel Corp., Strike Price USD 28,
Expires 5/21/12

     1,110         (68,820

International Business Machines Corp.,
Strike Price USD 202, Expires 6/22/12

     240         (178,781
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    47


 

 

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 (continued)

  

  

International Paper Co., Strike Price
USD 36, Expires 5/21/12

     495       $ (1,485

Johnson & Johnson, Strike Price
USD 65, Expires 6/18/12

     236         (18,880

JPMorgan Chase & Co., Strike Price
USD 46, Expires 5/21/12

     1,505         (12,040

KeyCorp:

     

Strike Price USD 9, Expires 5/21/12

     1,535         (3,070

Strike Price USD 8, Expires 6/18/12

     780         (24,180

Kraft Foods, Inc., Class A, Strike
Price USD 38, Expires 5/21/12

     1,485         (291,803

Las Vegas Sands Corp., Strike Price
USD 60, Expires 5/21/12

     505         (22,725

Manulife Financial Corp., Strike Price
CAD 14, Expires 5/21/12

     2,055         (32,244

Medtronic, Inc., Strike Price USD 39,
Expires 5/21/12

     540         (15,660

MetLife, Inc.:

     

Strike Price USD 36, Expires 5/21/12

     152         (12,844

Strike Price USD 40, Expires 5/21/12

     465         (1,395

Strike Price USD 36, Expires 6/18/12

     152         (21,584

Strike Price USD 37, Expires 6/18/12

     152         (13,908

Microsoft Corp., Strike Price USD 33,
Expires 6/18/12

     940         (33,370

Monsanto Co., Strike Price USD 77.50,
Expires 5/21/12

     460         (44,390

The Nasdaq OMX Group, Inc.:

     

Strike Price USD 27, Expires 5/21/12

     580         (5,800

Strike Price USD 27, Expires 6/18/12

     580         (5,800

Newmont Mining Corp., Strike Price
USD 55, Expires 5/21/12

     185         (1,480

NII Holdings, Inc., Strike Price
USD 19, Expires 5/21/12

     560         (4,200

NIKE, Inc., Class B, Strike Price
USD 112.50, Expires 6/13/12

     280         (70,100

Occidental Petroleum Corp.:

     

Strike Price USD 105, Expires 5/21/12

     185         (832

Strike Price USD 95, Expires 6/18/12

     320         (49,120

Owens Corning, Strike Price USD 34,
Expires 6/18/12

     950         (175,750

PepsiCo, Inc.:

     

Strike Price USD 65, Expires 5/21/12

     190         (24,795

Strike Price USD 66.45, Expires 6/18/12

     195         (14,858

Pfizer, Inc., Strike Price USD 22,
Expires 5/21/12

     885         (85,845

Polycom, Inc., Strike Price USD 20,
Expires 5/21/12

     1,360         (6,800

QLIK Technologies, Inc.:

     

Strike Price USD 31, Expires 5/21/12

     810         (26,325

Strike Price USD 31, Expires 6/18/12

     250         (23,125

QUALCOMM, Inc., Strike Price
USD 65, Expires 5/21/12

     540         (29,160

Raytheon Co., Strike Price USD 50,
Expires 5/21/12

     1,110         (466,200

Rockwell Automation, Inc., Strike
Price USD 80, Expires 6/22/12

     440         (71,674

Rowan Cos. Plc:

     

Strike Price USD 36, Expires 5/21/12

     310         (21,700

Strike Price USD 38, Expires 5/21/12

     370         (10,175

Royal Dutch Shell Plc, Class A - ADR:

     

Strike Price USD 70, Expires 5/21/12

     775         (135,625

Strike Price USD 70, Expires 7/23/12

     155         (44,175
Options Written    Contracts      Value  

Exchange-Traded Call Options (concluded)

  

  

Saputo, Inc., Strike Price CAD 43,
Expires 5/21/12

     750       $ (250,544

Schlumberger Ltd.:

     

Strike Price USD 75, Expires 5/21/12

     125         (14,938

Strike Price USD 77.50, Expires 5/21/12

     580         (24,070

Stanley Black & Decker, Inc.,Strike
Price USD 75, Expires 6/18/12

     745         (115,475

Stryker Corp., Strike Price USD 53.25,
Expires 5/10/12

     440         (66,836

Suncor Energy, Inc.:

     

Strike Price USD 35, Expires 5/21/12

     150         (3,825

Strike Price USD 32, Expires 6/18/12

     600         (118,800

Teradata Corp., Strike Price USD 70,
Expires 5/21/12

     500         (110,000

Tibco Software, Inc.:

     

Strike Price USD 32, Expires 5/21/12

     170         (26,775

Strike Price USD 34, Expires 6/18/12

     575         (66,125

The Toronto-Dominion Bank,
Strike Price CAD 85, Expires
5/21/12

     315         (10,045

TransCanada Corp., Strike Price
CAD 44, Expires 5/21/12

     920         (20,489

United States Steel Corp., Strike
Price USD 32, Expires 5/21/12

     1,220         (15,860

UnitedHealth Group, Inc.:

     

Strike Price USD 57.50, Expires
5/21/12

     320         (17,920

Strike Price USD 60, Expires 6/18/12

     70         (2,835

Verizon Communications, Inc.:

     

Strike Price USD 38, Expires 5/21/12

     425         (102,212

Strike Price USD 38, Expires 6/18/12

     425         (107,525

Vodafone Group Plc - ADR:

     

Strike Price USD 27, Expires 5/21/12

     468         (44,460

Strike Price USD 28, Expires 5/21/12

     800         (22,000

Strike Price USD 28, Expires 6/18/12

     800         (34,000

Weatherford International Ltd.,
Strike Price USD 16, Expires
5/21/12

     1,460         (14,600

WellPoint, Inc., Strike Price USD 75,
Expires 5/21/12

     200         (1,300

Wells Fargo & Co.:

     

Strike Price USD 33, Expires 5/21/12

     567         (42,525

Strike Price USD 34, Expires 5/21/12

     185         (5,458

Strike Price USD 34, Expires 6/18/12

     832         (57,408

Strike Price USD 34, Expires 7/23/12

     690         (80,040

Whirlpool Corp.:

     

Strike Price USD 72.50, Expires
5/21/12

     175         (2,100

Strike Price USD 67.50, Expires
6/18/12

     195         (31,882

Whole Foods Market, Inc., Strike
Price USD 85, Expires 5/21/12

     335         (61,305

Ziggo NV, Strike Price EUR 24,
Expires 5/18/12

     240         (11,437

 

 

Total Exchange-Traded Call Options

        (6,414,274

 

 

Over-the-Counter Call Options – (0.5)%

  

  

Afren Plc:

     

Strike Price GBP 1.33, Expires 5/03/12, Broker UBS Securities LLC

     560,500         (41,960

Strike Price GBP 1.35, Expires 6/27/12, Broker UBS Securities LLC

     364,900         (74,224
 

 

See Notes to Financial Statements.     
                 
48       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (continued)

  

  

AIA Group Ltd.:

     

Strike Price HKD 28.41, Expires
5/08/12, Broker Deutsche Bank
Securities Corp.

     979,600       $ (8,213

Strike Price HKD 28.06, Expires
5/30/12, Broker Citigroup Global
Markets, Inc.

     350,000         (16,504

Air China Ltd., Class H, Strike Price
HKD 5.15, Expires 5/08/12, Broker
Citigroup Global Markets, Inc.

     1,820,000         (109,620

Akzo Nobel NV, Strike Price
EUR 43.60, Expires 5/02/12, Broker
UBS Securities LLC

     59,400         (242

Allianz SE, Strike Price EUR 93.32,
Expires 5/02/12, Broker Citigroup
Global Markets, Inc.

     31,300           

Ameriprise Financial, Inc., Strike Price
USD 54.59, Expires 6/29/12, Broker
Banc of America Securities

     32,000         (59,680

Anheuser-Busch InBev NV, Strike Price
EUR 52.87, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     80,500         (168,361

ArcelorMittal:

     

Strike Price EUR 15.21, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     68,300         (1

Strike Price EUR 13.08, Expires 6/27/12, Broker UBS
Securities LLC

     25,000         (29,299

Arcos Dorados Holdings, Inc., Strike Price
USD 19.58, Expires 6/20/12, Broker Banc of America Securities

     44,000         (18,443

Arkema SA, Strike Price EUR 69.98,
Expires 5/02/12, Broker Morgan
Stanley & Co., Inc.

     32,200         (6,367

AT&T Inc.:

     

Strike Price USD 30.50, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     77,000         (185,570

Strike Price USD 32.85, Expires 6/25/12, Broker Goldman Sachs & Co.

     75,300         (41,023

Australia & New Zealand Banking
Group Ltd., Strike Price AUD 23.25, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     89,900         (54,846

Avago Technologies Ltd., Strike Price USD 37.99, Expires 6/04/12, Broker Goldman Sachs & Co.

     83,000         (24,985

Banco Bradesco SA - ADR:

     

Strike Price USD 18.43, Expires 5/02/12, Broker UBS
Securities LLC

     97,500         (1

Strike Price USD 18.43, Expires 5/09/12, Broker UBS
Securities LLC

     97,500         (1

Banco Bradesco SA, Preference Shares, Strike Price BRL 31.61, Expires 6/05/12, Broker Morgan Stanley & Co., Inc.

     127,100         (24,846

BG Group Plc, Strike Price GBP 14.26, Expires 6/27/12, Broker Banc of America Securities

     145,300         (174,838

BM&FBOVESPA SA, Strike Price BRL 11.76, Expires 5/24/12, Broker Credit Suisse First Boston

     387,000         (8,483

BNP Paribas SA, Strike Price EUR 37.17, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     41,900         (1

BOC Hong Kong Holdings Ltd., Strike Price HKD 23.69, Expires 7/10/12, Broker Morgan Stanley & Co., Inc.

     994,000         (103,498
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

  

BP Plc:

     

Strike Price GBP 4.98, Expires 5/02/12, Broker UBS Securities LLC

     117,000       $ (2

Strike Price GBP 4.69, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     423,000         (12,856

Bridgestone Corp., Strike Price JPY 2,028.36, Expires 5/08/12, Broker Goldman Sachs & Co.

     95,100         (1,061

British American Tobacco Plc, Strike Price GBP 32.69, Expires 5/02/12, Broker Citigroup Global
Markets, Inc.

     151,300         (495

Broadcom Corp., Class A, Strike Price USD 37.54, Expires 6/15/12, Broker Morgan Stanley & Co., Inc.

     80,700         (156,651

China Construction Bank Corp.,
H Shares, Strike Price HKD 6.04, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     4,877,000         (57,233

China Eastern Airlines Corp. Ltd.,
H Shares, Strike Price HKD 2.50, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     2,322,000         (34,069

China Southern Airlines Corp. Ltd.,
H Shares, Strike Price HKD 3.56, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     2,172,000         (18,525

Compass Group Plc, Strike Price
GBP 6.54, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     225,400         (5,469

Continental AG, Strike Price
EUR 69.22, Expires 5/03/12, Broker Banc of America Securities

     28,200         (154,029

Corio NV - REIT, Strike Price
EUR 37.13, Expires 5/02/12, Broker Banc of America Securities

     22,400           

Covidien Plc, Strike Price USD 54.23, Expires 5/07/12, Broker Goldman Sachs & Co.

     29,500         (31,024

CSX Corp., Strike Price USD 22.32, Expires 6/25/12, Broker Deutsche Bank Securities Corp.

     140,000         (115,241

Daimler AG:

     

Strike Price EUR 47.65, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     9,800         (3

Strike Price EUR 45.16, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     33,700         (5,774

Strike Price EUR 43.08, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     26,800         (52,823

Danone SA:

     

Strike Price EUR 52.35, Expires 5/03/12, Broker Banc of America Securities

     36,200         (46,959

Strike Price EUR 54, Expires 5/18/12, Broker Morgan Stanley & Co., Inc.

     195         (11,603

Deutsche Bank AG:

     

Strike Price EUR 35.73, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     39,200         (489

Strike Price EUR 34.74, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     70,400         (118,232

Deutsche Lufthansa AG, Strike Price EUR 10.05, Expires 5/03/12, Broker Banc of America Securities

     250,700         (15,711
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    49


 

 

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 (continued)

  

  

Dominion Resources, Inc., Strike Price USD 52.24, Expires 6/28/12, Broker Morgan Stanley & Co., Inc.

     83,000       $ (54,033

ENI SpA, Strike Price EUR 17.55, Expires 5/15/12, Broker Morgan
Stanley & Co., Inc.

     138,500         (12,061

EQT Corp.:

     

Strike Price USD 51.33, Expires 5/04/12, Broker UBS
Securities LLC

     14,500         (982

Strike Price USD 52.58, Expires 5/04/12, Broker Banc of America Securities

     12,500         (140

Strike Price USD 51.33, Expires 5/11/12, Broker UBS
Securities LLC

     14,500         (4,006

Federal Realty Investment Trust - REIT, Strike Price USD 97.69, Expires 6/13/12, Broker Deutsche Bank
Securities Corp.

     39,500         (192,518

First Financial Holding Co. Ltd., Strike Price TWD 17.9, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     4,263,000         (15,262

Fomento Economico Mexicano SAB de CV - ADR:

     

Strike Price USD 83.82, Expires 5/24/12, Broker Goldman Sachs & Co.

     18,500         (20,104

Strike Price USD 84.13, Expires 6/12/12, Broker Goldman
Sachs & Co.

     15,500         (16,043

General Mills, Inc., Strike Price
USD 38.57, Expires 5/04/12, Broker Deutsche Bank Securities Corp.

     119,000         (43,015

GlaxoSmithKline Plc, Strike Price
GBP 14.36, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     168,900         (24,684

Grupo Modelo SAB de CV, Series C:

     

Strike Price MXN 80.86, Expires 5/07/12, Broker UBS
Securities LLC

     129,700         (112,124

Strike Price MXN 85.12, Expires 5/24/12, Broker Citigroup Global Markets, Inc.

     127,000         (72,733

Strike Price MXN 87.47, Expires 6/05/12, Broker Citigroup Global Markets, Inc.

     127,000         (58,065

Hino Motors Ltd., Strike Price JPY 554.93, Expires 5/30/12, Broker Morgan
Stanley & Co., Inc.

     345,000         (96,266

Hitachi Ltd., Strike Price JPY 538.56, Expires 5/30/12, Broker Goldman Sachs & Co.

     276,000         (26,420

Honda Motor Co. Ltd., Strike Price
JPY 3,255.43, Expires 5/08/12, Broker Goldman Sachs & Co.

     67,300         (158

Hong Kong Exchanges and Clearing Ltd., Strike Price HKD 133.93, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     151,400         (532

HSBC Holdings Plc, Strike Price
GBP 5.65, Expires 5/15/12, Broker Banc of America Securities

     451,600         (45,887

IHI Corp., Strike Price JPY 216.05, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     2,205,000         (189

Informatica Corp., Strike Price USD 50.16, Expires 6/06/12, Broker Banc of America Securities

     43,500         (23,830
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

  

Inmarsat Plc:

     

Strike Price GBP 4.66, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     171,200       $ (3,101

Strike Price GBP 4.70, Expires 5/15/12, Broker Banc of America Securities

     148,500         (10,627

International Paper Co., Strike Price
USD 33.59, Expires 6/04/12, Broker Citigroup Global Markets, Inc.

     109,000         (87,122

Intesa Sanpaolo SpA, Strike Price
EUR 1.52, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

     1,586,000         (21

Johnson & Johnson, Strike Price
USD 65.58, Expires 6/22/12, Broker Banc of America Securities

     11,400         (7,216

Julius Baer Group Ltd., Strike Price
CHF 36.39, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     78,281         (4,564

KeyCorp:

     

Strike Price USD 8.43, Expires 5/16/12, Broker Morgan Stanley & Co., Inc.

     96,500         (4,508

Strike Price USD 8.12, Expires 6/07/12, Broker Credit Suisse First Boston

     225,500         (50,715

Liberty Global, Inc., Class A, Strike Price USD 51.58, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     69,000         (7,789

Lowe’s Cos., Inc., Strike Price USD 31.79, Expires 6/06/12, Broker Morgan
Stanley & Co., Inc.

     119,000         (94,155

LVMH Moet Hennessy Louis Vuitton SA:

     

Strike Price EUR 129.99, Expires 5/02/12, Broker UBS
Securities LLC

     12,000         (2,564

Strike Price EUR 130, Expires 5/18/12, Broker UBS
Securities LLC

     100         (17,394

Manpower, Inc.:

     

Strike Price USD 46.65, Expires 6/04/12, Broker Citigroup Global Markets, Inc.

     26,500         (7,393

Strike Price USD 46.65, Expires 6/14/12, Broker Citigroup Global Markets, Inc.

     26,500         (10,587

Merck KGaA, Strike Price EUR 77.35, Expires 5/03/12, Broker UBS Securities LLC

     36,300         (274,915

Naspers Ltd., N Shares, Strike Price
ZAR 461.12, Expires 6/27/12, Broker UBS Securities LLC

     66,500         (180,257

National Grid Plc, Strike Price GBP 6.52, Expires 5/03/12, Broker Banc of America Securities

     374,800         (83,514

Newcrest Mining Ltd., Strike Price
AUD 30.17, Expires 5/08/12, Broker JPMorgan Chase Securities

     103,000         (15

Novartis AG, Strike Price CHF 51, Expires 5/18/12, Broker Deutsche Bank Securities Corp.

     267         (9,286

Oracle Corp., Strike Price USD 30.18, Expires 5/07/12, Broker Morgan Stanley & Co., Inc.

     100,000         (7,740

ORIX Corp., Strike Price JPY 8,134.55, Expires 5/08/12, Broker Goldman Sachs & Co.

     28,400         (4,926

PanAust Ltd., Strike Price AUD 3.02, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     472,000         (133,154

PepsiCo, Inc., Strike Price USD 64.63, Expires 5/08/12, Broker Goldman
Sachs & Co.

     63,000         (87,639
 

 

See Notes to Financial Statements.     
                 
50       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 
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 (continued)

  

  

Pfizer, Inc.:

     

Strike Price USD 22.54, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     43,000       $ (30,522

Strike Price USD 22.54, Expires 6/05/12, Broker Morgan Stanley & Co., Inc.

     43,000         (27,537

PPL Corp.:

     

Strike Price USD 27.28, Expires 5/25/12, Broker Deutsche Bank Securities Corp.

     92,000         (26,257

Strike Price USD 27.28, Expires 6/06/12, Broker Deutsche Bank Securities Corp.

     92,000         (30,148

The Procter & Gamble Co., Strike Price USD 67.75, Expires 5/24/12, Broker Morgan Stanley & Co., Inc.

     44,000         (2,388

Reynolds American, Inc.:

     

Strike Price USD 41.72, Expires 6/11/12, Broker Banc of America Securities

     79,700         (26,668

Strike Price USD 41.72, Expires 6/25/12, Broker Banc of America Securities

     79,700         (49,136

Roche Holding AG:

     

Strike Price CHF 160.83, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     11,800         (71,758

Strike Price CHF 166.73, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     21,900         (81,571

Sanofi:

     

Strike Price EUR 57.18, Expires 5/09/12, Broker Citigroup Global Markets, Inc.

     50,700         (61,624

Strike Price EUR 56.88, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     18,000         (43,447

Softbank Corp., Strike Price JPY 2,513.82, Expires 5/08/12, Broker UBS Securities LLC

     108,000         (12,075

SPX Corp.:

     

Strike Price USD 77.41, Expires 5/09/12, Broker Morgan Stanley & Co., Inc.

     26,500         (31,286

Strike Price USD 77.38, Expires 6/06/12, Broker Banc of America Securities

     27,500         (73,560

Statoil ASA:

     

Strike Price NOK 162.05, Expires 5/11/12, Broker Citigroup Global Markets, Inc.

     21,000         (356

Strike Price NOK 153.22, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     128,000         (99,852

Straits Asia Resources Ltd., Strike Price SGD 2.17, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     935,000         (15,808

Subsea 7 SA, Strike Price NOK 154.03, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     110,000         (38,208

Sumitomo Mitsui Financial Group, Inc., Strike Price JPY 2,812.03, Expires 5/08/12, Broker Goldman Sachs & Co.

     80,800         (530
Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

  

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 14.50, Expires 5/04/12, Broker Morgan Stanley & Co., Inc.

     106,000       $ (114,480

TE Connectivity Ltd., Strike Price USD 36.72, Expires 6/25/12, Broker Goldman Sachs & Co.

     82,500         (80,626

Telefonica SA:

     

Strike Price EUR 12.73, Expires 5/09/12, Broker Morgan Stanley & Co., Inc.

     87,300         (1

Strike Price EUR 11.41, Expires 6/27/12, Broker UBS Securities LLC

     106,700         (18,264

Time Warner, Inc.:

     

Strike Price USD 36.95, Expires 6/08/12, Broker Citigroup Global Markets, Inc.

     60,000         (73,616

Strike Price USD 36.95, Expires 6/20/12, Broker Citigroup Global Markets, Inc.

     60,000         (81,197

Toyota Motor Corp., Strike Price JPY 3,641.41, Expires 5/08/12, Broker Goldman Sachs & Co.

     65,300         (448

Viacom, Inc., Class B, Strike Price USD 46.94, Expires 6/13/12, Broker Deutsche Bank
Securities Corp.

     62,000         (112,599

Volvo AB, B Shares, Strike Price SEK 92.36, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     189,500         (127,313

Wharf Holdings Ltd., Strike Price HKD 44.70, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     421,000         (87,955

Xstrata Plc, Strike Price GBP 11.11, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     172,700         (219,794

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H, Strike Price HKD 12.03, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     1,237,000         (26,927

 

 

Total Over-the-Counter Call Options

  

     (5,563,460

 

 

Total Options Written

  

  

(Premiums Received – $15,040,176) – (1.1)%

  

     (11,977,734

 

 

Total Investments Net of Outstanding Options Written – 104.9%

   

     1,146,653,269   

Liabilities in Excess of Other Assets – (4.9)%

  

     (53,955,011
     

 

 

 

Net Assets – 100.0%

  

   $ 1,092,698,258   
     

 

 

 

 

(a) Non-income producing security.
(b) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(c) Security, or a portion of security, is on loan.
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.
 

 

See Notes to Financial Statements.

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    51


 

 

Schedule of Investments (continued)

 

 

BlackRock Global Opportunities Equity Trust (BOE)

 

(f) 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,

2011

    

Net

Activity

    

Shares/
Beneficial
Interest

Held at

April 30,

2012

    

Realized

Gain

     Income      

 

   

BlackRock Liquidity Funds, TempFund, Institutional Class

     30,113,366         57,770,754         87,884,120         $973         $38,922     

BlackRock Liquidity Series, LLC Money Market Series

             $1,835,031         $1,835,031                 $10,843     

 

   

 

 

 

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

Currency
Purchased

 

Currency
Sold

  Counterparty   Settlement
Date
 

Unrealized

Appreciation

(Depreciation)

CAD   1,604,500    USD   1,635,579  

Citigroup Global Markets,

Inc.

  5/01/12   $(11,345)
GBP   2,266,000    USD   3,669,785   UBS Securities LLC   5/01/12   7,712
MXN   3,931,000    USD   302,245   UBS Securities LLC   5/02/12   (463)
EUR   176,500    USD   233,972  

Citigroup Global Markets,

Inc.

  5/02/12   (339)
EUR   5,863,000    USD   7,768,182   UBS Securities LLC   5/02/12   (7,347)
HKD   15,017,500    USD   1,935,444  

Citigroup Global Markets,

Inc.

  5/02/12   137
SEK   1,134,000    USD   168,898   UBS Securities LLC   5/02/12   (180)
CHF   1,052,500    USD   1,160,969   UBS Securities LLC   5/02/12   (1,381)
USD   1,244    DKK   7,000   RBS Securities, Inc.   5/02/12   (1)
AUD   697,500    USD   728,398  

Citigroup Global Markets,

Inc.

  5/02/12   (1,639)
USD   16,236    GBP   10,000   RBS Securities, Inc.   5/03/12   7
SEK   13,389,000    USD   1,994,086   UBS Securities LLC   5/03/12   (2,316)
EUR   233,000    USD   308,376  

Citigroup Global Markets,

Inc.

  5/03/12   46
NOK   4,028,000    USD   703,582   UBS Securities LLC   5/03/12   165
SGD   206,000    USD   166,536   Deutsche Bank Securities Corp.   5/03/12   (71)
ZAR   597,000    USD   77,019  

Citigroup Global Markets,

Inc.

  5/04/12   (266)
SEK   8,159,000    USD   1,214,253  

Citigroup Global Markets,

Inc.

  5/04/12   (559)
USD   1,101    CHF   1,000   Deutsche Bank Securities Corp.   5/04/12   (1)
USD   12,402    NOK   71,000   Deutsche Bank Securities Corp.   5/04/12   (2)
JPY   364,219,000    USD   4,563,164  

Citigroup Global Markets,

Inc.

  5/07/12   (1,013)

Total

        $  (18,856)

 

 

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

 

   

Level 1 - unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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.

 

 

See Notes to Financial Statements.     
                 
52       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (concluded)

 

 

BlackRock Global Opportunities Equity Trust (BOE)

 

The following tables summarize the inputs used as of April 30, 2012 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:

       

Long-Term Investments:

       

Common Stocks:

       

Australia

    $ 12,753,723     $12,753,723

Belgium

  $  9,564,391       9,564,391

Brazil

  14,093,360       14,093,360

British Virgin

       

Islands

  6,379,590       6,379,590

Canada

  33,567,964       33,567,964

China

  459,096   16,738,701     17,197,797

France

    33,305,797     33,305,797

Germany

    40,198,422     40,198,422

Hong Kong

    23,015,968     23,015,968

India

    6,181,859     6,181,859

Indonesia

    6,454,129     6,454,129

Ireland

  15,174,100       15,174,100

Israel

  5,707,843       5,707,843

Italy

    8,982,215     8,982,215

Japan

    50,665,742     50,665,742

Luxembourg

    3,123,468     3,123,468

Mexico

  10,249,785       10,249,785

Netherlands

  14,118,453   8,081,306     22,199,759

Norway

    7,730,411     7,730,411

Singapore

  3,268,704   2,853,568     6,122,272

South Africa

    7,735,172     7,735,172

South Korea

    14,508,096     14,508,096

Spain

    3,005,240     3,005,240

Sweden

    8,304,972     8,304,972

Switzerland

  4,019,859   26,817,395     30,837,254

Taiwan

  3,178,320   4,898,377     8,076,697

United Kingdom

  12,713,621   68,528,631     81,242,252

United States

  582,530,146       582,530,146

Short-Term Securities

  87,884,120   1,835,031     89,719,151

 

Total

  $802,909,352   $355,718,223     $1,158,627,575
 

 

Valuation Inputs   Level 1     Level 2   Level 3   Total  

Derivative Financial Instruments1

       

Assets:

       

Equity contracts

  $ 3,428          $ 3,428   

Foreign currency exchange contracts

    8,067            8,067   

Liabilities:

       

Equity contracts

    (5,647,586   $(6,330,148)       (11,977,734

Foreign currency exchange contracts

    (26,923         (26,923

 

 

Total

  $ (5,663,014   $(6,330,148)     $ (11,993,162
 

 

 

 

 

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, 2012    53


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Biotechnology – 23.7%

     

3SBio, Inc. - ADR (a)(b)

     60,600       $ 792,648   

Achillion Pharmaceuticals, Inc. (a)(c)

     25,600         170,240   

Acorda Therapeutics, Inc. (a)(b)

     63,800         1,610,312   

Affymax, Inc. (a)(b)(c)

     21,300         279,243   

Alexion Pharmaceuticals, Inc. (a)(b)

     74,500         6,728,840   

Algeta ASA (a)

     5,700         134,807   

Amgen, Inc. (b)

     89,900         6,392,789   

Amylin Pharmaceuticals, Inc. (a)(b)

     65,200         1,689,332   

Ardea Biosciences, Inc. (a)

     3,200         101,952   

Ariad Pharmaceuticals, Inc. (a)(b)(c)

     142,478         2,322,391   

Arqule, Inc. (a)(b)

     36,800         259,440   

Biogen Idec, Inc. (a)(b)

     47,580         6,376,196   

BioMarin Pharmaceutical, Inc. (a)(b)(c)

     30,200         1,047,940   

Celgene Corp. (a)(b)

     54,900         4,003,308   

Cepheid, Inc. (a)(b)

     14,200         545,422   

Chemocentryx, Inc. (a)

     17,053         293,312   

CSL Ltd.

     15,900         605,480   

Cubist Pharmaceuticals, Inc. (a)(b)(c)

     38,600         1,632,008   

Dendreon Corp. (a)(b)(c)

     87,100         1,014,715   

Exelixis, Inc. (a)(b)

     154,100         739,680   

Genomic Health, Inc. (a)(b)

     10,300         295,198   

Gilead Sciences, Inc. (a)(b)

     49,966         2,598,732   

Human Genome Sciences, Inc. (a)(b)(c)

     57,800         850,238   

Incyte Corp. Ltd. (a)(b)(c)

     57,400         1,301,832   

Medivation, Inc. (a)(b)

     30,700         2,483,016   

Momenta Pharmaceuticals, Inc. (a)(b)(c)

     20,600         327,128   

Onyx Pharmaceutical, Inc. (a)(b)

     23,000         1,046,730   

Pharmacyclics, Inc. (a)(b)

     59,842         1,649,246   

Regeneron Pharmaceuticals, Inc. (a)(b)(c)

     6,800         919,768   

Synta Pharmaceuticals Corp. (a)(b)

     116,300         505,905   

Theravance, Inc. (a)(b)

     24,253         524,835   

Verastem, Inc. (a)

     16,300         169,194   

Vertex Pharmaceuticals, Inc. (a)(b)

     28,705         1,104,568   
     

 

 

 
        50,516,445   

 

 

Diversified Consumer Services – 0.3%

     

Stewart Enterprises, Inc., Class A

     88,300         558,056   

 

 

Electronic Equipment, Instruments & Components – 1.1%

  

Agilent Technologies, Inc. (b)

     57,266         2,415,480   

 

 

Food & Staples Retailing – 0.5%

     

CVS Caremark Corp. (b)

     25,900         1,155,658   

 

 

Health Care Equipment & Supplies – 16.7%

  

Alere, Inc. (a)(b)

     15,234         363,940   

Align Technology, Inc. (a)(b)(c)

     63,074         2,000,077   

Baxter International, Inc. (b)

     35,900         1,989,219   

Becton Dickinson & Co. (b)

     6,700         525,615   

The Cooper Cos., Inc.

     17,045         1,502,858   

Covidien Plc (b)

     92,300         5,097,729   

DENTSPLY International, Inc. (b)

     65,800         2,701,748   

Edwards Lifesciences Corp. (a)(b)

     9,055         751,293   

Elekta AB, B Shares

     12,500         632,161   

Given Imaging Ltd. (b)

     21,700         421,414   

Heartware International, Inc. (a)

     7,692         599,668   

Hologic, Inc. (a)(b)

     204,100         3,902,392   

Intuitive Surgical, Inc. (a)(b)

     5,007         2,895,047   

Medtronic, Inc. (b)

     134,600         5,141,720   

Sirona Dental Systems, Inc. (a)(b)

     14,400         727,344   

Stryker Corp. (b)

     52,500         2,864,925   

Varian Medical Systems, Inc. (a)(b)

     12,400         786,408   

William Demant Holding (a)

     2,284         215,789   

Zimmer Holdings, Inc. (b)

     39,400         2,479,442   
     

 

 

 
        35,598,789   

 

 
Common Stocks    Shares      Value  

Health Care Providers & Services – 18.6%

  

Acadia Healthcare Co., Inc. (a)

     17,600       $ 280,896   

Aetna, Inc. (b)

     78,511         3,457,624   

AMERIGROUP Corp. (a)(b)

     6,900         426,144   

AmerisourceBergen Corp. (b)

     14,900         554,429   

Brookdale Senior Living, Inc. (a)(b)

     30,300         576,003   

Cardinal Health, Inc. (b)

     37,700         1,593,579   

Centene Corp. (a)

     9,800         387,982   

CIGNA Corp. (b)

     38,900         1,798,347   

Coventry Health Care, Inc. (b)

     33,200         995,668   

Express Scripts Holding Co. (a)(b)

     86,776         4,841,233   

HCA Holdings, Inc. (b)

     20,600         554,552   

Henry Schein, Inc. (a)(b)

     14,700         1,128,078   

Humana, Inc. (b)

     25,843         2,085,013   

McKesson Corp. (b)

     40,300         3,683,823   

MEDNAX, Inc. (a)(c)

     6,800         477,632   

Quest Diagnostics, Inc. (b)

     29,300         1,690,317   

UnitedHealth Group, Inc. (b)

     127,900         7,181,585   

Universal Health Services, Inc.,
Class B (b)

     20,500         875,555   

VCA Antech, Inc. (a)(b)(c)

     64,000         1,514,240   

WellPoint, Inc. (b)

     79,400         5,384,908   
     

 

 

 
        39,487,608   

 

 

Health Care Technology – 2.3%

     

Cerner Corp. (a)(b)

     28,900         2,343,501   

SXC Health Solutions Corp. (a)(b)

     26,100         2,364,138   

Vocera Communications, Inc. (a)

     4,400         97,460   
     

 

 

 
        4,805,099   

 

 

Industrial Conglomerates – 0.5%

     

Koninklijke Philips Electronics NV (a)

     54,900         1,092,533   

 

 

Life Sciences Tools & Services – 2.1%

     

Life Technologies Corp. (a)(b)

     35,900         1,664,324   

Luminex Corp. (a)(b)(c)

     25,800         646,032   

Thermo Fisher Scientific, Inc. (b)

     20,900         1,163,085   

Waters Corp. (a)(b)

     13,215         1,111,514   
     

 

 

 
        4,584,955   

 

 

Pharmaceuticals – 27.8%

     

Abbott Laboratories

     53,200         3,301,592   

Allergan, Inc. (b)

     62,800         6,028,800   

Auxilium Pharmaceuticals, Inc. (a)(b)

     11,021         197,496   

Bristol-Myers Squibb Co.

     77,000         2,569,490   

Elan Corp. Plc - ADR (a)(b)

     194,800         2,686,292   

Eli Lilly & Co. (b)

     118,400         4,900,576   

Endo Pharmaceuticals
Holdings, Inc. (a)(b)

     34,700         1,219,358   

GlaxoSmithKline Plc

     69,000         1,594,006   

Johnson & Johnson (b)

     81,770         5,322,409   

Merck & Co., Inc. (b)

     83,200         3,264,768   

Merck KGaA

     17,100         1,879,626   

Novartis AG

     20,400         1,126,412   

Pfizer, Inc. (b)

     262,000         6,007,660   

Roche Holding AG

     35,500         6,488,000   

Sanofi

     71,900         5,491,841   

Teva Pharmaceutical Industries
Ltd. - ADR (b)

     34,900         1,596,326   

UCB SA

     19,200         897,795   

Valeant Pharmaceuticals
International, Inc. (a)(b)

     23,100         1,285,053   

Watson Pharmaceuticals, Inc. (a)(b)

     42,700         3,217,872   
     

 

 

 
        59,075,372   

 

 

Total Long-Term Investments

     

(Cost – $171,914,815) – 93.6%

        199,289,995   

 

 
     

    

  

 

 

See Notes to Financial Statements.     
                 
