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 Dividend AchieversTM Trust (BDJ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Enhanced Dividend AchieversTM Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 10/31/2007

Date of reporting period: 11/01/2006 – 10/31/2007


Item 1 – Report to Stockholders



 

 

 

 

 

 

 

 

 

 

 

EQUITIES

 

FIXED INCOME

 

REAL ESTATE

 

LIQUIDITY

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

Closed-End Funds


(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT | OCTOBER 31, 2007

 

 

 

 

 

 

 


 

BlackRock Dividend AchieversTM Trust (BDV)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

BlackRock EcoSolutions Investment Trust (BQR)

 

BlackRock Global Energy and Resources Trust (BGR)

 

BlackRock Global Equity Income Trust (BFD)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

BlackRock Health Sciences Trust (BME)

 

BlackRock International Growth and Income Trust (BGY)

 

BlackRock Real Asset Equity Trust (BCF)

 

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

 

BlackRock World Investment Trust (BWC)


 

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE




 

 


 

Table of Contents


 

 

 

 

 

Page

     

 

 

 

 

A Letter to Shareholders

1

 

 

 

 

Annual Report:

 

 

 

 

 

Trust Summaries

2

 

 

 

 

Financial Statements:

 

 

 

 

 

Portfolio of Investments

14

 

 

 

 

Statements of Assets and Liabilities

60

 

 

 

 

Statements of Operations

62

 

 

 

 

Statements of Changes in Net Assets

64

 

 

 

 

Financial Highlights

66

 

 

 

 

Notes to Financial Statements

78

 

 

 

 

Report of Independent Registered Public Accounting Firm

86

 

 

 

 

Dividend Reinvestment Plans

87

 

 

 

 

BlackRock Privacy Principles

87

 

 

 

 

Additional Information

88

 

 

 

 

Trustees Information

91

 

 

 

 

Section 19 Notices

93


 

 

 

 

 

 

 

 

 

 

 

 



 

 


 

A Letter to Shareholders

THIS PAGE NOT PART OF YOUR FUND REPORT

Dear Shareholder

The October reporting period was fairly tumultuous for financial markets, but culminated in positive performance for most major benchmarks:

Total Returns as of October 31, 2007

 

 

 

 

 

 

 

 

 

 

6-month

 

12-month

 

               

U.S. equities (S&P 500 Index)

 

+5.49

%

 

+14.56

%

 

               

Small cap U.S. equities (Russell 2000 Index)

 

+2.25

%

 

+9.27

%

 

               

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

 

+8.19

%

 

+24.91

%

 

               

Fixed income (Lehman Brothers U.S. Aggregate Bond Index)

 

+2.68

%

 

+5.38

%

 

               

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)

 

+1.30

%

 

+2.91

%

 

               

High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index)

 

-0.07

%

 

+6.89

%

 

               

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

Subprime mortgage woes dominated headlines for much of 2007, but intensified in the summer and fall, spawning a widespread liquidity and credit crisis with ramifications across global markets. The Federal Reserve Board (Fed) and other countries’ central banks stepped in to inject liquidity into the markets and bolster investor confidence. The Fed cut the federal funds rate by 0.50% in September and another 0.25% on the final day of the reporting period, bringing its target rate to 4.50%. In taking action, the central bankers, who had long deemed themselves inflation fighters, were seeking to stem the fallout from the credit crunch and forestall a wider economic unraveling. By period-end, the Fed had cited the risks between slower economic growth and faster inflation as equally balanced.

Amid the volatility throughout the past year, equity markets have displayed surprising resilience. Most recently, the credit turmoil dampened corporate merger-and-acquisition (M&A) activity, a key source of strength for equity markets. Still, market fundamentals have held firm, dividend payouts and share buybacks have continued to grow, and valuations remain attractive. These tailwinds generally have prevailed over the headwinds created by the slowing U.S. economy, troubled housing market and, recently, a more difficult corporate earnings backdrop. International markets fared even better than U.S. equities, benefiting from robust M&A activity and generally stronger economies.

In fixed income markets, mixed economic signals and the credit woes resulted in a flight to quality. At the height of the uncertainty, investors shunned bonds associated with the housing and credit markets in favor of higher-quality Treasury issues. The yield on 10-year Treasury issues, which touched 5.30% in June (its highest level in five years), fell to 4.48% by period-end, while prices correspondingly rose. The tax-exempt bond market has been challenged by a combination of record-setting supply year-to-date, economic uncertainty and concerns around the credit worthiness of bond insurers. This has brought municipal bond prices to relatively attractive levels and, as such, demand generally has remained firm.

As you navigate market volatility, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more market insight and commentary from BlackRock investment professionals, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.

Sincerely,

-s- Robert C. Doll

Robert C. Doll, Jr.

Vice Chairman, BlackRock, Inc.


 

 

 

 

 

 

 

 

 

 

 

1



 

 


 

Trust Summary as of October 31, 2007

BlackRock Dividend AchieversTM Trust (BDV)

 

 

Investment Objective

 


 

The Trust’s investment objective is to provide total return through a combination of current income and capital appreciation by investing in common stocks that pay above average dividends and have the potential for capital appreciation.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BDV

 

Initial Offering Date:

 

December 23, 2003

 

Current Quarterly Distribution per Common Share:1

 

$ 0.225

 

Current Annualized Distribution per Common Share:1

 

$ 0.900

 

 

 

 

1

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Price

 

$

13.64

 

$

14.86

 

(8.21

)%

$

15.50

 

$

12.65

 

Net Asset Value

 

$

15.49

 

$

15.95

 

(2.88

)%

$

16.88

 

$

15.04

 

 

 

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


 

Portfolio Composition2

 


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

Financial Institutions

 

36

%

 

38

%

Energy

 

16

 

 

14

 

Consumer Products

 

15

 

 

15

 

Health Care

 

12

 

 

13

 

Industrials

 

7

 

 

1

 

Telecommunications

 

6

 

 

6

 

Real Estate Investment Trusts

 

4

 

 

5

 

Technology

 

2

 

 

1

 

Automotive

 

1

 

 

1

 

Basic Materials

 

1

 

 

2

 

Conglomerates

 

 

 

4

 

 

 

 

2

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


 

 

 

 

 

 

 

 

2

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

Investment Objective

 


 

The Trust’s primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in common stocks that pay above average dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions paid to the Trust’s shareholders.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BDJ

 

Initial Offering Date:

 

August 31, 2005

 

Current Monthly Distribution per Common Share:1

 

$ 0.101875

 

Current Annualized Distribution per Common Share:1

 

$ 1.222500

 

 

 

 

1

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

12.68

 

$

14.92

 

 

(15.01

)%

$

15.60

 

$

10.64

 

Net Asset Value

 

$

14.10

 

$

14.88

 

 

(5.24

)%

$

15.26

 

$

13.74

 

 

 

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


 

Portfolio Composition2

 


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

Financial Institutions

 

37

%

 

40

%

Consumer Products

 

15

 

 

15

 

Energy

 

15

 

 

13

 

Health Care

 

12

 

 

16

 

Industrials

 

7

 

 

1

 

Telecommunications

 

6

 

 

4

 

Real Estate Investment Trusts

 

4

 

 

5

 

Technology

 

2

 

 

1

 

Automotive

 

1

 

 

 

Basic Materials

 

1

 

 

1

 

Conglomerates

 

 

 

4

 

 

 

 

2

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

3



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

Investment Objective

 


 

The Trust’s investment objective is to provide total return through a combination of current income and capital appreciation.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BDT

 

Initial Offering Date:

 

March 30, 2004

 

Current Quarterly Distribution per Common Share:1

 

$ 0.225

 

Current Annualized Distribution per Common Share:1

 

$ 0.900

 

 

 

 

1

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

13.19

 

$

14.53

 

 

(9.22

)%

$

15.77

 

$

12.19

 

Net Asset Value

 

$

15.22

 

$

16.13

 

 

(5.64

)%

$

17.28

 

$

14.76

 

 

 

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


 

Portfolio Composition2

 


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

Financial Institutions

 

32

%

 

41

%

Energy

 

20

 

 

17

 

Consumer Products

 

15

 

 

13

 

Real Estate Investment Trusts

 

10

 

 

10

 

Industrials

 

7

 

 

8

 

Automotive

 

4

 

 

4

 

Technology

 

4

 

 

2

 

Media

 

3

 

 

1

 

Basic Materials

 

2

 

 

2

 

Building & Development

 

2

 

 

1

 

Health Care

 

1

 

 

1

 

 

 

 

2

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


 

 

 

 

 

 

 

 

4

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock EcoSolutions Investment Trust (BQR)

 

 

 

Investment Objective

 


 

The Trust’s investment objective is to seek current income, current gains and long-term capital appreciation.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BQR

 

Initial Offering Date:

 

September 28, 2007

 

Current Quarterly Distribution per Common Share:1

 

$ 0.40

 

Current Annualized Distribution per Common Share:1

 

$ 1.60

 

 

 

 

1

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

High

 

Low

 

 

Market Price

 

$

19.75

 

$

20.20

 

$

19.00

 

Net Asset Value

 

$

20.31

 

$

20.31

 

$

19.03

 

 

 

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


 

Portfolio Composition

 


 

 

 

 

Country

 

10/31/07

 

United States

 

35

%

United Kingdom

 

8

 

Belgium

 

7

 

Germany

 

7

 

Brazil

 

4

 

Canada

 

4

 

Hong Kong

 

4

 

Spain

 

4

 

Denmark

 

3

 

France

 

3

 

Australia

 

2

 

Bermuda

 

2

 

Norway

 

2

 

Switzerland

 

2

 

Argentina

 

1

 

Austria

 

1

 

Chile

 

1

 

China

 

1

 

Greece

 

1

 

Israel

 

1

 

Italy

 

1

 

Japan

 

1

 

Malaysia

 

1

 

Netherlands

 

1

 

Philippines

 

1

 

Singapore

 

1

 

South Africa

 

1

 

 

 

 

 

 

Sector

 

10/31/07

 

Chemicals

 

23

%

Water

 

17

 

Energy-Alternate Sources

 

9

 

Environmental Control

 

8

 

Electric

 

7

 

Agriculture

 

6

 

Electrical Components & Equipment

 

6

 

Electronics

 

4

 

Machinery

 

4

 

Forest Products & Paper

 

3

 

Engineering & Construction

 

2

 

Food

 

2

 

Miscellaneous Manufacturing

 

2

 

Auto Parts & Equipment

 

1

 

Biotechnology

 

1

 

Commercial Services

 

1

 

Metal Fabricate/Hardware

 

1

 

Oil & Gas

 

1

 

Semiconductors

 

1

 

Transportation

 

1

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

5



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock Global Energy and Resources Trust (BGR)

 

 

Investment Objective

 


 

The Trust’s investment objective is to provide total return through a combination of current income and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of companies engaged in the energy and natural resources business and equity derivatives with exposure to the energy and natural resources industry.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BGR

 

Initial Offering Date:

 

December 29, 2004

 

Current Quarterly Distribution per Common Share:1

 

$ 0.375

 

Current Annualized Distribution per Common Share:1

 

$ 1.500

 

 

 

 

1

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

32.14

 

$

26.73

 

 

20.24

%

$

33.49

 

$

24.78

 

Net Asset Value

 

$

37.60

 

$

29.67

 

 

26.73

%

$

37.60

 

$

27.78

 

 

 

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


 

Portfolio Composition

 


 

 

 

 

 

 

 

Country

 

10/31/07

 

10/31/06

 

United States

 

60

%

 

64

%

Canada

 

17

 

 

20

 

Greece

 

3

 

 

 

Norway

 

3

 

 

3

 

United Kingdom

 

3

 

 

2

 

Australia

 

2

 

 

2

 

Bermuda

 

2

 

 

4

 

Brazil

 

2

 

 

1

 

France

 

2

 

 

1

 

Italy

 

2

 

 

1

 

Denmark

 

1

 

 

1

 

Hong Kong

 

1

 

 

 

Luxembourg

 

1

 

 

 

Netherlands

 

1

 

 

1

 

 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

Oil & Gas

 

44

%

 

35

%

Pipelines

 

14

 

 

25

 

Oil & Gas Services

 

13

 

 

10

 

Coal

 

10

 

 

13

 

Transportation

 

8

 

 

5

 

Mining

 

6

 

 

3

 

Metal Fabricate/Hardware

 

2

 

 

1

 

Chemicals

 

1

 

 

2

 

Electric

 

1

 

 

1

 

Gas

 

1

 

 

4

 

Commercial Services

 

 

 

1

 

 

 

 

 

 

 

 

 

 

6

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock Global Equity Income Trust (BFD)

 

 

Investment Objective

 


 

The Trust’s primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in a diversified portfolio of domestic and foreign common stocks that pay dividends and writing (selling) stock index call options with respect to a portion of its common stock portfolio.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BFD

 

Initial Offering Date:

 

March 30, 2007

 

Current Quarterly Distribution per Common Share:1

 

$ 0.475

 

Current Annualized Distribution per Common Share:1

 

$ 1.900

 

 

 

 

1

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

High

 

Low

 

 

Market Price

 

$

17.93

 

$

20.90

 

$

14.10

 

Net Asset Value

 

$

19.65

 

$

20.06

 

$

17.66

 

 

 

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


 

Portfolio Composition

 


 

 

 

 

Country

 

10/31/07

 

United States

 

46

%

United Kingdom

 

12

 

Japan

 

9

 

Canada

 

5

 

Germany

 

4

 

France

 

3

 

Italy

 

3

 

Switzerland

 

3

 

Australia

 

2

 

Finland

 

2

 

Hong Kong

 

2

 

Netherlands

 

2

 

Singapore

 

2

 

Greece

 

1

 

Luxembourg

 

1

 

Norway

 

1

 

Spain

 

1

 

Sweden

 

1

 

 

 

 

 

 

Sector2

 

10/31/07

 

Financial Institutions

 

22

%

Energy

 

15

 

Consumer Products

 

11

 

Technology

 

10

 

Industrials

 

9

 

Health Care

 

8

 

Telecommunications

 

8

 

Basic Materials

 

6

 

Media

 

3

 

Automotive

 

2

 

Entertainment & Leisure

 

2

 

Real Estate

 

2

 

Transportation

 

2

 

 

 

 

2

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

7



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock Global Opportunities Equity Trust (BOE)

 

 

Investment Objective

 


 

The Trust’s primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing strategy to enhance current gains.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BOE

 

Initial Offering Date:

 

May 31, 2005

 

Current Quarterly Distribution per Common Share:1

 

$ 0.56875

 

Current Annualized Distribution per Common Share:1

 

$ 2.27500

 

 

 

 

1

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

28.76

 

$

27.61

 

4.17

%

$

29.92

 

$

20.72

 

Net Asset Value

 

$

31.09

 

$

26.72

 

16.35

%

$

31.09

 

$

25.87

 

 

 

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


 

Portfolio Composition

 


 

 

 

 

 

 

 

Country

 

10/31/07

 

10/31/06

 

United States

 

35

%

 

28

%

United Kingdom

 

8

 

 

17

 

Germany

 

6

 

 

6

 

Hong Kong

 

6

 

 

5

 

Canada

 

5

 

 

3

 

Italy

 

4

 

 

4

 

Japan

 

4

 

 

4

 

Netherlands

 

4

 

 

3

 

Australia

 

3

 

 

4

 

China

 

3

 

 

1

 

France

 

3

 

 

2

 

Norway

 

3

 

 

2

 

Brazil

 

2

 

 

1

 

Singapore

 

2

 

 

2

 

Sweden

 

2

 

 

3

 

Switzerland

 

2

 

 

4

 

Finland

 

1

 

 

2

 

Greece

 

1

 

 

 

Israel

 

1

 

 

 

Luxembourg

 

1

 

 

 

Mexico

 

1

 

 

1

 

Philippines

 

1

 

 

1

 

Spain

 

1

 

 

1

 

Taiwan

 

1

 

 

1

 

Denmark

 

 

 

1

 

South Africa

 

 

 

1

 

South Korea

 

 

 

3

 

 

 

 

 

 

 

 

 

Sector2

 

10/31/07

 

10/31/06

 

Energy

 

23

%

 

17

%

Consumer Products

 

17

 

 

19

 

Financial Institutions

 

12

 

 

22

 

Industrials

 

9

 

 

4

 

Technology

 

9

 

 

4

 

Basic Materials

 

8

 

 

4

 

Telecommunications

 

7

 

 

7

 

Health Care

 

5

 

 

6

 

Real Estate

 

4

 

 

7

 

Transportation

 

2

 

 

1

 

Aerospace & Defense

 

1

 

 

1

 

Automotive

 

1

 

 

1

 

Building & Development

 

1

 

 

4

 

Entertainment & Leisure

 

1

 

 

1

 

Containers & Packaging

 

 

 

1

 

Media

 

 

 

1

 

 

 

 

2

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


 

 

 

 

 

 

 

 

8

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Trust Summary as of October 31, 2007

BlackRock Health Sciences Trust (BME)


 

Investment Objective

 


 

The Trust’s investment objective is to provide total return through a combination of current income and capital appreciation. The Trust seeks to achieve this objective by investing primarily in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry.


 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange:

 

BME

 

Initial Offering Date:

 

March 31, 2005

 

Current Quarterly Distribution per Common Share:1

 

$0.384375

 

Current Annualized Distribution per Common Share:1

 

$1.537500

 

 

 

1

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

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

27.05

 

$

27.32

 

 

(0.99

)%

$

28.65

 

$

23.36

 

Net Asset Value

 

$

30.33

 

$

27.74

 

 

9.34

%

$

30.33

 

$

26.41

 

 

 

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


 

Portfolio Composition

 


 

 

 

 

 

 

 

 

Country

 

10/31/07

 

10/31/06

 

 

United States

 

89

%

 

83

%

 

Switzerland

 

7

 

 

12

 

 

China

 

2

 

 

 

 

France

 

1

 

 

 

 

Germany

 

1

 

 

 

 

Canada

 

 

 

2

 

 

United Kingdom

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

 

Pharmaceuticals

 

37

%

 

42

%

 

Healthcare Products

 

27

 

 

24

 

 

Biotechnology

 

18

 

 

20

 

 

Healthcare Services

 

9

 

 

10

 

 

Electronics

 

6

 

 

4

 

 

Retail

 

2

 

 

 

 

Distribution/Wholesale

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

9



 

 


 

Trust Summary as of October 31, 2007

BlackRock International Growth and Income Trust (BGY)

 

 

   

Investment Objective

 

   

 

 

 

The Trust’s primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains.


 

 

Trust Information

 

 

 

 

 

Symbol on New York Stock Exchange:

 

BGY

 

Initial Offering Date:

 

May 30, 2007

 

Current Monthly Distribution per Common Share:1

 

$0.1517

 

Current Annualized Distribution per Common Share:1

 

$1.8204

 

       

 

 

1

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

 

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


 

 

 

 

 

 

 

 

 

 

 

               

 

 

10/31/07

 

High

 

Low

 

               

Market Price

 

$

17.76

 

$

20.22

 

$

14.00

 

Net Asset Value

 

$

20.12

 

$

20.12

 

$

17.16

 

                     

 

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


 

 

Portfolio Composition2

 

 

 

 

 

 

Country

 

10/31/07

 

       

United Kingdom

 

19

%

 

Japan

 

9

 

 

Germany

 

6

 

 

Hong Kong

 

5

 

 

Netherlands

 

5

 

 

Norway

 

5

 

 

Switzerland

 

5

 

 

Taiwan

 

5

 

 

Australia

 

4

 

 

Canada

 

4

 

 

France

 

4

 

 

Singapore

 

4

 

 

China

 

3

 

 

Italy

 

3

 

 

Sweden

 

3

 

 

Brazil

 

2

 

 

Spain

 

2

 

 

Belgium

 

1

 

 

Chile

 

1

 

 

Greece

 

1

 

 

Indonesia

 

1

 

 

Israel

 

1

 

 

Luxembourg

 

1

 

 

Malaysia

 

1

 

 

Mexico

 

1

 

 

Philippines

 

1

 

 

South Korea

 

1

 

 

Thailand

 

1

 

 

Turkey

 

1

 

 

         

 

 

 

 

 

Sector2

 

10/31/07

 

       

Financial Institutions

 

17

%

 

Energy

 

15

 

 

Consumer Products

 

14

 

 

Industrials

 

14

 

 

Basic Materials

 

13

 

 

Telecommunications

 

9

 

 

Real Estate

 

5

 

 

Technology

 

5

 

 

Automotive

 

2

 

 

Media

 

2

 

 

Transportation

 

2

 

 

Aerospace & Defense

 

1

 

 

Building & Development

 

1

 

 

         

 

 

2

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


 

 

 

 

 

 

 

 

10

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Trust Summary as of October 31, 2007

BlackRock Real Asset Equity Trust (BCF)

 

 

   

Investment Objective

 

   

 

 

 

The Trust’s investment objective is to provide total return through a combination of current income, current gains and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of companies engaged in energy, natural resources and basic materials businesses and companies engaged in associated businesses and equity derivatives with exposure to those companies.


 

 

Trust Information

 

 

 

 

 

Symbol on New York Stock Exchange:

 

BCF

 

Initial Offering Date:

 

September 29, 2006

 

Current Monthly Distribution per Common Share:1

 

$0.0906

 

Current Annualized Distribution per Common Share:1

 

$1.0872

 

       

 

 

1

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

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

17.59

 

$

15.00

 

17.27

%

 

$

17.64

 

$

12.23

 

Net Asset Value

 

$

20.79

 

$

15.33

 

35.62

%

 

$

20.79

 

$

14.78

 

                                 

 

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


 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

Country

 

10/31/07

 

10/31/06

 

           

United States

 

45

%

 

46

%

 

United Kingdom

 

15

 

 

13

 

 

Canada

 

13

 

 

14

 

 

Australia

 

9

 

 

8

 

 

Brazil

 

5

 

 

4

 

 

South Africa

 

3

 

 

4

 

 

China

 

2

 

 

1

 

 

Netherlands

 

2

 

 

2

 

 

France

 

1

 

 

1

 

 

Mexico

 

1

 

 

1

 

 

New Guinea

 

1

 

 

 

 

Norway

 

1

 

 

2

 

 

Peru

 

1

 

 

1

 

 

Russia

 

1

 

 

 

 

Bermuda

 

 

 

1

 

 

Switzerland

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

           

Mining

 

43

%

 

41

%

 

Oil & Gas

 

23

 

 

27

 

 

Chemicals

 

9

 

 

7

 

 

Forest Products & Paper

 

9

 

 

7

 

 

Oil & Gas Services

 

7

 

 

9

 

 

Coal

 

4

 

 

4

 

 

Machinery

 

2

 

 

2

 

 

Iron & Steel

 

1

 

 

 

 

Metal

 

1

 

 

1

 

 

Pipelines

 

1

 

 

2

 

 

               

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

11



 

 


 

Trust Summary as of October 31, 2007

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

 

 

   

Investment Objective

 

   

 

 

 

The Trust’s investment objective is to provide total return through a combination of current income and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of issuers that pay above average dividends and have the potential for capital appreciation.


 

 

Trust Information

 

 

 

 

 

Symbol on American Stock Exchange:

 

BQY

 

Initial Offering Date:

 

May 28, 2004

 

Current Quarterly Distribution per Common Share:1

 

$0.225

 

Current Annualized Distribution per Common Share:1

 

$0.900

 

       

 

 

1

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

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

18.07

 

$

16.36

 

10.45

%

 

$

19.14

 

$

14.80

 

Net Asset Value

 

$

21.00

 

$

18.55

 

13.21

%

 

$

21.00

 

$

18.36

 

                                 

 

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


 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

Country

 

10/31/07

 

10/31/06

 

           

United States

 

49

%

 

52

%

 

United Kingdom

 

9

 

 

12

 

 

Australia

 

7

 

 

6

 

 

Canada

 

6

 

 

5

 

 

Japan

 

5

 

 

6

 

 

Sweden

 

5

 

 

4

 

 

France

 

4

 

 

5

 

 

Hong Kong

 

3

 

 

2

 

 

Italy

 

3

 

 

1

 

 

Netherlands

 

2

 

 

2

 

 

Singapore

 

2

 

 

 

 

Austria

 

1

 

 

1

 

 

Denmark

 

1

 

 

1

 

 

Finland

 

1

 

 

 

 

Germany

 

1

 

 

2

 

 

Spain

 

1

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Sector2

 

10/31/07

 

10/31/06

 

           

Financial Institutions

 

22

%

 

27

%

 

Energy

 

17

 

 

15

 

 

Industrials

 

12

 

 

5

 

 

Consumer Products

 

11

 

 

11

 

 

Technology

 

10

 

 

11

 

 

Telecommunications

 

7

 

 

7

 

 

Health Care

 

6

 

 

5

 

 

Real Estate

 

6

 

 

8

 

 

Basic Materials

 

3

 

 

3

 

 

Business Equipment & Services

 

3

 

 

2

 

 

Aerospace & Defense

 

1

 

 

1

 

 

Automotive

 

1

 

 

2

 

 

Entertainment & Leisure

 

1

 

 

1

 

 

Building & Development

 

 

 

2

 

 

               

 

 

2

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


 

 

 

 

 

 

 

 

12

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Trust Summary as of October 31, 2007

BlackRock World Investment Trust (BWC)

 

 

   

Investment Objective

 

   

 

 

 

The Trust’s primary investment objective is to seek current income, dividends and gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing strategy to enhance current gains. The Trust seeks to generate current dividends and income by investing in equity securities that pay dividends and also by investing up to 25% of its total assets in debt securities from time to time when the Trust believes that it is advantageous to do so.


 

 

Trust Information

 

 

 

 

 

Symbol on New York Stock Exchange:

 

BWC

 

Initial Offering Date:

 

October 27, 2005

 

Current Monthly Distribution per Share:1

 

$0.11375

 

Current Annualized Distribution per Share:1

 

$1.36500

 

       

 

 

1

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

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

17.28

 

$

16.59

 

4.16

%

 

$

18.33

 

$

12.33

 

Net Asset Value

 

$

18.64

 

$

16.35

 

14.01

%

 

$

18.64

 

$

15.84

 

                                 

 

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


 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

Country

 

10/31/07

 

10/31/06

 

           

United States

 

36

%

 

29

%

 

Germany

 

6

 

 

5

 

 

United Kingdom

 

6

 

 

12

 

 

Canada

 

5

 

 

3

 

 

Japan

 

5

 

 

8

 

 

Hong Kong

 

4

 

 

4

 

 

Italy

 

4

 

 

5

 

 

Netherlands

 

4

 

 

4

 

 

Australia

 

3

 

 

4

 

 

Brazil

 

3

 

 

1

 

 

China

 

3

 

 

2

 

 

France

 

3

 

 

2

 

 

Norway

 

3

 

 

1

 

 

Singapore

 

3

 

 

3

 

 

Switzerland

 

3

 

 

5

 

 

Sweden

 

2

 

 

4

 

 

Finland

 

1

 

 

2

 

 

Greece

 

1

 

 

1

 

 

Israel

 

1

 

 

 

 

Luxembourg

 

1

 

 

 

 

Philippines

 

1

 

 

1

 

 

Spain

 

1

 

 

1

 

 

Taiwan

 

1

 

 

1

 

 

Denmark

 

 

 

1

 

 

Mexico

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Sector2

 

10/31/07

 

10/31/06

 

           

Energy

 

24

%

 

17

%

 

Consumer Products

 

17

 

 

18

 

 

Financial Institutions

 

13

 

 

23

 

 

Basic Materials

 

8

 

 

4

 

 

Industrials

 

8

 

 

4

 

 

Technology

 

8

 

 

4

 

 

Telecommunications

 

7

 

 

8

 

 

Health Care

 

6

 

 

6

 

 

Real Estate

 

4

 

 

6

 

 

Transportation

 

2

 

 

2

 

 

Aerospace & Defense

 

1

 

 

1

 

 

Automotive

 

1

 

 

2

 

 

Entertainment & Leisure

 

1

 

 

 

 

Building & Development

 

 

 

3

 

 

Containers & Packaging

 

 

 

1

 

 

Media

 

 

 

1

 

 

               

 

 

2

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

13




 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

             

LONG-TERM INVESTMENTS—99.1%

 

 

 

 

Common Stocks—99.1%

 

 

 

 

Aerospace & Defense—0.3%

 

 

 

 

 

34,300

 

United Technologies Corp.

 

$

2,627,037

 

               

Automotive—0.8%

 

 

 

 

 

142,900

 

Genuine Parts Co.

 

 

7,012,103

 

               

Basic Materials—1.2%

 

 

 

 

 

69,300

 

PPG Industries, Inc.

 

 

5,179,482

 

 

225,500

 

RPM Intl., Inc.

 

 

4,832,465

 

 

 

 

 

 

     

 

 

 

Total Basic Materials

 

 

10,011,947

 

               

Consumer Products—14.8%

 

 

 

 

 

492,700

 

Altria Group, Inc.

 

 

35,932,611

 

 

97,700

 

Anheuser-Busch Cos., Inc.

 

 

5,010,056

 

 

481,900

 

Coca-Cola Co. (The)

 

 

29,762,144

 

 

108,200

 

Home Depot, Inc.

 

 

3,409,382

 

 

186,200

 

Kimberly-Clark Corp.

 

 

13,199,718

 

 

235,160

 

Kraft Foods, Inc.

 

 

7,856,696

 

 

158,100

 

La-Z-Boy, Inc.

 

 

1,247,409

 

 

172,500

 

McDonald’s Corp.

 

 

10,298,250

 

 

72,000

 

Procter & Gamble Co.

 

 

5,005,440

 

 

48,300

 

Stanley Works (The)

 

 

2,779,665

 

 

154,000

 

Universal Corp.

 

 

7,505,960

 

 

29,000

 

VF Corp.

 

 

2,526,770

 

 

 

 

 

 

     

 

 

 

Total Consumer Products

 

 

124,534,101

 

               

Energy—15.5%

 

 

 

 

 

120,000

 

Atmos Energy Corp.

 

 

3,366,000

 

 

554,800

 

Chevron Corp.

 

 

50,769,748

 

 

357,500

 

Consolidated Edison, Inc.

 

 

16,834,675

 

 

160,300

 

Exxon Mobil Corp.

 

 

14,745,997

 

 

168,492

 

Integrys Energy Group, Inc.

 

 

9,066,555

 

 

93,200

 

National Fuel Gas Co.

 

 

4,519,268

 

 

199,700

 

Pinnacle West Capital Corp.

 

 

8,067,880

 

 

339,300

 

Progress Energy, Inc.

 

 

16,286,400

 

 

168,600

 

Vectren Corp.

 

 

4,727,544

 

 

67,600

 

WGL Holdings, Inc.

 

 

2,292,992

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

130,677,059

 

               

Financial Institutions—35.7%

 

 

 

 

 

75,000

 

Allstate Corp. (The)

 

 

3,930,000

 

 

135,600

 

Arthur J. Gallagher & Co.

 

 

3,608,316

 

 

803,600

 

Bank of America Corp.

 

 

38,797,808

 

 

429,600

 

BB&T Corp.

 

 

15,882,312

 

 

766,300

 

Citigroup, Inc.

 

 

32,107,970

 

 

281,400

 

Comerica, Inc.

 

 

13,135,752

 

 

346,000

 

Fifth Third Bancorp

 

 

10,822,880

 

 

151,400

 

First Commonwealth Financial Corp.

 

 

1,739,586

 

 

52,600

 

FirstMerit Corp.

 

 

1,115,120

 

 

123,500

 

FNB Corp.

 

 

2,052,570

 

 

41,200

 

Franklin Resources, Inc.

 

 

5,342,816

 

 

272,400

 

Freddie Mac

 

 

14,227,452

 

 

561,100

 

KeyCorp

 

 

15,963,295

 

 

99,500

 

Lincoln National Corp.

 

 

6,205,815

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

               

Financial Institutions—(cont’d)

 

 

 

 

 

82,800

 

Mercury General Corp.

 

$

4,248,468

 

 

783,800

 

National City Corp.

 

 

19,007,150

 

 

104,200

 

SunTrust Banks, Inc.

 

 

7,564,920

 

 

138,000

 

T. Rowe Price Group, Inc.

 

 

8,865,120

 

 

992,100

 

U.S. Bancorp

 

 

32,898,036

 

 

90,174

 

Valley National Bancorp

 

 

1,846,763

 

 

92,000

 

Washington Federal, Inc.

 

 

2,222,720

 

 

863,700

 

Washington Mutual, Inc.

 

 

24,079,956

 

 

1,064,000

 

Wells Fargo & Co.

 

 

36,186,640

 

 

 

 

 

 

     

 

 

 

Total Financial Institutions

 

 

301,851,465

 

               

Health Care—11.7%

 

 

 

 

 

174,100

 

Abbott Laboratories

 

 

9,509,342

 

 

315,400

 

Eli Lilly & Co.

 

 

17,078,910

 

 

257,500

 

Johnson & Johnson

 

 

16,781,275

 

 

308,200

 

Merck & Co., Inc.

 

 

17,955,732

 

 

1,529,500

 

Pfizer, Inc.

 

 

37,640,995

 

 

 

 

 

 

     

 

 

 

Total Health Care

 

 

98,966,254

 

               

Industrials—7.5%

 

 

 

 

 

67,800

 

3M Co.

 

 

5,855,208

 

 

154,100

 

Briggs & Stratton Corp.

 

 

3,468,791

 

 

33,300

 

Caterpillar, Inc.

 

 

2,484,513

 

 

99,000

 

Emerson Electric Co.

 

 

5,174,730

 

 

1,122,500

 

General Electric Co.

 

 

46,202,100

 

 

 

 

 

 

     

 

 

 

Total Industrials

 

 

63,185,342

 

               

Real Estate Investment Trust—4.1%

 

 

 

 

 

69,100

 

General Growth Properties, Inc.

 

 

3,756,276

 

 

184,400

 

HCP, Inc.

 

 

6,276,976

 

 

55,000

 

Healthcare Realty Trust, Inc.

 

 

1,454,200

 

 

90,000

 

Home Properties, Inc.

 

 

4,627,800

 

 

94,000

 

Lexington Realty Trust

 

 

1,860,260

 

 

102,000

 

Liberty Property Trust

 

 

3,837,240

 

 

89,200

 

National Retail Properties, Inc.

 

 

2,261,220

 

 

85,900

 

Realty Income Corp.

 

 

2,537,486

 

 

58,300

 

Sun Communities, Inc.

 

 

1,778,150

 

 

167,400

 

United Dominion Realty Trust, Inc.

 

 

3,974,076

 

 

57,800

 

Universal Health Realty Income Trust

 

 

2,136,866

 

 

 

 

 

 

     

 

 

 

Total Real Estate Investment Trust

 

 

34,500,550

 

               

Technology—2.0%

 

 

 

 

 

50,100

 

Intl. Business Machines Corp.

 

 

5,817,612

 

 

118,125

 

Linear Technology Corp.

 

 

3,900,487

 

 

184,000

 

Pitney Bowes, Inc.

 

 

7,367,360

 

 

 

 

 

 

     

 

 

 

Total Technology

 

 

17,085,459

 

               

 

Portfolio Abbreviations

 


 

 

 

 

 

 

 

 

 

 

 

ADR

 

American Depositary Receipt

 

 

 

 

 

 

AUD

 

Australian Dollar

 

 

 

 

 

 

CAD

 

Canadian Dollar

 

 

 

 

 

 

CHF

 

Swiss Franc

 

 

 

 

 

 

CLP

 

Chilean Peso

 

 

 

 

 

 

DKK

 

Danish Krone

 

 

 

 

 

 

EUR

 

Euro

 

 

 

 

 

 

GBP

 

British Pound

 

 

 

 

 

 

HKD

 

Hong Kong Dollar

 

 

 

 

 

 

 

ILS

 

Israeli Shekel

JPY

 

Japanese Yen

KRW

 

South Korean Won

MXN

 

Mexican Peso

NOK

 

Norwegian Krone

REIT

 

Real Estate Investment Trust

SEK

 

Swedish Krona

SGD

 

Singapore Dollar

ZAR

 

South African Rand


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

14

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Dividend AchieversTM Trust (BDV)
(concluded)
(Percentages shown are based on Net Assets)

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

             

Telecommunications—5.5%

 

 

 

 

 

1,114,500

 

AT&T, Inc.

 

$

46,574,955

 

               

 

 

 

Total Common Stocks

 

 

 

 

 

 

 

(cost $734,468,798)

 

 

837,026,272

 

         

MONEY MARKET FUND—0.8%

 

 

 

 

 

6,758,180

1

Fidelity Institutional Money Market Prime Portfolio,
4.86% (cost $6,758,180)

 

 

6,758,180

 

               

Total investments—99.9% (cost $741,226,9782)

 

$

843,784,452

 

Other assets in excess of liabilities—0.1%

 

 

848,080

 

 

 

     

Net Assets—100.0%

 

$

844,632,532

 

 

 

 

     

 

 

 

 

 

 

               

 

 

1

Represents current yield as of October 31, 2007.

2

Cost for federal income tax purposes is $739,966,551. The net unrealized appreciation on a tax basis is $103,817,901, consisting of $152,284,115 gross unrealized appreciation and $48,466,214 gross unrealized depreciation.

 

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


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

15




 

 


Portfolio of Investments as of October 31, 2007

BlackRock Enhanced Dividend AchieversTM Trust
(BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

           

LONG-TERM INVESTMENTS—99.2%

 

 

 

 

 

Common Stocks—99.2%

 

 

 

 

 

Aerospace & Defense—0.3%

 

 

 

 

 

38,200

 

United Technologies Corp.

 

$

2,925,738

 

               

Automotive—0.6%

 

 

 

 

 

125,200

 

Genuine Parts Co.

 

 

6,143,564

 

               

Basic Materials—1.2%

 

 

 

 

 

86,500

1

PPG Industries, Inc.

 

 

6,465,010

 

 

272,000

 

RPM Intl., Inc.

 

 

5,828,960

 

 

 

 

 

 

     

 

 

 

Total Basic Materials

 

 

12,293,970

 

               

Consumer Products—14.6%

 

 

 

 

 

641,700

1

Altria Group, Inc.

 

 

46,799,181

 

 

105,000

 

Anheuser-Busch Cos., Inc.

 

 

5,384,400

 

 

655,500

 

Coca-Cola Co. (The)

 

 

40,483,680

 

 

129,100

 

Home Depot, Inc.

 

 

4,067,941

 

 

218,500

 

Kimberly-Clark Corp.

 

 

15,489,465

 

 

154,300

2

La-Z-Boy, Inc.

 

 

1,217,427

 

 

191,500

 

McDonald’s Corp.

 

 

11,432,550

 

 

86,100

1

Procter & Gamble Co.

 

 

5,985,672

 

 

80,800

1

Stanley Works (The)

 

 

4,650,040

 

 

99,400

 

Universal Corp.

 

 

4,844,756

 

 

32,900

1

VF Corp.

 

 

2,866,577

 

 

 

 

 

 

     

 

 

 

Total Consumer Products

 

 

143,221,689

 

               

Energy—14.9%

 

 

 

 

 

188,000

1

Atmos Energy Corp.

 

 

5,273,400

 

 

126,600

 

Black Hills Corp.

 

 

5,623,572

 

 

541,100

1

Chevron Corp.

 

 

49,516,061

 

 

414,200

 

Consolidated Edison, Inc.

 

 

19,504,678

 

 

190,100

 

Exxon Mobil Corp.

 

 

17,487,299

 

 

192,340

 

Integrys Energy Group, Inc.

 

 

10,349,815

 

 

73,100

 

National Fuel Gas Co.

 

 

3,544,619

 

 

84,100

 

Otter Tail Corp.

 

 

2,913,224

 

 

231,700

 

Pinnacle West Capital Corp.

 

 

9,360,680

 

 

393,200

 

Progress Energy, Inc.

 

 

18,873,600

 

 

142,100

 

Vectren Corp.

 

 

3,984,484

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

146,431,432

 

               

Financial Institutions—36.5%

 

 

 

 

 

41,600

1

Allstate Corp. (The)

 

 

2,179,840

 

 

180,200

 

Arthur J. Gallagher & Co.

 

 

4,795,122

 

 

206,800

1

BancorpSouth, Inc.

 

 

5,016,968

 

 

972,800

1

Bank of America Corp.

 

 

46,966,784

 

 

473,600

1,2

BB&T Corp.

 

 

17,508,992

 

 

87,100

 

Chemical Financial Corp.

 

 

2,177,500

 

 

943,582

1

Citigroup, Inc.

 

 

39,536,086

 

 

287,700

 

Comerica, Inc.

 

 

13,429,836

 

 

410,600

 

Fifth Third Bancorp

 

 

12,843,568

 

 

207,200

 

First Commonwealth Financial Corp.

 

 

2,380,728

 

 

164,800

 

FirstMerit Corp.

 

 

3,493,760

 

 

149,700

 

FNB Corp.

 

 

2,488,014

 

 

42,200

 

Franklin Resources, Inc.

 

 

5,472,496

 

 

325,100

 

Freddie Mac

 

 

16,979,973

 

 

293,701

 

Fulton Financial Corp.

 

 

3,850,420

 

 

194,300

 

KeyCorp

 

 

5,527,835

 

 

149,900

 

Lincoln National Corp.

 

 

9,349,263

 

 

95,500

 

Mercury General Corp.

 

 

4,900,105

 

 

944,600

 

National City Corp.

 

 

22,906,550

 

 

129,600

 

Old Republic Intl. Corp.

 

 

1,986,768

 

 

124,300

 

SunTrust Banks, Inc.

 

 

9,024,180

 

 

138,900

 

T. Rowe Price Group, Inc.

 

 

8,922,936

 

 

1,183,900

 

U.S. Bancorp

 

 

39,258,124

 

 

219,852

 

Washington Federal, Inc.

 

 

5,311,624

 

 

1,048,000

 

Washington Mutual, Inc.

 

 

29,218,240

 

 

1,275,962

 

Wells Fargo & Co.

 

 

43,395,468

 

 

 

 

 

 

     

 

 

 

Total Financial Institutions

 

 

358,921,180

 

               

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

           

Health Care—12.1%

 

 

 

 

 

88,200

1

Abbott Laboratories

 

$

4,817,484

 

 

597,300

 

Eli Lilly & Co.

 

 

32,343,795

 

 

212,600

 

Johnson & Johnson

 

 

13,855,142

 

 

363,538

 

Merck & Co., Inc.

 

 

21,179,724

 

 

1,914,000

1

Pfizer, Inc.

 

 

47,103,540

 

 

 

 

 

 

     

 

 

 

Total Health Care

 

 

119,299,685

 

               

Industrials—7.3%

 

 

 

 

 

77,900

1

3M Co.

 

 

6,727,444

 

 

175,000

 

Briggs & Stratton Corp.

 

 

3,939,250

 

 

35,500

 

Caterpillar, Inc.

 

 

2,648,655

 

 

109,900

 

Emerson Electric Co.

 

 

5,744,473

 

 

1,293,900

1

General Electric Co.

 

 

53,256,924

 

 

 

 

 

 

     

 

 

 

Total Industrials

 

 

72,316,746

 

               

Real Estate Investment Trust—4.1%

 

 

 

 

 

53,000

 

Colonial Properties Trust

 

 

1,660,490

 

 

142,800

 

Duke Realty Corp.

 

 

4,591,020

 

 

72,800

 

General Growth Properties, Inc.

 

 

3,957,408

 

 

159,900

 

HCP, Inc.

 

 

5,442,996

 

 

117,400

 

Healthcare Realty Trust, Inc.

 

 

3,104,056

 

 

54,000

 

Home Properties, Inc.

 

 

2,776,680

 

 

70,200

 

Kimco Realty Corp.

 

 

2,914,704

 

 

144,700

 

Lexington Realty Trust

 

 

2,863,613

 

 

52,200

 

Liberty Property Trust

 

 

1,963,764

 

 

116,300

 

National Retail Properties, Inc.

 

 

2,948,205

 

 

83,200

1

Sun Communities, Inc.

 

 

2,537,600

 

 

102,400

 

United Dominion Realty Trust, Inc.

 

 

2,430,976

 

 

74,800

 

Universal Health Realty Income Trust

 

 

2,765,356

 

 

 

 

 

 

     

 

 

 

Total Real Estate Investment Trust

 

 

39,956,868

 

               

Technology—2.1%

 

 

 

 

 

49,300

 

Intl. Business Machines Corp.

 

 

5,724,716

 

 

160,700

 

Linear Technology Corp.

 

 

5,306,314

 

 

244,600

 

Pitney Bowes, Inc.

 

 

9,793,784

 

 

 

 

 

 

     

 

 

 

Total Technology

 

 

20,824,814

 

               

Telecommunications—5.5%

 

 

 

 

 

1,288,300

1

AT&T, Inc.

 

 

53,838,057

 

               

 

 

 

Total Common Stocks
(cost $994,057,878)

 

 

976,173,743

 

               

MONEY MARKET FUNDS—2.9%

 

 

 

 

 

21,461,262

3

Fidelity Institutional Money Market Prime Portfolio, 4.86%

 

 

21,461,262

 

 

7,125,000

3,4,5

BlackRock Liquidity Series, LLC
Money Market Series, 5.04%

 

 

7,125,000

 

               

 

 

 

Total Money Market Funds
(cost $28,586,262)

 

 

28,586,262

 

               

 

 

 

 

 

 

 

 


 

Contracts

 

 

 

 

 

 

             

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

120,000

 

Citigroup, Inc., strike price $55, expires 11/16/07
(cost $30,396)

 

 

12

 

               

 

 

 

Total investments before outstanding options written
(cost $1,022,674,5366)

 

 

1,004,760,017

 

               

OUTSTANDING CALL OPTIONS WRITTEN—(1.4)%

 

 

 

 

 

(430

)

3M Co., strike price $90, expires 11/02/07

 

 

(129

)

 

(250

)

Abbott Laboratories, strike price $55, expires 11/19/07

 

 

(21,250

)

 

(235

)

Abbott Laboratories, strike price $57.50, expires 11/19/07

 

 

(2,937

)

 

(250

)

Allstate Corp. (The), strike price $60, expires 11/19/07

 

 

(1,875

)

 

(121,500

)

Altria Group, Inc., strike price $71.25, expires 11/30/07

 

 

(297,359

)

 

(121,500

)

Altria Group, Inc., strike price $71.25, expires 12/21/07

 

 

(347,782

)

 

(250

)

Altria Group, Inc., strike price $71.50, expires 11/05/07

 

 

(36,428

)

 

(35,000

)

Altria Group, Inc., strike price $71.55, expires 12/14/07

 

 

(89,058

)

 

(500

)

Altria Group, Inc., strike price $72.50, expires 12/07/07

 

 

(82,560

)

 

(57,700

)

Anheuser-Busch Cos., Inc., strike price $53.10,
expires 12/21/07

 

 

(54,867

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

16

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

           

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(460)

 

Arthur J. Gallagher & Co., strike price $29.75,
expires 01/08/08

 

$

(10,327)

 

 

(530)

 

Arthur J. Gallagher & Co., strike price $30,
expires 11/30/07

 

 

(21,025)

 

 

(500)

 

AT&T, Inc., strike price $41.25, expires 11/02/07

 

 

(33,555)

 

 

(20,000)

 

AT&T, Inc., strike price $41.50, expires 11/16/07

 

 

(22,078)

 

 

(78,500)

 

AT&T, Inc., strike price $41.75, expires 11/16/07

 

 

(76,451)

 

 

(113,000)

 

AT&T, Inc., strike price $42.04, expires 12/21/07

 

 

(164,155)

 

 

(192,000)

 

AT&T, Inc., strike price $42.42, expires 12/14/07

 

 

(224,832)

 

 

(2,000)

 

AT&T, Inc., strike price $42.50, expires 01/21/08

 

 

(324,000)

 

 

(78,500)

 

AT&T, Inc., strike price $42.82, expires 12/21/07

 

 

(88,022)

 

 

(45,100)

 

Atmos Energy Corp., strike price $29.29,
expires 11/16/07

 

 

(10,111)

 

 

(45,100)

 

Atmos Energy Corp., strike price $29.29,
expires 12/07/07

 

 

(7,617)

 

 

(130)

 

Atmos Energy Corp., strike price $30, expires 01/21/08

 

 

(3,250)

 

 

(370)

 

BancorpSouth, Inc., strike price $25, expires 12/24/07

 

 

(25,900)

 

 

(770)

 

BancorpSouth, Inc., strike price $25, expires 01/21/08

 

 

(113,575)

 

 

(1,775)

 

Bank of America Corp., strike price $52.50,
expires 11/19/07

 

 

(13,312)

 

 

(800)

 

Bank of America Corp., strike price $52.50,
expires 12/07/07

 

 

(19,704)

 

 

(100,000)

 

Bank of America Corp., strike price $53.55,
expires 11/26/07

 

 

(9,870)

 

 

(1,775)

 

Bank of America Corp., strike price $55,
expires 01/21/08

 

 

(39,938)

 

 

(878)

 

BB&T Corp., strike price $42.50, expires 12/24/07

 

 

(13,170)

 

 

(122,500)

 

BB&T Corp., strike price $43, expires 11/30/07

 

 

(22,675)

 

 

(501)

 

BB&T Corp., strike price $45, expires 12/24/07

 

 

(3,757)

 

 

(16,000)

 

Black Hills Corp., strike price $42.50, expires 11/16/07

 

 

(34,768)

 

 

(250)

 

Black Hills Corp., strike price $43.63,
expires 11/05/07

 

 

(23,593)

 

 

(290)

 

Black Hills Corp., strike price $45, expires 12/24/07

 

 

(38,425)

 

 

(102)

 

Briggs & Stratton Corp., strike price $30,
expires 11/19/07

 

 

(510)

 

 

(10)

 

Briggs & Stratton Corp., strike price $30,
expires 01/19/08

 

 

(125)

 

 

(195)

 

Caterpillar, Inc., strike price $87, expires 11/13/07

 

 

(1,254)

 

 

(22,000)

 

Chemical Financial Corp., strike price $25.56,
expires 12/07/07

 

 

(33,092)

 

 

(26,000)

 

Chemical Financial Corp., strike price $25.90,
expires 01/18/08

 

 

(56,334)

 

 

(2,610)

 

Chevron Corp., strike price $85.25, expires 11/02/07

 

 

(1,635,139)

 

 

(360)

 

Chevron Corp., strike price $90, expires 12/24/07

 

 

(162,000)

 

 

(1,500)

 

Citigroup, Inc., strike price $50, expires 11/19/07

 

 

(5,250)

 

 

(1,000)

 

Citigroup, Inc., strike price $50, expires 12/24/07

 

 

(14,000)

 

 

(1,680)

 

Citigroup, Inc., strike price $52.50, expires 12/24/07

 

 

(11,760)

 

 

(600)

 

Citigroup, Inc., strike price $55, expires 11/13/07

 

 

(1)

 

 

(1,000)

 

Citigroup, Inc., strike price $55, expires 12/24/07

 

 

(3,000)

 

 

(60,000)

 

Citigroup, Inc., strike price $55.50, expires 11/16/07

 

 

(1)

 

 

(174,000)

 

Coca-Cola Co. (The), strike price $57.03,
expires 12/21/07

 

 

(910,455)

 

 

(122,500)

 

Coca-Cola Co. (The), strike price $57.50,
expires 11/30/07

 

 

(550,846)

 

 

(64,000)

 

Coca-Cola Co. (The), strike price $59.72,
expires 01/18/08

 

 

(217,382)

 

 

(30,000)

 

Colonial Properties Trust, strike price $36.37,
expires 11/30/07

 

 

(4,104)

 

 

(65,400)

 

Comerica, Inc., strike price $57.25, expires 11/30/07

 

 

(7,953)

 

 

(94)

 

Comerica, Inc., strike price $60, expires 01/21/08

 

 

(940)

 

 

(450)

 

Consolidated Edison, Inc., strike price $47.13,
expires 01/08/08

 

 

(70,200)

 

 

(113,000)

 

Consolidated Edison, Inc., strike price $47.69,
expires 12/21/07

 

 

(107,135)

 

 

(700)

 

Consolidated Edison, Inc., strike price $50,
expires 11/19/07

 

 

(5,250)

 


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

           

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(350)

 

Duke Realty Corp., strike price $35, expires 12/24/07

 

$

(14,875

)

 

(23,000)

 

Eli Lilly & Co., strike price $60, expires 11/30/07

 

 

(3,949

)

 

(2,100)

 

Eli Lilly & Co., strike price $60, expires 01/21/08

 

 

(147,000

)

 

(106,000)

 

Eli Lilly & Co., strike price $60.25, expires 11/16/07

 

 

(3,254

)

 

(600)

 

Emerson Electric Co., strike price $50,
expires 12/24/07

 

 

(228,000

)

 

(235)

 

Exxon Mobil Corp., strike price $92, expires 11/30/07

 

 

(71,257

)

 

(810)

 

Exxon Mobil Corp., strike price $95, expires 12/24/07

 

 

(192,375

)

 

(36,300)

 

Fifth Third Bancorp, strike price $38.85,
expires 12/28/07

 

 

(4,505

)

 

(91,000)

 

Fifth Third Bancorp, strike price $40.25,
expires 12/21/07

 

 

(4,286

)

 

(350)

 

Fifth Third Bancorp, strike price $41.38,
expires 11/02/07

 

 

 

 

(75)

 

Fifth Third Bancorp, strike price $45, expires 11/19/07

 

 

(562

)

 

(60,000)

 

First Commonwealth Financial Corp., strike price $13.05,
expires 11/16/07

 

 

(6,576

)

 

(54,000)

 

First Commonwealth Financial Corp., strike price $13.05,
expires 11/30/07

 

 

(13,624

)

 

(900)

 

FirstMerit Corp., strike price $22.50, expires 12/24/07

 

 

(45,000

)

 

(50,000)

 

FNB Corp., strike price $17.59, expires 12/03/07

 

 

(19,755

)

 

(32,000)

 

FNB Corp., strike price $18.25, expires 12/14/07

 

 

(10,560

)

 

(232)

 

Franklin Resources, Inc., strike price $140,
expires 11/19/07

 

 

(21,460

)

 

(200)

 

Freddie Mac, strike price $65, expires 11/19/07

 

 

(3,000

)

 

(79,000)

 

Freddie Mac, strike price $66.38, expires 11/02/07

 

 

(1

)

 

(790)

 

Fulton Financial Corp., strike price $16.63,
expires 12/03/07

 

 

(14,678

)

 

(320,000)

 

General Electric Co., strike price $40.75,
expires 11/16/07

 

 

(308,320

)

 

(135,000)

 

General Electric Co., strike price $40.75,
expires 12/21/07

 

 

(210,803

)

 

(100,000)

 

General Electric Co., strike price $41.50,
expires 01/08/08

 

 

(144,080

)

 

(50,000)

 

General Electric Co., strike price $42, expires 11/30/07

 

 

(29,205

)

 

(1,081)

 

General Electric Co., strike price $42.50,
expires 12/24/07

 

 

(72,968

)

 

(40,000)

 

General Growth Properties, Inc., strike price $57,
expires 12/18/07

 

 

(57,328

)

 

(230)

 

Genuine Parts Co., strike price $49.75,
expires 12/03/07

 

 

(24,074

)

 

(470)

 

Genuine Parts Co., strike price $50, expires 11/19/07

 

 

(19,975

)

 

(25,000)

 

HCP, Inc., strike price $33, expires 11/09/07

 

 

(31,513

)

 

(135)

 

HCP, Inc., strike price $35, expires 11/19/07

 

 

(4,050

)

 

(495)

 

HCP, Inc., strike price $35, expires 12/24/07

 

 

(45,788

)

 

(64,000)

 

Healthcare Realty Trust, Inc., strike price $26.21,
expires 12/28/07

 

 

(98,669

)

 

(360)

 

Home Depot, Inc., strike price $40, expires 11/19/07

 

 

(2,700

)

 

(350)

 

Home Depot, Inc., strike price $41.25,
expires 11/23/07

 

 

(5,985

)

 

(238)

 

Home Properties, Inc., strike price $55,
expires 12/24/07

 

 

(23,205

)

 

(60)

 

Home Properties, Inc., strike price $60,
expires 01/21/08

 

 

(2,250

)

 

(65,000)

 

Integrys Energy Group, Inc., strike price $52.50,
expires 11/30/07

 

 

(129,389

)

 

(41,400)

 

Integrys Energy Group, Inc., strike price $52.65,
expires 12/21/07

 

 

(92,960

)

 

(100)

 

Intl. Business Machines Corp., strike price $115,
expires 12/24/07

 

 

(47,500

)

 

(170)

 

Intl. Business Machines Corp., strike price $120,
expires 01/21/08

 

 

(62,900

)

 

(250)

 

Johnson & Johnson, strike price $65, expires 11/05/07

 

 

(8,287

)

 

(910)

 

Johnson & Johnson, strike price $65, expires 12/28/07

 

 

(157,858

)

 

(250)

 

KeyCorp, strike price $35, expires 11/19/07

 

 

(1,250

)

 

(320)

 

KeyCorp, strike price $35, expires 12/24/07

 

 

(2,400

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

17




 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (concluded)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(360

)

Kimberly-Clark Corp., strike price $70.50,
expires 01/08/08

 

$

(87,116

)

 

(840

)

Kimberly-Clark Corp., strike price $71.38,
expires 11/02/07

 

 

(14,221

)

 

(160

)

Kimco Realty Corp., strike price $45, expires 12/24/07

 

 

(12,400

)

 

(225

)

Kimco Realty Corp., strike price $47.75,
expires 01/08/08

 

 

(10,287

)

 

(25,000

)

Lexington Realty Trust, strike price $21.79,
expires 11/16/07

 

 

(827

)

 

(15,000

)

Liberty Property Trust, strike price $43.25,
expires 12/21/07

 

 

(5,976

)

 

(575

)

Lincoln National Corp., strike price $70,
expires 12/24/07

 

 

(27,313

)

 

(250

)

Lincoln National Corp., strike price $70,
expires 01/21/08

 

 

(20,625

)

 

(250

)

Linear Technology Corp., strike price $35,
expires 01/21/08

 

 

(18,750

)

 

(250

)

Linear Technology Corp., strike price $37,
expires 12/07/07

 

 

(2,122

)

 

(38,500

)

Linear Technology Corp., strike price $38.40,
expires 11/30/07

 

 

(5,629

)

 

(342

)

McDonald’s Corp., strike price $52.50, expires 12/24/07

 

 

(249,660

)

 

(23,000

)

McDonald’s Corp., strike price $55, expires 11/30/07

 

 

(116,371

)

 

(494

)

McDonald’s Corp., strike price $55, expires 12/24/07

 

 

(242,060

)

 

(84,000

)

Merck & Co., Inc., strike price $52.60, expires 11/16/07

 

 

(481,211

)

 

(104,000

)

Merck & Co., Inc., strike price $55, expires 12/21/07

 

 

(452,982

)

 

(124

)

Merck & Co., Inc., strike price $55, expires 01/21/08

 

 

(57,040

)

 

(52,500

)

Mercury General Corp., strike price $53.41,
expires 11/02/07

 

 

(336

)

 

(2,250

)

National City Corp., strike price $25, expires 11/19/07

 

 

(90,000

)

 

(40,000

)

National Fuel Gas Co., strike price $47.21,
expires 12/21/07

 

 

(112,404

)

 

(30,000

)

National Retail Properties, Inc., strike price $25,
expires 11/16/07

 

 

(23,946

)

 

(34,000

)

National Retail Properties, Inc., strike price $26.22,
expires 12/21/07

 

 

(24,704

)

 

(122

)

Old Republic Intl. Corp., strike price $20,
expires 01/21/08

 

 

(1,525

)

 

(460

)

Otter Tail Corp., strike price $35, expires 12/24/07

 

 

(67,850

)

 

(500

)

Pfizer, Inc., strike price $25, expires 11/19/07

 

 

(8,750

)

 

(720

)

Pfizer, Inc., strike price $25, expires 12/24/07

 

 

(36,000

)

 

(1,850

)

Pfizer, Inc., strike price $25, expires 01/21/08

 

 

(138,750

)

 

(1,500

)

Pfizer, Inc., strike price $25.50, expires 11/30/07

 

 

(44,790

)

 

(100,000

)

Pfizer, Inc., strike price $25.50, expires 12/14/07

 

 

(35,020

)

 

(117,000

)

Pfizer, Inc., strike price $26, expires 12/21/07

 

 

(31,181

)

 

(1,200

)

Pfizer, Inc., strike price $26.50, expires 11/30/07

 

 

(8,796

)

 

(550

)

Pfizer, Inc., strike price $27.50, expires 01/21/08

 

 

(9,625

)

 

(1,275

)

Pinnacle West Capital Corp., strike price $40,
expires 01/19/08

 

 

(235,875

)

 

(20,000

)

Pitney Bowes, Inc., strike price $47.11, expires 01/18/08

 

 

(3,160

)

 

(379

)

Pitney Bowes, Inc., strike price $47.13,
expires 12/14/07

 

 

(1,281

)

 

(27,000

)

Pitney Bowes, Inc., strike price $48.10, expires 11/30/07

 

 

(235

)

 

(500

)

Pitney Bowes, Inc., strike price $48.13,
expires 12/31/07

 

 

(4,500

)

 

(30,000

)

PPG Industries, Inc., strike price $76.85,
expires 12/03/07

 

 

(41,355

)

 

(175

)

PPG Industries, Inc., strike price $80, expires 11/19/07

 

 

(2,187

)

 

(475

)

Procter & Gamble Co., strike price $71,
expires 12/17/07

 

 

(62,121

)

 

(1,500

)

Progress Energy, Inc, strike price $47, expires 12/28/07

 

 

(275,325

)

 

(660

)

Progress Energy, Inc, strike price $48.50,
expires 01/11/08

 

 

(86,882

)

 

(950

)

RPM Intl., Inc., strike price $23.25, expires 12/14/07

 

 

(62,596

)

 

(54,600

)

RPM Intl., Inc., strike price $23.80, expires 11/30/07

 

 

(31,324

)

 

(440

)

Stanley Works (The), strike price $60, expires 12/24/07

 

 

(62,700

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(40,000

)

Sun Communities, Inc., strike price $33.30,
expires 12/31/07

 

$

(12,808

)

 

(225

)

SunTrust Banks, Inc., strike price $75,
expires 12/24/07

 

 

(51,750

)

 

(45,900

)

SunTrust Banks, Inc., strike price $82.25,
expires 11/30/07

 

 

(15,762

)

 

(36,000

)

T. Rowe Price Group, Inc., strike price $55,
expires 11/13/07

 

 

(336,006

)

 

(200

)

T. Rowe Price Group, Inc., strike price $55,
expires 12/24/07

 

 

(204,000

)

 

(200

)

T. Rowe Price Group, Inc., strike price $60,
expires 01/21/08

 

 

(136,000

)

 

(1,800

)

U.S. Bancorp, strike price $34, expires 11/30/07

 

 

(89,388

)

 

(1,000

)

U.S. Bancorp, strike price $35, expires 01/21/08

 

 

(62,500

)

 

(315

)

U.S. Bancorp, strike price $35, expires 03/24/08

 

 

(37,800

)

 

(1,560

)

U.S. Bancorp, strike price $35, expires 12/24/07

 

 

(70,200

)

 

(1,500

)

U.S. Bancorp, strike price $36.50, expires 12/14/07

 

 

(25,035

)

 

(210

)

United Technologies Corp., strike price $75,
expires 11/19/07

 

 

(48,825

)

 

(275

)

Universal Corp., strike price $55, expires 11/19/07

 

 

(6,875

)

 

(41,000

)

Universal Health Realty Income Trust, strike price $35.75,
expires 11/16/07

 

 

(88,408

)

 

(26,400

)

Vectren Corp., strike price $28.15, expires 01/18/08

 

 

(33,325

)

 

(23,000

)

Vectren Corp., strike price $30, expires 11/30/07

 

 

(4,579

)

 

(180

)

VF Corp., strike price $90, expires 11/19/07

 

 

(20,250

)

 

(180

)

Washington Federal, Inc., strike price $25,
expires 12/24/07

 

 

(10,350

)

 

(161

)

Washington Federal, Inc., strike price $25,
expires 01/21/08

 

 

(12,880

)

 

(45,300

)

Washington Federal, Inc., strike price $26.40,
expires 11/30/07

 

 

(5,499

)

 

(300

)

Washington Federal, Inc., strike price $26.50,
expires 12/07/07

 

 

(4,674

)

 

(12,000

)

Washington Federal, Inc., strike price $26.66,
expires 11/16/07

 

 

(275

)

 

(1,015

)

Washington Mutual, Inc., strike price $40,
expires 01/21/08

 

 

(12,687

)

 

(1,000

)

Washington Mutual, Inc., strike price $41.50,
expires 11/30/07

 

 

(110

)

 

(10

)

Washington Mutual, Inc., strike price $45,
expires 01/21/08

 

 

(75

)

 

(2,000

)

Wells Fargo & Co., strike price $35, expires 12/24/07

 

 

(190,000

)

 

(147,000

)

Wells Fargo & Co., strike price $36.50, expires 12/28/07

 

 

(87,098

)

 

(305,000

)

Wells Fargo & Co., strike price $37.05, expires 11/30/07

 

 

(58,560

)

 

(500

)

Wells Fargo & Co., strike price $37.50, expires 01/21/08

 

 

(27,500

)

 

 

 

 

Total Outstanding Call Options Written
(premium received $(13,869,236))

 

 

(13,424,287

)

 

Total investments net of outstanding options written—100.7%

 

$

991,335,730

 

Liabilities in excess of other assets—(0.7)%

 

 

(7,573,515

)

 

 

     

Net Assets—100.0%

 

$

983,762,215

 

 

 

     

 

 

 

1

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

2

Security, or a portion of security, is on loan.

3

Represents current yield as of October 31, 2007.

4

Represents an investment in an affiliate.

5

Security purchased with the cash proceeds from securities loaned.

6

Cost for federal income tax purposes is $1,031,667,469. The net unrealized depreciation on a tax basis is $26,907,452, consisting of $53,630,714 gross unrealized appreciation and $80,538,166 gross unrealized depreciation.

 

 

 

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


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

18

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—98.8%

 

 

 

 

Common Stocks—98.8%

 

 

 

 

Automotive—3.8%

 

 

 

 

 

182,400

 

Genuine Parts Co.

 

$

8,950,368

 

 

75,300

 

Harsco Corp.

 

 

4,564,686

 

 

95,000

 

Superior Industries Intl., Inc.

 

 

1,919,950

 

 

 

 

 

 

     

 

 

 

Total Automotive

 

 

15,435,004

 

 

Basic Materials—1.7%

 

 

 

 

 

172,000

 

RPM Intl., Inc.

 

 

3,685,960

 

 

108,600

 

Sonoco Products Co.

 

 

3,357,912

 

 

 

 

 

 

     

 

 

Total Basic Materials

 

 

7,043,872

 

 

Building & Development—2.5%

 

 

 

 

 

111,500

 

ABM Industries, Inc.

 

 

2,622,480

 

 

312,600

 

Masco Corp.

 

 

7,527,408

 

 

 

 

 

 

     

 

 

 

Total Building & Development

 

 

10,149,888

 

 

Consumer Products—14.8%

 

 

 

 

 

152,000

 

Avery Dennison Corp.

 

 

8,800,800

 

 

134,000

 

Clorox Co.

 

 

8,384,380

 

 

162,600

 

La-Z-Boy, Inc.

 

 

1,282,914

 

 

51,600

 

Lancaster Colony Corp.

 

 

2,072,772

 

 

123,450

 

Meridian Bioscience, Inc.

 

 

4,084,960

 

 

76,800

 

Polaris Industries, Inc.

 

 

3,777,024

 

 

129,000

 

Sherwin-Williams Co. (The)

 

 

8,245,680

 

 

69,800

 

Stanley Works (The)

 

 

4,016,990

 

 

195,500

 

SUPERVALU, INC.

 

 

7,575,625

 

 

65,900

 

Universal Corp.

 

 

3,211,966

 

 

103,300

 

VF Corp.

 

 

9,000,529

 

 

 

 

 

 

     

 

 

 

Total Consumer Products

 

 

60,453,640

 

 

Energy—19.8%

 

 

 

 

50,400

 

American States Water Co.

 

 

2,290,680

 

 

216,500

 

Aqua America, Inc.

 

 

5,035,790

 

 

174,200

 

Atmos Energy Corp.

 

 

4,886,310

 

 

59,600

 

Black Hills Corp.

 

 

2,647,432

 

 

66,000

 

California Water Service Group

 

 

2,929,740

 

 

195,400

 

Consolidated Edison, Inc.

 

 

9,201,386

 

 

97,900

 

Integrys Energy Group, Inc.

 

 

5,267,999

 

 

146,000

 

MDU Resources Group, Inc.

 

 

4,111,360

 

 

85,200

 

MGE Energy, Inc.

 

 

2,854,200

 

 

100,600

 

National Fuel Gas Co.

 

 

4,878,094

 

 

47,000

 

New Jersey Resources Corp.

 

 

2,314,750

 

 

99,500

 

Otter Tail Corp.

 

 

3,446,680

 

 

166,500

 

Peidmont Natural Gas Co.

 

 

4,250,745

 

 

106,700

 

Pinnacle West Capital Corp.

 

 

4,310,680

 

 

181,400

 

Progress Energy, Inc.

 

 

8,707,200

 

 

151,200

 

UGI Corp.

 

 

4,024,944

 

 

182,200

 

Vectren Corp.

 

 

5,108,888

 

 

149,000

 

WGL Holdings, Inc.

 

 

5,054,080

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

81,320,958

 

 

Financial Institutions—31.4%

 

 

 

 

 

73,900

 

Alfa Corp.

 

 

1,344,980

 

 

115,500

 

Arthur J. Gallagher & Co.

 

 

3,073,455

 

 

140,800

 

Associated Banc-Corp

 

 

4,063,488

 

 

138,300

 

Astoria Financial Corp.

 

 

3,594,417

 

 

180,473

 

BancorpSouth, Inc.

 

 

4,378,275

 

 

64,500

 

Bank of Hawaii Corp.

 

 

3,428,820

 

 

55,679

 

Chemical Financial Corp.

 

 

1,391,975

 

 

190,842

 

Cincinnati Financial Corp.

 

 

7,591,695

 

 

151,100

 

Comerica, Inc.

 

 

7,053,348

 

 

101,200

 

Commerce Group, Inc.

 

 

3,692,788

 

 

105,000

 

Community Bank System, Inc.

 

 

2,195,550

 

 

41,940

 

Erie Indemnity Co., Class A

 

 

2,386,386

 

 

84,400

 

First Charter Corp.

 

 

2,557,320

 

 

186,000

 

First Commonwealth Financial Corp.

 

 

2,137,140

 

 

61,000

 

First Financial Holdings, Inc.

 

 

1,761,680

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

174,400

 

FirstMerit Corp.

 

$

3,697,280

 

 

140,000

 

FNB Corp.

 

 

2,326,800

 

 

244,125

 

Fulton Financial Corp.

 

 

3,200,479

 

 

67,800

 

Harleysville Group, Inc.

 

 

2,113,326

 

 

43,348

 

Harleysville National Corp.

 

 

653,254

 

 

77,400

 

M&T Bank Corp.

 

 

7,699,752

 

 

196,400

 

Marshall & Ilsley Corp.

 

 

8,386,280

 

 

73,600

 

Mercury General Corp.

 

 

3,776,416

 

 

204,045

 

Old National Bancorp

 

 

3,409,592

 

 

211,000

 

Old Republic Intl. Corp.

 

 

3,234,630

 

 

38,805

 

Park National Corp.

 

 

3,075,684

 

 

243,200

 

People’s United Financial, Inc.

 

 

4,324,096

 

 

59,800

 

S&T Bancorp, Inc.

 

 

1,980,576

 

 

96,600

 

Sterling Bancorp

 

 

1,419,054

 

 

78,900

 

Susquehanna Bancshares, Inc.

 

 

1,591,413

 

 

285,400

 

Synovus Financial Corp.

 

 

7,523,144

 

 

150,000

 

TCF Financial Corp.

 

 

3,415,500

 

 

98,400

 

United Bankshares, Inc.

 

 

2,981,520

 

 

183,886

 

Valley National Bancorp

 

 

3,765,985

 

 

161,810

 

Washington Federal, Inc.

 

 

3,909,330

 

 

68,400

 

WesBanco, Inc.

 

 

1,577,988

 

 

112,200

 

Wilmington Trust Corp.

 

 

4,080,714

 

 

 

 

 

 

     

 

 

 

Total Financial Institutions

 

 

128,794,130

 

 

Health Care—0.9%

 

 

 

 

 

64,000

 

Hillenbrand Industries, Inc.

 

 

3,534,080

 

 

Industrials—7.4%

 

 

 

 

 

146,500

 

Bemis Co., Inc.

 

 

4,125,440

 

 

193,300

 

Leggett & Platt, Inc.

 

 

3,755,819

 

 

162,000

 

LSI Industries, Inc.

 

 

3,061,800

 

 

74,600

 

McGrath RentCorp

 

 

2,557,288

 

 

97,600

 

Vulcan Materials Co.

 

 

8,345,776

 

 

92,000

 

W.W. Grainger, Inc.

 

 

8,272,640

 

 

 

 

 

 

     

 

 

 

Total Industrials

 

 

30,118,763

 

 

Media—2.5%

 

 

 

 

 

165,100

 

Gannet Co., Inc.

 

 

7,001,891

 

 

169,800

 

New York Times Co. (The)

 

 

3,321,288

 

 

 

 

 

 

     

 

 

 

Total Media

 

 

10,323,179

 

 

Real Estate Investment Trust—10.3%

 

 

 

 

 

94,000

 

CBL & Associates Properties, Inc.

 

 

3,112,340

 

 

67,000

 

Colonial Properties Trust

 

 

2,099,110

 

 

91,000

 

Duke Realty Corp.

 

 

2,925,650

 

 

44,400

 

EastGroup Properties, Inc.

 

 

2,116,992

 

 

97,300

 

HCP, Inc.

 

 

3,312,092

 

 

63,600

 

Healthcare Realty Trust, Inc.

 

 

1,681,584

 

 

132,000

 

Lexington Realty Trust

 

 

2,612,280

 

 

71,500

 

Liberty Property Trust

 

 

2,689,830

 

 

148,200

 

National Retail Properties, Inc.

 

 

3,756,870

 

 

122,700

 

Realty Income Corp.

 

 

3,624,558

 

 

86,500

 

Sun Communities, Inc.

 

 

2,638,250

 

 

120,800

 

United Dominion Realty Trust, Inc.

 

 

2,867,792

 

 

89,200

 

Universal Health Realty Income Trust

 

 

3,297,724

 

 

70,500

 

Washington Real Estate Investment Trust

 

 

2,483,010

 

 

81,150

 

Weingarten Realty Investors

 

 

3,104,799

 

 

 

 

 

 

     

 

 

 

Total Real Estate Investment Trust

 

 

42,322,881

 

 

Technology—3.7%

 

 

 

 

 

222,800

 

Linear Technology Corp.

 

 

7,356,856

 

 

197,700

 

Pitney Bowes, Inc.

 

 

7,915,908

 

 

 

 

 

 

     

 

 

 

Total Technology

 

 

15,272,764

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

 

 

(cost $369,705,449)

 

 

404,769,159

 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

19



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Strategic Dividend AchieversTM Trust
(BDT) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

MONEY MARKET FUND—1.2%

 

 

 

 

 

4,951,827

1

Fidelity Institutional Money Market Prime Portfolio,
4.86% (cost $4,951,827)

 

$

4,951,827

 

 

Total investments—100% (cost $374,657,2762)

 

$

409,720,986

 

Liabilities in excess of other assets—0.0%

 

 

(74,745

)

 

 

     

Net Assets—100.0%

 

$

409,646,241

 

 

 

     

 

 

 

 

 

 

 

 

1

Represents current yield as of October 31, 2007.

2

Cost for federal income tax purposes is $373,348,411. The net unrealized appreciation on a tax basis is $36,372,575, consisting of $57,471,904 gross unrealized appreciation and $21,099,329 gross unrealized depreciation.

 

 

 

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


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

20

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock EcoSolutions Investment Trust (BQR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

           

LONG-TERM INVESTMENTS—82.4%

 

 

 

 

Common Stocks—82.4%

 

 

 

 

Agriculture—4.8%

 

 

 

 

 

160,000

 

ABB Grain Ltd.

 

$

1,126,322

 

 

60,000

1

Archer Daniels Midland Co.

 

 

2,146,800

 

 

2,500

2

BrasilAgro - Companhia Brasileira de Propriedades Agricolas

 

 

1,690,117

 

 

30,000

1

Bunge Ltd.

 

 

3,455,700

 

 

75,000

1

Cresud S.A. (ADR)

 

 

1,851,000

 

 

500,000

 

IOI Corp. Bhd

 

 

1,140,720

 

 

 

 

 

 

     

 

 

 

Total Agriculture

 

 

11,410,659

 

               

Auto Parts & Equipment—0.6%

 

 

 

 

 

30,000

1

Johnson Controls, Inc.

 

 

1,311,600

 

               

Biotechnology—0.6%

 

 

 

 

 

13,500

 

Novozymes A/S

 

 

1,475,370

 

               

Building Materials—0.2%

 

 

 

 

 

20,000

2

Kingspan Group Plc

 

 

477,235

 

               

Chemicals—18.9%

 

 

 

 

 

30,000

1

Agrium, Inc.

 

 

1,907,100

 

 

20,000

1

CF Industries Holdings, Inc.

 

 

1,758,000

 

 

20,000

 

Incitec Pivot Ltd.

 

 

1,661,149

 

 

67,000

 

Israel Chemicals Ltd.

 

 

741,390

 

 

40,000

 

Johnson Matthey Plc

 

 

1,488,983

 

 

7,500

 

K+S AG

 

 

1,572,340

 

 

117,000

2

Makhteshim-Agan Industries Ltd.

 

 

1,126,079

 

 

45,000

1

Monsanto Co.

 

 

4,393,350

 

 

59,750

1,2

Mosaic Co. (The)

 

 

4,170,550

 

 

100,000

 

Nufarm Ltd.

 

 

1,465,190

 

 

40,000

1

Potash Corp. of Saskatchewan

 

 

4,912,800

 

 

4,000,000

 

Sinofert Holdings Ltd.

 

 

3,773,129

 

 

10,000

 

Syngenta AG

 

 

2,418,937

 

 

54,929

 

Umicore

 

 

13,733,980

 

 

 

 

 

 

     

 

 

 

Total Chemicals

 

 

45,122,977

 

               

Commercial Services—0.5%

 

 

 

 

 

35,000

1,2

Quanta Services, Inc.

 

 

1,155,000

 

               

Electric—6.2%

 

 

 

 

 

40,000

1

FPL Group, Inc.

 

 

2,736,800

 

 

458,000

 

Hera S.p.A.

 

 

2,061,371

 

 

160,000

 

Iberdrola S.A.

 

 

2,581,069

 

 

25,000

1

Ormat Technologies, Inc.

 

 

1,348,250

 

 

19,100

 

RWE AG

 

 

2,609,230

 

 

51,600

 

Suez S.A.

 

 

3,366,472

 

 

 

 

 

 

     

 

 

 

Total Electric

 

 

14,703,192

 

               

Electrical Components & Equipment—5.4%

 

 

 

 

 

65,000

1,2

American Superconductor Corp.

 

 

1,764,750

 

 

75,000

 

Gamesa Corp. Tecnologica S.A.

 

 

3,817,085

 

 

13,800

2

General Cable Corp.

 

 

993,462

 

 

17,500

2

Nordex AG

 

 

901,636

 

 

60,000

2

Vestas Wind Systems A/S

 

 

5,382,806

 

 

 

 

 

 

     

 

 

 

Total Electrical Components & Equipment

 

 

12,859,739

 

               

Electronics—3.1%

 

 

 

 

 

51,100

1,2

Itron, Inc.

 

 

5,492,739

 

 

63,100

1

Watts Water Technologies, Inc.

 

 

1,793,933

 

 

 

 

 

 

     

 

 

 

Total Electronics

 

 

7,286,672

 

               

Energy-Alternate Sources—7.8%

 

 

 

 

 

350,099

2

D1 Oils Plc

 

 

1,350,562

 

 

10,000

1,2

First Solar, Inc.

 

 

1,588,100

 

 

30,000

2

Q-Cells AG

 

 

3,835,649

 

 

45,000

2

Renewable Energy Corp. ASA

 

 

2,311,340

 

 

72,500

 

Solarworld AG

 

 

4,921,482

 

 

25,000

1,2

Sunpower Corp., Class A

 

 

3,161,500

 

 

25,000

 

Suntech Power Holdings Co. Ltd. (ADR)

 

 

1,472,250

 

 

 

 

 

 

     

 

 

 

Total Energy-Alternate Sources

 

 

18,640,883

 

               

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Engineering & Construction—2.1%

 

 

 

 

 

5,000

 

Acciona S.A.

 

$

1,547,452

 

 

13,500

1,2

Layne Christensen Co.

 

 

768,690

 

 

35,000

1,2

Shaw Group, Inc. (The)

 

 

2,611,000

 

 

 

 

 

 

     

 

 

 

Total Engineering & Construction

 

 

4,927,142

 

               

Environmental Control—6.4%

 

 

 

 

 

4,356,000

2

China Water Affairs Group Ltd.

 

 

3,127,145

 

 

60,000

2

Christ Water Technology AG

 

 

1,259,995

 

 

844,000

 

Hyflux Ltd.

 

 

2,139,399

 

 

79,400

 

Kurita Water Industries Ltd.

 

 

2,652,433

 

 

88,300

1

Nalco Holding Co.

 

 

2,195,138

 

 

108,900

1,2

Tetra Tech, Inc.

 

 

2,542,815

 

 

2,180,000

 

Tianjin Capital Environmental Protection

 

 

1,443,640

 

 

 

 

 

 

     

 

 

 

Total Environmental Control

 

 

15,360,565

 

               

Food—1.3%

 

 

 

 

 

60,000

 

Orkla ASA

 

 

1,121,778

 

 

100,000

 

Sao Martinho S.A.

 

 

1,298,934

 

 

50,000

1,2

SunOpta, Inc.

 

 

749,000

 

 

 

 

 

 

     

 

 

 

Total Food

 

 

3,169,712

 

               

Forest Products & Paper—2.4%

 

 

 

 

 

11,500

1

Aracruz Celulose S.A. (ADR)

 

 

884,235

 

 

50,000

1

Plum Creek Timber Co., Inc. (REIT)

 

 

2,233,500

 

 

11,533

2

Precious Woods Holding AG

 

 

1,509,463

 

 

25,000

1

Rayonier, Inc. (REIT)

 

 

1,207,250

 

 

 

 

 

 

     

 

 

 

Total Forest Products & Paper

 

 

5,834,448

 

               

Investment Company—0.4%

 

 

 

 

 

40,000

2

Climate Exchange Plc

 

 

1,002,985

 

               

Machinery—3.3%

 

 

 

 

 

59,550

1,2

AGCO Corp.

 

 

3,553,944

 

 

20,000

1

CNH Global N.V.

 

 

1,311,600

 

 

15,000

1

Deere & Co.

 

 

2,323,500

 

 

20,500

1

IDEX Corp.

 

 

726,110

 

 

 

 

 

 

     

 

 

 

Total Machinery

 

 

7,915,154

 

               

Metal Fabricate/Hardware—0.8%

 

 

 

 

 

183,900

1

Mueller Water Products, Inc.

 

 

1,945,662

 

               

Miscellaneous Manufacturing—1.3%

 

 

 

 

 

57,600

1

Pentair, Inc.

 

 

2,038,464

 

 

15,100

1

Roper Industries, Inc.

 

 

1,069,231

 

 

 

 

 

 

     

 

 

 

Total Miscellaneous Manufacturing

 

 

3,107,695

 

               

Oil & Gas—1.3%

 

 

 

 

 

12,500

1,2

Cheniere Energy, Inc.

 

 

506,250

 

 

50,000

 

Sasol Ltd.

 

 

2,555,342

 

 

 

 

 

 

     

 

 

 

Total Oil & Gas

 

 

3,061,592

 

               

Semiconductors—0.6%

 

 

 

 

 

20,000

1,2

MEMC Electronic Materials, Inc.

 

 

1,464,400

 

               

Transportation—0.6%

 

 

 

 

 

88,000

 

All America Latina Logistica S.A.

 

 

1,393,234

 

               

Water—13.8%

 

 

 

 

 

57,500

1

American States Water Co.

 

 

2,613,375

 

 

140,100

1

Aqua America, Inc.

 

 

3,258,726

 

 

39,400

1

Artesian Resources Corp., Class A

 

 

745,054

 

 

81,700

 

Athens Water Supply & Sewage Co S.A. (The)

 

 

1,054,805

 

 

58,300

1

California Water Service Group

 

 

2,587,937

 

 

54,000

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

 

1,407,841

 

 

107,000

 

Cia de Saneamento de Minas Gerais-COPASA

 

 

2,009,361

 

 

1,000,000

 

Inversiones Aguas Metropolitanas S.A.

 

 

1,237,950

 

 

116,800

 

Kelda Group Plc

 

 

2,310,438

 

 

4,160,000

 

Manila Water Co., Inc.

 

 

1,640,149

 

 

392,100

 

Northumbrian Water Group Plc

 

 

2,686,198

 

 

195,700

 

Pennon Group Plc

 

 

2,562,530

 

 

104,100

 

Severn Trent Plc

 

 

3,145,482

 

 

59,200

1

Southwest Water Co.

 

 

764,864

 

 

108,000

 

United Utilities Plc

 

 

1,641,995

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

21



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock EcoSolutions Investment Trust (BQR) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Water—(cont’d)

 

 

 

 

 

37,000

 

Veolia Environnement

 

$

3,312,546

 

 

 

 

 

 

     

 

 

 

Total Water

 

 

32,979,251

 

               

 

 

 

Total Common Stocks
(cost $180,873,888)

 

 

196,605,167

 

               

SHORT-TERM INVESTMENTS—17.9%

 

 

 

 

Money Market Fund—5.0%

 

 

 

 

 

11,942,586

3

Fidelity Institutional Money Market Prime Portfolio, 4.86%

 

 

11,942,586

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 

               

U.S. Government and Agency Discount Notes—12.9%

 

 

 

 

$

30,700,000

4

Federal Home Loan Bank Disc. Notes, 4.40% 11/01/07

 

 

30,700,000

 

               

 

 

 

Total Short-Term Investments
(cost $42,642,586)

 

 

42,642,586

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

               

OUTSTANDING CALL OPTIONS PURCHASED—2.8%

 

 

 

 

 

45,000

 

All America Latina Logistica S.A., strike price $0.0001,
expires 12/27/07

 

 

715,235

 

 

1,500

 

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, strike price $0.000001, expires 12/27/07

 

 

1,014,333

 

 

30,000

 

Christ Water Technology AG, strike price 0.001 EUR,
expires 01/09/08

 

 

623,301

 

 

27,000

 

Cia de Saneamento Basico do Estado de Sao Paulo,
strike price $0.001, expires 12/27/07

 

 

696,441

 

 

53,000

 

Cia de Saneamento de Minas Gerais-COPASA,
strike price $0.001, expires 12/27/07

 

 

995,520

 

 

150,000

 

D1 Oils Plc, strike price 0.0001 GBP, expires 01/09/08

 

 

537,755

 

 

500,000

 

Inversiones Aguas Metropolitanas S.A.,
strike price 0.0001 CLP, expires 12/27/07

 

 

618,975

 

 

33,000

 

Israel Chemicals Ltd., strike price 0.00001 ILS,
expires 12/27/07

 

 

363,142

 

 

58,000

 

Makhteshim-Again Industries Ltd., strike price 0.0001 ILS,
expires 12/27/07

 

 

554,909

 

 

50,000

 

Sao Martinho S.A., strike price $0.0001,
expires 12/27/07

 

 

650,210

 

               

 

 

 

Total Outstanding Call Options Purchased
(cost $6,573,010)

 

 

6,769,821

 

               

 

 

 

Total investments before outstanding options written
(cost $230,089,4845)

 

 

246,017,574

 

               

OUTSTANDING OPTIONS WRITTEN—(2.0)%

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.9)%

 

 

 

 

 

(1,500

)

Acciona S.A., strike price 210.53 EUR, expires 12/06/07

 

 

(28,798

)

 

(100

)

AGCO Corp., strike price $55, expires 11/19/07

 

 

(52,500

)

 

(100

)

AGCO Corp., strike price $55, expires 12/24/07

 

 

(67,500

)

 

(60

)

Agrium, Inc., strike price $55, expires 11/19/07

 

 

(54,000

)

 

(45,000

)

All America Latina Logistica S.A., strike price $28.26,
expires 12/27/07

 

 

(41,562

)

 

(20,000

)

American States Water Co., strike price $44.32,
expires 12/14/07

 

 

(60,990

)

 

(200

)

American Superconductor Corp., strike price $25,
expires 11/19/07

 

 

(58,500

)

 

(460

)

Aqua America, Inc., strike price $24, expires 12/14/07

 

 

(19,237

)

 

(70

)

Aracruz Celulose S.A. (ADR), strike price $75,
expires 11/19/07

 

 

(21,700

)

 

(200

)

Archer Daniels Midland Co., strike price $35,
expires 11/19/07

 

 

(30,000

)

 

(13,000

)

Artesian Resources Corp., Class A, strike price $19.53,
expires 12/21/07

 

 

(3,817

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

               

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(27,000

)

Athens Water Supply & Sewage Co S.A. (The),
strike price 9.10 EUR, expires 12/06/07

 

$

(9,793

)

 

(1,500

)

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, strike price $12.36, expires 12/27/07

 

 

(60,682

)

 

(10,000

)

Bunge Ltd., strike price $108, expires 12/14/07

 

 

(102,412

)

 

(20,000

)

California Water Service Group, strike price $43.40,
expires 12/07/07

 

 

(67,470

)

 

(25

)

CF Industries Holdings, Inc., strike price $80,
expires 01/21/08

 

 

(38,000

)

 

(40

)

Cheniere Energy, Inc., strike price $40, expires 11/19/07

 

 

(6,000

)

 

(1,400,000

)

China Water Affairs Group Ltd., strike price 5.24 HKD,
expires 12/11/07

 

 

(108,889

)

 

(30,000

)

Christ Water Technology AG, strike price 14.92 EUR,
expires 01/09/08

 

 

(24,683

)

 

(27,000

)

Cia de Saneamento Basico do Estado de Sao Paulo,
strike price $46.65, expires 12/27/07

 

 

(35,084

)

 

(53,000

)

Cia de Saneamento de Minas Gerais-COPASA,
strike price $33.10, expires 12/27/07

 

 

(59,270

)

 

(13,000

)

Climate Exchange Plc, strike price 16.15 GBP,
expires 12/06/07

 

 

(1,646

)

 

(60

)

CNH Global N.V., strike price $60, expires 11/19/07

 

 

(37,200

)

 

(25,000

)

Cresud S.A. (ADR), strike price $23.79,
expires 12/14/07

 

 

(55,893

)

 

(150,000

)

D1 Oils Plc, strike price 1.81 GBP, expires 01/09/08

 

 

(51,213

)

 

(50

)

Deere & Co., strike price $150, expires 11/19/07

 

 

(37,750

)

 

(16

)

First Solar, Inc., strike price $140, expires 11/19/07

 

 

(34,960

)

 

(16

)

First Solar, Inc., strike price $140, expires 12/24/07

 

 

(34,960

)

 

(100

)

FPL Group, Inc., strike price $65, expires 12/24/07

 

 

(47,500

)

 

(25,000

)

Gamesa Corp. Tecnologica S.A., strike price 30.35 EUR,
expires 12/06/07

 

 

(177,530

)

 

(50

)

General Cable Corp., strike price $75, expires 12/24/07

 

 

(22,500

)

 

(151,000

)

Hera S.p.A., strike price 3.07 EUR, expires 12/12/07

 

 

(20,757

)

 

(280,000

)

Hyflux Ltd., strike price 3.66 SGD, expires 12/11/07

 

 

(47,609

)

 

(50,000

)

Iberdrola S.A., strike price 10.81 EUR, expires 12/12/07

 

 

(37,872

)

 

(60

)

IDEX Corp., strike price $40, expires 11/19/07

 

 

(2,400

)

 

(500,000

)

Inversiones Aguas Metropolitanas S.A.,
strike price 634.09 CLP, expires 12/27/07

 

 

(12,925

)

 

(165,000

)

IOI Corp. Bhd, strike price $6.61, expires 12/11/07

 

 

(51,975

)

 

(33,000

)

Israel Chemicals Ltd., strike price 41.66 ILS,
expires 12/27/07

 

 

(15,331

)

 

(140

)

Itron, Inc., strike price $100, expires 11/19/07

 

 

(133,000

)

 

(120

)

Itron, Inc., strike price $100, expires 12/14/07

 

 

(130,543

)

 

(100

)

Johnson Controls, Inc., strike price $45,
expires 12/24/07

 

 

(15,250

)

 

(13,200

)

Johnson Matthey Plc, strike price 16.80 GBP,
expires 12/12/07

 

 

(40,931

)

 

(20

)

K+S AG, strike price 135 EUR, expires 12/21/07

 

 

(26,508

)

 

(38,500

)

Kelda Group Plc, strike price 9.09 GBP,
expires 12/06/07

 

 

(44,582

)

 

(6,000

)

Kingspan Group Plc, strike price 18.16 EUR,
expires 12/06/07

 

 

(3,022

)

 

(26,200

)

Kurita Water Industries Ltd., strike price 3,882.65 JPY,
expires 12/11/07

 

 

(51,262

)

 

(58,000

)

Makhteshim-Agan Industries Ltd., strike price 37.21 ILS,
expires 12/27/07

 

 

(31,029

)

 

(30

)

MEMC Electronic Materials, Inc., strike price $65,
expires 11/19/07

 

 

(26,250

)

 

(30

)

MEMC Electronic Materials, Inc., strike price $70,
expires 11/19/07

 

 

(14,700

)

 

(100

)

Monsanto Co., strike price $90, expires 11/19/07

 

 

(85,500

)

 

(50

)

Monsanto Co., strike price $95, expires 11/19/07

 

 

(23,250

)

 

(150

)

Mosaic Co. (The), strike price $65, expires 11/19/07

 

 

(93,000

)

 

(60,000

)

Mueller Water Products, Inc., strike price $12,
expires 12/14/07

 

 

(6,672

)

 

(290

)

Nalco Holding Co., strike price $30, expires 11/19/07

 

 

(7,975

)

 

(5,000

)

Nordex AG, strike price 36.79 EUR, expires 12/06/07

 

 

(15,355

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

22

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock EcoSolutions Investment Trust (BQR) (continued)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

             

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

(130,000)

 

Northumbrian Water Group Plc, strike price 3.34 GBP,
expires 12/06/07

 

$

(30,031)

 

 

(5,100)

 

Novozymes A/S, strike price 648.39 DKK,
expires 12/12/07

 

 

(3,994)

 

 

(19,800)

 

Orkla ASA, strike price 96.60 NOK, expires 12/12/07

 

 

(21,182)

 

 

(80)

 

Ormat Technologies, Inc., strike price $50,
expires 11/19/07

 

 

(34,000)

 

 

(64,600)

 

Pennon Group Plc, strike price 6.22 GBP,
expires 12/06/07

 

 

(33,164)

 

 

(19,000)

 

Pentair, Inc., strike price $34.09, expires 12/07/07

 

 

(40,105)

 

 

(100)

 

Plum Creek Timber Co., Inc. (REIT), strike price $45,
expires 12/24/07

 

 

(11,500)

 

 

(100)

 

Potash Corp. of Saskatchewan, strike price $125,
expires 12/24/07

 

 

(86,000)

 

 

(10,000)

 

Q-Cells AG, strike price 81.11 EUR, expires 12/06/07

 

 

(142,523)

 

 

(115)

 

Quanta Services, Inc., strike price $30, expires 11/19/07

 

 

(39,100)

 

 

(7,500)

 

Rayonier, Inc. (REIT), strike price $48.08,
expires 12/21/07

 

 

(21,914)

 

 

(15,000)

 

Renewable Energy Corp. AS, strike price 260.10 NOK,
expires 12/12/07

 

 

(73,568)

 

 

(5,000)

 

Roper Industries, Inc., strike price $67.27,
expires 12/14/07

 

 

(26,839)

 

 

(6,300)

 

RWE AG, strike price 88.46 EUR, expires 12/06/07

 

 

(59,889)

 

 

(50,000)

 

Sao Martinho S.A., strike price $21.76,
expires 12/27/07

 

 

(62,935)

 

 

(16,500)

 

Sasol Ltd., strike price 340.17 ZAR, expires 12/12/07

 

 

(32,427)

 

 

(34,400)

 

Severn Trent Plc, strike price 14.44 GBP,
expires 12/06/07

 

 

(32,674)

 

 

(50)

 

Shaw Group, Inc. (The), strike price $60,
expires 11/19/07

 

 

(75,250)

 

 

(50)

 

Shaw Group, Inc. (The), strike price $70,
expires 11/19/07

 

 

(33,750)

 

 

(100,000)

 

Sinofert Holdings Ltd., strike price 6.27 HKD,
expires 12/11/07

 

 

(14,591)

 

 

(20,000)

 

Solarworld AG, strike price 42.76 EUR, expires 12/06/07

 

 

(149,799)

 

 

(80)

 

Solarworld AG, strike price 45 EUR, expires 12/21/07

 

 

(13,659)

 

 

(19,500)

 

Southwest Water Co., strike price $13.23,
expires 12/14/07

 

 

(15,503)

 

 

(17,000)

 

Suez S.A., strike price 42.05 EUR, expires 12/06/07

 

 

(82,445)

 

 

(165)

 

SunOpta, Inc., strike price $15, expires 12/24/07

 

 

(16,913)

 

 

(40)

 

Sunpower Corp., Class A, strike price $90,
expires 11/19/07

 

 

(146,000)

 

 

(40)

 

Sunpower Corp., Class A, strike price $90,
expires 12/24/07

 

 

(150,200)

 

 

(75)

 

Suntech Power Holdings Co. Ltd. (ADR), strike price $45,
expires 12/24/07

 

 

(112,125)

 

 

(3,300)

 

Syngenta AG, strike price 253.26 CHF, expires 12/06/07

 

 

(74,916)

 

 

(360)

 

Tetra Tech, Inc., strike price $22.50, expires 12/24/07

 

 

(63,000)

 

 

(480,000)

 

Tianjin Capital Environmental Protection,
strike price 4.85 HKD, expires 01/29/08

 

 

(49,584)

 

 

(25,000)

 

Umicore, strike price 179.50 EUR, expires 11/16/07

 

 

(93,398)

 

 

(35,600)

 

United Utilities Plc, strike price 7.16 GBP,
expires 12/06/07

 

 

(19,794)

 

 

(12,200)

 

Veolia Environnement, strike price 60.78 EUR,
expires 12/06/07

 

 

(37,635)

 

 

(16,500)

 

Vestas Wind Systems A/S, strike price 446.60 DKK,
expires 12/06/07

 

 

(106,925)

 

 

(21,000)

 

Watts Water Technologies, Inc., strike price $33.04,
expires 12/21/07

 

 

(10,807)

 

               

 

 

 

Total Outstanding Call Options Written
(premium received $(2,617,220))

 

 

(4,407,876)

 

               

OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%

 

 

(900)

 

Acciona S.A., strike price 192.38 EUR, expires 11/12/07

 

 

(988)

 

 

(125)

 

AGCO Corp., strike price $50, expires 11/19/07

 

 

(1,250)

 

 

(50)

 

Agrium, Inc., strike price $50, expires 11/19/07

 

 

(500)

 


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

             

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(100)

 

American Superconductor Corp., strike price $20,
expires 11/19/07

 

$

(1,000)

 

 

(100)

 

Aqua America, Inc., strike price $22.50,
expires 11/19/07

 

 

(2,750)

 

 

(20)

 

Aracruz Celulose S.A. (ADR), strike price $70,
expires 11/19/07

 

 

(650)

 

 

(10,000)

 

Archer Daniels Midland Co., strike price $32.05,
expires 11/16/07

 

 

(2,608)

 

 

(9,000)

 

Athens Water Supply & Sewage Co S.A. (The),
strike price 8.66 EUR, expires 11/12/07

 

 

(1,289)

 

 

(40)

 

Bunge Ltd., strike price $105, expires 11/19/07

 

 

(2,600)

 

 

(35)

 

CF Industries Holdings, Inc., strike price $70,
expires 11/19/07

 

 

(1,400)

 

 

(25)

 

CF Industries Holdings, Inc., strike price $75,
expires 11/19/07

 

 

(2,125)

 

 

(485,000)

 

China Water Affairs Group Ltd., strike price 4.95 HKD,
expires 11/07/07

 

 

(1,458)

 

 

(7,500)

 

Climate Exchange Plc, strike price 14.74 GBP,
expires 11/12/07

 

 

(42,873)

 

 

(40)

 

CNH Global N.V., strike price $60, expires 11/19/07

 

 

(2,600)

 

 

(10,000)

 

D1 Oils Plc, strike price 1.65 GBP, expires 11/12/07

 

 

(229)

 

 

(25)

 

Deere & Co., strike price $140, expires 11/19/07

 

 

(1,938)

 

 

(15)

 

First Solar, Inc., strike price $120, expires 11/19/07

 

 

(825)

 

 

(60)

 

FPL Group, Inc., strike price $60, expires 11/19/07

 

 

(900)

 

 

(13,500)

 

Gamesa Corp. Tecnologica S.A., strike price 28.80 EUR,
expires 11/12/07

 

 

(8)

 

 

(30)

 

General Cable Corp., strike price $70, expires 11/19/07

 

 

(9,750)

 

 

(28,800)

 

Iberdrola S.A., strike price 10.14 EUR, expires 11/12/07

 

 

(83)

 

 

(50)

 

Itron, Inc., strike price $90, expires 11/19/07

 

 

(2,500)

 

 

(10)

 

Johnson Controls, Inc., strike price $100,
expires 11/19/07

 

 

(300)

 

 

(7,200)

 

Johnson Matthey Plc, strike price 16.38 GBP,
expires 11/12/07

 

 

(581)

 

 

(1,350)

 

K+S AG, strike price 124.61 EUR, expires 11/12/07

 

 

(704)

 

 

(12,500)

 

Kelda Group Plc, strike price 8.55 GBP, expires 11/12/07

 

 

(52)

 

 

(3,600)

 

Kingspan Group Plc, strike price 16.17 EUR,
expires 11/12/07

 

 

(2,018)

 

 

(8,800)

 

Kurita Water Industries Ltd., strike price 3,665.20 JPY,
expires 11/12/07

 

 

(3,328)

 

 

(570,000)

 

Manila Water Co., Inc., strike price $15.44,
expires 11/07/07

 

 

(38,817)

 

 

(25)

 

MEMC Electronic Materials, Inc., strike price $60,
expires 11/19/07

 

 

(312)

 

 

(60)

 

Monsanto Co., strike price $85, expires 11/19/07

 

 

(750)

 

 

(100)

 

Mosaic Co. (The), strike price $50, expires 11/19/07

 

 

(1,000)

 

 

(50)

 

Mosaic Co. (The), strike price $60, expires 11/19/07

 

 

(2,250)

 

 

(20,000)

 

Mueller Water Products, Inc., strike price $10.75,
expires 11/16/07

 

 

(7,776)

 

 

(3,100)

 

Nordex AG, strike price 35.08 EUR, expires 11/12/07

 

 

(5,782)

 

 

(38,800)

 

Northumbrian Water Group Plc, strike price 3.15 GBP,
expires 11/12/07

 

 

(1,952)

 

 

(20,000)

 

Nufarm Ltd., strike price 13.51 AUD, expires 11/07/07

 

 

(75)

 

 

(12,000)

 

Orkla ASA, strike price 95.84 NOK, expires 11/12/07

 

 

(1,986)

 

 

(19,500)

 

Pennon Group Plc, strike price 5.97 GBP,
expires 11/12/07

 

 

(1,103)

 

 

(10,000)

 

Pentair, Inc., strike price $32.50, expires 11/01/07

 

 

— 

 

 

(50)

 

Plum Creek Timber Co., Inc. (REIT), strike price $45,
expires 11/19/07

 

 

(7,125)

 

 

(50)

 

Potash Corp. of Saskatchewan, strike price $100,
expires 11/19/07

 

 

(1,250)

 

 

(30)

 

Q-Cells AG, strike price 70 EUR, expires 11/16/07

 

 

(8,496)

 

 

(60)

 

Quanta Services, Inc., strike price $25, expires 11/19/07

 

 

(600)

 

 

(30)

 

Rayonier, Inc. (REIT), strike price $45, expires 11/19/07

 

 

(1,050)

 

 

(9,000)

 

Renewable Energy Corp. ASA, strike price 247.45 NOK,
expires 11/12/07

 

 

(2,492)

 

 

(20)

 

Roper Industries, Inc., strike price $65, expires 11/19/07

 

 

(650)

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

23



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock EcoSolutions Investment Trust (BQR) (concluded)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

             

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(1,900)

 

RWE AG, strike price 86.51 EUR, expires 11/12/07

 

$

(104)

 

 

(9,400)

 

Severn Trent Plc, strike price 13.88 GBP,
expires 11/12/07

 

 

(825)

 

 

(53)

 

Shaw Group, Inc. (The), strike price $55,
expires 11/19/07

 

 

(928)

 

 

(800,000)

 

Sinofert Holdings Ltd., strike price 6.35 HKD,
expires 11/07/07

 

 

(712)

 

 

(200)

 

Solarworld AG, strike price 39 EUR, expires 11/16/07

 

 

(18,831)

 

 

(60)

 

Suez S.A., strike price 41 EUR, expires 11/16/07

 

 

(565)

 

 

(100)

 

SunOpta, Inc., strike price $15, expires 11/19/07

 

 

(6,500)

 

 

(40)

 

Sunpower Corp., Class A, strike price $80,
expires 11/19/07

 

 

(500)

 

 

(25)

 

Suntech Power Holdings Co. Ltd. (ADR), strike price $40,
expires 11/19/07

 

 

(312)

 

 

(1,800)

 

Syngenta AG, strike price 245.25 CHF, expires 11/12/07

 

 

(89)

 

 

(15,000)

 

Tetra Tech, Inc., strike price $21.50, expires 11/01/07

 

 

— 

 

 

(240,000)

 

Tianjin Capital Environmental Protection,
strike price 4.82 HKD, expires 11/08/07

 

 

(2,493)

 

 

(10,000)

 

United Utilities Plc, strike price 6.92 GBP,
expires 11/12/07

 

 

(299)

 

 

(50)

 

Veolia Environnement, strike price 60 EUR,
expires 11/16/07

 

 

(5,504)

 

 

(9,000)

 

Vestas Wind Systems A/S, strike price 406.70 DKK,
expires 11/12/07

 

 

(1,829)

 

 

(100)

 

Watts Water Technologies, Inc., strike price $30,
expires 11/19/07

 

 

(18,750)

 

               

 

 

 

Total Outstanding Put Options Written
(premium received $(639,605))

 

 

(229,014)

 

               

 

 

 

Total Outstanding Options Written
(premium received $(3,256,825))

 

 

(4,636,890)

 

               

Total investments net of outstanding options written—101.1%

 

$

241,380,684 

 

Liabilities in excess of other assets—(1.1)%

 

 

(2,649,875)

 

 

 

     

Net Assets—100.0%

 

$

238,730,809 

 

 

 

     

 

 

 

 

 

         

 

 

1

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

2

Non-income producing security.

3

Represents current yield as of October 31, 2007.

4

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

5

Cost for federal income tax purposes is $230,101,262. The net unrealized appreciation on a tax basis is $15,916,312, consisting of $17,593,534 gross unrealized appreciation and $1,677,222 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

24

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 




 

 

 

Portfolio of Investments as of October 31, 2007

 

BlackRock Global Energy and Resources Trust (BGR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—92.4%

 

 

 

 

Common Stocks—92.4%

 

 

 

 

Chemicals—1.3%

 

 

 

 

 

121,500

 

Potash Corp. of Saskatchewan

 

$

14,922,630

 

               

Coal—9.0%

 

 

 

 

 

287,200

1

Arch Coal, Inc.