54       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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, 0.14% (d)(f)

     14,083,946       $ 14,083,946   

 

 
      Beneficial
Interest
(000)
         

BlackRock Liquidity Series, LLC Money Market Series,
0.20% (d)(e)(f)

   $ 6,153         6,152,876   

 

 

Total Short-Term Securities

     

(Cost – $20,236,822) – 9.5%

        20,236,822   

 

 

Total Investments Before Outstanding Options Written

  

(Cost – $192,151,637) – 103.1%

        219,526,817   

 

 
     

    

  

Options Written    Contracts          

Exchange-Traded Call Options – (0.9)%

  

  

3SBio, Inc. - ADR, Strike Price USD 15, Expires 5/21/12

     200         (4,000

Acorda Therapeutics, Inc.,
Strike Price USD 26, Expires 5/21/12

     250         (21,250

Aetna, Inc.:

     

Strike Price USD 47, Expires 5/21/12

     78         (1,092

Strike Price USD 49, Expires 5/21/12

     390         (1,755

Affymax, Inc., Strike Price
USD 13, Expires 5/21/12

     70         (5,600

Agilent Technologies, Inc.,
Strike Price USD 44, Expires 6/22/12

     180         (22,402

Alere, Inc., Strike Price USD 27, Expires 5/21/12

     75         (562

Alexion Pharmaceuticals, Inc., Strike Price USD 90, Expires 5/21/12

     225         (68,063

Align Technology, Inc.:

     

Strike Price USD 28, Expires 5/21/12

     190         (75,050

Strike Price USD 34, Expires 5/21/12

     62         (1,860

Allergan, Inc.:

     

Strike Price USD 97.50, Expires 5/21/12

     60         (6,300

Strike Price USD 97.50, Expires 6/18/12

     150         (28,125

AMERIGROUP Corp.,
Strike Price USD 70, Expires 6/18/12

     23         (2,300

AmerisourceBergen Corp.,
Strike Price USD 39, Expires 5/21/12

     100         (750

Amgen, Inc., Strike Price
USD 70, Expires 5/21/12

     295         (48,085

Amylin Pharmaceuticals, Inc.:

     

Strike Price USD 18, Expires 5/21/12

     105         (83,738

Strike Price USD 27, Expires 6/18/12

     110         (14,905

Ariad Pharmaceuticals, Inc.:

     

Strike Price USD 15, Expires 5/21/12

     70         (10,850

Strike Price USD 16, Expires 5/21/12

     300         (25,500

Strike Price USD 18, Expires 5/21/12

     160         (2,400

Arqule, Inc., Strike Price
USD 7.50, Expires 7/23/12

     100         (7,250

Auxilium Pharmaceuticals, Inc., Strike Price USD 20, Expires 6/18/12

     50         (4,625

Baxter International, Inc.:

     

Strike Price USD 60, Expires 5/21/12

     110         (330

Strike Price USD 55, Expires 6/18/12

     45         (6,615

Becton Dickinson & Co.,
Strike Price USD 77, Expires 5/21/12

     22         (4,576
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

Biogen Idec, Inc.:

     

Strike Price USD 125, Expires 5/21/12

     50       $ (47,750

Strike Price USD 130, Expires 6/18/12

     107         (77,040

BioMarin Pharmaceutical, Inc.,
Strike Price USD 35.50, Expires 6/13/12

     100         (9,963

Brookdale Senior Living, Inc.,
Strike Price USD 20, Expires 5/21/12

     90         (2,475

Cardinal Health, Inc., Strike Price
USD 42, Expires 5/21/12

     205         (19,475

Celgene Corp., Strike Price USD 80, Expires 6/18/12

     180         (10,710

Cerner Corp., Strike Price USD 75, Expires 5/21/12

     75         (48,750

CIGNA Corp., Strike Price USD 49, Expires 5/21/12

     125         (5,125

Coventry Health Care, Inc.,
Strike Price USD 37, Expires 7/23/12

     100         (1,750

Covidien Plc:

     

Strike Price USD 55, Expires 5/21/12

     135         (12,825

Strike Price USD 54.50, Expires 6/06/12

     100         (15,350

Cubist Pharmaceuticals, Inc.,
Strike Price USD 45, Expires 5/21/12

     125         (2,813

CVS Caremark Corp., Strike Price
USD 46, Expires 5/21/12

     130         (5,590

Dendreon Corp.:

     

Strike Price USD 14, Expires 5/21/12

     50         (2,400

Strike Price USD 18, Expires 5/21/12

     120         (1,500

Strike Price USD 14, Expires 6/18/12

     120         (9,240

DENTSPLY International, Inc.,
Strike Price USD 40, Expires 6/18/12

     45         (8,888

Elan Corp. Plc - ADR, Strike Price
USD 14, Expires 6/18/12

     650         (52,000

Eli Lilly & Co.:

     

Strike Price USD 41, Expires 5/21/12

     30         (1,815

Strike Price USD 40, Expires 6/18/12

     360         (54,900

Endo Pharmaceuticals Holdings, Inc., Strike Price USD 40, Expires 5/21/12

     105         (2,363

Exelixis, Inc.:

     

Strike Price USD 6, Expires 5/21/12

     250         (2,500

Strike Price USD 5, Expires 6/18/12

     250         (8,750

Express Scripts Holding Co.:

     

Strike Price USD 57.50, Expires 5/21/12

     75         (4,912

Strike Price USD 60, Expires 5/21/12

     20         (320

Strike Price USD 57.50, Expires 6/18/12

     155         (19,143

Strike Price USD 60, Expires 6/18/12

     40         (2,100

Genomic Health, Inc., Strike Price
USD 35, Expires 5/21/12

     35         (175

Gilead Sciences, Inc.:

     

Strike Price USD 49, Expires 5/21/12

     190         (66,975

Strike Price USD 55, Expires 5/21/12

     95         (3,562

Given Imaging Ltd., Strike Price USD 20, Expires 5/21/12

     75         (2,812

HCA Holdings, Inc., Strike Price USD 27, Expires 6/18/12

     70         (10,675

Henry Schein, Inc., Strike Price USD 75, Expires 5/21/12

     48         (12,480

Hologic, Inc., Strike Price USD 22, Expires 5/21/12

     680         (3,400

Human Genome Sciences, Inc.,
Strike Price USD 10, Expires 5/21/12

     187         (88,358
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    55


 

 

Schedule of Investments (continued)

 

 

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

Humana, Inc.:

     

Strike Price USD 82.50, Expires 5/21/12

     38       $ (4,085

Strike Price USD 90, Expires 5/21/12

     110         (550

Incyte Corp. Ltd., Strike Price USD 20, Expires 5/21/12

     175         (50,750

Intuitive Surgical, Inc., Strike Price
USD 575, Expires 6/18/12

     10         (20,750

Johnson & Johnson, Strike Price
USD 65, Expires 6/18/12

     236         (18,880

Life Technologies Corp., Strike Price USD 50, Expires 5/21/12

     150         (2,250

Luminex Corp., Strike Price USD 25, Expires 5/21/12

     100         (19,500

McKesson Corp., Strike Price
USD 87.50, Expires 5/21/12

     120         (52,800

Medivation, Inc., Strike Price USD 80, Expires 6/18/12

     100         (71,250

Medtronic, Inc., Strike Price USD 39, Expires 5/21/12

     350         (10,150

Merck & Co., Inc., Strike Price USD 39, Expires 6/18/12

     75         (6,675

Momenta Pharmaceuticals, Inc.,
Strike Price USD 17, Expires 5/21/12

     70         (5,075

Onyx Pharmaceutical, Inc., Strike Price USD 44, Expires 5/21/12

     80         (24,600

Pfizer, Inc., Strike Price USD 22, Expires 5/21/12

     635         (61,595

Pharmacyclics, Inc., Strike Price
USD 29, Expires 5/21/12

     215         (18,275

Quest Diagnostics, Inc., Strike Price USD 60, Expires 5/21/12

     200         (4,000

Regeneron Pharmaceuticals, Inc.,
Strike Price USD 130, Expires 6/18/12

     23         (27,600

Sirona Dental Systems, Inc., Strike Price USD 50, Expires 5/21/12

     45         (9,675

Stryker Corp., Strike Price USD 53.25, Expires 5/10/12

     175         (26,583

SXC Health Solutions Corp.:

     

Strike Price USD 75, Expires 5/21/12

     40         (64,200

Strike Price USD 95, Expires 6/18/12

     45         (13,162

Synta Pharmaceuticals Corp.:

     

Strike Price USD 5, Expires 5/21/12

     250         (3,750

Strike Price USD 7.50, Expires 5/21/12

     20         (100

Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 45, Expires 5/21/12

     122         (17,629

Theravance, Inc., Strike Price USD 20, Expires 5/21/12

     85         (18,062

Thermo Fisher Scientific, Inc.:

     

Strike Price USD 55, Expires 5/21/12

     62         (8,835

Strike Price USD 60, Expires 5/21/12

     55         (825

Strike Price USD 55, Expires 6/18/12

     20         (4,000

UnitedHealth Group, Inc., Strike Price USD 57.50, Expires 5/21/12

     300         (16,800

Universal Health Services, Inc., Class B:

     

Strike Price USD 45, Expires 6/18/12

     15         (1,238

Strike Price USD 45, Expires 7/23/12

     55         (7,425
Options Written    Contracts      Value  

Exchange-Traded Call Options (concluded)

  

Valeant Pharmaceuticals International, Inc., Strike Price USD 55, Expires 5/21/12

     75       $ (19,312

Varian Medical Systems, Inc.,
Strike Price USD 70, Expires 5/21/12

     25         (375

VCA Antech, Inc., Strike Price
USD 23, Expires 5/16/12

     225         (23,888

Vertex Pharmaceuticals, Inc.,
Strike Price USD 40, Expires 5/21/12

     100         (10,500

Waters Corp.:

     

Strike Price USD 82, Expires 5/21/12

     57         (17,184

Strike Price USD 95, Expires 5/21/12

     75         (1,125

Watson Pharmaceuticals, Inc.:

     

Strike Price USD 60, Expires 5/21/12

     55         (82,225

Strike Price USD 75, Expires 6/18/12

     85         (26,350

WellPoint, Inc.:

     

Strike Price USD 75, Expires 5/21/12

     170         (1,105

Strike Price USD 72.50, Expires 6/18/12

     110         (5,885

Zimmer Holdings, Inc.:

     

Strike Price USD 65, Expires 5/21/12

     40         (1,200

Strike Price USD 64, Expires 6/06/12

     90         (8,306

 

 

Total Exchange-Traded Call Options

  

     (1,855,391

 

 

Exchange-Traded Put Options – (0.0)%

  

  

Aetna, Inc., Strike Price USD 46, Expires 5/21/12

     100         (22,450

Cepheid, Inc., Strike Price USD 38, Expires 5/21/12

     50         (3,962

Edwards Lifesciences Corp.,
Strike Price USD 80, Expires 5/21/12

     54         (4,725

 

 

Total Exchange-Traded Put Options

  

     (31,137

 

 

Over-the-Counter Call Options – (0.1)%

  

  

Abbott Laboratories, Strike Price USD 60.48, Expires 5/29/12, Broker Morgan
Stanley & Co., Inc.

     22,500         (39,601

Bristol-Myers Squibb Co.:

     

Strike Price USD 32.81, Expires 5/04/12, Broker Banc of America Securities

     13,000         (7,724

Strike Price USD 32.81, Expires 5/10/12, Broker Banc of America Securities

     13,000         (8,809

Covidien Plc, Strike Price USD 54.23, Expires 5/07/12, Broker Goldman Sachs & Co.

     7,000         (7,362

CSL Ltd., Strike Price AUD 36.06, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     4,800         (4,220

DENTSPLY International, Inc.,
Strike Price USD 40, Expires 5/17/12, Broker UBS Securities LLC

     17,500         (22,491

GlaxoSmithKline Plc, Strike Price GBP 14.36, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     30,000         (4,384

Johnson & Johnson, Strike Price USD 65.58, Expires 6/22/12, Broker Banc of America Securities

     11,400         (7,216

Koninklijke Philips Electronics NV, Strike Price EUR 15.46, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     18,200         (3,175
 

 

See Notes to Financial Statements.     
                 
56       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

Merck & Co., Inc., Strike Price USD 38.11, Expires 6/04/12, Broker Deutsche Bank Securities Corp.

     45,500       $ (59,773

Merck KGaA, Strike Price EUR 77.35, Expires 5/03/12, Broker UBS Securities LLC

     6,000         (45,441

Novartis AG, Strike Price CHF 51, Expires 5/18/12, Broker Deutsche Bank Securities Corp.

     62         (2,156

Pfizer, Inc.:

     

Strike Price USD 22.54, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     8,500         (6,033

Strike Price USD 22.54, Expires 6/05/12, Broker Morgan Stanley & Co., Inc.

     8,500         (5,443

Roche Holding AG, Strike Price CHF 166.73, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     11,800         (43,951

Sanofi, Strike Price EUR 57.18, Expires 5/09/12, Broker Citigroup Global Markets, Inc.

     19,700         (23,945
Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

Stewart Enterprises, Inc., Class A, Strike Price USD 6.34, Expires 6/12/12, Broker Morgan Stanley & Co., Inc.

     26,000       $ (6,454

 

 

Total Over-the-Counter Call Options

  

     (298,178

 

 

Total Options Written

     

(Premiums Received – $1,866,199) – (1.0)%

  

     (2,184,706

 

 

Total Investments Net of Outstanding Options Written – 102.1%

   

     217,342,111   

Liabilities in Excess of Other Assets – (2.1)%

  

     (4,535,124
     

 

 

 

Net Assets – 100.0%

      $ 212,806,987   
     

 

 

 

 

(a) Non-income producing security.
(b) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(c) Security, or a portion of security, is on loan.
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.
 

 

(f)  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,

2011

    

Net

Activity

   

Shares/
Beneficial
Interest

Held at
April 30,

2012

     Realized
Gain
     Income           
 

 

    
 

BlackRock Liquidity Funds, TempFund,
Institutional Class

     7,801,065         6,282,881        14,083,946         $178         $7,747      
 

BlackRock Liquidity Series, LLC
Money Market Series

     $7,320,205         $(1,167,329)        $6,152,876                 $9,010      
 

 

    

 

    Foreign currency exchange contracts as of April 30, 2012 were as follows:      
 

 

 
    Currency
Purchased
        Currency
Sold
    Counterparty   Settlement
Date
  Unrealized
Depreciation
 
 

 

 
  USD181,333     DKK        1,020,000      RBS Securities, Inc.   5/02/12   $ (155
        Deutsche Bank    
  USD7,936     EUR        6,000      Securities Corp.   5/04/12     (6
 

 

 
  Total           $ (161
           

 

 

 

 

 

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 categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

   

Level 1 - unadjusted 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)

 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    57


 

 

Schedule of Investments (concluded)

 

 

BlackRock Health Sciences Trust (BME)

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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, 2012 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:

         

Long-Term Investments:

         

Common Stocks:

         

Biotechnology

  $ 49,776,158      $ 740,287        $ 50,516,445     

Diversified Consumer Services

    558,056                 558,056     

Electronic Equipment, Instruments & Components

    2,415,480                 2,415,480     

Food & Staples Retailing

    1,155,658                 1,155,658     

Health Care Equipment & Supplies

    34,750,839        847,950          35,598,789     

Health Care Providers & Services

    39,487,608                 39,487,608     

Health Care Technology

    4,805,099                 4,805,099     

Industrial Conglomerates

           1,092,533          1,092,533     

Life Sciences Tools & Services

    4,584,955                 4,584,955     

Pharmaceuticals

    41,597,692        17,477,680          59,075,372     

Short-Term Securities

    14,083,946        6,152,876          20,236,822     

 

   

 

Total

  $ 193,215,491      $ 26,311,326        $ 219,526,817     
 

 

 

   

 

 

 
Valuation Inputs   Level 1     Level 2     Level 3   Total  

 

 

Derivative Financial Instruments1

 

Liabilities:

       

Equity contracts

  $ (1,754,314   $ (430,392     $ (2,184,706

Foreign currency exchange contracts

    (161              (161

 

 

Total

  $ (1,754,475   $ (430,392     $ (2,184,867
 

 

 

 

 

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.     
                 
58       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Australia – 3.5%

     

Australia & New Zealand Banking Group Ltd.

     570,700       $ 14,138,090   

BHP Billiton Ltd. - ADR (a)

     110,300         8,195,290   

CSL Ltd.

     75,600         2,878,885   

Newcrest Mining Ltd.

     277,200         7,553,714   
     

 

 

 
        32,765,979   

 

 

Belgium – 1.0%

     

Anheuser-Busch InBev NV

     132,700         9,564,391   

 

 

Bermuda – 0.8%

     

Seadrill Ltd.

     184,089         7,137,505   

 

 

Brazil – 3.3%

     

Banco Bradesco SA - ADR

     537,600         8,617,728   

Banco Bradesco SA, Preference Shares

     210,600         3,358,728   

BM&FBOVESPA SA

     1,031,744         5,764,538   

BRF - Brasil Foods SA

     258,400         4,690,418   

Cia Energetica de Minas Gerais - ADR

     253,000         6,241,510   

PDG Realty SA Empreendimentos e Participacoes (b)

     843,600         1,982,702   

Tractebel Energia SA

     12,500         214,765   
     

 

 

 
        30,870,389   

 

 

British Virgin Islands – 0.6%

     

Arcos Dorados Holdings, Inc., Class A (a)

     333,400         5,957,857   

 

 

Canada – 5.9%

     

First Quantum Minerals Ltd. (a)

     256,000         5,317,730   

Gildan Activewear, Inc. (a)

     112,100         3,228,471   

Goldcorp, Inc. (a)

     92,000         3,523,166   

Manulife Financial Corp. (a)

     358,600         4,904,273   

Royal Bank of Canada (a)

     138,500         8,004,216   

Suncor Energy, Inc. (a)

     195,300         6,452,712   

The Toronto-Dominion Bank (a)

     101,200         8,553,108   

TransCanada Corp. (a)

     162,700         7,157,911   

Yamana Gold, Inc. (a)

     536,000         7,862,165   
     

 

 

 
        55,003,752   

 

 

China – 2.8%

     

Baidu, Inc. - ADR (a)(b)

     39,100         5,188,570   

China Construction Bank Corp., H Shares

     12,553,000         9,741,682   

Lentuo International, Inc. - ADR (b)

     155,700         439,074   

Tencent Holdings Ltd.

     192,600         6,025,261   

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H

     3,397,800         5,041,050   
     

 

 

 
        26,435,637   

 

 

France – 4.5%

     

AXA SA (b)

     319,673         4,542,593   

BNP Paribas SA

     88,400         3,567,764   

Danone SA

     121,000         8,518,268   

GDF Suez

     184,260         4,242,438   

LVMH Moet Hennessy Louis Vuitton SA

     46,500         7,714,136   

Sanofi

     170,000         12,984,880   

Societe Generale SA

     37,200         880,680   
     

 

 

 
        42,450,759   

 

 

Germany – 6.7%

     

Adidas AG

     115,300         9,617,140   

Allianz SE

     79,100         8,822,900   

Continental AG

     26,200         2,541,089   

Daimler AG

     130,700         7,231,815   

Deutsche Bank AG (c)

     205,000         8,899,663   

Deutsche Lufthansa AG

     379,700         4,944,588   

Infineon Technologies AG

     615,693         6,135,695   

K+S AG

     148,700         7,432,274   
Common Stocks    Shares      Value  

Germany (concluded)

     

Merck KGaA

     66,800       $ 7,342,632   
     

 

 

 
        62,967,796   

 

 

Gibraltar – 0.1%

     

Bwin.Party Digital Entertainment Plc

     454,299         1,135,934   

 

 

Hong Kong – 3.4%

     

AIA Group Ltd.

     2,269,000         8,029,700   

China Merchants Holdings International Co. Ltd.

     1,550,400         4,992,303   

China Mobile Ltd.

     603,400         6,675,730   

Hong Kong Exchanges and Clearing Ltd.

     256,800         4,083,893   

Melco Crown Entertainment
Ltd. - ADR (a)(b)

     239,100         3,710,832   

Wharf Holdings Ltd.

     785,600         4,658,894   
     

 

 

 
        32,151,352   

 

 

India – 0.6%

     

ICICI Bank Ltd.

     139,400         2,333,774   

Jubilant Foodworks Ltd. (b)

     153,792         3,455,545   
     

 

 

 
        5,789,319   

 

 

Indonesia – 1.1%

     

Adaro Energy Tbk PT

     17,527,800         3,531,907   

Indofood Sukses Makmur Tbk PT

     9,459,800         4,970,915   

Tower Bersama Infrastructure Tbk PT

     6,286,000         2,079,701   
     

 

 

 
        10,582,523   

 

 

Ireland – 1.3%

     

Accenture Plc, Class A (a)

     98,100         6,371,593   

Covidien Plc (a)

     107,700         5,948,271   
     

 

 

 
        12,319,864   

 

 

Israel – 0.9%

     

Check Point Software Technologies Ltd. (a)(b)

     85,500         4,970,115   

Teva Pharmaceutical Industries Ltd. - ADR (a)

     81,500         3,727,810   
     

 

 

 

 

8,697,925

  

Italy – 1.4%

     

ENI SpA

     398,900         8,863,464   

Intesa Sanpaolo SpA

     2,936,800         4,451,752   
     

 

 

 
        13,315,216   

 

 

Japan – 11.5%

     

Bridgestone Corp.

     331,800         7,850,978   

The Chiba Bank Ltd.

     890,900         5,412,680   

Daiwa Office Investment Corp. - REIT

     605         1,676,714   

Hitachi Ltd.

     730,000         4,649,548   

Honda Motor Co. Ltd.

     155,400         5,592,720   

IHI Corp.

     4,222,000         10,213,675   

Japan Prime Realty Investment Corp. - REIT

     787         2,260,113   

JGC Corp.

     216,000         6,219,740   

Kubota Corp.

     838,800         8,097,045   

Mitsui Fudosan Co. Ltd.

     268,500         4,918,064   

ORIX Corp.

     51,400         4,914,395   

SMC Corp.

     43,200         7,214,533   

Softbank Corp.

     197,900         5,906,617   

Sumitomo Mitsui Financial Group, Inc.

     286,500         9,167,651   

Tokio Marine Holdings, Inc.

     57,300         1,465,942   

Toray Industries, Inc.

     1,191,700         9,162,168   

Toyota Motor Corp.

     171,300         7,019,492   

Yamato Holdings Co. Ltd.

     397,000         6,121,140   
     

 

 

 
        107,863,215   

 

 

Luxembourg – 0.9%

     

ArcelorMittal

     496,000         8,616,464   

 

 
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    59


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Mexico – 1.7%

     

Fomento Economico Mexicano SAB de CV - ADR

     137,800       $ 11,197,628   

Grupo Modelo SAB de CV, Series C

     668,200         4,721,944   
     

 

 

 
        15,919,572   

 

 

Netherlands – 3.7%

     

Akzo Nobel NV

     140,400         7,529,739   

ASML Holding NV

     21,000         1,068,540   

Corio NV - REIT

     17,200         770,511   

Koninklijke DSM NV

     116,300         6,673,851   

Royal Dutch Shell Plc, Class A - ADR (a)

     239,400         17,126,676   

Ziggo NV (a)(b)

     40,800         1,283,202   
     

 

 

 
        34,452,519   

 

 

Norway – 1.4%

     

Statoil ASA

     367,200         9,852,853   

Storebrand ASA (b)

     637,800         2,867,221   
     

 

 

 
        12,720,074   

 

 

Singapore – 2.6%

     

Avago Technologies Ltd.

     53,900         1,858,472   

DBS Group Holdings Ltd.

     583,000         6,549,624   

Sakari Resources Ltd.

     3,067,400         4,852,552   

Singapore Telecommunications Ltd.

     4,366,400         10,983,555   
     

 

 

 
        24,244,203   

 

 

South Africa – 1.2%

     

MTN Group Ltd.

     308,700         5,398,500   

Naspers Ltd., N Shares

     91,600         5,526,847   
     

 

 

 
        10,925,347   

 

 

South Korea – 1.6%

     

Hyundai Marine & Fire Insurance Co. Ltd.

     231,300         5,912,478   

Samsung Electronics Co. Ltd.

     7,000         8,567,729   
     

 

 

 
        14,480,207   

 

 

Spain – 1.1%

     

Banco Santander SA

     724,300         4,547,598   

Telefonica SA

     421,500         6,155,047   
     

 

 

 
        10,702,645   

 

 

Sweden – 1.5%

     

Svenska Cellulosa AB, B Shares

     271,100         4,297,677   

Volvo AB, B Shares

     694,200         9,634,261   
     

 

 

 
        13,931,938   

 

 

Switzerland – 7.0%

     

Julius Baer Group Ltd. (b)

     136,200         5,220,765   

Nestle SA

     346,300         21,224,477   

Novartis AG

     44,900         2,479,210   

Roche Holding AG

     54,500         9,960,450   

Swiss Re AG (b)

     110,100         6,913,518   

Syngenta AG

     18,700         6,557,654   

Xstrata Plc

     675,361         12,970,669   
     

 

 

 
        65,326,743   

 

 

Taiwan – 2.1%

     

Chunghwa Telecom Co. Ltd. - ADR

     128,500         3,980,930   

Mega Financial Holding Co. Ltd.

     8,542,022         6,715,902   

Taiwan Semiconductor Manufacturing Co. Ltd.

     1,924,000         5,686,645   

United Microelectronics Corp.

     6,072,300         3,176,258   
     

 

 

 
        19,559,735   

 

 

United Kingdom – 20.0%

     

Barclays Plc - ADR (a)

     472,800         6,732,672   

Barratt Developments Plc (b)

     112,700         244,608   

Bellway Plc

     121,800         1,556,382   

BG Group Plc

     444,400         10,485,720   

BP Plc

     1,681,400         12,146,624   
Common Stocks    Shares      Value  

United Kingdom (concluded)

     

British American Tobacco Plc

     326,100       $ 16,725,543   

Britvic Plc

     1,210,100         7,507,956   

Compass Group Plc

     399,000         4,171,267   

Diageo Plc

     214,400         5,407,878   

Experian Plc

     662,023         10,456,170   

GlaxoSmithKline Plc

     208,700         4,821,290   

HSBC Holdings Plc

     1,546,600         13,961,452   

Imperial Tobacco Group Plc

     287,200         11,485,275   

Inchcape Plc

     735,720         4,370,979   

Invensys Plc

     1,831,000         6,605,177   

Kazakhmys Plc

     34,196         480,016   

Meggitt Plc

     824,200         5,465,570   

National Grid Plc

     1,179,900         12,741,210   

Persimmon Plc

     53,900         549,740   

Rexam Plc

     1,561,900         10,902,844   

SSE Plc

     510,800         10,953,310   

Subsea 7 SA (b)

     242,300         6,275,317   

Taylor Wimpey Plc

     2,342,600         1,910,722   

Vodafone Group Plc - ADR (a)

     751,200         20,905,896   
     

 

 

 
        186,863,618   

 

 

United States – 1.3%

     

MercadoLibre, Inc. (a)

     55,941         5,411,732   

NII Holdings, Inc. (a)(b)

     88,100         1,232,960   

TE Connectivity Ltd.

     137,900         5,027,834   
     

 

 

 
        11,672,526   

 

 

Total Common Stocks – 95.5%

  

     894,425,004   

 

 

Total Long-Term Investments

(Cost – $868,324,703) – 95.5%

  

  

     894,425,004   

 

 
     
     

Short-Term Securities

     

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.14% (d)(f)

     59,170,667         59,170,667   

 

 
     

Beneficial
Interest

(000)

         

BlackRock Liquidity Series, LLC Money Market Series,
0.20% (d)(e)(f)

     $  5         4,865   

 

 

Total Short-Term Securities

(Cost – $59,175,532) – 6.3%

        59,175,532   

 

 

Total Investments Before Outstanding Options Written

(Cost – $927,500,235) – 101.8%

        953,600,536   

 

 
     
     
Options Written    Contracts          

Exchange-Traded Call Options – (0.2)%

  

  

Accenture Plc, Class A, Strike Price USD 62.50, Expires 5/21/12

     505         (143,924

Arcos Dorados Holdings, Inc., Class A:

     

Strike Price USD 20, Expires 5/21/12

     1,207         (9,052

Strike Price USD 22.50, Expires 5/21/12

     33         (330

Baidu, Inc. - ADR, Strike Price USD 145, Expires 5/21/12

     200         (10,700
 

 

See Notes to Financial Statements.     
                 
60       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Exchange-Traded Call Options (concluded)

  

  

Barclays Plc - ADR:

     

Strike Price USD 17, Expires 5/21/12

     2,070       $ (10,350

Strike Price USD 14, Expires 6/18/12

     1,480         (148,000

BHP Billiton Ltd. - ADR:

     

Strike Price USD 75, Expires 5/21/12

     298         (38,293

Strike Price USD 77.50, Expires 5/21/12

     300         (12,900

Check Point Software Technologies Ltd., Strike Price USD 60, Expires 6/18/12

     453         (52,095

Covidien Plc, Strike Price USD 55, Expires 5/21/12

     490         (46,550

First Quantum Minerals Ltd.:

     

Strike Price CAD 22, Expires 6/18/12

     680         (65,395

Strike Price CAD 23, Expires 6/18/12

     680         (46,465

Gildan Activewear, Inc., Strike Price CAD 28, Expires 5/21/12

     575         (76,834

Goldcorp, Inc., Strike Price CAD 44, Expires 5/21/12

     505         (5,112

Manulife Financial Corp., Strike Price CAD 14, Expires 5/21/12

     1,840         (28,871

Melco Crown Entertainment Ltd. - ADR:

     

Strike Price USD 14, Expires 5/21/12

     555         (94,350

Strike Price USD 16, Expires 7/23/12

     715         (82,225

MercadoLibre, Inc., Strike Price USD 100, Expires 5/21/12

     285         (95,475

NII Holdings, Inc., Strike Price USD 19, Expires 5/21/12

     680         (5,100

Royal Bank of Canada:

     

Strike Price CAD 58, Expires 5/21/12

     245         (5,704

Strike Price CAD 58.50, Expires 5/21/12

     465         (5,884

Royal Dutch Shell Plc, Class A - ADR:

  

  

Strike Price USD 70, Expires 5/21/12

     1,058         (185,150

Strike Price USD 70, Expires 7/23/12

     210         (59,850

Suncor Energy, Inc.:

     

Strike Price USD 35, Expires 5/21/12

     90         (2,295

Strike Price USD 32, Expires 6/18/12

     945         (187,110

Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 45, Expires 5/21/12

     433         (62,568

The Toronto-Dominion Bank, Strike Price CAD 85, Expires 5/21/12

     520         (16,581

TransCanada Corp., Strike Price CAD 44, Expires 5/21/12

     835         (18,596

Vodafone Group Plc - ADR:

     

Strike Price USD 27, Expires 5/21/12

     1,070         (101,650

Strike Price USD 28, Expires 5/21/12

     1,460         (40,150

Strike Price USD 28, Expires 6/18/12

     1,460         (62,050

Yamana Gold, Inc., Strike Price CAD 16, Expires 5/21/12

     655         (4,973

Ziggo NV, Strike Price EUR 24, Expires 5/18/12

     210         (10,007

 

 

Total Exchange-Traded Call Options

  

     (1,734,589 ) 

 

 

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

  

Adidas AG:

     

Strike Price EUR 56.56, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     17,800         (152,065

Strike Price EUR 60.04, Expires 5/15/12, Broker Banc of America Securities

     41,400         (186,936
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

  

AIA Group Ltd.:

     

Strike Price HKD 28.41, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     856,000       $ (7,177

Strike Price HKD 28.06, Expires 5/30/12, Broker Citigroup Global Markets, Inc.

     308,000         (14,523

Akzo Nobel NV:

     

Strike Price EUR 43.60, Expires 5/02/12, Broker UBS Securities LLC

     57,600         (234

Strike Price EUR 44, Expires 5/18/12, Broker UBS Securities LLC

     80         (1,414

Allianz SE, Strike Price EUR 93.32, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

     40,600         (1

Anheuser-Busch InBev NV, Strike Price EUR 52.87, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     105,200         (220,019

ArcelorMittal:

     

Strike Price EUR 15.21, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     159,000         (2

Strike Price EUR 13.08, Expires 6/27/12, Broker UBS Securities LLC

     104,600         (122,585

Arcos Dorados Holdings, Inc., Strike Price USD 19.58, Expires 6/20/12, Broker Banc of America Securities

     53,000         (22,214

ASML Holding NV, Strike Price EUR 37.73, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     10,800         (17,584

Australia & New Zealand Banking Group Ltd.:

     

Strike Price AUD 22.12, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     55,000         (95,375

Strike Price AUD 23.79, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     58,400         (11,842

Strike Price AUD 23.05, Expires 5/30/12, Broker Goldman Sachs & Co.

     190,000         (159,664

Avago Technologies Ltd., Strike Price USD 37.99, Expires 6/04/12, Broker Goldman Sachs & Co.

     53,900         (16,225

AXA SA, Strike Price EUR 12.96, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     233,200         (3

Banco Bradesco SA - ADR:

     

Strike Price USD 18.43, Expires 5/02/12, Broker UBS Securities LLC

     138,000         (1

Strike Price USD 18.43, Expires 5/09/12, Broker UBS Securities LLC

     138,000         (1

Banco Bradesco SA, Preference Shares, Strike Price BRL 31.61, Expires 6/05/12, Broker Morgan Stanley & Co., Inc.

     115,900         (22,656

Banco Santander SA, Strike Price EUR 5.61, Expires 5/15/12, Broker Banc of America Securities

     371,600         (7,196

Bellway Plc:

     

Strike Price GBP 8.03, Expires 5/03/12, Broker UBS Securities LLC

     31,300         (2,271

Strike Price GBP 7.76, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     33,500         (22,700
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    61


 

 

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 (continued)

  

BG Group Plc:

     

Strike Price GBP 14.80, Expires 5/02/12, Broker Banc of America Securities

     151,000       $ (17,427

Strike Price GBP 14.26, Expires 6/27/12, Broker Banc of America Securities

     85,200         (102,520

BM&FBOVESPA SA:

     

Strike Price BRL 12.42, Expires 5/07/12, Broker UBS Securities LLC

     86,000         (2

Strike Price BRL 11.76, Expires 5/24/12, Broker Credit Suisse First Boston

     443,500         (9,722

BNP Paribas SA, Strike Price EUR 37.17, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     45,400         (1

BP Plc:

     

Strike Price GBP 4.98, Expires 5/02/12, Broker UBS Securities LLC

     134,700         (2

Strike Price GBP 4.69, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     728,000         (22,125

BRF - Brasil Foods SA, Strike Price BRL 37.52, Expires 5/30/12, Broker Deutsche Bank Securities Corp.

     134,000         (13,639

Bridgestone Corp., Strike Price JPY 2,028.36, Expires 5/08/12, Broker Goldman Sachs & Co.

     176,200         (1,967

British American Tobacco Plc, Strike Price GBP 32.69, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

     167,300         (547

Britvic Plc:

     

Strike Price GBP 3.82, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     225,000         (12,655

Strike Price GBP 3.91, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     199,700         (10,364

Strike Price GBP 3.97, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     218,400         (21,646

Bwin.Party Digital Entertainment Plc, Strike Price GBP 1.56, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     241,400         (28,025

The Chiba Bank Ltd., Strike Price JPY 534.50, Expires 5/08/12, Broker UBS Securities LLC

     473,000         (55

China Construction Bank Corp., H Shares, Strike Price HKD 6.04, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     6,440,000         (75,575

China Merchants Holdings International Co. Ltd., Strike Price HKD 26.19, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     824,000         (17,648

China Mobile Ltd., Strike Price HKD 85.68, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     310,000         (45,667

Chunghwa Telecom Co. Ltd. - ADR:

     

Strike Price USD 31.09, Expires 5/08/12, Broker Goldman Sachs & Co.