 

 

11,775,200

 

 

537,200

1

Consol Energy, Inc.

 

 

30,351,800

 

 

348,770

 

Natural Resources Partners LP

 

 

11,893,057

 

 

430,000

 

Peabody Energy Corp.

 

 

23,972,500

 

 

281,300

 

Penn Virginia GP Holdings LP

 

 

9,282,900

 

 

481,900

 

Penn Virginia Resource Partners LP

 

 

13,883,539

 

 

 

 

 

 

     

 

 

 

Total Coal

 

 

101,158,996

 

               

Electric—1.1%

 

 

 

 

 

77,800

1,2

Dominion Resources, Inc.

 

 

7,128,814

 

 

122,900

3

NRG Energy, Inc.

 

 

5,611,614

 

 

 

 

 

 

     

 

 

 

Total Electric

 

 

12,740,428

 

               

Gas—1.0%

 

 

 

 

 

4,514

 

AltaGas Utility Group, Inc.

 

 

32,876

 

 

613,800

 

Keyera Facilities Income Fund

 

 

10,877,057

 

 

 

 

 

 

     

 

 

 

Total Gas

 

 

10,909,933

 

               

Metal Fabricate/Hardware—1.4%

 

 

 

 

 

260,100

 

Norsk Hydro ASA

 

 

3,823,827

 

 

104,600

 

Tenaris S.A. (ADR)

 

 

5,627,480

 

 

20,400

 

Vallourec

 

 

5,940,489

 

 

 

 

 

 

     

 

 

 

Total Metal Fabricate/Hardware

 

 

15,391,796

 

               

Mining—5.5%

 

 

 

 

 

207,100

 

BHP Billiton Ltd. (ADR)

 

 

18,071,546

 

 

104,800

 

Cameco Corp.

 

 

5,140,440

 

 

247,736

 

Goldcorp, Inc.

 

 

8,702,966

 

 

355,828

3

NovaGold Resources, Inc.

 

 

6,689,566

 

 

40,880

 

Rio Tinto Plc

 

 

3,833,528

 

 

7,300

 

Rio Tinto Plc (ADR)

 

 

2,737,500

 

 

146,700

3

Silver Wheaton Corp.

 

 

2,474,829

 

 

132,600

 

Teck Cominco Ltd., Class B

 

 

6,640,879

 

 

470,700

 

Zinifex Ltd.

 

 

7,449,117

 

 

 

 

 

 

     

 

 

 

Total Mining

 

 

61,740,371

 

               

Oil & Gas—40.9%

 

 

 

 

 

160,900

 

Apache Corp.

 

 

16,703,029

 

 

364,000

 

ARC Energy Trust

 

 

8,234,457

 

 

489,200

 

Baytex Energy Trust

 

 

10,491,920

 

 

924,373

 

BG Group Plc

 

 

17,138,661

 

 

86,600

3,4

Bill Barrett Corp.

 

 

4,052,880

 

 

108,000

 

Bonavista Energy Trust

 

 

3,641,349

 

 

73,900

 

Cabot Oil & Gas Corp.

 

 

2,933,091

 

 

140,500

1

Canadian Natural Resources Ltd.

 

 

11,689,600

 

 

295,400

1,4

Chesapeake Energy Corp.

 

 

11,662,392

 

 

211,200

3

Compton Petroleum Corp.

 

 

1,862,379

 

 

93,900

 

ConocoPhillips

 

 

7,977,744

 

 

70,600

 

Devon Energy Corp.

 

 

6,594,040

 

 

76,000

 

Diamond Offshore Drilling, Inc.

 

 

8,605,480

 

 

84,700

 

EnCana Corp.

 

 

5,903,590

 

 

124,800

 

ENSCO Intl., Inc.

 

 

6,925,152

 

 

308,600

4

EOG Resources, Inc.

 

 

27,341,960

 

 

130,600

 

EV Energy Partner LP

 

 

5,030,712

 

 

417,800

3,4

EXCO Resources, Inc.

 

 

7,052,464

 

 

122,900

 

Exxon Mobil Corp.

 

 

11,305,571

 

 

347,400

 

Focus Energy Trust

 

 

6,935,864

 

 

219,900

3

Forest Oil Corp.

 

 

10,684,941

 

 

115,100

 

GlobalSantaFe Corp.

 

 

9,326,553

 

 

412,100

 

Helmerich & Payne, Inc.

 

 

13,030,602

 

 

100,000

 

Hess Corp.

 

 

7,161,000

 

 

186,200

 

Marathon Oil Corp.

 

 

11,010,006

 

 

291,400

3,4

Newfield Exploration Co.

 

 

15,688,976

 

 

319,300

 

Nexen, Inc.

 

 

10,812,901

 


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Oil & Gas—(cont’d)

 

 

 

 

 

255,200

 

Noble Corp.

 

$

13,512,840

 

 

145,900

 

Noble Energy, Inc.

 

 

11,167,186

 

 

193,200

 

Occidental Petroleum Corp.

 

 

13,340,460

 

 

263,800

 

Petroleo Brasileiro S.A. (ADR)

 

 

25,227,194

 

 

83,600

 

Precision Drilling Trust

 

 

1,524,864

 

 

98,200

1,3

Pride Intl., Inc.

 

 

3,623,580

 

 

102,100

3

Quicksilver Resources, Inc.

 

 

5,819,700

 

 

190,700

 

Range Resources Corp.

 

 

8,568,151

 

 

257,600

3

SeaDrill Ltd.

 

 

6,167,275

 

 

201,000

3

Southwestern Energy Co.

 

 

10,397,730

 

 

495,257

 

StatoilHydro ASA

 

 

16,871,689

 

 

164,000

 

StatoilHydro ASA (ADR)

 

 

5,589,120

 

 

89,100

 

Suncor Energy, Inc.

 

 

9,732,393

 

 

107,300

1

Total S.A. (ADR)

 

 

8,649,453

 

 

232,900

3

Transocean, Inc.

 

 

27,801,273

 

 

65,000

3

TXCO Resources, Inc.

 

 

754,650

 

 

399,900

 

Vermilion Energy Trust

 

 

16,679,257

 

 

128,264

3,4

Warren Resources, Inc.

 

 

1,947,047

 

 

85,800

 

XTO Energy, Inc.

 

 

5,695,404

 

 

174,200

 

Zargon Energy Trust

 

 

4,999,272

 

 

 

 

 

 

     

 

 

 

Total Oil & Gas

 

 

457,865,852

 

               

Oil & Gas Services—11.8%

 

 

 

 

 

132,400

1

Acergy S.A. (ADR)

 

 

3,831,656

 

 

75,400

3

Cameron Intl. Corp.

 

 

7,340,944

 

 

156,900

1,3,4

Cie Generale de Geophysique-Veritas (ADR)

 

 

10,298,916

 

 

51,931

3

Core Laboratories N.V.

 

 

7,578,810

 

 

62,100

3

Exterran Holdings, Inc.

 

 

5,228,820

 

 

144,000

3

FMC Technologies, Inc.

 

 

8,730,720

 

 

83,700

3

Grant Prideco, Inc.

 

 

4,114,692

 

 

224,300

3

Helix Energy Solutions Group, Inc.

 

 

10,373,875

 

 

182,800

3,4

Hercules Offshore, Inc.

 

 

4,942,912

 

 

258,116

3

National Oilwell Varco, Inc.

 

 

18,904,416

 

 

355,200

 

Saipem S.p.A.

 

 

15,764,479

 

 

166,100

 

Savanna Energy Services Corp.

 

 

2,808,042

 

 

115,100

 

SBM Offshore N.V.

 

 

4,441,690

 

 

79,300

 

Schlumberger Ltd.

 

 

7,658,001

 

 

302,724

3,4

Weatherford Intl. Ltd.

 

 

19,649,815

 

 

 

 

 

 

     

 

 

 

Total Oil & Gas Services

 

 

131,667,788

 

               

Pipelines—13.3%

 

 

 

 

 

451,400

 

AltaGas Income Trust

 

 

12,806,352

 

 

201,400

1

Boardwalk Pipeline Partners LP

 

 

6,545,500

 

 

51,600

 

Buckeye Partners LP

 

 

2,863,284

 

 

49,200

 

Enbridge Energy Partners LP

 

 

2,612,028

 

 

236,700

 

Energy Transfer Partners LP

 

 

13,165,254

 

 

526,005

 

Enterprise Products Partners LP

 

 

16,826,900

 

 

312,500

1

Equitable Resources, Inc.

 

 

17,600,000

 

 

105,432

3

Kinder Morgan Management LLC

 

 

5,355,964

 

 

145,800

 

ONEOK Partners LP

 

 

9,186,858

 

 

165,500

 

ONEOK, Inc.

 

 

8,265,070

 

 

265,500

 

Pembina Pipeline Income Fund

 

 

5,044,964

 

 

116,400

 

Plains All American Pipeline LP

 

 

6,420,624

 

 

90,100

 

Questar Corp.

 

 

5,142,908

 

 

1,125,000

 

Spectra Energy Income Fund

 

 

10,718,255

 

 

300,000

 

Targa Resources Partners LP

 

 

8,253,000

 

 

61,600

 

TEPPCO Partners LP

 

 

2,480,016

 

 

338,000

1

Williams Partners LP

 

 

15,463,500

 

 

 

 

 

 

     

 

 

 

Total Pipelines

 

 

148,750,477

 

               

Transportation—7.1%

 

 

 

 

 

600

 

AP Moller - Maersk A/S

 

 

8,308,101

 

 

795,000

 

Aries Maritime Transport Ltd.

 

 

7,528,650

 

 

153,700

 

Genco Shipping & Trading Ltd.

 

 

11,049,493

 

 

600,000

 

OceanFreight, Inc.

 

 

15,984,000

 

 

350,000

3

Paragon Shipping, Inc., Class A

 

 

8,778,000

 

 

390,400

 

Seaspan Corp.

 

 

12,461,568

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

25




 

 


 

Portfolio of Investments as of October 31, 2007

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

           

Transportation—(cont’d)

 

 

 

 

 

546,000

 

Ship Finance Intl. Ltd.

 

$

14,949,480

 

 

 

 

 

 

     

 

 

 

Total Transportation

 

 

79,059,292

 

 

 

 

 

Total Common Stocks
(cost $682,633,006)

 

 

1,034,207,563

 

 

SHORT-TERM INVESTMENTS—10.9%

 

 

 

 

 

 

 

 

 

Money Market Funds—8.9%

 

 

 

 

 

54,850,032

5

Fidelity Institutional Money Market Prime Portfolio,
4.86%

 

 

54,850,032

 

 

44,287,750

5,6,7

BlackRock Liquidity Series, LLC
Money Market Series, 5.04%

 

 

44,287,750

 

 

 

 

 

Total Money Market Funds

 

 

99,137,782

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—2.0%

 

 

 

 

$

22,400,000

8

Federal Home Loan Bank Disc. Notes,
4.40%, 11/01/07

 

 

22,400,000

 

 

 

 

 

Total Short-Term Investments
(cost $121,537,782)

 

 

121,537,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Contracts

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

250

 

Arch Coal, Inc., strike price $40.50, expires 11/02/07

 

 

19,645

 

 

500

 

Cabot Oil & Gas Corp., strike price $43,
expires 11/02/07

 

 

5

 

 

150,000

 

Double Hull Tankers, Inc., strike price $18,
expires 11/30/07

 

 

5,835

 

 

40,000

 

EOG Resources, Inc., strike price $85,
expires 11/16/07

 

 

191,692

 

 

300

 

Grant Prideco, Inc., strike price $55, expires 11/17/07

 

 

7,500

 

 

100,000

 

Husky Energy, Inc., strike price 45 CAD,
expires 11/16/07

 

 

53,523

 

 

25,000

 

Peabody Energy Corp., strike price $60,
expires 11/16/07

 

 

15,065

 

 

250

 

Peabody Energy Corp., strike price $60,
expires 12/24/07

 

 

48,125

 

 

20,000

 

Plains Exploration & Production Co., strike price $55,
expires 11/16/07

 

 

8,982

 

 

250

 

Talisman Energy, Inc., strike price $23.88,
expires 11/02/07

 

 

 

 

10,000

 

Unit Corp., strike price $70.50, expires 11/06/07

 

 

 

 

 

 

 

Total Outstanding Call Options Purchased
(cost $140,500)

 

 

350,372

 

 

 

 

 

Total investments before outstanding options written
(cost $804,311,2889)

 

 

1,156,095,717

 

 

OUTSTANDING OPTIONS WRITTEN—(1.8)%

 

 

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.8)%

 

 

 

 

 

(50,000

)

Acergy S.A. (ADR), strike price $27, expires 11/16/07

 

 

(117,925

)

 

(250

)

Acergy S.A. (ADR), strike price $30, expires 11/19/07

 

 

(16,250

)

 

(200

)

AP Moller - Maersk A/S, strike price 68,000 DKK,
expires 11/09/07

 

 

(130,731

)

 

(250

)

Apache Corp., strike price $90, expires 12/24/07

 

 

(381,250

)

 

(10,000

)

Apache Corp., strike price $91, expires 11/16/07

 

 

(130,473

)

 

(15,000

)

Apache Corp., strike price $96, expires 11/16/07

 

 

(129,840

)

 

(250

)

Arch Coal, Inc., strike price $40, expires 01/21/08

 

 

(93,750

)

 

(250

)

Arch Coal, Inc., strike price $41.25, expires 11/02/07

 

 

(9,580

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(25,000

)

Arch Coal, Inc., strike price $42.50, expires 11/16/07

 

$

(20,452

)

 

(10,000

)

BG Group Plc, strike price 8 GBP, expires 11/07/07

 

 

(18,789

)

 

(145,000

)

BG Group Plc, strike price 8.10 GBP, expires 11/28/07

 

 

(274,756

)

 

(100,000

)

BG Group Plc, strike price 8.40 GBP, expires 11/27/07

 

 

(140,707

)

 

(100,000

)

BG Group Plc, strike price 8.45 GBP, expires 11/16/07

 

 

(117,439

)

 

(750

)

BHP Billiton Ltd. (ADR), strike price $75,
expires 11/19/07

 

 

(945,000

)

 

(20,000

)

Bill Barrett Corp., strike price $41, expires 11/16/07

 

 

(120,240

)

 

(50

)

Bill Barrett Corp., strike price $45, expires 12/24/07

 

 

(19,000

)

 

(50,000

)

Cabot Oil & Gas Corp., strike price $43.97,
expires 11/02/07

 

 

(1

)

 

(20,000

)

Cameco Corp., strike price $56, expires 11/16/07

 

 

(3,508

)

 

(200

)

Cameron Intl. Corp., strike price $100,
expires 11/19/07

 

 

(59,500

)

 

(20,000

)

Canadian Natural Resources Ltd., strike price $66,
expires 11/16/07

 

 

(346,522

)

 

(20,000

)

Canadian Natural Resources Ltd., strike price $68,
expires 11/16/07

 

 

(306,870

)

 

(250

)

Chesapeake Energy Corp., strike price $37.50,
expires 11/05/07

 

 

(49,747

)

 

(250

)

Chesapeake Energy Corp., strike price $37.50,
expires 01/21/08

 

 

(82,500

)

 

(350

)

Chesapeake Energy Corp., strike price $38,
expires 11/13/07

 

 

(62,860

)

 

(12,500

)

Chesapeake Energy Corp., strike price $38.64,
expires 11/16/07

 

 

(17,855

)

 

(450

)

Cie Generale de Geophysique-Veritas (ADR),
strike price $60, expires 12/24/07

 

 

(337,500

)

 

(250

)

ConocoPhillips, strike price $90, expires 11/19/07

 

 

(13,000

)

 

(25,000

)

Consol Energy, Inc., strike price $46, expires 11/09/07

 

 

(263,658

)

 

(250

)

Consol Energy, Inc., strike price $48.75,
expires 11/05/07

 

 

(194,018

)

 

(25,000

)

Consol Energy, Inc., strike price $50.05,
expires 11/16/07

 

 

(167,928

)

 

(50,000

)

Consol Energy, Inc., strike price $54, expires 11/30/07

 

 

(209,925

)

 

(92

)

Consol Energy, Inc., strike price $55, expires 12/24/07

 

 

(41,400

)

 

(100

)

Core Laboratories N.V., strike price $120,
expires 12/24/07

 

 

(261,000

)

 

(250

)

Core Laboratories N.V., strike price $125,
expires 11/30/07

 

 

(552,903

)

 

(100

)

Devon Energy Corp., strike price $82.88,
expires 11/13/07

 

 

(107,328

)

 

(10,000

)

Devon Energy Corp., strike price $86, expires 11/16/07

 

 

(79,910

)

 

(250

)

Diamond Offshore Drilling, Inc., strike price $115,
expires 11/30/07

 

 

(99,388

)

 

(100

)

Diamond Offshore Drilling, Inc., strike price $115,
expires 12/24/07

 

 

(59,000

)

 

(25,000

)

Dominion Resources, Inc., strike price $91,
expires 11/16/07

 

 

(42,855

)

 

(20,000

)

Dominion Resources, Inc., strike price $91.73,
expires 11/16/07

 

 

(26,580

)

 

(100,000

)

Double Hull Tankers, Inc., strike price $18,
expires 11/16/07

 

 

(690

)

 

(50,000

)

Double Hull Tankers, Inc., strike price $18.49,
expires 11/30/07

 

 

(995

)

 

(10,000

)

EnCana Corp., strike price $65, expires 11/16/07

 

 

(50,605

)

 

(100

)

EnCana Corp., strike price $65, expires 01/21/08

 

 

(71,000

)

 

(25,000

)

EnCana Corp., strike price $66, expires 11/16/07

 

 

(105,565

)

 

(25,000

)

ENSCO Intl., Inc., strike price $60, expires 11/16/07

 

 

(9,622

)

 

(250

)

ENSCO Intl., Inc., strike price $63, expires 11/08/07

 

 

(247

)

 

(25,000

)

EOG Resources, Inc., strike price $81,
expires 11/06/07

 

 

(190,490

)

 

(250

)

EOG Resources, Inc., strike price $82,
expires 11/30/07

 

 

(196,870

)

 

(15,000

)

EOG Resources, Inc., strike price $86,
expires 11/16/07

 

 

(61,584

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

26

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(25,000

)

EOG Resources, Inc., strike price $90,
expires 11/16/07

 

$

(42,777

)

 

(300

)

Equitable Resources, Inc., strike price $55,
expires 12/24/07

 

 

(93,000

)

 

(200

)

Equitable Resources, Inc., strike price $55,
expires 01/21/08

 

 

(76,000

)

 

(50,000

)

EXCO Resources, Inc., strike price $20.50,
expires 11/16/07

 

 

(345

)

 

(135

)

Exterran Holdings, Inc., strike price $90,
expires 11/19/07

 

 

(6,412

)

 

(25,000

)

Exxon Mobil Corp., strike price $91, expires 11/16/07

 

 

(68,095

)

 

(250

)

Exxon Mobil Corp., strike price $95, expires 12/24/07

 

 

(59,375

)

 

(400

)

FMC Technologies, Inc., strike price $55,
expires 12/24/07

 

 

(322,000

)

 

(200

)

FMC Technologies, Inc., strike price $60,
expires 11/19/07

 

 

(58,500

)

 

(250

)

Forest Oil Corp., strike price $45, expires 11/05/07

 

 

(90,080

)

 

(200

)

Forest Oil Corp., strike price $45, expires 11/19/07

 

 

(79,000

)

 

(250

)

Forest Oil Corp., strike price $46, expires 12/14/07

 

 

(100,008

)

 

(500

)

Genco Shipping & Trading Ltd., strike price $75,
expires 12/24/07

 

 

(275,000

)

 

(20,000

)

GlobalSantaFe Corp., strike price $76,
expires 11/16/07

 

 

(114,907

)

 

(200

)

GlobalSantaFe Corp., strike price $78,
expires 11/06/07

 

 

(61,902

)

 

(250

)

Goldcorp, Inc., strike price $30, expires 11/30/07

 

 

(139,098

)

 

(15,000

)

Goldcorp, Inc., strike price $30.25, expires 11/16/07

 

 

(75,225

)

 

(300

)

Goldcorp, Inc., strike price $32.50, expires 12/24/07

 

 

(120,000

)

 

(837

)

Grant Prideco, Inc., strike price $45, expires 12/24/07

 

 

(485,460

)

 

(30,000

)

Grant Prideco, Inc., strike price $60.05,
expires 11/16/07

 

 

(603

)

 

(25,000

)

Helix Energy Solutions Group, Inc., strike price $45.25,
expires 11/16/07

 

 

(51,200

)

 

(200

)

Helix Energy Solutions Group, Inc., strike price $50,
expires 12/24/07

 

 

(20,500

)

 

(25,000

)

Helmerich & Payne, Inc., strike price $36,
expires 11/16/07

 

 

(1,037

)

 

(75,000

)

Helmerich & Payne, Inc., strike price $36.50,
expires 11/16/07

 

 

(1,950

)

 

(250

)

Helmerich & Payne, Inc., strike price $37,
expires 11/02/07

 

 

 

 

(200

)

Hercules Offshore, Inc., strike price $32,
expires 12/14/07

 

 

(5,002

)

 

(25,000

)

Hercules Offshore, Inc., strike price $38,
expires 11/02/07

 

 

 

 

(100

)

Hess Corp., strike price $60, expires 11/19/07

 

 

(115,000

)

 

(125

)

Hess Corp., strike price $65, expires 11/19/07

 

 

(85,625

)

 

(100

)

Hess Corp., strike price $70, expires 11/19/07

 

 

(31,500

)

 

(100,000

)

Husky Energy, Inc., strike price 46 CAD,
expires 11/16/07

 

 

(27,386

)

 

(25,000

)

Marathon Oil Corp., strike price $57,
expires 11/02/07

 

 

(56,493

)

 

(60,000

)

Marathon Oil Corp., strike price $65.05,
expires 11/16/07

 

 

(17,766

)

 

(20,000

)

Marathon Oil Corp., strike price $65.50,
expires 11/16/07

 

 

(7,808

)

 

(920

)

National Oilwell Varco, Inc., strike price $77.50,
expires 11/19/07

 

 

(140,300

)

 

(125

)

Newfield Exploration Co., strike price $55,
expires 11/02/07

 

 

(1,951

)

 

(600

)

Newfield Exploration Co., strike price $55,
expires 12/24/07

 

 

(135,000

)

 

(50,000

)

Newfield Exploration Co., strike price $55.25,
expires 11/16/07

 

 

(49,635

)

 

(800

)

Nexen, Inc., strike price 37 CAD, expires 11/19/07

 

 

(12,703

)

 

(280

)

Noble Corp., strike price $50, expires 12/24/07

 

 

(131,600

)

 

(20,000

)

Noble Corp., strike price $50.50, expires 11/16/07

 

 

(64,800

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(280

)

Noble Corp., strike price $52.50, expires 12/24/07

 

$

(89,600

)

 

(325

)

Noble Energy, Inc., strike price $75, expires 11/19/07

 

 

(93,438

)

 

(101,000

)

Norsk Hydro ASA, strike price 225.96 NOK,
expires 11/06/07

 

 

(197,137

)

 

(50,000

)

NovaGold Resources, Inc., strike price $18,
expires 11/16/07

 

 

(70,035

)

 

(500

)

NovaGold Resources, Inc., strike price $20,
expires 12/24/07

 

 

(63,750

)

 

(20,000

)

NRG Energy, Inc., strike price $40.50,
expires 11/16/07

 

 

(107,036

)

 

(200

)

NRG Energy, Inc., strike price $42.50, expires 12/24/07

 

 

(91,000

)

 

(40,000

)

Occidental Petroleum Corp., strike price $61,
expires 11/16/07

 

 

(329,496

)

 

(20,000

)

Occidental Petroleum Corp., strike price $62,
expires 11/06/07

 

 

(141,216

)

 

(60,000

)

OceanFreight, Inc., strike price $24.48,
expires 11/30/07

 

 

(173,754

)

 

(50,000

)

ONEOK, Inc., strike price $56, expires 11/16/07

 

 

(380

)

 

(50,000

)

Paragon Shipping, Inc., Class A, strike price $24.71,
expires 12/21/07

 

 

(74,000

)

 

(500

)

Peabody Energy Corp., strike price $55,
expires 12/24/07

 

 

(200,000

)

 

(250

)

Peabody Energy Corp., strike price $58,
expires 11/02/07

 

 

(2,202

)

 

(25,000

)

Peabody Energy Corp., strike price $61,
expires 11/16/07

 

 

(10,775

)

 

(25,000

)

Peabody Energy Corp., strike price $61,
expires 12/21/07

 

 

(43,127

)

 

(400

)

Petroleo Brasileiro S.A. (ADR), strike price $70,
expires 11/19/07

 

 

(1,030,000

)

 

(20,000

)

Petroleo Brasileiro S.A. (ADR), strike price $70.50,
expires 11/16/07

 

 

(504,176

)

 

(30,000

)

Petroleo Brasileiro S.A. (ADR), strike price $76,
expires 11/30/07

 

 

(599,553

)

 

(100

)

Plains All American Pipeline LP, strike price $65,
expires 11/19/07

 

 

(500

)

 

(100

)

Plains Exploration & Production Co., strike price $55,
expires 11/19/07

 

 

(4,000

)

 

(100

)

Plains Exploration & Production Co., strike price $60,
expires 11/19/07

 

 

(1,000

)

 

(10,000

)

Potash Corp. of Saskatchewan, strike price $81,
expires 11/16/07

 

 

(418,393

)

 

(150

)

Potash Corp. of Saskatchewan, strike price $90,
expires 12/24/07

 

 

(511,500

)

 

(20,000

)

Pride Intl., Inc., strike price $37.83, expires 11/16/07

 

 

(14,724

)

 

(15,000

)

Pride Intl., Inc., strike price $40.25, expires 11/16/07

 

 

(2,746

)

 

(20,000

)

Questar Corp., strike price $58, expires 11/16/07

 

 

(20,178

)

 

(500

)

Questar Corp., strike price $59, expires 11/13/07

 

 

(28,140

)

 

(150

)

Quicksilver Resources, Inc., strike price $47.50,
expires 11/06/07

 

 

(142,689

)

 

(30,000

)

Quicksilver Resources, Inc., strike price $49,
expires 11/16/07

 

 

(245,757

)

 

(150

)

Range Resources Corp., strike price $45,
expires 11/19/07

 

 

(22,125

)

 

(154

)

Range Resources Corp., strike price $45,
expires 12/24/07

 

 

(40,810

)

 

(15,000

)

Range Resources Corp., strike price $45.25,
expires 11/16/07

 

 

(20,466

)

 

(20,000

)

Rio Tinto Plc, strike price 41 GBP, expires 11/27/07

 

 

(189,470

)

 

(90,000

)

Saipem S.p.A., strike price 22.85 EUR,
expires 11/07/07

 

 

(1,009,210

)

 

(60,000

)

SBM Offshore N.V., strike price 28.14 EUR,
expires 11/07/07

 

 

(2,512

)

 

(200

)

Schlumberger Ltd., strike price $95, expires 11/19/07

 

 

(77,000

)

 

(100

)

Schlumberger Ltd., strike price $95, expires 12/24/07

 

 

(63,000

)

 

(30,000

)

SeaDrill Ltd., strike price 120 NOK, expires 11/07/07

 

 

(45,790

)

 

(65,000

)

SeaDrill Ltd., strike price 127.05 NOK,
expires 11/06/07

 

 

(35,861

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

27



 

 


 

Portfolio of Investments as of October 31, 2007

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(40,000

)

Seaspan Corp., strike price $29.75, expires 11/16/07

 

$

(88,544

)

 

(400

)

Seaspan Corp., strike price $31.50, expires 01/11/08

 

 

(71,156

)

 

(40,000

)

Seaspan Corp., strike price $37.50, expires 11/30/07

 

 

(6,968

)

 

(50,000

)

Ship Finance Intl. Ltd., strike price $31,
expires 11/16/07

 

 

(16,965

)

 

(50,000

)

Ship Finance Intl. Ltd., strike price $32,
expires 11/30/07

 

 

(27,020

)

 

(25,000

)

Ship Finance Intl. Ltd., strike price $34,
expires 11/02/07

 

 

 

 

(40,000

)

Silver Wheaton Corp., strike price $13,
expires 11/16/07

 

 

(156,080

)

 

(15,000

)

Southwestern Energy Co., strike price $51,
expires 11/09/07

 

 

(27,391

)

 

(25,000

)

Southwestern Energy Co., strike price $56,
expires 11/16/07

 

 

(13,430

)

 

(250

)

StatoilHydro ASA (ADR), strike price $32.50, expires 11/02/07

 

 

(39,985

)

 

(25,000

)

StatoilHydro ASA (ADR), strike price $32.50, expires 11/16/07

 

 

(50,653

)

 

(25,000

)

Suncor Energy, Inc., strike price $88, expires 11/16/07

 

 

(535,345

)

 

(450

)

Suncor Energy, Inc., strike price $100,
expires 12/24/07

 

 

(553,500

)

 

(25,000

)

Talisman Energy, Inc., strike price $24,
expires 11/02/07

 

 

 

 

(130

)

Teck Cominco Ltd., Class B, strike price 48 CAD,
expires 11/19/07

 

 

(13,211

)

 

(300

)

Teck Cominco Ltd., Class B, strike price 52 CAD,
expires 11/19/07

 

 

(5,558

)

 

(20,000

)

Tenaris S.A. (ADR), strike price $51, expires 11/16/07

 

 

(69,466

)

 

(100

)

Tenaris S.A. (ADR), strike price $55, expires 12/24/07

 

 

(25,000

)

 

(100

)

Total S.A. (ADR), strike price $75, expires 11/19/07

 

 

(57,500

)

 

(20,000

)

Total S.A. (ADR), strike price $86, expires 11/16/07

 

 

(3,172

)

 

(250

)

Transocean, Inc., strike price $110, expires 11/19/07

 

 

(255,000

)

 

(300

)

Transocean, Inc., strike price $110, expires 01/21/08

 

 

(405,000

)

 

(200

)

Transocean, Inc., strike price $105, expires 12/24/07

 

 

(324,000

)

 

(22

)

TXCO Resources, Inc., strike price $12.50,
expires 11/19/07

 

 

(605

)

 

(100

)

TXCO Resources, Inc., strike price $12.50,
expires 01/21/08

 

 

(9,500

)

 

(10,000

)

Unit Corp., strike price $71, expires 11/06/07

 

 

(2

)

 

(25,000

)

Warren Resources, Inc., strike price $14.50,
expires 11/30/07

 

 

(28,275

)

 

(200

)

Weatherford Intl. Ltd., strike price $65,
expires 11/19/07

 

 

(45,500

)

 

(400

)

Weatherford Intl. Ltd., strike price $65,
expires 12/24/07

 

 

(168,000

)

 

(200

)

Weatherford Intl. Ltd., strike price $70,
expires 01/21/08

 

 

(63,000

)

 

(100

)

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

 

 

(26,750

)

 

(200

)

XTO Energy, Inc., strike price $70, expires 11/19/07

 

 

(11,000

)

 

(105,000

)

Zinifex Ltd., strike price 19.34 AUD, expires 11/07/07

 

 

(98

)

 

 

 

 

Total Outstanding Call Options Written
(premium received $(14,163,603))

 

 

(19,778,869

)

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(1,050

)

ATP Oil & Gas Corp., strike price $50,
expires 11/19/07

 

 

(31,500

)

 

(250

)

Chesapeake Energy Corp., strike price $33,
expires 11/02/07

 

 

 

 

(114

)

Kinder Morgan Management LLC, strike price $40,
expires 12/24/07

 

 

(570

)

 

(25,000

)

Warren Resources, Inc., strike price $12,
expires 11/02/07

 

 

 

 

 

 

 

Total Outstanding Put Options Written
(premium received $(172,615))

 

 

(32,070

)

 

 

 

 

Total Outstanding Options Written
(premium received $(14,336,218))

 

 

(19,810,939

)

 

 

 

 

 

 

Value

 

 

Total investments net of outstanding options written—101.5%

 

$

1,136,284,778

 

Liabilities in excess of other assets—(1.5)%

 

 

(16,974,767

)

 

 

   

 

Net Assets—100.0%

 

$

1,119,310,011

 

 

 

   

 


 

 

 

1

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

2

Security, or a portion thereof, with a market value of $6,478,199 has been pledged as collateral for swap contracts.

3

Non-income producing security.

4

Security, or a portion of security, is on loan.

5

Represents current yield as of October 31, 2007.

6

Represents an investment in an affiliate.

7

Security purchased with the cash proceeds from securities loaned.

8

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

9

Cost for federal income tax purposes is $789,373,273. The net unrealized appreciation on a tax basis is $366,722,444, consisting of $372,711,475 gross unrealized appreciation and $5,989,031 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

28

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 



Portfolio of Investments as of October 31, 2007

BlackRock Global Equity Income Trust (BFD)


(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—94.9%

 

 

 

 

Common Stocks—94.9%

 

 

 

 

Australia—2.1%

 

 

 

 

 

27,912

 

Australia & New Zealand Banking Group Ltd.

 

$

788,018

 

 

441,946

 

Brambles Ltd.

 

 

5,882,771

 

 

38,497

 

Commonwealth Bank of Australia

 

 

2,217,208

 

 

3,090,885

 

Goodman Fielder Ltd.

 

 

6,086,437

 

 

28,834

 

National Australia Bank Ltd.

 

 

1,166,564

 

 

12,265

 

QBE Insurance Group Ltd.

 

 

375,341

 

 

2,282

 

Transurban Group

 

 

15,533

 

 

11,310

 

Wesfarmers Ltd.

 

 

465,392

 

 

22,853

 

Westfield Group

 

 

467,273

 

 

27,955

 

Westpac Banking Corp.

 

 

784,643

 

 

18,733

 

Woolworths Ltd.

 

 

587,125

 

 

 

 

 

 

     

 

 

 

Total Australia

 

 

18,836,305

 

               

Austria—0.1%

 

 

 

 

 

12,926

 

Voestalpine AG

 

 

1,167,931

 

               

Belgium—0.2%

 

 

 

 

 

2,484

 

Compagnie Maritime Belge S.A.

 

 

228,565

 

 

16,504

 

Fortis

 

 

530,029

 

 

2,586

 

KBC Groep N.V.

 

 

363,465

 

 

737

 

Umicore

 

 

184,273

 

 

 

 

 

 

     

 

 

 

Total Belgium

 

 

1,306,332

 

               

Bermuda—0.1%

 

 

 

 

 

12,400

 

Accenture Ltd., Class A

 

 

484,220

 

 

19,075

 

Covidien Ltd.

 

 

793,520

 

 

 

 

 

 

     

 

 

 

Total Bermuda

 

 

1,277,740

 

               

Canada—4.5%

 

 

 

 

 

97,700

 

ARC Energy Trust

 

 

2,210,183

 

 

6,800

 

Bank of Montreal

 

 

453,501

 

 

13,700

 

Bank of Nova Scotia

 

 

775,606

 

 

349,700

 

Biovail Corp.

 

 

7,022,505

 

 

4,300

 

Canadian Imperial Bank of Commerce

 

 

464,299

 

 

70,800

 

Enerplus Resources Fund

 

 

3,432,636

 

 

22,173

 

Fording Canadian Coal Trust

 

 

812,607

 

 

78,800

 

Manulife Financial Corp.

 

 

3,686,203

 

 

171,063

 

Penn West Energy Trust

 

 

5,454,314

 

 

9,400

 

Potash Corp. of Saskatchewan

 

 

1,170,211

 

 

78,100

 

Precision Drilling Trust

 

 

1,423,683

 

 

66,200

 

Provident Energy Trust

 

 

875,285

 

 

20,800

1

Research In Motion Ltd.

 

 

2,592,706

 

 

35,400

 

Royal Bank of Canada

 

 

2,100,054

 

 

7,800

 

Sun Life Financial, Inc.

 

 

453,228

 

 

5,900

 

TransAlta Corp.

 

 

212,354

 

 

459,500

 

Yellow Pages Income Fund

 

 

6,955,857

 

 

 

 

 

 

     

 

 

 

Total Canada

 

 

40,095,232

 

               

Denmark—0.5%

 

 

 

 

 

7,400

 

Danske Bank A/S

 

 

327,535

 

 

46,482

 

TrygVesta AS

 

 

3,702,789

 

 

 

 

 

 

     

 

 

 

Total Denmark

 

 

4,030,324

 

               

Finland—2.0%

 

 

 

 

 

270,050

 

Nokia Oyj

 

 

10,725,099

 

 

85,483

 

Uponor Oyj

 

 

2,243,033

 

 

57,600

 

Wartsila Oyj, B Shares

 

 

4,721,650

 

 

 

 

 

 

     

 

 

 

Total Finland

 

 

17,689,782

 

               

France—3.1%

 

 

 

 

 

2,717

 

Accor S.A.

 

 

260,302

 

 

10,972

 

Air Liquide

 

 

1,515,380

 

 

4,642

 

Alstom S.A.

 

 

1,100,922

 

 

58,122

 

AXA S.A.

 

 

2,610,622

 

 

10,958

 

BNP Paribas

 

 

1,214,491

 

 

4,337

1

Business Objects S.A.

 

 

260,859

 

 

19,321

 

Carrefour S.A.

 

 

1,396,146

 

 

33,848

 

Sanofi-Aventis

 

 

2,977,403

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

France—(cont’d)

 

 

 

 

 

9,237

 

Schneider Electric S.A.

 

$

1,277,751

 

 

25,735

 

Societe Generale

 

 

4,347,676

 

 

25,001

 

Suez S.A.

 

 

1,631,108

 

 

43,022

 

Total S.A.

 

 

3,471,704

 

 

27,224

 

Vinci S.A.

 

 

2,246,465

 

 

60,709

 

Vivendi

 

 

2,743,397

 

 

 

 

 

 

     

 

 

 

Total France

 

 

27,054,226

 

               

Germany—3.4%

 

 

 

 

 

18,450

 

Allianz SE

 

 

4,154,536

 

 

61,646

 

Bayer AG

 

 

5,146,334

 

 

61,823

 

DaimlerChrysler AG

 

 

6,763,559

 

 

3,582

 

Deutsche Bank AG

 

 

476,268

 

 

15,780

 

Deutsche Post AG

 

 

477,943

 

 

76,553

 

Deutsche Telekom AG

 

 

1,571,658

 

 

16,730

 

E.ON AG

 

 

3,270,709

 

 

33,472

1

Infineon Technologies AG

 

 

491,551

 

 

7,855

 

Metro AG

 

 

712,901

 

 

16,200

 

MLP AG

 

 

215,201

 

 

218,746

1

TUI AG

 

 

6,478,710

 

 

 

 

 

 

     

 

 

 

Total Germany

 

 

29,759,370

 

               

Greece—0.5%

 

 

 

 

 

42,179

 

Motor Oil Hellas Corinth Refineries S.A.

 

 

1,045,589

 

 

9,472

 

National Bank of Greece S.A.

 

 

661,871

 

 

61,517

 

OPAP S.A.

 

 

2,518,644

 

 

 

 

 

 

     

 

 

 

Total Greece

 

 

4,226,104

 

               

Hong Kong—1.9%

 

 

 

 

 

6,000

 

ASM Pacific Technology

 

 

47,043

 

 

1,056,500

 

BOC Hong Kong Holdings Ltd.

 

 

2,991,998

 

 

23,000

 

Cheung Kong Holdings Ltd.

 

 

451,155

 

 

308,100

 

Hang Seng Bank Ltd.

 

 

6,294,469

 

 

152,500

 

HongKong Electric Holdings

 

 

784,036

 

 

33,000

 

Hutchison Whampoa Ltd.

 

 

414,765

 

 

547,000

 

Orient Overseas Intl. Ltd.

 

 

5,647,137

 

 

 

 

 

 

     

 

 

 

Total Hong Kong

 

 

16,630,603

 

               

Ireland—0.1%

 

 

 

 

 

13,671

 

Allied Irish Banks Plc

 

 

344,670

 

 

15,194

 

Bank of Ireland

 

 

280,009

 

 

 

 

 

 

     

 

 

 

Total Ireland

 

 

624,679

 

               

Italy—2.8%

 

 

 

 

 

176,859

 

Arnoldo Mondadori Editore S.p.A.

 

 

1,751,446

 

 

340,894

 

Enel S.p.A.

 

 

4,087,435

 

 

225,633

 

Eni S.p.A.

 

 

8,238,551

 

 

217,822

 

Mediaset S.p.A.

 

 

2,259,286

 

 

2,402,740

 

Telecom Italia S.p.A.

 

 

6,856,843

 

 

226,741

 

UniCredito Italiano S.p.A.

 

 

1,950,518

 

 

 

 

 

 

     

 

 

 

Total Italy

 

 

25,144,079

 

               

Japan—8.6%

 

 

 

 

 

32,250

 

Acom Co. Ltd.

 

 

772,303

 

 

99,000

 

Amada Co. Ltd.

 

 

1,001,730

 

 

27,700

 

Astellas Pharma, Inc.

 

 

1,229,642

 

 

30,900

 

Canon, Inc.

 

 

1,563,521

 

 

25

 

Central Japan Railway Co.

 

 

258,631

 

 

7,900

 

Chubu Electric Power Co., Inc.

 

 

202,429

 

 

41,700

 

Daiichi Sankyo Co. Ltd.

 

 

1,185,866

 

 

447,000

 

Daiwa Securities Group, Inc.

 

 

4,307,761

 

 

67

 

eAccess Ltd.

 

 

42,465

 

 

257,000

 

Ebara Corp.

 

 

1,212,835

 

 

26,300

 

Eisai Co. Ltd.

 

 

1,104,293

 

 

4,400

1

Elpida Memory, Inc.

 

 

151,778

 

 

7,900

 

FUJIFILM Holdings Corp.

 

 

377,895

 

 

81,000

 

Fujitsu Ltd.

 

 

635,991

 

 

103,000

 

Hitachi Ltd.

 

 

689,770

 

 

45,500

 

Honda Motor Co. Ltd.

 

 

1,703,832

 

 

5,700

 

Ibiden Co. Ltd.

 

 

483,161

 


 

 

 

 

See Notes to Financial Statements.







ANNUAL REPORT

OCTOBER 31, 2007

29



 

 



Portfolio of Investments as of October 31, 2007

BlackRock Global Equity Income Trust (BFD) (continued)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Japan—(cont’d)

 

 

 

 

 

29

 

Japan Real Estate Investment Corp. (REIT)

 

$

360,674

 

 

134

 

Japan Tobacco, Inc.

 

 

781,039

 

 

56,500

 

JFE Holdings, Inc.

 

 

3,307,422

 

 

23,500

 

Kansai Electric Power Co., Inc. (The)

 

 

529,219

 

 

53,000

 

Kao Corp.

 

 

1,520,014

 

 

1,600

 

Keyence Corp.

 

 

368,722

 

 

457,000

 

Kobe Steel Ltd.

 

 

1,645,443

 

 

35,900

 

Konami Corp.

 

 

1,059,827

 

 

19,500

 

Konica Minolta Holdings, Inc.

 

 

341,359

 

 

66,800

 

Marui Co. Ltd.

 

 

692,945

 

 

9,100

 

Millea Holdings, Inc.

 

 

358,137

 

 

215,500

 

Mitsubishi Chemical Holdings Corp.

 

 

1,783,059

 

 

30,200

 

Mitsubishi Corp.

 

 

940,289

 

 

43,000

 

Mitsubishi Electric Corp.

 

 

524,251

 

 

8,000

 

Mitsubishi Estate Co. Ltd.

 

 

239,826

 

 

49,000

 

Mitsubishi Materials Corp.

 

 

286,876

 

 

242,000

 

Mitsubishi UFJ Financial Group, Inc.

 

 

2,421,487

 

 

19,000

 

Mitsui & Co. Ltd.

 

 

492,823

 

 

22,000

 

Mitsui Fudosan Co. Ltd.

 

 

608,608

 

 

195

 

Mizuho Financial Group, Inc.

 

 

1,095,987

 

 

4,900

 

Nidec Corp.

 

 

368,173

 

 

4,400

 

Nintendo Co. Ltd.

 

 

2,794,346

 

 

113

 

Nippon Building Fund, Inc. (REIT)

 

 

1,639,175

 

 

15,000

 

Nippon Electric Glass Co. Ltd.

 

 

254,949

 

 

399,500

 

Nippon Mining Holdings, Inc.

 

 

3,778,616

 

 

233,000

 

Nippon Steel Corp.

 

 

1,548,639

 

 

3

 

Nippon Telegraph & Telephone Corp.

 

 

13,730

 

 

290,400

 

Nissan Motor Co. Ltd.

 

 

3,331,691

 

 

211,600

 

Nomura Holdings, Inc.

 

 

3,770,549

 

 

491

 

NTT DoCoMo, Inc.

 

 

714,352

 

 

150,000

 

Obayashi Corp.

 

 

755,883

 

 

8,000

 

Olympus Corp.

 

 

333,157

 

 

22,100

 

Oracle Corp.

 

 

1,014,860

 

 

73,000

 

OSG Corp.

 

 

923,497

 

 

128

 

Resona Holdings, Inc.

 

 

229,367

 

 

10,200

 

Seven & I Holdings Co. Ltd.

 

 

263,381

 

 

11,900

 

Shin-Etsu Chemical Co. Ltd.

 

 

763,338

 

 

200

 

Softbank Corp.

 

 

4,671

 

 

28,100

 

Sony Corp.

 

 

1,387,759

 

 

5,200

 

Sumco Corp.

 

 

189,785

 

 

408,000

 

Sumitomo Metal Industries Ltd.

 

 

2,019,441

 

 

22,000

 

Sumitomo Metal Mining Co. Ltd.

 

 

490,927

 

 

185

 

Sumitomo Mitsui Financial Group, Inc.

 

 

1,515,395

 

 

11,000

 

Sumitomo Realty & Development Co. Ltd.

 

 

388,247

 

 

87,400

 

Sumitomo Rubber Industries, Inc.

 

 

1,070,391

 

 

6,050

 

T&D Holdings, Inc.

 

 

364,126

 

 

39,000

 

Taiheiyo Cement Corp.

 

 

122,877

 

 

5,000

 

Takeda Pharmaceutical Co. Ltd.

 

 

312,322

 

 

88,890

 

Takefuji Corp.

 

 

2,274,483

 

 

15,000

 

Tokyo Electric Power Co., Inc. (The)

 

 

380,622

 

 

211,000

 

TonenGeneral Sekiyu KK

 

 

2,125,573

 

 

70,300

 

Toyota Motor Corp.

 

 

4,024,267

 

 

1,500

 

Trend Micro, Inc.

 

 

66,977

 

 

9,000

 

Yaskawa Electric Corp.

 

 

121,074

 

 

 

 

 

 

     

 

 

 

Total Japan

 

 

75,638,550

 

               

Luxembourg—1.1%

 

 

 

 

 

118,112

 

ArcelorMittal

 

 

9,409,951

 

               

Netherlands—1.7%

 

 

 

 

 

116,988

 

Aegon N.V.

 

 

2,425,172

 

 

3,617

 

Akzo Nobel N.V.

 

 

291,525

 

 

18,3391

 

ASML Holding N.V.

 

 

638,547

 

 

5,473

 

InBev N.V.

 

 

516,580

 

 

27,116

 

ING Groep N.V.

 

 

1,225,607

 

 

2,344

 

OCE N.V.

 

 

47,223

 

 

106,533

 

Royal KPN N.V.

 

 

2,011,465

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Netherlands—(cont’d)

 

 

 

 

 

243,887

 

Unilever N.V.

 

$

7,937,976

 

 

 

 

 

 

     

 

 

 

Total Netherlands

 

 

15,094,095

 

               

New Zealand—0.2%

 

 

 

 

 

436,890

 

Sky City Entertainment Group Ltd.

 

 

1,815,834

 

               

Norway—0.7%

 

 

 

 

 

21,112

 

Norsk Hydro ASA

 

 

310,375

 

 

212,400

 

Norske Skogindustrier ASA

 

 

2,349,788

 

 

18,202

 

StatoilHydro ASA

 

 

620,079

 

 

57,600

 

Stolt-Nielsen S.A.

 

 

1,690,267

 

 

95,600

 

Storebrand ASA

 

 

1,370,427

 

 

 

 

 

 

     

 

 

 

Total Norway

 

 

6,340,936

 

               

Portugal—0.0%

 

 

 

 

 

59,970

 

Energias de Portugal S.A.

 

 

386,394

 

               

Singapore—1.6%

 

 

 

 

 

456,000

 

ComfortDelgro Corp. Ltd.

 

 

612,425

 

 

43,000

 

DBS Group Holdings Ltd.

 

 

673,027

 

 

1,077,000

 

Parkway Holdings Ltd.

 

 

3,123,663

 

 

1,649,000

 

SembCorp Industries Ltd.

 

 

6,811,216

 

 

796,000

 

Singapore Press Holdings Ltd.

 

 

2,533,654

 

 

237,000

 

Singapore Telecommunications Ltd.

 

 

673,953

 

 

 

 

 

 

     

 

 

 

Total Singapore

 

 

14,427,938

 

               

Spain—1.3%

 

 

 

 

 

160,257

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

4,055,607

 

 

57,641

 

Banco Popular Espanol S.A.

 

 

1,011,611

 

 

100,273

 

Banco Santander Central Hispano S.A.

 

 

2,192,939

 

 

121,537

 

Telefonica S.A.

 

 

4,024,228

 

 

 

 

 

 

     

 

 

 

Total Spain

 

 

11,284,385

 

               

Sweden—1.1%

 

 

 

 

 

7,900

 

Hennes & Mauritz AB

 

 

527,874

 

 

32,500

 

Nordea Bank AB

 

 

582,121

 

 

2,520

 

OMX AB

 

 

106,165

 

 

7,800

 

Skandinaviska Enskilda Banken AB

 

 

240,170

 

 

197,000

 

Skanska AB, B Shares

 

 

3,917,088

 

 

394,500

 

TeliaSonera AB

 

 

3,892,049

 

 

25,500

 

Volvo AB, B Shares

 

 

501,465

 

 

 

 

 

 

     

 

 

 

Total Sweden

 

 

9,766,932

 

               

Switzerland—2.4%

 

 

 

 

 

11,629

 

ABB Ltd.

 

 

351,549

 

 

31,815

 

Ciba Specialty Chemicals AG

 

 

1,584,767

 

 

10,301

1

Clariant AG

 

 

131,920

 

 

41,099

 

Credit Suisse Group

 

 

2,777,349

 

 

1,155

 

Holcim Ltd.

 

 

132,040

 

 

7,357

1

Logitech Intl. S.A.

 

 

256,180

 

 

8,113

 

Nestle S.A.

 

 

3,747,248

 

 

15,478

 

Novartis AG

 

 

823,342

 

 

285

1

OC Oerlikon Corp. AG

 

 

135,881

 

 

16,274

 

Roche Holding AG

 

 

2,779,651

 

 

953

 

SGS S.A.

 

 

1,251,868

 

 

2,079

 

Sonova Holding AG

 

 

234,033

 

 

25,439

 

Swiss Reinsurance

 

 

2,391,727

 

 

3,727

 

Syngenta AG

 

 

901,538

 

 

2,656

 

Synthes, Inc.

 

 

331,641

 

 

43,000

 

UBS AG

 

 

2,305,331

 

 

2,694

 

Zurich Financial Services AG

 

 

813,405

 

 

 

 

 

 

     

 

 

 

Total Switzerland

 

 

20,949,470

 

               

United Kingdom—11.7%

 

 

 

 

 

113,915

 

Anglo American Plc

 

 

7,923,705

 

 

21,160

 

AstraZeneca Plc

 

 

1,042,027

 

 

34,309

 

Aviva Plc

 

 

540,555

 

 

43,532

 

BAE Systems Plc

 

 

452,259

 

 

104,292

 

Barclays Plc

 

 

1,319,966

 

 

521,306

 

BP Plc

 

 

6,782,205

 

 

192,476

 

British American Tobacco Plc

 

 

7,332,883

 

See Notes to Financial Statements.

 

 

 

 





30

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 



Portfolio of Investments as of October 31, 2007

BlackRock Global Equity Income Trust (BFD) (continued)


(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

United Kingdom—(cont’d)

 

 

 

 

 

230,224

 

BT Group Plc

 

$

1,564,889

 

 

77,950

 

Carnival Plc

 

 

3,648,736

 

 

37,879

 

Diageo Plc

 

 

869,082

 

 

1,140,630

 

Electrocomponents Plc

 

 

5,953,905

 

 

367,450

 

Friends Provident Plc

 

 

1,410,575

 

 

385,352

 

GlaxoSmithKline Plc

 

 

9,898,157

 

 

51,260

 

HBOS Plc

 

 

934,372

 

 

577,565

 

HSBC Holdings Plc

 

 

11,451,202

 

 

9,324

 

Imperial Tobacco Group Plc

 

 

473,281

 

 

272,582

 

Intl. Personal Finance Plc

 

 

1,399,949

 

 

682,228

 

Lloyds TSB Group Plc

 

 

7,749,800

 

 

31,295

 

Mondi Plc

 

 

290,058

 

 

17,934

 

National Express Group Plc

 

 

493,250

 

 

36,607

 

National Grid Plc

 

 

605,515

 

 

405,980

 

Provident Financial Plc

 

 

7,473,699

 

 

32,682

 

Prudential Plc

 

 

533,909

 

 

77,499

 

Rank Group Plc

 

 

165,708

 

 

8,229

 

Reckitt Benckiser Plc

 

 

478,026

 

 

129,231

 

Royal Bank of Scotland Group Plc

 

 

1,395,697

 

 

139,726

 

Royal Dutch Shell Plc

 

 

6,110,641

 

 

106,648

 

Tesco Plc

 

 

1,084,892

 

 

59,026

 

Unilever Plc

 

 

2,001,540

 

 

336,882

 

United Utilities Plc

 

 

5,121,840

 

 

1,784,592

 

Vodafone Group Plc

 

 

7,032,268

 

 

 

 

 

 

     

 

 

 

Total United Kingdom

 

 

103,534,591

 

               

United States—43.2%

 

 

 

 

 

 

19,600

2

3M Co.

 

 

1,692,656

 

 

46,100

2

Abbott Laboratories

 

 

2,517,982

 

 

12,100

1

Adobe Systems, Inc.

 

 

579,590

 

 

2,300

 

Aetna, Inc.

 

 

129,191

 

 

2,900

2

Alcoa, Inc.

 

 

114,811

 

 

206,000

 

Allied Capital Corp.

 

 

6,072,880

 

 

20,500

 

Allstate Corp. (The)

 

 

1,074,200

 

 

154,700

2

Altria Group, Inc.

 

 

11,282,271

 

 

158,600

 

American Capital Strategies Ltd.

 

 

6,884,826

 

 

15,900

 

American Electric Power Co., Inc.

 

 

766,539

 

 

7,300

2

American Intl. Group, Inc.

 

 

460,776

 

 

33,000

1,2

Amgen, Inc.

 

 

1,917,630

 

 

104,500

 

Analog Devices, Inc.

 

 

3,496,570

 

 

23,800

2

Anheuser-Busch Cos., Inc.

 

 

1,220,464

 

 

9,300

 

Apache Corp.

 

 

965,433

 

 

28,500

1

Apple, Inc.

 

 

5,413,575

 

 

16,200

2

Applied Materials, Inc.

 

 

314,604

 

 

183,200

2

AT&T, Inc.

 

 

7,655,928

 

 

89,500

1

Autodesk, Inc.

 

 

4,376,550

 

 

17,800

 

Avon Products, Inc.

 

 

729,444

 

 

9,000

 

Baker Hughes, Inc.

 

 

780,480

 

 

153,500

2

Bank of America Corp.

 

 

7,410,980

 

 

36,469

 

Bank of New York Mellon Corp. (The)

 

 

1,781,511

 

 

3,100

 

Baxter Intl., Inc.

 

 

186,031

 

 

15,500

2

BB&T Corp.

 

 

573,035

 

 

8,600

 

Best Buy Co., Inc.

 

 

417,272

 

 

16,900

 

Black & Decker Corp.

 

 

1,519,479

 

 

10,700

2

Boston Properties, Inc. (REIT)

 

 

1,159,238

 

 

56,400

2

Bristol-Myers Squibb Co.

 

 

1,691,436

 

 

19,000

1

Broadcom Corp.

 

 

618,450

 

 

36,500

2

Campbell Soup Co.

 

 

1,349,770

 

 

14,700

2

Carnival Corp.

 

 

705,306

 

 

22,500

2

CBS Corp., Class B

 

 

645,750

 

 

3,400

2

Centex Corp.

 

 

85,204

 

 

17,600

 

Chesapeake Energy Corp.

 

 

694,848

 

 

99,700

2

Chevron Corp.

 

 

9,123,547

 

 

16,500

 

Chubb Corp.

 

 

880,275

 

 

12,400

 

Cigna Corp.

 

 

650,876

 

 

171,200

1

Cisco Systems, Inc.

 

 

5,659,872

 

 

3,563

 

Citadel Broadcasting Corp.

 

 

15,677

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

United States—(cont’d)

 

 

 

 

 

176,700

2

Citigroup, Inc.

 

$

7,403,730

 

 

1,365

 

CME Group, Inc.

 

 

909,431

 

 

14,800

1

Coach, Inc.

 

 

541,088

 

 

59,000

2

Coca-Cola Co. (The)

 

 

3,643,840

 

 

52,800

1,2

Comcast Corp., Class A

 

 

1,111,440

 

 

38,600

 

ConocoPhillips

 

 

3,279,456

 

 

13,300

 

Consolidated Edison, Inc.

 

 

626,297

 

 

7,200

 

Constellation Energy Group, Inc.

 

 

681,840

 

 

49,200

 

Corning, Inc.

 

 

1,194,084

 

 

43,500

2

CVS Caremark Corp.

 

 

1,816,995

 

 

25,500

2

D.R. Horton, Inc.

 

 

323,595

 

 

60,800

1,2

Dell, Inc.

 

 

1,860,480

 

 

11,900

 

Devon Energy Corp.

 

 

1,111,460

 

 

8,150

 

Discover Financial Services

 

 

157,295

 

 

9,000

 

Dominion Resources, Inc.

 

 

824,670

 

 

36,800

2

Dow Chemical Co. (The)

 

 

1,657,472

 

 

50,400

 

Duke Energy Corp.

 

 

966,168

 

 

4,100

 

Duke Realty Corp. (REIT)

 

 

131,815

 

 

56,900

2

E.I. du Pont de Nemours & Co.

 

 

2,817,119

 

 

8,100

 

Eastman Kodak Co.

 

 

232,146

 

 

4,200

 

Eaton Corp.

 

 

388,836

 

 

121,200

1

eBay, Inc.

 

 

4,375,320

 

 

12,400

 

Edison Intl.

 

 

721,060

 

 

12,400

1

Electronic Arts, Inc.

 

 

757,888

 

 

31,500

2

Eli Lilly & Co.

 

 

1,705,725

 

 

4,200

 

Embarq Corp.

 

 

222,264

 

 

59,100

1

EMC Corp.

 

 

1,500,549

 

 

38,500

2

Emerson Electric Co.

 

 

2,012,395

 

 

8,100

 

Entergy Corp.

 

 

970,947

 

 

21,300

2

Exelon Corp.

 

 

1,763,214

 

 

127,700

2

Exxon Mobil Corp.

 

 

11,747,123

 

 

8,200

 

FedEx Corp.

 

 

847,388

 

 

80,200

2

Fidelity National Financial, Inc.

 

 

1,234,278

 

 

19,900

 

Fifth Third Bancorp

 

 

622,472

 

 

3,500

 

First Horizon National Corp.

 

 

91,280

 

 

12,200

 

FirstEnergy Corp.

 

 

850,340

 

 

17,800

 

Fluor Corp.

 

 

2,812,400

 

 

15,400

 

FPL Group, Inc.

 

 

1,053,668

 

 

24,400

 

Freddie Mac

 

 

1,274,412

 

 

9,000

1

Genentech, Inc.

 

 

667,170

 

 

351,700

2

General Electric Co.

 

 

14,475,972

 

 

13,800

 

General Mills, Inc.

 

 

796,674

 

 

17,800

2

General Motors Corp.

 

 

697,582

 

 

30,200

1

Gilead Sciences, Inc.

 

 

1,394,938

 

 

15,200

 

Goldman Sachs Group, Inc. (The)

 

 

3,768,384

 

 

13,670

1

Google, Inc.

 

 

9,664,690

 

 

26,000

 

Halliburton Co.

 

 

1,024,920

 

 

11,600

 

Hartford Financial Services Group, Inc.

 

 

1,125,548

 

 

33,500

 

HCP, Inc.

 

 

1,140,340

 

 

24,000

 

Hewlett-Packard Co.

 

 

1,240,320

 

 

53,400

 

Home Depot, Inc.

 

 

1,682,634

 

 

55,200

 

Hospitality Properties Trust (REIT)

 

 

2,185,920

 

 

63,471

 

HRPT Properties Trust (REIT)

 

 

595,993

 

 

110,832

 

Idearc, Inc.

 

 

2,990,247

 

 

162,800

2

Intel Corp.

 

 

4,379,320

 

 

26,600

 

Intl. Paper Co.

 

 

983,136

 

 

122,552

 

iStar Financial, Inc. (REIT)

 

 

3,739,062

 

 

4,800

 

JCPenney Co., Inc.

 

 

269,952

 

 

88,100

2

Johnson & Johnson

 

 

5,741,477

 

 

23,700

 

Johnson Controls, Inc.

 

 

1,036,164

 

 

97,900

 

JPMorgan Chase & Co.

 

 

4,601,300

 

 

21,500

1

Juniper Networks, Inc.

 

 

774,000

 

 

22,000

2

Kellogg Co.

 

 

1,161,380

 

 

24,900

2

Kimberly-Clark Corp.

 

 

1,765,161

 

 

6,400

1

Kohl’s Corp.

 

 

351,808

 

 

48,87

2

Kraft Foods, Inc.

 

 

1,632,780

 

 

3,500

2

L-3 Communications Holdings, Inc.

 

 

383,740

 

 

70,400

1

Lam Research Corp.

 

 

3,534,080

 


 

 

 

 

See Notes to Financial Statements.






ANNUAL REPORT

OCTOBER 31, 2007

31



 

 



Portfolio of Investments as of October 31, 2007

BlackRock Global Equity Income Trust (BFD) (concluded)


(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

United States—(cont’d)

 

 

 

 

 

112,398

 

Lamar Advertising Co., Class A

 

$

6,008,797

 

 

5,300

1

Liberty Media Corp. - Capital, Ser. A

 

 

662,394

 

 

17,800

2

Lincoln National Corp.

 

 

1,110,186

 

 

85,300

2

Linear Technology Corp.

 

 

2,816,606

 

 

27,700

 

Lowe’s Cos., Inc.

 

 

744,853

 

 

40,300

2

Ltd. Brands, Inc., Class A

 

 

887,003

 

 

15,000

 

Macy’s, Inc.

 

 

480,450

 

 

22,800

 

Marathon Oil Corp.

 

 

1,348,164

 

 

24,000

2

Marsh & McLennan Cos., Inc.

 

 

621,360

 

 

47,200

2

Masco Corp.

 

 

1,136,576

 

 

9,100

2

Maxim Integrated Products, Inc.

 

 

246,610

 

 

34,000

2

McDonald’s Corp.

 

 

2,029,800

 

 

11,600

1

Medco Health Solutions, Inc.

 

 

1,094,808

 

 

9,800

2

Medtronic, Inc.

 

 

464,912

 

 

61,300

2

Merck & Co., Inc.

 

 

3,571,338

 

 

114,500

2

Microchip Technology, Inc.

 

 

3,797,965

 

 

89,200

3

Microsoft Corp.

 

 

3,283,452

 

 

15,400

 

Monsanto Co.

 

 

1,503,502

 

 

68,500

2

Motorola, Inc.

 

 

1,287,115

 

 

16,300

2

National City Corp.

 

 

395,275

 

 

14,000

1

National Oilwell Varco, Inc.

 

 

1,025,360

 

 

129,800

2

New York Community Bancorp, Inc.

 

 

2,415,578

 

 

83,000

 

New York Times Co. (The)

 

 

1,623,480

 

 

21,900

2

Newell Rubbermaid, Inc.

 

 

638,604

 

 

11,100

2

Newmont Mining Corp.

 

 

564,546

 

 

32,100

2

News Corp., Class A

 

 

695,607

 

 

1,600

 

Northrop Grumman Corp.

 

 

133,792

 

 

20,900

1

Nvidia Corp.

 

 

739,442

 

 

9,400

 

Omnicom Group, Inc.

 

 

479,212

 

 

123,000

1,2

Oracle Corp.

 

 

2,726,910

 

 

6,100

 

PACCAR, Inc.

 

 

338,916

 

 

13,800

 

Paychex, Inc.

 

 

576,564

 

 

48,300

 

PepsiCo, Inc.

 

 

3,560,676

 

 

472,900

3

Pfizer, Inc.

 

 

11,638,069

 

 

14,300

 

PG&E Corp.

 

 

699,699

 

 

66,800

2

Pitney Bowes, Inc.

 

 

2,674,672

 

 

8,100

2

Plum Creek Timber Co., Inc. (REIT)

 

 

361,827

 

 

15,300

 

PPL Corp.

 

 

791,010

 

 

95,400

2

Procter & Gamble Co.

 

 

6,632,208

 

 

10,100

 

Public Service Enterprise Group, Inc.

 

 

965,560

 

 

26,700

2

Qualcomm, Inc.

 

 

1,140,891

 

 

45,000

1

Qwest Communications Intl., Inc.

 

 

323,100

 

 

29,300

 

Regions Financial Corp.

 

 

794,616

 

 

11,700

 

Reynolds American, Inc.

 

 

753,831

 

 

25,800

2

Rohm & Haas Co.

 

 

1,338,504

 

 

14,800

2

RR Donnelley & Sons Co.

 

 

596,292

 

 

93,600

1

SanDisk Corp.

 

 

4,155,840

 

 

79,000

2

Sara Lee Corp.

 

 

1,306,660

 

 

33,200

2

Schlumberger Ltd.

 

 

3,206,124

 

 

2,400

1

Sears Holdings Corp.

 

 

323,496

 

 

8,900

 

Simon Property Group, Inc. (REIT)

 

 

926,579

 

 

71,983

 

Smith Intl., Inc.

 

 

4,754,477

 

 

30,000

 

Southern Co.

 

 

1,099,800

 

 

25,300

 

Spectra Energy Corp.

 

 

657,294

 

 

23,500

1,2

Starbucks Corp.

 

 

626,980

 

 

11,900

2

Starwood Hotels & Resorts Worldwide, Inc.

 

 

676,634

 

 

11,400

 

Stryker Corp.

 

 

809,400

 

 

101,900

1,2

Sun Microsystems, Inc.

 

 

581,849

 

 

13,500

 

SunTrust Banks, Inc.

 

 

980,100

 

 

5,900

2

SUPERVALU, Inc.

 

 

228,625

 

 

44,500

2

SYSCO Corp.

 

 

1,525,905

 

 

18,700

2

Temple-Inland, Inc.

 

 

1,003,629

 

 

28,900

2

Texas Instruments, Inc.

 

 

942,140

 

 

16,300

1

Thermo Fisher Scientific, Inc.

 

 

958,603

 

 

5,300

1

Transocean, Inc.

 

 

632,661

 

 

23,600

2

Travelers Cos., Inc. (The)

 

 

1,232,156

 

 

19,075

 

Tyco Electronics Ltd.

 

 

680,405

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

United States—(cont’d)

 

 

 

 

 

19,075

 

Tyco Intl. Ltd.

 

$

785,318

 

 

120,100

2

U.S. Bancorp

 

 

3,982,516

 

 

55,200

2

United Parcel Service, Inc., Class B

 

 

4,145,520

 

 

38,100

2

UnitedHealth Group, Inc.

 

 

1,872,615

 

 

29,100

2

UST, Inc.

 

 

1,551,612

 

 

18,500

2

Valero Energy Corp.

 

 

1,302,955

 

 

91,500

2

Verizon Communications, Inc.

 

 

4,215,405

 

 

53,800

2

Wachovia Corp.

 

 

2,460,274

 

 

24,900

2

Wal-Mart Stores, Inc.

 

 

1,125,729

 

 

19,000

2

Walgreen Co.

 

 

753,350

 

 

46,400

2

Walt Disney Co. (The)

 

 

1,606,832

 

 

26,600

2

Washington Mutual, Inc.

 

 

741,608

 

 

35,000

2

Waste Management, Inc.

 

 

1,273,650

 

 

17,300

2

WellPoint, Inc.

 

 

1,370,679

 

 

96,400

2

Wells Fargo & Co.

 

 

3,278,564

 

 

29,400

2

Weyerhauser Co.

 

 

2,231,754

 

 

23,900

 

Williams Cos., Inc.

 

 

872,111

 

 

158,096

 

Windstream Corp.

 

 

2,126,391

 

 

38,000

2

Wyeth

 

 

1,847,940

 

 

99,000

2

Xcel Energy, Inc.

 

 

2,232,450

 

 

38,200

1

Xerox Corp.

 

 

666,208

 

 

13,800

 

XTO Energy, Inc.

 

 

916,044

 

 

27,200

1,2

Yahoo! Inc.

 

 

845,920

 

 

21,300

 

Yum! Brands, Inc.

 

 

857,751

 

 

6,700

1,2

Zimmer Holdings, Inc.

 

 

465,583

 

 

 

 

 

 

     

 

 

 

Total United States

 

 

382,219,897

 

               

 

 

 

Total Common Stocks

 

 

 

 

 

 

 

(cost $787,487,572)

 

 

838,711,680

 

               

MONEY MARKET FUND—2.6%

 

 

 

 

 

22,964,924

4

Fidelity Institutional Money Market Prime Portfolio,
4.86% (cost $22,964,924)

 

 

22,964,924

 

               

 

 

 

Total investments before outstanding options written

 

 

 

 

 

 

 

(cost $810,452,4965)

 

 

861,676,604

 

               

 

 

 

 

 

 

 

 






 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

               

OUTSTANDING CALL OPTIONS WRITTEN—(0.6)%

 

 

 

 

 

(935

)

Dow Jones Euro Stoxx, strike price 4,500 EUR,
expires 11/16/07

 

 

(811,954

)

 

(470

)

Dow Jones Euro Stoxx, strike price 4,600 EUR,
expires 12/21/07

 

 

(471,464

)

 

(315

)

FTSE 100 Index, strike price 6,750 GBP, expires 11/16/07

 

 

(525,155

)

 

(163

)

FTSE 100 Index, strike price 6,800 GBP, expires 12/21/07

 

 

(311,812

)

 

(140

)

Nikkei, strike price 17,500 JPY, expires 11/09/07

 

 

(33,372

)

 

(180

)

S&P 500, strike price $1,550, expires 12/24/07

 

 

(732,600

)

 

(770

)

S&P 500, strike price $1,575, expires 11/19/07

 

 

(550,550

)

 

(370

)

S&P 500, strike price $1,575, expires 12/24/07

 

 

(976,800

)

 

(270

)

S&P 500, strike price $1,600, expires 12/24/07

 

 

(421,200

)

               

 

 

 

Total Outstanding Call Options Written

 

 

 

 

 

 

 

(premium received $(5,435,857))

 

 

(4,834,907

)

               

Total investments net of outstanding options written—96.9%

 

$

856,841,697

 

Other assets in excess of liabilities—3.1%

 

 

27,367,929

 

 

 

     

Net Assets—100.0%

 

$

884,209,626

 

 

 

     

 

 

 

 

 

         

 

 

1

Non-income producing security.

2

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

3

Security, or a portion thereof, pledged as collateral with a value of $12,292,210 on 113 long Dow Jones Euro Stoxx futures contracts, 38 long FTSE 100 Index futures contracts, 60 long Nikkei JPY Denominated futures contracts and 26 long S&P 500 futures contracts all expiring December 2007. The notional value of such contracts on October 31, 2007 was $27,189,302, with an unrealized gain of $1,028,036.

4

Represents current yield as of October 31, 2007.

5

Cost for federal income tax purposes is $810,509,866. The net unrealized appreciation on a tax basis is $51,166,738, consisting of $80,483,101 gross unrealized appreciation and $29,316,363 gross unrealized depreciation.

See Notes to Financial Statements.

 

 

 

 





32

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 



Portfolio of Investments as of October 31, 2007

BlackRock Global Opportunities Equity Trust (BOE)


(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—102.7%

 

 

 

 

Common Stocks—102.1%

 

 

 

 

Australia—2.9%

 

 

 

 

 

 

 

382,000

 

Lion Nathan Ltd.

 

$

3,322,287

 

 

77,400

 

QBE Insurance Group Ltd.

 

 

2,368,644

 

 

940,000

 

SP AusNet

 

 

1,140,401

 

 

133,232

 

St. George Bank Ltd.

 

 

4,547,595

 

 

 

 

 

 

     

 

 

 

Total Australia

 

 

11,378,927

 

               

Bermuda—0.5%

 

 

 

 

 

44,800

 

Accenture Ltd., Class A

 

 

1,749,440

 

               

Brazil—2.3%

 

 

 

 

 

105,500

1

Cia Energetica de Minas Gerais (ADR)

 

 

2,278,800

 

 

108,750

1

Gerdau S.A. (ADR)

 

 

3,382,125

 

 

35,000

 

Petroleo Brasileiro S.A. (ADR)

 

 

3,347,050

 

 

 

 

 

 

     

 

 

 

Total Brazil

 

 

9,007,975

 

               

Canada—5.1%

 

 

 

 

 

69,200

1

Barrick Gold Corp.

 

 

3,053,796

 

 

28,800

 

Canadian Imperial Bank of Commerce

 

 

3,109,723

 

 

51,000

 

Potash Corp. of Saskatchewan

 

 

6,263,820

 

 

70,800

 

Teck Cominco Ltd., Class B

 

 

3,545,808

 

 

64,400

 

TELUS Corp.

 

 

3,916,562

 

 

 

 

 

 

     

 

 

 

Total Canada

 

 

19,889,709

 

               

China—2.7%

 

 

 

 

 

1,026,300

 

Datang Intl. Power Generation Co. Ltd.

 

 

1,168,096

 

 

2,075,200

 

Industrial & Commercial Bank of China

 

 

1,982,051

 

 

28,200

 

PetroChina Co. Ltd. (ADR)

 

 

7,405,320

 

 

 

 

 

 

     

 

 

 

Total China

 

 

10,555,467

 

               

Finland—1.4%

 

 

 

 

 

86,900

 

Fortum Oyj

 

 

3,778,705

 

 

22,000

 

Wartsila Oyj, B Shares

 

 

1,803,408

 

 

 

 

 

 

     

 

 

 

Total Finland

 

 

5,582,113

 

               

France—3.3%

 

 

 

 

 

17,200

 

Alstom S.A.

 

 

4,079,245

 

 

66,300

 

AXA S.A.

 

 

2,977,947

 

 

38,800

 

Total S.A.

 

 

3,131,005

 

 

11,333

 

Unibail-Rodamco

 

 

2,830,307

 

 

 

 

 

 

     

 

 

 

Total France

 

 

13,018,504

 

               

Germany—6.0%

 

 

 

 

 

19,500

 

E.ON AG

 

 

3,812,243

 

 

37,200

 

Fresenius Medical Care AG & Co. KGaA

 

 

1,969,220

 

 

17,100

 

Hannover Rueckversicherung AG

 

 

902,621

 

 

73,600

 

IVG Immobilien AG

 

 

3,347,741

 

 

24,700

 

K+S AG

 

 

5,178,242

 

 

22,500

 

Linde AG

 

 

2,851,110

 

 

19,100

 

RWE AG

 

 

2,609,230

 

 

20,900

 

Siemens AG

 

 

2,833,954

 

 

 

 

 

 

     

 

 

 

Total Germany

 

 

23,504,361

 

               

Greece—0.7%

 

 

 

 

 

67,100

 

Piraeus Bank S.A.

 

 

2,701,672

 

               

Hong Kong—6.2%

 

 

 

 

 

497,800

 

ASM Pacific Technology

 

 

3,902,967

 

 

233,300

 

China Mobile Ltd.

 

 

4,823,120

 

 

1,896,000

 

China Power Intl. Development Ltd.

 

 

1,015,574

 

 

360,500

 

China Resources Power Holdings Co.

 

 

1,348,599

 

 

145,100

 

Esprit Holdings Ltd.

 

 

2,423,361

 

 

953,700

 

Hang Lung Properties Ltd.

 

 

4,588,334

 

 

1,462,000

 

New World Development Co. Ltd.

 

 

5,269,404

 

 

433,100

 

Shun Tak Holdings Ltd.

 

 

683,759

 

 

 

 

 

 

     

 

 

 

Total Hong Kong

 

 

24,055,118

 

               

Ireland—0.2%

 

 

 

 

 

37,600

 

Allied Irish Banks Plc

 

 

949,840

 

               

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Israel—0.9%

 

 

 

 

 

 

175,600

 

Partner Communications (ADR)

 

$

3,369,764

 

               

Italy—3.8%

 

 

 

 

 

 

595,300

 

AEM S.p.A.

 

 

2,510,721

 

 

142,500

 

Credito Emiliano S.p.A.

 

 

1,936,359

 

 

164,900

 

Enel S.p.A.

 

 

1,977,207

 

 

109,200

 

Eni S.p.A.

 

 

3,987,226

 

 

203,700

 

Milano Assicurazioni S.p.A.

 

 

1,702,694

 

 

305,700

 

UniCredito Italiano S.p.A.

 

 

2,629,755

 

 

 

 

 

 

     

 

 

 

Total Italy

 

 

14,743,962

 

               

Japan—4.5%

 

 

 

 

 

 

36,000

 

Daito Trust Construction Co. Ltd.

 

 

1,669,146

 

 

22,500

 

Fanuc Ltd.

 

 

2,466,440

 

 

206,300

 

ITOCHU Corp.

 

 

2,606,916

 

 

12,000

 

Nintendo Co. Ltd.

 

 

7,620,945

 

 

134,000

 

Sumitomo Corp.

 

 

2,334,804

 

 

100

 

Sumitomo Mitsui Financial Group, Inc.

 

 

819,132

 

 

 

 

 

 

     

 

 

 

Total Japan

 

 

17,517,383

 

               

Luxembourg—0.8%

 

 

 

 

 

48,576

 

Oriflame Cosmetics S.A.

 

 

2,942,708

 

               

Mexico—0.5%

 

 

 

 

 

406,000

 

Kimberly-Clark de Mexico SAB de CV

 

 

1,766,790

 

               

Netherlands—4.0%

 

 

 

 

 

26,200

 

Akzo Nobel N.V.

 

 

2,111,683

 

 

28,300

 

InBev N.V.

 

 

2,671,150

 

 

82,150

 

ING Groep N.V.

 

 

3,713,071

 

 

25,200

 

Nutreco Holding N.V.

 

 

1,722,757

 

 

74,900

 

SBM Offshore N.V.

 

 

2,890,379

 

 

76,700

 

Unilever N.V.

 

 

2,496,413

 

 

 

 

 

 

     

 

 

 

Total Netherlands

 

 

15,605,453

 

               

Norway—3.1%

 

 

 

 

 

33,700

 

Fred Olsen Energy ASA

 

 

1,717,800

 

 

262,600

 

Orkla ASA

 

 

4,909,649

 

 

69,800

 

StatoilHydro ASA

 

 

2,377,844

 

 

14,000

 

Storebrand ASA

 

 

200,690

 

 

72,100

 

Yara Intl. ASA

 

 

2,810,185

 

 

 

 

 

 

     

 

 

 

Total Norway

 

 

12,016,168

 

               

Philippines—0.9%

 

 

 

 

 

49,400

 

Philippine Long Distance Telephone Co. (ADR)

 

 

3,388,840

 

               

Singapore—2.0%

 

 

 

 

 

 

183,000

 

Singapore Airlines Ltd.

 

 

2,498,079

 

 

868,520

 

Singapore Telecommunications Ltd.

 

 

2,469,797

 

 

184,796

 

United Overseas Bank Ltd.

 

 

2,772,172

 

 

 

 

 

 

     

 

 

 

Total Singapore

 

 

7,740,048

 

               

South Africa—0.4%

 

 

 

 

 

317,700

 

Truworths Intl. Ltd.

 

 

1,605,219

 

               

Spain—1.3%

 

 

 

 

 

 

63,600

 

Gestevision Telecinco S.A.

 

 

1,838,146

 

 

79,600

 

Repsol YPF S.A.

 

 

3,144,770

 

 

 

 

 

 

     

 

 

 

Total Spain

 

 

4,982,916

 

               

Sweden—2.2%

 

 

 

 

 

121,400

 

Atlas Copco AB

 

 

2,040,572

 

 

122,900

 

Nordea Bank AB

 

 

2,201,314

 

 

97,600

 

Skanska AB, B Shares

 

 

1,940,649

 

 

129,300

 

Svenska Cellulosa AB, B Shares

 

 

2,284,609

 

 

 

 

 

 

     

 

 

 

Total Sweden

 

 

8,467,144

 

               

Switzerland—2.1%

 

 

 

 

 

13,500

 

Alcon, Inc.

 

 

2,054,835

 

 

6,700

 

Nestle S.A.

 

 

3,094,609

 

 

13,000

 

Syngenta AG

 

 

3,144,618

 

 

 

 

 

 

     

 

 

 

Total Switzerland

 

 

8,294,062

 

               

 

 

 

 

See Notes to Financial Statements.






ANNUAL REPORT

OCTOBER 31, 2007

33



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Global Opportunities Equity Trust (BOE) (continued)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

Taiwan—0.7%

 

 

 

 

 

251,953

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

$

2,683,299

 

 

United Kingdom—8.2%

 

 

 

 

 

183,100

 

Arriva Plc

 

 

3,204,255

 

 

589,233

 

Brit Insurance Holdings Plc

 

 

3,988,906

 

 

588,200

 

Cobham Plc

 

 

2,583,073

 

 

165,066

 

De La Rue Plc

 

 

2,821,885

 

 

200,000

 

Diageo Plc

 

 

4,588,725

 

 

745,200

 

Legal & General Group Plc

 

 

2,175,523

 

 

100,000

 

National Express Group Plc

 

 

2,750,363

 

 

99,728

 

Scottish & Southern Energy Plc

 

 

3,233,962

 

 

104,266

 

Smiths Group Plc

 

 

2,452,485

 

 

117,013

 

United Utilities Plc

 

 

1,779,026

 

 

65,100

1

Vodafone Group Plc (ADR)

 

 

2,556,477

 

 

 

 

 

 

     

 

 

 

Total United Kingdom

 

 

32,134,680

 

 

United States—35.4%

 

 

 

 

 

32,000

1

Abbott Laboratories

 

 

1,747,840

 

 

193,000

1

Alaska Communications Systems Group, Inc.

 

 

3,140,110

 

 

23,900

1

AllianceBernstein Holding LP

 

 

2,041,777

 

 

37,100

1

Altria Group, Inc.

 

 

2,705,703

 

 

48,700

1

American Electric Power Co., Inc.

 

 

2,347,827

 

 

42,200

1

Aon Corp.

 

 

1,912,504

 

 

18,900

1,2

Apple, Inc.

 

 

3,590,055

 

 

56,100

1

Archer Daniels Midland Co.

 

 

2,007,258

 

 

46,900

1

AT&T, Inc.

 

 

1,959,951

 

 

24,100

1

Becton Dickinson & Co.

 

 

2,011,386

 

 

96,000

1

Bristol-Myers Squibb Co.

 

 

2,879,040

 

 

64,900

1,2

Broadcom Corp.

 

 

2,112,495

 

 

58,300

1

Chevron Corp.

 

 

5,335,033

 

 

114,500

1,2

Cisco Systems, Inc.

 

 

3,785,370

 

 

40,300

 

Colgate-Palmolive Co.

 

 

3,073,681

 

 

64,600

1

ConocoPhillips

 

 

5,488,416

 

 

77,300

1

CVS Caremark Corp.

 

 

3,228,821

 

 

22,000

 

Diamond Offshore Drilling, Inc.

 

 

2,491,060

 

 

33,400

 

Dominion Resources, Inc.

 

 

3,060,442

 

 

85,700

 

Eagle Bulk Shipping, Inc.

 

 

2,921,513

 

 

59,600

1

Exxon Mobil Corp.

 

 

5,482,604

 

 

87,400

1

General Electric Co.

 

 

3,597,384

 

 

60,000

 

General Motors Corp.

 

 

2,351,400

 

 

3,700

1,2

Google, Inc.

 

 

2,615,900

 

 

44,300

1

HJ Heinz Co.

 

 

2,072,354

 

 

18,200

1

Intl. Business Machines Corp.

 

 

2,113,384

 

 

20,400

1

Johnson & Johnson

 

 

1,329,468

 

 

51,100

 

Kellogg Co.

 

 

2,697,569

 

 

46,300

 

Loews Corp. - Carolina Group

 

 

3,971,614

 

 

67,600

 

McDonald’s Corp.

 

 

4,035,720

 

 

82,000

1

Merck & Co., Inc.

 

 

4,777,320

 

 

36,200

2

MGM Mirage

 

 

3,316,282

 

 

148,000

1

Microsoft Corp.

 

 

5,447,880

 

 

42,200

 

Molson Coors Brewing Co.

 

 

2,415,106

 

 

42,000

 

Nike, Inc.

 

 

2,782,920

 

 

50,200

 

Occidental Petroleum Corp.

 

 

3,466,310

 

 

72,800

 

Pepco Holdings, Inc.

 

 

2,074,072

 

 

42,000

 

PepsiCo, Inc.

 

 

3,096,240

 

 

42,600

 

Procter & Gamble Co.

 

 

2,961,552

 

 

21,300

 

Public Service Enterprise Group, Inc.

 

 

2,036,280

 

 

42,500

2

St. Jude Medical, Inc.

 

 

1,731,025

 

 

39,700

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

2,257,342

 

 

30,000

 

Stryker Corp.

 

 

2,130,000

 

 

24,500

 

Sunoco, Inc.

 

 

1,803,200

 

 

45,600

 

Textron, Inc.

 

 

3,155,976

 

 

41,700

2

Waters Corp.

 

 

3,210,066

 

 

84,000

 

Yum! Brands, Inc.

 

 

3,382,680

 

 

 

 

 

 

     

 

 

 

Total United States

 

 

138,151,930

 

 

 

 

 

Total Common Stocks
(cost $306,222,802)

 

 

397,803,492

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

Preferred Stock—0.6%

 

 

 

 

Germany—0.6%

 

 

 

 

 

 

 

44,100

 

Henkel KGaA, 1.35%

 

$

2,250,515

 

 

 

 

 

Total Long-Term Investments
(cost $308,236,100)

 

 

400,054,007

 

 

MONEY MARKET FUND—2.3%

 

 

 

 

 

8,991,205

3

Fidelity Institutional Money Market Prime Portfolio,
4.86% (cost $8,991,205)

 

 

8,991,205

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

103,000

 

BAE Systems Plc, strike price 4.50 GBP, expires 11/07/07

 

 

103,443

 

 

50,000

 

BAE Systems Plc, strike price 4.50 GBP, expires 11/27/07

 

 

53,646

 

 

14,500

 

Bilfinger Berger AG, strike price 65 EUR, expires 11/12/07

 

 

13,984

 

 

203

 

Citigroup, Inc., strike price $52.50, expires 11/19/07

 

 

609

 

 

150

 

Citigroup, Inc., strike price $52.50, expires 12/24/07

 

 

1,050

 

 

59,000

 

Credito Emiliano S.p.A., strike price 12 EUR,
expires 11/06/07

 

 

1

 

 

43,000

 

Danske Bank A/S, strike price 235 DKK,
expires 11/12/07

 

 

13,401

 

 

8,500

 

Deutsche Bank AG, strike price 110 EUR,
expires 11/06/07

 

 

 

 

5,000

 

Deutsche Bank AG, strike price 110 EUR,
expires 11/12/07

 

 

1

 

 

28,000

 

Host Hotels & Resorts, Inc., strike price $25,
expires 11/02/07

 

 

6

 

 

140

 

Motorola, Inc., strike price $20, expires 11/19/07

 

 

910

 

 

75

 

Nippon Commercial Investment Corp.,
strike price 654,700 JPY, expires 11/20/07

 

 

502

 

 

142,000

 

Storebrand ASA, strike price 90 NOK, expires 11/06/07

 

 

722

 

 

82,300

 

United Utilities Plc, strike price 8 GBP, expires 11/06/07

 

 

2

 

 

8,000

 

Zimmer Holdings, Inc., strike price $90, expires 11/16/07

 

 

2

 

 

 

 

 

Total Outstanding Call Options Purchased
(cost $196,386)

 

 

188,279

 

 

 

 

 

Total investments before outstanding options written
(cost $317,423,6914)

 

 

409,233,491

 

 

OUTSTANDING OPTIONS WRITTEN—(5.3)%

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(5.3)%

 

 

 

 

 

(150

)

Abbott Laboratories, strike price $58, expires 11/02/07

 

 

 

 

(25

)

Abbott Laboratories, strike price $60, expires 11/19/07

 

 

(187

)

 

(250

)

Accenture Ltd., Class A, strike price $40, expires 11/19/07

 

 

(16,875

)

 

(450,000

)

AEM S.p.A., strike price 2.87 EUR, expires 11/07/07

 

 

(35,265

)

 

(45

)

Akzo Nobel N.V., strike price 61 EUR, expires 12/21/07

 

 

(3,259

)

 

(10,000

)

Akzo Nobel N.V., strike price 65.51 EUR,
expires 11/06/07

 

 

 

 

(33,000

)

Alaska Communications Systems Group, Inc.,
strike price $16.49, expires 11/16/07

 

 

(14,074

)

 

(385

)

Alaska Communications Systems Group, Inc.,
strike price $16.50, expires 12/28/07

 

 

(34,242

)

 

(82,800

)

Alaska Communications Systems Group, Inc.,
strike price $16.70, expires 11/02/07

 

 

(3,892

)

 

(53

)

Alcon, Inc., strike price $140, expires 11/19/07

 

 

(69,430

)

 

(16

)

Alcon, Inc., strike price $145, expires 11/19/07

 

 

(13,680

)

 

(140

)

AllianceBernstein Holding LP, strike price $95,
expires 01/21/08

 

 

(14,350

)

 

(37,600

)

Allied Irish Banks Plc, strike price 20.71 EUR,
expires 11/06/07

 

 

(16

)

 

(6,800

)

Alstom S.A., strike price 133.80 EUR, expires 11/28/07

 

 

(292,364

)

 

(3,500

)

Alstom S.A., strike price 147.10 EUR, expires 11/07/07

 

 

(80,858

)

 

(9,300

)

Altria Group, Inc., strike price $72.50, expires 11/05/07

 

 

(5,844

)

 

(130

)

Altria Group, Inc., strike price $73, expires 11/23/07

 

 

(16,214

)

 

(250

)

American Electric Power Co., Inc., strike price $47.50,
expires 11/19/07

 

 

(29,375

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

34

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Global Opportunities Equity Trust (BOE) (continued)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(23,200

)

Aon Corp., strike price $43.52, expires 11/16/07

 

$

(52,244

)

 

(57

)

Apple, Inc., strike price $150, expires 11/19/07

 

 

(228,713

)

 

(3,800

)

Apple, Inc., strike price $160, expires 11/05/07

 

 

(113,972

)

 

(47

)

Apple, Inc., strike price $185, expires 01/21/08

 

 

(82,720

)

 

(185

)

Archer Daniels Midland Co., strike price $39.50,
expires 11/02/07

 

 

 

 

(125

)

Archer Daniels Midland Co., strike price $40,
expires 12/24/07

 

 

(5,000

)

 

(147,000

)

Arriva Plc, strike price 7.63 GBP, expires 11/07/07

 

 

(230,863

)

 

(69,800

)

ASM Pacific Technology, strike price 58.72 HKD,
expires 11/08/07

 

 

(19,800

)

 

(204,000

)

ASM Pacific Technology, strike price 59.78 HKD,
expires 11/08/07

 

 

(43,462

)

 

(224,000

)

ASM Pacific Technology, strike price 70.41 HKD,
expires 11/07/07

 

 

(457

)

 

(105

)

AT&T, Inc., strike price $41.25, expires 11/09/07

 

 

(10,640

)

 

(27,000

)

AT&T, Inc., strike price $41.50, expires 11/16/07

 

 

(29,805

)

 

(31,400

)

Atlas Copco AB, strike price 112.10 SEK,
expires 11/06/07

 

 

(2,280

)

 

(68,000

)

Atlas Copco AB, strike price 114 SEK, expires 11/06/07

 

 

(2,597

)

 

(22,000

)

Atlas Copco AB, strike price 118.25 SEK,
expires 11/28/07

 

 

(4,084

)

 

(50

)

AXA S.A., strike price 33.35 EUR, expires 12/21/07

 

 

(3,259

)

 

(10,000

)

AXA S.A., strike price 34 EUR, expires 11/27/07

 

 

(4,541

)

 

(13,000

)

AXA S.A., strike price 34.83 EUR, expires 11/06/07

 

 

(62

)

 

(8,200

)

AXA S.A., strike price 35 EUR, expires 11/12/07

 

 

(356

)

 

(103,000

)

BAE Systems Plc, strike price 4.53 GBP, expires 11/07/07

 

 

(97,061

)

 

(50,000

)

BAE Systems Plc, strike price 4.60 GBP, expires 11/27/07

 

 

(44,643

)

 

(125

)

Becton Dickinson & Co., strike price $80,
expires 11/19/07

 

 

(55,000

)

 

(230

)

Barrick Gold Corp., strike price $50, expires 01/21/08

 

 

(31,625

)

 

(5,500

)

Bilfinger Berger AG, strike price 66.50 EUR,
expires 11/12/07

 

 

(3,129

)

 

(9,000

)

Bilfinger Berger AG, strike price 70.50 EUR,
expires 11/06/07

 

 

(86

)

 

(48,000

)

Bristol-Myers Squibb Co., strike price $33.43,
expires 11/16/07

 

 

(274

)

 

(290,000

)

Brit Insurance Holdings Plc, strike price 3.49 GBP,
expires 11/06/07

 

 

(1,809

)

 

(60,000

)

Brit Insurance Holdings Plc, strike price 3.60 GBP,
expires 11/12/07

 

 

(512

)

 

(125

)

Broadcom Corp., strike price $37.50, expires 11/19/07

 

 

(937

)

 

(200

)

Broadcom Corp., strike price $37.50, expires 01/21/08

 

 

(16,000

)

 

(80

)

Canadian Imperial Bank of Commerce,
strike price 100 CAD, expires 01/21/08

 

 

(42,979

)

 

(80

)

Canadian Imperial Bank of Commerce,
strike price 105 CAD, expires 01/21/08

 

 

(19,902

)

 

(440

)

Chevron Corp., strike price $88.50, expires 11/02/07

 

 

(132,876

)

 

(116,000

)

China Mobile Ltd., strike price 90.34 HKD,
expires 11/08/07

 

 

(998,514

)

 

(1,000,000

)

China Power Intl. Development Ltd., strike price 4.12 HKD,
expires 11/20/07

 

 

(21,419

)

 

(198,000

)

China Resources Power Holdings Co.,
strike price 22.26 HKD, expires 11/20/07

 

 

(166,389

)

 

(180

)

Cisco Systems, Inc., strike price $30, expires 12/14/07

 

 

(65,005

)

 

(17,500

)

Cisco Systems, Inc., strike price $32, expires 11/16/07

 

 

(26,901

)

 

(270

)

Cisco Systems, Inc., strike price $35, expires 01/21/08

 

 

(32,805

)

 

(150

)

Citigroup, Inc., strike price $55, expires 12/24/07

 

 

(450

)

 

(10,300

)

Citigroup, Inc., strike price $55.25, expires 11/16/07

 

 

(1

)

 

(10,000

)

Citigroup, Inc., strike price $56, expires 11/16/07

 

 

 

 

(117,000

)

Cobham Plc, strike price 1.97 GBP, expires 11/30/07

 

 

(39,095

)

 

(235,000

)

Cobham Plc, strike price 2.15 GBP, expires 11/06/07

 

 

(7,085

)

 

(100

)

Colgate-Palmolive Co., strike price $70, expires 11/19/07

 

 

(64,500

)

 

(100

)

Colgate-Palmolive Co., strike price $75, expires 01/21/08

 

 

(38,500

)

 

(20,000

)

Cia Energetica de Minas Gerais (ADR), strike price $20.02,
expires 11/16/07

 

 

(37,936

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(38,100

)

Cia Energetica de Minas Gerais (ADR), strike price $22.79,
expires 11/05/07

 

$

(960

)

 

(18,000

)

ConocoPhillips, strike price $81.63, expires 11/16/07

 

 

(77,319

)

 

(17,500

)

ConocoPhillips, strike price $82.80, expires 11/05/07

 

 

(40,232

)

 

(13,000

)

ConocoPhillips, strike price $83, expires 11/02/07

 

 

(26,164

)

 

(59,000

)

Credito Emiliano S.p.A., strike price 12.43 EUR,
expires 11/06/07

 

 

(1

)

 

(360

)

CVS Caremark Corp., strike price $40, expires 11/19/07

 

 

(85,500

)

 

(21,000

)

Daito Trust Construction Co. Ltd., strike price 6,375 JPY,
expires 11/20/07

 

 

(599

)

 

(43,000

)

Danske Bank A/S, strike price 237 DKK,
expires 11/12/07

 

 

(9,969

)

 

(840,000

)

Datang Intl. Power Generation Co. Ltd.,
strike price 5.45 HKD, expires 11/08/07

 

 

(353,742

)

 

(21,000

)

De La Rue Plc, strike price 7.55 GBP, expires 11/12/07

 

 

(30,077

)

 

(111,247

)

De La Rue Plc, strike price 7.95 GBP, expires 11/07/07

 

 

(64,769

)

 

(6,000

)

Deutsche Bank AG, strike price 110 EUR,
expires 11/06/07

 

 

 

 

(5,000

)

Deutsche Bank AG, strike price 112.25 EUR,
expires 11/12/07

 

 

 

 

(2,500

)

Deutsche Bank AG, strike price 120.13 EUR,
expires 11/06/07

 

 

 

 

(122,000

)

Diageo Plc, strike price 10.93 GBP, expires 11/07/07

 

 

(37,240

)

 

(30

)

Diamond Offshore Drilling, Inc., strike price $110,
expires 12/24/07

 

 

(25,650

)

 

(90

)

Diamond Offshore Drilling, Inc., strike price $111.50,
expires 11/02/07

 

 

(20,184

)

 

(75

)

Dominion Resources, Inc., strike price $90,
expires 12/24/07

 

 

(25,500

)

 

(3,000

)

Dominion Resources, Inc., strike price $91.73,
expires 11/16/07

 

 

(3,987

)

 

(8,000

)

Dominion Resources, Inc., strike price $92,
expires 11/16/07

 

 

(9,608

)

 

(7,500

)

E.ON AG, strike price 125.19 EUR, expires 11/07/07

 

 

(106,757

)

 

(20

)

E.ON AG, strike price 130 EUR, expires 12/21/07

 

 

(21,192

)

 

(21,500

)

Eagle Bulk Shipping, Inc., strike price $23.34,
expires 11/16/07

 

 

(231,125

)

 

(10,800

)

Eagle Bulk Shipping, Inc., strike price $27,
expires 11/16/07

 

 

(76,572

)

 

(25,800

)

Eagle Bulk Shipping, Inc., strike price $28,
expires 11/05/07

 

 

(157,122

)

 

(80

)

Enel S.p.A., strike price 8.20 EUR, expires 12/21/07

 

 

(10,372

)

 

(40,000

)

Enel S.p.A., strike price 8.46 EUR, expires 11/07/07

 

 

(574

)

 

(65,000

)

Eni S.p.A., strike price 26.70 EUR, expires 11/06/07

 

 

(320

)

 

(57,000

)

Esprit Holdings Ltd., strike price 101.45 HKD,
expires 11/08/07

 

 

(195,618

)

 

(22,800

)

Esprit Holdings Ltd., strike price 106.89 HKD,
expires 11/20/07

 

 

(62,869

)

 

(242

)

Exxon Mobil Corp., strike price $89, expires 11/02/07

 

 

(73,742

)

 

(114

)

Exxon Mobil Corp., strike price $89, expires 11/12/07

 

 

(42,842

)

 

(240

)

Exxon Mobil Corp., strike price $92, expires 11/02/07

 

 

(18,158

)

 

(4,500

)

Fanuc Ltd., strike price 12,486.64 JPY, expires 11/20/07

 

 

(14,858

)

 

(7,900

)

Fanuc Ltd., strike price 13,198.73 JPY, expires 12/11/07

 

 

(17,569

)

 

(49,000

)

Fortum Oyj, strike price 23.75 EUR, expires 11/12/07

 

 

(438,647

)

 

(17,000

)

Fred Olsen Energy ASA, strike price 329.66 NOK,
expires 11/06/07

 

 

 

 

(20,500

)

Fresenius Medical Care AG & Co. KGaA,
strike price 37.29 EUR, expires 01/09/08

 

 

(33,689

)

 

(22,000

)

General Electric Co., strike price $40.25,
expires 11/16/07

 

 

(28,248

)

 

(22,000

)

General Electric Co., strike price $41.34,
expires 11/05/07

 

 

(3,478

)

 

(200

)

General Motors Corp., strike price $35, expires 12/24/07

 

 

(103,500

)

 

(130

)

General Motors Corp., strike price $37.50,
expires 01/21/08

 

 

(52,975

)

 

(63,700

)

Gerdau S.A. (ADR), strike price $25, expires 11/02/07

 

 

(388,666

)


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

35



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Global Opportunities Equity Trust (BOE) (continued)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(45,000

)

Gerdau S.A. (ADR), strike price $25.70,
expires 11/16/07

 

$

(244,620

)

 

(32,000

)

Gestevision Telecinco S.A., strike price 20.80 EUR,
expires 11/12/07

 

 

(4,492

)

 

(1,400

)

Google, Inc., 1.35%, strike price $521.08, expires 11/16/07

 

 

(261,840

)

 

(14

)

Google, Inc., strike price $620, expires 12/24/07

 

 

(133,000

)

 

(139,500

)

Hang Lung Properties Ltd., strike price 24.98 HKD,
expires 11/08/07

 

 

(213,902

)

 

(385,000

)

Hang Lung Properties Ltd., strike price 27.88 HKD,
expires 11/08/07

 

 

(446,511

)

 

(21,300

)

Henkel KGaA, 1.35%, strike price 39.52 EUR, expires 11/06/07

 

 

 

 

(70

)

HJ Heinz Co., strike price $47.25, expires 11/02/07

 

 

(768

)

 

(185

)

HJ Heinz Co., strike price $48.75, expires 11/08/07

 

 

(844

)

 

(28,000

)

Host Hotels & Resorts, Inc., strike price $27,
expires 11/02/07

 

 

 

 

(17,000

)

InBev N.V., strike price 60.42 EUR, expires 11/07/07

 

 

(117,888

)

 

(450,000

)

Industrial & Commercial Bank of China,
strike price 4.12 HKD, expires 11/08/07

 

 

(186,306

)

 

(700,000

)

Industrial & Commercial Bank of China,
strike price 4.47 HKD, expires 11/08/07

 

 

(257,772

)

 

(45,000

)

ING Groep N.V., strike price 33.01 EUR, expires 11/06/07

 

 

(365

)

 

(78

)

Intl. Business Machines Corp., strike price $120,
expires 11/09/07

 

 

(3,792

)

 

(5,800

)

Intl. Business Machines Corp., strike price $122,
expires 11/02/07

 

 

(10

)

 

(110,000

)

ITOCHU Corp., strike price 1,459.51 JPY, expires 12/11/07

 

 

(87,066

)

 

(48,000

)

IVG Immobilien AG, strike price 31.26 EUR,
expires 11/07/07

 

 

(44,158

)

 

(110

)

Johnson & Johnson, strike price $64.50,
expires 11/05/07

 

 

(7,836

)

 

(4,800

)

K+S AG, strike price 109.01 EUR, expires 11/28/07

 

 

(248,220

)

 

(10,000

)

K+S AG, strike price 109.10 EUR, expires 11/07/07

 

 

(510,729

)

 

(123,000

)

Kimberly-Clark de Mexico SAB de CV, strike price 46 MXN,
expires 12/03/07

 

 

(18,237

)

 

(123,000

)

Kimberly-Clark de Mexico SAB de CV, strike price 50 MXN,
expires 11/02/07

 

 

 

 

(111,000

)

Legal & General Group Plc, strike price 1.45 GBP,
expires 11/12/07

 

 

(2,516

)

 

(336,000

)

Legal & General Group Plc, strike price 1.57 GBP,
expires 11/06/07

 

 

(7

)

 

(30

)

Linde AG, strike price 90 EUR, expires 11/16/07

 

 

(4,780

)

 

(9,000

)

Linde AG, strike price 90.33 EUR, expires 11/06/07

 

 

(1,862

)

 

(189,000

)

Lion Nathan Ltd., strike price 9.39 AUD, expires 11/08/07

 

 

(9,400

)

 

(40,000

)

Lion Nathan Ltd., strike price 9.43 AUD, expires 11/07/07

 

 

(1,498

)

 

(125

)

Loews Corp. - Carolina Group, strike price $80,
expires 01/21/08

 

 

(95,625

)

 

(5,000

)

Loews Corp. - Carolina Group, strike price $81.25,
expires 11/05/07

 

 

(22,712

)

 

(80

)

Loews Corp. - Carolina Group, strike price $82.50,
expires 12/07/07

 

 

(38,203

)

 

(6,700

)

McDonald’s Corp., strike price $52.25, expires 11/05/07

 

 

(50,340

)

 

(340

)

McDonald’s Corp., strike price $52.50, expires 12/24/07

 

 

(248,200

)

 

(27,000

)

Merck & Co., Inc., strike price $53.70, expires 11/16/07

 

 

(126,190

)

 

(85

)

Merck & Co., Inc., strike price $55, expires 11/05/07

 

 

(27,765

)

 

(100

)

Merck & Co., Inc., strike price $57.50, expires 01/21/08

 

 

(29,500

)

 

(10,000

)

MGM Mirage, strike price $90.83, expires 11/16/07

 

 

(36,220

)

 

(100

)

MGM Mirage, strike price $95, expires 12/24/07

 

 

(42,500

)

 

(17,000

)

Microsoft Corp., strike price $31.57, expires 11/16/07

 

 

(89,893

)

 

(31,750

)

Microsoft Corp., strike price $32.03, expires 12/21/07

 

 

(159,017

)

 

(340

)

Microsoft Corp., strike price $32.63, expires 11/05/07

 

 

(142,501

)

 

(81,500

)

Milano Assicurazioni S.p.A., strike price 6.36 EUR,
expires 11/28/07

 

 

(3,046

)

 

(21,000

)

Molson Coors Brewing Co., strike price $47.13,
expires 11/05/07

 

 

(212,394

)

 

(14,000

)

Motorola, Inc., strike price $20, expires 11/16/07

 

 

(1,114

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(55,000

)

National Express Group Plc, strike price 13.26 GBP,
expires 11/12/07

 

$

(33,131

)

 

(4,300

)

Nestle S.A., strike price 521 CHF, expires 11/07/07

 

 

(53,022

)

 

(145,200

)

New World Development Co. Ltd., strike price 20.31 HKD,
expires 11/08/07

 

 

(137,705

)

 

(732,000

)

New World Development Co. Ltd., strike price 20.61 HKD,
expires 11/08/07

 

 

(665,711

)

 

(15,000

)

Nike, Inc., strike price $60.25, expires 11/16/07

 

 

(93,020

)

 

(100

)

Nike, Inc, strike price $61, expires 11/05/07

 

 

(52,721

)

 

(3,200

)

Nintendo Co. Ltd., strike price 43,832.71 JPY,
expires 11/20/07

 

 

(765,118

)

 

(5,200

)