     48,000         (10,329

Strike Price USD 30.86, Expires 5/11/12, Broker Citigroup Global Markets, Inc.

     18,000         (6,580
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

Cia Energetica de Minas Gerais - ADR:

     

Strike Price USD 25.20, Expires 5/14/12, Broker Deutsche Bank Securities Corp.

     62,500       $ (15,951

Strike Price USD 24.19, Expires 5/25/12, Broker UBS Securities LLC

     31,500         (26,490

Strike Price USD 25, Expires 6/15/12, Broker Citigroup Global Markets, Inc.

     40,500         (25,967

Compass Group Plc, Strike Price GBP 6.54, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     204,800         (4,969

Continental AG, Strike Price EUR 69.22, Expires 5/03/12, Broker Banc of America Securities

     19,000         (103,779

Corio NV - REIT, Strike Price EUR 37.13, Expires 5/02/12, Broker Banc of America Securities

     8,800           

Covidien Plc, Strike Price USD 54.23, Expires 5/07/12, Broker Goldman Sachs & Co.

     6,500         (6,836

Daimler AG:

     

Strike Price EUR 47.65, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     21,600         (8

Strike Price EUR 45.16, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     29,600         (5,072

Strike Price EUR 43.08, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     18,300         (36,069

Daiwa Office Investment Corp. - REIT:

     

Strike Price JPY 221,268.60, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     165         (10,585

Strike Price JPY 219,484.11, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     168         (20,261

Danone SA:

     

Strike Price EUR 52.35, Expires 5/03/12, Broker Banc of America Securities

     50,400         (65,379

Strike Price EUR 54, Expires 5/18/12, Broker Morgan Stanley & Co., Inc.

     140         (8,330

DBS Group Holdings Ltd., Strike Price SGD 13.34, Expires 5/30/12, Broker Deutsche Bank Securities Corp.

     320,000         (165,038

Deutsche Bank AG:

     

Strike Price EUR 35.73, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     10,300         (128

Strike Price EUR 36.16, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     11,500         (77

Strike Price EUR 34.74, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     87,200         (146,447

Deutsche Lufthansa AG:

     

Strike Price EUR 10.05, Expires 5/03/12, Broker Banc of America Securities

     117,000         (7,332

Strike Price EUR 10.15, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     77,900         (11,132

Diageo Plc - ADR, Strike Price GBP 15.66, Expires 5/03/12, Broker Banc of America Securities

     110,000         (12,546

ENI SpA, Strike Price EUR 17.55, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     204,700         (17,826
 

 

See Notes to Financial Statements.     
                 
62       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (continued)

  

Experian Plc:

     

Strike Price GBP 9.83, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     134,000       $ (9,003

Strike Price GBP 10.01, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     205,400         (16,069

Fomento Economico Mexicano SAB de CV - ADR:

     

Strike Price USD 75.96, Expires 5/07/12, Broker UBS Securities LLC

     19,500         (103,350

Strike Price USD 83.82, Expires 5/24/12, Broker Goldman Sachs & Co.

     16,500         (17,931

Strike Price USD 84.13, Expires 6/12/12, Broker Goldman Sachs & Co.

     37,000         (38,296

GDF Suez, Strike Price EUR 19.85, Expires 5/02/12, Broker UBS Securities LLC

     97,900         (1

GlaxoSmithKline Plc, Strike Price GBP 14.36, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     194,000         (28,353

Grupo Modelo SAB de CV, Series C:

     

Strike Price MXN 80.86, Expires 5/07/12, Broker UBS Securities LLC

     114,100         (98,638

Strike Price MXN 85.12, Expires 5/24/12, Broker Citigroup Global Markets, Inc.

     114,500         (65,574

Strike Price MXN 87.47, Expires 6/05/12, Broker Citigroup Global Markets, Inc.

     126,500         (57,837

Hitachi Ltd., Strike Price JPY 538.56, Expires 5/30/12, Broker Goldman Sachs & Co.

     402,000         (38,481

Honda Motor Co. Ltd., Strike Price JPY 3,255.43, Expires 5/08/12, Broker Goldman Sachs & Co.

     82,500         (194

Hong Kong Exchanges and Clearing Ltd., Strike Price HKD 133.93, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     131,800         (463

HSBC Holdings Plc, Strike Price GBP 5.65, Expires 5/15/12, Broker Banc of America Securities

     794,000         (80,679

IHI Corp., Strike Price JPY 216.05, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     2,242,000         (192

Imperial Tobacco Group Plc, Strike Price GBP 25.24, Expires 6/27/12, Broker Banc of America Securities

     152,700         (106,352

Inchcape Plc:

     

Strike Price GBP 3.83, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     147,200         (13,263

Strike Price GBP 3.62, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     243,800         (94,160

Infineon Technologies AG, Strike Price EUR 7.54, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     315,900         (45,235

Intesa Sanpaolo SpA, Strike Price EUR 1.52, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

     1,972,200         (26

Invensys Plc:

     

Strike Price GBP 1.93, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     503,300         (246,157

Strike Price GBP 1.99, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     469,700         (245,023
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

Japan Prime Realty Investment Corp. - REIT:

  

  

Strike Price JPY 236,000.70, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     218       $ (4,506

Strike Price JPY 228,853.88, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     215         (19,301

JGC Corp., Strike Price JPY 2,629.43, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     115,000         (79

Julius Baer Group Ltd., Strike Price CHF 36.39, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     70,695         (4,122

K+S AG, Strike Price EUR 37.02, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     79,000         (150,876

Koninklijke DSM NV, Strike Price EUR 42.66, Expires 5/03/12, Broker UBS Securities LLC

     59,700         (70,059

Kubota Corp.:

     

Strike Price JPY 804.97, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     125,000         (6,544

Strike Price JPY 822.76, Expires 5/08/12, Broker Goldman Sachs & Co.

     321,000         (7,184

LVMH Moet Hennessy Louis Vuitton SA:

     

Strike Price EUR 129.99, Expires 5/02/12, Broker UBS Securities LLC

     17,600         (3,761

Strike Price EUR 130, Expires 5/18/12, Broker UBS Securities LLC

     65         (11,306

Mega Financial Holding Co. Ltd., Strike Price TWD 21.42, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     4,382,000         (252,754

Meggitt Plc:

     

Strike Price GBP 4.10, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     211,500         (12,765

Strike Price GBP 4.10, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     211,500         (25,027

Merck KGaA, Strike Price EUR 77.35, Expires 5/03/12, Broker UBS Securities LLC

     34,300         (259,768

Mitsui Fudosan Co. Ltd., Strike Price JPY 1,619.95, Expires 5/08/12, Broker Goldman Sachs & Co.

     143,000         (2,746

MTN Group Ltd., Strike Price ZAR 136.35, Expires 6/27/12, Broker UBS Securities LLC

     164,000         (116,703

Naspers Ltd., N Shares, Strike Price ZAR 461.12, Expires 6/27/12, Broker UBS Securities LLC

     48,700         (132,007

National Grid Plc:

     

Strike Price GBP 6.52, Expires 5/03/12, Broker Banc of America Securities

     115,000         (25,625

Strike Price GBP 6.73, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     534,000         (92,077

Nestle SA:

     

Strike Price CHF 56.03, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     131,000         (102,145

Strike Price CHF 57.59, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     53,000         (17,030
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    63


 

 

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 (continued)

  

  

Newcrest Mining Ltd., Strike Price AUD 30.17, Expires 5/08/12, Broker JPMorgan Chase Securities

     147,000       $ (22

Novartis AG, Strike Price CHF 51, Expires 5/18/12, Broker Deutsche Bank Securities Corp.

     238         (8,278

ORIX Corp., Strike Price JPY 8,134.55, Expires 5/08/12, Broker Goldman Sachs & Co.

     27,300         (4,736

PDG Realty SA Empreendimentos e Participacoes, Strike Price BRL 8.04, Expires 5/07/12, Broker UBS Securities LLC

     432,800         (4

Rexam Plc:

     

Strike Price GBP 4.16, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     221,300         (51,463

Strike Price GBP 4.28, Expires 5/03/12, Broker Morgan Stanley & Co., Inc.

     179,400         (14,923

Strike Price GBP 4.32, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     429,300         (90,515

Roche Holding AG:

     

Strike Price CHF 157.48, Expires 5/03/12, Broker Banc of America Securities

     7,400         (68,499

Strike Price CHF 160.83, Expires 5/15/12, Broker Citigroup Global
Markets, Inc.

     15,000         (91,218

Strike Price CHF 166.73, Expires 6/27/12, Broker Citigroup Global
Markets, Inc.

     6,600         (24,583

Samsung Electronics Co. Ltd., Strike Price KRW 1,291,148.35, Expires 5/30/12, Broker Citigroup Global Markets, Inc.

     3,700         (355,884

Sanofi, Strike Price EUR 57.18, Expires 5/09/12, Broker Citigroup Global Markets, Inc.

     87,300         (106,111

Scottish & Southern Energy Plc:

     

Strike Price GBP 13.43, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     57,500         (1,560

Strike Price GBP 13.55, Expires 5/15/12, Broker UBS Securities LLC

     204,600         (17,695

Seadrill Ltd., Strike Price NOK 219.57, Expires 6/27/12, Broker UBS Securities LLC

     97,900         (129,695

Singapore Telecommunications Ltd., Strike Price SGD 3.13, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     2,320,000         (70,942

SMC Corp., Strike Price JPY 13,585.88, Expires 5/08/12, Broker Goldman Sachs & Co.

     23,000         (36,405

Societe Generale SA, Strike Price EUR 25.13, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     19,000           

Softbank Corp., Strike Price JPY 2,513.82, Expires 5/08/12, Broker UBS Securities LLC

     105,100         (11,750
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

  

Statoil ASA:

     

Strike Price NOK 159.88, Expires 5/09/12, Broker Banc of America Securities

     56,400       $ (2,733

Strike Price NOK 162.05, Expires 5/11/12, Broker Citigroup Global Markets, Inc.

     19,000         (322

Strike Price NOK 153.22, Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     119,800         (93,455

Storebrand ASA, Strike Price NOK 27.31, Expires 5/02/12, Broker Banc of America Securities

     327,200         (5,904

Straits Asia Resources Ltd.:

     

Strike Price SGD 2.35, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     287,000         (80

Strike Price SGD 2.17, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     1,286,000         (21,742

Subsea 7 SA, Strike Price NOK 154.03, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     133,300         (46,302

Sumitomo Mitsui Financial Group, Inc.:

     

Strike Price JPY 2,803.76, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     76,000         (603

Strike Price JPY 2,812.03, Expires 5/08/12, Broker Goldman Sachs & Co.

     76,200         (500

Svenska Cellulosa AB, B Shares, Strike Price SEK 104.38, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     144,000         (91,779

Swiss Re AG, Strike Price CHF 57.83, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     86,700         (78,182

Syngenta AG, Strike Price CHF 302.88, Expires 5/03/12, Broker Citigroup Global Markets, Inc.

     9,600         (163,075

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price TWD 83.7, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     987,000         (128,389

Taylor Wimpey Plc, Strike Price GBP 0.49, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     1,244,900         (71,550

TE Connectivity Ltd., Strike Price USD 37.07, Expires 5/11/12, Broker Goldman Sachs & Co.

     71,000         (22,746

Telefonica SA:

     

Strike Price EUR 12.73, Expires 5/09/12, Broker Morgan Stanley & Co., Inc.

     122,200         (2

Strike Price EUR 11.41, Expires 6/27/12, Broker UBS
Securities LLC

     109,700         (18,778

Tencent Holdings Ltd., Strike Price HKD 218.13, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     102,400         (339,818
 

 

See Notes to Financial Statements.     
                 
64       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (continued)

  

  

Toray Industries, Inc.:

     

Strike Price JPY 596.97, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     210,000       $ (51,122

Strike Price JPY 628.67, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     423,000         (18,017

Toyota Motor Corp., Strike Price JPY 3,641.41, Expires 5/08/12, Broker Goldman Sachs & Co.

     91,000         (625

United Microelectronics Corp., Strike Price TWD 15.52, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     5,867,000         (33,031

Volvo AB, B Shares, Strike Price SEK 92.36, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     381,900         (256,574

Wharf Holdings Ltd., Strike Price HKD 44.70, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     497,000         (103,833

Xstrata Plc, Strike Price GBP 11.38, Expires 5/03/12, Broker UBS Securities LLC

     346,500         (272,068
Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

  

Yamato Holdings Co. Ltd., Strike Price JPY 1,290.51, Expires 5/08/12, Broker Deutsche Bank Securities Corp.

     210,800       $ (1,464

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H, Strike Price HKD 12.03, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     1,805,000         (39,291

 

 

Total Over-the-Counter Call Options

  

     (7,737,336

 

 

Total Options Written

     

(Premiums Received – $13,251,031) – (1.0)%

  

     (9,471,925

 

 

Total Investments Net of Outstanding Options Written – 100.8%

   

     944,128,611   

Liabilities in Excess of Other Assets – (0.8)%

  

     (7,736,525
     

 

 

 

Net Assets – 100.0%

      $ 936,392,086   
     

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Non-income producing security.
(c) Security, or a portion of security, is on loan.
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.
 

 

(f) 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,

2011

     Shares
Purchased
    Shares
Sold
    

Shares/
Beneficial Interest
Held at

April 30,

2012

    

Value at
April 30,

2012

    

Realized

Gain

(Loss)

     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

     61,562,830         (2,392,163)        2,392,830         59,170,667       $ 59,170,667       $ 667       $ 37,790   

iShares MSCI EAFE Index Fund

     660,000                (660,000)                       $ (3,106,953)       $ 375,690   

BlackRock Liquidity Series, LLC Money Market Series

           $ 4,865 1            $ 4,865       $ 4,865                   

 

 

 

  1 

Represents net beneficial interest purchased.

 

 

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

Currency
Purchased

 

Currency

Sold

  Counterparty   Settlement
Date
 

Unrealized
Appre-

ciation
(Depre-

ciation)

GBP

 

3,000

  USD   4,872   RBS Securities LLC   5/01/12   $    (4)

USD

 

2,003,616

  EUR   1,512,300   UBS Securities LLC   5/02/12   1,789

USD

 

251,103

  KRW   284,373,912   The Bank of New York Mellon Corp.   5/02/12   (528)

USD

 

308,338

  SEK   2,070,500   UBS Securities LLC   5/02/12   287

CAD

 

1,503,000

  USD   1,524,362   Citigroup Global Markets, Inc.   5/02/12   (2,876)

HKD

 

12,898,000

  USD   1,662,563   Citigroup Global Markets, Inc.   5/03/12   (161)

MXN

 

2,085,000

  USD   160,456   Citigroup Global Markets, Inc.   5/03/12   (391)

AUD

 

556,000

  USD   579,376   Citigroup Global Markets, Inc.   5/03/12   (52)

GBP

 

1,894,000

  USD   3,078,241   Citigroup Global Markets, Inc.   5/03/12   (4,463)
Currency
Purchased
 

Currency
Sold

  Counterparty   Settlement
Date
  Unrealized
Appreciation
(Depreciation)
 

USD

 

665,663

  GBP   410,000   RBS Securities LLC   5/03/12   $ 273   

SGD

 

666,000

  USD   538,301   Deutsche Bank Securities Corp.   5/04/12     (117

SEK

 

979,000

  USD   145,698   Citigroup Global Markets, Inc.   5/04/12     (67

CHF

 

965,000

  USD   1,062,526   Deutsche Bank Securities Corp.   5/04/12     709   

NOK

 

3,008,000

  USD   525,013   Citigroup Global Markets, Inc.   5/04/12     504   

EUR

 

3,019,000

  USD   3,993,971   Citigroup Global Markets, Inc.   5/04/12     2,333   

JPY

 

118,597,000

  USD   1,485,858   Citigroup Global Markets, Inc.   5/07/12     (330

 

 

Total

          $ (3,094
           

 

 

 
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    65


 

 

Schedule of Investments (concluded)

 

 

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 categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

   

Level 1 - unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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, 2012 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:

       

Long-Term Investments:

       

Common Stocks:

       

Australia

  $ 8,195,290      $ 24,570,689        $ 32,765,979   

Belgium

    9,564,391                 9,564,391   

Bermuda

           7,137,505          7,137,505   

Brazil

    30,870,389                 30,870,389   

British Virgin Islands

    5,957,857                 5,957,857   

Canada

    55,003,752                 55,003,752   

China

    5,627,644        20,807,993          26,435,637   

France

           42,450,759          42,450,759   

Germany

           62,967,796          62,967,796   

Gibraltar

           1,135,934          1,135,934   

Hong Kong

    3,710,832        28,440,520          32,151,352   

India

           5,789,319          5,789,319   

Indonesia

           10,582,523          10,582,523   

Ireland

    12,319,864                 12,319,864   

Israel

    8,697,925                 8,697,925   

Italy

           13,315,216          13,315,216   

Japan

           107,863,215          107,863,215   

Luxembourg

           8,616,464          8,616,464   

Mexico

    15,919,572                 15,919,572   

Netherlands

    19,478,418        14,974,101          34,452,519   

Norway

           12,720,074          12,720,074   

Singapore

    1,858,472        22,385,731          24,244,203   

South Africa

           10,925,347          10,925,347   

South Korea

           14,480,207          14,480,207   

Spain

           10,702,645          10,702,645   

Sweden

           13,931,938          13,931,938   

Switzerland

           65,326,743          65,326,743   

Taiwan

    3,980,930        15,578,805          19,559,735   

United Kingdom

    27,638,568        159,225,050          186,863,618   

United States

    11,672,526                 11,672,526   

Short-Term Securities

    59,170,667                 59,175,532   

 

 

Total

  $ 279,667,097      $ 673,928,574        $ 953,600,536   
 

 

 

 

 

Valuation Inputs   Level 1     Level 2     Level 3   Total  

Derivative Financial Instruments1

       

Assets:

       

Foreign currency exchange contracts

  $ 5,895               $ 5,895   

Liabilities:

       

Equity contracts

    (1,734,590   $ (7,737,335       (9,471,925

Foreign currency exchange contracts

    (8,989              (8,989

 

 

Total

  $ (1,737,684   $ (7,737,335     $ (9,475,019
 

 

 

 

 

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.     
                 
66       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock Real Asset Equity Trust (BCF)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Chemicals – 12.2%

  

Agrium, Inc. (a)

     76,300       $ 6,706,770   

Air Products & Chemicals, Inc. (a)

     95,500         8,164,295   

Celanese Corp., Series A (a)

     100,000         4,846,000   

The Dow Chemical Co. (a)

     171,125         5,797,715   

E.I. du Pont de Nemours & Co. (a)

     382,100         20,427,066   

Monsanto Co.

     73,300         5,583,994   

The Mosaic Co. (a)

     20,900         1,103,938   

Olin Corp.

     182,800         3,831,488   

Potash Corp. of Saskatchewan, Inc. (a)

     192,800         8,190,144   

Praxair, Inc. (a)

     168,300         19,472,310   
     

 

 

 
        84,123,720   

 

 

Energy Equipment & Services – 5.2%

  

Atwood Oceanics, Inc. (a)(b)

     29,700         1,316,601   

Basic Energy Services, Inc. (a)(b)

     44,400         639,360   

Calfrac Well Services Ltd. (a)

     15,800         433,446   

Core Laboratories NV (a)

     62,900         8,616,042   

Forum Energy Technologies, Inc. (b)

     76,300         1,764,056   

Guide Exploration Ltd., Class A (b)

     317,400         639,395   

Halliburton Co. (a)

     75,300         2,576,766   

Key Energy Services, Inc. (b)

     281,500         3,563,790   

National Oilwell Varco, Inc. (a)

     49,500         3,750,120   

Patterson-UTI Energy, Inc. (a)

     163,300         2,640,561   

Schlumberger Ltd. (a)

     54,400         4,033,216   

Seadrill Ltd.

     83,877         3,252,082   

Technip SA

     24,800         2,816,290   
     

 

 

 
        36,041,725   

 

 

Machinery – 4.4%

  

Caterpillar, Inc. (a)

     234,500         24,099,565   

Deere & Co. (a)

     76,800         6,325,248   
     

 

 

 
        30,424,813   

 

 

Metals & Mining – 41.3%

  

African Rainbow Minerals Ltd.

     254,750         5,937,236   

Agnico-Eagle Mines Ltd. (a)

     106,950         4,269,444   

Alcoa, Inc.

     269,550         2,622,722   

Allegheny Technologies, Inc. (a)

     40,800         1,751,952   

Alumina Ltd.

     2,018,366         2,410,853   

Anglo American Platinum Ltd.

     50,444         3,280,595   

Anglo American Plc

     77,945         3,012,171   

Barrick Gold Corp. (a)

     97,700         3,950,011   

BHP Billiton Plc

     778,600         25,064,629   

Carpenter Technology Corp. (a)

     41,466         2,307,998   

Cia de Minas Buenaventura SA - ADR (a)

     232,900         9,611,783   

Cliffs Natural Resources, Inc. (a)

     29,100         1,811,766   

Detour Gold Corp. (a)(b)

     138,100         3,408,289   

Eldorado Gold Corp. (a)

     350,000         4,960,267   

Eramet

     14,350         1,914,253   

First Quantum Minerals Ltd. (a)

     516,100         10,720,628   

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

     122,000         4,672,600   

Fresnillo Plc

     475,000         12,102,637   

Glencore International Plc

     225,000         1,559,257   

Goldcorp, Inc. (a)

     171,450         6,559,677   

Harry Winston Diamond Corp. (a)(b)

     134,300         1,916,921   

IAMGOLD Corp. (a)

     271,000         3,360,581   

Iluka Resources Ltd.

     864,386         15,099,454   

Impala Platinum Holdings Ltd.

     370,200         7,226,732   

Industrias Penoles SAB de CV

     468,569         21,953,689   

Jiangxi Copper Co. Ltd., Class H

     1,504,500         3,618,157   

Kazakhmys Plc

     268,500         3,768,987   

Kinross Gold Corp. (a)

     250,000         2,237,500   

Minsur SA

     3,846,986         4,152,210   

MMC Norilsk Nickel OJSC - ADR

     11,420         203,158   
Common Stocks    Shares      Value  

Metals & Mining (concluded)

  

Newcrest Mining Ltd.

     275,385       $ 7,504,255   

Newmont Mining Corp. (a)

     65,550         3,123,458   

OZ Minerals Ltd.

     544,459         5,242,358   

Rio Tinto Plc

     479,104         26,856,114   

Southern Copper Corp. (a)

     76,206         2,505,653   

Teck Resources Ltd., Class B (a)

     421,300         15,720,117   

United States Steel Corp. (a)(c)

     42,200         1,195,526   

Vale SA - ADR (a)

     720,300         15,990,660   

Vedanta Resources Plc

     432,700         8,576,040   

Xstrata Plc

     1,077,996         20,703,489   

Zijin Mining Group Co. Ltd., Class H (b)

     5,879,731         1,905,502   
     

 

 

 
        284,789,329   

 

 

Oil, Gas & Consumable Fuels – 26.8%

  

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

     392,412         6,329,606   

Anadarko Petroleum Corp. (a)

     45,400         3,323,734   

Angle Energy, Inc. (a)(b)

     183,800         930,303   

Apache Corp. (a)

     89,500         8,586,630   

Bill Barrett Corp. (a)(b)(c)

     103,600         2,484,328   

Bonanza Creek Energy, Inc. (b)

     124,900         2,744,053   

Cenovus Energy, Inc.

     115,300         4,179,625   

Cheniere Energy, Inc. (a)(b)

     199,500         3,652,845   

Chesapeake Energy Corp. (a)

     209,000         3,853,960   

Chevron Corp. (a)

     71,400         7,608,384   

Concho Resources, Inc. (a)(b)

     50,000         5,359,000   

CONSOL Energy, Inc. (a)

     247,579         8,229,526   

Continental Resources, Inc. (a)(b)

     44,100         3,935,925   

Crescent Point Energy Corp. (a)

     159,400         6,964,320   

Crew Energy, Inc. (a)(b)

     146,500         1,038,113   

Denbury Resources, Inc. (a)(b)

     323,100         6,151,824   

Energy XXI (Bermuda) Ltd. (a)(b)

     128,400         4,838,112   

EOG Resources, Inc. (a)

     92,500         10,157,425   

EQT Corp.

     51,700         2,575,694   

Exxon Mobil Corp. (a)

     45,300         3,911,202   

Gasco Energy, Inc. (b)

     579,700         139,128   

Hess Corp. (a)

     51,300         2,674,782   

James River Coal Co. (b)(c)

     159,500         791,120   

Kodiak Oil & Gas Corp. (a)(b)(c)

     187,400         1,658,490   

Kosmos Energy Ltd. (a)

     97,400         1,186,332   

Noble Energy, Inc.

     74,400         7,389,408   

Occidental Petroleum Corp. (a)

     106,900         9,751,418   

Patriot Coal Corp. (b)(c)

     122,460         713,942   

Peabody Energy Corp. (a)

     172,300         5,360,253   

PetroBakken Energy Ltd., Class A (a)

     32,300         467,571   

PetroChina Co. Ltd. - ADR (a)

     13,300         1,979,306   

Pioneer Natural Resources Co. (a)

     37,000         4,285,340   

Plains Exploration & Production Co. (a)(b)

     142,900         5,837,465   

Range Resources Corp. (a)

     99,600         6,639,336   

Rex Energy Corp. (b)

     132,200         1,389,422   

Rosetta Resources, Inc. (a)(b)

     73,400         3,689,818   

Royal Dutch Shell Plc, Class A - ADR (a)

     59,400         4,249,476   

Southwestern Energy Co. (a)(b)(c)

     61,500         1,942,170   

Statoil ASA

     184,400         4,947,892   

Suncor Energy, Inc. (a)

     128,700         4,252,248   

Total SA - ADR (a)

     71,500         3,439,865   

Valero Energy Corp. (a)

     134,700         3,327,090   

Whiting Petroleum Corp. (a)(b)

     212,500         12,155,000   
     

 

 

 
        185,121,481   

 

 

Paper & Forest Products – 4.8%

  

Fibria Celulose SA - ADR (b)(c)

     301,600         2,394,704   

International Paper Co. (a)

     399,400         13,304,014   

MeadWestvaco Corp.

     457,800         14,567,196   
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    67


 

 

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       $ 2,998,857   
     

 

 

 
        33,264,771   

 

 

Real Estate Investment Trusts (REITs) – 1.4%

  

Weyerhaeuser Co. (a)

     459,600         9,357,456   

 

 

Total Long-Term Investments

(Cost – $582,711,398) – 96.1%

  

  

     663,123,295   

 

 

 

     

Short-Term Securities

  

 

 

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.14% (d)(f)

     32,058,520         32,058,520   

 

 
      Beneficial
Interest
(000)
         

BlackRock Liquidity Series, LLC Money Market
Series, 0.20% (d)(e)(f)

   $ 4,556         4,555,635   

 

 

Total Short-Term Securities

(Cost – $36,614,155) – 5.3%

  

  

     36,614,155   

 

 

Total Investments Before Outstanding Options Written

(Cost – $619,325,553) – 101.4%

   

  

     699,737,450   

 

 

 

     
Options Written    Contracts          

Exchange-Traded Call Options – (0.4)%

  

Agnico-Eagle Mines Ltd., Strike Price USD 35, Expires 5/21/12

     355         (181,050

Agrium, Inc.:

     

Strike Price USD 87.50, Expires 5/21/12

     126         (30,870

Strike Price USD 90, Expires 5/21/12

     126         (15,750

Air Products & Chemicals, Inc., Strike Price USD 87.50, Expires 6/08/12

     330         (35,604

Allegheny Technologies, Inc., Strike Price USD 42.50, Expires 6/18/12

     135         (32,400

Alpha Natural Resources, Inc., Strike Price USD 20, Expires 5/21/12

     625         (3,750

Anadarko Petroleum Corp.:

     

Strike Price USD 87.50, Expires 5/21/12

     50         (200

Strike Price USD 72.50, Expires 6/18/12

     50         (17,750

Strike Price USD 75, Expires 6/18/12

     50         (11,625

Angle Energy, Inc., Strike Price
CAD 6.50, Expires 5/21/12

     610         (6,175

Apache Corp., Strike Price
USD 97.50, Expires 6/18/12

     295         (84,370

Atwood Oceanics, Inc., Strike Price
USD 45, Expires 5/21/12

     100         (11,000

Barrick Gold Corp., Strike Price
USD 45, Expires 5/21/12

     325         (2,925

Basic Energy Services, Inc., Strike Price USD 15, Expires 6/18/12

     145         (11,962

Bill Barrett Corp.:

     

Strike Price USD 30, Expires 5/21/12

     170         (1,700

Strike Price USD 22.50, Expires 6/18/12

     170         (40,375

Calfrac Well Services Ltd., Strike Price CAD 32, Expires 5/21/12

     50         (506
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

Carpenter Technology Corp., Strike Price USD 55, Expires 6/18/12

     136       $ (38,420

Caterpillar, Inc., Strike Price USD 115, Expires 5/21/12

     774         (7,740

Celanese Corp., Series A, Strike Price USD 50, Expires 5/21/12

     330         (28,875

Cheniere Energy, Inc.:

     

Strike Price USD 18, Expires 5/21/12

     350         (38,500

Strike Price USD 19, Expires 5/21/12

     75         (4,688

Strike Price USD 19, Expires 6/18/12

     154         (18,865

Strike Price USD 20, Expires 6/18/12

     154         (13,090

Chesapeake Energy Corp.:

     

Strike Price USD 20, Expires 5/21/12

     345         (13,972

Strike Price USD 21, Expires 5/21/12

     345         (7,590

Chevron Corp.,

     

Strike Price USD 105, Expires 6/18/12

     185         (56,425

Cia de Minas Buenaventura SA - ADR:

     

Strike Price USD 38, Expires 5/21/12

     330         (113,025

Strike Price USD 42, Expires 5/21/12

     120         (9,000

Strike Price USD 43, Expires 5/21/12

     320         (13,600

Cliffs Natural Resources, Inc., Strike Price USD 70, Expires 6/18/12

     96         (7,872

Concho Resources, Inc., Strike Price USD 105, Expires 5/21/12

     163         (78,240

CONSOL Energy, Inc., Strike Price USD 37, Expires 5/21/12

     445         (3,560

Continental Resources, Inc., Strike Price USD 95, Expires 5/21/12

     147         (17,272

Core Laboratories NV, Strike Price USD 135, Expires 6/18/12

     207         (121,095

Crescent Point Energy Corp., Strike Price CAD 46, Expires 5/21/12

     525         (5,315

Crew Energy, Inc.:

     

Strike Price CAD 11, Expires 5/21/12

     245         (992

Strike Price CAD 7.50, Expires 6/18/12

     240         (6,074

Deere & Co., Strike Price USD 85, Expires 5/21/12

     250         (19,875

Denbury Resources, Inc.:

     

Strike Price USD 20, Expires 5/21/12

     730         (20,075

Strike Price USD 19, Expires 6/18/12

     350         (34,125

Detour Gold Corp.:

     

Strike Price CAD 23, Expires 6/18/12

     227         (52,852

Strike Price CAD 24, Expires 6/18/12

     227         (38,490

The Dow Chemical Co.:

     

Strike Price USD 36, Expires 5/21/12

     532         (6,118

Strike Price USD 36, Expires 6/18/12

     32         (1,344

E.I. du Pont de Nemours & Co.:

     

Strike Price USD 55, Expires 5/21/12

     637         (10,192

Strike Price USD 53, Expires 5/24/12

     525         (61,656

Strike Price USD 53, Expires 5/29/12

     100         (13,092

Eldorado Gold Corp., Strike Price CAD 14,
Expires 6/18/12

     1,160         (89,244

Energy XXI (Bermuda) Ltd.:

     

Strike Price USD 39, Expires 5/21/12

     215         (20,425

Strike Price USD 40, Expires 6/18/12

     215         (29,025

EOG Resources, Inc.:

     

Strike Price USD 110, Expires 5/21/12

     160         (50,800

Strike Price USD 110, Expires 6/18/12

     165         (75,488

Exxon Mobil Corp., Strike Price USD 86, Expires 6/20/12

     150         (28,350
 

 

See Notes to Financial Statements.     
                 
68       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock Real Asset Equity Trust (BCF)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

First Quantum Minerals Ltd.:

     

Strike Price CAD 22, Expires 6/18/12

     850       $ (81,743

Strike Price CAD 23, Expires 6/18/12

     850         (58,081

Freeport-McMoRan Copper & Gold, Inc.,
Strike Price USD 40, Expires 5/21/12

     400         (19,200

Goldcorp, Inc., Strike Price USD 45, Expires 5/21/12

     565         (1,978

Halliburton Co., Strike Price USD 36, Expires 5/21/12

     250         (5,250

Harry Winston Diamond Corp., Strike Price CAD 14, Expires 5/21/12

     450         (19,132

Hess Corp., Strike Price USD 62.50, Expires 5/21/12

     170         (765

IAMGOLD Corp.:

     

Strike Price CAD 14, Expires 5/21/12

     415         (1,680

Strike Price CAD 12, Expires 6/18/12

     480         (39,115

International Paper Co., Strike Price
USD 36, Expires 5/21/12

     1,195         (3,585

Kinross Gold Corp., Strike Price
USD 10, Expires 6/18/12

     825         (16,500

Kodiak Oil & Gas Corp., Strike Price
USD 10, Expires 6/18/12

     618         (23,175

Kosmos Energy Ltd.:

     

Strike Price USD 13.75, Expires 5/15/12

     165         (369

Strike Price USD 12.50, Expires 5/21/12

     82         (2,665

Strike Price USD 12.50, Expires 6/18/12

     40         (2,100

The Mosaic Co., Strike Price USD 52.50,
Expires 5/21/12

     70         (10,325

National Oilwell Varco, Inc., Strike Price
USD 85, Expires 5/21/12

     170         (1,190

Newmont Mining Corp., Strike Price USD 55, Expires 5/21/12

     215         (1,720

Occidental Petroleum Corp., Strike Price USD 105, Expires 5/21/12

     375         (1,688

Patterson-UTI Energy, Inc., Strike Price
USD 17, Expires 6/18/12

     540         (27,000

Peabody Energy Corp.:

     

Strike Price USD 35, Expires 5/21/12

     395         (6,122

Strike Price USD 32, Expires 6/18/12

     175         (24,238

PetroBakken Energy Ltd., Class A, Strike Price CAD 18, Expires 5/21/12

     106         (429

PetroChina Co. Ltd. - ADR, Strike Price USD 150, Expires 6/18/12

     44         (16,280

Pioneer Natural Resources Co., Strike
Price USD 110, Expires 5/21/12

     125         (98,125

Plains Exploration & Production Co.:

     

Strike Price USD 47, Expires 5/21/12

     220         (3,080

Strike Price USD 42, Expires 6/18/12

     260         (41,080

Potash Corp. of Saskatchewan, Inc.:

     

Strike Price USD 50, Expires 5/21/12

     75         (338

Strike Price USD 45, Expires 6/18/12

     605         (47,190

Praxair, Inc., Strike Price USD 115, Expires 6/18/12

     60         (17,250

Range Resources Corp.:

     

Strike Price USD 57.50, Expires 6/18/12

     165         (160,050

Strike Price USD 60, Expires 6/18/12

     165         (125,400

Rosetta Resources, Inc., Strike Price
USD 50, Expires 6/18/12

     245         (77,175
Options Written    Contracts      Value  

Exchange-Traded Call Options (concluded)

  

Royal Dutch Shell Plc, Class A - ADR:

     

Strike Price USD 70, Expires 5/21/12

     80       $ (14,000

Strike Price USD 70, Expires 7/23/12

     120         (34,200

Schlumberger Ltd., Strike Price USD 77.50, Expires 5/21/12

     180         (7,470

Southern Copper Corp., Strike Price
USD 33, Expires 5/21/12

     250         (13,750

Southwestern Energy Co., Strike Price
USD 30, Expires 6/18/12

     205         (57,298

Suncor Energy, Inc., Strike Price
USD 32, Expires 6/18/12

     425         (84,150

Teck Resources Ltd., Class B:

     

Strike Price CAD 37, Expires 5/21/12

     890         (86,941

Strike Price CAD 39, Expires 6/18/12

     500         (37,202

Total SA - ADR:

     

Strike Price USD 55.75, Expires 5/07/12

     60           

Strike Price USD 52.50, Expires 5/21/12

     480         (3,600

United States Steel Corp., Strike Price USD 32, Expires 5/21/12

     140         (1,820

Vale SA - ADR:

     

Strike Price USD 25, Expires 5/21/12

     1,295         (3,238

Strike Price USD 24, Expires 6/18/12

     475         (14,250

Strike Price USD 25, Expires 6/18/12

     610         (8,540

Valero Energy Corp., Strike Price
USD 25, Expires 6/18/12

     470         (49,350

Weyerhaeuser Co.:

     

Strike Price USD 22, Expires 5/21/12

     725         (5,438

Strike Price USD 23, Expires 5/21/12

     735         (3,675

Whiting Petroleum Corp.:

     

Strike Price USD 62.50, Expires 5/21/12

     105         (2,362

Strike Price USD 57.50, Expires 6/18/12

     596         (160,920

 

 

Total Exchange-Traded Call Options

  

     (3,165,595

 

 

Over-the-Counter Call Options – (0.3)%

  

African Rainbow Minerals Ltd.:

     

Strike Price ZAR 186.04, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

     46,000         (512

Strike Price ZAR 178.53, Expires 6/27/12, Broker UBS Securities LLC

     38,000         (42,043

Alcoa, Inc., Strike Price USD 9.96, Expires 6/22/12, Broker Morgan Stanley & Co., Inc.

     89,500         (29,170

Alumina Ltd., Strike Price AUD 1.20, Expires 5/30/12, Broker UBS Securities LLC

     666,000         (18,106

Anglo American Platinum Ltd., Strike Price ZAR 565.96, Expires 5/02/12, Broker Banc of America Securities

     16,700         –     

Anglo American Plc, Strike Price GBP 25.61, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

     25,800         (358

BHP Billiton Plc, Strike Price GBP 19.80, Expires 5/03/12, Broker UBS Securities LLC

     290,000         (139,866

Bonanza Creek Energy, Inc., Strike Price USD 21.89, Expires 5/25/12, Broker Morgan Stanley & Co., Inc.

     41,500         (29,324

Cenovus Energy, Inc., Strike Price USD 38, Expires 5/10/12, Broker Morgan Stanley & Co., Inc.

     38,000         (2,350

Chevron Corp., Strike Price USD 112.36, Expires 5/14/12, Broker Citigroup Global Markets, Inc.

     5,500         (254
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    69


 

 

Schedule of Investments (continued)

 

 

BlackRock Real Asset Equity Trust (BCF)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

     

CONSOL Energy, Inc., Strike Price USD
35.07, Expires 6/13/12, Broker Morgan
Stanley & Co., Inc.

     37,000       $ (32,534

EQT Corp.:

     

Strike Price USD 51.33, Expires 5/04/12,
Broker UBS Securities LLC

     23,000         (1,557

Strike Price USD 51.33, Expires 5/11/12,
Broker UBS Securities LLC

     23,000         (6,354

Eramet:

     

Strike Price EUR 113.25, Expires
5/02/12, Broker Banc of America
Securities

     2,400         (163

Strike Price EUR 105.88, Expires
5/15/12, Broker Banc of America
Securities

     2,400         (7,725

Fibria Celulose SA - ADR, Strike Price USD
8.36, Expires 6/04/12, Broker Citigroup
Global Markets, Inc.

     99,500         (21,096

Fresnillo Plc:

     

Strike Price GBP 18.57, Expires 5/02/12,
Broker Citigroup Global
Markets, Inc.

     74,300         (1

Strike Price GBP 16.12, Expires 6/13/12,
Broker Morgan Stanley & Co., Inc.

     41,200         (44,657

Strike Price GBP 16.12, Expires 6/27/12,
Broker Morgan Stanley & Co., Inc.

     41,200         (52,576

Glencore International Plc:

     

Strike Price GBP 4.06, Expires 5/03/12,
Broker Citigroup Global
Markets, Inc.

     41,300         (14,331

Strike Price GBP 4.05, Expires 5/15/12,
Broker Morgan Stanley & Co., Inc.

     33,000         (13,649

Iluka Resources Ltd., Strike Price AUD 17.77,
Expires 5/30/12, Broker Morgan Stanley &
Co., Inc.

     288,000         (122,013

Impala Platinum Holdings Ltd., Strike Price
ZAR 160.60, Expires 5/02/12, Broker
Citigroup Global Markets, Inc.

     138,000         (50

Industrias Penoles SAB de CV:

     

Strike Price MXN 641.69, Expires
5/07/12, Broker Citigroup Global
Markets, Inc.

     42,700         (1,445

Strike Price MXN 615.98, Expires
5/24/12, Broker Citigroup Global
Markets, Inc.

     26,500         (24,592

Strike Price MXN 613.47, Expires
6/05/12, Broker Citigroup Global
Markets, Inc.

     42,700         (55,186

Strike Price MXN 635.83, Expires
6/21/12, Broker Citigroup Global
Markets, Inc.

     42,700         (38,844

International Paper Co., Strike Price USD
33.59, Expires 6/04/12, Broker Citigroup
Global Markets, Inc.

     12,500         (9,991

Jiangxi Copper Co. Ltd., Class H, Strike Price
HKD 18.08, Expires 5/30/12, Broker
Morgan Stanley & Co., Inc.

     497,000         (67,396

Kazakhmys Plc, Strike Price GBP 9.51,
Expires 5/02/12, Broker UBS Securities LLC

     88,700         (80
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

     

Key Energy Services, Inc., Strike Price USD
17.83, Expires 5/04/12, Broker Morgan
Stanley & Co., Inc.

     93,000       $ (1

Kosmos Energy Ltd., Strike Price USD 12.49,
Expires 5/29/12, Broker Deutsche Bank
Securities Corp.

     4,000         (817

MeadWestvaco Corp.:

     

Strike Price USD 27.92, Expires 5/03/12,
Broker Morgan Stanley & Co., Inc.

     94,000         (75,315

Strike Price USD 31, Expires 5/11/12,
Broker Morgan Stanley & Co., Inc.

     57,000         (52,695

Minsur SA:

     

Strike Price PEN 2.94, Expires 5/07/12,
Broker Credit Suisse First Boston

     639,000         (2,377

Strike Price PEN 2.94, Expires 5/24/12,
Broker Credit Suisse First Boston

     319,500         (4,499

Strike Price PEN 3.02, Expires 6/05/12,
Broker Citigroup Global Markets, Inc.

     319,500         (3,745

Mondi Plc, Strike Price GBP 6.03, Expires
5/02/12, Broker Banc of America Securities

     107,000         (1,012

Monsanto Co., Strike Price USD 80.96, Expires
5/16/12, Broker Goldman Sachs & Co.

     24,500         (3,028

Newcrest Mining Ltd.:

     

Strike Price AUD 32.06, Expires 5/08/12,
Broker UBS Securities LLC

     41,000           

Strike Price AUD 29.11, Expires 5/30/12,
Broker UBS Securities LLC

     51,300         (7,601

Noble Energy, Inc., Strike Price USD 95.65,
Expires 5/25/12, Broker Deutsche Bank
Securities Corp.

     24,500         (115,137

OZ Minerals Ltd., Strike Price AUD 9.36, Expires
5/30/12, Broker UBS Securities LLC

     179,700         (38,129

Praxair, Inc., Strike Price USD 112.78, Expires
5/07/12, Broker Morgan Stanley & Co., Inc.

     53,000         (155,741

Rex Energy Corp., Strike Price USD 10.83,
Expires 6/12/12, Broker Goldman
Sachs & Co.

     44,000         (22,535

Rio Tinto Plc - ADR, Strike Price GBP 34.04,
Expires 5/03/12, Broker UBS
Securities LLC

     171,000         (221,139

Seadrill Ltd., Strike Price NOK 219.57, Expires
6/27/12, Broker UBS Securities LLC

     27,700         (36,696

Statoil ASA, Strike Price NOK 159.88, Expires
5/09/12, Broker Banc of America Securities

     60,900         (2,951

Technip SA:

     

Strike Price EUR 89.07, Expires 6/13/12,
Broker Morgan Stanley & Co., Inc.

     4,100         (14,376

Strike Price EUR 89.07, Expires 6/27/12,
Broker Morgan Stanley & Co., Inc.

     4,100         (17,088

Vedanta Resources Plc, Strike Price GBP 13.57,
Expires 5/02/12, Broker Citigroup Global
Markets, Inc.

     143,000         (1,072

Weyerhaeuser Co., Strike Price USD 21.36,
Expires 6/01/12, Broker Morgan Stanley &
Co., Inc.

     15,000         (3,880
 

 

See Notes to Financial Statements.     
                 
70       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock Real Asset Equity Trust (BCF)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

Xstrata Plc, Strike Price GBP 11.38,
Expires 5/03/12, Broker UBS Securities LLC

     356,000       $ (279,527

Zijin Mining Group Co. Ltd., Class H, Strike Price HKD 2.96, Expires 5/30/12, Broker Deutsche Bank Securities Corp.

     1,940,000         (5,094

 

 

Total Over-the-Counter Call Options

        (1,840,678

 

 

Total Options Written

(Premiums Received – $7,457,565) – (0.7)%

  

  

     (5,006,273

 

 

Total Investments Net of Outstanding Options Written – 100.7%

   

     694,731,177   

Liabilities in Excess of Other Assets – (0.7)%

  

     (5,006,199
     

 

 

 

Net Assets – 100.0%

      $ 689,724,978   
     

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Non-income producing security.
(c) Security, or a portion of security, is on loan.
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.
 

 

(f) 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,

2011

    

Net

Activity

     Shares/
Beneficial
Interest
Held at
April 30,
2012
     Realized
Gain
           Income       

BlackRock Liquidity Funds, TempFund,
Institutional Class

     29,314,451         2,744,069         32,058,520          $ 688       $ 24,473      

BlackRock Liquidity Series, LLC,
Money Market Series

     $11,645,567         $(7,089,932)         $4,555,635                      $10,622      

 

 

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

Currency

Purchased

 

Currency

Sold

  Counterparty  

Settlement

Date

 

Unrealized

Appre-

ciation

(Depre-

ciation)

EUR

 

671,500

  USD   890,154   Citigroup Global Markets,Inc.   5/02/12   $  (1,291)

USD

 

146,121

  GBP   90,000   RBS Securities, Inc.   5/03/12   60

USD

 

81,515

  MXN   1,059,000   RBS Securities, Inc.   5/03/12   216

USD

 

28,298

  NOK   162,000  

Deutsche Bank

Securities Corp.

  5/04/12   (5)

 

Total

            $  (1,020)
           

 

 

 

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 categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

   

Level 1 - unadjusted 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)

 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    71


 

 

Schedule of Investments (concluded)

 

 

BlackRock Real Asset Equity Trust (BCF)

 

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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, 2012 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:

       

Long-Term Investments:

       

Common Stocks:

       

Chemicals

  $  84,123,720         $  84,123,720   

Energy Equipment
& Services

  29,973,353   $    6,068,372       36,041,725   

Machinery

  30,424,813         30,424,813   

Metals & Mining

  128,803,452   155,985,877       284,789,329   

Oil, Gas & Consumable Fuels

  180,173,589   4,947,892       185,121,481   

Paper & Forest Products

  30,265,914   2,998,857       33,264,771   

Real Estate Investment Trusts (REITs)

  9,357,456         9,357,456   

Short-Term Securities

  32,058,520   4,555,635       36,614,155   

 

 

Total

  $525,180,817   $174,556,633       $699,737,450   

 

Valuation Inputs

         Level 1        Level 2      Level 3      Total   

Derivative Financial Instruments1

  

    

Assets:

           

Foreign currency exchange contracts

     $ 276                $ 276   

Liabilities:

           

Equity contracts

       (3,026,524   $ (1,979,749        (5,006,273

Foreign currency exchange contracts

         (1,296               (1,296

Total

     $ (3,027,544   $ (1,979,749      $ (5,007,293

 

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.     
                 
72       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Consolidated Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock Resources & Commodities

Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

 

Chemicals – 19.5%

     

Agrium, Inc. (a)

     131,300       $ 11,541,269   

CF Industries Holdings, Inc. (a)

     59,800         11,544,988   

E.I. du Pont de Nemours & Co. (a)

     352,700         18,855,342   

Israel Chemicals Ltd.

     518,700         5,933,319   

K+S AG

     113,000         5,647,929   

Monsanto Co.

     278,700         21,231,366   

The Mosaic Co. (a)

     198,100         10,463,642   

Potash Corp. of Saskatchewan, Inc. (a)

     605,100         25,704,648   

Sociedad Quimica y Minera de Chile
SA - ADR (a)

     129,800         7,566,042   

Syngenta AG

     46,000         16,131,127   

Uralkali - GDR

     263,500         9,970,925   
     

 

 

 
        144,590,597   

 

 

Energy Equipment & Services – 2.5%

     

Atwood Oceanics, Inc. (a)(b)

     18,800         833,404   

Basic Energy Services, Inc. (a)(b)

     25,500         367,200   

Calfrac Well Services Ltd. (a)

     7,600         208,493   

Core Laboratories NV (a)

     30,700         4,205,286   

Forum Energy Technologies, Inc. (b)

     45,900         1,061,208   

Guide Exploration Ltd., Class A (b)

     159,300         320,906   

Halliburton Co.

     45,100         1,543,322   

Key Energy Services, Inc. (b)

     153,600         1,944,576   

National Oilwell Varco, Inc. (a)

     29,700         2,250,072   

Patterson-UTI Energy, Inc. (a)

     92,500         1,495,725   

Schlumberger Ltd. (a)

     16,500         1,223,310   

Seadrill Ltd.

     48,554         1,882,537   

Technip SA

     12,500         1,419,501   
     

 

 

 
        18,755,540   

 

 

Food Products – 3.3%

     

Archer-Daniels-Midland Co.

     273,300         8,425,839   

Bunge Ltd. (a)

     118,000         7,611,000   

China Agri-Industries Holdings Ltd.

     7,324,000         5,355,969   

SLC Agricola SA (b)

     307,600         3,038,642   
     

 

 

 
        24,431,450   

 

 

Machinery – 4.1%

     

AGCO Corp. (b)

     261,800         12,192,025   

Deere & Co. (a)

     126,600         10,426,776   

Joy Global, Inc. (a)

     105,700         7,480,389   
     

 

 

 
        30,099,190   

 

 

Materials – 0.4%

     

Rentech Nitrogen Partners LP

     96,800         2,852,696   

 

 

Metals & Mining – 27.5%

     

Alexco Resource Corp. (b)

     720,300         4,602,717   

Allegheny Technologies, Inc. (a)

     131,800         5,659,492   

Allied Nevada Gold Corp. (b)

     310,300         9,088,687   

Augusta Resource Corp. (a)(b)

     935,200         2,384,760   

Avalon Rare Metals, Inc. (b)

     108,500         273,488   

BHP Billiton Ltd. - ADR (a)

     74,000         5,498,200   

Centerra Gold, Inc. (a)

     254,800         3,298,975   

Compass Minerals International, Inc. (a)

     77,500         5,930,300   

Detour Gold Corp. (a)(b)

     303,900         7,500,210   

Eldorado Gold Corp. (a)

     654,100         9,275,138   

Endeavour Silver Corp. (b)

     246,000         2,280,420   

First Majestic Silver Corp. (b)

     229,200         3,614,484   

Franco-Nevada Corp. (a)

     357,200         16,022,202   

Fresnillo Plc

     463,400         11,807,078   

Goldcorp, Inc. (a)

     349,300         13,364,218   

HudBay Minerals, Inc. (a)

     411,800         4,335,395   

Iluka Resources Ltd.

     207,900         3,631,684   

Kenmare Resources Plc (b)

     4,501,400         3,703,906   

MAG Silver Corp. (a)(b)

     492,400         4,909,794   
Common Stocks    Shares      Value  

 

 

Metals & Mining (concluded)

     

McEwen Mining, Inc. (a)(b)

     815,400       $ 3,090,366   

New Gold, Inc. (a)(b)

     589,700         5,366,270   

Newmont Mining Corp. (a)

     254,900         12,145,985   

Novagold Resources, Inc. (a)(b)

     855,500         6,133,935   

Pan American Silver Corp.

     117,200         2,286,572   

Rio Tinto Plc - ADR (a)

     96,300         5,399,541   

Seabridge Gold, Inc. (a)(b)

     495,600         8,306,256   

Silver Wheaton Corp. (a)

     724,800         22,128,144   

Silvercorp Metals, Inc. (a)

     1,207,400         8,367,282   

Teck Resources Ltd., Class B (a)

     199,500         7,444,015   

Titanium Metals Corp. (a)

     365,500         5,398,435   
     

 

 

 
        203,247,949   

 

 

Oil, Gas & Consumable Fuels – 37.5%

     

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

     308,165         4,970,701   

AltaGas Ltd. (a)

     325,300         10,527,753   

Anadarko Petroleum Corp. (a)

     28,800         2,108,448   

Angle Energy, Inc. (a)(b)

     102,300         517,791   

Apache Corp. (a)

     53,100         5,094,414   

Baytex Energy Corp. (a)

     77,400         4,090,757   

Bill Barrett Corp. (a)(b)

     65,900         1,580,282   

Bonanza Creek Energy, Inc. (b)

     75,300         1,654,341   

Bonavista Energy Corp. (a)

     138,100         2,491,210   

Cenovus Energy, Inc.

     70,000         2,537,500   

Cheniere Energy, Inc. (a)(b)

     116,100         2,125,791   

Chesapeake Energy Corp. (a)

     118,000         2,175,920   

Chevron Corp. (a)

     42,300         4,507,488   

Concho Resources, Inc. (a)(b)

     30,000         3,215,400   

CONSOL Energy, Inc. (a)

     248,100         8,246,844   

Continental Resources, Inc. (a)(b)

     22,900         2,043,825   

Crescent Point Energy Corp. (a)

     276,900         12,097,995   

Crew Energy, Inc. (a)(b)

     89,500         634,206   

Denbury Resources, Inc. (a)(b)

     205,400         3,910,816   

Enbridge Energy Partners LP

     116,411         3,597,100   

Energy XXI (Bermuda) Ltd. (a)(b)

     45,800         1,725,744   

Enterprise Products Partners LP

     286,700         14,776,518   

EOG Resources, Inc. (a)

     60,400         6,632,524   

EQT Corp.

     31,000         1,544,420   

Exxon Mobil Corp. (a)

     13,900         1,200,126   

Gasco Energy, Inc. (b)

     375,000         90,000   

Hess Corp. (a)

     31,700         1,652,838   

James River Coal Co. (b)

     89,800         445,408   

Keyera Corp. (a)

     211,000         8,627,109   

Kodiak Oil & Gas Corp. (a)(b)

     140,200         1,240,770   

Kosmos Energy Ltd. (a)

     49,700         605,346   

Magellan Midstream Partners LP (a)

     139,400         9,872,308   

MarkWest Energy Partners LP (a)

     178,500         10,736,775   

Noble Energy, Inc.

     46,100         4,578,652   

Occidental Petroleum Corp. (a)

     123,500         11,265,670   

ONEOK Partners LP

     288,500         16,086,760   

Patriot Coal Corp. (b)

     64,500         376,035   

Peabody Energy Corp. (a)

     121,200         3,770,532   

Permian Basin Royalty Trust

     605,385         12,658,600   

PetroBakken Energy Ltd., Class A (a)

     15,700         227,271   

PetroChina Co. Ltd. - ADR (a)

     6,700         997,094   

Pioneer Natural Resources Co. (a)

     22,200         2,571,204   

Plains All American Pipeline LP (a)

     193,200         15,828,876   

Plains Exploration & Production
Co. (a)(b)

     79,100         3,231,235   

Range Resources Corp. (a)

     56,400         3,759,624   

Rex Energy Corp. (a)(b)

     72,000         756,720   

Rosetta Resources, Inc. (a)(b)

     46,500         2,337,555   

Royal Dutch Shell Plc,
Class A - ADR (a)

     94,800         6,781,992   

Ship Finance International Ltd.

     399,700         5,535,845   
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    73


 

Consolidated Schedule of Investments (continued)

 

 

 

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Oil, Gas & Consumable Fuels (concluded)

  

Southwestern Energy Co. (a)(b)

     18,600       $ 587,388   

Statoil ASA

     104,600         2,806,668   

Suncor Energy, Inc. (a)

     160,600         5,306,224   

Targa Resources Partners LP

     97,200         4,182,516   

Total SA - ADR (a)

     163,000         7,841,930   

Valero Energy Corp. (a)

     81,200         2,005,640   

Vermilion Energy, Inc. (a)

     133,600         6,478,150   

Whiting Petroleum Corp. (a)(b)

     113,400         6,486,480   

Williams Partners LP (a)

     240,800         13,831,552   
     

 

 

 
        277,568,681   

 

 

Total Common Stocks – 94.8%

        701,546,103   

 

 
     
          

Investment Companies – 2.5%

     

 

 

Sprott Physical Gold Trust (b)

     1,287,600         18,309,672   

 

 

Total Investments Before Outstanding Options Written

(Cost – $800,500,626) – 97.3%

        719,855,775   

 

 
               
          
Options Written    Contracts          

Exchange-Traded Call Options – (0.6)%

  

Agrium, Inc.:

     

Strike Price USD 87.50, Expires 5/21/12

     210         (51,450

Strike Price USD 90, Expires 5/21/12

     320         (40,000

Strike Price USD 92.50, Expires 5/21/12

     110         (6,049

Allegheny Technologies, Inc.:

     

Strike Price USD 45, Expires 5/21/12

     180         (9,450

Strike Price USD 42.50, Expires 6/18/12

     465         (111,599

Alpha Natural Resources, Inc., Strike Price USD 20, Expires 5/21/12

     480         (2,880

AltaGas Ltd., Strike Price CAD 32, Expires 5/21/12

     400         (8,098

Anadarko Petroleum Corp.:

     

Strike Price USD 72.50, Expires 6/18/12

     50         (17,750

Strike Price USD 75, Expires 6/18/12

     50         (11,625

Angle Energy, Inc., Strike Price CAD 6.50, Expires 5/21/12

     350         (3,543

Apache Corp., Strike Price USD 97.50, Expires 6/18/12

     180         (51,480

Atwood Oceanics, Inc., Strike Price USD 45, Expires 5/21/12

     60         (6,600

Augusta Resource Corp., Strike Price USD 3, Expires 5/21/12

     750         (1,438

Basic Energy Services, Inc., Strike Price USD 15, Expires 6/18/12

     85         (7,012

Baytex Energy Corp.:

     

Strike Price CAD 56, Expires 5/21/12

     135         (820

Strike Price CAD 52, Expires 6/18/12

     130         (19,411

BHP Billiton Ltd. - ADR:

     

Strike Price USD 72.50, Expires 5/21/12

     125         (34,938

Strike Price USD 75, Expires 5/21/12

     127         (16,320

Strike Price USD 80, Expires 5/21/12

     110         (1,265
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

Bill Barrett Corp.:

     

Strike Price USD 30, Expires 5/21/12

     15       $ (150

Strike Price USD 22.50, Expires 6/18/12

     210         (49,875

Bonavista Energy Corp., Strike Price CAD 17, Expires 6/18/12

     475         (52,893

Bunge Ltd., Strike Price USD 68.50, Expires 5/11/12

     405         (1,854

Calfrac Well Services Ltd., Strike Price CAD 32, Expires 5/21/12

     25         (253

Centerra Gold, Inc.:

     

Strike Price CAD 12, Expires 6/18/12

     415         (56,714

Strike Price CAD 13, Expires 6/18/12

     415         (35,709

CF Industries Holdings, Inc., Strike Price USD 190, Expires 5/21/12

     290         (237,075

Cheniere Energy, Inc.:

     

Strike Price USD 18, Expires 5/21/12

     200         (22,000

Strike Price USD 19, Expires 5/21/12

     25         (1,562

Strike Price USD 19, Expires 6/18/12

     100         (12,250

Strike Price USD 20, Expires 6/18/12

     100         (8,500

Chesapeake Energy Corp.:

     

Strike Price USD 20, Expires 5/21/12

     200         (8,100

Strike Price USD 21, Expires 5/21/12

     200         (4,400

Chevron Corp., Strike Price USD 105, Expires 6/18/12

     110         (33,550

Compass Minerals International, Inc., Strike Price USD 72.50, Expires 5/16/12

     265         (106,530

Concho Resources, Inc., Strike Price USD 105, Expires 5/21/12

     102         (48,960

CONSOL Energy, Inc., Strike Price USD 37, Expires 5/21/12

     845         (6,760

Continental Resources, Inc., Strike Price USD 95, Expires 5/21/12

     78         (9,165

Core Laboratories NV, Strike Price USD 135, Expires 6/18/12

     105         (61,425

Crescent Point Energy Corp.:

     

Strike Price CAD 46, Expires 5/21/12

     670         (6,782

Strike Price CAD 43, Expires 6/18/12

     280         (23,384

Crew Energy, Inc.:

     

Strike Price CAD 11, Expires 5/21/12

     150         (607

Strike Price CAD 7.50, Expires 6/18/12

     150         (3,796

Deere & Co.:

     

Strike Price USD 82.50, Expires 5/21/12

     185         (35,058

Strike Price USD 85, Expires 5/21/12

     50         (3,975

Strike Price USD 82.50, Expires 6/18/12

     384         (110,208

Denbury Resources, Inc., Strike Price USD 19, Expires 6/18/12

     670         (65,325

Detour Gold Corp.:

     

Strike Price CAD 23, Expires 6/18/12

     518         (120,605

Strike Price CAD 24, Expires 6/18/12

     518         (87,832

E.I. du Pont de Nemours & Co.:

     

Strike Price USD 55, Expires 5/21/12

     1,278         (20,448

Strike Price USD 53, Expires 5/24/12

     445         (52,261

Eldorado Gold Corp.:

     

Strike Price USD 14, Expires 5/21/12

     1,065         (61,238

Strike Price USD 14, Expires 6/18/12

     1,045         (88,825
 

 

See Notes to Financial Statements.     
                 
74       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Consolidated Schedule of Investments (continued)

 

 

BlackRock Resources & Commodities

Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

Energy XXI (Bermuda) Ltd.:

     

Strike Price USD 39, Expires 5/21/12

     75       $ (7,125

Strike Price USD 40, Expires 6/18/12

     75         (10,125

Strike Price USD 41, Expires 6/18/12

     12         (1,230

EOG Resources, Inc.:

     

Strike Price USD 110, Expires 5/21/12

     100         (31,750

Strike Price USD 110, Expires 6/18/12

     105         (48,038

Exxon Mobil Corp., Strike Price USD 86, Expires 6/20/12

     45         (8,505

Franco-Nevada Corp.:

     

Strike Price CAD 44, Expires 5/21/12

     550         (75,163

Strike Price CAD 43, Expires 6/18/12

     680         (161,765

Goldcorp, Inc., Strike Price USD 45, Expires 5/21/12

     1,195         (4,183

Hess Corp., Strike Price USD 62.50, Expires 5/21/12

     110         (495

HudBay Minerals, Inc.:

     

Strike Price CAD 12, Expires 5/21/12

     560         (3,118

Strike Price CAD 11, Expires 6/18/12

     855         (21,638

Joy Global, Inc.:

     

Strike Price USD 80, Expires 5/21/12

     340         (8,330

Strike Price USD 82.50, Expires 5/21/12

     1         (18

Strike Price USD 82.50, Expires 7/23/12

     340         (44,710

Keyera Corp., Strike Price CAD 39, Expires 6/18/12

     430         (67,470

Kodiak Oil & Gas Corp., Strike Price USD 10, Expires 6/18/12

     450         (16,875

Kosmos Energy Ltd., Strike Price USD 12.50, Expires 6/18/12

     85         (4,462

MAG Silver Corp., Strike Price CAD 10, Expires 5/21/12

     870         (41,833

Magellan Midstream Partners LP, Strike Price USD 72.50, Expires 7/23/12

     110         (8,800

MarkWest Energy Partners LP, Strike Price USD 60, Expires 5/21/12

     610         (41,175

McEwen Mining, Inc., Strike Price USD 5, Expires 5/21/12

     394         (1,970

The Mosaic Co., Strike Price USD 52.50, Expires 5/21/12

     680         (100,300

National Oilwell Varco, Inc., Strike Price USD 85, Expires 5/21/12

     100         (700

New Gold, Inc.:

     

Strike Price USD 10, Expires 5/21/12

     500         (3,750

Strike Price USD 12, Expires 5/21/12

     725         (3,625

Newmont Mining Corp., Strike Price USD 55, Expires 5/21/12

     470         (3,760

Novagold Resources, Inc.:

     

Strike Price USD 7, Expires 5/21/12

     675         (32,063

Strike Price USD 8, Expires 5/21/12

     675         (6,750

Strike Price USD 7, Expires 6/18/12

     790         (51,350

Strike Price USD 8, Expires 6/18/12

     790         (23,700

Occidental Petroleum Corp.:

     

Strike Price USD 105, Expires 5/21/12

     85         (382

Strike Price USD 95, Expires 6/18/12

     320         (49,120

Patterson-UTI Energy, Inc., Strike Price USD 17, Expires 6/18/12

     315         (15,750

Peabody Energy Corp., Strike Price USD 35, Expires 5/21/12

     410         (6,355

PetroBakken Energy Ltd., Class A, Strike Price CAD 18, Expires 5/21/12

     54         (219
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

  

PetroChina Co. Ltd. - ADR, Strike Price USD 150, Expires 6/18/12

     21       $ (7,770

Pioneer Natural Resources Co., Strike Price USD 110, Expires 5/21/12

     75         (58,875

Plains All American Pipeline LP:

     

Strike Price USD 80, Expires 5/21/12

     315         (60,638

Strike Price USD 82.50, Expires 6/18/12

     315         (29,925

Plains Exploration & Production Co.:

     

Strike Price USD 47, Expires 5/21/12

     110         (1,540

Strike Price USD 42, Expires 6/18/12

     150         (23,700

Potash Corp. of Saskatchewan, Inc.:

     

Strike Price USD 46, Expires 5/09/12

     905         (2,856

Strike Price USD 45, Expires 6/18/12

     1,165         (90,870

Range Resources Corp.:

     

Strike Price USD 57.50, Expires 6/18/12

     90         (87,300

Strike Price USD 60, Expires 6/18/12

     90         (68,400

Rex Energy Corp., Strike Price USD 12.50, Expires 5/21/12

     250         (3,750

Rio Tinto Plc - ADR:

     

Strike Price USD 57.50, Expires 5/21/12

     130         (15,600

Strike Price USD 60, Expires 5/21/12

     165         (7,425

Strike Price USD 60, Expires 6/18/12

     160         (20,000

Rosetta Resources, Inc., Strike Price USD 50, Expires 6/18/12

     155         (48,825

Royal Dutch Shell Plc, Class A - ADR:

     

Strike Price USD 70, Expires 5/21/12

     65         (11,375

Strike Price USD 70, Expires 7/23/12

     250         (71,250

Schlumberger Ltd.:

     

Strike Price USD 75, Expires 5/21/12

     30         (3,585

Strike Price USD 77.50, Expires 5/21/12

     30         (1,245

Seabridge Gold, Inc.:

     

Strike Price USD 20, Expires 5/21/12

     250         (1,250

Strike Price USD 21, Expires 5/21/12

     550         (2,750

Strike Price USD 18, Expires 6/18/12

     400         (20,000

Strike Price USD 19, Expires 6/18/12

     400         (10,000

Silver Wheaton Corp., Strike Price USD 31, Expires 5/21/12

     1,180         (103,250

Silvercorp Metals, Inc.:

     

Strike Price USD 7, Expires 5/21/12

     2,350         (52,875

Strike Price USD 6.60, Expires 6/18/12

     500         (27,376

Sociedad Quimica y Minera de Chile SA - ADR,

     

Strike Price USD 60, Expires 5/21/12

     100         (2,000

Southwestern Energy Co., Strike Price USD 30, Expires 6/18/12

     120         (33,540

Suncor Energy, Inc.:

     

Strike Price USD 35, Expires 5/21/12

     340         (8,670

Strike Price USD 32, Expires 6/18/12

     210         (41,580

Teck Resources Ltd., Class B:

     

Strike Price CAD 37, Expires 5/21/12

     330         (32,237

Strike Price CAD 37, Expires 5/21/12

     290         (28,329

Strike Price CAD 39, Expires 6/18/12

     355         (26,413

Titanium Metals Corp.:

     

Strike Price USD 15, Expires 5/21/12

     940         (30,550

Strike Price USD 15, Expires 6/18/12

     310         (16,275
 

 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    75


 

Consolidated Schedule of Investments (continued)

 

 

 

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Exchange-Traded Call Options (concluded)

  

Total SA - ADR:

     

Strike Price USD 55.75, Expires 5/07/12

     55       $   

Strike Price USD 50, Expires 5/21/12

     200         (7,000

Strike Price USD 52.50, Expires 5/21/12

     185         (1,388

Valero Energy Corp., Strike Price USD 25, Expires 6/18/12

     275         (28,875

Vermilion Energy, Inc., Strike Price CAD 46, Expires 6/16/12

     430         (105,558

Whiting Petroleum Corp.:

     

Strike Price USD 62.50, Expires 5/21/12

     85         (1,912

Strike Price USD 57.50, Expires 6/18/12

     310         (83,700

Williams Partners LP, Strike Price USD 55, Expires 5/21/12

 

    

 

188

 

  

 

    

 

(47,470

 

 

 

 

Total Exchange-Traded Call Options

  

     (4,074,326

 

 

Exchange-Traded Put Options – (0.0)%

  

  

Cliffs Natural Resources, Inc.:

     

Strike Price USD 62.50, Expires 5/07/12

     130         (15,470

Strike Price USD 62.50, Expires 5/21/12

     140         (31,360

 

 

Total Exchange-Traded Put Options

  

     (46,830

 

 

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

  

Alexco Resource Corp.:

     

Strike Price USD 8.08, Expires 5/07/12, Broker Citigroup Global Markets, Inc.

     63,500         (1

Strike Price USD 7.48, Expires 5/11/12, Broker Citigroup Global Markets, Inc.

     50,000         (236

Strike Price USD 7.83, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     50,000         (45

Allied Nevada Gold Corp., Strike Price USD 32.13, Expires 5/11/12, Broker Citigroup Global Markets, Inc.