Nintendo Co. Ltd., strike price 63,600 JPY,
expires 11/20/07

 

 

(392,843

)

 

(75

)

Nippon Commercial Investment Corp.,
strike price 654,707.45 JPY, expires 11/20/07

 

 

(502

)

 

(70,000

)

Nordea Bank AB, strike price 114 SEK, expires 11/12/07

 

 

(24,418

)

 

(11,000

)

Nutreco Holding N.V., strike price 51.12 EUR,
expires 11/06/07

 

 

(81

)

 

(25,000

)

Occidental Petroleum Corp., strike price $58.75,
expires 11/16/07

 

 

(260,195

)

 

(24,000

)

Oriflame Cosmetics S.A., strike price 340 SEK,
expires 11/12/07

 

 

(168,342

)

 

(105,000

)

Orkla ASA, strike price 107.38 NOK, expires 11/06/07

 

 

(2,510

)

 

(52,000

)

Orkla ASA, strike price 111.50 NOK, expires 11/28/07

 

 

(3,949

)

 

(53,000

)

Orkla ASA, strike price 116 NOK, expires 11/06/07

 

 

(11

)

 

(61,000

)

Partner Communications (ADR), strike price $18,
expires 12/21/07

 

 

(97,496

)

 

(27,000

)

Partner Communications (ADR), strike price $18.19,
expires 11/16/07

 

 

(35,729

)

 

(260

)

Pepco Holdings, Inc., strike price $30, expires 11/19/07

 

 

(5,200

)

 

(14,000

)

Pepco Holdings, Inc., strike price $30.50,
expires 11/16/07

 

 

(1,858

)

 

(8,500

)

PepsiCo, Inc., strike price $67.44, expires 11/16/07

 

 

(54,111

)

 

(170

)

PepsiCo, Inc., strike price $70, expires 11/19/07

 

 

(68,000

)

 

(7,000

)

PetroChina Co. Ltd. (ADR), strike price $149,
expires 11/16/07

 

 

(795,631

)

 

(60

)

PetroChina Co. Ltd. (ADR), strike price $190,
expires 11/19/07

 

 

(438,000

)

 

(85

)

PetroChina Co. Ltd. (ADR), strike price $190,
expires 12/24/07

 

 

(652,800

)

 

(67

)

PetroChina Co. Ltd. (ADR), strike price $200,
expires 11/19/07

 

 

(423,775

)

 

(12,000

)

Petroleo Brasileiro S.A. (ADR), strike price $61.61,
expires 11/16/07

 

 

(408,788

)

 

(7,000

)

Petroleo Brasileiro S.A. (ADR), strike price $64.50,
expires 11/05/07

 

 

(217,955

)

 

(7,000

)

Petroleo Brasileiro S.A. (ADR), strike price $67.70,
expires 11/02/07

 

 

(195,535

)

 

(9,800

)

Philippine Long Distance Telephone Co. (ADR),
strike price $56.20, expires 11/05/07

 

 

(121,514

)

 

(17,000

)

Philippine Long Distance Telephone Co. (ADR),
strike price $57.61, expires 12/03/07

 

 

(208,098

)

 

(13,000

)

Piraeus Bank S.A., strike price 26.75 EUR,
expires 11/30/07

 

 

(27,716

)

 

(28,586

)

Piraeus Bank S.A., strike price 27.80 EUR,
expires 11/07/07

 

 

(1,466

)

 

(305

)

Potash Corp. of Saskatchewan, strike price $105,
expires 12/22/07

 

 

(642,025

)

 

(100

)

Potash Corp. of Saskatchewan, strike price $110,
expires 12/24/07

 

 

(173,000

)

 

(10,500

)

Potash Corp. of Saskatchewan, strike price $80.67,
expires 11/16/07

 

 

(444,185

)

 

(140

)

Procter & Gamble Co., strike price $64,
expires 11/05/07

 

 

(77,410

)

 

(10,000

)

Procter & Gamble Co., strike price $65.28,
expires 11/16/07

 

 

(44,281

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

36

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Global Opportunities Equity Trust (BOE) (concluded)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN— (cont’d)

 

 

 

 

 

(50

)

Public Service Enterprise Group, Inc., strike price $90.25,
expires 11/05/07

 

$

(26,809

)

 

(55

)

Public Service Enterprise Group, Inc., strike price $94,
expires 11/05/07

 

 

(9,800

)

 

(7,600

)

QBE Insurance Group Ltd., strike price 31.25 AUD,
expires 11/20/07

 

 

(10,743

)

 

(35,000

)

QBE Insurance Group Ltd., strike price 32.56 AUD,
expires 11/08/07

 

 

(18,598

)

 

(36,000

)

Repsol YPF S.A., strike price 27.76 EUR,
expires 11/06/07

 

 

(8,568

)

 

(23,700

)

Repsol YPF S.A., strike price 28.39 EUR,
expires 11/01/07

 

 

(3

)

 

(6,000

)

RWE AG, strike price 84 EUR, expires 11/07/07

 

 

(89,021

)

 

(4,500

)

RWE AG, strike price 85.73 EUR, expires 11/27/07

 

 

(57,087

)

 

(26,000

)

SBM Offshore N.V., strike price 28.14 EUR,
expires 11/07/07

 

 

(1,088

)

 

(15,000

)

SBM Offshore N.V., strike price 30.32 EUR,
expires 11/28/07

 

 

(986

)

 

(19,000

)

Scottish & Southern Energy Plc, strike price 14.91 GBP,
expires 11/30/07

 

 

(34,406

)

 

(40,000

)

Scottish & Southern Energy Plc, strike price 15.49 GBP,
expires 11/02/07

 

 

(22,165

)

 

(130,000

)

Shun Tak Holdings Ltd., strike price 13.75 HKD,
expires 11/07/07

 

 

(178

)

 

(10,000

)

Siemens AG, strike price 103 EUR, expires 11/27/07

 

 

(6,811

)

 

(91,500

)

Singapore Airlines Ltd., strike price 20.20 SGD,
expires 12/11/07

 

 

(33,544

)

 

(391,000

)

Singapore Telecommunications Ltd., strike price 3.55 SGD,
expires 11/08/07

 

 

(143,233

)

 

(58,000

)

Skanska AB, B Shares, strike price 160 SEK,
expires 11/06/07

 

 

 

 

(57,000

)

Smiths Group Plc, strike price 10.47 GBP,
expires 11/12/07

 

 

(98,052

)

 

(781,000

)

SP AusNet, strike price 1.47 AUD, expires 11/08/07

 

 

(7

)

 

(159,000

)

SP AusNet, strike price 1.52 AUD, expires 11/08/07

 

 

(1

)

 

(87,000

)

St. George Bank Ltd., strike price 36.60 AUD,
expires 11/08/07

 

 

(24,139

)

 

(23,000

)

St. Jude Medical, Inc., strike price $45.30,
expires 11/16/07

 

 

(2,804

)

 

(70

)

Starwood Hotels & Resorts Worldwide, Inc.,
strike price $70, expires 11/19/07

 

 

(875

)

 

(150

)

Starwood Hotels & Resorts Worldwide, Inc.,
strike price $75, expires 11/19/07

 

 

(1,125

)

 

(39,000

)

StatoilHydro ASA, strike price 192.30 NOK, expires 01/09/08

 

 

(43,122

)

 

(142,000

)

Storebrand ASA, strike price 94.81 NOK,
expires 11/06/07

 

 

(58

)

 

(45

)

Stryker Corp., strike price $70, expires 12/24/07

 

 

(14,850

)

 

(120

)

Stryker Corp., strike price $75, expires 12/24/07

 

 

(12,600

)

 

(73,700

)

Sumitomo Corp., strike price 2,065.15 JPY,
expires 12/11/07

 

 

(48,919

)

 

(100

)

Sumitomo Mitsui Financial Group, Inc.,
strike price 1,058,136.59 JPY, expires 11/20/07

 

 

(5,918

)

 

(125

)

Sunoco, Inc., strike price $80, expires 11/19/07

 

 

(7,500

)

 

(42,000

)

Svenska Cellulosa AB, B Shares, strike price 118.44 SEK,
expires 11/06/07

 

 

(302

)

 

(33,000

)

Svenska Cellulosa AB, B Shares, strike price 123 SEK,
expires 11/28/07

 

 

(1,405

)

 

(5,200

)

Syngenta AG, strike price 232.75 CHF, expires 11/08/07

 

 

(204,515

)

 

(200

)

Syngenta AG, strike price 250 CHF, expires 11/16/07

 

 

(48,507

)

 

(75,000

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $11, expires 11/16/07

 

 

(16,567

)

 

(385

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $12, expires 11/09/07

 

 

(343

)

 

(100

)

Teck Cominco Ltd., Class B, strike price 48 CAD,
expires 11/19/07

 

 

(10,162

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(25,000

)

Teck Cominco Ltd., Class B, strike price 53.25 CAD,
expires 11/16/07

 

$

(3,343

)

 

(100

)

TELUS Corp., strike price 62 CAD, expires 11/19/07

 

 

(1,323

)

 

(25,000

)

TELUS Corp., strike price 66 CAD, expires 11/16/07

 

 

(2,472

)

 

(25,600

)

Textron, Inc., strike price $56.50, expires 11/16/07

 

 

(327,511

)

 

(70

)

Textron, Inc., strike price $60, expires 12/24/07

 

 

(70,350

)

 

(19,000

)

Total S.A., strike price 57.22 EUR, expires 11/06/07

 

 

(3,974

)

 

(10,100

)

Total S.A., strike price 57.70 EUR, expires 11/01/07

 

 

(3

)

 

(97,000

)

Truworths Intl. Ltd., strike price 36.99 ZAR,
expires 11/06/07

 

 

(1

)

 

(57,700

)

Truworths Intl. Ltd., strike price 41.76 ZAR,
expires 11/06/07

 

 

 

 

(6,790

)

Unibail-Rodamco, strike price 210.61 EUR,
expires 11/27/07

 

 

(369

)

 

(153,000

)

UniCredito Italiano S.p.A., strike price 6.42 EUR,
expires 11/12/07

 

 

(975

)

 

(20,000

)

Unilever N.V., strike price 23.13 EUR, expires 11/07/07

 

 

(1,234

)

 

(131,822

)

United Overseas Bank Ltd., strike price 22.71 SGD,
expires 11/07/07

 

 

(6,433

)

 

(13,786

)

United Overseas Bank Ltd., strike price 23.68 SGD,
expires 11/20/07

 

 

(1,164

)

 

(34,300

)

United Utilities Plc, strike price 6.89 GBP,
expires 11/30/07

 

 

(32,893

)

 

(82,300

)

United Utilities Plc, strike price 6.90 GBP,
expires 11/07/07

 

 

(68,023

)

 

(82,300

)

United Utilities Plc, strike price 8.04 GBP,
expires 11/06/07

 

 

(2

)

 

(110

)

Vodafone Group Plc (ADR), strike price $35,
expires 11/19/07

 

 

(49,500

)

 

(7,000

)

Vodafone Group Plc (ADR), strike price $35.65,
expires 11/16/07

 

 

(26,463

)

 

(17,500

)

Vodafone Group Plc (ADR), strike price $35.75,
expires 11/05/07

 

 

(61,600

)

 

(22,000

)

Wartsila Oyj, B Shares, strike price 51.60 EUR,
expires 11/28/07

 

 

(187,026

)

 

(18,000

)

Waters Corp., strike price $68.20, expires 11/16/07

 

 

(161,406

)

 

(40,000

)

Yara Intl. ASA, strike price 185.45 NOK, expires 12/12/07

 

 

(184,505

)

 

(250

)

Yum! Brands, Inc., strike price $34, expires 11/05/07

 

 

(156,895

)

 

(17,000

)

Yum! Brands, Inc., strike price $35.01, expires 11/16/07

 

 

(90,369

)

 

(8,000

)

Zimmer Holdings, Inc., strike price $90.50,
expires 11/16/07

 

 

(2

)

 

 

 

 

Total Outstanding Call Options Written
(premium received $(11,649,547))

 

 

(20,664,745

)

 

OUTSTANDING PUT OPTION WRITTEN—0.0%

 

 

 

 

 

(700

)

Motorola, Inc., strike price $18, expires 11/19/07
(premium received $(18,550))

 

 

(10,850

)

 

 

 

 

Total Outstanding Options Written
(premium received $(11,668,097))

 

 

(20,675,595

)

 

Total investments net of outstanding options written—99.7%

 

$

388,557,896

 

Other assets in excess of liabilities—0.3%

 

 

1,183,390

 

 

 

     

Net Assets—100.0%

 

$

389,741,286

 

 

 

     

 

 

 

1

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

2

Non-income producing security.

3

Represents current yield as of October 31, 2007.

4

Cost for federal income tax purposes is $318,706,851. The net unrealized appreciation on a tax basis is $90,526,640, consisting of $92,599,617 gross unrealized appreciation and $2,072,977 gross unrealized depreciation.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

37



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

LONG-TERM INVESTMENTS—87.1%

 

 

 

 

Common Stocks—87.1%

 

 

 

 

Biotechnology—15.5%

 

 

 

 

 

112,800

1,2

Alexion Pharmaceuticals, Inc.

 

$

8,629,200

 

 

89,900

1

Applera Corp. - Celera Group

 

 

1,466,269

 

 

40,700

1

Arqule, Inc.

 

 

319,495

 

 

36,200

1

Celgene Corp.

 

 

2,389,200

 

 

61,000

1

Charles River Laboratories Intl., Inc.

 

 

3,538,000

 

 

54,500

1

Halozyme Therapeutics, Inc.

 

 

500,310

 

 

85,700

1

Integra LifeSciences Holdings Corp.

 

 

4,153,879

 

 

90,167

1,3

InterMune, Inc.

 

 

1,796,127

 

 

141,818

1

Kosan Biosciences, Inc.

 

 

721,854

 

 

28,100

1

Millipore Corp.

 

 

2,181,965

 

 

144,700

1

Myriad Genetics, Inc.

 

 

8,010,592

 

 

87,337

1

NicOx S.A.

 

 

2,089,442

 

 

 

 

 

 

     

 

 

 

Total Biotechnology

 

 

35,796,333

 

 

Commercial Services—0.4%

 

 

 

 

 

28,200

1

PRA Intl.

 

 

851,358

 

 

Distribution/Wholesale—1.3%

 

 

 

 

 

23,500

1

MWI Veterinary Supply, Inc.

 

 

981,125

 

 

48,600

 

Owen & Minor, Inc.

 

 

1,970,244

 

 

 

 

 

 

     

 

 

 

Total Distribution/Wholesale

 

 

2,951,369

 

 

Electronics—4.9%

 

 

 

 

 

122,500

 

Applera Corp. - Applied Biosystems Group

 

 

4,549,650

 

 

41,200

1

Varian, Inc.

 

 

3,044,268

 

 

49,400

1

Waters Corp.

 

 

3,802,812

 

 

 

 

 

 

     

 

 

 

Total Electronics

 

 

11,396,730

 

 

Healthcare Products—23.7%

 

 

 

 

 

27,700

 

Alcon, Inc.

 

 

4,216,217

 

 

68,000

1

Alphatec Holdings, Inc.

 

 

289,680

 

 

98,600

 

Baxter Intl., Inc.

 

 

5,916,986

 

 

106,500

 

Becton Dickinson & Co.

 

 

8,888,490

 

 

63,100

1

Cepheid, Inc.

 

 

1,633,028

 

 

51,200

 

China Medical Technologies, Inc. (ADR)

 

 

2,388,480

 

 

75,400

1,3

Cyberonics, Inc.

 

 

1,093,300

 

 

110,700

 

Dentsply Intl., Inc.

 

 

4,591,836

 

 

40,100

1,3

Edwards Lifesciences Corp.

 

 

2,013,822

 

 

22,100

 

Johnson & Johnson

 

 

1,440,257

 

 

22,500

1

Kyphon, Inc.

 

 

1,594,800

 

 

100,600

2

Medtronic, Inc.

 

 

4,772,464

 

 

17,800

1

Power Medical Interventions, Inc.

 

 

212,710

 

 

52,600

1

SenoRx, Inc.

 

 

477,082

 

 

37,000

1

St. Jude Medical, Inc.

 

 

1,507,010

 

 

132,500

 

Stryker Corp.

 

 

9,407,500

 

 

20,900

1

Thoratec Corp.

 

 

417,373

 

 

3,800

1

Trans1, Inc.

 

 

95,000

 

 

20,800

1

Ventana Medical Systems, Inc.

 

 

1,830,400

 

 

63,100

1

Wright Medical Group, Inc.

 

 

1,672,150

 

 

 

 

 

 

     

 

 

 

Total Healthcare Products

 

 

54,458,585

 

 

Healthcare Services—7.5%

 

 

 

 

 

73,700

 

Aetna, Inc.

 

 

4,139,729

 

 

3,100

1

athenahealth, Inc.

 

 

118,513

 

 

27,900

1

Covance, Inc.

 

 

2,301,750

 

 

22,200

 

Fresenius Medical Care AG & Co. KGaA

 

 

1,175,179

 

 

88,600

 

Manor Care, Inc.

 

 

5,898,988

 

 

24,083

1

Psychiatric Solutions, Inc.

 

 

953,687

 

 

56,300

 

UnitedHealth Group, Inc.

 

 

2,767,145

 

 

 

 

 

 

     

 

 

 

Total Healthcare Services

 

 

17,354,991

 

 

Pharmaceuticals—31.9%

 

 

 

 

 

103,100

2

Abbott Laboratories

 

 

5,631,322

 

 

29,600

1

Auxilium Pharmaceuticals, Inc.

 

 

781,736

 

 

199,438

1

BioMarin Pharmaceuticals, Inc.

 

 

5,530,416

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

Pharmaceuticals—(cont’d)

 

 

 

 

 

101,700

 

Bristol-Myers Squibb Co.

 

$

3,049,983

 

 

13,300

1

Cephalon, Inc.

 

 

980,742

 

 

10,300

1

Dynavax Technologies Corp.

 

 

51,500

 

 

137,000

1

Gilead Sciences, Inc.

 

 

6,328,030

 

 

38,900

1

ImClone Systems, Inc.

 

 

1,678,535

 

 

233,200

2

Merck & Co., Inc.

 

 

13,586,232

 

 

1,100

 

Novartis AG (ADR)

 

 

58,487

 

 

121,400

1

Onyx Pharmaceuticals, Inc.

 

 

5,670,594

 

 

89,300

2

Pfizer, Inc.

 

 

2,197,673

 

 

106,200

1

Pharmion Corp.

 

 

5,110,344

 

 

66,500

1

Poniard Pharmaceuticals, Inc.

 

 

308,560

 

 

63,650

 

Roche Holding AG

 

 

10,871,621

 

 

169,000

 

Schering-Plough Corp.

 

 

5,157,880

 

 

37,000

 

Teva Pharmaceutical Industries Ltd. (ADR)

 

 

1,628,370

 

 

74,700

1

Tongjitang Chinese Medicines Co. (ADR)

 

 

859,050

 

 

10,100

1

United Therapeutics Corp.

 

 

691,244

 

 

67,622

 

Wyeth

 

 

3,288,458

 

 

 

 

 

 

     

 

 

 

Total Pharmaceuticals

 

 

73,460,777

 

 

Retail—1.6%

 

 

 

 

 

89,100

 

CVS Caremark Corp.

 

 

3,721,707

 

 

Software—0.3%

 

 

 

 

 

25,200

1

Phase Forward, Inc.

 

 

599,508

 

 

 

 

 

Total Common Stocks
(cost $158,903,266)

 

 

200,591,358

 

 

SHORT-TERM INVESTMENTS—15.4%

 

 

 

 

Money Market Funds—6.4%

 

 

 

 

 

11,463,945

4

Fidelity Institutional Money Market Prime Portfolio,
4.86%

 

 

11,463,945

 

 

3,175,600

4,5,6

BlackRock Liquidity Series, LLC
Money Market Series, 5.04%

 

 

3,175,600

 

 

 

 

 

Total Money Market Funds

 

 

14,639,545

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—9.0%

 

 

 

 

$

20,800,000

7

Federal Home Loan Bank Disc. Notes,
4.40%, 11/01/07

 

 

20,800,000

 

 

 

 

 

Total Short-Term Investments
(cost $35,439,545)

 

 

35,439,545

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

210

 

Celgene Corp., strike price $70, expires 12/24/07

 

 

39,900

 

 

20

 

Cephalon, Inc., strike price $85, expires 11/19/07

 

 

450

 

 

10,000

 

Elan Corp. Plc (ADR), strike price $23, expires 11/16/07

 

 

14,270

 

 

200

 

Gilead Sciences, Inc., strike price $45, expires 11/19/07

 

 

38,500

 

 

10,000

 

Novartis AG (ADR), strike price $56.75, expires 11/16/07

 

 

136

 

 

30

 

Pozen, Inc., strike price $17.50, expires 12/24/07

 

 

225

 

 

10,000

 

Regeneron Pharmaceuticals, Inc., strike price $29,
expires 11/16/07

 

 

1,820

 

 

100

 

Thoratec Corp., strike price $22.50, expires 11/19/07

 

 

1,250

 

 

100

 

UnitedHealth Group, Inc., strike price $60,
expires 11/19/07

 

 

400

 

 

12,000

 

Zimmer Holdings, Inc., strike price $90, expires 11/16/07

 

 

2

 

 

 

 

 

Total Outstanding Call Options Purchased
(cost $93,090)

 

 

96,953

 

 

 

 

 

Total investments before outstanding options written
(cost $194,435,9018)

 

 

236,127,856

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

38

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Health Sciences Trust (BME) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING OPTIONS WRITTEN—(1.1)%

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.0)%

 

 

 

 

 

(250)

 

Abbott Laboratories, strike price $58.50,
expires 11/02/07

 

$

 

 

(15,000)

 

Aetna, Inc., strike price $55.25, expires 11/16/07

 

 

(27,696

)

 

(50)

 

Alcon, Inc., strike price $150, expires 11/19/07

 

 

(24,000

)

 

(50)

 

Alcon, Inc., strike price $150, expires 12/24/07

 

 

(39,000

)

 

(400)

 

Alexion Pharmaceuticals, Inc., strike price $75,
expires 12/24/07

 

 

(242,000

)

 

(20,000)

 

Applera Corp. - Applied Biosystems Group,
strike price $35.55, expires 12/27/07

 

 

(54,668

)

 

(200)

 

Applera Corp. - Celera Group, strike price $15,
expires 12/24/07

 

 

(35,000

)

 

(60)

 

Arqule, Inc., strike price $10, expires 01/21/08

 

 

(1,500

)

 

(60)

 

Auxilium Pharmaceuticals, Inc., strike price $30,
expires 01/21/08

 

 

(6,750

)

 

(150)

 

Baxter Intl., Inc., strike price $60, expires 12/24/07

 

 

(34,875

)

 

(10,000)

 

Baxter Intl., Inc., strike price $60.50, expires 11/16/07

 

 

(10,987

)

 

(10,000)

 

Becton Dickinson & Co., strike price $82,
expires 12/21/07

 

 

(39,300

)

 

(125)

 

Becton Dickinson & Co., strike price $82,
expires 12/27/07

 

 

(51,504

)

 

(100)

 

Becton Dickinson & Co., strike price $85,
expires 12/24/07

 

 

(21,000

)

 

(250)

 

BioMarin Pharmaceuticals, Inc., strike price $25,
expires 11/19/07

 

 

(78,750

)

 

(250)

 

BioMarin Pharmaceuticals, Inc., strike price $25,
expires 12/07/07

 

 

(102,845

)

 

(200)

 

Bristol-Myers Squibb Co., strike price $32.50,
expires 12/24/07

 

 

(5,700

)

 

(362)

 

Celgene Corp., strike price $65, expires 12/24/07

 

 

(148,420

)

 

(110)

 

Celgene Corp., strike price $70, expires 11/19/07

 

 

(6,050

)

 

(100)

 

Celgene Corp., strike price $75, expires 12/24/07

 

 

(7,500

)

 

(20)

 

Cephalon, Inc., strike price $90, expires 11/19/07

 

 

(250

)

 

(100)

 

Cepheid, Inc., strike price $25, expires 12/24/07

 

 

(32,000

)

 

(100)

 

Charles River Laboratories Intl., Inc., strike price $55,
expires 11/19/07

 

 

(40,000

)

 

(15,000)

 

Charles River Laboratories Intl., Inc., strike price $56.50,
expires 11/16/07

 

 

(47,873

)

 

(150)

 

China Medical Technologies, Inc. (ADR), strike price $50,
expires 12/24/07

 

 

(45,000

)

 

(10)

 

Covance, Inc., strike price $80, expires 01/21/08

 

 

(4,900

)

 

(8,000)

 

Covance, Inc., strike price $82.25, expires 12/21/07

 

 

(23,746

)

 

(100)

 

CVS Caremark Corp., strike price $40, expires 12/24/07

 

 

(30,000

)

 

(10,000)

 

CVS Caremark Corp., strike price $41, expires 11/16/07

 

 

(15,135

)

 

(100)

 

CVS Caremark Corp., strike price $42.50,
expires 01/21/08

 

 

(19,250

)

 

(20,000)

 

Cyberonics, Inc., strike price $20.50, expires 11/16/07

 

 

(4

)

 

(300)

 

Dentsply Intl., Inc., strike price $40, expires 12/24/07

 

 

(81,000

)

 

(50)

 

Edwards Lifesciences Corp., strike price $55,
expires 11/19/07

 

 

(1,000

)

 

(10,000)

 

Elan Corp. Plc (ADR), strike price $23.55,
expires 11/16/07

 

 

(11,111

)

 

(7,200)

 

Fresenius Medical Care AG & Co. KGaA,
strike price 37.29 EUR, expires 01/09/08

 

 

(11,832

)

 

(300)

 

Gilead Sciences, Inc., strike price $45, expires 12/14/07

 

 

(82,809

)

 

(20,000)

 

Gilead Sciences, Inc., strike price $45.50,
expires 11/16/07

 

 

(33,034

)

 

(150)

 

Gilead Sciences, Inc., strike price $47.50,
expires 01/21/08

 

 

(31,125

)

 

(100)

 

Halozyme Therapeutics, Inc., strike price $10,
expires 12/24/07

 

 

(3,500

)

 

(100)

 

ImClone Systems, Inc., strike price $45, expires 12/24/07

 

 

(21,000

)

 

(50)

 

ImClone Systems, Inc., strike price $50, expires 11/19/07

 

 

(1,250

)

 

(50)

 

ImClone Systems, Inc., strike price $50, expires 12/24/07

 

 

(4,000

)

 

(70)

 

Integra LifeSciences Holdings Corp.,
strike price $50, expires 11/19/07

 

 

(4,550

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(15,000)

 

Integra LifeSciences Holdings Corp., strike price $55.25,
expires 11/16/07

 

$

(139

)

 

(20,000)

 

InterMune, Inc., strike price $30.50, expires 11/16/07

 

 

 

 

(15,000)

 

Johnson & Johnson, strike price $65.20,
expires 01/18/08

 

 

(28,926

)

 

(250)

 

Medtronic, Inc., strike price $55, expires 01/21/08

 

 

(11,250

)

 

(100)

 

Medtronic, Inc., strike price $57.50, expires 11/19/07

 

 

(750

)

 

(500)

 

Merck & Co., Inc., strike price $57, expires 11/02/07

 

 

(66,235

)

 

(300)

 

Merck & Co., Inc., strike price $57.50, expires 12/22/07

 

 

(70,500

)

 

(50)

 

Millipore Corp., strike price $85, expires 01/21/08

 

 

(5,875

)

 

(35,000)

 

Myriad Genetics, Inc., strike price $52.50
expires 11/16/07

 

 

(150,003

)

 

(16,000)

 

NicOx S.A., strike price 21.30 EUR, expires 11/06/07

 

 

 

 

(10,000)

 

Novartis AG (ADR), strike price $57.25, expires 11/16/07

 

 

(62

)

 

(235)

 

Onyx Pharmaceuticals, Inc., strike price $45,
expires 11/19/07

 

 

(82,250

)

 

(10,000)

 

Onyx Pharmaceuticals, Inc., strike price $50.25,
expires 12/21/07

 

 

(26,741

)

 

(10,000)

 

Owen & Minor, Inc., strike price $40.50, expires 11/16/07

 

 

(10,958

)

 

(100)

 

Owen & Minor, Inc., strike price $45, expires 12/24/07

 

 

(5,000

)

 

(150)

 

Pfizer, Inc., strike price $25, expires 01/21/08

 

 

(11,250

)

 

(250)

 

Pharmion Corp., strike price $48.25, expires 12/14/07

 

 

(91,195

)

 

(50)

 

Phase Forward, Inc., strike price $22.50,
expires 01/21/08

 

 

(13,125

)

 

(10,000)

 

Poniard Pharmaceuticals, Inc., strike price $10,
expires 11/02/07

 

 

 

 

(30)

 

Pozen, Inc., strike price $20, expires 12/24/07

 

 

(750

)

 

(40)

 

Psychiatric Solutions, Inc., strike price $40,
expires 12/24/07

 

 

(9,800

)

 

(60)

 

Psychiatric Solutions, Inc., strike price $45,
expires 12/24/07

 

 

(4,650

)

 

(100)

 

Regeneron Pharmaceuticals, Inc., strike price $30,
expires 11/19/07

 

 

(1,000

)

 

(11,000)

 

Roche Holding AG, strike price 222 CHF, expires 11/06/07

 

 

 

 

(480)

 

Schering-Plough Corp., strike price $33.50,
expires 11/09/07

 

 

(3,360

)

 

(20,000)

 

Schering-Plough Corp., strike price $35.25,
expires 11/16/07

 

 

(1,132

)

 

(10,000)

 

St. Jude Medical, Inc., strike price $46, expires 11/16/07

 

 

(773

)

 

(30,000)

 

Stryker Corp., strike price $75.50, expires 12/21/07

 

 

(30,291

)

 

(75)

 

Teva Pharmaceuticals Industries Ltd. (ADR),
strike price $45, expires 12/24/07

 

 

(8,063

)

 

(25)

 

Teva Pharmaceuticals Industries Ltd. (ADR),
strike price $47.50, expires 12/24/07

 

 

(750

)

 

(10,000)

 

Thoratec Corp., strike price $23, expires 11/16/07

 

 

(2,151

)

 

(12,000)

 

Tongjitang Chinese Medicines Co. (ADR),
strike price $12.50, expires 11/09/07

 

 

(1,108

)

 

(20)

 

United Therapeutics Corp., strike price $75,
expires 11/19/07

 

 

(14,400

)

 

(10)

 

United Therapeutics Corp., strike price $80,
expires 11/19/07

 

 

(5,050

)

 

(185)

 

UnitedHealth Group, Inc., strike price $50,
expires 12/24/07

 

 

(23,588

)

 

(10,000)

 

UnitedHealth Group, Inc., strike price $60.25,

 

 

 

 

 

 

 

expires 11/16/07

 

 

 

 

(9,000)

 

Varian, Inc., strike price $70.05, expires 12/21/07

 

 

(53,920

)

 

(50)

 

Varian, Inc., strike price $75, expires 02/18/08

 

 

(23,250

)

 

(60)

 

Waters Corp., strike price $75, expires 12/24/07

 

 

(25,500

)

 

(40)

 

Waters Corp., strike price $75, expires 01/21/08

 

 

(20,600

)

 

(631)

 

Wright Medical Group, Inc., strike price $25,
expires 11/19/07

 

 

(135,665

)

 

(23,500)

 

Wyeth, strike price $60, expires 11/16/07

 

 

(2

)

 

(12,000)

 

Zimmer Holdings, Inc., strike price $90.50,
expires 11/16/07

 

 

(2

)

 

 

 

 

Total Outstanding Call Options Written
(premium received $(3,075,960))

 

 

(2,421,978

)

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

39



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Health Sciences Trust (BME) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%

 

 

 

 

 

(100)

 

Abbott Laboratories, strike price $50, expires 11/19/07

 

$

(750

)

 

(100)

 

Abbott Laboratories, strike price $52.50,
expires 11/19/07

 

 

(2,750

)

 

(52)

 

Alcon, Inc., strike price $140, expires 12/24/07

 

 

(8,840

)

 

(362)

 

Celgene Corp., strike price $60, expires 12/24/07

 

 

(46,155

)

 

(181)

 

Celgene Corp., strike price $65, expires 12/24/07

 

 

(50,227

)

 

(290)

 

China Medical Technologies, Inc. (ADR),
strike price $35, expires 11/19/07

 

 

(2,900

)

 

(240)

 

Cyberonics, Inc., strike price $12.50, expires 11/19/07

 

 

(2,400

)

 

(114)

 

Fresenius Medical Care AG & Co. KGaA,
strike price 35 EUR, expires 12/21/07

 

 

(17,174

)

 

(100)

 

Gilead Sciences, Inc., strike price $33.75,
expires 11/19/07

 

 

(500

)

 

(200)

 

Gilead Sciences, Inc., strike price $35, expires 11/19/07

 

 

(1,500

)

 

(70)

 

Integra LifeSciences Holdings Corp., strike price $45,
expires 11/19/07

 

 

(2,275

)

 

(180)

 

Manor Care, Inc., strike price $60, expires 11/19/07

 

 

(2,700

)

 

(24,000)

 

St. Jude Medical, Inc., strike price $42,
expires 11/05/07

 

 

(31,834

)

 

(160)

 

Stryker Corp., strike price $64, expires 11/02/07

 

 

 

 

(135)

 

Teva Pharmaceuticals Industries Ltd. (ADR),
strike price $42.50, expires 12/24/07

 

 

(10,800

)

 

(77)

 

Waters Corp., strike price $70, expires 12/24/07

 

 

(5,005

)

 

 

 

 

Total Outstanding Put Options Written
(premium received $(388,544))

 

 

(185,810

)

 

 

 

 

Total Outstanding Options Written
(premium received $(3,464,504))

 

 

(2,607,788

)

 

Total investments net of outstanding options written—101.4%

 

$

233,520,068

 

Liabilities in excess of other assets—(1.4)%

 

 

(3,239,916

)

 

 

     

Net Assets—100.0%

 

$

230,280,152

 

 

 

     

 

 

 

 

 

 

 

 

1

Non-income producing security.

2

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

3

Security, or a portion of security, is on loan.

4

Represents current yield as of October 31, 2007.

5

Represents an investment in an affiliate.

6

Security purchased with the cash proceeds from securities loaned.

7

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

8

Cost for federal income tax purposes is $194,847,396. The net unrealized appreciation on a tax basis is $41,280,460, consisting of $43,593,754 gross unrealized appreciation and $2,313,294 gross unrealized depreciation.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

40

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

               

LONG-TERM INVESTMENTS—94.7%

 

 

 

 

Common Stocks—94.7%

 

 

 

 

Australia—4.1%

 

 

 

 

 

322,000

 

Commonwealth Bank of Australia

 

$

18,545,371

 

 

726,400

 

QBE Insurance Group Ltd.

 

 

22,229,758

 

 

550,000

 

Sims Group Ltd.

 

 

14,529,443

 

 

2,184,800

 

Transurban Group

 

 

14,871,249

 

 

1,057,800

 

Zinifex Ltd.

 

 

16,740,337

 

 

 

 

 

 

     

 

 

 

Total Australia

 

 

86,916,158

 

               

Belgium—0.6%

 

 

 

 

 

92,900

 

KBC Groep N.V.

 

 

13,057,190

 

         

Brazil—2.0%

 

 

 

 

 

264,900

1

Bovespa Holding S.A.

 

 

5,043,455

 

 

797,500

2

Cia Energetica de Minas Gerais (ADR)

 

 

17,226,000

 

 

133,500

2

Unibanco - Uniao de Bancos Brasileiros S.A. (ADR)

 

 

21,098,340

 

 

 

 

 

 

     

 

 

 

Total Brazil

 

 

43,367,795

 

               

Canada—3.8%

 

 

 

 

 

363,700

2

Barrick Gold Corp.

 

 

16,050,081

 

 

150,900

 

Canadian Imperial Bank of Commerce

 

 

16,293,654

 

 

833,600

1

Kinross Gold Corp.

 

 

16,484,040

 

 

356,300

 

Teck Cominco Ltd., Class B

 

 

17,844,231

 

 

237,600

2

TELUS Corp.

 

 

14,449,923

 

 

 

 

 

 

     

 

 

 

Total Canada

 

 

81,121,929

 

               

Chile—0.7%

 

 

 

 

 

295,200

2

Banco Santander-Chile (ADR)

 

 

15,642,648

 

               

China—2.5%

 

 

 

 

 

18,855,500

 

China Construction Bank Corp.

 

 

21,436,156

 

 

437,600

 

Datang Intl. Power Generation Co. Ltd.

 

 

498,060

 

 

8,236,000

 

Huadian Power Intl. Corp. Ltd.

 

 

5,705,654

 

 

4,700,000

 

Huaneng Power Intl., Inc.

 

 

5,522,599

 

 

21,369,000

 

Industrial & Commercial Bank of China

 

 

20,409,811

 

 

 

 

 

 

     

 

 

 

Total China

 

 

53,572,280

 

               

Finland—0.4%

 

 

 

 

 

114,600

 

Wartsila Oyj, B Shares

 

 

9,394,115

 

               

France—4.0%

 

 

 

 

 

202,100

 

AXA S.A.

 

 

9,077,573

 

 

122,300

 

BNP Paribas

 

 

13,554,684

 

 

163,500

 

Cap Gemini S.A.

 

 

10,471,306

 

 

103,000

 

Casino Guichard Perrachon S.A.

 

 

11,533,429

 

 

170,200

 

Nexity

 

 

11,361,982

 

 

212,000

 

Total S.A.

 

 

17,107,553

 

 

275,000

 

Vivendi

 

 

12,427,058

 

 

 

 

 

 

     

 

 

 

Total France

 

 

85,533,585

 

               

Germany—5.9%

 

 

 

 

 

89,000

 

BASF AG

 

 

12,320,761

 

 

130,700

 

DaimlerChrysler AG

 

 

14,298,839

 

 

524,100

 

Deutsche Lufthansa AG

 

 

15,473,245

 

 

473,700

 

Deutsche Post AG

 

 

14,347,381

 

 

121,500

 

E.ON AG

 

 

23,753,206

 

 

135,100

 

Linde AG

 

 

17,119,333

 

 

168,400

 

SAP AG

 

 

9,105,927

 

 

148,700

 

Siemens AG

 

 

20,163,109

 

 

 

 

 

 

     

 

 

 

Total Germany

 

 

126,581,801

 

               

Greece—0.5%

 

 

 

 

 

284,500

 

Piraeus Bank S.A.

 

 

11,454,927

 

               

Hong Kong—5.1%

 

 

 

 

 

856,000

 

China Mobile Ltd.

 

 

17,696,489

 

 

10,323,000

 

China Power Intl. Development Ltd.

 

 

5,529,416

 

 

1,962,100

 

China Resources Power Holdings Co.

 

 

7,340,043

 

 

942,000

 

Esprit Holdings Ltd.

 

 

15,732,639

 

 

3,981,000

 

Hang Lung Properties Ltd.

 

 

19,152,937

 

 

1,675,000

 

Kerry Properties Ltd.

 

 

14,569,523

 

 

4,207,000

 

New World Development Co. Ltd.

 

 

15,163,054

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

               

Hong Kong—(cont’d)

 

 

 

 

 

2,381,000

 

Shun Tak Holdings Ltd.

 

$

3,759,017

 

 

3,264,500

 

Yue Yuen Industrial Holdings

 

 

10,074,524

 

 

 

 

 

 

     

 

 

 

Total Hong Kong

 

 

109,017,642

 

               

Indonesia—0.8%

 

 

 

 

 

7,200,000

 

Telekomunikasi Indonesia Tbk PT

 

 

8,644,064

 

 

155,800

2

Telekomunikasi Indonesia Tbk PT (ADR)

 

 

7,517,350

 

 

 

 

 

 

     

 

 

 

Total Indonesia

 

 

16,161,414

 

               

Ireland—0.2%

 

 

 

 

 

204,400

 

Allied Irish Banks Plc

 

 

5,163,491

 

               

Israel—0.8%

 

 

 

 

 

639,500

 

Cellcom Israel Ltd.

 

 

16,965,935

 

               

Italy—2.8%

 

 

 

 

 

 

1,300,300

 

Enel S.p.A.

 

 

15,591,039

 

 

726,400

 

Eni S.p.A.

 

 

26,523,087

 

 

2,057,900

2

UniCredito Italiano S.p.A.

 

 

17,702,888

 

 

 

 

 

 

     

 

 

 

Total Italy

 

 

59,817,014

 

               

Japan—8.2%

 

 

 

 

 

 

209,500

 

Daito Trust Construction Co. Ltd.

 

 

9,713,503

 

 

126,200

 

Fanuc Ltd.

 

 

13,833,987

 

 

529,400

 

Honda Motor Co. Ltd.

 

 

19,824,367

 

 

1,144,300

 

ITOCHU Corp.

 

 

14,459,980

 

 

316,800

 

Japan General Estate Co. Ltd. (The)

 

 

6,066,329

 

 

769,400

 

Komatsu Ltd.

 

 

25,795,411

 

 

62,300

 

Nintendo Co. Ltd.

 

 

39,565,404

 

 

227,500

 

Shin-Etsu Chemical Co. Ltd.

 

 

14,593,228

 

 

1,154,600

 

Sumitomo Corp.

 

 

20,117,647

 

 

1,639,000

 

Yokohama Rubber Co. Ltd. (The)

 

 

12,215,718

 

 

 

 

 

 

     

 

 

 

Total Japan

 

 

176,185,574

 

               

Luxembourg—1.4%

 

 

 

 

 

143,400

1

Millicom Intl. Cellular S.A.

 

 

16,846,632

 

 

199,800

 

Oriflame Cosmetics S.A.

 

 

12,103,778

 

 

 

 

 

 

     

 

 

 

Total Luxembourg

 

 

28,950,410

 

               

Malaysia—1.4%

 

 

 

 

 

6,144,725

 

IOI Corp. Bhd

 

 

14,018,822

 

 

5,111,200

 

Telekom Malaysia Bhd

 

 

15,700,393

 

 

 

 

 

 

     

 

 

 

Total Malaysia

 

 

29,719,215

 

               

Mexico—1.4%

 

 

 

 

 

2,177,200

 

Fomento Economico Mexicano SAB de CV

 

 

7,738,887

 

 

425,800

2

Fomento Economico Mexicano SAB de CV (ADR)

 

 

15,162,738

 

 

400

 

Grupo Mexico SAB de CV

 

 

3,639

 

 

1,387,100

 

Kimberly-Clark de Mexico SAB de CV

 

 

6,036,243

 

 

 

 

 

 

     

 

 

 

Total Mexico

 

 

28,941,507

 

               

Netherlands—4.4%

 

 

 

 

 

186,000

 

Akzo Nobel N.V.

 

 

14,991,338

 

 

175,300

 

InBev N.V.

 

 

16,546,025

 

 

440,200

 

ING Groep N.V.

 

 

19,896,458

 

 

846,000

1

Koninklijke Ahold N.V.

 

 

12,746,730

 

 

205,200

 

Nutreco Holding N.V.

 

 

14,028,163

 

 

401,400

 

SBM Offshore N.V.

 

 

15,489,960

 

 

 

 

 

 

     

 

 

 

Total Netherlands

 

 

93,698,674

 

               

Norway—4.7%

 

 

 

 

 

320,600

 

Fred Olsen Energy ASA

 

 

16,342,033

 

 

626,500

 

Orkla ASA

 

 

11,713,234

 

 

851,200

 

ProSafe SE

 

 

15,168,332

 

 

1,224,700

 

StatoilHydro ASA

 

 

41,721,283

 

 

76,050

 

Storebrand ASA

 

 

1,090,177

 

 

397,300

 

Yara Intl. ASA

 

 

15,485,250

 

 

 

 

 

 

     

 

 

 

Total Norway

 

 

101,520,309

 

               

Philippines—0.8%

 

 

 

 

 

249,900

2

Philippine Long Distance Telephone Co. (ADR)

 

 

17,143,140

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

41



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock International Growth and Income Trust (BGY) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

               

Singapore—3.5%

 

 

 

 

 

2,819,000

 

CapitaLand Ltd.

 

$

15,872,201

 

 

1,014,000

 

Singapore Airlines Ltd.

 

 

13,841,812

 

 

4,781,000

 

Singapore Technologies Engineering Ltd.

 

 

12,648,121

 

 

7,982,100

 

Singapore Telecommunications Ltd.

 

 

22,698,576

 

 

628,800

 

United Overseas Bank Ltd.

 

 

9,432,790

 

 

 

 

 

 

     

 

 

 

Total Singapore

 

 

74,493,500

 

               

South Africa—0.5%

 

 

 

 

 

1,896,900

 

Truworths Intl. Ltd.

 

 

9,584,324

 

               

South Korea—1.3%

 

 

 

 

 

379,700

 

Daewoo Securities Co. Ltd.

 

 

11,313,911

 

 

183,300

 

S-Oil Corp.

 

 

16,647,890

 

 

 

 

 

 

     

 

 

 

Total South Korea

 

 

27,961,801

 

               

Spain—1.6%

 

 

 

 

 

497,100

 

Gestevision Telecinco S.A.

 

 

14,367,019

 

 

512,200

 

Repsol YPF S.A.

 

 

20,235,567

 

 

 

 

 

 

     

 

 

 

Total Spain

 

 

34,602,586

 

               

Sweden—2.9%

 

 

 

 

 

178,900

 

Hennes & Mauritz AB

 

 

11,953,993

 

 

656,300

 

Nordea Bank AB

 

 

11,755,269

 

 

851,900

 

Skanska AB, B Shares

 

 

16,938,921

 

 

151,800

 

SSAB Svenskt Stal AB, Ser. A

 

 

4,948,695

 

 

877,800

 

Svenska Cellulosa AB, B Shares

 

 

15,509,898

 

 

 

 

 

 

     

 

 

 

Total Sweden

 

 

61,106,776

 

               

Switzerland—4.3%

 

 

 

 

 

165,300

 

Ciba Specialty Chemicals AG

 

 

8,233,916

 

 

243,391

 

Compagnie Financiere Richemont S.A.

 

 

17,405,605

 

 

48,200

 

Nestle S.A.

 

 

22,262,708

 

 

470,400

 

Novartis AG

 

 

25,022,614

 

 

78,000

 

Syngenta AG

 

 

18,867,707

 

 

 

 

 

 

     

 

 

 

Total Switzerland

 

 

91,792,550

 

               

Taiwan—4.5%

 

 

 

 

 

963,900

 

MediaTek, Inc.

 

 

19,074,310

 

 

7,286,000

 

Nan Ya Plastics Corp.

 

 

21,907,999

 

 

14,274,614

 

Shin Kong Financial Holding Co. Ltd.

 

 

13,386,765

 

 

5,172,000

 

Taiwan Fertilizer Co. Ltd.

 

 

13,353,155

 

 

1,826,827

2

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

19,455,707

 

 

13,673,000

1

Via Technologies, Inc.

 

 

9,734,670

 

 

 

 

 

 

     

 

 

 

Total Taiwan

 

 

96,912,606

 

               

Thailand—0.7%

 

 

 

 

 

5,095,900

 

Siam Commercial Bank PCL

 

 

14,169,856

 

               

Turkey—0.5%

 

 

 

 

 

457,600

2

Turkcell Iletisim Hizmet AS (ADR)

 

 

11,000,704

 

               

United Kingdom—18.4%

 

 

 

 

 

736,500

2

Arriva Plc

 

 

12,888,770

 

 

1,580,900

2

BP Plc

 

 

20,567,551

 

 

443,600

2

British American Tobacco Plc

 

 

16,900,117

 

 

385,973

2

De La Rue Plc

 

 

6,598,399

 

 

1,064,600

2

Diageo Plc

 

 

24,425,782

 

 

1,459,900

2

ICAP Plc

 

 

17,825,928

 

 

1,250,100

2

IMI Plc

 

 

14,660,094

 

 

466,550

 

Intercontinental Hotels Group Plc

 

 

10,893,965

 

 

1,371,200

2

Intl. Power Plc

 

 

13,980,512

 

 

1,283,600

2

Invesco Plc

 

 

19,647,986

 

 

1,696,800

2

Meggitt Plc

 

 

12,081,990

 

 

618,200

2

National Express Group Plc

 

 

17,002,743

 

 

1,806,100

2

Northumbrian Water Group Plc

 

 

12,373,225

 

 

1,675,500

 

Premier Foods Plc

 

 

7,881,612

 

 

1,410,700

2

Rexam Plc

 

 

15,942,435

 

 

401,800

 

Royal Dutch Shell Plc, Class B

 

 

17,530,450

 

 

792,600

2

Scottish & Newcastle Plc

 

 

12,931,487

 

 

501,200

2

Scottish & Southern Energy Plc

 

 

16,252,828

 

 

646,100

2

Shire Plc

 

 

16,183,644

 

 

590,700

 

Smiths Group Plc

 

 

13,894,109

 


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

               

United Kingdom—(cont’d)

 

 

 

 

 

2,300,000

2

Tesco Plc

 

$

23,397,073

 

 

315,200

 

Unilever Plc

 

 

10,688,265

 

 

899,100

 

United Business Media Plc

 

 

13,675,576

 

 

675,100

2

United Utilities Plc

 

 

10,263,992

 

 

6,444,500

 

Vodafone Group Plc

 

 

25,394,851

 

 

219,400

2

Willis Group Holdings Ltd.