     59,000         (5,223

Archer-Daniels-Midland Co., Strike Price USD 31.19, Expires 5/29/12, Broker Citigroup Global Markets, Inc.

     93,500         (67,198

Augusta Resource Corp.:

     

Strike Price USD 2.83, Expires 5/31/12, Broker Citigroup Global Markets, Inc.

     64,900         (4,828

Strike Price USD 2.83, Expires 6/12/12, Broker Citigroup Global Markets, Inc.

     64,900         (6,600

Bonanza Creek Energy, Inc.:

     

Strike Price USD 19.89, Expires 5/04/12, Broker Deutsche Bank Securities Corp.

     12,100         (25,174

Strike Price USD 19.89, Expires 5/10/12, Broker Deutsche Bank Securities Corp.

     12,100         (25,455

Cenovus Energy, Inc., Strike Price USD 38, Expires 5/10/12, Broker Morgan Stanley & Co., Inc.

     23,000         (1,422

Chevron Corp., Strike Price USD 112.36, Expires 5/14/12, Broker Citigroup Global Markets, Inc.

     3,500         (162

China Agri-Industries Holdings Ltd., Strike Price HKD 5.38, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     2,505,000         (101,729
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

Endeavour Silver Corp., Strike Price USD 9.13, Expires 6/29/12, Broker Goldman Sachs & Co.

     86,000       $ (46,044

Enterprise Products Partners LP, Strike Price USD 51.58, Expires 5/15/12, Broker Deutsche Bank Securities Corp.

     98,000         (60,099

EQT Corp., Strike Price USD 46.84, Expires 6/22/12, Broker Citigroup Global Markets, Inc.

     10,500         (40,501

Fresnillo Plc:

     

Strike Price GBP 18.57, Expires 5/02/12, Broker Citigroup Global Markets, Inc.

     86,000         (1

Strike Price GBP 16.12, Expires 6/13/12, Broker Morgan Stanley & Co., Inc.

     36,300         (39,346

Strike Price GBP 16.12, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     36,300         (46,323

Halliburton Co., Strike Price USD 34.71, Expires 5/03/12, Broker Credit Suisse First Boston

     15,000         (2,539

HudBay Minerals, Inc., Strike Price CAD 11.06, Expires 5/24/12, Broker Deutsche Bank Securities Corp.

     60,000         (8,310

Iluka Resources Ltd., Strike Price AUD 17.77, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     71,000         (30,080

Israel Chemicals Ltd., Strike Price ILS 39.69, Expires 5/03/12, Broker UBS Securities LLC

     177,000         (164,412

K+S AG, Strike Price EUR 37.02, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     38,700         (73,910

Kenmare Resources Plc:

     

Strike Price GBP 0.52, Expires 5/02/12, Broker UBS Securities LLC

     1,309,700         (12,265

Strike Price GBP 0.52, Expires 6/27/12, Broker UBS Securities LLC

     890,000         (54,770

Key Energy Services, Inc., Strike Price USD 17.83, Expires 5/04/12, Broker Morgan Stanley & Co., Inc.

     52,500         (1

Keyera Corp., Strike Price CAD 41.73, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     25,000         (7,303

Magellan Midstream Partners LP, Strike Price USD 72.04, Expires 5/11/12, Broker Goldman Sachs & Co.

     34,500         (5,420

McEwen Mining, Inc., Strike Price USD 4.72, Expires 5/11/12, Broker Deutsche Bank Securities Corp.

     75,000         (545

Monsanto Co., Strike Price USD 80.96, Expires 5/16/12, Broker Goldman Sachs & Co.

     164,500         (20,329

Noble Energy, Inc., Strike Price USD 95.65, Expires 5/25/12, Broker Deutsche Bank Securities Corp.

     16,000         (75,192

ONEOK Partners LP, Strike Price USD 55.47, Expires 6/06/12, Broker Deutsche Bank Securities Corp.

     20,000         (19,471

Permian Basin Royalty Trust: Strike Price USD 22.85, Expires 5/10/12, Broker Morgan Stanley & Co., Inc.

     48,500         (9

Strike Price USD 23.09, Expires 5/16/12, Broker Banc of America Securities

     62,000         (47

Strike Price USD 23.08, Expires 5/25/12, Broker UBS Securities LLC

     25,000         (116
 

 

See Notes to Financial Statements.     
                 
76       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Consolidated Schedule of Investments (continued)

 

 

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

Rentech Nitrogen Partners LP, Strike Price USD 28.14, Expires 6/04/12, Broker Deutsche Bank Securities Corp.

     23,000       $ (37,831

Rio Tinto Plc - ADR, Strike Price USD 58, Expires 5/09/12, Broker Goldman Sachs & Co.

     17,500         (8,590

Seadrill Ltd., Strike Price NOK 219.57, Expires 6/27/12, Broker UBS Securities LLC

     16,600         (21,991

Ship Finance International Ltd.:

     

Strike Price USD 15.74, Expires 5/04/12, Broker Deutsche Bank Securities Corp.

     45,000         (10

Strike Price USD 15.89, Expires 5/11/12, Broker Deutsche Bank Securities Corp.

     45,000         (412

SLC Agricola SA:

     

Strike Price BRL 16.11, Expires 5/07/12, Broker Credit Suisse First Boston

     16,000         (17,587

Strike Price BRL 17.6, Expires 5/24/12, Broker Deutsche Bank Securities Corp.

     31,500         (14,231

Strike Price BRL 18.81, Expires 6/05/12, Broker Citigroup Global Markets, Inc.

     31,500         (6,174

Strike Price BRL 18.65, Expires 6/21/12, Broker Credit Suisse First Boston

     26,300         (7,632

Sprott Physical Gold Trust:

     

Strike Price USD 15.19, Expires 5/10/12, Broker UBS Securities LLC

     60,000         (91

Strike Price USD 14.83, Expires 5/29/12, Broker Deutsche Bank Securities Corp.

     50,000         (3,814

Strike Price USD 14.32, Expires 6/04/12, Broker Credit Suisse First Boston

     125,000         (32,304
Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

Statoil ASA, Strike Price NOK 159.88, Expires 5/09/12, Broker Banc of America Securities

     35,800       $ (1,735

Syngenta AG, Strike Price CHF 320.47, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     15,800         (143,882

Targa Resources Partners LP, Strike Price USD 42.90, Expires 5/09/12, Broker Goldman Sachs & Co.

     33,000         (17,045

Technip SA:

     

Strike Price EUR 89.07, Expires 6/13/12, Broker Morgan Stanley & Co., Inc.

     2,200         (7,714

Strike Price EUR 89.07, Expires 6/27/12, Broker Morgan Stanley & Co., Inc.

     2,200         (9,169

Titanium Metals Corp., Strike Price USD 13.69, Expires 5/24/12, Broker Morgan Stanley & Co., Inc.

     53,500         (63,273

Uralkali - GDR, Strike Price USD 38.89, Expires 5/02/12, Broker UBS Securities LLC

     85,000         (1,578

 

 

Total Over-the-Counter Call Options

  

     (1,340,169

 

 

Total Options Written

(Premiums Received – $6,763,119) – (0.8)%

  

  

     (5,461,325

 

 

Total Investments Net of Outstanding Options Written – 96.5%

   

     714,394,450   

Other Assets Less Liabilities – 3.5%

  

     25,572,071   
     

 

 

 

Net Assets – 100.0%

      $ 739,966,521   
     

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Non-income producing security.
 

 

 

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,
2011
     Net
Activity
     Shares
Held at
April 30,
2012
     Realized
Gain
     Income       

BlackRock Liquidity Funds, TempFund, Institutional Class

     90,423,660         (90,423,660            $ 1,105       $ 27,494      

 

    

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    77


 

 

Consolidated Schedule of Investments (concluded)

 

 

BlackRock Resources & Commodities Strategy Trust (BCX)

 

   

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

 

 

 

Currency

Purchased

 

Currency
Sold

  Counterparty   Settlement
Date
 

Unrealized
Appre-

ciation
(Depre-

ciation)

 

 

 

CAD

 

1,977,500

 

USD

  2,015,804   Citigroup Global Markets, Inc.   5/01/12   $  (13,982)

GBP

 

161,000

 

USD

  260,739   UBS Securities LLC   5/01/12   548

CHF

 

4,925,500

 

USD

  5,433,116   UBS Securities LLC   5/02/12   (6,465)

USD

 

12,169

 

CAD

  12,000   Royal Bank of Scotland   5/02/12   22

USD

 

1,488,487

 

BRL

  2,840,034   The Bank of New York Mellon Corp.   5/02/12   (1,445)

EUR

 

431,000

 

USD

  571,342   Citigroup Global Markets, Inc.   5/02/12   (829)

HKD

 

946,000

 

USD

  121,920   Citigroup Global Markets, Inc.   5/02/12   9

ILS

 

499,000

 

USD

  132,554   Royal Bank of Scotland   5/02/12   (9)

NOK

 

505,500

 

USD

  88,291   UBS Securities LLC   5/02/12   38

AUD

 

80,500

 

USD

  84,066   Citigroup Global Markets, Inc.   5/02/12   (189)

 

 

 

Total           $  (22,302)
           

 

 

   

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 categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

   

Level 1 - unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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, 2012 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:

       

Long-Term Investments:

       

Common Stocks:

       

Chemicals.

  $106,907,297   $  37,683,300     $144,590,597

Energy Equipment & Services

  15,453,502   3,302,038     18,755,540

Food Products

  19,075,481   5,355,969     24,431,450

Machinery

  30,099,190       30,099,190

Materials.

  2,852,696       2,852,696

Metals & Mining

  184,105,281   19,142,668     203,247,949

Oil, Gas & Consumable Fuels.

  274,762,013   2,806,668     277,568,681

Investment Companies

  18,309,672       18,309,672

 

Total

  $651,565,132   $  68,290,643     $719,855,775
 

 

 

 

 
Valuation Inputs   Level 1     Level 2   Level 3   Total  

 

 

Derivative Financial Instruments1

       

Assets:

       

Foreign currency exchange contracts

  $ 617          $ 617   

Liabilities:

       

Equity contracts

    (3,920,338   $(1,540,987)       (5,461,325

Foreign currency exchange contracts

    (22,919         (22,919

 

 

Total

  $ (3,919,721   $(1,540,987)     $ (5,460,708
 

 

 

 

 

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.     
                 
78       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

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

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Australia – 4.2%

     

Australia & New Zealand Banking Group
Ltd.

     21,600       $ 535,102   

BHP Billiton Ltd. - ADR (a)

     8,612         639,872   

National Australia Bank Ltd.

     40,000         1,045,571   

Santos Ltd.

     77,600         1,125,741   

Treasury Wine Estates Ltd.

     37,766         168,736   
     

 

 

 
        3,515,022   

 

 

Belgium – 0.6%

     

Mobistar SA

     4,720         178,723   

Solvay SA

     2,900         353,265   
     

 

 

 
        531,988   

 

 

Canada – 5.1%

     

Bank of Montreal (a)

     21,700         1,288,798   

Bank of Nova Scotia (a)

     12,700         704,520   

Enbridge, Inc. (a)

     27,500         1,152,225   

National Bank of Canada (a)

     5,600         437,070   

Suncor Energy, Inc. (a)

     3,650         120,564   

TransCanada Corp. (a)

     11,500         505,937   
     

 

 

 
        4,209,114   

 

 

Finland – 0.3%

     

Kesko Oyj, Class B

     9,600         256,774   

 

 

France – 4.3%

     

Bouygues SA

     8,323         227,081   

PPR

     1,480         247,677   

Sanofi

     3,900         297,888   

Schneider Electric SA (b)

     9,040         556,825   

Societe Generale SA

     4,300         101,799   

Total SA - ADR

     32,200         1,549,142   

Vinci SA

     12,400         575,116   
     

 

 

 
        3,555,528   

 

 

Germany – 2.7%

     

Allianz SE

     4,600         513,089   

BASF SE

     11,100         913,895   

SAP AG - ADR (a)

     6,550         434,200   

Siemens AG - ADR (a)

     4,200         390,054   
     

 

 

 
        2,251,238   

 

 

Hong Kong – 2.1%

     

Esprit Holdings Ltd.

     56,560         115,644   

Hang Seng Bank Ltd.

     19,600         268,410   

Hopewell Holdings Ltd.

     170,000         455,621   

Power Assets Holdings Ltd.

     117,900         880,237   
     

 

 

 
        1,719,912   

 

 

Italy – 0.3%

     

Enel SpA

     63,100         206,930   

 

 

Japan – 3.9%

     

Canon, Inc. - ADR

     10,600         480,816   

Hitachi Koki Co. Ltd.

     34,400         306,582   

Mitsui & Co. Ltd.

     46,700         729,249   

Oracle Corp.

     12,000         463,500   

Ricoh Co. Ltd.

     45,000         403,115   

Sharp Corp.

     34,000         217,505   

Takeda Pharmaceutical Co. Ltd.

     13,600         593,437   
     

 

 

 
        3,194,204   

 

 

Netherlands – 0.9%

     

Koninklijke KPN NV

     26,000         233,424   

Royal Dutch Shell Plc, Class A - ADR (a)

     7,350         525,819   
     

 

 

 
        759,243   

 

 

Singapore – 1.6%

     

Keppel Corp. Ltd.

     62,800         558,589   

K-Green Trust

     14,200         11,295   
Common Stocks    Shares      Value  

Singapore (concluded)

     

Singapore Technologies Engineering Ltd.

     156,000       $ 378,841   

United Overseas Bank Ltd.

     22,347         346,722   
     

 

 

 
        1,295,447   

 

 

Spain – 0.9%

     

ACS Actividades de Construccion y
Servicios SA

     7,900         145,311   

Banco Santander SA - ADR (a)

     42,700         270,291   

Iberdrola SA

     43,030         200,509   

Indra Sistemas SA

     15,900         165,096   
     

 

 

 
        781,207   

 

 

Sweden – 3.5%

     

Axfood AB

     8,300         302,000   

Hennes & Mauritz AB, Class B (b)

     24,200         829,784   

Ratos AB, Class B

     42,800         500,945   

Scania AB, Class B

     41,300         843,965   

TeliaSonera AB

     57,600         383,617   
     

 

 

 
        2,860,311   

 

 

Switzerland – 0.8%

     

Nestle SA

     6,300         386,122   

Zurich Financial Services AG (b)

     1,284         314,584   
     

 

 

 
        700,706   

 

 

United Kingdom – 7.1%

     

AstraZeneca Plc

     17,700         775,640   

Barclays Plc - ADR

     11,900         169,456   

BHP Billiton Plc

     14,150         455,516   

British American Tobacco Plc

     17,300         887,310   

GlaxoSmithKline Plc

     32,425         749,067   

HSBC Holdings Plc - ADR (a)

     25,500         1,151,835   

Man Group Plc

     76,400         128,353   

SSE Plc

     35,000         750,520   

Standard Chartered Plc

     33,550         820,153   
     

 

 

 
        5,887,850   

 

 

United States – 56.2%

     

Abbott Laboratories

     12,100         750,925   

Aflac, Inc. (a)

     8,200         369,328   

Altria Group, Inc.

     46,300         1,491,322   

Ameren Corp. (a)

     25,300         829,587   

American Express Co.

     10,300         620,163   

AT&T Inc.

     72,350         2,381,040   

Automatic Data Processing, Inc. (a)

     14,800         823,176   

Bank of America Corp. (a)

     20,300         164,633   

Bristol-Myers Squibb Co.

     42,900         1,431,573   

Caterpillar, Inc. (a)

     11,550         1,186,994   

CenturyLink, Inc. (a)

     30,600         1,179,936   

Chevron Corp. (a)

     18,600         1,982,016   

The Chubb Corp.

     6,900         504,183   

Cincinnati Financial Corp. (a)

     12,900         459,498   

The Coca-Cola Co. (a)

     12,000         915,840   

Consolidated Edison, Inc. (a)

     17,400         1,034,430   

Dominion Resources, Inc.

     19,000         991,610   

Emerson Electric Co. (a)

     30,300         1,591,962   

Equity Residential - REIT (a)

     11,500         706,560   

Exxon Mobil Corp. (a)

     29,600         2,555,664   

General Electric Co. (a)

     58,600         1,147,388   

Genuine Parts Co. (a)

     6,700         434,026   

The Goldman Sachs Group, Inc. (a)

     3,200         368,480   

HCP, Inc. - REIT (a)

     13,525         560,611   

Health Care REIT, Inc. (a)

     11,800         668,588   

The Home Depot, Inc. (a)

     22,400         1,160,096   

Hudson City Bancorp, Inc. (a)

     29,600         208,976   

Intel Corp. (a)

     44,700         1,269,480   
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    79


 

 

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)

     

International Business Machines
Corp. (a)

     8,025       $ 1,661,817   

Johnson & Johnson (a)

     18,200         1,184,638   

Kraft Foods, Inc., Class A

     13,400         534,258   

Liberty Property Trust - REIT (a)

     8,400         306,180   

M&T Bank Corp.

     5,500         474,485   

McDonald’s Corp. (a)

     14,200         1,383,790   

Merck & Co., Inc.

     20,100         788,724   

MetLife, Inc. (a)

     8,600         309,858   

Microchip Technology, Inc. (a)

     21,300         752,742   

Microsoft Corp. (a)

     38,300         1,226,366   

PepsiCo, Inc.

     9,200         607,200   

Pfizer, Inc.

     57,000         1,307,010   

Philip Morris International, Inc.

     12,300         1,100,973   

PPG Industries, Inc. (a)

     7,300         768,252   

Reynolds American, Inc.

     14,000         571,620   

The Southern Co. (a)

     22,500         1,033,650   

T. Rowe Price Group, Inc. (a)

     6,600         416,559   

United Technologies Corp. (a)

     11,300         922,532   

Ventas, Inc. (a)

     12,613         741,518   

Wal-Mart Stores, Inc.

     10,350         609,720   

The Walt Disney Co. (a)

     31,000         1,336,410   

Wells Fargo & Co. (a)

     23,400         782,262   
     

 

 

 
        46,608,649   

 

 

Total Long-Term Investments

(Cost – $76,207,863) – 94.5%

        78,334,123   

 

 

 

     

Short-Term Securities

     

 

 

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.14% (c)(d)

     5,359,651         5,359,651   

 

 

Total Short-Term Securities

(Cost – $5,359,651) – 6.5%

        5,359,651   

 

 

Total Investments Before Outstanding Options Written

(Cost – $81,567,514) – 101.0%

  

  

     83,693,774   

 

 

 

     
Options Written    Contracts          

Exchange-Traded Call Options – (0.4)%

     

Aflac, Inc., Strike Price USD 48, Expires
5/21/12

     35         (629

Ameren Corp., Strike Price USD 32.50,
Expires 5/14/12

     100         (4,674

Automatic Data Processing, Inc., Strike
Price USD 55.50, Expires 5/04/12

     60         (2,565

Banco Santander SA - ADR, Strike Price
USD 6.50, Expires 6/18/12

     170         (4,335

Bank of America Corp.:

     

Strike Price USD 11, Expires 5/21/12

     35         (35

Strike Price USD 9, Expires 5/21/12

     45         (203

Bank of Montreal, Strike Price CAD 60,
Expires 5/21/12

     85         (1,033

Bank of Nova Scotia, Strike Price CAD 56,
Expires 5/21/12

     50         (1,012

BHP Billiton Ltd. - ADR, Strike Price USD
75, Expires 5/21/12

     35         (4,498

Caterpillar, Inc., Strike Price USD 115,
Expires 5/21/12

     45         (450
Options Written    Contracts      Value  

Exchange-Traded Call Options (continued)

     

CenturyLink, Inc., Strike Price USD 38,
Expires 6/18/12

     122       $ (12,200

Chevron Corp., Strike Price USD 105,
Expires 6/18/12

     75         (22,875

Cincinnati Financial Corp., Strike Price USD
35, Expires 6/18/12

     52         (6,370

The Coca-Cola Co., Strike Price USD 77,
Expires 6/12/12

     50         (4,207

Consolidated Edison, Inc., Strike Price USD
58.50, Expires 6/12/12

     70         (8,609

Emerson Electric Co., Strike Price USD 52.50,
Expires 6/18/12

     120         (17,400

Enbridge, Inc., Strike Price CAD 39, Expires
5/21/12

     110         (26,613

Equity Residential - REIT, Strike Price USD
62.50, Expires 6/18/12

     45         (4,162

Exxon Mobil Corp.:

     

Strike Price USD 87.50, Expires 5/21/12

     50         (2,075

Strike Price USD 86, Expires 6/20/12

     69         (13,041

General Electric Co., Strike Price USD 20,
Expires 6/18/12

     234         (7,137

Genuine Parts Co., Strike Price USD 65,
Expires 5/21/12

     27         (2,430

The Goldman Sachs Group, Inc., Strike Price
USD 115, Expires 6/18/12

     12         (4,980

HCP, Inc. - REIT, Strike Price USD 40, Expires
5/21/12

     54         (7,830

Health Care REIT, Inc., Strike Price USD 55,
Expires 5/21/12

     45         (7,762

The Home Depot, Inc., Strike Price USD 51.50,
Expires 6/18/12

     90         (12,903

HSBC Holdings Plc - ADR, Strike Price USD
45, Expires 6/18/12

     102         (13,872

Hudson City Bancorp, Inc., Strike Price USD
6.75, Expires 6/18/12

     120         (4,428

Intel Corp.:

     

Strike Price USD 28, Expires 5/21/12

     90         (5,580

Strike Price USD 28, Expires 6/18/12

     90         (8,145

International Business Machines Corp., Strike
Price USD 205, Expires 5/21/12

     30         (9,900

Johnson & Johnson, Strike Price USD 65,
Expires 6/18/12

     48         (3,840

Liberty Property Trust - REIT, Strike Price USD
35, Expires 5/21/12

     34         (4,420

McDonald’s Corp., Strike Price USD 100,
Expires 5/21/12

     57         (1,653

MetLife, Inc.:

     

Strike Price USD 36, Expires 5/21/12

     5         (422

Strike Price USD 40, Expires 5/21/12

     18         (54

Strike Price USD 36, Expires 6/18/12

     5         (710

Strike Price USD 37, Expires 6/18/12

     5         (458

Microchip Technology, Inc., Strike Price USD
37, Expires 5/21/12

     85         (850

Microsoft Corp., Strike Price USD 33, Expires
5/21/12

     150         (2,100

National Bank of Canada, Strike Price CAD 82,
Expires 5/21/12

     23         (186

PPG Industries, Inc., Strike Price USD 100,
Expires 6/18/12

     30         (18,750

Royal Dutch Shell Plc, Class A - ADR, Strike
Price USD 70, Expires 7/23/12

     30         (8,550
 

 

See Notes to Financial Statements.     
                 
80       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

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 (concluded)

     

SAP AG - ADR, Strike Price USD 67.50,
Expires 6/18/12

     26       $ (3,705

Siemens AG - ADR, Strike Price USD 95,
Expires 5/21/12

     17         (1,700

The Southern Co.:

     

Strike Price USD 45, Expires 5/21/12

     45         (4,252

Strike Price USD 46, Expires 6/18/12

     45         (1,822

Suncor Energy, Inc., Strike Price CAD 31,
Expires 6/18/12

     15         (3,417

T. Rowe Price Group, Inc., Strike Price USD
65, Expires 5/21/12

     26         (910

TransCanada Corp., Strike Price CAD 44,
Expires 5/21/12

     46         (1,024

United Technologies Corp., Strike Price USD
87.50, Expires 5/21/12

     45         (113

Ventas, Inc., Strike Price USD 58, Expires
5/14/12

     50         (5,301

The Walt Disney Co., Strike Price USD 43,
Expires 6/18/12

     125         (18,375

Wells Fargo & Co.:

     

Strike Price USD 33, Expires 5/21/12

     31         (2,325

Strike Price USD 34, Expires 6/18/12

     31         (2,139

Strike Price USD 34, Expires 7/23/12

     32         (3,712

 

 

Total Exchange-Traded Call Options

        (312,741

 

 

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

     

Abbott Laboratories, Strike Price USD 60.48,
Expires 5/29/12, Broker Morgan Stanley &
Co., Inc.

     5,000         (8,799

ACS Actividades de Construccion y Servicios
SA, Strike Price EUR 19.08, Expires
5/15/12, Broker Citigroup Global
Markets, Inc.

     3,200         (2

Allianz SE, Strike Price EUR 88.78, Expires
5/15/12, Broker UBS Securities LLC

     1,900         (937

Altria Group, Inc., Strike Price USD 31.56,
Expires 6/05/12, Broker Goldman
Sachs & Co.

     18,500         (12,770

American Express Co., Strike Price USD
52.40, Expires 5/03/12, Broker Morgan
Stanley & Co., Inc.

     4,500         (35,145

AstraZeneca Plc, Strike Price GBP 28.42,
Expires 5/15/12, Broker Citigroup Global
Markets, Inc.

     7,000         (713

AT&T Inc.:

     

Strike Price USD 30.50, Expires 5/11/12,
Broker Morgan Stanley & Co., Inc.

     15,000         (36,150

Strike Price USD 32.85, Expires 6/25/12,
Broker Goldman Sachs & Co.

     15,200         (8,281

Australia & New Zealand Banking Group Ltd.,
Strike Price AUD 23.05, Expires 5/30/12,
Broker Goldman Sachs & Co.

     8,600         (7,227

Axfood AB, Strike Price SEK 240.00, Expires
5/15/12, Broker Citigroup Global
Markets, Inc.

     3,400         (3,281

BASF SE, Strike Price EUR 64.89, Expires
5/15/12, Broker UBS Securities LLC

     4,500         (524

BHP Billiton Plc, Strike Price GBP 19.80,
Expires 5/03/12, Broker UBS Securities
LLC

     5,700         (2,749

Bristol-Myers Squibb Co.:

     

Strike Price USD 32.81, Expires 5/04/12,
Broker Banc of America Securities

     8,500         (5,050

Strike Price USD 32.81, Expires 5/10/12,
Broker Banc of America Securities

     8,500         (5,760
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

     

British American Tobacco Plc, Strike Price GBP
32.65, Expires 5/15/12, Broker Banc of
America Securities

     7,000       $ (699

The Chubb Corp., Strike Price USD 71.58,
Expires 6/14/12, Broker Morgan
Stanley & Co., Inc.

     2,800         (6,686

Dominion Resources, Inc.:

     

Strike Price USD 50.98, Expires 6/22/12,
Broker Morgan Stanley & Co., Inc.

     3,600         (4,744

Strike Price USD 52.24, Expires 6/28/12,
Broker Morgan Stanley & Co., Inc.

     4,000         (2,604

Enel SpA, Strike Price EUR 2.66, Expires
5/15/12, Broker Banc of America
Securities

     25,300         (173

Esprit Holdings Ltd., Strike Price HKD 16.75,
Expires 5/30/12, Broker Deutsche Bank
Securities Corp.

     22,600         (2,384

GlaxoSmithKline Plc, Strike Price GBP 14.36,
Expires 5/15/12, Broker Citigroup Global
Markets, Inc.

     13,000         (1,900

Hang Seng Bank Ltd., Strike Price HKD
101.61, Expires 5/30/12, Broker Citigroup
Global Markets, Inc.

     7,900         (5,135

Hennes & Mauritz AB, Class B, Strike Price
SEK 231.32, Expires 6/27/12, Broker
Citigroup Global Markets, Inc.

     9,700         (5,665

Hitachi Koki Co. Ltd., Strike Price JPY 692.67,
Expires 5/30/12, Broker UBS Securities
LLC

     13,800         (5,137

Hopewell Holdings Ltd., Strike Price HKD
21.16, Expires 5/30/12, Broker Citigroup
Global Markets, Inc.

     68,000         (2,846

Iberdrola SA, Strike Price EUR 4.18, Expires
5/15/12, Broker Banc of America
Securities

     17,000         (13

Indra Sistemas SA, Strike Price EUR 9.99,
Expires 5/02/12, Broker Morgan Stanley &
Co., Inc.

     6,400           

Johnson & Johnson, Strike Price USD 65.58,
Expires 6/22/12, Broker Banc of America
Securities

     2,400         (1,519

Keppel Corp. Ltd., Strike Price SGD 11.14,
Expires 5/30/12, Broker Deutsche Bank
Securities Corp.

     25,000         (3,338

Kesko Oyj, Class B, Strike Price EUR 24.62,
Expires 5/15/12, Broker Morgan Stanley &
Co., Inc.

     3,900         (26

Koninklijke KPN NV, Strike Price EUR 8.02,
Expires 5/02/12, Broker Citigroup Global
Markets, Inc.

     10,400           

Kraft Foods, Inc., Class A, Strike Price USD
38.20, Expires 6/06/12, Broker Morgan
Stanley & Co., Inc.

     5,500         (9,695

M&T Bank Corp., Strike Price USD 84.90,
Expires 5/07/12, Broker Banc of America
Securities

     2,000         (2,995

Man Group Plc, Strike Price GBP 1.31, Expires
5/15/12, Broker UBS Securities LLC

     31,000         (19

Merck & Co., Inc., Strike Price USD 38.11,
Expires 6/04/12, Broker Deutsche Bank
Securities Corp.

     8,000         (10,510

Mitsui & Co. Ltd., Strike Price JPY 1,276.64,
Expires 5/30/12, Broker Morgan Stanley &
Co., Inc.

     18,700         (4,013

Mobistar SA, Strike Price EUR 37.93, Expires
5/15/12, Broker Banc of America
Securities

     1,900         (7

National Australia Bank Ltd., Strike Price AUD
24.61, Expires 5/30/12, Broker Goldman
Sachs & Co.

     16,000         (10,297

 

 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    81


 

 

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 (continued)

  

Nestle SA, Strike Price CHF 56.03,
Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     2,600       $ (2,027

Oracle Corp., Strike Price JPY 3,085.94,
Expires 5/30/12, Broker UBS Securities LLC

     4,800         (3,345

PepsiCo, Inc., Strike Price USD 64.63,
Expires 5/08/12, Broker Goldman Sachs & Co.

     3,700         (5,147

Pfizer, Inc.:

     

Strike Price USD 22.54, Expires 5/29/12, Broker Morgan Stanley & Co., Inc.

     6,500         (4,614

Strike Price USD 22.54, Expires 6/05/12, Broker Morgan Stanley & Co., Inc.

     6,500         (4,163

Strike Price USD 23.19, Expires 6/25/12, Broker UBS Securities LLC

     10,000         (4,230

Philip Morris International, Inc., Strike Price
USD 87.95, Expires 5/17/12, Broker Credit Suisse First Boston

     5,000         (10,701

Power Assets Holdings Ltd., Strike Price
HKD 57.14, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     47,000         (8,143

PPR, Strike Price EUR 130, Expires 5/18/12, Broker UBS Securities LLC

     6         (990

Ratos AB, Class B, Strike Price SEK 89.82, Expires 5/15/12, Broker UBS Securities LLC

     17,200         (184

Reynolds American, Inc.:

     

Strike Price USD 41.72, Expires 6/11/12, Broker Banc of America Securities

     2,800         (937

Strike Price USD 41.72, Expires 6/25/12, Broker Banc of America Securities

     2,800         (1,726

Ricoh Co. Ltd., Strike Price JPY 740.84,
Expires 5/30/12, Broker Morgan Stanley
& Co., Inc.

     18,000         (4,184

Sanofi, Strike Price EUR 57.18, Expires 5/09/12,
Broker Citigroup Global Markets, Inc.

     1,600         (1,945

Santos Ltd., Strike Price AUD 14.04,
Expires 5/30/12, Broker Goldman Sachs
& Co.

     31,000         (9,404

Scania AB, Class B, Strike Price SEK 137.36,
Expires 6/27/12, Broker Citigroup Global Markets, Inc.

     16,600         (16,910

Schneider Electric SA, Strike Price EUR 49.40,
Expires 5/15/12, Broker Morgan Stanley
& Co., Inc.

     3,700         (2,061
Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

Scottish & Southern Energy Plc, Strike
Price GBP 13.55, Expires 5/15/12,
Broker UBS Securities LLC

     14,000       $ (1,211

Sharp Corp., Strike Price JPY 516.11,
Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     14,000         (5,571

Singapore Technologies Engineering Ltd., Strike Price SGD 3.11, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     63,670         (1,312

Societe Generale SA, Strike Price EUR 25.13, Expires 5/02/12, Broker Morgan Stanley & Co., Inc.

     1,700           

Solvay SA, Strike Price EUR 90.97, Expires 5/15/12, Broker Banc of America Securities

     1,200         (5,871

Standard Chartered Plc, Strike Price GBP 15.76, Expires 5/15/12, Broker Banc of America Securities

     13,400         (2,148

Takeda Pharmaceutical Co. Ltd., Strike Price JPY 3,512.78,
Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     5,400         (3,160

TeliaSonera AB, Strike Price SEK 43.46, Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     23,000         (5,052

Total SA - ADR, Strike Price USD 55.90, Expires 5/16/12, Broker Citigroup Global Markets, Inc.

     13,000         (81

United Overseas Bank Ltd., Strike Price SGD 18.38, Expires 5/30/12, Broker Morgan Stanley & Co., Inc.

     9,000         (6,856

Vinci SA, Strike Price EUR 37.72,
Expires 5/15/12, Broker Morgan Stanley & Co., Inc.

     5,000         (809

Wal-Mart Stores, Inc., Strike Price
USD 61.71, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     4,000         (228

Zurich Financial Services AG:

     

Strike Price CHF 230,
Expires 5/18/12, Broker UBS Securities LLC

     8         (124

Strike Price CHF 230,
Expires 6/15/12, Broker Morgan Stanley & Co., Inc.

     43         (1,567

 

 

Total Over-the-Counter Call Options

  

     (322,494

 

 

Total Options Written

(Premiums Received – $619,037) – (0.8)%

  

  

     (635,235

 

 

Total Investments Net of Outstanding Options Written – 100.2%

   

     83,058,539   

Liabilities in Excess of Other Assets – (0.2)%

  

     (188,221
     

 

 

 

Net Assets – 100.0%

  

   $ 82,870,318   
     

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with 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,

2011

    

Net

Activity

   

Shares

Held at

April 30,

2012

    

Realized

Gain

     Income  
 

 

 
 

BlackRock Liquidity Funds, TempFund, Institutional Class

     10,393,859         (5,034,208     5,359,651         $130         $4,018   

 

See Notes to Financial Statements.     
                 
82       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (concluded)

 

 

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

 

 

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

 

 

   

Currency

Purchased

   

Currency

Sold

    Counterparty   Settlement
Date
 

Unrealized
Appre-

ciation
(Depre-

ciation)

 

 

 

SEK

    1,911,000      USD     284,624      UBS Securities LLC   5/02/12   $  (303)
 

USD

 

 

5,070

  

  CAD     5,000      Royal Bank of Scotland   5/02/12   9
 

USD

    11,008      CHF     10,000      Deutsche Bank Securities Corp.   5/04/12   (10)
 

USD

    13,227      EUR     10,000      Deutsche Bank Securities Corp.   5/04/12   (11)
 

 

 

Total

            $  (315)
             

 

 

 

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

 

   

Level 1 - unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks 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, 2012 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:

         

Long-Term Investments:

         

Common Stocks:

         

Australia

   $ 639,872      $ 2,875,150         $ 3,515,022   

Belgium

            531,988           531,988   

Canada

     4,209,114                  4,209,114   

Finland

            256,774           256,774   

France

     1,549,142        2,006,386           3,555,528   

Germany

     824,254        1,426,984           2,251,238   

Hong Kong

            1,719,912           1,719,912   

Italy

            206,930           206,930   

Japan

     480,816        2,713,388           3,194,204   

Netherlands

     525,819        233,424           759,243   

Singapore

            1,295,447           1,295,447   

Spain

     270,291        510,916           781,207   

Sweden

            2,860,311           2,860,311   

Switzerland

            700,706           700,706   

United Kingdom

     1,321,291        4,566,559           5,887,850   

United States

     46,608,649                  46,608,649   

  Short-Term Securities

     5,359,651                  5,359,651   

 

 

Total

   $ 61,788,899      $ 21,904,875         $ 83,693,774   
  

 

 

 
         

 

 
Valuation Inputs    Level 1     Level 2     Level 3    Total  

 

 

Derivative Financial Instruments1

         

Assets:

         

Foreign currency exchange contracts

   $ 9                $ 9   

Liabilities:

         

Equity contracts

     (252,680   $ (382,555        (635,235

Foreign currency exchange contracts

     (324               (324

 

 

Total

   $ (252,995   $ (382,555      $ (635,550
  

 

 

 

 

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, 2012    83


 

 

Schedule of Investments April 30, 2012 (Unaudited)

 

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Australia – 1.9%

     

Transurban Group

     1,078,500       $ 6,585,391   

 

 

Brazil – 14.5%

     

CCR SA

     1,454,900         11,281,075   

Cia de Saneamento Basico do Estado de Sao Paulo

     141,900         5,586,221   

Cia de Saneamento de Minas Gerais

     216,300         5,066,650   

Cia Energetica de Minas Gerais - ADR

     304,800         7,519,416   

CPFL Energia SA - ADR

     175,300         4,943,460   

EDP - Energias do Brasil SA

     657,900         4,586,990   

Tractebel Energia SA

     603,300         10,365,436   
     

 

 

 
        49,349,248   

 

 

Canada – 3.7%

     

BCE, Inc. (a)

     116,100         4,705,533   

Shaw Communications, Inc., Class B (a)

     150,900         3,110,112   

TransCanada Corp. (a)

     108,900         4,791,005   
     

 

 

 
        12,606,650   

 

 

France – 0.9%

     

Vinci SA

     65,500         3,037,913   

 

 

Germany – 1.7%

     

E.ON AG

     252,700         5,721,564   

 

 

Hong Kong – 2.6%

     

China Merchants Holdings International Co. Ltd.

     1,283,000         4,131,272   

Power Assets Holdings Ltd.

     627,500         4,684,890   
     

 

 

 
        8,816,162   

 

 

Italy – 1.7%

     

Atlantia S.p.A.

     381,300         5,779,108   

 

 

Norway – 1.4%

     

Telenor ASA

     256,300         4,711,155   

 

 

United Kingdom – 8.6%

     

BT Group Plc

     1,949,900         6,669,545   

International Power Plc

     750,000         5,073,348   

National Grid Plc

     944,600         10,200,311   

Severn Trent Plc

     176,700         4,845,859   

Vodafone Group Plc - ADR (a)

     87,700         2,440,691   
     

 

 

 
        29,229,754   

 

 

United States – 55.9%

     

Alliant Energy Corp.

     87,200         3,944,928   

American Electric Power Co., Inc. (a)

     60,400         2,345,936   

American Tower Corp. (a)

     111,200         7,292,496   

American Water Works Co., Inc.

     185,600         6,354,944   

Aqua America, Inc.

     314,700         7,146,837   

AT&T Inc. (a)

     179,500         5,907,345   

CenturyLink, Inc. (a)

     164,200         6,331,552   

Chesapeake Midstream Partners LP (a)

     78,771         2,259,152   

CMS Energy Corp.

     192,600         4,427,874   

Consolidated Edison, Inc. (a)

     77,400         4,601,430   

DCP Midstream Partners LP (a)

     30,649         1,404,031   

Dominion Resources, Inc.

     91,800         4,791,042   

Duke Energy Corp.

     222,300         4,763,889   

Edison International

     150,300         6,614,703   

Enbridge Energy Partners LP

     30,289         935,930   

Energy Transfer Partners LP (a)

     32,230         1,599,575   

Entergy Corp.

     64,600         4,235,176   

Enterprise Products Partners LP

     46,577         2,400,579   

Exelon Corp. (a)

     114,500         4,466,645   

FirstEnergy Corp. (a)

     109,200         5,112,744   

ITC Holdings Corp. (a)

     49,200         3,811,032   

Kinder Morgan Energy Partners (a)

     11,333         934,293   

MarkWest Energy Partners LP (a)

     55,448         3,335,197   
Common Stocks    Shares      Value  

United States (concluded)

     

NextEra Energy, Inc. (a)

     125,000       $ 8,043,750   

Northeast Utilities

     74,100         2,724,657   

NorthWestern Corp.

     162,000         5,754,240   

NV Energy, Inc.

     380,800         6,340,320   

OGE Energy Corp.

     111,700         6,027,332   

ONEOK Partners LP

     46,409         2,587,766   

Pepco Holdings, Inc.

     235,100         4,448,092   

PG&E Corp.

     112,800         4,983,504   

Pinnacle West Capital Corp.

     75,100         3,631,085   

Plains All American Pipeline LP (a)

     36,239         2,969,061   

PPL Corp.

     80,400         2,198,940   

Public Service Enterprise Group, Inc. (a)

     155,900         4,856,285   

Sempra Energy

     81,300         5,263,362   

The Southern Co. (a)

     123,000         5,650,620   

Targa Resources Partners LP

     50,030         2,152,791   

Verizon Communications, Inc. (a)

     188,700         7,619,706   

Westar Energy, Inc.

     169,200         4,854,348   

Western Gas Partners LP

     25,514         1,193,035   

Williams Partners LP (a)

     29,270         1,681,269   

Wisconsin Energy Corp. (a)

     98,600         3,632,424   

Xcel Energy, Inc.

     138,700         3,753,222   

Xylem, Inc.

     156,800         4,371,584   
     

 

 

 
        189,754,723   

 

 

Total Long-Term Investments

(Cost – $295,460,637) – 92.9%

        315,591,668   

 

 

 

     

Short-Term Securities

     

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.14% (b)(c)

     14,123,340         14,123,340   

 

 

Total Short-Term Securities

(Cost – $14,123,340) – 4.1%

        14,123,340   

 

 

Total Investments Before Outstanding Options Written

(Cost – $309,583,977) – 97.0%

        329,715,008   

 

 

 

     
Options Written    Contracts          

Exchange-Traded Call Options – (0.2)%

  

  

American Electric Power Co., Inc., Strike Price USD 38, Expires 5/21/12

     200         (18,000

American Tower Corp., Strike Price
USD 65, Expires 5/21/12

     367         (52,297

AT&T Inc., Strike Price USD 32, Expires 5/21/12

     215         (21,715

BCE, Inc., Strike Price USD 41.63, Expires 5/16/12

     310         (2,917

CenturyLink, Inc.:

     

Strike Price USD 40, Expires 5/21/12

     50         (375

Strike Price USD 38, Expires 6/18/12

     510         (51,000

Chesapeake Midstream Partners LP:

     

Strike Price USD 30, Expires 5/21/12

     150         (2,250

Strike Price USD 30, Expires 6/18/12

     50         (1,250

Consolidated Edison, Inc., Strike Price
USD 58.50, Expires 6/12/12

     255         (31,360

DCP Midstream Partners LP, Strike Price
USD 45, Expires 5/21/12

     92         (9,890
 

 

See Notes to Financial Statements.     
                 
84       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Exchange-Traded Call Options (concluded)

  

Energy Transfer Partners LP, Strike Price USD 47.50, Expires 5/21/12

     44       $ (9,240

Exelon Corp., Strike Price USD 38, Expires 5/21/12

     380         (40,850

FirstEnergy Corp., Strike Price USD 45, Expires 5/21/12

     225         (41,062

ITC Holdings Corp., Strike Price USD 76.45, Expires 5/08/12

     55         (6,353

Kinder Morgan Energy Partners, Strike Price USD 85, Expires 5/21/12

     40         (900

MarkWest Energy Partners LP, Strike Price USD 60, Expires 5/21/12

     315         (21,262

NextEra Energy, Inc., Strike Price USD 65, Expires 6/18/12

     200         (10,500

Plains All American Pipeline LP, Strike Price USD 80, Expires 5/21/12

     150         (28,875

Public Service Enterprise Group, Inc.:

     

Strike Price USD 30.50, Expires 5/11/12

     60         (4,045

Strike Price USD 30, Expires 5/21/12

     400         (50,000

Shaw Communications, Inc., Class B, Strike Price CAD 20.50, Expires 5/21/12

     500         (12,401

The Southern Co., Strike Price USD 45, Expires 5/21/12

     35         (3,308

TransCanada Corp., Strike Price CAD 44, Expires 5/21/12

     360         (8,017

Verizon Communications, Inc.:

     

Strike Price USD 38, Expires 5/21/12

     85         (20,442

Strike Price USD 40, Expires 5/21/12

     121         (8,168

Strike Price USD 38, Expires 6/18/12

     85         (21,505

Vodafone Group Plc - ADR:

     

Strike Price USD 27, Expires 5/21/12

     155         (14,725

Strike Price USD 28, Expires 5/21/12

     78         (2,145

Strike Price USD 28, Expires 6/18/12

     78         (3,315

Williams Partners LP, Strike Price USD 55, Expires 5/21/12

     55         (13,888

Wisconsin Energy Corp., Strike Price USD 35, Expires 5/21/12

     210         (23,100

 

 

Total Exchange-Traded Call Options

  

     (535,155

 

 

Over-the-Counter Call Options – (0.5)%

  

American Water Works Co., Inc.:

     

Strike Price USD 34.17, Expires 5/07/12, Broker Deutsche Bank Securities Corp.

     36,800         (9,413

Strike Price USD 33.60, Expires 5/29/12, Broker Citigroup Global Markets, Inc.

     24,500         (20,866

Aqua America, Inc.:

     

Strike Price USD 22.46, Expires 5/08/12, Broker Morgan Stanley & Co., Inc.

     86,000         (27,275

Strike Price USD 21.92, Expires 6/08/12, Broker Goldman Sachs & Co.

     10,000         (7,900

Strike Price USD 22.77, Expires 6/14/12, Broker Morgan Stanley & Co., Inc.

     3,900         (991

Strike Price USD 22.77, Expires 6/21/12, Broker Morgan Stanley & Co., Inc.

     3,900         (1,096
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

AT&T Inc.:

     

Strike Price USD 30.50, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     22,000       $ (53,020

Strike Price USD 32.85, Expires 6/25/12, Broker Goldman Sachs & Co.

     15,800         (8,608

Atlantia S.p.A., Strike Price EUR 12.55, Expires 5/15/12, Broker Citigroup Global Markets, Inc.

     125,900         (2,004

BCE, Inc., Strike Price USD 40.28, Expires 5/30/12, Broker Deutsche Bank Securities Corp.

     7,500         (4,977

BT Group Plc:

     

Strike Price GBP 2.14, Expires 5/03/12, Broker Banc of America Securities

     584,000         (11,487

Strike Price GBP 2.18, Expires 6/27/12, Broker UBS Securities LLC

     61,000         (4,362

China Merchants Holdings International Co. Ltd., Strike Price HKD 28.05, Expires 5/08/12, Broker Citigroup Global Markets, Inc.

     424,000         (18

Cia de Saneamento Basico do Estado de Sao Paulo, Strike Price BRL 71.31, Expires 6/06/12, Broker Deutsche Bank Securities Corp.

     46,800         (112,907

Cia de Saneamento de Minas Gerais, Strike Price BRL 41.34, Expires 6/05/12, Broker Deutsche Bank Securities Corp.

     71,400         (141,858

Cia Energetica de Minas Gerais - ADR:

     

Strike Price USD 25.20, Expires 5/14/12, Broker Deutsche Bank Securities Corp.

     41,000         (10,464

Strike Price USD 24.19, Expires 5/25/12, Broker UBS Securities LLC

     51,000         (42,888

Strike Price USD 25, Expires 6/15/12, Broker Citigroup Global Markets, Inc.

     8,500         (5,450

Companhia De Concessoes Rodoviarias:

     

Strike Price BRL 15.25, Expires 6/05/12, Broker Citigroup Global Markets, Inc.

     385,200         (65,846

Strike Price BRL 15.14, Expires 6/21/12, Broker Deutsche Bank Securities Corp.

     95,000         (23,369

CPFL Energia SA - ADR:

     

Strike Price USD 31, Expires 5/11/12, Broker Deutsche Bank Securities Corp.

     33,000         (43

Strike Price USD 28.33, Expires 6/12/12, Broker Credit Suisse First Boston

     33,000         (29,157

Dominion Resources, Inc.:

     

Strike Price USD 50.98, Expires 6/22/12, Broker Morgan Stanley & Co., Inc.

     3,000         (3,953

Strike Price USD 52.24, Expires 6/28/12, Broker Morgan Stanley & Co., Inc.

     27,000         (17,577
 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    85


 

 

Schedule of Investments (continued)

 

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

     

Duke Energy Corp.:

     

Strike Price USD 20.76, Expires 5/29/12,
Broker UBS Securities LLC

     31,000       $ (21,437

Strike Price USD 21.29, Expires 6/11/12,
Broker Morgan Stanley & Co., Inc.

     42,400         (14,592

E.ON AG, Strike Price EUR 17.60, Expires
5/15/12, Broker Morgan Stanley
& Co., Inc.

     83,400         (24,993

Edison International:

     

Strike Price USD 42.95, Expires 5/07/12,
Broker Morgan Stanley & Co., Inc.

     9,000         (9,760

Strike Price USD 42.58, Expires 5/29/12,
Broker Deutsche Bank
Securities Corp.

     5,000         (7,775

Strike Price USD 42.41, Expires 6/14/12,
Broker Deutsche Bank Securities
Corp.

     35,600         (64,743

EDP - Energias do Brasil SA:

     

Strike Price BRL 13.43, Expires 6/05/12,
Broker Deutsche Bank
Securities Corp.

     174,300         (33,417

Strike Price BRL 13.33, Expires 6/21/12,
Broker Deutsche Bank
Securities Corp.

     45,000         (11,727

Entergy Corp., Strike Price USD 66.80, Expires
5/29/12, Broker Goldman Sachs & Co.

     21,000         (6,703

FirstEnergy Corp., Strike Price USD 45.56,
Expires 6/06/12, Broker Goldman
Sachs & Co.

     13,500         (19,641

International Power Plc:

     

Strike Price GBP 3.73, Expires 5/03/12,
Broker Morgan Stanley & Co., Inc.

     118,800         (85,464

Strike Price GBP 3.87, Expires 5/09/12,
Broker Banc of America Securities

     106,200         (51,303

Strike Price GBP 4.21, Expires 6/27/12,
Broker Morgan Stanley & Co., Inc.

     22,500         (4,360

ITC Holdings Corp., Strike Price USD 76.68,
Expires 6/13/12, Broker Citigroup Global
Markets, Inc.

     11,000         (17,286

National Grid Plc:

     

Strike Price GBP 6.52, Expires 5/03/12,
Broker Banc of America Securities

     234,000         (52,141

Strike Price GBP 6.73, Expires 6/27/12,
Broker Morgan Stanley & Co., Inc.

     80,700         (13,915

NextEra Energy, Inc., Strike Price USD 61.10,
Expires 5/04/12, Broker Citigroup Global
Markets, Inc.

     21,200         (68,815

NorthWestern Corp.:

     

Strike Price USD 35.50, Expires 6/22/12,
Broker Deutsche Bank
Securities Corp.

     28,000         (16,800

Strike Price USD 35.50, Expires 6/29/12,
Broker Deutsche Bank
Securities Corp.

     28,000         (17,920
Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

     

NV Energy, Inc.:

     

Strike Price USD 16.03, Expires 5/29/12,
Broker Morgan Stanley & Co., Inc.

     93,000       $ (59,981

Strike Price USD 16.11, Expires 6/12/12,
Broker Banc of America
Securities

     34,000         (21,056

OGE Energy Corp.:

     

Strike Price USD 51.68, Expires 5/29/12,
Broker Citigroup Global
Markets, Inc.

     17,000         (39,352

Strike Price USD 53.98, Expires 6/07/12,
Broker Morgan Stanley & Co., Inc.

     19,900         (17,751

Pepco Holdings, Inc.:

     

Strike Price USD 19.67, Expires 5/09/12,
Broker UBS Securities LLC

     61,600         (104

Strike Price USD 18.51, Expires 6/13/12,
Broker Deutsche Bank
Securities Corp.

     16,000         (12,272

PG&E Corp., Strike Price USD 42.47, Expires
5/07/12, Broker Goldman Sachs & Co.

     37,300         (63,783

Pinnacle West Capital Corp., Strike Price USD
47.98, Expires 5/03/12, Broker Deutsche
Bank Securities Corp.

     25,000         (10,273

Power Assets Holdings Ltd., Strike Price HKD
57.14, Expires 5/30/12, Broker Morgan
Stanley & Co., Inc.

     209,000         (36,210

PPL Corp.:

     

Strike Price USD 27.28, Expires 5/25/12,
Broker Deutsche Bank
Securities Corp.

     13,500         (3,853

Strike Price USD 27.28, Expires 6/06/12,
Broker Deutsche Bank
Securities Corp.

     13,500         (4,424

Sempra Energy, Strike Price USD 59.56,
Expires 5/11/12, Broker Goldman
Sachs & Co.

     27,000         (139,860

Severn Trent Plc, Strike Price GBP 17.09,
Expires 6/27/12, Broker UBS
Securities LLC

     58,400         (37,838

Targa Resources Partners LP, Strike Price
USD 41.96, Expires 5/11/12, Broker
Citigroup Global Markets, Inc.

     17,500         (20,724

Telenor ASA, Strike Price NOK 105.05,
Expires 5/03/12, Broker Morgan
Stanley & Co., Inc.

     84,600         (12,891

Tractebel Energia SA:

     

Strike Price BRL 32.54, Expires 5/30/12,
Broker Deutsche Bank
Securities Corp.

     62,500         (30,299

Strike Price BRL 33.63, Expires 6/05/12,
Broker Deutsche Bank
Securities Corp.

     97,500         (26,011

Strike Price BRL 32.98, Expires 6/21/12,
Broker Deutsche Bank
Securities Corp.

     39,000         (19,307

Transurban Group, Strike Price AUD 5.87,
Expires 5/08/12, Broker Citigroup Global
Markets, Inc.

     356,000         (18,704

Vinci SA, Strike Price EUR 39.57, Expires
5/02/12, Broker Banc of America
Securities

     21,600         (9
 

 

See Notes to Financial Statements.     
                 
86       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Schedule of Investments (concluded)

 

 

BlackRock Utility and Infrastructure Trust (BUI)

 

Options Written    Contracts      Value  

Over-the-Counter Call Options (continued)

  

Westar Energy, Inc.:

     

Strike Price USD 27.83, Expires 5/07/12, Broker Morgan Stanley & Co., Inc.

     10,500       $ (9,030

Strike Price USD 28.16, Expires 5/11/12, Broker Morgan Stanley & Co., Inc.

     47,000         (26,656

Xcel Energy, Inc., Strike Price USD 26.12, Expires 6/13/12, Broker Morgan Stanley & Co., Inc.

     46,000         (43,746
Options Written    Contracts      Value  

Over-the-Counter Call Options (concluded)

  

Xylem, Inc., Strike Price USD 26.84, Expires 6/08/12, Broker Goldman Sachs & Co.

     44,000       $ (65,954

 

 

Total Over-the-Counter Call Options

  

     (1,868,409

 

 

Total Options Written

(Premiums Received – $1,967,954) – (0.7)%

  

  

     (2,403,564

 

 

Total Investments Net of Outstanding Options Written – 96.3%

   

     327,311,444   

Other Assets Less Liabilities – 3.7%

  

     12,409,986   
     

 

 

 

Net Assets – 100.0%

      $ 339,721,430   
     

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with 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    Net
Activity
     Shares
Held at
April 30,
2012
     Realized
Gain
     Income       

BlackRock Liquidity Funds, TempFund, Institutional Class

     14,123,340         14,123,340       $ 1,576       $ 29,589      

 

 

Foreign currency exchange contracts as of April 30, 2012 were as follows:

 

Currency
Purchased
  Currency
Sold
  Counterparty   Settlement
Date
   Unrealized
Appreciation

USD 11,155

  CAD 11,000   RBS Securiteis, Inc.   5/02/12    $  20

USD 25,190

  BRL 47,684   The Bank of New York Mellon Corp.   5/02/12    174

USD 43,868

  BRL 83,042   The Bank of New York Mellon Corp.   5/02/12    303

 

Total

         $497
        

 

 

 

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

 

   

Level 1 - unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities.

The following tables summarize the inputs used as of April 30, 2012 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:

       

Long-Term Investments:

       

Common Stocks:

       

Australia

    $ 6,585,391     $ 6,585,391

Brazil

  $ 49,349,248       49,349,248

Canada

  12,606,650       12,606,650

France

    3,037,913     3,037,913

Germany

    5,721,564     5,721,564

Hong Kong

    8,816,162     8,816,162

Italy

  5,779,108       5,779,108

Norway

    4,711,155     4,711,155

United Kingdom

  2,440,691   26,789,063     29,229,754

United States

  189,754,723       189,754,723

Short-Term Securities

  14,123,340       14,123,340

 

Total

  $274,053,760   $55,661,248     $329,715,008
 

 

 

Valuation Inputs   Level 1     Level 2       Level 3   Total  

Derivative Financial Instruments1

  

Assets:

       

Foreign currency exchange contracts

  $ 497                 497   

Liabilities:

       

Equity contracts

    (490,481   $ (1,913,083     $ (2,403,564

 

 

Total

  $ (489,984   $ (1,913,083     $ (2,403,067
 

 

 

 

 

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, 2012    87


 

 

Statements of Assets and Liabilities

 

 

 

April 30, 2012 (Unaudited)    BlackRock
EcoSolutions
Investment
Trust (BQR)
    BlackRock
Energy and
Resources
Trust (BGR)
   

BlackRock

Enhanced

Equity
Dividend
Trust (BDJ)

   

BlackRock

Global
Opportunities
Equity

Trust (BOE)

   

BlackRock
Health
Sciences

Trust (BME)

 

    Assets

                                        

Investments at value – unaffiliated1,2

   $ 110,839,584      $ 803,825,045      $ 1,456,265,485      $ 1,068,911,852      $ 199,289,995   

Investments at value – affiliated3

     9,181,120        51,180,083        57,478,495        89,719,151        20,236,822   

Cash

     914,487               81,002        4,023,383          

Foreign currency at value4

     159,249        261,717        99,685        6,391,829        10,732   

Investments sold receivable

     1,835,576        2,126,972        71,644,689        20,432,430        5,144,492   

Cash pledged as collateral for options written

     710,000        330,619        952,037        1,600,000        1,136,101   

Dividends receivable

     318,202        658,434        1,994,314        3,372,463        208,961   

Securities lending income receivable – affiliated

     2,433        2,914        26,316        8,045        1,559   

Dividends receivable – affiliated

     716        2,708        6,119        8,793        1,220   

Unrealized appreciation on foreign currency exchange contracts

     129               174        8,067          

Other assets

     9,382        39,213        48,328        992,769        16,018   
  

 

 

 

Total assets

     123,970,878        858,427,705        1,588,596,644        1,195,468,782        226,045,900   
  

 

 

 
          

    Liabilities

                                        

Investments purchased payable

     3,210,523        7,076,423        45,589,570        87,040,281        4,405,582   

Collateral at value - securities loaned

     1,488,335        23,716,808        4,272,334        1,835,031        6,152,876   

Options written at value5

     1,356,682        7,018,409        18,646,866        11,977,734        2,184,706   

Unrealized depreciation on foreign currency exchange contracts

     1,512        9,177               26,923        161   

Bank overdraft

                                 144,000   

Investment advisory fees payable

     114,938        751,015        994,366        887,390        172,955   

Officer’s and Trustees’ fees payable

            247,254        454,055        362,802        14,534   

Other accrued expenses payable

     175,921        268,256        817,127        640,363        164,099   
  

 

 

 

Total liabilities

     6,347,911        39,087,342        70,774,318        102,770,524        13,238,913   
  

 

 

 

Net Assets

   $ 117,622,967      $ 819,340,363      $ 1,517,822,326      $ 1,092,698,258      $ 212,806,987   
  

 

 

 
          

    Net Assets Consist of

                                        

Paid-in capital

   $ 190,656,747      $ 680,602,964      $ 1,657,087,818      $ 1,350,492,274      $ 179,652,079   

Distributions in excess of net investment income

     (5,624,794     (24,699,264     (33,343,256     (72,685,343     (12,784,610

Accumulated net realized gain (loss)

     (59,317,281     36,600,275        (219,356,946     (221,772,027     18,883,758   

Net unrealized appreciation/depreciation

     (8,091,705     126,836,388        113,434,710        36,663,354        27,055,760   
  

 

 

 

Net Assets

   $ 117,622,967      $ 819,340,363      $ 1,517,822,326      $ 1,092,698,258      $ 212,806,987   
  

 

 

 

Net asset value6

   $ 9.36      $ 27.53      $ 8.46      $ 15.73      $ 27.65   
  

 

 

 

1   Investments at cost – unaffiliated

   $ 118,950,430      $ 677,418,220      $ 1,340,929,383      $ 1,036,456,788      $ 171,914,815   

2   Securities on loan at value

   $ 1,331,197      $ 23,271,089      $ 4,181,804      $ 1,732,352      $ 5,929,730   

3   Investments at cost – affiliated

   $ 9,181,120      $ 51,180,083      $ 57,478,495      $ 89,719,151      $ 20,236,822   

4   Foreign currency at cost

   $ 153,389      $ 261,720      $ 100,379      $ 6,151,824      $ 10,716   

5   Premiums received

   $ 1,383,892      $ 7,456,147      $ 16,745,158      $ 15,040,176      $ 1,866,199   

6   Shares outstanding, unlimited number of shares authorized, $0.001 par value

     12,564,457        29,766,217        179,482,756        69,483,161        7,695,792   

 

See Notes to Financial Statements.     
                 
88       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Statements of Assets and Liabilities (concluded)

 

 

April 30, 2012 (Unaudited)   

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)
    BlackRock
Utility and
Infrastructure
Trust (BUI)
 

    Assets

                                        

Investments at value – unaffiliated2,3

   $ 894,425,004      $ 663,123,295      $ 719,855,775      $ 78,334,123      $ 315,591,668   

Investments at value – affiliated4

     59,175,532        36,614,155               5,359,651        14,123,340   

Cash

     194,581        9,187        44,079,775                 

Foreign currency at value5

     2,652,408        212,675        450,698        111,919        123,542   

Investments sold receivable

     13,722,136        3,071,954        2,864,009        1,352,627        15,742,483   

Dividends receivable

     4,345,749        1,306,272        1,202,647        274,344        1,600,521   

Cash pledged as collateral for options written

     3,832,237               2,197,156                 

Dividends receivable – affiliated

     6,052        3,741               623        1,767   

Unrealized appreciation on foreign currency exchange contracts

     5,895        276        617        9        497   

Securities lending income receivable – affiliated

            2,417                        

Other assets

     99,527        372,343        6,692        8,183          
  

 

 

 

Total assets

     978,459,121        704,716,315        770,657,369        85,441,479        347,183,818   
  

 

 

 
          

    Liabilities

                                        

Investments purchased payable

     30,858,629        4,217,625        23,987,389        1,660,533        4,620,252   

Options written at value6

     9,471,925        5,006,273        5,461,325        635,235        2,403,564   

Collateral at value - securities loaned

     4,865        4,555,635                        

Unrealized depreciation on foreign currency exchange contracts

     8,989        1,296        22,919        324          

Bank overdraft

                                 12,821   

Investment advisory fees payable

     758,016        585,911        601,107        50,188        273,529   

Officer’s and Trustees’ fees payable

     322,960        201,277               12,098          

Other accrued expenses payable

     641,651        423,320        618,108        212,783        152,222   
  

 

 

 

Total liabilities

     42,067,035        14,991,337        30,690,848        2,571,161        7,462,388   
  

 

 

 

Net Assets

   $ 936,392,086      $ 689,724,978      $ 739,966,521      $ 82,870,318      $ 339,721,430   
  

 

 

 
          

    Net Assets Consist of

                                        

Paid-in capital

   $ 1,561,066,808      $ 685,827,105      $ 866,273,836      $ 82,951,843      $ 322,280,012   

Distributions in excess of net investment income

     (53,373,955     (31,120,089     (28,059,393     (1,569,730     (2,946,328

Accumulated net realized gain (loss)

     (601,217,896     (48,288,774     (18,873,188     (623,299     728,461   

Net unrealized appreciation/depreciation

     29,917,129        83,306,736        (79,374,734     2,111,504        19,659,285   
  

 

 

 

Net Assets

   $ 936,392,086      $ 689,724,978      $ 739,966,521      $ 82,870,318      $ 339,721,430   
  

 

 

 

Net asset value7

   $ 8.51      $ 12.06      $ 15.89      $ 13.74      $ 20.09   
  

 

 

 

1   Consolidated Statement of Assets and Liabilities.

          

2   Investments at cost – unaffiliated

   $ 868,324,703      $ 582,711,398      $ 800,500,626      $ 76,207,863      $ 295,460,637   

3   Securities on loan at value

   $ 4,351      $ 4,395,605                        

4   Investments at cost – affiliated

   $ 59,175,532      $ 36,614,155             $ 5,359,651      $ 14,123,340   

5   Foreign currency at cost

   $ 2,638,682      $ 212,518      $ 450,517      $ 111,859      $ 124,266   

6   Premiums received

   $ 13,251,031      $ 7,457,565      $ 6,763,119      $ 619,037      $ 1,967,954   

7   Shares outstanding, unlimited number of shares authorized, $0.001 par value

     109,989,277        57,173,280        46,575,310        6,033,028        16,906,964   

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    89


 

 

Statements of Operations

 

 

Period Ended April 30, 2012 (Unaudited)    BlackRock
EcoSolutions
Investment
Trust (BQR)
    BlackRock
Energy and
Resources
Trust (BGR)
    BlackRock
Enhanced
Equity
Dividend
Trust (BDJ)
   

BlackRock
Global
Opportunities
Equity

Trust (BOE)

    BlackRock
Health
Sciences
Trust (BME)
 

    Investment Income

                                        

Dividends - unaffiliated

   $ 1,136,708      $ 7,132,036      $ 14,536,528      $ 13,313,209      $ 1,606,624   

Foreign taxes withheld

     (55,736     (388,339     (210,662     (702,935     (42,492

Dividends - affiliated

     5,250        13,609        29,994        38,922        7,747   

Securities lending - affiliated

     29,285        55,379        74,722        10,843        9,010   
  

 

 

 

Total income

     1,115,507        6,812,685        14,430,582        12,660,039        1,580,889   
  

 

 

 
          

    Expenses

                                        

Investment advisory

     692,578        4,919,963        4,046,758        5,384,061        1,015,975   

Custodian

     49,112        65,966        78,533        241,409        50,708   

Professional

     33,299        62,790        61,802        95,879        33,838   

Printing

     21,448        81,326        100,351        136,395        24,906   

Officer and Trustees

     11,207        65,363        93,618        86,906        10,707   

Registration

     7,453        7,018        11,621        6,374        4,466   

Transfer agent

     6,398        6,475        11,846        7,581        6,370   

Insurance

     3,793        23,129        17,400        23,585        5,046   

Reorganization

                   493,839                 

Miscellaneous

     23,121        14,156        14,371        34,636        11,739   
  

 

 

 

Total expenses

     848,409        5,246,186        4,930,139        6,016,826        1,163,755   

Less fees waived by advisor

     (2,755     (280,112     (15,631     (19,766     (4,031
  

 

 

 

Total expenses after fees waived

     845,654        4,966,074        4,914,508        5,997,060        1,159,724   
  

 

 

 

Net investment income

     269,853        1,846,611        9,516,074        6,662,979        421,165   
  

 

 

 
          

    Realized and Unrealized Gain (Loss)

                                        

Net realized gain (loss) from:

          

Investments - unaffiliated

     (6,825,503     17,113,854        (6,400,878     (53,043,343     7,793,513   

Investments - affiliated

     161        412        1,108        973        178   

Options written

     1,121,115        22,306,174        15,854,628        27,843,174        3,560,182   

Foreign currency transactions

     12,313        (12,042     18,950        443,519        (8,233
  

 

 

 
     (5,691,914     39,408,398        9,473,808        (24,755,677     11,345,640   
  

 

 

 

Net change in unrealized appreciation/depreciation on:

          

Investments

     10,525,978        (31,467,895     53,356,787        63,689,879        9,407,066   

Options written

     513,983        (5,249,278     677,148        12,073,516        (213,748

Foreign currency transactions

     (17,262     (9,901     (20,971     144,783        (25,689
  

 

 

 
     11,022,699        (36,727,074     54,012,964        75,908,178        9,167,629   
  

 

 

 

Total realized and unrealized gain

     5,330,785        2,681,324        63,486,772        51,152,501        20,513,269   
  

 

 

 

Net Increase in Net Assets Resulting from Operations

   $ 5,600,638      $ 4,527,935      $ 73,002,846      $ 57,815,480      $ 20,934,434   
  

 

 

 

 

See Notes to Financial Statements.     
                 
90       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Statements of Operations (concluded)

 

 

Period Ended April 30, 2012 (Unaudited)   

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)
    BlackRock
Utility and
Infrastructure
Trust (BUI)2
 

    Investment Income

                                        

Dividends - unaffiliated

   $ 14,629,605      $ 7,324,437      $ 7,662,464      $ 1,507,449      $ 4,772,514   

Foreign taxes withheld

     (1,101,686     (149,026     (414,584     (58,643     (28,429

Dividends - affiliated

     37,790        24,473        27,494        4,018        29,589   

Securities lending - affiliated

            10,622                        
  

 

 

 

Total income

     13,565,709        7,210,506        7,275,374        1,452,824        4,773,674   
  

 

 

 
          

    Expenses

                                        

Investment advisory

     4,634,390        4,178,755        4,540,270        301,522        1,372,150   

Custodian

     241,290        110,167        97,459        50,057        85,004   

Printing

     121,107        79,975        107,975        12,453        23,748   

Professional

     85,778        66,220        74,417        26,593        30,988   

Officer and Trustees

     71,038        51,787        33,880        4,924        20,162   

Insurance

     32,547        21,093        14,112        2,285          

Registration

     22,095        14,074        10,010        1,003        5,096   

Transfer agent

     6,580        6,398        5,152        6,447        4,900   

Licensing

                          60,305          

Organization

                                 33,000   

Miscellaneous

     48,657        16,596        22,518        20,251        6,594   
  

 

 

 

Total expenses excluding excise tax

     5,263,482        4,545,065        4,905,793        485,840        1,581,642   

Excise tax

                                 26,207   
  

 

 

 

Total expenses

     5,263,482        4,545,065        4,905,793        485,840        1,607,849   

Less fees waived by advisor

     (19,344     (535,095     (771,293     (2,065     (16,621
  

 

 

 

Total expenses after fees waived

     5,244,138        4,009,970        4,134,500        483,775        1,591,228   
  

 

 

 

Net investment income

     8,321,571        3,200,536        3,140,874        969,049        3,182,446   
  

 

 

 
          

    Realized and Unrealized Gain (Loss)

                                        

Net realized gain (loss) from:

          

Investments - unaffiliated

     (73,628,872     (7,880,133     (32,258,686     92,512        546,532   

Investments - affiliated

     (3,106,285     688        1,105        130        1,576   

Options written

     20,093,660        19,240,145        18,914,635        1,555,409        (71,070

Foreign currency transactions

     727,562        131,360        (102,616     (11,887     251,423   
  

 

 

 
     (55,913,935     11,492,060        (13,445,562     1,636,164        728,461   
  

 

 

 

Net change in unrealized appreciation/depreciation on:

          

Investments

     70,763,931        (3,702,021 )3      (2,821,031     2,737,211        20,131,031   

Options written

     15,202,463        (2,134,475     1,935,109        74,257        (435,610

Foreign currency transactions

     459,514        30,859        (32,249     3,270        (36,136
  

 

 

 
     86,425,908        (5,805,637     (918,171     2,814,738        19,659,285   
  

 

 

 

Total realized and unrealized gain (loss)

     30,511,973        5,686,423        (14,363,733     4,450,902        20,387,746   
  

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ 38,833,544      $ 8,886,959      $ (11,222,859   $ 5,419,951      $ 23,570,192   
  

 

 

 

 

  1 

Consolidated Statement of Operations.