 

 

9,287,202

 

 

 

 

 

 

     

 

 

 

Total United Kingdom

 

 

393,170,586

 

               

 

 

 

Total Common Stocks
(cost $1,891,840,011)

 

 

2,024,722,042

 

               

MONEY MARKET FUND—4.8%

 

 

 

 

 

102,512,093

3

Fidelity Institutional Money Market Prime
Portfolio, 4.86% (cost $102,512,093)

 

 

102,512,093

 

               

 

 

 

Total investments before outstanding options
written (cost $1,994,352,1044)

 

 

2,127,234,135

 

               

 

 



 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

               

OUTSTANDING OPTIONS WRITTEN—(2.9)%

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(2.9)%

 

 

 

 

 

(11,000

)

Akzo Nobel N.V., strike price 60.70 EUR,
expires 01/09/08

 

 

(10,865

)

 

(140

)

Akzo Nobel N.V., strike price 61 EUR,
expires 12/21/07

 

 

(10,140

)

 

(77,600

)

Akzo Nobel N.V., strike price 61.21 EUR,
expires 12/12/07

 

 

(36,274

)

 

(100,000

)

Allied Irish Banks Plc, strike price 19.98 EUR,
expires 11/27/07

 

 

(18,903

)

 

(87,500

)

Arriva Plc, strike price 7.88 GBP, expires 11/12/07

 

 

(98,757

)

 

(467,400

)

Arriva Plc, strike price 8.23 GBP, expires 12/12/07

 

 

(440,431

)

 

(300

)

AXA S.A., strike price 32 EUR, expires 12/21/07

 

 

(38,120

)

 

(16,000

)

AXA S.A., strike price 32.75 EUR, expires 12/14/07

 

 

(19,999

)

 

(22,000

)

Banco Santander-Chile (ADR), strike price $50.47,
expires 11/16/07

 

 

(62,214

)

 

(140,000

)

Banco Santander-Chile (ADR), strike price $54.06,
expires 12/21/07

 

 

(228,326

)

 

(1,200

)

Barrick Gold Corp., strike price $50,
expires 01/21/08

 

 

(165,000

)

 

(6,400

)

BASF AG, strike price 96.25 EUR, expires 11/12/07

 

 

(12,697

)

 

(37,200

)

BASF AG, strike price 96.25 EUR, expires 12/12/07

 

 

(149,835

)

 

(5,000

)

BASF AG, strike price 97 EUR, expires 11/12/07

 

 

(7,608

)

 

(37,000

)

BNP Paribas, strike price 86.70 EUR,
expires 12/12/07

 

 

(24,928

)

 

(132,500

)

BP Plc, strike price 6 GBP, expires 12/12/07

 

 

(99,293

)

 

(115

)

BP Plc, strike price 6 GBP, expires 12/21/07

 

 

(82,496

)

 

(62,000

)

BP Plc, strike price 6.36 GBP, expires 01/09/08

 

 

(23,269

)

 

(560,000

)

BP Plc, strike price 6.40 GBP, expires 12/21/07

 

 

(175,011

)

 

(52,600

)

British American Tobacco Plc, strike price 17.12 GBP,
expires 11/12/07

 

 

(132,033

)

 

(185,200

)

British American Tobacco Plc, strike price 17.15 GBP,
expires 12/12/07

 

 

(512,359

)

 

(190

)

Canadian Imperial Bank of Commerce, strike price
100 CAD, expires 01/21/08

 

 

(102,075

)

 

(63,000

)

Canadian Imperial Bank of Commerce, strike price
104 CAD, expires 12/21/07

 

 

(158,019

)

 

(49,000

)

Cap Gemini S.A., strike price 50.40 EUR,
expires 12/12/07

 

 

(37,562

)

 

(141

)

Cap Gemini S.A., strike price 52 EUR,
expires 01/18/08

 

 

(14,195

)

 

(169,500

)

CapitaLand Ltd., strike price 7.80 SGD,
expires 11/20/07

 

 

(45,128

)

 

(204,000

)

CapitaLand Ltd., strike price 7.85 SGD,
expires 11/20/07

 

 

(49,816

)

 

(1,177,000

)

CapitaLand Ltd., strike price 8.24 SGD,
expires 01/29/08

 

 

(356,159

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

42

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock International Growth and Income Trust (BGY) (continued)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(43,000

)

Casino Guichard Perrachon S.A., strike price
74.99 EUR, expires 12/12/07

 

$

(248,277

)

 

(7,500

)

Casino Guichard Perrachon S.A., strike price
76.65 EUR, expires 11/27/07

 

 

(26,734

)

 

(5,000

)

Casino Guichard Perrachon S.A., strike price
78.50 EUR, expires 11/12/07

 

 

(6,477

)

 

(133,000

)

Cellcom Israel Ltd., strike price $25.23,
expires 11/30/07

 

 

(194,885

)

 

(218,700

)

Cellcom Israel Ltd., strike price $25.60,
expires 12/21/07

 

 

(296,929

)

 

(1,009,936

)

China Construction Bank Corp., strike price 6.15 HKD,
expires 11/20/07

 

 

(334,493

)

 

(1,750,000

)

China Construction Bank Corp., strike price 7.13 HKD,
expires 11/20/07

 

 

(361,166

)

 

(7,600,000

)

China Construction Bank Corp., strike price 7.75 HKD,
expires 01/29/08

 

 

(1,269,600

)

 

(64,500

)

China Mobile Ltd., strike price 102.62 HKD,
expires 11/20/07

 

 

(454,046

)

 

(111,500

)

China Mobile Ltd., strike price 106.57 HKD,
expires 11/20/07

 

 

(728,246

)

 

(5,600,000

)

China Power Intl. Development Ltd., strike price
4.12 HKD, expires 11/20/07

 

 

(119,945

)

 

(1,000,000

)

China Resources Power Holdings Co., strike price
22.26 HKD, expires 11/20/07

 

 

(840,347

)

 

(80,000

)

China Resources Power Holdings Co., strike price
29.54 HKD, expires 01/29/08

 

 

(34,989

)

 

(50,000

)

Ciba Specialty Chemicals AG, strike price 62.84 CHF,
expires 12/12/07

 

 

(16,838

)

 

(43,200

)

Commonwealth Bank of Australia, strike price
57.32 AUD, expires 11/20/07

 

 

(173,222

)

 

(134,000

)

Commonwealth Bank of Australia, strike price
60.53 AUD, expires 01/29/08

 

 

(334,947

)

 

(12,165

)

Compagnie Financiere Richemont S.A., strike price
74.88 CHF, expires 11/12/07

 

 

(86,533

)

 

(18,000

)

Compagnie Financiere Richemont S.A., strike price
75.50 CHF, expires 11/27/07

 

 

(117,454

)

 

(103,700

)

Compagnie Financiere Richemont S.A., strike price
80.79 CHF, expires 12/12/07

 

 

(367,936

)

 

(106,000

)

Cia Energetica de Minas Gerais (ADR), strike price
$21.41, expires 11/16/07

 

 

(106,201

)

 

(166,000

)

Cia Energetica de Minas Gerais (ADR), strike price
$21.99, expires 01/18/08

 

 

(314,138

)

 

(166,600

)

Cia Energetica de Minas Gerais (ADR), strike price
$22.55, expires 12/21/07

 

 

(206,551

)

 

(50,000

)

Daewoo Securities Co. Ltd., strike price 27,335 KRW,
expires 11/20/07

 

 

(61,305

)

 

(159,000

)

Daewoo Securities Co. Ltd., strike price 28,135.80 KRW,
expires 01/29/08

 

 

(448,793

)

 

(9,800

)

DaimlerChrysler AG, strike price 68.55 EUR,
expires 11/12/07

 

 

(106,063

)

 

(8,000

)

DaimlerChrysler AG, strike price 73.42 EUR,
expires 01/09/08

 

 

(60,304

)

 

(54,300

)

DaimlerChrysler AG, strike price 76.59 EUR,
expires 12/12/07

 

 

(217,664

)

 

(83,800

)

Daito Trust Construction Co. Ltd., strike price
5,078.50 JPY, expires 01/29/08

 

 

(361,562

)

 

(266,000

)

De La Rue Plc, strike price 7.90 GBP,
expires 12/12/07

 

 

(332,410

)

 

(43,000

)

De La Rue Plc, strike price 8.10 GBP,
expires 11/27/07

 

 

(35,961

)

 

(38,100

)

Deutsche Lufthansa AG, strike price 20.50 EUR,
expires 11/12/07

 

 

(18,483

)

 

(32,000

)

Deutsche Lufthansa AG, strike price 21 EUR,
expires 01/09/08

 

 

(31,961

)

 

(218,700

)

Deutsche Lufthansa AG, strike price 21.80 EUR,
expires 12/12/07

 

 

(76,886

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(142,000

)

Deutsche Post AG, strike price 23.45 EUR,
expires 12/12/07

 

$

(20,775

)

 

(456,600

)

Diageo Plc, strike price 11.00 GBP,
expires 12/12/07

 

 

(283,412

)

 

(129,000

)

Diageo Plc, strike price 11.22 GBP,
expires 01/09/08

 

 

(63,115

)

 

(50,600

)

E.ON AG, strike price 129.68 EUR,
expires 12/12/07

 

 

(505,450

)

 

(75

)

E.ON AG, strike price 130 EUR,
expires 11/16/07

 

 

(61,328

)

 

(9,000

)

E.ON AG, strike price 137.92 EUR,
expires 01/09/08

 

 

(40,580

)

 

(600

)

Enel S.p.A., strike price 8 EUR,
expires 11/16/07

 

 

(145,687

)

 

(52,700

)

Eni S.p.A., strike price 26.40 EUR,
expires 11/27/07

 

 

(12,008

)

 

(242,400

)

Eni S.p.A., strike price 26.80 EUR,
expires 12/12/07

 

 

(61,482

)

 

(98,000

)

Eni S.p.A., strike price 27.50 EUR,
expires 11/12/07

 

 

(1,547

)

 

(54,500

)

Esprit Holdings Ltd., strike price 108.06 HKD,
expires 11/20/07

 

 

(142,269

)

 

(83,500

)

Esprit Holdings Ltd., strike price 121.04 HKD,
expires 11/20/07

 

 

(95,880

)

 

(380,000

)

Esprit Holdings Ltd., strike price 127.00 HKD,
expires 01/29/08

 

 

(516,818

)

 

(25,200

)

Fanuc Ltd., strike price 12,486.64 JPY,
expires 11/20/07

 

 

(83,207

)

 

(44,200

)

Fanuc Ltd., strike price 13,198.73 JPY,
expires 12/11/07

 

 

(98,299

)

 

(1,500

)

Fomento Economico Mexicano SAB de CV (ADR),
strike price $38.38, expires 01/21/08

 

 

(176,250

)

 

(1,500

)

Fomento Economico Mexicano SAB de CV (ADR),
strike price $40, expires 01/21/08

 

 

(101,250

)

 

(550

)

Fomento Economico Mexicano SAB de CV (ADR),
strike price $40, expires 11/19/07

 

 

(34,375

)

 

(65,000

)

Fred Olsen Energy ASA, strike price 290.44 NOK,
expires 11/27/07

 

 

(38,218

)

 

(121,300

)

Gestevision Telecinco S.A., strike price 20.39 EUR,
expires 01/09/08

 

 

(123,101

)

 

(152,100

)

Gestevision Telecinco S.A., strike price 21 EUR,
expires 11/12/07

 

 

(14,916

)

 

(284,000

)

Hang Lung Properties Ltd., strike price 29 HKD,
expires 11/20/07

 

 

(290,946

)

 

(343,000

)

Hang Lung Properties Ltd., strike price 32.03 HKD,
expires 11/20/07

 

 

(228,475

)

 

(1,560,000

)

Hang Lung Properties Ltd., strike price 36.65 HKD,
expires 01/29/08

 

 

(834,181

)

 

(178,900

)

Hennes & Mauritz AB, strike price 440 SEK,
expires 11/28/07

 

 

(163,383

)

 

(221,000

)

Honda Motor Co. Ltd., strike price 4,015.90 JPY,
expires 01/29/08

 

 

(853,353

)

 

(38,300

)

Honda Motor Co. Ltd., strike price 4,255 JPY,
expires 11/20/07

 

 

(54,055

)

 

(31,900

)

Honda Motor Co. Ltd., strike price 4,260 JPY,
expires 11/20/07

 

 

(44,293

)

 

(816,000

)

Huadian Power Intl. Corp. Ltd., strike price
4.59 HKD, expires 11/20/07

 

 

(85,177

)

 

(1,000,000

)

Huadian Power Intl. Corp. Ltd., strike price
4.65 HKD, expires 11/20/07

 

 

(98,616

)

 

(2,000,000

)

Huaneng Power Intl., Inc., strike price 9.09 HKD,
expires 11/20/07

 

 

(120,564

)

 

(105,900

)

ICAP Plc, strike price 5.10 GBP,
expires 11/27/07

 

 

(173,428

)

 

(697,300

)

ICAP Plc, strike price 5.30 GBP,
expires 12/12/07

 

 

(958,818

)

 

(300,000

)

IMI Plc, strike price 5.62 GBP, expires 12/12/07

 

 

(148,712

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

43



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock International Growth and Income Trust (BGY) (continued)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(75,000

)

IMI Plc, strike price 6.04 GBP, expires 11/12/07

 

$

(2,324

)

 

(62,200

)

InBev N.V., strike price 62.85 EUR,
expires 11/12/07

 

 

(253,792

)

 

(33,000

)

InBev N.V., strike price 67.90 EUR,
expires 01/09/08

 

 

(106,880

)

 

(1,245,000

)

Industrial & Commercial Bank of China, strike price
4.97 HKD, expires 11/20/07

 

 

(378,998

)

 

(2,000,000

)

Industrial & Commercial Bank of China, strike price
5.24 HKD, expires 11/20/07

 

 

(540,576

)

 

(8,500,000

)

Industrial & Commercial Bank of China, strike price
7.47 HKD, expires 01/29/08

 

 

(658,372

)

 

(58,400

)

ING Groep N.V., strike price 32.55 EUR,
expires 11/27/07

 

 

(23,788

)

 

(183,700

)

ING Groep N.V., strike price 32.78 EUR,
expires 12/12/07

 

 

(89,834

)

 

(140,000

)

Intercontinental Hotels Group Plc, strike price
11.25 GBP, expires 12/12/07

 

 

(162,435

)

 

(99,500

)

Intl. Power Plc, strike price 4.38 GBP,
expires 11/12/07

 

 

(106,818

)

 

(650,000

)

Intl. Power Plc, strike price 4.78 GBP,
expires 12/12/07

 

 

(331,400

)

 

(93,100

)

Invesco Plc, strike price 6.04 GBP, expires 11/12/07

 

 

(260,118

)

 

(535,700

)

Invesco Plc, strike price 7.56 GBP, expires 12/12/07

 

 

(365,020

)

 

(60

)

Invesco Plc, strike price 14.40 GBP, expires 12/21/07

 

 

(66,746

)

 

(2,000,000

)

IOI Corp. Bhd, strike price $5.97, expires 11/20/07

 

 

(955,400

)

 

(1,750,000

)

IOI Corp. Bhd, strike price $6.07, expires 12/11/07

 

 

(801,325

)

 

(614,000

)

ITOCHU Corp., strike price 1,459.51 JPY,
expires 12/11/07

 

 

(485,986

)

 

(127,000

)

Japan General Estate Co. Ltd. (The), strike price
1,883.47 JPY, expires 01/29/08

 

 

(517,905

)

 

(10,300

)

KBC Groep N.V., strike price 104.10 EUR,
expires 11/16/07

 

 

(17,174

)

 

(18,800

)

KBC Groep N.V., strike price 99.10 EUR,
expires 11/27/07

 

 

(51,290

)

 

(76,900

)

Kerry Properties Ltd., strike price 59.17 HKD,
expires 11/20/07

 

 

(81,896

)

 

(129,300

)

Kerry Properties Ltd., strike price 59.52 HKD,
expires 11/20/07

 

 

(133,010

)

 

(715,000

)

Kerry Properties Ltd., strike price 63 HKD,
expires 01/29/08

 

 

(846,182

)

 

(125,000

)

Kimberly-Clark de Mexico SAB de CV, strike price
50.48 MXN, expires 11/30/07

 

 

(2,258

)

 

(638,000

)

Kimberly-Clark de Mexico SAB de CV, strike price
51.79 MXN, expires 12/14/07

 

 

(12,643

)

 

(100,000

)

Kinross Gold Corp., strike price 15.95 CAD,
expires 11/16/07

 

 

(293,357

)

 

(1,400

)

Kinross Gold Corp., strike price 16 CAD,
expires 11/19/07

 

 

(403,853

)

 

(2,000

)

Kinross Gold Corp., strike price 17 CAD,
expires 01/21/08

 

 

(566,347

)

 

(230,400

)

Komatsu Ltd., strike price 3,470 JPY,
expires 11/20/07

 

 

(774,615

)

 

(304,000

)

Komatsu Ltd., strike price 3,936.81 JPY,
expires 01/29/08

 

 

(826,186

)

 

(42,400

)

Komatsu Ltd., strike price 3,960 JPY,
expires 11/20/07

 

 

(41,237

)

 

(472,500

)

Koninklijke Ahold N.V., strike price 10.32 EUR,
expires 11/12/07

 

 

(180,896

)

 

(266,000

)

Koninklijke Ahold N.V., strike price 10.54 EUR,
expires 01/09/08

 

 

(167,842

)

 

(70

)

Linde AG, strike price 86 EUR, expires 12/21/07

 

 

(43,652

)

 

(10,000

)

Linde AG, strike price 89.36 EUR, expires 01/09/08

 

 

(36,713

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(56,800

)

Linde AG, strike price 91.25 EUR, expires 12/12/07

 

$

(102,131

)

 

(416,000

)

MediaTek, Inc., strike price 558.76 TWD,
expires 11/20/07

 

 

(1,001,936

)

 

(114,000

)

MediaTek, Inc., strike price 618.50 TWD,
expires 11/20/07

 

 

(118,389

)

 

(710,000

)

Meggitt Plc, strike price 3.35 GBP, expires 12/12/07

 

 

(251,858

)

 

(204,000

)

Meggitt Plc, strike price 3.48 GBP, expires 01/09/08

 

 

(62,736

)

 

(500

)

Millicom Intl. Cellular S.A., strike price $115,
expires 12/24/07

 

 

(480,000

)

 

(200

)

Millicom Intl. Cellular S.A., strike price $120,
expires 01/21/08

 

 

(178,000

)

 

(3,500,000

)

Nana Ya Plastics Corp., strike price $78.50,
expires 11/20/07

 

 

(1,976,100

)

 

(528,000

)

Nana Ya Plastics Corp., strike price $85.32,
expires 11/20/07

 

 

(210,778

)

 

(44,900

)

National Express Group Plc, strike price 12.83 GBP,
expires 11/27/07

 

 

(64,363

)

 

(295,000

)

National Express Group Plc, strike price 13.03 GBP,
expires 12/12/07

 

 

(429,192

)

 

(630

)

Nestle S.A., strike price 520 CHF, expires 12/21/07

 

 

(116,357

)

 

(20,200

)

Nestle S.A., strike price 522.50 CHF,
expires 12/12/07

 

 

(346,997

)

 

(259,000

)

New World Development Co. Ltd., strike price
19.30 HKD, expires 11/20/07

 

 

(279,978

)

 

(312,000

)

New World Development Co. Ltd., strike price
21.02 HKD, expires 11/20/07

 

 

(268,267

)

 

(1,750,000

)

New World Development Co. Ltd., strike price
27.06 HKD, expires 01/29/08

 

 

(615,958

)

 

(51,000

)

Nexity, strike price 49.17 EUR, expires 12/12/07

 

 

(91,776

)

 

(2,200

)

Nintendo Co. Ltd., strike price 52,710 JPY,
expires 11/20/07

 

 

(366,561

)

 

(19,000

)

Nintendo Co. Ltd., strike price 55,500 JPY,
expires 11/20/07

 

 

(2,711,909

)

 

(20,600

)

Nintendo Co. Ltd., strike price 70,570.45 JPY,
expires 01/29/08

 

 

(1,292,801

)

 

(87,000

)

Nordea Bank AB, strike price 109.25 SEK,
expires 11/27/07

 

 

(83,890

)

 

(273,900

)

Nordea Bank AB, strike price 115 SEK,
expires 12/12/07

 

 

(166,361

)

 

(860,000

)

Northumbrian Water Group Plc, strike price
3.50 GBP, expires 12/12/07

 

 

(119,810

)

 

(100,000

)

Novartis AG, strike price 63.19 CHF,
expires 01/09/08

 

 

(74,896

)

 

(80,000

)

Novartis AG, strike price 66.60 CHF,
expires 12/12/07

 

 

(4,482

)

 

(43,000

)

Nutreco Holding N.V., strike price 49.90 EUR,
expires 12/12/07

 

 

(35,622

)

 

(18,700

)

Nutreco Holding N.V., strike price 51.61 EUR,
expires 11/28/07

 

 

(5,304

)

 

(10,000

)

Oriflame Cosmetics S.A., strike price 389.28 SEK,
expires 01/09/08

 

 

(37,352

)

 

(16,700

)

Oriflame Cosmetics S.A., strike price 401.70 SEK,
expires 11/27/07

 

 

(23,867

)

 

(83,200

)

Oriflame Cosmetics S.A., strike price 412.29 SEK,
expires 12/12/07

 

 

(126,256

)

 

(105,000

)

Orkla ASA, strike price 101.02 NOK,
expires 12/12/07

 

 

(68,465

)

 

(83,000

)

Orkla ASA, strike price 106.50 NOK,
expires 11/28/07

 

 

(17,460

)

 

(156,000

)

Orkla ASA, strike price 106.50 NOK,
expires 01/09/08

 

 

(78,012

)

 

(19,000

)

Philippine Long Distance Telephone Co. (ADR),
strike price $63.50, expires 11/30/07

 

 

(114,323

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

44

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock International Growth and Income Trust (BGY) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

(118,500

)

Philippine Long Distance Telephone Co. (ADR),
strike price $71.40, expires 12/21/07

 

$

(305,849

)

 

(32,000

)

Piraeus Bank S.A., strike price 28.20 EUR,
expires 12/06/07

 

 

(37,129

)

 

(100,000

)

Piraeus Bank S.A., strike price 28.20 EUR,
expires 12/12/07

 

 

(128,312

)

 

(280,000

)

Premier Foods Plc, strike price 2.43 GBP,
expires 12/12/07

 

 

(23,114

)

 

(222,300

)

Premier Foods Plc, strike price 2.70 GBP,
expires 11/12/07

 

 

(46

)

 

(113,700

)

ProSafe SE, strike price 94.25 NOK,
expires 11/12/07

 

 

(54,433

)

 

(61,700

)

ProSafe SE, strike price 94.25 NOK,
expires 11/27/07

 

 

(41,991

)

 

(292,700

)

ProSafe SE, strike price 97.65 NOK,
expires 12/12/07

 

 

(157,143

)

 

(302,000

)

QBE Insurance Group Ltd., strike price 32.99 AUD,
expires 01/29/08

 

 

(396,553

)

 

(44,300

)

QBE Insurance Group Ltd., strike price 33.63 AUD,
expires 11/20/07

 

 

(9,919

)

 

(52,600

)

QBE Insurance Group Ltd., strike price 34.76 AUD,
expires 11/20/07

 

 

(5,624

)

 

(37,200

)

Repsol YPF S.A., strike price 27 EUR,
expires 11/27/07

 

 

(48,686

)

 

(162,000

)

Repsol YPF S.A., strike price 27 EUR,
expires 12/28/07

 

 

(215,374

)

 

(1,850

)

Repsol YPF S.A., strike price 28 EUR,
expires 12/21/07

 

 

(187,586

)

 

(102,300

)

Rexam Plc, strike price 5.42 GBP, expires 11/12/07

 

 

(25,334

)

 

(670,000

)

Rexam Plc, strike price 5.60 GBP, expires 12/12/07

 

 

(204,512

)

 

(170,000

)

Royal Dutch Shell Plc, Class B, strike price 20.88 GBP,
expires 12/21/07

 

 

(286,992

)

 

(29,100

)

Royal Dutch Shell Plc, Class B, strike price 21.16 GBP,
expires 11/12/07

 

 

(14,649

)

 

(19,000

)

Royal Dutch Shell Plc, Class B, strike price 21.47 GBP,
expires 01/09/08

 

 

(25,462

)

 

(10,800

)

S-Oil Corp., strike price 75,976.98 KRW,
expires 11/20/07

 

 

(65,994

)

 

(13,000

)

S-Oil Corp., strike price 78,429.56 KRW,
expires 11/20/07

 

 

(53,845

)

 

(77,000

)

S-Oil Corp., strike price 82,759.58 KRW,
expires 01/29/08

 

 

(283,814

)

 

(14,700

)

SAP AG, strike price 40.25 EUR, expires 11/12/07

 

 

(560

)

 

(128,400

)

SAP AG, strike price 40.25 EUR, expires 12/12/07

 

 

(55,314

)

 

(25,300

)

SAP AG, strike price 43.01 EUR, expires 11/27/07

 

 

(4,251

)

 

(550

)

SBM Offshore N.V., strike price 29 EUR,
expires 11/16/07

 

 

(5,975

)

 

(167,300

)

SBM Offshore N.V., strike price 29.40 EUR,
expires 12/12/07

 

 

(54,212

)

 

(57,500

)

Scottish & Newcastle Plc, strike price 6.34 GBP,
expires 11/12/07

 

 

(178,790

)

 

(378,000

)

Scottish & Newcastle Plc, strike price 6.60 GBP,
expires 12/12/07

 

 

(993,632

)

 

(210,000

)

Scottish & Southern Energy Plc, strike price
15.50 GBP, expires 12/12/07

 

 

(252,386

)

 

(65

)

Scottish & Southern Energy Plc, strike price
15 GBP, expires 12/21/07

 

 

(135,831

)

 

(6,100,000

)

Shin Kong Financial Holding Co. Ltd., strike price
$31.55, expires 11/20/07

 

 

(150,670

)

 

(95,000

)

Shin-Etsu Chemical Co. Ltd., strike price 8,050 JPY,
expires 01/29/08

 

 

(236,398

)

 

(16,500

)

Shin-Etsu Chemical Co. Ltd., strike price 8,310 JPY,
expires 11/20/07

 

 

(3,591

)


Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(13,600

)

Shin-Etsu Chemical Co. Ltd., strike price 8,600 JPY,
expires 11/20/07

 

$

(1,209

)

 

(46,800

)

Shire Plc, strike price 12.25 GBP, expires 11/27/07

 

 

(30,507

)

 

(278,000

)

Shire Plc, strike price 12.36 GBP, expires 12/12/07

 

 

(218,964

)

 

(715,000

)

Shun Tak Holdings Ltd., strike price 13.75 HKD,
expires 11/07/07

 

 

(978

)

 

(9,000

)

Siemens AG, strike price 97.75 EUR,
expires 01/09/08

 

 

(40,333

)

 

(62,000

)

Siemens AG, strike price 100 EUR, expires 12/12/07

 

 

(139,618

)

 

(110

)

Siemens AG, strike price 100 EUR, expires 12/21/07

 

 

(33,143

)

 

(302,500

)

Sims Group Ltd., strike price 31.77 AUD,
expires 11/20/07

 

 

(33,754

)

 

(507,000

)

Singapore Airlines Ltd., strike price 20.20 SGD,
expires 12/11/07

 

 

(185,867

)

 

(1,200,000

)

Singapore Technologies Engineering Ltd., strike price
3.95 SGD, expires 11/20/07

 

 

(56,069

)

 

(1,400,000

)

Singapore Technologies Engineering Ltd., strike price
3.98 SGD, expires 12/11/07

 

 

(107,506

)

 

(625,000

)

Singapore Telecommunications Ltd., strike price
3.70 SGD, expires 11/08/07

 

 

(164,631

)

 

(3,700,000

)

Singapore Telecommunications Ltd., strike price
4.14 SGD, expires 01/29/08

 

 

(627,578

)

 

(255,000

)

Skanska AB, B Shares, strike price 148.87 SEK,
expires 12/12/07

 

 

(37,840

)

 

(360,000

)

Smiths Group Plc, strike price 11.45 GBP,
expires 12/12/07

 

 

(244,327

)

 

(83,500

)

SSAB Svenskt Stal AB, Ser. A, strike price 259 SEK,
expires 11/27/07

 

 

(4,055

)

 

(450,000

)

StatoilHydro ASA, strike price 183.44 NOK,
expires 12/12/07

 

 

(587,193

)

 

(76,600

)

StatoilHydro ASA, strike price 190.50 NOK,
expires 11/27/07

 

 

(33,276

)

 

(147,000

)

StatoilHydro ASA, strike price 192.30 NOK,
expires 01/09/08

 

 

(162,536

)

 

(482,000

)

Sumitomo Corp., strike price 2,150 JPY,
expires 01/29/08

 

 

(415,838

)

 

(153,000

)

Sumitomo Corp., strike price 2,200 JPY,
expires 11/20/07

 

 

(20,360

)

 

(366,300

)

Svenska Cellulosa AB, B Shares, strike price
121.15 SEK, expires 12/12/07

 

 

(47,794

)

 

(116,500

)

Svenska Cellulosa AB, B Shares, strike price
125.88 SEK, expires 11/27/07

 

 

(1,979

)

 

(5,800

)

Syngenta AG, strike price 246.38 CHF,
expires 11/12/07

 

 

(161,370

)

 

(37,100

)

Syngenta AG, strike price 272.95 CHF,
expires 12/12/07

 

 

(440,130

)

 

(2,200,000

)

Taiwan Fertilizer Co. Ltd., strike price $68.43,
expires 11/20/07

 

 

(997,260

)

 

(614,000

)

Taiwan Fertilizer Co. Ltd., strike price $68.48,
expires 11/20/07

 

 

(277,528

)

 

(1,225

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $10, expires 01/21/08

 

 

(131,688

)

 

(750,000

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $10.75, expires 01/18/08

 

 

(571,050

)

 

(1,320

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $11, expires 12/21/07

 

 

(46,266

)

 

(1,200

)

Teck Cominco Ltd., Class B, strike price 48 CAD,
expires 11/19/07

 

 

(121,950

)

 

(715

)

Teck Cominco Ltd., Class B, strike price 50 CAD,
expires 11/19/07

 

 

(29,140

)

 

(2,000,000

)

Telekom Malaysia Bhd, strike price $10.04,
expires 11/20/07

 

 

(207,200

)

 

(256

)

Telekomunikasi Indonesia Tbk PT (ADR), strike price $50,
expires 01/21/08

 

 

(81,920

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

45



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock International Growth and Income Trust (BGY) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(682

)

Telekomunikasi Indonesia Tbk PT (ADR), strike price
$55, expires 12/24/07

 

$

(73,315

)

 

(620

)

Telekomunikasi Indonesia Tbk PT (ADR), strike price
$60, expires 11/19/07

 

 

(15,500

)

 

(640

)

TELUS Corp., strike price 62 CAD, expires 11/19/07

 

 

(8,469

)

 

(805,000

)

Tesco Plc, strike price 4.49 GBP, expires 11/12/07

 

 

(676,064

)

 

(460,000

)

Tesco Plc, strike price 4.73 GBP, expires 01/09/08

 

 

(333,620

)

 

(59,000

)

Total S.A., strike price 58.90 EUR, expires 01/09/08

 

 

(80,285

)

 

(53,000

)

Total S.A., strike price 59.12 EUR, expires 11/28/07

 

 

(29,964

)

 

(470

)

Total S.A., strike price 60 EUR, expires 12/21/07

 

 

(22,126

)

 

(912,000

)

Transurban Group, strike price 7.35 AUD,
expires 01/29/08

 

 

(308,516

)

 

(290,000

)

Transurban Group, strike price 7.75 AUD,
expires 11/20/07

 

 

(11,750

)

 

(570,000

)

Truworths Intl. Ltd., strike price 36.33 ZAR,
expires 12/12/07

 

 

(24,137

)

 

(49,300

)

Turkcell Iletsim Hizmet AS (ADR), strike price $21.82,
expires 11/16/07

 

 

(127,371

)

 

(200,000

)

Turkcell Iletsim Hizmet AS (ADR), strike price $21.86,
expires 12/21/07

 

 

(665,080

)

 

(590

)

Unibanco - Uniao de Bancos Brasileiros S.A. (ADR),
strike price $130, expires 01/21/08

 

 

(1,876,200

)

 

(145

)

Unibanco - Uniao de Bancos Brasileiros S.A. (ADR),
strike price $135, expires 12/24/07

 

 

(384,250

)

 

(860,000

)

UniCredito Italiano S.p.A., strike price 6.55 EUR,
expires 12/12/07

 

 

(47,961

)

 

(110,300

)

Unilever Plc, strike price 16.16 GBP,
expires 11/12/07

 

 

(78,781

)

 

(63,000

)

Unilever Plc, strike price 16.74 GBP,
expires 01/09/08

 

 

(62,852

)

 

(270,000

)

United Business Media Plc, strike price 7.57 GBP,
expires 12/12/07

 

 

(79,552

)

 

(246,000

)

United Overseas Bank Ltd., strike price 22.20 SGD,
expires 01/29/08

 

 

(221,329

)

 

(100,000

)

United Overseas Bank Ltd., strike price 22.85 SGD,
expires 11/20/07

 

 

(19,802

)

 

(90,000

)

United Utilities Plc, strike price 7.31 GBP,
expires 12/12/07

 

 

(38,082

)

 

(281,700

)

United Utilities Plc, strike price 7.70 GBP,
expires 12/12/07

 

 

(42,818

)

 

(70,000

)

Vivendi, strike price 31.37 EUR, expires 11/28/07

 

 

(83,156

)

 

(81,000

)

Vivendi, strike price 31.62 EUR, expires 12/12/07

 

 

(92,434

)

 

(1,525,000

)

Vodafone Group Plc, strike price 1.80 GBP,
expires 01/09/08

 

 

(494,032

)

 

(1,525,000

)

Vodafone Group Plc, strike price 1.85 GBP,
expires 01/18/08

 

 

(414,442

)

 

(467,700

)

Vodafone Group Plc, strike price 1.71 GBP,
expires 11/27/07

 

 

(192,748

)

 

(12,000

)

Wartsila Oyj, B Shares, strike price 49.20 EUR,
expires 11/12/07

 

 

(127,200

)

 

(74,000

)

Wartsila Oyj, B Shares, strike price 50.90 EUR,
expires 12/12/07

 

 

(738,639

)

 

(500

)

Willis Group Holdings Ltd., strike price $41.75,
expires 12/14/07

 

 

(76,705

)

 

(16,000

)

Willis Group Holdings Ltd., strike price $43.50,
expires 01/18/08

 

 

(15,538

)

 

(37,700

)

Yara Intl. ASA, strike price 165 NOK,
expires 11/27/07

 

 

(304,321

)

 

(37,700

)

Yara Intl. ASA, strike price 178.69 NOK,
expires 12/12/07

 

 

(216,142

)

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(60,000

)

Yara Intl. ASA, strike price 185.45 NOK,
expires 12/12/07

 

$

(276,757

)

 

(685,000

)

Yokohama Rubber Co. Ltd. (The), strike price
860 JPY, expires 01/29/08

 

 

(337,379

)

 

(216,500

)

Yokohama Rubber Co. Ltd. (The), strike price
867 JPY, expires 11/20/07

 

 

(41,369

)

 

(432,500

)

Yue Yuen Industrial Holdings, strike price 24 HKD,
expires 11/20/07

 

 

(32,925

)

 

(1,363,000

)

Yue Yuen Industrial Holdings, strike price
24.01 HKD, expires 01/29/08

 

 

(241,973

)

 

(76,800

)

Zinifex Ltd., strike price 17.60 AUD,
expires 11/20/07

 

 

(34,013

)

 

(442,000

)

Zinifex Ltd., strike price 18.26 AUD,
expires 01/29/08

 

 

(222,060

)

 

(63,000

)

Zinifex Ltd., strike price 19 AUD,
expires 11/20/07

 

 

(2,371

)

               

 

 

 

Total Outstanding Call Options Written
(premium received $(35,874,512))

 

 

(60,762,737

)

               

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(1,380

)

AXA S.A., strike price 31 EUR, expires 11/16/07

 

 

(162,917

)

 

(1,720

)

Enel S.p.A., strike price $8, expires 11/16/07

 

 

(28,652

)

 

(480

)

KBC Groep N.V., strike price 98 EUR,
expires 11/16/07

 

 

(125,154

)

 

(2,000

)

Yara Intl. ASA, strike price 170 NOK,
expires 11/15/07

 

 

(3,913

)

               

 

 

 

Total Outstanding Put Options Written
(premium received $(450,528))

 

 

(320,636

)

               

 

 

 

Total Outstanding Options Written
(premium received $(36,325,040))

 

 

(61,083,373

)

               

Total investments net of outstanding options written—96.6%

 

$

2,066,150,762

 

Other assets in excess of liabilities—3.4%

 

 

72,372,101

 

 

 

 

     

Net Assets—100.0%

 

$

2,138,522,863

 

 

 

 

     

 

 

 

1

Non-income producing security.

2

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

3

Represents current yield as of October 31, 2007.

4

Cost for federal income tax purposes is $1,994,525,086. The net unrealized appreciation on a tax basis is $132,709,049, consisting of $179,010,005 gross unrealized appreciation and $46,300,956 gross unrealized depreciation.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

46

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock Real Asset Equity Trust (BCF)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—94.1%

 

 

 

 

Common Stocks—94.1%

 

 

 

 

Chemicals—8.1%

 

 

 

 

 

50,000

 

Agrium, Inc.

 

$

3,178,500

 

 

135,900

1

Air Products & Chemicals, Inc.

 

 

13,297,815

 

 

132,100

 

Celanese Corp., Series A

 

 

5,542,916

 

 

179,025

 

Dow Chemical Co. (The)

 

 

8,063,286

 

 

526,479

 

E.I. du Pont de Nemours & Co.

 

 

26,065,976

 

 

138,000

 

Lyondell Chemical Co.

 

 

6,548,100

 

 

214,000

 

Olin Corp.

 

 

4,874,920

 

 

70,000

 

Potash Corp. of Saskatchewan

 

 

8,597,400

 

 

156,800

 

Praxair, Inc.

 

 

13,403,264

 

 

105,600

 

Rohm & Haas Co.

 

 

5,478,528

 

 

 

 

 

 

     

 

 

 

Total Chemicals

 

 

95,050,705

 

               

Coal—3.6%

 

 

 

 

 

180,000

1

Arch Coal, Inc.

 

 

7,380,000

 

 

268,300

1

Consol Energy, Inc.

 

 

15,158,950

 

 

347,300

1

Massey Energy Co.

 

 

11,002,464

 

 

167,800

 

Peabody Energy Corp.

 

 

9,354,850

 

 

 

 

 

 

     

 

 

 

Total Coal

 

 

42,896,264

 

               

Electric—0.4%

 

 

 

 

 

96,5002

 

NRG Energy, Inc.

 

 

4,406,190

 

               

Forest Products & Paper—7.9%

 

 

 

 

 

448,492

1

Intl. Paper Co.

 

 

16,576,264

 

 

570,000

 

MeadWestvaco Corp.

 

 

19,174,800

 

 

19,005

2

Mondi Ltd.

 

 

185,830

 

 

47,512

 

Mondi Plc

 

 

440,365

 

 

333,400

 

Temple-Inland, Inc.

 

 

17,893,578

 

 

514,600

 

Votorantim Celulose e Papel S.A. (ADR)

 

 

16,132,710

 

 

306,700

 

Weyerhauser Co.

 

 

23,281,597

 

 

 

 

 

 

     

 

 

 

Total Forest Products & Paper

 

 

93,685,144

 

               

Iron & Steel—0.8%

 

 

 

 

 

47,900

 

Allegheny Technologies, Inc.

 

 

4,893,943

 

 

29,200

 

Carpenter Technology Corp.

 

 

4,231,372

 

 

 

 

 

 

     

 

 

 

Total Iron & Steel

 

 

9,125,315

 

               

Machinery—2.1%

 

 

 

 

 

253,625

 

Caterpillar, Inc.

 

 

18,922,961

 

 

37,983

 

Deere & Co.

 

 

5,883,567

 

 

 

 

 

 

     

 

 

 

Total Machinery

 

 

24,806,528

 

               

Metal—0.8%

 

 

 

 

 

2,784,600

 

Jiangxi Copper Co. Ltd.

 

 

9,849,049

 

               

Mining—40.8%

 

 

 

 

 

198,000

 

Aber Diamond Corp.

 

 

8,706,844

 

 

278,750

 

African Rainbow Minerals Ltd.

 

 

6,465,426

 

 

150,000

1

Agnico-Eagle Mines Ltd.

 

 

8,533,500

 

 

1,000,000

2

Alamos Gold, Inc.

 

 

7,706,558

 

 

151,550

1

Alcoa, Inc.

 

 

5,999,864

 

 

1,956,400

 

Alumina Ltd.

 

 

12,294,751

 

 

172,945

 

Anglo American Plc

 

 

12,029,716

 

 

45,700

 

Anglo Platinum Ltd.

 

 

7,869,611

 

 

110,400

1

Barrick Gold Corp.

 

 

4,871,952

 

 

936,700

 

BHP Billiton Plc

 

 

35,974,062

 

 

137,700

1

Cia de Minas Buenaventura S.A. (ADR)

 

 

7,905,357

 

 

980,000

1

Cia Vale do Rio Doce (ADR)

 

 

36,926,400

 

 

22,250

 

Eramet

 

 

9,967,644

 

 

234,000

 

First Quantum Minerals Ltd.

 

 

25,189,710

 

 

96,800

1

Freeport-McMoRan Copper & Gold, Inc.

 

 

11,391,424

 

 

202,750

1

Goldcorp, Inc.

 

 

7,122,607

 

 

1,302,500

 

Iluka Resources Ltd.

 

 

5,329,897

 

 

560,200

 

Impala Platinum Holdings Ltd.

 

 

21,161,100

 

 

556,669

 

Industrias Penoles SA de CV

 

 

13,198,211

 

 

1,065,900

 

Jubille Mines NL

 

 

23,751,326

 

 

251,400

 

Kazakhmys Plc

 

 

7,734,368

 

 

1,488,650

2

Lihir Gold Ltd.

 

 

5,910,132

 

 

60,700

 

Lonmin Plc

 

 

4,361,459

 

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Mining—(cont’d)

 

 

 

 

 

1,873,950

 

Minara Resources Ltd.

 

$

11,537,406

 

 

1,504,804

 

Minsur S.A.

 

 

5,065,245

 

 

19,250

 

MMC Norilsk Nickel

 

 

5,676,337

 

 

3,800

 

MMC Norilsk Nickel (ADR)

 

 

1,174,200

 

 

63,900

1

Newmont Mining Corp.

 

 

3,249,954

 

 

2,241,050

 

Oxiana Ltd.

 

 

8,931,431

 

 

362,036

 

Rio Tinto Plc

 

 

33,949,978

 

 

34,300

1

Southern Copper Corp.

 

 

4,791,710

 

 

850,450

 

Straits Resources Ltd.

 

 

5,125,766

 

 

390,300

 

Teck Cominco Ltd., Class B

 

 

19,547,021

 

 

432,700

 

Vedanta Resources Plc

 

 

19,874,123

 

 

428,832

 

Xstrata Plc

 

 

30,921,294

 

 

7,161,750

 

Zijin Mining Group Co. Ltd.

 

 

12,504,359

 

 

1,761,300

 

Zinifex Ltd.

 

 

27,873,658

 

 

 

 

 

 

     

 

 

 

Total Mining

 

 

480,624,401

 

               

Oil & Gas—21.7%

 

 

 

 

 

65,400

1

Apache Corp.

 

 

6,789,174

 

 

43,008

2

ATP Oil & Gas Corp.

 

 

2,466,509

 

 

453,114

 

BG Group Plc

 

 

8,401,119

 

 

74,500

1,2

Bill Barrett Corp.

 

 

3,486,600

 

 

202,475

2

Cairn Energy Plc

 

 

9,943,026

 

 

168,800

1

Canadian Natural Resources Ltd.

 

 

14,044,160

 

 

150,884

 

Chesapeake Energy Corp.

 

 

5,956,900

 

 

332,600

2

Compton Petroleum Corp.

 

 

2,932,894

 

 

36,400

 

ConocoPhillips

 

 

3,092,544

 

 

46,100

 

Devon Energy Corp.

 

 

4,305,740

 

 

48,200

 

EnCana Corp.

 

 

3,359,540

 

 

155,300

1

ENSCO Intl., Inc.

 

 

8,617,597

 

 

160,300

 

EOG Resources, Inc.

 

 

14,202,580

 

 

73,700

2

Forest Oil Corp.

 

 

3,581,083

 

 

367,800

2

Galleon Energy, Inc.

 

 

5,602,754

 

 

128,100

 

GlobalSantaFe Corp.

 

 

10,379,943

 

 

221,900

1

Helmerich & Payne, Inc.

 

 

7,016,478

 

 

86,200

2

Heritage Oil Corp.

 

 

5,566,294

 

 

134,900

1

Hess Corp.

 

 

9,660,189

 

 

101,400

 

Marathon Oil Corp.

 

 

5,995,782

 

 

55,900

 

Murphy Oil Corp.

 

 

4,115,917

 

 

121,500

1,2

Newfield Exploration Co.

 

 

6,541,560

 

 

149,000

 

Nexen, Inc.

 

 

5,045,811

 

 

137,000

 

Noble Corp.

 

 

7,254,150

 

 

116,100

1

Noble Energy, Inc.

 

 

8,886,294

 

 

202,200

 

Norsk Hydro ASA

 

 

2,972,617

 

 

68,500

 

Occidental Petroleum Corp.

 

 

4,729,925

 

 

79,000

 

Petroleo Brasileiro S.A. (ADR)

 

 

7,554,770

 

 

91,000

2

Plains Exploration & Production Co.

 

 

4,636,450

 

 

101,300

2

Pride Intl., Inc.

 

 

3,737,970

 

 

114,900

2

Quicksilver Resources, Inc.

 

 

6,549,300

 

 

171,700

 

Range Resources Corp.

 

 

7,714,481

 

 

164,300

2

SeaDrill Ltd.

 

 

3,933,554

 

 

87,500

2

Southwestern Energy Co.

 

 

4,526,375

 

 

174,336

 

StatoilHydro ASA

 

 

5,939,023

 

 

35,300

 

StatoilHydro ASA (ADR)

 

 

1,203,024

 

 

77,600

 

Suncor Energy, Inc.

 

 

8,476,248

 

 

9,300

 

Total S.A. (ADR)

 

 

749,673

 

 

104,800

2

Transocean, Inc.

 

 

12,509,976

 

 

136,400

2

TriStar Oil & Gas Ltd.

 

 

1,556,547

 

 

126,000

2

TXCO Resources, Inc.

 

 

1,462,860

 

 

84,472

2

Warren Resources, Inc.

 

 

1,282,285

 

 

135,300

1

XTO Energy, Inc.

 

 

8,981,214

 

 

 

 

 

 

     

 

 

 

Total Oil & Gas

 

 

255,760,930

 

               

Oil & Gas Services—6.7%

 

 

 

 

 

124,500

 

Acergy S.A.

 

 

3,608,403

 

 

53,600

2

Cameron Intl. Corp.

 

 

5,218,496

 

 

52,800

2

Cie Generale de Geophysique-Veritas (ADR)

 

 

3,465,792

 

 

103,200

2

Core Laboratories N.V.

 

 

15,061,008

 

 

50,502

2

Exterran Holdings, Inc.

 

 

4,252,269

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

47



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock Real Asset Equity Trust (BCF) (continued)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Oil & Gas Services—(cont’d)

 

 

 

 

 

104,378

2,3

FMC Technologies, Inc.

 

$

6,328,438

 

 

113,300

2

Grant Prideco, Inc.

 

 

5,569,828

 

 

119,900

2

Helix Energy Solutions Group, Inc.

 

 

5,545,375

 

 

186,634

1,2

Hercules Offshore, Inc.

 

 

5,046,583

 

 

64,600

2

National Oilwell Varco, Inc.

 

 

4,731,304

 

 

73,200

 

SBM Offshore N.V.

 

 

2,824,776

 

 

59,600

3

Schlumberger Ltd.

 

 

5,755,572

 

 

36,300

1

Smith Intl., Inc.

 

 

2,397,615

 

 

142,800

2

Weatherford Intl. Ltd.

 

 

9,269,148

 

 

 

 

 

 

     

 

 

 

Total Oil & Gas Services

 

 

79,074,607

 

               

Pipelines—1.2%

 

 

 

 

 

101,800

 

Equitable Resources, Inc.

 

 

5,733,375

 

 

138,000

1

Questar Corp.

 

 

7,877,040

 

 

 

 

 

 

     

 

 

 

Total Pipelines

 

 

13,610,415

 

               

 

 

 

Total Common Stocks

 

 

 

 

 

 

 

(cost $747,540,612)

 

 

1,108,889,548

 

               

SHORT-TERM INVESTMENTS—8.3%

 

 

 

 

Money Market Fund—3.7%

 

 

 

 

 

43,652,427

4

Fidelity Institutional Money Market Prime
Portfolio, 4.86%

 

 

43,652,427

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 

               

U.S. Government and Agency Discount Notes—4.6%

 

 

 

 

$

54,500,000

5

Federal Home Loan Bank Disc. Notes,
4.40%, 11/01/07

 

 

54,500,000

 

               

 

 

 

Total Short-Term Investments
(cost $98,152,427)

 

 

98,152,427

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

               

OUTSTANDING OPTIONS PURCHASED—0.0%

 

 

 

 

OUTSTANDING PUT OPTIONS PURCHASED—0.0%

 

 

 

 

 

20

 

Apache Corp., strike price $70, expires 11/19/07

 

 

100

 

 

100

 

Schlumberger Ltd., strike price $85,
expires 11/19/07

 

 

2,000

 

               

 

 

 

Total Outstanding Put Options Purchased
(cost $6,020)

 

 

2,100

 

               

OUTSTANDING CALL OPTIONS PURCHASED—0.0%

 

 

 

 

 

25,000

 

Alcoa, Inc., strike price $47.50, expires 11/16/07

 

 

268

 

 

60,000

 

Husky Energy, Inc., strike price 45 CAD,
expires 11/16/07

 

 

32,113

 

               

 

 

 

Total Outstanding Call Options Purchased
(cost $42,969)

 

 

32,381

 

               

 

 

 

Total Outstanding Options Purchased
(cost $48,989)

 

 

34,481

 

               

 

 

 

Total investments before outstanding options written
(cost $845,742,0286)

 

 

1,207,076,456

 

               

OUTSTANDING OPTIONS WRITTEN—(2.4)%

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(2.4)%

 

 

 

 

 

(320

)

Aber Diamond Corp., strike price 42 CAD,
expires 01/21/08

 

 

(60,975

)

 

(320

)

Aber Diamond Corp., strike price 44 CAD,
expires 12/24/07

 

 

(23,712

)

 

(25,000

)

Acergy S.A., strike price 153 NOK, expires 11/06/07

 

 

(19,171

)

 

(39,000

)

Acergy S.A., strike price 160.42 NOK,
expires 12/12/07

 

 

(42,629

)

 

(92,000

)

African Rainbow Minerals Ltd., strike price
147.28 ZAR, expires 12/12/07

 

 

(131,235

)

 

(500

)

Agnico-Eagle Mines Ltd., strike price $55,
expires 11/19/07

 

 

(170,000

)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

               

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

(150

)

Agrium, Inc., strike price $60, expires 12/24/07

 

$

(103,500

)

 

(310

)

Air Products & Chemicals, Inc., strike price $95,
expires 12/24/07

 

 

(175,150

)

 

(25,000

)

Alcoa, Inc., strike price $41, expires 12/21/07

 

 

(43,878

)

 

(25,000

)

Alcoa, Inc., strike price $48, expires 11/16/07

 

 

(177

)

 

(20,000

)

Allegheny Technologies, Inc., strike price $121,
expires 11/16/07

 

 

(1,644

)

 

(400,000

)

Alumina Ltd., strike price 7.32 AUD,
expires 11/20/07

 

 

(9,687

)

 

(20,000

)

Anglo American Plc, strike price 29.11 GBP,
expires 11/28/07

 

 

(140,424

)

 

(37,000

)

Anglo American Plc, strike price 29.36 GBP,
expires 11/12/07

 

 

(272,828

)

 

(15,000

)

Anglo Platinum Ltd., strike price 1,174.20 ZAR,
expires 12/12/07

 

 

(104,157

)

 

(200

)

Apache Corp., strike price $95, expires 12/24/07

 

 

(220,000

)

 

(350

)

Arch Coal, Inc., strike price $40, expires 12/24/07

 

 

(107,625

)

 

(350

)

Arch Coal, Inc., strike price $42.50,
expires 01/21/08

 

 

(90,125

)

 

(150

)

ATP Oil & Gas Corp., strike price $60,
expires 12/24/07

 

 

(31,500

)

 

(360

)

Barrick Gold Corp., strike price $42.50,
expires 01/21/08

 

 

(153,000

)

 

(90,000

)

BG Group Plc, strike price 8 GBP, expires 11/07/07

 

 

(169,097

)

 

(59,000

)

BG Group Plc, strike price 8.10 GBP,
expires 11/28/07

 

 

(111,797

)

 

(50

)

BG Group Plc, strike price 8.40 GBP,
expires 12/21/07

 

 

(80,053

)

 

(153,000

)

BHP Billiton Plc, strike price 14.55 GBP,
expires 11/12/07

 

 

(1,206,935

)

 

(156,000

)

BHP Billiton Plc, strike price 14.92 GBP,
expires 11/28/07

 

 

(1,154,892

)

 

(250

)

Bill Barrett Corp., strike price $45, expires 12/24/07

 

 

(95,000

)

 

(33,000

)

Cairn Energy Plc, strike price 19.30 GBP,
expires 11/02/07

 

 

(290,470

)

 

(34,000

)

Cairn Energy Plc, strike price 21.65 GBP,
expires 12/12/07

 

 

(179,095

)

 

(184

)

Cameron Intl. Corp., strike price $100,
expires 11/19/07

 

 

(54,740

)

 

(300

)

Canadian Natural Resources Ltd., strike price $80,
expires 12/24/07

 

 

(196,500

)

 

(200

)

Canadian Natural Resources Ltd., strike price $80,
expires 01/21/08

 

 

(152,000

)

 

(50

)

Carpenter Technology Corp., strike price $135,
expires 12/24/07

 

 

(76,000

)

 

(50

)

Carpenter Technology Corp., strike price $140,
expires 12/24/07

 

 

(60,250

)

 

(450

)

Caterpillar, Inc., strike price $87, expires 11/13/07

 

 

(2,893

)

 

(400

)

Caterpillar, Inc., strike price $90, expires 11/19/07

 

 

(1,000

)

 

(250

)

Celanese Corp. Ser. A, strike price $40,
expires 11/19/07

 

 

(61,875

)

 

(19,000

)

Celanese Corp. Ser. A, strike price $41,
expires 11/30/07

 

 

(42,450

)

 

(250

)

Chesapeake Energy Corp., strike price $37.50,
expires 12/24/07

 

 

(71,875

)

 

(25,000

)

Chesapeake Energy Corp., strike price $38.64,
expires 11/16/07

 

 

(35,710

)

 

(450

)

Cia de Minas Buenaventura S.A. (ADR), strike price
$55, expires 11/19/07

 

 

(195,750

)

 

(1,000

)

Cia Vale do Rio Doce (ADR), strike price $35,
expires 11/19/07

 

 

(340,000

)

 

(2,000

)

Cia Vale do Rio Doce (ADR), strike price $35,
expires 12/24/07

 

 

(920,000

)

 

(100

)

Cie General de Geophysique-Veritas (ADR),
strike price $65, expires 11/19/07

 

 

(26,750

)

 

(120

)

ConocoPhillips, strike price $90, expires 11/19/07

 

 

(6,240

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

48

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

(50,000)

 

Consol Energy, Inc., strike price $54,
expires 11/30/07

 

$

(209,925

)

 

(350)

 

Consol Energy, Inc., strike price $55,
expires 12/24/07

 

 

(157,500

)

 

(179)

 

Core Laboratories N.V., strike price $140,
expires 01/21/08

 

 

(224,645

)

 

(125)

 

Deere & Co., strike price $150, expires 12/24/07

 

 

(148,750

)

 

(100)

 

Devon Energy Corp., strike price $82.88,
expires 11/13/07

 

 

(107,328

)

 

(55)

 

Devon Energy Corp., strike price $90,
expires 12/24/07

 

 

(37,675

)

 

(25,000)

 

Dow Chemical Co. (The), strike price $47,
expires 11/30/07

 

 

(13,205

)

 

(210)

 

Dow Chemical Co. (The), strike price $48.63,
expires 11/13/07

 

 

(1,157

)

 

(500)

 

E.I. du Pont de Nemours & Co., strike price $50,
expires 12/24/07

 

 

(61,250

)

 

(250)

 

E.I. du Pont de Nemours & Co., strike price $53,
expires 01/11/08

 

 

(16,605

)

 

(25,000)

 

E.I. du Pont de Nemours & Co., strike price $53,
expires 12/14/07

 

 

(8,900

)

 

(250)

 

E.I. du Pont de Nemours & Co., strike price $54,
expires 11/13/07

 

 

(3,460

)

 

(100)

 

EnCana Corp., strike price $65, expires 12/24/07

 

 

(63,000

)

 

(100)

 

EnCana Corp., strike price $65, expires 01/21/08

 

 

(71,000

)

 

(250)

 

ENSCO Intl., Inc., strike price $60, expires 11/19/07

 

 

(6,875

)

 

(125)

 

ENSCO Intl., Inc., strike price $63, expires 11/08/07

 

 

(124

)

 

(100)

 

ENSCO Intl., Inc., strike price $65, expires 12/24/07

 

 

(4,250

)

 

(250)

 

EOG Resources, Inc., strike price $80,
expires 12/24/07

 

 

(258,750

)

 

(25,000)

 

EOG Resources, Inc., strike price $81,
expires 11/02/07

 

 

(190,490

)

 

(20,000)

 

Equitable Resources, Inc., strike price $55,
expires 11/30/07

 

 

(53,480

)

 

(3,600)

 

Eramet, strike price 216.65 EUR, expires 11/12/07

 

 

(477,450

)

 

(3,600)

 

Eramet, strike price 223.14 EUR, expires 11/12/07

 

 

(443,638

)

 

(100)

 

Exterran Holdings, Inc., strike price $85,
expires 11/19/07

 

 

(21,750

)

 

(65)

 

Exterran Holdings, Inc., strike price $90,
expires 11/19/07

 

 

(3,088

)

 

(440)

 

First Quantum Minerals Ltd., strike price 98 CAD,
expires 01/21/08

 

 

(526,333

)

 

(400)