  2 

Commencement of operations was November 25, 2011. This information includes the initial investment by BlackRock HoldCo 2, Inc.

  3 

Net of $(14,656) foreign capital gain tax.

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    91


 

 

Statements of Changes in Net Assets

 

 

 

      BlackRock
EcoSolutions
Investment Trust (BQR)
    BlackRock
Energy and
Resources Trust (BGR)
 
Increase (Decrease) in Net Assets:   

Six Months Ended

April 30, 2012
(Unaudited)

    Year Ended
October 31, 2011
    Six Months Ended
April 30, 2012
(Unaudited)
    Year Ended
October 31, 2011
 

    Operations

                                

Net investment income

   $ 269,853      $ 1,269,089      $ 1,846,611      $ 1,674,947   

Net realized gain (loss)

     (5,691,914     (9,950,787     39,408,398        40,553,789   

Net change in unrealized appreciation/depreciation

     11,022,699        6,093,064        (36,727,074     79,345,495   
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     5,600,638        (2,588,634     4,527,935        121,574,231   
  

 

 

   

 

 

 
        

    Dividends and Distributions to Shareholders From

                                

Net investment income

     (5,884,893     (1,319,946     (28,516,037     (7,176,790

Net realized gains

                          (41,044,482

Tax return of capital

            (11,960,055              
  

 

 

   

 

 

 

Decrease in net assets resulting from dividends and distributions to shareholders

     (5,884,893     (13,280,001     (28,516,037     (48,221,272
  

 

 

   

 

 

 
        

    Capital Share Transactions

                                

Reinvestment of dividends

     410,320        2,363,095                 
  

 

 

   

 

 

 
        

Net Assets

                                

Total increase (decrease) in net assets

     126,065        (13,505,540     (23,988,102     73,352,959   

Beginning of period

     117,496,902        131,002,442        843,328,465        769,975,506   
  

 

 

   

 

 

 

End of period

   $ 117,622,967      $ 117,496,902      $ 819,340,363      $ 843,328,465   
  

 

 

   

 

 

 

Undistributed (distributions in excess of) net investment income

   $ (5,624,794   $ (9,754   $ (24,699,264   $ 1,970,162   
  

 

 

   

 

 

 

 

See Notes to Financial Statements.     
                 
92       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Statements of Changes in Net Assets (continued)

 

 

      BlackRock
Enhanced Equity
Dividend Trust (BDJ)
    BlackRock
Global Opportunities
Equity Trust (BOE)
 
Increase (Decrease) in Net Assets:    Six Months Ended
April 30, 2012
(Unaudited)
    Year Ended
October 31, 2011
    Six Months Ended
April 30, 2012
(Unaudited)
    Year Ended
October 31, 2011
 

    Operations

                                

Net investment income

   $ 9,516,074      $ 11,421,528      $ 6,662,979      $ 11,860,850   

Net realized gain (loss)

     9,473,808        34,776,421        (24,755,677     79,218,624   

Net change in unrealized appreciation/depreciation

     54,012,964        (7,312,197     75,908,178        (117,404,155
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     73,002,846        38,885,752        57,815,480        (26,324,681
  

 

 

   

 

 

 
        

    Dividends and Distributions to Shareholders From

  

                       

Net investment income

     (42,693,421     (36,586,504     (79,037,096     (58,540,479

Net realized gains

                          (42,165,166

Tax return of capital

            (22,727,186            (56,895,764
  

 

 

   

 

 

 

Decrease in net assets resulting from dividends and distributions to shareholders

     (42,693,421     (59,313,690     (79,037,096     (157,601,409
  

 

 

   

 

 

 
        

    Capital Share Transactions

                                

Net proceeds from the issuance of shares due to reorganization

     911,800,774                        

Reinvestment of dividends

            3,812,506               7,741,126   
  

 

 

   

 

 

 

Net increase in net assets derived from shares transactions

     911,800,774        3,812,506               7,741,126   
  

 

 

   

 

 

 
        

    Net Assets

                                

Total increase (decrease) in net assets

     942,110,199        (16,615,432     (21,221,616     (176,184,964

Beginning of period

     575,712,127        592,327,559        1,113,919,874        1,290,104,838   
  

 

 

   

 

 

 

End of period

   $ 1,517,822,326      $ 575,712,127      $ 1,092,698,258      $ 1,113,919,874   
  

 

 

   

 

 

 

Undistributed (distributions in excess of) net investment income

   $ (33,343,256   $ (165,909   $ (72,685,343   $ (311,226
  

 

 

   

 

 

 

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    93


 

 

Statements of Changes in Net Assets (continued)

 

 

      BlackRock
Health Sciences
Trust (BME)
    BlackRock
International Growth
and Income Trust (BGY)
 
Increase (Decrease) in Net Assets:    Six Months Ended
April 30, 2012
(Unaudited)
    Year Ended
October 31, 2011
    Six Months Ended
April 30, 2012
(Unaudited)
    Year Ended
October 31, 2011
 

    Operations

                                

Net investment income (loss)

   $ 421,165      $ (46,637   $ 8,321,571      $ 15,129,314   

Net realized gain (loss)

     11,345,640        18,512,225        (55,913,935     51,288,660   

Net change in unrealized appreciation/depreciation

     9,167,629        (5,604,885     86,425,908        (114,262,540
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     20,934,434        12,860,703        38,833,544        (47,844,566
  

 

 

   

 

 

 
        

    Dividends and Distributions to Shareholders From

  

                       

Net investment income

     (13,205,667            (61,593,995     (74,188,180

Net realized gains

            (16,991,401              

Tax return of capital

                          (75,397,237
  

 

 

   

 

 

 

Decrease in net assets resulting from dividends and distributions to shareholders

     (13,205,667     (16,991,401     (61,593,995     (149,585,417
  

 

 

   

 

 

 
        

    Capital Share Transactions

                                

Reinvestment of dividends

     2,403,590        413,595                 
  

 

 

   

 

 

 
        

    Net Assets

                                

Total increase (decrease) in net assets

     10,132,357        (3,717,103     (22,760,451     (197,429,983

Beginning of period

     202,674,630        206,391,733        959,152,537        1,156,582,520   
  

 

 

   

 

 

 

End of period

   $ 212,806,987      $ 202,674,630      $ 936,392,086      $ 959,152,537   
  

 

 

   

 

 

 

Distributions in excess of net investment income

   $ (12,784,610   $ (108   $ (53,373,955   $ (101,531
  

 

 

   

 

 

 

 

See Notes to Financial Statements.     
                 
94       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Statements of Changes in Net Assets (continued)

 

 

 

     BlackRock
Real Asset
Equity Trust (BCF)
         BlackRock
Resources
& Commodities
Strategy Trust (BCX)1
 
Increase (Decrease) in Net Assets:   Six Months Ended
April 30, 2012
(Unaudited)
    Year Ended
October 31, 2011
         Six Months Ended
April 30, 2012

(Unaudited)
    Period
March 30, 20112
to
October 31, 2011
 

Operations

                                    

Net investment income

  $ 3,200,536      $ 6,225,635         $ 3,140,874      $ 1,315,064   

Net realized gain (loss)

    11,492,060        8,944,447           (13,445,562     5,891,040   

Net change in unrealized appreciation/depreciation

    (5,805,637     (8,586,783        (918,171     (78,456,563

Net increase (decrease) in net assets resulting from operations

    8,886,959        6,583,299           (11,222,859     (71,250,459
   

 

  
          

Dividends and Distributions to Shareholders From

                                    

Net investment income

    (31,079,395     (11,926,127        (32,602,717       

Net realized gains

           (28,641,464               (11,264,280

Tax return of capital

           (21,521,515               (21,259,041

Decrease in net assets resulting from dividends and distributions to shareholders

    (31,079,395     (62,089,106        (32,602,717     (32,523,321
          

Capital Share Transactions

                                    

Net proceeds from the issuance of shares

                            834,041,200   

Net proceeds from the underwriters’ over allotment option exercised

                            49,393,801   

Reinvestment of dividends

           1,960,017                  4,130,876   

Net increase in net assets derived from shares transactions

           1,960,017                  887,565,877   
   

 

  
          

Net Assets

                                    

Total increase (decrease) in net assets

    (22,192,436     (53,545,790        (43,825,576     783,792,097   

Beginning of period

    711,917,414        765,463,204           783,792,097          

End of period

  $     689,724,978      $     711,917,414         $     739,966,521      $     783,792,097   

Undistributed (distributions in excess of) net investment income

  $ (31,120,089   $ (3,241,230      $ (28,059,393   $ 1,402,450   

 

1 

Consolidated Statement of Changes in Net Assets.

2 

Commencement of Operations.

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    95


 

 

Statements of Changes in Net Assets (concluded)

 

 

 

    BlackRock S&P Quality
Rankings Global Equity
Managed Trust (BQY)
         BlackRock
Utility and
Infrastructure
Trust (BUI)
 
Increase (Decrease) in Net Assets:   Six Months Ended
April 30, 2012
(Unaudited)
    Year Ended
October 31, 2012
        

Period
November 25,
20111

to

April 30, 2012
(Unaudited)

 

Operations

                            

Net investment income

  $ 969,049      $ 2,101,913         $ 3,182,446   

Net realized gain

    1,636,164        3,854,809           728,461   

Net change in unrealized appreciation/depreciation

    2,814,738        (3,874,603        19,659,285   

Net increase in net assets resulting from operations

    5,419,951        2,082,119           23,570,192   

    

        

Dividends and Distributions to Shareholders From

                            

Net investment income

    (4,645,431     (1,299,837        (6,128,774

Net realized gains

           (4,733,191          

Decrease in net assets resulting from dividends and distributions to shareholders

    (4,645,431     (6,033,028        (6,128,774

    

        

Capital Share Transactions

                            

Net proceeds from the issuance of shares

                     295,596,012   

Net proceeds from the underwriters’ over allotment option exercised

                     26,684,000   

Net increase in net assets derived from shares transactions

                     322,280,012   

    

        

Net Assets

                            

Total increase (decrease) in net assets

    774,520        (3,950,909        339,721,430   

Beginning of period

    82,095,798        86,046,707             

End of period

  $ 82,870,318      $ 82,095,798         $ 339,721,430   

Undistributed (distributions in excess of) net investment income

  $ (1,569,730   $ 2,106,652         $ (2,946,328

 

1 

Commencement of Operations.

 

See Notes to Financial Statements.     
                 
96       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Financial Highlights

 

 

BlackRock EcoSolutions Investment Trust (BQR)

 

   

Six Months
Ended

April 30, 2012
(Unaudited)

    Year Ended October 31,    

Period

September 28, 20071

through October 31,
2007

 
       2011     2010     2009     2008    

Per Share Operating Performance

                                               

Net asset value, beginning of period

  $ 9.38      $ 10.65      $ 10.56      $ 10.23      $ 20.31      $ 19.10 2 

Net investment income3

    0.02        0.10        0.05        0.06        0.03        —     

Net realized and unrealized gain (loss)

    0.43        (0.30     1.24        1.78        (8.51     1.25   

Net increase (decrease) from investment operations

    0.45        (0.20     1.29        1.84        (8.48     1.25   

Dividends and distributions from:

           

Net investment income

    (0.47 )4      (0.11     (0.05     (0.07     (0.02     —     

Net realized gain

    —          —          —          (0.09     (1.58     —     

Tax return of capital

    —          (0.96     (1.15     (1.35     —          —     

Total dividends and distributions

    (0.47     (1.07     (1.20     (1.51     (1.60     —     

Offering costs resulting from the issuance of shares

    —          —          —          —          —          (0.04

Net asset value, end of period

  $ 9.36      $ 9.38      $ 10.65      $ 10.56      $ 10.23      $ 20.31   

Market price, end of period

  $ 9.85      $ 8.58      $ 11.69      $ 10.23      $ 9.20      $ 19.75   
           

Total Investment Return5

                                               

Based on net asset value

    5.20% 6      (2.13 )%      13.04%        19.64%        (43.99 )%      6.28% 6 

Based on market price

    21.03% 6      (18.45 )%      28.08%        28.88%        (48.20 )%      (1.25)% 6 
           

Ratios to Average Net Assets

                                               

Total expenses

    1.47% 7      1.40%        1.45%        1.51%        1.36%        1.70% 7 

Total expenses after fees waived and paid indirectly

    1.47% 7      1.40%        1.45%        1.50%        1.35%        1.68% 7 

Net investment income

    0.47% 7      0.98%        0.47%        0.65%        0.38%        0.97% 7 
           

Supplemental Data

                                               

Net assets, end of period (000)

  $ 117,623      $ 117,497      $ 131,002      $ 127,025      $ 120,282      $ 238,731   

Portfolio turnover

    50%        86%        124%        62%        45%        4%   

 

  1

Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo 2, 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 

Based on average shares outstanding.

  4 

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  5 

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  6 

Aggregate total investment return.

  7 

Annualized.

 

See Notes to Financial Statements.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    97


 

 

Financial Highlights

 

 

BlackRock Energy and Resources Trust (BGR)

 

    

Six Months
Ended

April 30, 2012

   

Year Ended October 31,

 
     (Unaudited)          2011        2010        2009        2008        2007   

    Per Share Operating Performance

                                                

Net asset value, beginning of period

   $ 28.33      $ 25.87      $ 23.81      $ 20.71      $ 37.60      $ 29.67   

Net investment income1

     0.06        0.06        0.26        0.41        1.18        0.49   

Net realized and unrealized gain (loss)

     0.10        4.02        3.42        4.32        (14.63     9.27   

Net increase (decrease) from investment operations

     0.16        4.08        3.68        4.73        (13.45     9.76   

Dividends and distributions from:

            

Net investment income

     (0.96 )2      (0.24     (0.17     (0.47     (0.96     (0.70

Net realized gain

            (1.38     (1.45     (0.19     (2.48     (1.13

Tax return of capital

                          (0.97              

Total dividends and distributions

     (0.96     (1.62     (1.62     (1.63     (3.44     (1.83

Net asset value, end of period

   $ 27.53      $ 28.33      $ 25.87      $ 23.81      $ 20.71      $ 37.60   

Market price, end of period

   $ 25.48      $ 26.54      $ 25.36      $ 22.18      $ 17.99      $ 32.14   
                                                

    Total Investment Return3

                                                

Based on net asset value

     0.82% 4      16.09%        15.89%        25.54%        (38.15)%        34.98%   

Based on market price

     (0.40)% 4      10.95%        21.95%        34.63%        (37.14)%        28.07%   
            

    Ratios to Average Net Assets

                                                

Total expenses

     1.28% 5      1.26%        1.27%        1.30%        1.27%        1.27%   

Total expenses after fees waived

     1.21% 5      1.15%        1.11%        1.10%        1.07%        1.07%   

Net investment income

     0.45% 5      0.19%        1.04%        1.77%        1.38%        1.69%   
            

    Supplemental Data

                                                

Net assets, end of period (000)

   $ 819,340      $ 843,328      $ 769,976      $ 708,589      $ 616,479      $ 1,119,310   

Portfolio turnover

     58%        111%        80%        62%        54%        47%   
  1 

Based on average shares 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.     
                 
98       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Financial Highlights

 

 

BlackRock Enhanced Equity Dividend Trust (BDJ)

 

 

 

    

Six Months

Ended

April 30, 2012

(Unaudited)

       
      
       Year Ended October 31,  
       2011     2010     2009     2008     2007  

Per Share Operating Performance

                                                

Net asset value, beginning of period

   $ 8.03      $ 8.32      $ 8.13      $ 9.59      $ 14.10      $ 14.88   

Net investment income1

     0.09        0.16        0.17        0.25        0.34        0.39   

Net realized and unrealized gain (loss)

     0.68        0.38        1.00        (0.55     (3.73     0.06   

Net increase (decrease) from investment operations

     0.77        0.54        1.17        (0.30     (3.39     0.45   

Dividends and distributions from:

            

Net investment income

     (0.34 )2      (0.51     (0.17     (0.25     (0.52     (0.43

Net realized gain

                                        (0.80

Tax return of capital

            (0.32     (0.81     (0.91     (0.60       

Total dividends and distributions

     (0.34     (0.83     (0.98     (1.16     (1.12     (1.23

Net asset value, end of period

   $ 8.46      $ 8.03      $ 8.32      $ 8.13      $ 9.59      $ 14.10   

Market price, end of period

   $ 7.57      $ 7.29      $ 8.99      $ 7.89      $ 8.47      $ 12.68   
            

Total Investment Return3

                                                

Based on net asset value

     10.29% 4      6.88%        15.23%        (1.63)%        (24.35)%        3.21%   

Based on market price

     8.70% 4      (10.20)%        28.30%        8.08%        (25.70)%        (7.43)%   
            

Ratios to Average Net Assets

                                                

Total expenses

     1.07% 5      1.15%        1.16%        1.20%        1.18%        1.17%   

Total expenses after fees waived

     1.07% 5      1.14%        1.16%        1.20%        1.18%        1.17%   

Net investment income

     2.07% 5      1.92%        2.06%        3.11%        3.20%        2.76%   
            

Supplemental Data

                                                

Net assets, end of period (000)

   $ 1,517,822      $ 575,712      $ 592,328      $ 572,066      $ 668,969      $ 983,762   

Portfolio turnover

     101%        231%        232%        117%        86%        91%   

 

  1 

Based on average shares 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.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    99


 

 

Financial Highlights

 

 

BlackRock Global Opportunities Equity Trust (BOE)

 

    

Six Months

Ended

April 30, 2012

(Unaudited)

    Year Ended October 31,  
    
    
       2011     2010     2009     2008     2007  

Per Share Operating Performance

                                                

Net asset value, beginning of period

   $ 16.03      $ 18.68      $ 18.64      $ 18.03      $ 31.09      $ 26.72   

Net investment income1

     0.10        0.17        0.19        0.19        0.39        0.55   

Net realized and unrealized gain (loss)

     0.74        (0.54     2.13        2.70        (10.39     6.32   

Net increase (decrease) from investment operations

     0.84        (0.37     2.32        2.89        (10.00     6.87   

Dividends and distributions from:

            

Net investment income

     (1.14 )2      (0.85     (1.44     (0.20     (0.56     (0.36

Net realized gain

            (0.61     (0.25            (2.48     (2.14

Tax return of capital

            (0.82     (0.59     (2.08     (0.02       

Total dividends and distributions

     (1.14     (2.28     (2.28     (2.28     (3.06     (2.50

Net asset value, end of period

   $ 15.73      $ 16.03      $ 18.68      $ 18.64      $ 18.03      $ 31.09   

Market price, end of period

   $ 15.27      $ 14.95      $ 19.06      $ 18.40      $ 15.89      $ 28.76   
            

Total Investment Return3

                                                

Based on net asset value

     5.91% 4      (2.55)%        13.76%        20.50%        (35.08)%        27.47%   

Based on market price

     10.24% 4      (10.93)%        17.58%        34.97%        (38.15)%        14.11%   
            

Ratios to Average Net Assets

                                                

Total expenses

     1.12% 5      1.10%        1.11%        1.21%        1.14%        1.15%   

Total expenses after fees waived

     1.11% 5      1.09%        1.10%        1.20%        1.14%        1.15%   

Net investment income

     1.24% 5      0.96%        1.03%        1.05%        1.60%        1.87%   
            

Supplemental Data

                                                

Net assets, end of period (000)

   $ 1,092,698      $ 1,113,920      $ 1,290,105      $ 1,278,170      $ 227,835      $ 389,741   

Portfolio turnover

     140%        253%        264%        300%        120%        111%   
  1 

Based on average shares 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.     
                 
100       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Financial Highlights

 

 

BlackRock Health Sciences Trust (BME)

 

    

Six Months

Ended

April 30, 2012

(Unaudited)

    Year Ended October 31,  
     2011     2010     2009     2008     2007  

Per Share Operating Performance

                                                

Net asset value, beginning of period

   $ 26.65      $ 27.19      $ 25.37      $ 23.66      $ 30.33      $ 27.74   

Net investment income (loss)1

     0.06        (0.01     0.02        0.10        0.10        0.05   

Net realized and unrealized gain (loss)

     2.67        1.71        3.34        3.32        (4.70     4.76   

Net increase (decrease) from investment operations

     2.73        1.70        3.36        3.42        (4.60     4.81   

Dividends and distributions from:

            

Net investment income

     (1.73 )2             (0.02     (0.13     (0.09     (0.02

Net realized gain

            (2.24     (1.52     (1.01     (1.98     (2.20

Tax return of capital

                          (0.57              

Total dividends and distributions

     (1.73     (2.24     (1.54     (1.71     (2.07     (2.22

Net asset value, end of period

   $ 27.65      $ 26.65      $ 27.19      $ 25.37      $ 23.66      $ 30.33   

Market price, end of period

   $ 28.24      $ 25.81      $ 27.14      $ 22.61      $ 21.62      $ 27.05   
            

Total Investment Return3

                                                

Based on net asset value

     10.55% 4      6.43%        13.69%        16.31%        (15.55)%        18.62%   

Based on market price

     16.59% 4      3.26%        27.33%        13.44%        (13.47)%        7.42%   
            

Ratios to Average Net Assets

                                                

Total expenses

     1.15% 5      1.14%        1.15%        1.15%        1.13%        1.13%   

Total expenses after fees waived

     1.14% 5      1.13%        1.15%        1.15%        1.13%        1.13%   

Net investment income (loss)

     0.41% 5      (0.02)%        0.09%        0.37%        0.20%        0.15%   
            

Supplemental Data

                                                

Net assets, end of period (000)

   $ 212,807      $ 202,675      $ 206,392      $ 192,602      $ 179,642      $ 230,280   

Portfolio turnover

     129%        226%        239%        167%        121%        89%   

 

  1 

Based on average shares 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.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    101


 

 

Financial Highlights

 

 

BlackRock International Growth and Income Trust (BGY)

 

   

Six Months

Ended

April 30, 2012

(Unaudited)

    Year Ended October 31,    

Period

May 30, 20071

through October 31,

2007

 
     
    2011     2010     2009     2008    

Per Share Operating Performance

                                               

Net asset value, beginning of period

  $ 8.72      $ 10.52      $ 10.92      $ 10.41      $ 20.12      $ 19.10 2 

Net investment income3

    0.08        0.14        0.14        0.29        0.27        0.14   

Net realized and unrealized gain (loss)

    0.27        (0.58     1.05        2.04        (8.31     1.50   

Net increase (decrease) from investment operations

    0.35        (0.44     1.19        2.33        (8.04     1.64   

Dividends and distributions from:

           

Net investment income

    (0.56 )4      (0.67     (0.12     (0.30     (0.30     (0.10

Net realized gain

                                (0.88     (0.50

Tax return of capital

           (0.69     (1.47     (1.52     (0.49       

Total dividends and distributions

    (0.56     (1.36     (1.59     (1.82     (1.67     (0.60

Offering costs resulting from the issuance of shares

                                       (0.02

Net asset value, end of period

  $ 8.51      $ 8.72      $ 10.52      $ 10.92      $ 10.41      $ 20.12   

Market price, end of period

  $ 7.72      $ 7.88      $ 10.56      $ 10.92      $ 9.09      $ 17.76   
           

Total Investment Return5

                                               

Based on net asset value

    4.99% 6      (4.55)%        12.06%        26.28%        (41.76)%        8.93% 6 

Based on market price

    5.40% 6      (14.07)%        12.49%        44.62%        (42.39)%        (8.17)%6   
           

Ratios to Average Net Assets

                                               

Total expenses

    1.14% 7      1.10%        1.13%        1.12%        1.11%        1.07% 7 

Total expenses after fees waived

    1.13% 7      1.10%        1.13%        1.12%        1.11%        1.07% 7 

Net investment income

    1.80% 7      1.37%        1.40%        2.68%        2.34%        1.75% 7 
           

Supplemental Data

                                               

Net assets, end of period (000)

  $ 936,392      $ 959,153      $ 1,156,583      $ 1,178,647      $ 1,106,516      $ 2,138,523   

Portfolio turnover

    114%        217%        247%        198%        123%        46%   
  1 

Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo 2, 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 

Based on average shares outstanding.

  4 

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  5 

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  6 

Aggregate total investment return.

  7 

Annualized.

 

See Notes to Financial Statements.     
                 
102       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Financial Highlights

 

 

BlackRock Real Asset Equity Trust (BCF)

 

    

Six Months

Ended

April 30, 2012
(Unaudited)

 

    Year Ended October 31,  
    

2011

 

   

2010

 

   

2009

 

   

2008

 

   

2007

 

 

Per Share Operating Performance

                                                

Net asset value, beginning of period

   $ 12.45      $ 13.42      $ 11.73      $ 9.44      $ 20.79      $ 15.33   
  

 

 

 

Net investment income1

     0.06        0.11        0.17        0.08        0.20        0.20   

Net realized and unrealized gain (loss)

     0.09        0.01        2.61        3.30        (10.16     6.35   
  

 

 

 

Net increase (decrease) from investment operations

     0.15        0.12        2.78        3.38        (9.96     6.55   
  

 

 

 

Dividends and distributions from:

            

Net investment income

     (0.54 )2      (0.21     (0.74     (0.11     (0.17     (0.29

Net realized gain

            (0.50                   (1.22     (0.80

Tax return of capital

            (0.38     (0.35     (0.98              
  

 

 

 

Total dividends and distributions

     (0.54     (1.09     (1.09     (1.09     (1.39     (1.09
  

 

 

 

Net asset value, end of period

   $ 12.06      $ 12.45      $ 13.42      $ 11.73      $ 9.44      $ 20.79   
  

 

 

 

Market price, end of period

   $ 11.81      $ 11.84      $ 13.46      $ 11.45      $ 7.74      $ 17.59   
  

 

 

 

    

            

Total Investment Return3

                                                

Based on net asset value

     1.49% 4      0.58%        24.65%        40.96%        (50.14)%        45.34%   
  

 

 

 

Based on market price

     4.51% 4      (4.64)%        28.08%        67.81%        (51.69)%        25.67%   
  

 

 

 

    

            

Ratios to Average Net Assets

                                                

Total expenses

     1.31% 5      1.29%        1.28%        1.32%        1.29%        1.21%   
  

 

 

 

Total expenses after fees waived and paid indirectly

     1.15% 5      1.09%        1.08%        1.12%        1.09%        1.08%   
  

 

 

 

Net investment income

     0.92% 5      0.77%        1.37%        0.68%        1.14%        1.37%   
  

 

 

 
            

Supplemental Data

                                                

Net assets, end of period (000)

   $ 689,725      $ 711,917      $ 765,463      $ 664,928      $ 535,257      $ 1,179,087   
  

 

 

 

Portfolio turnover

     42%        79%        71%        58%        29%        61%   
  

 

 

 

 

  1 

Based on average shares 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.     
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    103


 

 

Consolidated Financial Highlights

 

 

BlackRock Resources & Commodities Strategy Trust (BCX)

 

      Six Months
Ended
April 30, 2012
(Unaudited)
    Period
March 30, 20111
through
October 31,  2011
 

Per Share Operating Performance

                

Net asset value, beginning of period

   $ 16.83      $ 19.10 2 

Net investment income3

     0.07        0.03   

Net realized and unrealized loss

     (0.31     (1.57

Net decrease from investment operations

     (0.24     (1.54

Dividends and distributions from:

    

Net investment income

     (0.70 )4        

Net realized gain

            (0.24

Tax return of capital

            (0.46

Total dividends and distributions

     (0.70     (0.70

Capital charges with respect to the issuance of shares

            (0.03

Net asset value, end of period

   $ 15.89      $ 16.83   

Market price, end of period

   $ 14.25      $ 14.95   
    

Total Investment Return5

                

Based on net asset value

     (0.96)% 6      (7.80)% 6 

Based on market price

     (0.02)% 6      (21.79)% 6 
    

Ratios to Average Net Assets

                

Total expenses

     1.30% 7      1.35% 7 

Total expenses after fees waived

     1.09% 7      1.13% 7 

Net investment income

     0.83% 7      0.27% 7 
    

Supplemental Data

                

Net assets, end of period (000)

   $ 739,967      $ 783,792   

Portfolio turnover

     44%        27%   

 

  1

Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo 2, 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 

Based on average shares outstanding.

  4 

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  5 

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  6 

Aggregate total investment return.

  7 

Annualized.

 

See Notes to Financial Statements.     
                 
104       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Financial Highlights

 

 

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

 

    

Six Months

Ended

April 30, 2012

(Unaudited)

    Year Ended October 31,  
    
       2011        2010        2009        2008        2007   

Per Share Operating Performance

                                                

Net asset value, beginning of period

   $ 13.61      $ 14.26      $ 13.38      $ 12.38      $ 21.00      $ 18.55   

Net investment income1

     0.16        0.35        0.33        0.36        0.50        0.46   

Net realized and unrealized gain (loss)

     (0.99     (0.00 )2      1.36        1.43        (8.22     2.90   

Net increase (decrease) from investment operations

     1.15        0.35        1.69        1.79        (7.72     3.36   

Dividends and distributions from:

            

Net investment income

     (1.02 )3      (0.22     (0.11     (0.39     (0.52     (0.44

Net realized gain

            (0.78     (0.70     (0.33            (0.40

Tax return of capital

                          (0.07     (0.38     (0.07 )2 

Total dividends and distributions

     (1.02     (1.00     (0.81     (0.79     (0.90     (0.91

Net asset value, end of period

   $ 13.74      $ 13.61      $ 14.26      $ 13.38      $ 12.38      $ 21.00   

Market price, end of period

   $ 12.75      $ 12.43      $ 13.44      $ 11.54      $ 10.50      $ 18.07   
            

Total Investment Return4

                                                

Based on net asset value

     7.27% 5      2.79%        14.08%        17.64%        (37.53)%        19.10%   

Based on market price

     8.99% 5      (0.40)%        24.67%        19.63%        (38.42)%        16.20%   
            

Ratios to Average Net Assets

                                                

Total expenses

     1.21% 6      1.19%        1.23%        1.17%        0.96%        1.20%   

Total expenses after fees waived

     1.20% 6      1.19%        1.22%        1.16%        0.96%        1.20%   

Net investment income

     2.41% 6      2.45%        2.40%        3.39%        3.11%        2.45%   
            

Supplemental Data

                                                

Net assets, end of period (000)

   $ 82,870      $ 82,096      $ 86,047      $ 80,716      $ 74,716      $ 126,706   

Portfolio turnover

     73%        97%        59%        64%        10%        12%   
  1 

Based on average shares outstanding.

  2 

Amounted to less than $(0.01) per share outstanding.

  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, 2012    105


 

 

Financial Highlights (concluded)

 

 

BlackRock Utility and Infrastructure Trust (BUI)

 

   

Period

November 25, 20111

through

April 30, 2012

(Unaudited)

 

Per Share Operating Performance

       

Net asset value, beginning of period

  $ 19.10 2 

Net investment income3

    0.19   

Net realized and unrealized gain

    1.20   

Net increase from investment operations

    1.39   

Distributions from net investment income

    (0.36 )4 

Capital charges with respect to the issuance of shares

    (0.04

Net asset value, end of period

  $ 20.09   

Market price, end of period

  $ 18.83   
 

Total Investment Return5

       

Based on net asset value

    7.14% 6 

Based on market price

    (4.10)% 6 
 

Ratios to Average Net Assets

       

Total expenses

    1.16% 7 

Total expenses after fees waived

    1.15% 7 

Total expenses after fees waived and excluding excise tax

    1.13% 7 

Net investment income

    2.30% 7 
 

Supplemental Data

       

Net assets, end of period (000)

  $ 339,721   

Portfolio turnover

    39%   
  1 

Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo 2, 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 

Based on average shares outstanding.

  4 

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

  5 

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

  6 

Aggregate total investment return.

  7 

Annualized.

 

See Notes to Financial Statements.     
                 
106       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Notes to Financial Statements (Unaudited)

 

 

1. Organization and Significant Accounting Policies:

BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“BQY”) and BlackRock Utility and Infrastructure Trust (“BUI”) (each, a “Trust” and collectively, the “Trusts”) are organized as Delaware statutory trusts. BDJ, BOE and BQY 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, BCX and BUI are registered as non-diversified, closed-end management investment companies under the 1940 Act. Prior to commencement of operations on November 25, 2011, BUI had no operations other than those relating to organizational matters and the sale of 6,964 Common Shares on August 25, 2011 to BlackRock HoldCo 2, Inc. for $100,012. Investment operations for BUI commenced on November 25, 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 Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board”, and the directors/trustees thereof are collectively referred to throughout this report as “Trustees.” The Trusts determine and make available for publication the NAV of their shares on a daily basis.

Reorganizations: The Board and shareholders of BDJ and the Board of Trustees and shareholders of each of BlackRock Equity Dividend Trust (“BDV”) and BlackRock Strategic Equity Dividend Trust (“BDT”) (individually, a “Target Trust” and collectively the “Target Trusts”), approved the reorganizations of each Target Trust into BDJ pursuant to which BDJ acquired substantially all of the assets and substantially all of the liabilities of each Target Trust in exchange for an equal aggregate value of BDJ shares.

Each shareholder of a Target Trust received shares of BDJ in an amount equal to the aggregate NAV of such shareholder’s Target Trust shares, as determined at the close of business on February 24, 2012.

The reorganizations were accomplished by a tax-free exchange of shares of BDJ in the following amounts and at the following conversion ratios:

 

 
Target Trusts   

Shares

Prior to
Reorganization

     Common Shares
Conversion
Ratio
     Shares of
BDJ
 

 

 

BDV

     54,638,903         1.27840257         69,850,515   

BDT

     26,908,028         1.41137167         37,977,229   

 

 

Each Target Trust’s net assets and composition of net assets on February 24, 2012, the date of the reorganization, were as follows:

 

 

Tar-

get

Tru-

sts

 

Net

Assets

 

Paid-in

Capital

 

Distri-

butions

in

Excess

of Net
Invest-

ment

Income

 

Accu-

mulated

Net

Realized
Loss

 

Net

Un-

realized
App-

reciation

 

BDV   $590,660,911   $674,491,952   $(26,966,526)   $(92,023,780)   $35,159,265
BDT   $321,139,863   $340,653,058   $(12,838,823)   $(29,410,265)   $22,735,893

 

For financial reporting purposes, assets received and shares issued by BDJ were recorded at fair value. However, the cost basis of the investments received from the Target Trusts were carried forward to align ongoing reporting of BDJ’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of BDJ immediately after the acquisition amounted to $1,517,719,362. Each Target Trust’s fair value and cost of investments prior to the reorganization were as follows:

 

 

 
Target Trusts    Fair Value of
Investments
     Cost of
Investments
 

 

 

BDV

   $ 590,300,377       $ 553,331,448   

BDT

   $ 321,844,922       $ 298,611,600   

 

 

The purpose of these transactions was to combine three funds managed by the Manager, the investment advisor to BDJ, BDV and BDT with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on February 27, 2012.