 

First Quantum Minerals Ltd., strike price 100 CAD,
expires 12/24/07

 

 

(359,922

)

 

(400)

 

FMC Technologies, Inc., strike price $60,
expires 11/19/07

 

 

(117,000

)

 

(250)

 

Forest Oil Corp., strike price $45, expires 11/19/07

 

 

(98,750

)

 

(320)

 

Freeport-McMoRan Copper & Gold, Inc.,
strike price $115, expires 12/24/07

 

 

(308,800

)

 

(25,000)

 

Global SantaFe Corp., strike price $78,
expires 11/30/07

 

 

(123,498

)

 

(350)

 

Goldcorp, Inc., strike price $30, expires 11/19/07

 

 

(185,500

)

 

(320)

 

Goldcorp, Inc., strike price $32.50,
expires 01/21/08

 

 

(147,200

)

 

(1,132)

 

Grant Prideco, Inc., strike price $45,
expires 12/24/07

 

 

(656,560

)

 

(150)

 

Helix Energy Solutions Group, Inc., strike price $45,
expires 12/24/07

 

 

(48,750

)

 

(100)

 

Helix Energy Solutions Group, Inc., strike price $50,
expires 11/19/07

 

 

(2,500

)

 

(250)

 

Helmerich & Payne, Inc., strike price $36,
expires 11/02/07

 

 

 

 

(25,000)

 

Helmerich & Payne, Inc., strike price $36.50,
expires 11/16/07

 

 

(650

)

 

(300)

 

Hercules Offshore, Inc., strike price $32,
expires 12/14/07

 

 

(7,503

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(400)

 

Hess Corp., strike price $70, expires 12/24/07

 

$

(196,000

)

 

(60,000)

 

Husky Energy, Inc., strike price 46 CAD,
expires 11/16/07

 

 

(16,431

)

 

(260,500)

 

Iluka Resources Ltd., strike price 6.26 AUD,
expires 11/20/07

 

 

(2

)

 

(185,000)

 

Impala Platinum Holdings Ltd., strike price
260.02 ZAR, expires 12/12/07

 

 

(276,473

)

 

(94,000)

 

Industrias Penoles SA de CV, strike price
222.66 MXN, expires 12/14/07

 

 

(343,920

)

 

(500)

 

Intl. Paper Co., strike price $37.50,
expires 11/19/07

 

 

(28,750

)

 

(400)

 

Intl. Paper Co., strike price $40, expires 01/21/08

 

 

(28,000

)

 

(1,000,000)

 

Jiangxi Copper Co. Ltd., strike price 18 HKD,
expires 11/20/07

 

 

(1,164,750

)

 

(350,000)

 

Jubille Mines NL, strike price 16.50 AUD,
expires 11/08/07

 

 

(2,287,771

)

 

(43,833)

 

Kazakhmys Plc, strike price 12.75 GBP,
expires 11/28/07

 

 

(202,709

)

 

(43,833)

 

Kazakhmys Plc, strike price 13.62 GBP,
expires 11/12/07

 

 

(120,189

)

 

(650,000)

 

Lihir Gold Ltd., strike price 3.50 AUD,
expires 11/08/07

 

 

(384,315

)

 

(27,000)

 

Lonmin Plc, strike price 36.83 GBP,
expires 12/12/07

 

 

(90,152

)

 

(450)

 

Lyondell Chemical Co., strike price $45,
expires 12/24/07

 

 

(99,000

)

 

(20,000)

 

Marathon Oil Corp., strike price $65.05,
expires 11/16/07

 

 

(5,922

)

 

(100,000)

 

MeadWestvaco Corp., strike price $34,
expires 12/21/07

 

 

(129,720

)

 

(1,000)

 

MeadWestvaco Corp., strike price $35,
expires 03/24/08

 

 

(180,000

)

 

(375,000)

 

Minara Resources Ltd., strike price 5.95 AUD,
expires 11/20/07

 

 

(244,912

)

 

(185)

 

Murphy Oil Corp., strike price $75, expires 01/21/08

 

 

(77,700

)

 

(200)

 

National Oilwell Varco, Inc., strike price $77.50,
expires 11/19/07

 

 

(30,500

)

 

(100)

 

Newfield Exploration Co., strike price $50,
expires 01/21/08

 

 

(58,500

)

 

(125)

 

Newfield Exploration Co., strike price $55,
expires 11/02/07

 

 

(1,951

)

 

(200)

 

Newfield Exploration Co., strike price $55,
expires 12/24/07

 

 

(45,000

)

 

(210)

 

Newmont Mining Corp., strike price $47.50,
expires 12/24/07

 

 

(101,850

)

 

(200)

 

Nexen, Inc., strike price 34 CAD, expires 11/19/07

 

 

(6,352

)

 

(200)

 

Noble Corp., strike price $52.50, expires 11/19/07

 

 

(38,000

)

 

(180)

 

Noble Corp., strike price $52.50, expires 12/24/07

 

 

(57,600

)

 

(300)

 

Noble Energy, Inc., strike price $75,
expires 12/24/07

 

 

(136,500

)

 

(3,800)

 

MMC Norilsk Nickel, strike price $218.50,
expires 11/12/07

 

 

(366,801

)

 

(30,000)

 

Norsk Hydro ASA, strike price 225.96 NOK,
expires 11/06/07

 

 

(58,556

)

 

(37,000)

 

Norsk Hydro ASA, strike price 79.41 NOK,
expires 12/12/07

 

 

(23,332

)

 

(166)

 

NRG Energy, Inc., strike price $140,
expires 12/24/07

 

 

(174,300

)

 

(100)

 

NRG Energy, Inc., strike price $45,
expires 11/19/07

 

 

(16,250

)

 

(100)

 

NRG Energy, Inc., strike price $45,
expires 12/24/07

 

 

(29,750

)

 

(200)

 

NRG Energy, Inc., strike price $47.50,
expires 01/21/08

 

 

(50,500

)

 

(125)

 

Occidental Petroleum Corp., strike price $70,
expires 11/19/07

 

 

(20,938

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

49



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Real Asset Equity Trust (BCF) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(125)

 

Occidental Petroleum Corp., strike price $70,
expires 12/24/07

 

$

(40,625

)

 

(550)

 

Olin Corp., strike price $22.50, expires 11/19/07

 

 

(38,500

)

 

(20,000)

 

Olin Corp., strike price $23, expires 12/21/07

 

 

(21,016

)

 

(450,000)

 

Oxiana Ltd., strike price 3.50 AUD, expires 11/20/07

 

 

(300,852

)

 

(500)

 

Peabody Energy Corp., strike price $55,
expires 11/30/07

 

 

(160,570

)

 

(100)

 

Peabody Energy Corp., strike price $55,
expires 12/24/07

 

 

(40,000

)

 

(69)

 

Petroleo Brasileiro S.A. (ADR), strike price $85,
expires 12/24/07

 

 

(96,945

)

 

(131)

 

Petroleo Brasileiro S.A. (ADR), strike price $90,
expires 12/24/07

 

 

(142,135

)

 

(225)

 

Plains Exploration & Production Co., strike price
$51.25, expires 12/14/07

 

 

(60,345

)

 

(100)

 

Potash Corp. of Saskatchewan, strike price $105,
expires 12/24/07

 

 

(50,500

)

 

(100)

 

Potash Corp. of Saskatchewan, strike price $120,
expires 12/24/07

 

 

(110,500

)

 

(250)

 

Praxair, Inc., strike price $85, expires 11/19/07

 

 

(51,875

)

 

(250)

 

Praxair, Inc., strike price $85, expires 12/24/07

 

 

(88,750

)

 

(160)

 

Praxair, Inc., strike price $85, expires 01/21/08

 

 

(74,400

)

 

(100)

 

Pride Intl., Inc., strike price $40, expires 01/21/08

 

 

(13,250

)

 

(10,000)

 

Pride Intl., Inc., strike price $40.25,
expires 11/16/07

 

 

(1,831

)

 

(450)

 

Questar Corp., strike price $57.50,
expires 01/21/08

 

 

(146,250

)

 

(300)

 

Quicksilver Resources, Inc., strike price $55,
expires 12/24/07

 

 

(139,500

)

 

(350)

 

Range Resources Corp., strike price $45,
expires 11/19/07

 

 

(51,625

)

 

(200)

 

Range Resources Corp., strike price $45,
expires 12/24/07

 

 

(53,000

)

 

(55,000)

 

Rio Tinto Plc, strike price 38.75 GBP,
expires 11/28/07

 

 

(752,897

)

 

(64,000)

 

Rio Tinto Plc, strike price 44.10 GBP,
expires 12/12/07

 

 

(318,050

)

 

(25,000)

 

Rohm & Haas Co., strike price $60,
expires 11/16/07

 

 

(77

)

 

(25,000)

 

SBM Offshore N.V., strike price 28.14 EUR,
expires 11/06/07

 

 

(1,047

)

 

(20,000)

 

SBM Offshore N.V., strike price 30.32 EUR,
expires 11/28/07

 

 

(1,315

)

 

(200)

 

Schlumberger Ltd., strike price $100,
expires 11/19/07

 

 

(31,500

)

 

(41,000)

 

SeaDrill Ltd., strike price 127.05 NOK,
expires 11/06/07

 

 

(22,620

)

 

(20,000)

 

SeaDrill Ltd., strike price 128.49 NOK,
expires 12/12/07

 

 

(25,092

)

 

(150)

 

Smith Intl., Inc., strike price $70, expires 01/21/08

 

 

(55,500

)

 

(50)

 

Southern Copper Corp., strike price $135,
expires 12/24/07

 

 

(57,250

)

 

(80)

 

Southern Copper Corp., strike price $140,
expires 01/21/08

 

 

(94,800

)

 

(100)

 

Southwestern Energy Co., strike price $50,
expires 12/24/07

 

 

(46,500

)

 

(100)

 

Southwestern Energy Co., strike price $55,
expires 12/24/07

 

 

(22,000

)

 

(100)

 

Southwestern Energy Co., strike price $55,
expires 01/21/08

 

 

(31,000

)

 

(350)

 

StatoilHydro ASA (ADR), strike price $35,
expires 01/21/08

 

 

(69,125

)

 

(170,000)

 

Straits Resources Ltd., strike price 4.30 AUD,
expires 11/20/07

 

 

(331,212

)

 

(250)

 

Suncor Energy, Inc., strike price $100,
expires 12/24/07

 

 

(307,500

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(400)

 

Teck Cominco Ltd., Class B, strike price 46 CAD,
expires 11/19/07

 

$

(91,886

)

 

(300)

 

Teck Cominco Ltd., Class B, strike price 48 CAD,
expires 11/19/07

 

 

(30,487

)

 

(300)

 

Teck Cominco Ltd., Class B, strike price 52 CAD,
expires 11/19/07

 

 

(5,558

)

 

(300)

 

Teck Cominco Ltd., Class B, strike price 52 CAD,
expires 01/21/08

 

 

(36,839

)

 

(200)

 

Temple-Inland, Inc., strike price $60,
expires 11/19/07

 

 

(4,500

)

 

(400)

 

Temple-Inland, Inc., strike price $60,
expires 01/21/08

 

 

(50,000

)

 

(170)

 

Temple-Inland, Inc., strike price $65,
expires 11/19/07

 

 

(1,275

)

 

(5,000)

 

Total S.A. (ADR), strike price $86, expires 11/16/07

 

 

(793

)

 

(350)

 

Transocean, Inc., strike price $115,
expires 11/30/07

 

 

(268,660

)

 

(147)

 

TXCO Resources, Inc., strike price $12.50,
expires 11/19/07

 

 

(4,043

)

 

(150)

 

TXCO Resources, Inc., strike price $12.50,
expires 01/21/08

 

 

(14,250

)

 

(69,000)

 

Vedanta Resources Plc, strike price 17 GBP,
expires 11/12/07

 

 

(721,664

)

 

(74,000)

 

Vedanta Resources Plc, strike price 17.90 GBP,
expires 11/12/07

 

 

(637,139

)

 

(70,000)

 

Votorantim Celulose e Papel S.A. (ADR),
strike price $29, expires 12/21/07

 

 

(211,463

)

 

(40,000)

 

Votorantim Celulose e Papel S.A. (ADR),
strike price $31, expires 11/30/07

 

 

(54,232

)

 

(20,000)

 

Warren Resources, Inc., strike price $14.50,
expires 11/30/07

 

 

(22,620

)

 

(300)

 

Weatherford Intl. Ltd., strike price $65,
expires 11/19/07

 

 

(68,250

)

 

(50)

 

Weatherford Intl. Ltd., strike price $65,
expires 12/24/07

 

 

(21,000

)

 

(100)

 

Weatherford Intl. Ltd., strike price $70,
expires 11/19/07

 

 

(6,000

)

 

(250)

 

Weyerhauser Co., strike price $75,
expires 12/24/07

 

 

(102,500

)

 

(250)

 

Weyerhauser Co., strike price $80,
expires 01/21/08

 

 

(78,125

)

 

(62,000)

 

Xstrata Plc, strike price 32 GBP, expires 11/12/07

 

 

(353,232

)

 

(80)

 

Xstrata Plc, strike price 32 GBP,
expires 12/21/07

 

 

(602,998

)

 

(400)

 

XTO Energy, Inc., strike price $65, expires 12/24/07

 

 

(162,000

)

 

(1,208,000)

 

Zijin Mining Group Co. Ltd., strike price 9.10 HKD,
expires 11/07/07

 

 

(655,759

)

 

(1,156,000)

 

Zijin Mining Group Co. Ltd., strike price 9.20 HKD,
expires 11/20/07

 

 

(617,031

)

 

(315,000)

 

Zinifex Ltd., strike price 19.34 AUD,
expires 11/07/07

 

 

(293

)

 

 

 

 

Total Outstanding Call Options Written
(premium received $(16,981,947))

 

 

(28,365,997

)

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(34)

 

Agrium, Inc., strike price $50, expires 11/19/07

 

 

(340

)

 

(210)

 

Air Products & Chemicals, Inc., strike price $80,
expires 12/24/07

 

 

(6,300

)

 

(50)

 

Allegheny Technologies, Inc., strike price $90,
expires 11/19/07

 

 

(1,750

)

 

(10,000)

 

Apache Corp., strike price $71.25,
expires 11/01/07

 

 

 

 

(10,000)

 

Bill Barrett Corp., strike price $33.76,
expires 11/01/07

 

 

 

 

(100)

 

Caterpillar, Inc., strike price $67.50,
expires 11/19/07

 

 

(2,200

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Real Asset Equity Trust (BCF) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(100)

 

Caterpillar, Inc., strike price $72.50,
expires 11/19/07

 

$

(9,950

)

 

(250)

 

Chesapeake Energy Corp., strike price $33,
expires 11/02/07

 

 

(1

)

 

(25,000)

 

Cie General de Geophysique-Veritas (ADR),
strike price $44.89, expires 11/01/07

 

 

 

 

(200)

 

Cie General de Geophysique-Veritas (ADR),
strike price $55, expires 12/24/07

 

 

(12,000

)

 

(200)

 

Deere & Co., strike price $135, expires 11/19/07

 

 

(8,000

)

 

(25,000)

 

Dow Chemical Co. (The), strike price $43,
expires 11/01/07

 

 

 

 

(25,000)

 

E.I. du Pont de Nemours & Co., strike price
$46.50, expires 11/01/07

 

 

 

 

(100)

 

EnCana Corp., strike price $60, expires 11/19/07

 

 

(1,250

)

 

(40,000)

 

FMC Technologies, Inc., strike price $41.20,
expires 11/01/07

 

 

(1

)

 

(20,000)

 

Forest Oil Corp., strike price $38.50,
expires 11/01/07

 

 

 

 

(40,000)

 

Intl. Paper Co., strike price $34, expires 11/01/07

 

 

(1

)

 

(400)

 

Intl. Paper Co., strike price $35, expires 11/19/07

 

 

(14,000

)

 

(25,000)

 

MeadWestvaco Corp., strike price $29,
expires 11/16/07

 

 

(700

)

 

(250)

 

MeadWestvaco Corp., strike price $29.50,
expires 11/02/07

 

 

 

 

(50,000)

 

National Oilwell Varco, Inc., strike price $55.11,
expires 11/01/07

 

 

(1

)

 

(10,000)

 

Newfield Exploration Co., strike price $41.80,
expires 11/01/07

 

 

 

 

(25,000)

 

Noble Energy, Inc., strike price $57,
expires 11/01/07

 

 

 

 

(10,000)

 

Occidental Petroleum Corp., strike price $51.99,
expires 11/01/07

 

 

 

 

(250)

 

Occidental Petroleum Corp., strike price $60,
expires 11/19/07

 

 

(3,125

)

 

(10)

 

Olin Corp., strike price $20, expires 11/19/07

 

 

(100

)

 

(50,000)

 

Olin Corp., strike price $22, expires 11/01/07

 

 

(225

)

 

(100)

 

Potash Corp. of Saskatchewan, strike price $95,
expires 11/19/07

 

 

(1,250

)

 

(250)

 

Praxair, Inc., strike price $75, expires 11/19/07

 

 

(2,500

)

 

(10,000)

 

Range Resources Corp., strike price $33.25,
expires 11/01/07

 

 

 

 

(550)

 

Rohm & Haas Co., strike price $50,
expires 11/19/07

 

 

(26,125

)

 

(250)

 

Rohm & Haas Co., strike price $50,
expires 12/24/07

 

 

(28,750

)

 

(25,000)

 

Rohm & Haas Co., strike price $51,
expires 11/01/07

 

 

(1,170

)

 

(30,000)

 

Schlumberger Ltd., strike price $87.12,
expires 11/01/07

 

 

(1

)

 

(150)

 

Schlumberger Ltd., strike price $90,
expires 11/19/07

 

 

(10,500

)

 

(150)

 

Schlumberger Ltd., strike price $95,
expires 11/19/07

 

 

(31,125

)

 

(25,000)

 

Smith Intl., Inc., strike price $58.47,
expires 11/01/07

 

 

 

 

(9,000)

 

Suncor Energy, Inc., strike price $81.04,
expires 11/01/07

 

 

 

 

(350)

 

Temple-Inland, Inc., strike price $50,
expires 11/19/07

 

 

(20,125

)

 

(20,000)

 

Transocean, Inc., strike price $97.08,
expires 11/01/07

 

 

 

 

(20,000)

 

Warren Resources, Inc., strike price $12,
expires 11/02/07

 

 

 


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(15,000)

 

Weatherford Intl. Ltd., strike price $52.58,
expires 11/01/07

 

$

 

 

(25,000)

 

Weyerhauser Co., strike price $64,
expires 11/01/07

 

 

 

 

(8,000)

 

XTO Energy, Inc., strike price $50.90,
expires 11/01/07

 

 

 

 

 

 

 

Total Outstanding Put Options Written
(premium received $(1,370,219))

 

 

(181,490

)

 

 

 

 

Total Outstanding Options Written
(premium received $(18,352,166))

 

 

(28,547,487

)

 

Total investments net of outstanding options written—100.0%

 

$

1,178,528,969

 

Other assets in excess of liabilities—0.0%

 

 

557,941

 

 

 

     

Net Assets—100.0%

 

$

1,179,086,910

 

 

 

     

 

 

 

 

 

 

 

 

1

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

2

Non-income producing security.

3

Security, or a portion thereof, with a market value of $6,635,274 has been pledged as collateral for swap contracts.

4

Represents current yield as of October 31, 2007.

5

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

6

Cost for federal income tax purposes is $846,705,387. The net unrealized appreciation on a tax basis is $360,371,069, consisting of $364,324,203 gross unrealized appreciation and $3,953,134 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

51



 

 


 

 

Portfolio of Investments as of October 31, 2007

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—98.9%

 

 

 

 

Common Stocks—98.9%

 

 

 

 

Australia—6.8%

 

 

 

 

 

117,200

 

Foster’s Group Ltd.

 

$

699,773

 

 

275,000

 

Gunns Ltd.

 

 

969,435

 

 

64,700

 

National Australia Bank Ltd.

 

 

2,617,629

 

 

126,100

 

Santos Ltd.

 

 

1,664,422

 

 

84,400

 

TABCORP Holdings Ltd.

 

 

1,228,205

 

 

33,200

 

Wesfarmers Ltd.

 

 

1,366,138

 

 

 

 

 

 

     

 

 

 

Total Australia

 

 

8,545,602

 

               

Austria—1.2%

 

 

 

 

 

14,000

 

Boehler-Uddeholm AG

 

 

1,490,857

 

               

Canada—6.4%

 

 

 

 

 

25,500

 

Bank of Montreal

 

 

1,700,630

 

 

14,100

 

Bank of Nova Scotia

 

 

798,251

 

 

16,000

 

Enbridge, Inc.

 

 

692,913

 

 

7,700

 

National Bank of Canada

 

 

445,461

 

 

30,600

 

Royal Bank of Canada

 

 

1,815,301

 

 

34,700

 

Toronto-Dominion Bank

 

 

2,620,912

 

 

 

 

 

 

     

 

 

 

Total Canada

 

 

8,073,468

 

               

Denmark—1.1%

 

 

 

 

 

32,400

 

Danske Bank A/S

 

 

1,434,073

 

               

Finland—0.9%

 

 

 

 

 

19,200

 

Kesko Oyj, B Shares

 

 

1,153,267

 

               

France—4.3%

 

 

 

 

 

11,700

 

Bouygues

 

 

1,129,170

 

 

19,400

 

M6-Metropole Television

 

 

575,724

 

 

5,300

 

Societe Generale

 

 

895,383

 

 

17,200

 

Total S.A.

 

 

1,387,971

 

 

18,200

 

Vinci S.A.

 

 

1,501,824

 

 

 

 

 

 

     

 

 

 

Total France

 

 

5,490,072

 

               

Germany—0.7%

 

 

 

 

 

15,200

 

SAP AG

 

 

821,913

 

               

Hong Kong—2.9%

 

 

 

 

 

71,000

 

Esprit Holdings Ltd.

 

 

1,185,794

 

 

22,600

 

Hang Seng Bank Ltd.

 

 

461,717

 

 

204,500

 

HongKong Electric Holdings

 

 

1,051,379

 

 

191,000

 

Hopewell Holdings

 

 

989,718

 

 

 

 

 

 

     

 

 

 

Total Hong Kong

 

 

3,688,608

 

               

Italy—2.7%

 

 

 

 

 

156,200

 

Enel S.p.A.

 

 

1,872,891

 

 

42,400

 

Eni S.p.A.

 

 

1,548,154

 

 

 

 

 

 

     

 

 

 

Total Italy

 

 

3,421,045

 

               

Japan—4.7%

 

 

 

 

 

11,700

 

Canon, Inc.

 

 

592,013

 

 

53,000

 

Mitsui & Co. Ltd.

 

 

1,374,717

 

 

150,000

 

Mitsui Mining & Smelting Co. Ltd.

 

 

631,558

 

 

15,000

 

Oracle Corp.

 

 

688,819

 

 

53,000

 

Ricoh Co. Ltd.

 

 

1,047,574

 

 

42,000

 

Sharp Corp.

 

 

662,503

 

 

17,300

 

Toyota Motor Corp.

 

 

990,325

 

 

 

 

 

 

     

 

 

 

Total Japan

 

 

5,987,509

 

               

Netherlands—2.4%

 

 

 

 

 

20,800

 

ABN AMRO Holding N.V.

 

 

1,126,660

 

 

104,100

 

Royal KPN N.V.

 

 

1,965,527

 

 

 

 

 

 

     

 

 

 

Total Netherlands

 

 

3,092,187

 

               

Norway—0.4%

 

 

 

 

 

22,900

 

Ekornes ASA

 

 

483,145

 

               

Singapore—1.6%

 

 

 

 

 

615,000

 

Jaya Holdings Ltd.

 

 

846,713

 

 

212,000

 

Singapore Petroleum Co. Ltd.

 

 

1,210,657

 

 

 

 

 

 

     

 

 

 

Total Singapore

 

 

2,057,370

 

               

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Spain—0.8%

 

 

 

 

 

32,600

 

Indra Sistemas S.A.

 

$

948,398

 

               

Sweden—4.5%

 

 

 

 

 

16,000

 

Axfood AB

 

 

565,684

 

 

15,300

 

Hennes & Mauritz AB

 

 

1,022,337

 

 

26,500

 

Kungsleden AB

 

 

379,455

 

 

27,300

 

Ratos AB, B Shares

 

 

805,464

 

 

108,000

 

Scania AB, B Shares

 

 

2,965,161

 

 

 

 

 

 

     

 

 

 

Total Sweden

 

 

5,738,101

 

               

United Kingdom—9.2%

 

 

 

 

 

55,300

 

Alliance & Leicester Plc

 

 

909,962

 

 

141,100

 

Barclays Plc

 

 

1,785,825

 

 

17,300

 

British American Tobacco Plc

 

 

659,089

 

 

79,200

1,2

DFS Furniture Primback Unit

 

 

 

 

64,100

 

GlaxoSmithKline Plc

 

 

1,646,474

 

 

71,200

 

HSBC Holdings Plc

 

 

1,411,660

 

 

193,500

 

Rentokil Initial Plc

 

 

694,466

 

 

46,300

 

Royal Dutch Shell Plc, A Shares

 

 

2,031,425

 

 

69,183

 

Scottish & Southern Energy Plc

 

 

2,243,455

 

 

55,656

 

Taylor Wimpey Plc

 

 

287,919

 

 

 

 

 

 

     

 

 

 

Total United Kingdom

 

 

11,670,275

 

               

United States—48.3%

 

 

 

 

 

7,100

 

3M Co.

 

 

613,156

 

 

17,100

 

Abbott Laboratories

 

 

934,002

 

 

16,500

 

Agree Realty Corp. (REIT)

 

 

534,270

 

 

55,700

 

Allied Capital Corp.

 

 

1,642,036

 

 

32,300

 

Altria Group, Inc.

 

 

2,355,639

 

 

28,000

 

Ameren Corp.

 

 

1,513,680

 

 

11,100

 

American Intl. Group, Inc.

 

 

700,632

 

 

110,480

 

AT&T, Inc.

 

 

4,616,959

 

 

12,400

 

Automatic Data Processing, Inc.

 

 

614,544

 

 

47,200

 

Bank of America Corp.

 

 

2,278,816

 

 

49,500

 

Bristol-Myers Squibb Co.

 

 

1,484,505

 

 

12,800

 

Chevron Corp.

 

 

1,171,328

 

 

13,200

1

Cisco Systems, Inc.

 

 

436,392

 

 

11,500

 

Citigroup, Inc.

 

 

481,850

 

 

17,000

 

Coca-Cola Co. (The)

 

 

1,049,920

 

 

24,600

 

Consolidated Edison, Inc.

 

 

1,158,414

 

 

18,800

 

Eli Lilly & Co.

 

 

1,018,020

 

 

45,200

 

Emerson Electric Co.

 

 

2,362,604

 

 

14,400

 

Equity Residential (REIT)

 

 

601,632

 

 

35,800

 

Exxon Mobil Corp.

 

 

3,293,242

 

 

25,900

 

First Industrial Realty Trust, Inc. (REIT)

 

 

1,055,425

 

 

76,100

 

General Electric Co.

 

 

3,132,276

 

 

8,500

 

Harley-Davidson, Inc.

 

 

437,750

 

 

37,600

 

Health Care REIT, Inc.

 

 

1,665,304

 

 

31,000

 

Hewlett-Packard Co.

 

 

1,602,080

 

 

10,400

 

Home Depot, Inc.

 

 

327,704

 

 

12,700

 

Hospitality Properties Trust (REIT)

 

 

502,920

 

 

56,300

 

Intel Corp.

 

 

1,514,470

 

 

16,400

 

Intl. Business Machines Corp.

 

 

1,904,368

 

 

9,300

 

Johnson & Johnson

 

 

606,081

 

 

17,300

 

KeyCorp

 

 

492,185

 

 

25,000

 

Kimco Realty Corp. (REIT)

 

 

1,038,000

 

 

20,483

 

Kraft Foods, Inc.

 

 

684,337

 

 

10,800

 

Liberty Properties Trust (REIT)

 

 

406,296

 

 

20,200

 

Maxim Integrated Products, Inc.

 

 

547,420

 

 

23,000

 

McDonald’s Corp.

 

 

1,373,100

 

 

25,000

 

Merck & Co., Inc.

 

 

1,456,500

 

 

25,500

 

Microchip Technology, Inc.

 

 

845,835

 

 

79,700

 

Microsoft Corp.

 

 

2,933,757

 

 

17,100

 

Morgan Stanley

 

 

1,150,146

 

 

34,400

 

Nationwide Health Properties, Inc. (REIT)

 

 

1,073,968

 

 

7,900

 

PepsiCo, Inc.

 

 

582,388

 

 

38,300

 

Pfizer, Inc.

 

 

942,563

 

 

9,300

 

Pitney Bowes, Inc.

 

 

372,372

 

 

8,500

 

Rohm & Haas Co.

 

 

440,980

 


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

52

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Portfolio of Investments as of October 31, 2007

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

United States—(cont’d)

 

 

 

 

 

63,800

 

Trustco Bank Corp.

 

$

672,452

 

 

13,800

 

United Technologies Corp.

 

 

1,056,942

 

 

21,900

 

UST, Inc.

 

 

1,167,708

 

 

17,500

 

Wachovia Corp.

 

 

800,275

 

 

12,100

 

Wal-Mart Stores, Inc.

 

 

547,041

 

 

30,100

 

Wells Fargo & Co.

 

 

1,023,701

 

 

 

 

 

 

     

 

 

 

Total United States

 

 

61,217,985

 

               

 

 

 

Total Common Stocks
(cost $84,395,755)

 

 

125,313,875

 

               

MONEY MARKET FUND—0.5%

 

 

 

 

 

637,030

3

Fidelity Institutional Money Market Prime Portfolio,
4.86% (cost $637,030)

 

 

637,030

 

               

Total investments—99.4% (cost $85,032,7854)

 

$

125,950,905

 

Other assets in excess of liabilities—0.6%

 

 

754,915

 

 

 

 

 

 

     

Net Assets—100.0%

 

$

126,705,820

 

 

 

 

 

 

     

 

 

 

 

1

Non-income producing security.

2

Security is fair valued.

3

Represents current yield as of October 31, 2007.

4

Cost for federal income tax purposes is $84,974,887. The net unrealized appreciation on a tax basis is $40,976,018, consisting of $41,694,227 gross unrealized appreciation and$718,209 gross unrealized depreciation.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

53



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock World Investment Trust (BWC)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

LONG-TERM INVESTMENTS—102.3%

 

 

 

 

Common Stocks—101.7%

 

 

 

 

Australia—3.2%

 

 

 

 

 

 

951,200

 

Lion Nathan Ltd.

 

$

8,272,668

 

 

321,800

 

QBE Insurance Group Ltd.

 

 

9,847,930

 

 

2,445,800

 

SP AusNet

 

 

2,967,226

 

 

302,400

 

St. George Bank Ltd.

 

 

10,321,789

 

 

 

 

 

 

     

 

 

 

 

Total Australia

 

 

31,409,613

 

               

Bermuda—0.5%

 

 

 

 

 

115,800

 

Accenture Ltd., Class A

 

 

4,521,990

 

               

Brazil—2.7%

 

 

 

 

 

121,200

 

Bovespa Holding S.A.

 

 

2,307,538

 

 

266,900

1

Cia Energetica de Minas Gerais (ADR)

 

 

5,765,040

 

 

243,300

1

Gerdau S.A. (ADR)

 

 

7,566,630

 

 

116,200

 

Petroleo Brasileiro S.A. (ADR)

 

 

11,112,206

 

 

 

 

 

 

     

 

 

 

Total Brazil

 

 

26,751,414

 

               

Canada—4.9%

 

 

 

 

 

127,700

 

Barrick Gold Corp.

 

 

5,677,659

 

 

62,000

 

Canadian Imperial Bank of Commerce

 

 

6,694,543

 

 

129,000

 

Potash Corp. of Saskatchewan

 

 

15,843,780

 

 

180,000

 

Teck Cominco Ltd., Class B

 

 

9,014,767

 

 

166,200

 

TELUS Corp.

 

 

10,107,648

 

 

 

 

 

 

     

 

 

 

Total Canada

 

 

47,338,397

 

               

China—3.4%

 

 

 

 

 

2,558,800

 

Datang Intl. Power Generation Co. Ltd.

 

 

2,912,331

 

 

5,352,800

 

Industrial & Commercial Bank of China

 

 

5,112,529

 

 

97,200

1

PetroChina Co. Ltd. (ADR)

 

 

25,524,720

 

 

 

 

 

 

     

 

 

 

Total China

 

 

33,549,580

 

               

Finland—1.1%

 

 

 

 

 

149,115

 

Fortum Oyj

 

 

6,484,023

 

 

55,000

 

Wartsila Oyj, B Shares

 

 

4,508,520

 

 

 

 

 

 

     

 

 

 

Total Finland

 

 

10,992,543

 

               

France—3.4%

 

 

 

 

 

44,600

 

Alstom S.A.

 

 

10,577,576

 

 

170,900

 

AXA S.A.

 

 

7,676,186

 

 

98,200

 

Total S.A.

 

 

7,924,348

 

 

27,420

 

Unibail-Rodamco

 

 

6,847,881

 

 

 

 

 

 

     

 

 

 

Total France

 

 

33,025,991

 

               

Germany—5.6%

 

 

 

 

 

50,600

 

E.ON AG

 

 

9,892,282

 

 

93,300

 

Fresenius Medical Care AG & Co. KGaA

 

 

4,938,931

 

 

96,000

 

Hannover Rueckversicherung AG

 

 

5,067,346

 

 

63,400

 

K+S AG

 

 

13,291,519

 

 

57,900

 

Linde AG

 

 

7,336,857

 

 

49,000

 

RWE AG

 

 

6,693,836

 

 

52,400

 

Siemens AG

 

 

7,105,225

 

 

 

 

 

 

     

 

 

 

Total Germany

 

 

54,325,996

 

               

Greece—0.8%

 

 

 

 

 

185,850

 

Piraeus Bank S.A.

 

 

7,482,946

 

               

Hong Kong—4.2%

 

 

 

 

 

591,700

 

China Mobile Ltd.

 

 

12,232,491

 

 

4,728,500

 

China Power Intl. Development Ltd.

 

 

2,532,776

 

 

899,100

 

China Resources Power Holdings Co.

 

 

3,363,454

 

 

377,500

 

Esprit Holdings Ltd.

 

 

6,304,747

 

 

743,100

 

Kerry Properties Ltd.

 

 

6,463,649

 

 

2,317,000

 

New World Development Co. Ltd.

 

 

8,351,033

 

 

1,087,900

 

Shun Tak Holdings Ltd.

 

 

1,717,528

 

 

 

 

 

 

     

 

 

 

Total Hong Kong

 

 

40,965,678

 

               

Ireland—0.2%

 

 

 

 

 

93,700

 

Allied Irish Banks Plc

 

 

2,367,021

 

               

Israel—0.9%

 

 

 

 

 

440,600

1

Partner Communications (ADR)

 

 

8,455,114

 

               

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

Italy—3.9%

 

 

 

 

 

1,505,000

 

AEM S.p.A.

 

$

6,347,446

 

 

369,700

 

Credito Emiliano S.p.A.

 

 

5,023,663

 

 

422,000

 

Enel S.p.A.

 

 

5,059,923

 

 

279,200

 

Eni S.p.A.

 

 

10,194,446

 

 

528,000

 

Milano Assicurazioni S.p.A.

 

 

4,413,464

 

 

782,100

 

UniCredito Italiano S.p.A.

 

 

6,727,941

 

 

 

 

 

 

     

 

 

 

Total Italy

 

 

37,766,883

 

               

Japan—4.7%

 

 

 

 

 

103,200

 

Daito Trust Construction Co. Ltd.

 

 

4,784,886

 

 

56,400

 

Fanuc Ltd.

 

 

6,182,542

 

 

519,100

 

ITOCHU Corp.

 

 

6,559,622

 

 

30,200

 

Nintendo Co. Ltd.

 

 

19,179,377

 

 

336,000

 

Sumitomo Corp.

 

 

5,854,434

 

 

375

 

Sumitomo Mitsui Financial Group, Inc.

 

 

3,071,747

 

 

 

 

 

 

     

 

 

 

Total Japan

 

 

45,632,608

 

               

Luxembourg—0.8%

 

 

 

 

 

124,018

 

Oriflame Cosmetics S.A.

 

 

7,512,945

 

               

Netherlands—4.2%

 

 

 

 

 

60,900

 

Akzo Nobel N.V.

 

 

4,908,454

 

 

71,900

 

InBev N.V.

 

 

6,786,418

 

 

218,600

 

ING Groep N.V.

 

 

9,880,431

 

 

62,600

 

Nutreco Holding N.V.

 

 

4,279,547

 

 

193,700

 

SBM Offshore N.V.

 

 

7,474,851

 

 

222,220

 

Unilever N.V.

 

 

7,232,764

 

 

 

 

 

 

     

 

 

 

Total Netherlands

 

 

40,562,465

 

               

Norway—2.7%

 

 

 

 

 

84,900

 

Fred Olsen Energy ASA

 

 

4,327,631

 

 

426,200

 

Orkla ASA

 

 

7,968,364

 

 

174,900

 

StatoilHydro ASA

 

 

5,958,237

 

 

35,600

 

Storebrand ASA

 

 

510,326

 

 

181,000

 

Yara Intl. ASA

 

 

7,054,695

 

 

 

 

 

 

     

 

 

 

Total Norway

 

 

25,819,253

 

               

Philippines—0.9%

 

 

 

 

 

126,500

 

Philippine Long Distance Telephone Co. (ADR)

 

 

8,677,900

 

               

Singapore—3.3%

 

 

 

 

 

2,119,199

 

CapitaLand Ltd.

 

 

11,932,016

 

 

461,000

 

Singapore Airlines Ltd.

 

 

6,292,974

 

 

2,289,035

 

Singapore Telecommunications Ltd.

 

 

6,509,294

 

 

466,538

 

United Overseas Bank Ltd.

 

 

6,998,656

 

 

 

 

 

 

     

 

 

 

Total Singapore

 

 

31,732,940

 

               

South Africa—0.3%

 

 

 

 

 

578,600

 

Truworths Intl. Ltd.

 

 

2,923,449

 

               

Spain—1.3%

 

 

 

 

 

 

 

162,700

 

Gestevision Telecinco S.A.

 

 

4,702,302

 

 

201,900

 

Repsol YPF S.A.

 

 

7,976,495

 

 

 

 

 

 

     

 

 

 

Total Spain

 

 

12,678,797

 

               

Sweden—2.4%

 

 

 

 

 

399,000

 

Atlas Copco AB

 

 

6,706,658

 

 

339,200

 

Nordea Bank AB

 

 

6,075,556

 

 

244,900

 

Skanska AB, B Shares

 

 

4,869,517

 

 

331,500

 

Svenska Cellulosa AB, B Shares

 

 

5,857,292

 

 

 

 

 

 

     

 

 

 

Total Sweden

 

 

23,509,023

 

               

Switzerland—2.6%

 

 

 

 

 

34,500

 

Alcon, Inc.

 

 

5,251,245

 

 

16,500

 

Nestle S.A.

 

 

7,621,052

 

 

25,300

 

Roche Holding AG

 

 

4,321,320

 

 

33,600

 

Syngenta AG

 

 

8,127,627

 

 

 

 

 

 

     

 

 

 

Total Switzerland

 

 

25,321,244

 

               

Taiwan—0.7%

 

 

 

 

 

650,033

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

6,922,851

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

54

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 


 

 

 

Portfolio of Investments as of October 31, 2007

 

BlackRock World Investment Trust (BWC) (continued)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

United Kingdom—6.6%

 

 

 

 

 

449,200

 

Arriva Plc

 

$

7,861,012

 

 

1,490,800

 

Cobham Plc

 

 

6,546,829

 

 

180,253

 

De La Rue Plc

 

 

3,081,514

 

 

360,500

 

Diageo Plc

 

 

8,271,176

 

 

2,000,000

 

Legal & General Group Plc

 

 

5,838,763

 

 

330,100

 

National Express Group Plc

 

 

9,078,948

 

 

250,000

 

Scottish & Southern Energy Plc

 

 

8,106,957

 

 

183,333

 

Smiths Group Plc

 

 

4,312,255

 

 

295,800

 

United Utilities Plc

 

 

4,497,243

 

 

162,700

1

Vodafone Group Plc (ADR)

 

 

6,389,229

 

 

 

 

 

 

     

 

 

 

Total United Kingdom

 

 

63,983,926

 

               

United States—36.4%

 

 

 

 

 

80,900

1

Abbott Laboratories

 

 

4,418,758

 

 

477,200

1

Alaska Communications Systems Group, Inc.

 

 

7,764,044

 

 

61,800

1

AllianceBernstein Holding LP

 

 

5,279,574

 

 

97,200

1

Altria Group, Inc.

 

 

7,088,796

 

 

122,000

1

American Electric Power Co., Inc.

 

 

5,881,620

 

 

107,000

1

Aon Corp.

 

 

4,849,240

 

 

48,100

1

Apple, Inc.

 

 

9,136,595

 

 

187,100

1

Archer Daniels Midland Co.

 

 

6,694,438

 

 

115,900

1

AT&T, Inc.

 

 

4,843,461

 

 

61,200

1

Becton Dickinson & Co.

 

 

5,107,752

 

 

242,000

1

Bristol-Myers Squibb Co.

 

 

7,257,580

 

 

162,900

1

Broadcom Corp.

 

 

5,302,395

 

 

148,000

1

Chevron Corp.

 

 

13,543,480

 

 

285,900

1

Cisco Systems, Inc.

 

 

9,451,854

 

 

100,700

1

Colgate-Palmolive Co.

 

 

7,680,389

 

 

168,600

1

ConocoPhillips

 

 

14,324,256

 

 

194,500

1

CVS Caremark Corp.

 

 

8,124,265

 

 

56,000

1

Diamond Offshore Drilling, Inc.

 

 

6,340,880

 

 

86,200

1

Dominion Resources, Inc.

 

 

7,898,506

 

 

211,100

 

Eagle Bulk Shipping, Inc.

 

 

7,196,399

 

 

145,700

1

Exxon Mobil Corp.

 

 

13,402,943

 

 

219,100

1

General Electric Co.

 

 

9,018,156

 

 

150,000

1

General Motors Corp.

 

 

5,878,500

 

 

10,700

1

Google, Inc.

 

 

7,564,900

 

 

112,400

 

HJ Heinz Co.

 

 

5,258,072

 

 

44,700

1

Intl. Business Machines Corp.

 

 

5,190,564

 

 

50,900

1

Johnson & Johnson

 

 

3,317,153

 

 

127,900

1

Kellogg Co.

 

 

6,751,841

 

 

139,700

1

Loews Corp. - Carolina Group

 

 

11,983,466

 

 

173,900

1

McDonald’s Corp.

 

 

10,381,830

 

 

204,400

1

Merck & Co., Inc.

 

 

11,908,344

 

 

91,200

 

MGM Mirage

 

 

8,354,832

 

 

371,100

1

Microsoft Corp.

 

 

13,660,191

 

 

104,000

 

Molson Coors Brewing Co.

 

 

5,951,920

 

 

105,600

 

Nike, Inc.

 

 

6,997,056

 

 

127,300

 

Occidental Petroleum Corp.

 

 

8,790,065

 

 

184,400

1

Pepco Holdings, Inc.

 

 

5,253,556

 

 

108,000

 

PepsiCo, Inc.

 

 

7,961,760

 

 

107,700

 

Procter & Gamble Co.

 

 

7,487,304

 

 

54,500

 

Public Service Enterprise Group, Inc.

 

 

5,210,200

 

 

106,400

 

St. Jude Medical, Inc.

 

 

4,333,672

 

 

102,200

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

5,811,092

 

 

76,700

 

Stryker Corp.

 

 

5,445,700

 

 

61,500

1

Sunoco, Inc.

 

 

4,526,400

 

 

117,800

 

Textron, Inc.

 

 

8,152,938

 

 

104,400

1

Waters Corp.

 

 

8,036,712

 

 

211,400

1

Yum! Brands, Inc.

 

 

8,513,078

 

 

 

 

 

 

     

 

 

 

Total United States

 

 

353,326,527

 

               

 

 

 

Total Common Stocks
(cost $758,630,484)

 

 

987,557,094

 

               

 

Shares

 

Description

 

 

Value

 

 

Preferred Stock—0.6%

 

 

 

 

Germany—0.6%

 

 

 

 

 

111,900

 

Henkel KGaA, 1.35%

 

$

5,710,490

 

               

 

 

 

Total Long-Term Investments
(cost $763,739,082)

 

 

993,267,584

 

               

MONEY MARKET FUND—3.4%

 

 

 

 

 

33,230,575

2

Fidelity Institutional Money Market Prime Portfolio,
4.86% (cost $33,230,575)

 

 

33,230,575

 

               

 



 

 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS PURCHASED—0.1%

 

 

 

 

 

254,000

 

BAE Systems Plc, strike price 4.50 GBP,
expires 11/07/07

 

 

255,093

 

 

125,000

 

BAE Systems Plc, strike price 4.50 GBP,
expires 11/27/07

 

 

134,115

 

 

39,500

 

Bilfinger Berger AG, strike price 65 EUR,
expires 11/12/07

 

 

38,095

 

 

527

 

Citigroup, Inc., strike price $52.50, expires 11/19/07

 

 

1,581

 

 

380

 

Citigroup, Inc., strike price $52.50, expires 12/24/07

 

 

2,660

 

 

154,000

 

Credito Emiliano S.p.A., strike price 12 EUR,
expires 11/06/07

 

 

2

 

 

62,000

 

Danske Bank A/S, strike price 235 DKK,
expires 11/12/07

 

 

19,322

 

 

19,800

 

Deutsche Bank AG, strike price 110 EUR,
expires 11/06/07

 

 

 

 

15,000

 

Deutsche Bank AG, strike price 110 EUR,
expires 11/12/07

 

 

2

 

 

70,000

 

Host Hotels & Resorts, Inc., strike price $25,
expires 11/02/07

 

 

14

 

 

360

 

Motorola, Inc., strike price $20, expires 11/19/07

 

 

2,340

 

 

195

 

Nippon Commercial Investment Corp., strike price
654,700 JPY, expires 11/20/07

 

 

1,307

 

 

362,000

 

Storebrand ASA, strike price 90 NOK, expires 11/06/07

 

 

1,842

 

 

55,000

 

UBS AG, strike price 82 CHF, expires 11/06/07

 

 

1

 

 

190,700

 

United Utilities Plc, strike price 8 GBP, expires 11/06/07

 

 

4

 

 

20,000

 

Zimmer Holdings, Inc., strike price $90,
expires 11/16/07

 

 

4

 

               

 

 

 

Total Outstanding Call Options Purchased
(cost $505,931)

 

 

456,382

 

               

 

 

 

Total investments before outstanding options written
(cost $797,475,5883)

 

 

1,026,954,541

 

               

OUTSTANDING OPTIONS WRITTEN—(6.0)%

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(6.0)%

 

 

 

 

 

(345

)

Abbott Laboratories, strike price $58,
expires 11/02/07

 

 

 

 

(100

)

Abbott Laboratories, strike price $60,
expires 11/19/07

 

 

(750

)

 

(260

)

Accenture Ltd., Class A, strike price $40,
expires 11/19/07

 

 

(17,550

)

 

(430

)

Accenture Ltd., Class A, strike price $45,
expires 11/19/07

 

 

(3,225

)

 

(1,150,000

)

AEM S.p.A., strike price 2.87 EUR, expires 11/07/07

 

 

(90,121

)

 

(85

)

Akzo Nobel N.V., strike price 61 EUR,
expires 12/21/07

 

 

(6,156

)

 

(25,000

)

Akzo Nobel N.V., strike price 65.51 EUR,
expires 11/06/07

 

 

 

 

(155,000

)

Alaska Communications Systems Group, Inc.,
strike price $16.49, expires 11/16/07

 

 

(66,108

)

 

(955

)

Alaska Communications Systems Group, Inc.,
strike price $16.50, expires 12/28/07

 

 

(84,938

)

 

(131,200

)

Alaska Communications Systems Group, Inc.,
strike price $16.70, expires 11/02/07

 

 

(6,166

)

 

(495

)

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

 

 

(596,475

)

 

(133

)

Alcon, Inc., strike price $140, expires 11/19/07

 

 

(174,230

)

 

(44

)

Alcon, Inc., strike price $145, expires 11/19/07

 

 

(37,620

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

55



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock World Investment Trust (BWC) (continued)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(360

)

AllianceBernstein Holding LP, strike price $95,
expires 01/21/08

 

$

(36,900

)

 

(93,700

)

Allied Irish Banks Plc, strike price 20.71 EUR,
expires 11/06/07

 

 

(41

)

 

(9,500

)

Alstom S.A., strike price 121.43 EUR,
expires 11/07/07

 

 

(571,668

)

 

(17,200

)

Alstom S.A., strike price 133.80 EUR,
expires 11/28/07

 

 

(739,509

)

 

(29,600

)

Altria Group, Inc., strike price $72.50,
expires 11/05/07

 

 

(18,601

)

 

(280

)

Altria Group, Inc., strike price $73, expires 11/23/07

 

 

(34,922

)

 

(625

)

American Electric Power Co, Inc., strike price $47.50,
expires 11/19/07

 

 

(73,438

)

 

(58,800

)

Aon Corp., strike price $43.52, expires 11/16/07

 

 

(132,412

)

 

(144

)

Apple, Inc., strike price $130, expires 01/21/08

 

 

(884,520

)

 

(12,100

)

Apple, Inc., strike price $146.06, expires 11/16/07

 

 

(534,879

)

 

(9,600

)

Apple, Inc., strike price $160, expires 11/05/07

 

 

(287,929

)

 

(615

)

Archer Daniels Midland Co., strike price $39.50,
expires 11/02/07

 

 

(1

)

 

(415

)

Archer Daniels Midland Co., strike price $40,
expires 12/24/07

 

 

(16,600

)

 

(360,000

)

Arriva Plc, strike price 7.63 GBP, expires 11/07/07

 

 

(565,380

)

 

(270

)

AT&T, Inc., strike price $41.25, expires 11/09/07

 

 

(27,359

)

 

(72,000

)

AT&T, Inc., strike price $41.50, expires 11/16/07

 

 

(79,481

)

 

(169,000

)

Atlas Copco AB, strike price 114 SEK,
expires 11/06/07

 

 

(6,455

)

 

(125,000

)

Atlas Copco AB, strike price 117.33 SEK,
expires 11/06/07

 

 

(1,324

)

 

(105,000

)

Atlas Copco AB, strike price 118.25 SEK,
expires 11/28/07

 

 

(19,491

)

 

(130

)

AXA S.A., strike price 33.35 EUR, expires 12/21/07

 

 

(8,474

)

 

(25,000

)

AXA S.A., strike price 34 EUR, expires 11/27/07

 

 

(11,353

)

 

(34,000

)

AXA S.A., strike price 34.83 EUR, expires 11/06/07

 

 

(163

)

 

(21,800

)

AXA S.A., strike price 35 EUR, expires 11/12/07

 

 

(947

)

 

(43,000

)

BAE Systems Plc, strike price 4.53 GBP,
expires 11/07/07

 

 

(40,521

)

 

(211,000

)

BAE Systems Plc, strike price 4.55 GBP,
expires 11/07/07

 

 

(190,147

)

 

(125,000

)

BAE Systems Plc, strike price 4.60 GBP,
expires 11/27/07

 

 

(111,607

)

 

(420

)

Barrick Gold Corp., strike price 48 CAD,
expires 01/21/08

 

 

(41,793

)

 

(41,500

)

Becton Dickinson & Co., strike price $77.84,
expires 11/16/07

 

 

(243,721

)

 

(26,000

)

Bilfinger Berger AG, strike price $74.37,
expires 11/01/07

 

 

 

 

(13,500

)

Bilfinger Berger AG, strike price 66.50 EUR,
expires 11/12/07

 

 

(7,681

)

 

(121,000

)

Bristol-Myers Squibb Co., strike price $33.43,
expires 11/16/07

 

 

(690

)

 

(315

)

Broadcom Corp., strike price $37.50,
expires 11/19/07

 

 

(2,362

)

 

(500

)

Broadcom Corp., strike price $37.50,
expires 01/21/08

 

 

(40,000

)

 

(170

)

Canadian Imperial Bank of Commerce, strike price
100 CAD, expires 01/21/08

 

 

(91,330

)

 

(170

)

Canadian Imperial Bank of Commerce, strike price
105 CAD, expires 01/21/08

 

 

(42,291

)

 

(840,000

)

CapitaLand Ltd., strike price 8.36 SGD,
expires 11/07/07

 

 

(22,933

)

 

(323,000

)

CapitaLand Ltd., strike price 8.40 SGD,
expires 11/20/07

 

 

(24,513

)

 

(500

)

Chevron Corp., strike price $83, expires 11/05/07

 

 

(425,955

)

 

(610

)

Chevron Corp., strike price $86.75, expires 11/02/07

 

 

(290,677

)

 

(295,000

)

China Mobile Ltd., strike price 90.34 HKD,
expires 11/08/07

 

 

(2,539,324

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(2,600,000

)

China Power Intl. Development Ltd., strike price
4.12 HKD, expires 11/20/07

 

$

(55,689

)

 

(490,000

)

China Resources Power Holdings Co.,
strike price 22.26 HKD, expires 11/20/07

 

 

(411,770

)

 

(500

)

Cisco Systems, Inc., strike price $30,
expires 12/14/07

 

 

(180,570

)

 

(40,000

)

Cisco Systems, Inc., strike price $30.16,
expires 11/16/07

 

 

(122,228

)

 

(670

)

Cisco Systems, Inc., strike price $35,
expires 01/21/08

 

 

(81,405

)

 

(380

)

Citigroup, Inc., strike price $55, expires 12/24/07

 

 

(1,140

)

 

(26,700

)

Citigroup, Inc., strike price $55.25, expires 11/16/07

 

 

(3

)

 

(26,000

)

Citigroup, Inc., strike price $56, expires 11/16/07

 

 

 

 

(149,000

)

Cobham Plc, strike price 1.97 GBP, expires 11/30/07

 