Assuming the acquisitions had been completed on November 1, 2011, the beginning of the fiscal reporting period of BDJ, the pro forma results of operations for the period ended April 30, 2012, are as follows:

 

 

Net investment income: $15,806,792

 

 

Net realized and change in unrealized gain/loss on investments: $125,101,244

 

 

Net increase in net assets resulting from operations: $140,908,036

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BDV and BDT that have been included in BDJ’s Statement of Operations since February 27, 2012.

Reorganization costs incurred by BDJ in connection with the reorganization were paid by the Trusts.

 

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    107


 

 

Notes to Financial Statements (continued)

 

 

The following is a summary of significant accounting policies followed by the Trusts:

Basis of Consolidation: The accompanying consolidated financial statements of BCX include the accounts of BlackRock Cayman Resources & Commodities Strategy Fund, Ltd. (the “Subsidiary”), a wholly owned subsidiary of BCX, which primarily invests in commodity-related instruments. The Subsidiary allows BCX to hold these commodity-related instruments and still satisfy Regulated Investment Company tax requirements. BCX may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to BCX.

Valuation: US GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts fair value their financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“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 the NAV 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 each Trust’s pro rata ownership in the underlying fund’s net assets. 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 the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or if a price 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 each Trust’s net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Assets and be valued at their fair value, as determined in good faith by the investment advisor using a pricing service and/or policies approved by the Board. Each business day, each Trust uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency Transactions: The Trusts’ books and records are maintained in US dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the respective date of such transactions. Generally, when the US dollar rises in value against a foreign currency, the Trusts’ investments denominated in that currency will lose value because that currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.

 

 

    
                 
108       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Notes to Financial Statements (continued)

 

 

The Trusts do not isolate the portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statements of Operations from the effects of changes in market prices of those investments but are included as a component of net realized and unrealized gain (loss) from investments. The Trusts report 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., foreign currency exchange contracts or options written), 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 quarterly cash dividends and/or distributions to shareholders, which may consist of net investment income, net options premium and net realized and unrealized gains on investments. The portion of dividends and distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, may be treated as a tax return of capital. The character of dividends and distributions is 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 or interest income on the securities loaned but do not receive 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 ended April 30, 2012, any securities on loan were collateralized by cash.

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 years ended October 31, 2011 with the exception of BCX and BUI. The statute of limitations on BCX’s US federal tax returns remains open for the period ended October 31, 2011. There are no open statute of limitations on US federal tax returns for BUI. The statutes of limitations on each Trust’s 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.

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 BQY 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

 

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    109


 

 

Notes to Financial Statements (continued)

 

 

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 BQY. BQY is not sponsored, endorsed, managed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in BQY. BQY is required to pay a quarterly licensing fee, which is shown in the Statements of Operations as licensing.

Recent Accounting Standard: In May 2011, the Financial Accounting Standards Board (the “FASB”) issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed as well as disclosure of the level in the fair value hierarchy of assets and liabilities not recorded at fair value but where fair value is disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on each Trust’s financial statement disclosures.

In December 2011, the FASB issued guidance that will expand current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures will be required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the Statements of Assets and Liabilities and will require an entity to disclose both gross and net information about such investments and transactions in the financial statements. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on each Trust’s financial statement disclosures.

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. Prior to March 31, 2012 each Trust elected 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 and dividends and distributions received from the BlackRock Closed-End Fund investments through March 31, 2012 are included in dividends - affiliated in the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.

2. Derivative Financial Instruments:

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and /or to economically hedge, or protect, their exposure to certain risks such as equity risk, foreign currency exchange rate risk or other risk (commodity price risk). These contracts may be transacted on an exchange or OTC.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Trusts’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain netted against any collateral pledged by/posted to the counterparty. For OTC options purchased, the Trusts bear the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral received on the options should the counterparty fail to perform under the contracts. Options written by the Trusts do not give rise to counterparty credit risk, as options written obligate the Trusts to perform and not the counterparty. Counterparty risk related to exchange-traded options is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

The Trusts’ may mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) implemented between a Trust and each of its respective counterparties. An 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 they believe 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’

 

 

    
                 
110       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Notes to Financial Statements (continued)

 

 

net assets decline by a stated percentage or the Trusts fail to meet the terms of its ISDA Master Agreements, which would cause the Trusts to accelerate payment of any net liability owed to the counterparty.

Foreign Currency Exchange Contracts: Certain Trusts enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Trust, help to manage the overall exposure to the currencies in which some of the 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 commodity price risk) and/or, in the case of options written, to generate gains from options premiums. A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) 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 Trusts purchase (write) an option, an amount equal to the premium paid (received) by the Trusts 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 Trusts enter into a closing transaction), the Trusts realize 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 Trusts write a call option, such option is “covered,” meaning that the Trusts hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, the Trusts bear 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 the Trusts purchasing or selling a security at a price different from the current market value.

 

 

Derivative Financial Instruments Categorized by Risk Exposure:

Fair Values of Derivative Financial Instruments as of April 30, 2012
     Asset Derivatives
          BQR    BDJ    BOE    BGY
      Statements of Assets and
Liabilities Location
   Value
Foreign currency exchange contracts    Unrealized appreciation on foreign currency exchange contracts    $129    $174    $  8,067    $5,895
Equity contracts   

Investments at value

– unaffiliated1

         3,428   
Total         $129    $174    $11,495    $5,895

    

                        
     Asset Derivatives
          BCF    BCX    BQY    BUI
      Statements of Assets and
Liabilities Location
   Value

Foreign currency exchange contracts1

   Unrealized appreciation on foreign currency exchange contracts    $276    $617    $9    $497

 

 

                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    111


 

 

Notes to Financial Statements (continued)

 

 

 

     Liability Derivatives  
        BQR     BGR     BDJ     BOE     BME  
     Statements of Assets and
Liabilities Location
                Value                

Foreign currency exchange contracts

 

Unrealized appreciation on foreign currency exchange contracts

  $ (1,512   $ (9,177          $ (26,923   $ (161

Equity contracts

 

Investments at value

– unaffiliated1

    (1,356,682     (7,018,409   $ (18,646,866     (11,977,734     (2,184,706

Total

      $ (1,358,194   $ (7,027,586   $ (18,646,866   $ (12,004,657   $ (2,184,867

    

                                           
    Liability Derivatives  
        BGY     BCF     BCX     BQY     BUI  
     Statements of Assets and
Liabilities Location
                Value                

Foreign currency exchange contracts

 

Unrealized appreciation on foreign currency exchange contracts

  $ (8,989   $ (1,296   $ (22,919   $ (324       

Equity contracts

 

Investments at value

– unaffiliated1

    (9,471,925     (5,006,273     (5,461,325     (635,235   $ (2,403,564

Total

      $ (9,480,914   $ (5,007,569   $ (5,484,244   $ (635,559   $ (2,403,564

1Includes options purchased at value as reported in the Schedules of Investments.

 

The Effect of Derivative Financial Instruments in the Statements of Operations

Six Months Ended April 30, 2012

 
    Net Realized Gain (Loss) From  
       BQR     BGR     BDJ     BOE     BME  

Foreign currency exchange contracts:

         

Foreign currency transactions

  $ 12,313      $ (12,042   $ 18,950      $ 443,519      $ (8,233

Equity contracts:

         

Options2

    1,121,115        22,306,174        15,854,628        27,843,174        3,560,182   

Total

  $ 1,133,428      $ 22,294,132      $ 15,873,578      $ 28,286,693      $ 3,551,949   

    

                                       
    Net Realized Gain (Loss) From  
       BGY     BCF     BCX     BQY     BUI3  

Foreign currency exchange contracts:

         

Foreign currency transactions

  $ 727,562      $ 131,360      $ (102,616   $ (11,887   $ 251,423   

Equity contracts:

         

Options2

    20,093,660        19,240,145        18,914,635        1,555,409        (71,070

Total

  $ 20,821,222      $ 19,371,505      $ 18,812,019      $ 1,543,522      $ 180,353   

 

    
                 
112       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Notes to Financial Statements (continued)

 

 

     

Net Change in Unrealized

Appreciation/Depreciation on

 
      BQR     BGR     BDJ     BOE     BME  

Foreign currency exchange contracts:

          

Foreign currency transactions

   $ (1,139   $ (9,177   $ 70      $ (29,572   $ 12,773   

Equity contracts:

          

Options2

     513,983        (5,249,278     677,148        12,073,516        (213,748

Total

   $ 512,844      $ (5,258,455   $ 677,218      $ 12,043,944      $ (200,975

    

                                        
    

Net Change in Unrealized

Appreciation/Depreciation on

 
      BGY     BCF     BCX     BQY     BUI3  

Foreign currency exchange contracts:

          

Foreign currency transactions

   $ 164,170      $ (420   $ (22,324   $ (5,471   $ 497   

Equity contracts:

          

Options2

     15,202,463        (2,134,475     1,935,109        74,257        (435,610

Total

   $ 15,366,633      $ (2,134,895   $ 1,912,785      $ 68,786      $ (435,113

 

  2 

Options purchased are included in the net realized gain (loss) from investments-unaffiliated and net change in unrealized appreciation/depreciation on investments.

  3 

Commenced operations on November 25, 2011.

For the period ended April 30, 2012, the average quarterly balances of outstanding derivative financial instruments were as follows:

 

      BQR      BGR      BDJ      BOE      BME  

Foreign currency exchange contracts:

              

Average number of contracts - US dollars purchased.

     1                 2         4         2   

Average number of contracts - US dollars sold

     1         1         1         12           

Average US dollar amounts purchased

   $ 16,591               $ 90,874       $ 2,749,581       $ 1,962,895   

Average US dollar amounts sold

   $ 630,674       $ 3,718,645       $ 978,172       $ 18,490,504           

Options:

              

Average number of contracts purchased

             318         300         708         215   

Average number of contracts written

     6,355,284         1,477,200         5,202,456         25,271,104         386,075   

Average notional value of contracts purchased

           $ 412,750       $ 1,575,000       $ 2,237,600       $ 1,073,875   

Average notional value of contracts written

   $ 46,120,523       $ 251,747,859       $ 563,103,209       $ 542,704,992       $ 71,319,419   

    

                                            
      BGY      BCF      BCX      BQY      BUI  

Foreign currency exchange contracts:

              

Average number of contracts - US dollars purchased.

     6         3         3         2         2   

Average number of contracts - US dollars sold

     8         1         4         1           

Average US dollar amounts purchased

   $ 8,354,209       $ 210,091       $ 822,623       $ 14,652       $ 40,106   

Average US dollar amounts sold

   $ 11,636,226       $ 445,077       $ 4,353,916       $ 326,112           

Options:

              

Average number of contracts purchased

             140         80                 190   

Average number of contracts written

     41,635,066         7,697,374         5,890,361         793,262         4,816,384   

Average notional value of contracts purchased

           $ 434,000       $ 248,000               $ 741,000   

Average notional value of contracts written

   $ 428,190,638       $ 226,760,861       $ 241,313,183       $ 31,238,165       $ 97,425,818   

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    113


 

 

Notes to Financial Statements (continued)

 

 

3. Investment Advisory Agreement and Other Transactions with Affiliates:

As of April 30, 2012, the PNC Financial Services Group, Inc. (“PNC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but Barclays is 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 pays the Manager a monthly fee at the following annual rates of the average weekly value of each Trust’s net assets: 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. Prior to February 27, 2012, BDJ paid the Manager a monthly fee at an annual rate of 1.00% of the average weekly value of net assets. Effective February 27, 2012, BDJ pays the Manager a monthly fee at the annual rate of 0.81% of the average weekly value of net assets. BCX and BUI pay the Manager a monthly fee at the annual rate of 1.20% and 1.00%, respectively, of 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:

 

                  Expiration Date   

BGR

     0.10        December 29, 2011   
     0.05        December 29, 2012   

BCF

     0.15        September 29, 2012   
     0.10        September 29, 2013   
       0.05        September 29, 2014   

The Manager has voluntarily agreed to waive a portion of the investment advisory fees on BCX as a percentage of its average daily net assets as follows:

 

                  Expiration Date   

BCX

     0.20        October 31, 2015   
     0.15        October 31, 2016   
     0.10        October 31, 2017   
       0.05        October 31, 2018   

The Manager provides investment management and other services to the Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, each Trust pays the Manager based on the Trust’s net assets which includes the assets of the Subsidiary.

The Manager entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. for BDJ and BQY, State Street Research & Management Co. for BGR, BlackRock Investment Management, LLC (“BIM”) and BlackRock Capital Management, Inc. for BGY, BCF and BCX, BlackRock International Ltd. for BQR and BCF and

BlackRock Financial Management, Inc. and BIM for BUI, 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.

Certain Trusts 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. As securities lending agent, BIM is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BIM does not receive any fees for managing the cash collateral. 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 collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedules of Investments, if any. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of rebates paid to, or fees paid by, borrowers of securities. The Trusts retain 65% of securities lending income and pays a fee to BIM equal to 35% of such income. The share of income earned by the Trusts on the reinvestment of cash collateral is shown as securities lending – affiliated in the Statements of Operations. For the period ended April 30, 2012, BIM received $104,393 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 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, 2012, were as follows:

 

       Purchases         Sales   

BQR

   $ 55,554,194       $ 55,085,801   

BGR

   $ 473,911,529       $ 481,345,948   

BDJ

   $ 1,773,916,613       $ 954,861,267   

BOE

   $ 1,478,606,115       $ 1,480,043,128   

BME

   $ 253,527,848       $ 248,434,466   

BGY

   $ 1,028,726,487       $ 1,018,971,646   

BCF

   $ 285,688,264       $ 283,420,139   

BCX

   $ 401,667,544       $ 309,887,813   

BQY

   $ 66,069,635       $ 55,782,839   

BUI

   $ 396,134,364       $ 99,326,014   

 

 

 

    
                 
114       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Notes to Financial Statements (continued)

 

 

Transactions in options written for the period ended April 30, 2012, were as follows:

 

    Calls     Puts  
 

 

 

   

 

 

 
    Contracts     Premiums
Received
    Contracts     Premiums
Received
 

 

 
BQR        

Options outstanding at beginning of period

    10,145,445      $ 1,826,626                 

Options written

    26,749,744        5,373,617                 

Options expired

    (9,876,540     (2,274,053              

Options closed

    (14,858,659     (1,682,570              

Options exercised

    (5,956,487     (1,859,728              
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    6,203,503      $ 1,383,892                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BGR        

Options outstanding at beginning of period

    4,116,070      $ 13,563,526                 

Options written

    6,176,841        32,745,838                 

Options expired

    (4,598,923     (18,941,403              

Options closed

    (1,666,547     (9,328,204              

Options exercised

    (2,830,149     (10,583,610              
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    1,197,292      $ 7,456,147                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BDJ        

Options outstanding at beginning of period

    1,926,800      $ 8,947,908                 

Options written

    20,584,444        47,585,282        132      $ 6,465   

Options expired

    (4,776,736     (11,707,309     (132     (6,465

Options closed

    (2,964,731     (5,596,871              

Options exercised

    (7,087,536     (22,483,852              
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    7,682,241      $ 16,745,158                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BOE        

Options outstanding at beginning of period

    30,621,800      $ 23,928,572        22,880      $ 325,160   

Options written

    117,250,947        64,186,981        547,262        100,474   

Options expired

    (51,256,241     (25,943,800     (570,142     (425,634

Options closed

    (21,831,890     (14,858,819              

Options exercised

    (39,511,400     (32,272,758              
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    35,273,216      $ 15,040,176                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BME        

Options outstanding at beginning of period

    263,431      $ 2,262,610        102,819      $ 508,938   

Options written

    1,301,204        6,879,035        3,471        383,257   

Options expired

    (505,836     (2,650,114     (2,966     (294,927

Options closed

    (242,750     (1,337,323     (59,095     (128,599

Options exercised

    (538,912     (3,315,533     (44,025     (441,145
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    277,137      $ 1,838,675        204      $ 27,524   
 

 

 

   

 

 

   

 

 

   

 

 

 

    

       

 

 
    Calls     Puts  
 

 

 

   

 

 

 
    Contracts     Premiums
Received
    Contracts     Premiums
Received
 

 

 
BGY        

Options outstanding at beginning of period

    55,867,592      $ 20,831,948        9,100      $ 36,917   

Options written

    174,587,133        55,476,505        1,367,150        489,320   

Options expired

    (69,076,572     (23,475,838     (1,375,330     (338,469

Options closed

    (55,130,502     (14,261,530              

Options exercised

    (55,662,160     (25,320,054     (920     (187,768
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    50,585,491      $ 13,251,031                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BCF        

Options outstanding at beginning of period

    9,200,335      $ 11,693,091                 

Options written

    27,907,371        30,188,384                 

Options expired

    (16,814,996     (17,868,801              

Options closed

    (6,633,812     (7,946,524              

Options exercised

    (5,997,219     (8,608,585              
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    7,661,679      $ 7,457,565                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BCX        

Options outstanding at beginning of period

    6,597,564      $ 8,614,300        17,005      $ 757,212   

Options written

    22,083,005        25,585,710        10,432        1,066,647   

Options expired

    (9,648,878     (15,340,324     (21,085     (943,695

Options closed

    (4,761,431     (4,177,514     (717     (64,047

Options exercised

    (7,070,650     (7,958,434     (5,365     (776,736
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    7,199,610      $ 6,723,738        270      $ 39,381   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BQY        

Options outstanding at beginning of period

    803,164      $ 882,345        97,599      $ 388,050   

Options written

    3,080,334        2,777,291                 

Options expired

    (1,483,570     (1,035,097     (67,074     (259,425

Options closed

    (327,585     (523,006              

Options exercised

    (1,286,375     (1,482,496     (30,525     (128,625
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    785,968      $ 619,037                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
BUI        

Options outstanding at beginning of period

                           

Options written

    14,000,303      $ 6,678,119                 

Options expired

    (2,213,178     (1,347,868              

Options closed

    (4,360,346     (1,466,352              

Options exercised

    (2,658,749     (1,895,945              
 

 

 

   

 

 

   

 

 

   

 

 

 

Options outstanding at end of period

    4,768,030      $ 1,967,954                 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 
 

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    115


 

 

Notes to Financial Statements (continued)

 

 

As of April 30, 2012, the value of portfolio securities subject to covered call options written was as follows:

 

 

 
     Value  

 

 

BQR

   $ 1,357,265   

BGR

   $ 7,018,298   

BDJ

   $ 18,646,851   

BOE

   $ 11,981,672   

BME

   $ 2,153,570   

BGY

   $ 9,476,027   

BCF

   $ 5,006,858   

BCX

   $ 5,415,575   

BQY

   $ 635,272   

BUI

   $ 2,404,033   

 

 

5. Income Tax Information:

As of October 31, 2011, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

 

 

 

Expires

October 31,

  BQR     BDJ     BOE     BGY  

 

 

2016

         $ 4,550,945      $ 135,331,775          

2017

  $ 21,140,114        196,333,943        38,148,041      $ 467,149,104   

2018

    9,080,494        8,526,748               55,605,462   

2019

    1,795,201                        

 

 

Total

  $ 32,015,809      $ 209,411,636      $ 173,479,816      $ 522,754,566   

 

 

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Trust after October 31, 2011 will not be subject to expiration. In addition, any such losses must be utilized prior to the losses incurred in pre-enactment taxable years.

 

As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 
     BQR      BGR      BDJ      BOE      BME  

 

 

Tax Cost

       $ 149,455,193       $ 732,989,809       $ 1,417,819,144       $ 1,147,863,552       $ 194,814,846   
  

 

 

 

Gross unrealized appreciation

       $ 12,214,264       $ 193,257,119       $ 134,729,595       $ 67,500,042       $ 28,759,183   

Gross unrealized depreciation

     (41,648,753      (71,241,800      (38,804,759      (56,732,591      (4,047,212
  

 

 

 

Net unrealized appreciation (depreciation)

       $ (29,434,489    $ 122,015,319       $ 95,924,836       $ 10,767,451       $ 24,711,971   

 

 
              

 

 
     BGY      BCF      BCX      BQY      BUI  

 

 

Tax Cost

       $ 947,096,943       $ 674,603,336       $ 804,330,210       $ 84,491,511       $ 309,583,977   
  

 

 

 

Gross unrealized appreciation

       $ 63,330,697       $ 136,357,889       $ 29,869,773       $ 4,837,646       $ 22,185,644   

Gross unrealized depreciation

     (56,827,104      (111,223,775      (114,344,208      (5,635,383      (2,054,613
  

 

 

 

Net unrealized appreciation (depreciation)

       $ 6,503,593       $ 25,134,114       $ (84,474,435    $ (797,737    $ 20,131,031   

 

 

 

6. Concentration, Market and Credit Risk:

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 credit 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 manage counterparty credit risk by entering into transactions only with counterparties that they believe 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.

As of April 30, 2012, the Trusts listed below invest a significant portion of their assets in the following sectors:

 

 

Materials

   BQR, BCF, BCX

Utilities

   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.

BOE, BGY, BQY and BUI invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the US. Foreign securities markets may also be less liquid, more volatile,

 

 

    
                 
116       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Notes to Financial Statements (concluded)

 

 

and less subject to governmental supervision not typically associated with investing in US securities. Please see the Schedules of Investments for concentrations in specific countries.

As of April 30, 2012, the industry classifications of the Trusts’ long-term investments are listed below:

 

 

 
Industry    BOE     BGY     BQY     BUI  

 

 

Oil, Gas & Consumable Fuels

     9     9     12     9

Commercial Banks

     8        13        11          

Pharmaceuticals

     6        5        10          

Machinery

     4        5        3        1   

Insurance

     4        5        3          

Food Products

     4        5        1          

Metals & Mining

     3        6        1          

Tobacco

     3        3        5          

Electric Utilities

     3        2        4        31   

Wireless Telecommunication Services

     2        5               1   

Diversified Telecommunication Services

     2        3        5        11   

Multi-Utilities

     2        2        4        20   

Transportation Infrastructure

            1               9   

Water Utilities

                          9   

Independent Power Producers & Energy Traders

                          5   

Other*

     50        36        41        4   

 

 
  * All other industries held were each less than 5%.

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, 2012, 6,964 shares of BUI were owned by an affiliate of the Manager.

Transactions in common shares of beneficial interest during the period ended April 30, 2012 and the period ended October 31, 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         2,591,500   

BUI

   November 25, 2011      15,506,964         1,400,000   

 

 

Upon commencement of operations, organization costs associated with the establishment of BCX and BUI were expensed by BCX and BUI, respectively. Offering costs incurred in connection with BCX’s and BUI’s offering of shares have been charged against the proceeds from the initial share offering in the amount of $1,544,562 and $676,000, respectively.

Shares issued and outstanding during the period ended April 30, 2012 and the year ended October 31, 2011 increased by the following amounts as a result of dividend reinvestments:

 

 

 
     Period Ended
April 30, 2012
     Year Ended
October 31, 2011
 

 

 

BQR

     43,408         217,185   

BDJ

             451,773   

BOE

             426,634   

BME

     90,191         14,101   

BCF

             128,189   

BCX

             226,846   

 

 

Shares issued and outstanding remained constant for BGR, BGY and BQY for the period ended April 30, 2012 and the year ended October 31, 2011.

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:

Certain Trusts paid a net investment income dividend on May 31, 2012 to shareholders of record on May 15, 2012 as follows:

 

 

 
     Common
Dividend per
Share
 

 

 

BOE

     $0.41000   

BQY

     $0.25000   

BUI

     $0.36250   

 

 

Additionally, certain Trusts declared a net investment income dividend in the following amounts per share on June 1, 2012 payable to shareholders of record on June 15, 2012 as follows:

 

 

 
     Common
Dividend per
Share
 

 

 

BQR

     $0.235000   

BGR

     $0.405000   

BDJ

     $0.170000   

BME

     $0.384375   

BGY

     $0.220000   

BCF

     $0.271800   

BCX

     $0.350000   

 

 
 

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    117


 

 

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 Utility and Infrastructure Trust (the “Trust”) met on October 21, 2011 to consider the approval of the Trust’s investment management agreement (the “Investment Management Agreement”) between the Trust and BlackRock Advisors, LLC, the Trust’s investment advisor (the “Manager”). The Board also considered the approval of the sub-investment advisory agreement among the Manager, BlackRock Financial Management, Inc. (“BFM”) and the Trust (the “BFM Sub-Investment Advisory Agreement”) and the approval of the sub-investment advisory agreement among the Manager, BlackRock Investment Management, LLC (“BIM”) and the Trust (the “BIM Sub-Investment Advisory Agreement”). The Investment Management Agreement, the BFM Sub-Investment Advisory Agreement and the BIM Sub-Investment Advisory Agreement are referred to herein as the “Agreements.” The Manager, BFM and BIM are referred to together herein as the “Advisors” or “BlackRock.” BFM and BIM are referred to together herein as the “Sub-Investment Advisors.”

Activities and Composition of the Board

At the time the Board considered the Agreements, the Board consisted of eleven individuals, nine 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 Trust 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 six standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee, a Leverage Committee and an Executive Committee, each of which is chaired by an Independent Board Member and is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the initial approval of the Agreements. The Board has four quarterly meetings per year, each extending over two days, and a fifth meeting to consider specific information surrounding the consideration of renewing the Agreements. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services provided to the Trust 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

Prior to the October 21, 2011 meeting, the Board received materials specifically relating to the Agreements. The materials provided in connection with the October 21, 2011 meeting included information regarding (i) the investment objectives and policies of the Trust; (ii) the

team of investment advisory personnel assigned to the Trust; (iii) the Trust’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 Trust. 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 October 21, 2011, the Board, including the Independent Board Members, reviewed materials relating to its consideration of the Agreements and thereafter unanimously approved the Investment Management Agreement, the BFM Sub-Investment Advisory Agreement and the BIM Sub-Investment Advisory Agreement. 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 Trust; (d) the existence, impact and sharing of potential 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 payments made to BlackRock or its affiliates relating to securities lending, services related to the valuation and pricing of Trust portfolio holdings, direct and indirect benefits to BlackRock and its affiliates from their relationship with the Trust 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, reviewed the nature, extent and quality of services to be provided by BlackRock and its affiliates to the Trust. 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 Trust’s investment objective, policies and restrictions, the number, education and experience of BlackRock’s investment personnel generally and the Trust’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

 

 

                 
118       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

 

 

capabilities, BlackRock’s risk analysis and oversight capabilities and BlackRock’s approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also engaged in a review of BlackRock’s compensation structure with respect to the Trust’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services to be provided to the Trust. BlackRock and its affiliates will provide the Trust with certain services (in addition to any such services provided to the Trust by third parties) and officers and other personnel as are necessary for the operations of the Trust. In particular, BlackRock and its affiliates will provide the Trust with the following administrative services, among others: (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 Trust; (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 Trust, 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 Trust because the Trust was newly organized and had not yet commenced operations as of the October 21, 2011 meeting.

C. Consideration of the Advisory Fees

The Board, including the Independent Board Members, reviewed the Trust’s contractual management fee ratio compared with the other funds in its Lipper category. It also compared the Trust’s total expenses to those of other comparable funds.

The peer group selected by Lipper for the Trust contained seven funds, including the Trust. The peer group comparison was done within five subcategories 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 for 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, (i) the Trust’s contractual management fee was in the first (i.e. lowest) quartile and below the median by approximately 10.8 basis points, (ii) the Trust’s actual total expenses including investment related expenses and taxes was in the first (i.e. lowest) quartile and below the median by approximately 9.2 basis points, (iii) the Trust’s actual total expenses excluding investment related expenses and taxes was in the first (i.e. lowest) quartile and below the median by approximately 9.2 basis points, (iv) the Trust’s actual management fee for common shares was in the first (i.e. lowest) quartile and below the median by approximately 9.9 basis points, and (v) the Trust’s actual non-management expenses was in the second quartile and below the median by approximately 0.7 basis points. The Board also compared the Trust’s expenses to certain other closed-end funds of similar strategy and noted that the Trust’s total expenses were below the expenses of such funds.

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 Trust had not commenced operations as of the date of the October 21, 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 Trust. BlackRock, however, noted that it would 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 Trust increase. The Board also considered the extent to which the Trust may benefit from such economies and whether there should be changes in the advisory fee rate or structure in order to enable the Trust 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 Trust.

Based on the Board’s review and consideration of the issue, the Board concluded 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. They are typically priced at scale at a fund’s inception. The Board noted that only one closed-end fund in the Fund Complex has breakpoints in its advisory fee structure.

 

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    119


 

 

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (concluded)

 

 

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 may derive from their respective relationships with the Trust, both tangible and intangible, such as BlackRock’s ability to leverage their investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Trust, including securities lending and cash management services. The Board also considered BlackRock’s overall operations and BlackRock’s efforts to expand the scale of, and improve the quality of, BlackRock’s 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 BlackRock’s 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 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 Trust’s fees and expenses are too high or if they are dissatisfied with the performance of the Trust.

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 Trust were consistent with those generally available to other fund sponsors.

Conclusion

The Board, including the Independent Board Members, unanimously approved each of the Investment Management Agreement, the BFM Sub-Investment Advisory Agreement and the BIM Sub-Investment Advisory Agreement. 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 Trust and its shareholders. In arriving at its decision to approve the Agreements, the Board, including the Independent Board Members, did not identify any single factor or group of factors as all-important or controlling, but considered all factors collectively in light of all the Trust’s surrounding circumstances, 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.

 

 

 

 

                 
120       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Officers and Trustees1

 

 

 

Richard E. Cavanagh, Chairman of the Board and Trustee

Karen P. Robards, Vice Chairperson of the Board, Chairperson of the Audit Committee and Trustee

Paul L. Audet, Trustee

Michael J. Castellano, Trustee and Member of the Audit Committee

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

Anne Ackerley, Vice President

Brendan Kyne, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer and, Anti-Money Laundering Officer

Ira P. Shapiro, Secretary

 

1     John F. Powers, who was a Trustee of the Trusts, resigned as of February 21, 2012.

 

Investment Advisor

 

BlackRock Advisors, LLC

Wilmington, DE 19809

 

Sub-Advisors

 

BlackRock Financial

Management, Inc.2

New York, NY 10022

 

State Street Research &

Management Co.3

One Financial Center

Boston, MA 02111

 

BlackRock Capital

Management, Inc.4

Wilmington, DE 19809

 

BlackRock Investment

Management, LLC4,5

Plainsboro, NJ 08536

 

BlackRock International Ltd.6

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

 

Computershare Trust Company, N.A.

Canton, MA 02021

 

Independent Registered Public Accounting Firm

 

Deloitte & Touche LLP

Philadelphia, PA 19103

 

Legal Counsel

 

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

 

Address of the Trusts

 

100 Bellevue Parkway

Wilmington, DE 19809

 

2     For BDJ, BQY and BUI.

3     For BGR.

4     For BGY, BCF and BCX.

5     For BUI.

6     For BQR and BCF.

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    121


 

 

Additional Information

 

 

 

 

    Proxy Results

 

Proposal 1.

1: At a special meeting of all shareholders of BDV held on January 26, 2012 the results were as follows.

To approve an Agreement and Plan of Reorganization between the Trust and BDJ, the termination of the Trust’s registration under the Investment Company Act of 1940, as amended and the dissolution of the Trust under Delaware law:

With respect to the Proposal, the shares of the Trust were voted as follows:

 

 

 

 
    For    Votes Against    Abstain          
 

 

 
 

25,594,644

   1,625,307      1,749,289   
 

 

 

Proposal 2.

1: At a special meeting of all shareholders of BDT held on January 26, 2012 the results were as follows.

To approve an Agreement and Plan of Reorganization between the Trust and BDJ, the termination of the Trust’s registration under the Investment Company Act of 1940, as amended and the dissolution of the Trust under Delaware law:

With respect to the Proposal, the shares of the Trust were voted as follows:

 

 

 

 
    For    Votes Against    Abstain          
 

 

 
 

12,571,527

   683,962      521,901   
 

 

 

Proposal 3.

1: At a special meeting of all shareholders of BDJ held on January 26, 2012 the results were as follows.

To approve the issuance of additional shares of common stock of the Trust in connection with the Agreement and Plan of Reorganization between BDV and the Trust:

With respect to the Proposal, the shares of the Trust were voted as follows:

 

For    Votes Against    Abstain          

32,846,842

   3,703,011      1,707,017   

To approve the issuance of additional shares of common stock of the Trust in connection with the Agreement and Plan of Reorganization between BDT and the Trust:

With respect to the Proposal, the shares of the Trust were voted as follows:

 

 

 
For    Votes Against    Abstain          

 

 
32,833,628    3,713,486      1,709,756   

 

 
 

 

    
                 
122       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

Additional Information (continued)

 

 

    Section 19(a) Notices

These reported amounts and sources of distributions are estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

April 30, 2012

 

      Total Cumulative Distributions
for the Fiscal Year
   % Breakdown of the Total Cumulative
Distributions for the Fiscal Year
     

Net

Investment
Income

   Net Realized
Capital Gains
    

Return

of

Capital

    

Total Per

Common Share

  

Net

Investment

Income

 

Net Realized

Capital Gains

 

Return

of

Capital

 

Total Per

Common Share

BQR

   $0.014366      –           $0.455634       $0.470000      3%   –     97%   100%

BGR

   $0.066775      $0.891225               $0.958000      7%   93%   –     100%

BDJ

   $0.039024      –           $0.300976       $0.340000    11%   –     89%   100%

BOE

   $0.034400      –           $1.103100       $1.137500      3%   –     97%   100%

BME

   $0.060598      $0.463110               $1.731750      3%   97%   –     100%

BGY

   $0.033645      –           $0.526355       $0.560000      6%   –     94%   100%

BCF

   $0.045224      $0.001253         $0.436300       $0.543600      8%   12%   80%   100%

BCX

   $0.050165      –           $0.649835       $0.700000      7%   –     93%   100%

BQY

   $0.067900      $0.572900               $0.770000      9%   91%   –     100%

BUI

   $0.074969      $0.006030         $0.281501       $0.362500    21%     1%   78%   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.

During the periods, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website into this report.

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 by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.

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 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 call the Trusts at (800) 441-7762.

 

 

    
                 
      SEMI-ANNUAL REPORT       APRIL 30, 2012    123


 

 

Additional Information (concluded)

 

 

 

    General Information (continued)

 

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.

The Trusts’ Forms N-Q are available on the SEC’s website at http:// www.sec.gov. and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http:// www.blackrock.com; and (3) on the SEC’s website at http:// www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http:// www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Availability of 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 http://www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website into this report.

 

 

    Dividend Policy

 

Each Trust’s 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.

 

 

                 
124       SEMI-ANNUAL REPORT       APRIL 30, 2012   


 

 

 

 

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

  
  

LOGO

CEF-BK10-4/12-SAR


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

 

2


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.

 

3


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 2, 2012

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 2, 2012

 

By:      

/s/ Neal J. Andrews

  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Enhanced Equity Dividend Trust

Date: July 2, 2012

 

4