 

(49,788

)

 

(745,400

)

Cobham Plc, strike price 2.21 GBP, expires 11/06/07

 

 

(5,735

)

 

(250

)

Colgate-Palmolive Co., strike price $70,
expires 11/19/07

 

 

(161,250

)

 

(250

)

Colgate-Palmolive Co., strike price $75,
expires 01/21/08

 

 

(96,250

)

 

(50,000

)

Cia Energetica de Minas Gerais (ADR),
strike price $20.02, expires 11/16/07

 

 

(94,840

)

 

(96,300

)

Cia Energetica de Minas Gerais (ADR),
strike price $22.79, expires 11/05/07

 

 

(2,427

)

 

(46,000

)

ConocoPhillips, strike price $81.63, expires 11/16/07

 

 

(197,593

)

 

(46,500

)

ConocoPhillips, strike price $82.80, expires 11/05/07

 

 

(106,904

)

 

(34,000

)

ConocoPhillips, strike price $83, expires 11/02/07

 

 

(68,428

)

 

(154,000

)

Credito Emiliano S.p.A., strike price 12.43 EUR,
expires 11/06/07

 

 

(2

)

 

(910

)

CVS Caremark Corp., strike price $40,
expires 11/19/07

 

 

(216,125

)

 

(61,000

)

Daito Trust Construction Co. Ltd.,
strike price 6,375 JPY, Expires 11/20/07

 

 

(1,741

)

 

(62,000

)

Danske Bank A/S, strike price 237 DKK,
expires 11/12/07

 

 

(14,374

)

 

(2,160,000

)

Datang Intl. Power Generation Co. Ltd.,
strike price 5.45 HKD, expires 11/08/07

 

 

(909,623

)

 

(144,000

)

De La Rue Plc, strike price 7.55 GBP,
expires 11/12/07

 

 

(206,240

)

 

(14,000

)

Deutsche Bank AG, strike price 110 EUR,
expires 11/06/07

 

 

 

 

(15,000

)

Deutsche Bank AG, strike price 112.25 EUR,
expires 11/12/07

 

 

 

 

(5,800

)

Deutsche Bank AG, strike price 120.13 EUR,
expires 11/06/07

 

 

 

 

(216,000

)

Diageo Plc, strike price 10.93 GBP, expires 11/07/07

 

 

(65,932

)

 

(80

)

Diamond Offshore Drilling, Inc., strike price $105,
expires 12/24/07

 

 

(94,000

)

 

(225

)

Diamond Offshore Drilling, Inc., strike price $111.50,
expires 11/02/07

 

 

(50,461

)

 

(245

)

Dominion Resources, Inc., strike price $90,
expires 12/24/07

 

 

(83,300

)

 

(7,000

)

Dominion Resources, Inc., strike price $91.73,
expires 11/16/07

 

 

(9,303

)

 

(22,000

)

Dominion Resources, Inc., strike price $92,
expires 11/16/07

 

 

(26,422

)

 

(90

)

E.ON AG, strike price 125 EUR, expires 11/16/07

 

 

(132,846

)

 

(18,500

)

E.ON AG, strike price 125.19 EUR, expires 11/07/07

 

 

(263,334

)

 

(51,500

)

Eagle Bulk Shipping, Inc., strike price $23.34,
expires 11/16/07

 

 

(553,625

)

 

(17,000

)

Eagle Bulk Shipping, Inc., strike price $27,
expires 11/16/07

 

 

(120,530

)

 

(67,000

)

Eagle Bulk Shipping, Inc., strike price $28,
expires 11/05/07

 

 

(408,030

)

 

(230

)

Eagle Bulk Shipping, Inc., strike price $30,
expires 12/24/07

 

 

(123,050

)

 

(340

)

Enel S.p.A., strike price 8.20 EUR, expires 12/21/07

 

 

(44,079

)

 

(107,500

)

Enel S.p.A., strike price 8.46 EUR, expires 11/07/07

 

 

(1,542

)

 

(167,000

)

Eni S.p.A., strike price 26.70 EUR, expires 11/06/07

 

 

(822

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

56

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock World Investment Trust (BWC) (continued)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(150,000

)

Esprit Holdings Ltd., strike price 101.47 HKD,
expires 11/08/07

 

$

(514,785

)

 

(57,600

)

Esprit Holdings Ltd., strike price 106.89 HKD,
expires 11/20/07

 

 

(158,827

)

 

(682

)

Exxon Mobil Corp., strike price $89,
expires 11/02/07

 

 

(207,819

)

 

(295

)

Exxon Mobil Corp., strike price $89,
expires 11/12/07

 

 

(110,864

)

 

(11,300

)

Fanuc Ltd., strike price 12,486.64 JPY,
expires 11/20/07

 

 

(37,311

)

 

(19,700

)

Fanuc Ltd., strike price 13,198.73 JPY,
expires 12/11/07

 

 

(43,812

)

 

(85,000

)

Fortum Oyj, strike price 23.75 EUR,
expires 11/12/07

 

 

(760,918

)

 

(43,000

)

Fred Olsen Energy ASA, strike price 329.66 NOK,
expires 11/06/07

 

 

 

 

(51,300

)

Fresenius Medical Care AG & Co. KGaA,
strike price 37.29 EUR, expires 01/09/08

 

 

(84,305

)

 

(55,000

)

General Electric Co., strike price $40.25,
expires 11/16/07

 

 

(70,620

)

 

(55,000

)

General Electric Co., strike price $41.34,
expires 11/05/07

 

 

(8,695

)

 

(495

)

General Motors Corp., strike price $35,
expires 12/24/07

 

 

(256,163

)

 

(330

)

General Motors Corp., strike price $37.50,
expires 01/21/08

 

 

(134,475

)

 

(128,300

)

Gerdau S.A. (ADR), strike price $25,
expires 11/02/07

 

 

(782,822

)

 

(115,000

)

Gerdau S.A. (ADR), strike price $25.70,
expires 11/16/07

 

 

(625,140

)

 

(81,000

)

Gestevision Telecinco S.A., strike price 20.80 EUR,
expires 11/12/07

 

 

(11,369

)

 

(3,600

)

Google, Inc., strike price $521.08, expires 11/16/07

 

 

(673,302

)

 

(36

)

Google, Inc., strike price $550, expires 12/24/07

 

 

(579,420

)

 

(50,000

)

Hannover Rueckversicherung AG, strike price
36.45 EUR, expires 11/12/07

 

 

(41,370

)

 

(56,700

)

Henkel KGaA, 1.35%, strike price 39.52 EUR,
expires 11/06/07

 

 

(1

)

 

(180

)

HJ Heinz Co., strike price $47.25,
expires 11/02/07

 

 

(1,975

)

 

(450

)

HJ Heinz Co., strike price $48.75, expires 11/08/07

 

 

(2,052

)

 

(70,000

)

Host Hotels & Resorts, Inc., strike price $27,
expires 11/02/07

 

 

(1

)

 

(43,000

)

InBev N.V., strike price 60.42 EUR, expires 11/07/07

 

 

(298,188

)

 

(1,150,000

)

Industrial & Commercial Bank of China,
strike price 4.12 HKD, expires 11/08/07

 

 

(476,114

)

 

(1,785,000

)

Industrial & Commercial Bank of China,
strike price 4.47 HKD, expires 11/08/07

 

 

(657,319

)

 

(120,000

)

ING Groep N.V., strike price 33.01 EUR,
expires 11/06/07

 

 

(973

)

 

(209

)

Intl. Business Machines Corp., strike price $120,
expires 11/09/07

 

 

(10,159

)

 

(12,600

)

Intl. Business Machines Corp., strike price $122,
expires 11/02/07

 

 

(21

)

 

(276,000

)

ITOCHU Corp., strike price 1,459.51 JPY,
expires 12/11/07

 

 

(218,456

)

 

(280

)

Johnson & Johnson, strike price $64.50,
expires 11/05/07

 

 

(19,947

)

 

(12,000

)

K+S AG, strike price 109.01 EUR, expires 11/28/07

 

 

(620,550

)

 

(26,000

)

K+S AG, strike price 109.10 EUR, expires 11/07/07

 

 

(1,327,896

)

 

(408,000

)

Kerry Properties Ltd., strike price 59.52 HKD,
expires 11/20/07

 

 

(419,705

)

 

(300,000

)

Legal & General Group Plc, strike price 1.45 GBP,
expires 11/12/07

 

 

(6,799

)

 

(900,000

)

Legal & General Group Plc, strike price 1.57 GBP,
expires 11/06/07

 

 

(19

)


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(90

)

Linde AG, strike price 90 EUR, expires 11/16/07

 

$

(14,341

)

 

(23,000

)

Linde AG, strike price 90.33 EUR, expires 11/06/07

 

 

(4,758

)

 

(471,000

)

Lion Nathan Ltd., strike price 9.39 AUD,
expires 11/08/07

 

 

(23,426

)

 

(99,600

)

Lion Nathan Ltd., strike price 9.43 AUD,
expires 11/07/07

 

 

(3,729

)

 

(165

)

Loews Corp. – Carolina Group, strike price $80,
expires 01/21/08

 

 

(126,225

)

 

(250

)

Loews Corp. – Carolina Group, strike price $81,
expires 11/05/07

 

 

(125,685

)

 

(14,000

)

Loews Corp. – Carolina Group, strike price $81.25,
expires 11/05/07

 

 

(63,594

)

 

(215

)

Loews Corp. – Carolina Group, strike price $82.50,
expires 12/07/07

 

 

(102,671

)

 

(17,300

)

McDonald’s Corp., strike price $52.25,
expires 11/05/07

 

 

(129,982

)

 

(870

)

McDonald’s Corp., strike price $52.50,
expires 12/24/07

 

 

(635,100

)

 

(68,000

)

Merck & Co., Inc., strike price $53.70,
expires 11/16/07

 

 

(317,812

)

 

(225

)

Merck & Co., Inc., strike price $55, expires 11/05/07

 

 

(73,496

)

 

(220

)

Merck & Co., Inc., strike price $57.50,
expires 01/21/08

 

 

(64,900

)

 

(25,000

)

MGM Mirage, strike price $90.83, expires 11/16/07

 

 

(90,550

)

 

(250

)

MGM Mirage, strike price $95, expires 12/24/07

 

 

(106,250

)

 

(43,000

)

Microsoft Corp., strike price $31.57,
expires 11/16/07

 

 

(227,375

)

 

(76,650

)

Microsoft Corp., strike price $32.03,
expires 12/21/07

 

 

(383,894

)

 

(870

)

Microsoft Corp., strike price $32.63,
expires 11/05/07

 

 

(364,634

)

 

(213,000

)

Milano Assicurazioni S.p.A., strike price 6.20 EUR,
expires 11/06/07

 

 

(525

)

 

(52,000

)

Molson Coors Brewing Co., strike price $47.13,
expires 11/05/07

 

 

(525,928

)

 

(36,000

)

Motorola, Inc., strike price $20, expires 11/16/07

 

 

(2,866

)

 

(130,000

)

National Express Group Plc, strike price 12.30 GBP,
expires 11/07/07

 

 

(242,900

)

 

(68,000

)

National Express Group Plc, strike price 12.41 GBP,
expires 11/12/07

 

 

(119,760

)

 

(10,700

)

Nestle S.A., strike price 481.25 CHF, expires 11/07/07

 

 

(491,919

)

 

(230,200

)

New World Development Co. Ltd., strike price
20.31 HKD, expires 11/08/07

 

 

(218,318

)

 

(1,160,000

)

New World Development Co. Ltd., strike price
20.61 HKD, expires 11/08/07

 

 

(1,054,952

)

 

(38,000

)

Nike, Inc., strike price $60.25, expires 11/16/07

 

 

(235,649

)

 

(250

)

Nike, Inc., strike price $61, expires 11/05/07

 

 

(131,803

)

 

(8,200

)

Nintendo Co. Ltd., strike price 43,832.71 JPY,
expires 11/20/07

 

 

(1,960,614

)

 

(12,600

)

Nintendo Co. Ltd., strike price 63,600 JPY,
expires 11/20/07

 

 

(951,889

)

 

(195

)

Nippon Commercial Investment Corp.,
strike price 654,707.45 JPY, expires 11/20/07

 

 

(1,306

)

 

(101,800

)

Nordea Bank AB, strike price 114 SEK,
expires 11/12/07

 

 

(35,511

)

 

(85,000

)

Nordea Bank AB, strike price 115.57 SEK,
expires 11/27/07

 

 

(36,637

)

 

(27,500

)

Nutreco Holding N.V., strike price 51.12 EUR,
expires 11/06/07

 

 

(203

)

 

(64,000

)

Occidental Petroleum Corp., strike price $58.75,
expires 11/16/07

 

 

(666,099

)

 

(62,000

)

Oriflame Cosmetics S.A., strike price 333.69 SEK,
expires 11/12/07

 

 

(494,456

)

 

(170,000

)

Orkla ASA, strike price 107.38 NOK, expires 11/06/07

 

 

(4,064

)

 

(85,000

)

Orkla ASA, strike price 111.50 NOK, expires 11/28/07

 

 

(6,456

)

 

(86,000

)

Orkla ASA, strike price 116 NOK, expires 11/06/07

 

 

(18

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

57



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock World Investment Trust (BWC) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(153,000)

 

Partner Communications (ADR), strike price $18,
expires 12/21/07

 

$

(244,540

)

 

(67,700)

 

Partner Communications (ADR), strike price $18.19,
expires 11/16/07

 

 

(89,587

)

 

(650)

 

Pepco Holdings, Inc., strike price $30,
expires 11/19/07

 

 

(13,000

)

 

(36,000)

 

Pepco Holdings, Inc., strike price $30.50,
expires 11/16/07

 

 

(4,777

)

 

(21,500)

 

PepsiCo, Inc., strike price $67.44, expires 11/16/07

 

 

(136,869

)

 

(430)

 

PepsiCo, Inc., strike price $70, expires 11/19/07

 

 

(172,000

)

 

(32,000)

 

PetroChina Co. Ltd. (ADR), strike price $148.34,
expires 11/16/07

 

 

(3,658,243

)

 

(200)

 

PetroChina Co. Ltd. (ADR), strike price $150,
expires 11/02/07

 

 

(2,252,080

)

 

(215)

 

PetroChina Co. Ltd. (ADR), strike price $160,
expires 12/24/07

 

 

(2,234,925

)

 

(237)

 

PetroChina Co. Ltd. (ADR), strike price $200,
expires 11/19/07

 

 

(1,499,025

)

 

(30,000)

 

Petroleo Brasileiro S.A. (ADR), strike price $55,
expires 11/05/07

 

 

(1,219,014

)

 

(34,000)

 

Petroleo Brasileiro S.A. (ADR), strike price $61.61,
expires 11/16/07

 

 

(1,158,234

)

 

(23,000)

 

Petroleo Brasileiro S.A. (ADR), strike price $67.70,
expires 11/02/07

 

 

(642,473

)

 

(25,700)

 

Philippine Long Distance Telephone Co. (ADR),
strike price $56.20, expires 11/05/07

 

 

(318,665

)

 

(43,000)

 

Philippine Long Distance Telephone Co. (ADR),
strike price $57.61, expires 12/03/07

 

 

(526,366

)

 

(36,000)

 

Piraeus Bank S.A., strike price 26.75 EUR,
expires 11/30/07

 

 

(76,751

)

 

(79,242)

 

Piraeus Bank S.A., strike price 27.80 EUR,
expires 11/07/07

 

 

(4,063

)

 

(645)

 

Potash Corp. of Saskatchewan, strike price $100,
expires 12/24/07

 

 

(1,622,175

)

 

(36,000)

 

Potash Corp. of Saskatchewan, strike price $70,
expires 11/05/07

 

 

(1,902,107

)

 

(28,500)

 

Potash Corp. of Saskatchewan, strike price $80.67,
expires 11/16/07

 

 

(1,205,644

)

 

(360)

 

Procter & Gamble Co., strike price $64,
expires 11/05/07

 

 

(199,055

)

 

(24,000)

 

Procter & Gamble Co., strike price $65.28,
expires 11/16/07

 

 

(106,274

)

 

(70)

 

Public Service Enterprise Group, Inc., strike price
$90.25, expires 11/05/07

 

 

(37,533

)

 

(195)

 

Public Service Enterprise Group, Inc., strike price
$94, expires 11/05/07

 

 

(34,745

)

 

(32,000)

 

QBE Insurance Group Ltd., strike price 31.25 AUD,
expires 11/20/07

 

 

(45,232

)

 

(145,000)

 

QBE Insurance Group Ltd., strike price 32.56 AUD,
expires 11/08/07

 

 

(77,048

)

 

(91,000)

 

Repsol YPF S.A., strike price 27.76 EUR,
expires 11/06/07

 

 

(21,658

)

 

(60,400)

 

Repsol YPF S.A., strike price 28.39 EUR,
expires 11/01/07

 

 

(9

)

 

(20,000)

 

Roche Holding AG, strike price 236.67 CHF,
expires 11/06/07

 

 

 

 

(16,000)

 

RWE AG, strike price 84 EUR, expires 11/07/07

 

 

(237,389

)

 

(11,000)

 

RWE AG, strike price 85.73 EUR, expires 11/27/07

 

 

(139,546

)

 

(68,000)

 

SBM Offshore N.V., strike price 28.14 EUR,
expires 11/07/07

 

 

(2,847

)

 

(38,000)

 

SBM Offshore N.V., strike price 30.32 EUR,
expires 11/28/07

 

 

(2,499

)

 

(50,000)

 

Scottish & Southern Energy Plc, strike price
14.91 GBP, expires 11/30/07

 

 

(90,543

)

 

(100,000)

 

Scottish & Southern Energy Plc, strike price
15.49 GBP, expires 11/02/07

 

 

(55,413

)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(327,000)

 

Shun Tak Holdings Ltd., strike price 13.75 HKD,
expires 11/07/07

 

$

(447

)

 

(26,000)

 

Siemens AG, strike price 103 EUR, expires 11/27/07

 

 

(17,709

)

 

(230,500)

 

Singapore Airlines Ltd., strike price 20.20 SGD,
expires 12/11/07

 

 

(84,502

)

 

(1,030,000)

 

Singapore Telecommunications Ltd., strike price
3.55 SGD, expires 11/08/07

 

 

(377,315

)

 

(147,000)

 

Skanska AB, B Shares, strike price 160 SEK,
expires 11/06/07

 

 

 

 

(100,000)

 

Smiths Group Plc, strike price 10.47 GBP,
expires 11/12/07

 

 

(172,021

)

 

(2,034,000)

 

SP AusNet, strike price 1.47 AUD, expires 11/08/07

 

 

(19

)

 

(411,800)

 

SP AusNet, strike price 1.52 AUD, expires 11/08/07

 

 

(4

)

 

(197,000)

 

St. George Bank Ltd., strike price 36.60 AUD,
expires 11/08/07

 

 

(54,661

)

 

(58,000)

 

St. Jude Medical, Inc., strike price $45.30,
expires 11/16/07

 

 

(7,070

)

 

(190)

 

Starwood Hotels & Resorts Worldwide, Inc.,
strike price $70, expires 11/19/07

 

 

(2,375

)

 

(370)

 

Starwood Hotels & Resorts Worldwide, Inc.,
strike price $75, expires 11/19/07

 

 

(2,775

)

 

(96,200)

 

StatoilHydro ASA, strike price 192.30 NOK,
expires 01/09/08

 

 

(106,367

)

 

(362,000)

 

Storebrand ASA, strike price 94.81 NOK,
expires 11/06/07

 

 

(148

)

 

(110)

 

Stryker Corp., strike price $70, expires 12/24/07

 

 

(36,300

)

 

(310)

 

Stryker Corp., strike price $75, expires 12/24/07

 

 

(32,550

)

 

(184,800)

 

Sumitomo Corp., strike price 2,065.15 JPY,
expires 12/11/07

 

 

(122,662

)

 

(375)

 

Sumitomo Mitsui Financial Group, Inc., strike price
1,058,136.59 JPY, expires 11/20/07

 

 

(22,192

)

 

(310)

 

Sunoco, Inc., strike price $80, expires 11/19/07

 

 

(18,600

)

 

(110,000)

 

Svenska Cellulosa AB, B Shares, strike price
118.44 SEK, expires 11/06/07

 

 

(790

)

 

(87,000)

 

Svenska Cellulosa AB, B Shares, strike price 123 SEK,
expires 11/28/07

 

 

(3,703

)

 

(13,400)

 

Syngenta AG, strike price 232.75 CHF,
expires 11/08/07

 

 

(527,019

)

 

(500)

 

Syngenta AG, strike price 240 CHF, expires 11/16/07

 

 

(163,091

)

 

(195,000)

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $11, expires 11/16/07

 

 

(43,075

)

 

(975)

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $12, expires 11/09/07

 

 

(868

)

 

(270)

 

Teck Cominco Ltd., Class B, strike price 48 CAD,
expires 11/19/07

 

 

(27,439

)

 

(63,000)

 

Teck Cominco Ltd., Class B, strike price 53.25 CAD,
expires 11/16/07

 

 

(8,423

)

 

(260)

 

TELUS Corp., strike price 62 CAD, expires 11/19/07

 

 

(3,440

)

 

(65,000)

 

TELUS Corp., strike price 66 CAD, expires 11/16/07

 

 

(6,427

)

 

(180)

 

Textron, Inc., strike price $55, expires 12/24/07

 

 

(262,800

)

 

(38,000)

 

Textron, Inc., strike price $56.50, expires 11/16/07

 

 

(486,149

)

 

(49,000)

 

Total S.A., strike price 57.22 EUR, expires 11/06/07

 

 

(10,249

)

 

(24,600)

 

Total S.A., strike price 57.70 EUR, expires 11/01/07

 

 

(7

)

 

(178,000)

 

Truworths Intl. Ltd., strike price 36.99 ZAR,
expires 11/06/07

 

 

(3

)

 

(104,000)

 

Truworths Intl. Ltd., strike price 41.76 ZAR,
expires 11/06/07

 

 

 

 

(55,000)

 

UBS AG, strike price 83.46 CHF, expires 11/06/07

 

 

 

 

(16,452)

 

Unibail-Rodamco, strike price 210.61 EUR,
expires 11/27/07

 

 

(894

)

 

(391,000)

 

UniCredito Italiano S.p.A., strike price 6.42 EUR,
expires 11/12/07

 

 

(2,492

)

 

(111,000)

 

Unilever N.V., strike price 23.31 EUR,
expires 11/12/07

 

 

(12,847

)

 

(334,082)

 

United Overseas Bank Ltd., strike price 22.71 SGD,
expires 11/07/07

 

 

(16,302

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

58

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock World Investment Trust (BWC) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(33,710)

 

United Overseas Bank Ltd., strike price 23.68 SGD,
expires 11/20/07

 

$

(2,847

)

 

(104,700)

 

United Utilities Plc, strike price 6.89 GBP,
expires 11/30/07

 

 

(100,405

)

 

(190,700)

 

United Utilities Plc, strike price 6.90 GBP,
expires 11/07/07

 

 

(157,618

)

 

(190,700)

 

United Utilities Plc, strike price 8.04 GBP,
expires 11/06/07

 

 

(4

)

 

(445)

 

Vodafone Group Plc (ADR), strike price $29.625,
expires 11/05/07

 

 

(429,203

)

 

(18,000)

 

Vodafone Group Plc (ADR), strike price $33,
expires 11/16/07

 

 

(112,972

)

 

(240)

 

Vodafone Group Plc (ADR), strike price $35,
expires 11/19/07

 

 

(108,000

)

 

(53,200)

 

Wartsila Oyj, B Shares, strike price 51.60 EUR,
expires 11/28/07

 

 

(452,264

)

 

(100,000)

 

Yara Intl. ASA, strike price 185.45 NOK,
expires 12/12/07

 

 

(461,262

)

 

(630)

 

Yum! Brands, Inc., strike price $34, expires 11/05/07

 

 

(395,375

)

 

(43,000)

 

Yum! Brands, Inc., strike price $35.01,
expires 11/16/07

 

 

(228,579

)

 

(20,000)

 

Zimmer Holdings, Inc., strike price $90.50,
expires 11/16/07

 

 

(4

)

 

 

 

 

Total Outstanding Call Options Written
(premium received $(25,789,594))

 

 

(58,527,216

)

 

OUTSTANDING PUT OPTION WRITTEN—0.0%

 

 

 

 

 

(1,800)

 

Motorola, Inc., strike price $18, expires 11/19/07
(premium received $(47,699))

 

 

(27,900

)

 

 

 

 

Total Outstanding Options Written
(premium received $(25,837,293))

 

 

(58,555,116

)

 

Total investments net of outstanding options written—99.8%

 

$

968,399,425

 

Other assets in excess of liabilities—0.2%

 

 

2,421,283

 

 

 

     

Net Assets—100.0%

 

$

970,820,708

 

 

 

     

 

 

 

 

 

 

 

 

1

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

2

Represents current yield as of October 31, 2007.

3

Cost for federal income tax purposes is $800,885,969. The net unrealized appreciation on a tax basis is $226,068,572, consisting of $231,619,286 gross unrealized appreciation and $5,550,714 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

59



 

 

 


Statements of Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2007

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Global
Energy and
Resources
Trust (BGR)

 

                                 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investments at value, unaffiliated1,2

 

$

843,784,452

 

$

997,635,017

 

$

409,720,986

 

$

246,017,574

 

$

1,111,807,967

 

Investments at value, in affiliated securities3

 

 

 

 

7,125,000

 

 

 

 

 

 

44,287,750

 

Investments in affiliates

 

 

70,917

 

 

33,055

 

 

47,135

 

 

 

 

46,181

 

Cash

 

 

 

 

2,001

 

 

 

 

18

 

 

2,249

 

Foreign currency at value4

 

 

 

 

 

 

 

 

 

 

9,918,855

 

Receivable for investments sold

 

 

 

 

115,193

 

 

 

 

1,998,630

 

 

296,640

 

Unrealized appreciation on swap contracts

 

 

 

 

 

 

 

 

 

 

15,831,971

 

Variation margin receivable

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on forward currency contracts

 

 

 

 

 

 

 

 

297

 

 

 

Dividend and interest receivable

 

 

2,005,123

 

 

2,238,562

 

 

642,306

 

 

180,682

 

 

2,621,472

 

Other assets

 

 

 

 

 

 

 

 

1,115

 

 

181,790

 

 

 

                             

 

 

 

845,860,492

 

 

1,007,148,828

 

 

410,410,427

 

 

248,198,316

 

 

1,184,994,875

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Collateral on securities loaned, at value

 

 

 

 

7,125,000

 

 

 

 

 

 

44,287,750

 

Payable to custodian

 

 

 

 

 

 

 

 

 

 

 

Dividends payable

 

 

 

 

1,025,260

 

 

 

 

 

 

 

Payable for investments purchased

 

 

 

 

 

 

 

 

2,887,108

 

 

38,000

 

Outstanding options written at value5

 

 

 

 

13,424,287

 

 

 

 

4,636,890

 

 

19,810,939

 

Foreign currency at value

 

 

 

 

 

 

 

 

1,203,886

 

 

 

Investment advisory fee payable

 

 

474,537

 

 

851,625

 

 

264,014

 

 

232,408

 

 

1,090,739

 

Deferred Trustees’ fees

 

 

70,917

 

 

33,055

 

 

47,135

 

 

 

 

46,181

 

Licensing fee payable

 

 

290,501

 

 

338,913

 

 

141,549

 

 

 

 

 

Payable to affiliates

 

 

28,595

 

 

21,215

 

 

17,754

 

 

 

 

32,768

 

Other accrued expenses

 

 

363,410

 

 

567,258

 

 

293,734

 

 

507,215

 

 

378,487

 

 

 

                             

 

 

 

1,227,960

 

 

23,386,613

 

 

764,186

 

 

9,467,507

 

 

65,684,864

 

 

 

                             

Net Assets

 

$

844,632,532

 

$

983,762,215

 

$

409,646,241

 

$

238,730,809

 

$

1,119,310,011

 

 

 

                             

Composition of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value ($0.001)

 

$

54,518

 

$

69,778

 

$

26,908

 

$

11,757

 

$

29,766

 

Paid-in capital in excess of par

 

 

740,831,031

 

 

998,186,688

 

 

373,293,893

 

 

224,076,255

 

 

709,335,050

 

Undistributed (distributions in excess) of net investment income

 

 

1,189,535

 

 

12,796,179

 

 

1,261,732

 

 

27,998

 

 

1,661,984

 

Accumulated net realized gain (loss)

 

 

(26

)

 

(9,820,860

)

 

(2

)

 

55,145

 

 

46,030,900

 

Net unrealized appreciation (depreciation)

 

 

102,557,474

 

 

(17,469,570

)

 

35,063,710

 

 

14,559,654

 

 

362,252,311

 

 

 

                             

Net Assets, October 31, 2007

 

$

844,632,532

 

$

983,762,215

 

$

409,646,241

 

$

238,730,809

 

$

1,119,310,011

 

 

 

                             

Net asset value per share6

 

$

15.49

 

$

14.10

 

$

15.22

 

$

20.31

 

$

37.60

 

 

 

                             

1 Investments at cost, unaffiliated

 

$

741,226,978

 

$

1,015,549,536

 

$

374,657,276

 

$

230,089,484

 

$

760,023,538

 

2 Securities on loan, at value

 

$

 

$

7,061,500

 

$

 

$

 

$

44,509,666

 

3 Investments at cost, affiliated

 

$

 

$

7,125,000

 

$

 

$

 

$

44,287,750

 

4 Foreign currency at cost

 

$

 

$

 

$

 

$

(1,200,415

)

$

9,827,849

 

5 Premiums received

 

$

 

$

13,869,236

 

$

 

$

3,256,825

 

$

14,336,218

 

6 Shares outstanding

 

 

54,518,315

 

 

69,778,138

 

 

26,908,028

 

 

11,756,964

 

 

29,766,217

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

60

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2007

 

BlackRock
Global Equity
Income
Trust (BFD)

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

BlackRock
World
Investment
Trust (BWC)

 

                                             

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Investments at value, unaffiliated1,2

 

$

861,676,604

 

$

409,233,491

 

$

232,952,256

 

$

2,127,234,135

 

$

1,207,076,456

 

$

125,950,905

 

$

1,026,954,541

 

Investments at value, in affiliated securities3

 

 

 

 

 

 

3,175,600

 

 

 

 

 

 

 

 

 

Investments in affiliates

 

 

 

 

26,156

 

 

13,873

 

 

 

 

15,258

 

 

11,431

 

 

21,508

 

Cash

 

 

635,093

 

 

 

 

3,992

 

 

26,094

 

 

 

 

 

 

171

 

Foreign currency at value4

 

 

25,631,056

 

 

970,875

 

 

47,696

 

 

68,963,671

 

 

1,346,431

 

 

1,049,629

 

 

2,057,842

 

Receivable for investments sold

 

 

690,587

 

 

4,341,384

 

 

186,885

 

 

29,205,434

 

 

1,324,588

 

 

1,253,963

 

 

10,899,200

 

Unrealized appreciation on swap contracts

 

 

 

 

 

 

354,737

 

 

 

 

 

 

 

 

 

Variation margin receivable

 

 

296,283

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on forward currency contracts

 

 

 

 

 

 

 

 

 

 

723

 

 

 

 

 

Dividend and interest receivable

 

 

1,653,797

 

 

687,704

 

 

170,664

 

 

3,291,461

 

 

2,152,706

 

 

238,816

 

 

1,487,297

 

Other assets

 

 

 

 

 

 

 

 

 

 

191,303

 

 

 

 

 

 

 

                                         

 

 

 

890,583,420

 

 

415,259,610

 

 

236,905,703

 

 

2,228,720,795

 

 

1,212,107,465

 

 

128,504,744

 

 

1,041,420,559

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Collateral on securities loaned, at value

 

 

 

 

 

 

3,175,600

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

 

 

 

 

46,330

 

 

 

 

 

Dividends payable

 

 

 

 

 

 

 

 

4,275,821

 

 

899,143

 

 

 

 

180,562

 

Payable for investments purchased

 

 

415,509

 

 

4,227,864

 

 

509,067

 

 

22,582,566

 

 

2,011,965

 

 

1,344,139

 

 

10,577,518

 

Outstanding options written at value5

 

 

4,834,907

 

 

20,675,595

 

 

2,607,788

 

 

61,083,373

 

 

28,547,487

 

 

 

 

58,555,116

 

Foreign currency at value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fee payable

 

 

738,914

 

 

321,055

 

 

192,567

 

 

1,767,450

 

 

1,147,819

 

 

79,268

 

 

801,799

 

Deferred Trustees’ fees

 

 

 

 

26,156

 

 

13,873

 

 

 

 

15,258

 

 

11,431

 

 

21,508

 

Licensing fee payable

 

 

 

 

 

 

 

 

1,305

 

 

 

 

222,335

 

 

 

Payable to affiliates

 

 

12,890

 

 

11,731

 

 

2,081

 

 

10,520

 

 

11,938

 

 

4,719

 

 

3,880

 

Other accrued expenses

 

 

371,574

 

 

255,923

 

 

124,575

 

 

476,897

 

 

340,615

 

 

137,032

 

 

459,468

 

 

 

                                         

 

 

 

6,373,794

 

 

25,518,324

 

 

6,625,551

 

 

90,197,932

 

 

33,020,555

 

 

1,798,924

 

 

70,599,851

 

 

 

                                         

Net Assets

 

$

884,209,626

 

$

389,741,286

 

$

230,280,152

 

$

2,138,522,863

 

$

1,179,086,910

 

$

126,705,820

 

$

970,820,708

 

                                             

Composition of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value ($0.001)

 

$

44,995

 

$

12,534

 

$

7,592

 

$

106,306

 

$

56,708

 

$

6,033

 

$

52,075

 

Paid-in capital in excess of par

 

 

831,430,336

 

 

299,105,417

 

 

181,149,149

 

 

2,028,892,309

 

 

811,015,946

 

 

85,706,674

 

 

745,055,617

 

Undistributed (distributions in excess) of net investment income

 

 

(50,772

)

 

2,167,026

 

 

196,606

 

 

4,673,349

 

 

(15,981

)

 

259,359

 

 

872,508

 

Accumulated net realized gain (loss)

 

 

(915,145

)

 

5,615,015

 

 

6,021,123

 

 

(3,625,710

)

 

16,795,781

 

 

(212,891

)

 

27,998,361

 

Net unrealized appreciation (depreciation)

 

 

53,700,212

 

 

82,841,294

 

 

42,905,682

 

 

108,476,609

 

 

351,234,456

 

 

40,946,645

 

 

196,842,147

 

 

 

                                         

Net Assets, October 31, 2007

 

$

884,209,626

 

$

389,741,286

 

$

230,280,152

 

$

2,138,522,863

 

$

1,179,086,910

 

$

126,705,820

 

$

970,820,708

 

 

 

                                         

Net asset value per share6

 

$

19.65

 

$

31.09

 

$

30.33

 

$

20.12

 

$

20.79

 

$

21.00

 

$

18.64

 

 

 

                                         

1 Investments at cost, unaffiliated

 

$

810,452,496

 

$

317,423,691

 

$

191,260,301

 

$

1,994,352,104

 

$

845,742,028

 

$

85,032,785

 

$

797,475,588

 

2 Securities on loan, at value

 

$

 

$

 

$

3,097,432

 

$

 

$

 

$

 

$

 

3 Investments at cost, affiliated

 

$

 

$

 

$

3,175,600

 

$

 

$

 

$

 

$

 

4 Foreign currency at cost

 

$

24,517,342

 

$

958,297

 

$

47,255

 

$

68,530,649

 

$

1,271,711

 

$

1,024,897

 

$

2,030,559

 

5 Premiums received

 

$

5,435,857

 

$

11,668,097

 

$

3,464,504

 

$

36,325,040

 

$

18,352,166

 

$

 

$

25,837,293

 

6 Shares outstanding

 

 

44,995,192

 

 

12,534,166

 

 

7,591,500

 

 

106,306,178

 

 

56,708,028

 

 

6,033,028

 

 

52,074,804

 


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

61



 

 

 


Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period ended October 31, 2007

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)1

 

BlackRock
Global
Energy and
Resources
Trust (BGR)

 

                                 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Dividend income

 

$

32,096,046

 

$

38,244,791

 

$

15,872,741

 

$

116,607

 

$

25,700,600

 

Interest income

 

 

367,505

 

 

2,264,094

 

 

339,066

 

 

459,360

 

 

2,450,805

 

Income from affiliates

 

 

7,768

 

 

2,393

 

 

4,480

 

 

 

 

4,179

 

Securities lending income

 

 

 

 

8,180

 

 

 

 

 

 

5,840

 

Foreign taxes withheld

 

 

(1,600

)

 

 

 

(14,160

)

 

(13,713

)

 

(1,759,249

)

 

 

                             

Total investment income

 

 

32,469,719

 

 

40,519,458

 

 

16,202,127

 

 

562,254

 

 

26,402,175

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investment advisory

 

 

5,711,444

 

 

10,289,478

 

 

3,287,303

 

 

254,510

 

 

11,471,809

 

Transfer agent

 

 

24,439

 

 

26,128

 

 

20,385

 

 

1,397

 

 

21,607

 

Custodian

 

 

128,935

 

 

185,124

 

 

84,120

 

 

9,531

 

 

202,568

 

Reports to shareholders

 

 

165,424

 

 

177,038

 

 

88,114

 

 

22,738

 

 

147,164

 

Trustees

 

 

53,741

 

 

56,530

 

 

40,452

 

 

1,491

 

 

53,494

 

Registration

 

 

20,450

 

 

23,092

 

 

9,593

 

 

885

 

 

11,021

 

Independent accountants

 

 

48,595

 

 

56,862

 

 

45,155

 

 

48,100

 

 

51,993

 

Legal

 

 

80,541

 

 

84,490

 

 

55,691

 

 

2,381

 

 

80,447

 

Officers’ fees

 

 

21,048

 

 

24,530

 

 

10,290

 

 

 

 

23,891

 

Insurance

 

 

52,760

 

 

84,084

 

 

26,649

 

 

274

 

 

48,794

 

Deferred Trustees’ fees

 

 

7,768

 

 

2,393

 

 

4,480

 

 

 

 

4,179

 

Organization

 

 

 

 

 

 

 

 

18,000

 

 

 

License fee

 

 

878,684

 

 

1,028,948

 

 

438,307

 

 

 

 

 

Miscellaneous

 

 

46,501

 

 

50,194

 

 

34,583

 

 

2,234

 

 

51,613

 

 

 

                             

Total expenses

 

 

7,240,330

 

 

12,088,891

 

 

4,145,122

 

 

361,541

 

 

12,168,580

 

 

 

                             

Less fees waived by the Advisor

 

 

 

 

 

 

 

 

 

 

(1,911,968

)

Less fees paid indirectly

 

 

(20

)

 

(6,473

)

 

(66

)

 

(4,582

)

 

(1,249

)

 

 

                             

Net expenses

 

 

7,240,310

 

 

12,082,418

 

 

4,145,056

 

 

356,959

 

 

10,255,363

 

 

 

                             

Net investment income

 

 

25,229,409

 

 

28,437,040

 

 

12,057,071

 

 

205,295

 

 

16,146,812

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

20,019,931

 

 

29,290,925

 

 

9,048,370

 

 

49,813

 

 

65,604,974

 

Foreign currency

 

 

 

 

 

 

 

 

(195,297

)

 

254,647

 

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

30,495,841

 

 

 

 

5,332

 

 

(8,310,301

)

 

 

                             

 

 

 

20,019,931

 

 

59,786,766

 

 

9,048,370

 

 

(140,152

)

 

57,549,320

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(21,252,973

)

 

(58,607,935

)

 

(21,179,657

)

 

15,928,090

 

 

209,672,008

 

Foreign currency

 

 

 

 

 

 

 

 

11,629

 

 

103,566

 

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

923,926

 

 

 

 

(1,380,065

)

 

(8,448,100

)

Swaps

 

 

 

 

 

 

 

 

 

 

15,831,971

 

 

 

                             

 

 

 

(21,252,973

)

 

(57,684,009

)

 

(21,179,657

)

 

14,559,654

 

 

217,159,445

 

 

 

                             

Net gain (loss)

 

 

(1,233,042

)

 

2,102,757

 

 

(12,131,287

)

 

14,419,502

 

 

274,708,765

 

 

 

                             

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

23,996,367

 

$

30,539,797

 

$

(74,216

)

$

14,624,797

 

$

290,855,577

 

 

 

                             

 

 

1

Commencement of operations for BlackRock EcoSolutions Investment Trust (BQR), BlackRock Global Equity Income Trust (BFD) and BlackRock International Growth and Income Trust (BGY) was September 28, 2007, March 30, 2007 and May 30, 2007, respectively. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

62

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period ended October 31, 2007

 

BlackRock
Global Equity
Income
Trust (BFD)1

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)1

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

BlackRock
World
Investment
Trust (BWC)

 

                                             

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Dividend income

 

$

15,790,084

 

$

10,884,984

 

$

1,674,744

 

$

22,587,306

 

$

16,968,289

 

$

4,484,252

 

$

24,465,174

 

Interest income

 

 

1,487,738

 

 

476,674

 

 

1,087,253

 

 

2,812,728

 

 

7,046,574

 

 

43,801

 

 

1,521,114

 

Income from affiliates

 

 

 

 

1,522

 

 

890

 

 

 

 

627

 

 

1,177

 

 

1,393

 

Securities lending income

 

 

 

 

 

 

6,107

 

 

 

 

 

 

 

 

174

 

Foreign taxes withheld

 

 

(1,133,934

)

 

(740,575

)

 

(33,848

)

 

(1,713,011

)

 

(337,257

)

 

(193,855

)

 

(1,707,807

)

 

 

                                         

Total investment income

 

 

16,143,888

 

 

10,622,605

 

 

2,735,146

 

 

23,687,023

 

 

23,678,233

 

 

4,335,375

 

 

24,280,048

 

 

 

                                         
 
                                             

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Investment advisory

 

 

5,017,132

 

 

3,523,859

 

 

2,133,561

 

 

8,381,550

 

 

11,612,483

 

 

892,186

 

 

8,890,197

 

Transfer agent

 

 

8,138

 

 

20,282

 

 

20,256

 

 

5,351

 

 

14,780

 

 

20,399

 

 

30,081

 

Custodian

 

 

164,069

 

 

262,496

 

 

85,437

 

 

157,083

 

 

317,075

 

 

90,818

 

 

321,090

 

Reports to shareholders

 

 

120,640

 

 

54,354

 

 

35,459

 

 

213,126

 

 

129,435

 

 

27,384

 

 

156,378

 

Trustees

 

 

32,231

 

 

33,375

 

 

21,724

 

 

35,222

 

 

51,372

 

 

12,708

 

 

70,568

 

Registration

 

 

18,576

 

 

10,013

 

 

9,225

 

 

12,739

 

 

27,755

 

 

1,322

 

 

15,828

 

Independent accountants

 

 

48,129

 

 

51,375

 

 

43,971

 

 

66,981

 

 

48,304

 

 

41,303

 

 

91,338

 

Legal

 

 

35,878

 

 

37,171

 

 

32,641

 

 

2,968

 

 

73,415

 

 

16,203

 

 

167,511

 

Officers’ fees

 

 

20,435

 

 

8,654

 

 

5,287

 

 

47,903

 

 

24,556

 

 

2,897

 

 

21,875

 

Insurance

 

 

51,214

 

 

18,670

 

 

12,361

 

 

28,644

 

 

60,725

 

 

6,247

 

 

49,115

 

Deferred Trustees’ fees

 

 

 

 

1,522

 

 

890

 

 

 

 

627

 

 

1,177

 

 

1,393

 

Organization

 

 

15,000

 

 

 

 

 

 

18,000

 

 

 

 

 

 

 

License fee

 

 

 

 

 

 

 

 

 

 

 

 

293,758

 

 

 

Miscellaneous

 

 

19,754

 

 

21,549

 

 

17,972

 

 

18,196

 

 

29,945

 

 

17,426

 

 

52,889

 

 

 

                                         

Total expenses

 

 

5,551,196

 

 

4,043,320

 

 

2,418,784

 

 

8,987,763

 

 

12,390,472

 

 

1,423,828

 

 

9,868,263

 

 

 

                                         

Less fees waived by the Advisor

 

 

 

 

 

 

 

 

 

 

(1,935,414

)

 

 

 

 

Less fees paid indirectly

 

 

(3,285

)

 

(1,310

)

 

(2,202

)

 

(679

)

 

(1,419

)

 

(25

)

 

(3,039

)

 

 

                                         

Net expenses

 

 

5,547,911

 

 

4,042,010

 

 

2,416,582

 

 

8,987,084

 

 

10,453,639

 

 

1,423,803

 

 

9,865,224

 

 

 

                                         

Net investment income

 

 

10,595,977

 

 

6,580,595

 

 

318,564

 

 

14,699,939

 

 

13,224,594

 

 

2,911,572

 

 

14,414,824

 

 

 

                                         
 
                                             

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

12,358,002

 

 

30,655,780

 

 

15,063,942

 

 

16,555,169

 

 

56,204,132

 

 

2,231,002

 

 

73,819,657

 

Foreign currency

 

 

1,972,080

 

 

103,334

 

 

3,103

 

 

1,054,739

 

 

647,382

 

 

11,793

 

 

(60,647

)

Futures

 

 

1,776,709

 

 

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

(11,335,432

)

 

(3,816,643

)

 

613,758

 

 

33,226,381

 

 

5,914,878

 

 

 

 

2,075,422

 

 

 

                                         

 

 

 

4,771,359

 

 

26,942,471

 

 

15,680,803

 

 

50,836,289

 

 

62,766,392

 

 

2,242,795

 

 

75,834,432

 

 

 

                                         

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

51,224,108

 

 

58,289,209

 

 

19,844,570

 

 

132,882,031

 

 

307,846,330

 

 

15,029,363

 

 

146,314,884

 

Foreign currency

 

 

1,117,849

 

 

(9,428

)

 

2,116

 

 

352,911

 

 

72,391

 

 

26,610

 

 

48,238

 

Futures

 

 

757,305

 

 

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

600,950

 

 

(5,638,731

)

 

405,866

 

 

(24,758,333

)

 

(9,292,903

)

 

 

 

(26,342,219

)

Swaps

 

 

 

 

 

 

354,737

 

 

 

 

 

 

 

 

 

 

 

                                         

 

 

 

53,700,212

 

 

52,641,050

 

 

20,607,289

 

 

108,476,609

 

 

298,625,818

 

 

15,055,973

 

 

120,020,903

 

 

 

                                         

Net gain (loss)

 

 

58,471,571

 

 

79,583,521

 

 

36,288,092

 

 

159,312,898

 

 

361,392,210

 

 

17,298,768

 

 

195,855,335

 

 

 

                                         

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

69,067,548

 

$

86,164,116

 

$

36,606,656

 

$

174,012,837

 

$

374,616,804

 

$

20,210,340

 

$

210,270,159

 

 

 

                                         

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

63



 

 


 

Statements of Changes in Net Assets

 

For the periods ended October 31, 2007 and 2006

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Dividend Achievers™
Trust (BDV)

 

BlackRock
Enhanced Dividend
Achievers™ Trust (BDJ)

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

2007

 

2006

 

2007

 

2006

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

25,229,409

 

$

23,566,389

 

$

28,437,040

 

$

27,052,655

 

Net realized gain (loss)

 

 

20,019,931

 

 

16,975,443

 

 

59,786,766

 

 

54,038,012

 

Net change in unrealized appreciation/depreciation

 

 

(21,252,973

)

 

103,536,421

 

 

(57,684,009

)

 

63,471,457

 

 

 

                       

Net increase (decrease) in net assets resulting from operations

 

 

23,996,367

 

 

144,078,253

 

 

30,539,797

 

 

144,562,124

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(24,156,155

)

 

(22,570,718

)

 

(29,664,644

)

 

(10,706,985

)

Realized gains

 

 

(20,789,577

)

 

(17,516,869

)

 

(55,532,595

)

 

(73,809,323

)

Tax return of capital

 

 

(4,120,753

)

 

(8,978,900

)

 

 

 

 

 

 

                       

Total distributions

 

 

(49,066,485

)

 

(49,066,487

)

 

(85,197,239

)

 

(84,516,308

)

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

Reinvestment of distributions

 

 

 

 

 

 

5,292,836

 

 

4,835,662

 

 

 

                       

Net proceeds from capital share transactions

 

 

 

 

 

 

5,292,836

 

 

4,835,662

 

 

 

                       

Total increase (decrease)

 

 

(25,070,118

)

 

95,011,766

 

 

(49,364,606

)

 

64,881,478

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

869,702,650

 

 

774,690,884

 

 

1,033,126,821

 

 

968,245,343

 

 

 

                       

End of period

 

$

844,632,532

 

$

869,702,650

 

$

983,762,215

 

$

1,033,126,821

 

 

 

                       

End of period undistributed (distributions in excess of) net investment income

 

$

1,189,535

 

$

885,901

 

$

12,796,179

 

$

15,238,838

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Global Opportunities
Equity Trust (BOE)

 

BlackRock
Health Sciences
Trust (BME)

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

2007

 

2006

 

2007

 

2006

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

$

6,580,595

 

$

7,702,654

 

$

318,564

 

$

(227,560

)

Net realized gain

 

 

26,942,471

 

 

25,569,877

 

 

15,680,803

 

 

20,676,079

 

Net change in unrealized appreciation/depreciation

 

 

52,641,050

 

 

31,487,087

 

 

20,607,289

 

 

4,130,694

 

 

 

                       

Net increase in net assets resulting from operations

 

 

86,164,116

 

 

64,759,618

 

 

36,606,656

 

 

24,579,213

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(4,563,384

)

 

(7,361,682

)

 

(120,119

)

 

 

Realized gains

 

 

(26,867,198

)

 

(20,795,839

)

 

(16,711,918

)

 

(14,432,701

)

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 

                       

Total distributions

 

 

(31,430,582

)

 

(28,157,521

)

 

(16,832,037

)

 

(14,432,701

)

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

Reinvestment of distributions

 

 

3,263,566

 

 

947,061

 

 

2,354,235

 

 

 

 

 

                       

Net proceeds from capital share transactions

 

 

3,263,566

 

 

947,061

 

 

2,354,235

 

 

 

 

 

                       

Total increase

 

 

57,997,100

 

 

37,549,158

 

 

22,128,854

 

 

10,146,512

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

331,744,186

 

 

294,195,028

 

 

208,151,298

 

 

198,004,786

 

 

 

                       

End of period

 

$

389,741,286

 

$

331,744,186

 

$

230,280,152

 

$

208,151,298

 

 

 

                       

End of period undistributed (distributions in excess of) net investment income

 

$

2,167,026

 

$

(155,770

)

$

196,606

 

$

(4,942

)

 

 

                       

 

 

1

Commencement of investment operations for BlackRock EcoSolutions Investment Trust (BQR), BlackRock Global Equity Income Trust (BFD), BlackRock International Growth and Income Trust (BGY) and BlackRock Real Asset Equity Trust (BCF) was September 28, 2007, March 30, 2007, May 30, 2007 and September 29, 2006, respectively. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

64

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

BlackRock
Strategic Dividend
Achievers™ Trust (BDT)

 

BlackRock
EcoSolutions
Investment Trust (BQR)

 

BlackRock
Global Energy and
Resources Trust (BGR)

 

BlackRock
Global Equity
Income Trust (BFD)

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

2007

 

2006

 

20071

 

2007

 

2006

 

20071

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

12,057,071

 

$

10,732,790

 

$

205,295

 

$

16,146,812

 

$

21,964,532

 

$

10,595,977

 

Net realized gain (loss)

 

 

9,048,370

 

 

14,048,250

 

 

(140,152

)

 

57,549,320

 

 

70,119,457

 

 

4,771,359

 

Net change in unrealized appreciation/depreciation

 

 

(21,179,657

)

 

26,008,232

 

 

14,559,654

 

 

217,159,445

 

 

38,734,819

 

 

53,700,212

 

 

 

                                   

Net increase (decrease) in net assets resulting from operations

 

 

(74,216

)

 

50,789,272

 

 

14,624,797

 

 

290,855,577

 

 

130,818,808

 

 

69,067,548

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(10,698,807

)

 

(9,419,016

)

 

 

 

(20,878,607

)

 

(14,526,650

)

 

(12,557,245

)

Realized gains

 

 

(10,317,564

)

 

(14,798,212

)

 

 

 

(33,770,708

)

 

(70,112,103

)

 

(3,791,008

)

Tax return of capital

 

 

(3,200,857

)

 

 

 

 

 

 

 

 

 

(26,364,301

)

 

 

                                   

Total distributions

 

 

(24,217,228

)

 

(24,217,228

)

 

 

 

(54,649,315

)

 

(84,638,753

)

 

(42,712,554

)

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

224,106,012

 

 

 

 

 

 

762,561,051

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

 

 

 

93,938,305

 

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

 

 

 

1,355,276

 

 

 

                                   

Net proceeds from capital share transactions

 

 

 

 

 

 

224,106,012

 

 

 

 

 

 

857,854,632

 

 

 

                                   

Total increase (decrease)

 

 

(24,291,444

)

 

26,572,044

 

 

238,730,809

 

 

236,206,262

 

 

46,180,055

 

 

884,209,626

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

433,937,685

 

 

407,365,641

 

 

 

 

883,103,749

 

 

836,923,694

 

 

 

 

 

                                   

End of period

 

$

409,646,241

 

$

433,937,685

 

$

238,730,809

 

$

1,119,310,011

 

$

883,103,749

 

$

884,209,626

 

 

 

                                   

End of period undistributed (distributions in excess of) net investment income

 

$

1,261,732

 

$

1,173,308

 

$

27,998

 

$

1,661,984

 

$

7,804,351

 

$

(50,772

)

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
International Growth
and Income Trust (BGY)

 

BlackRock Real Asset
Equity Trust (BCF)

 

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

 

BlackRock
World Investment
Trust (BWC)

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

 

20071

 

 

2007

 

 

20061

 

 

2007

 

 

2006

 

 

2007

 

 

2006

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

$

14,699,939

 

$

13,224,594

 

$

1,873,481

 

$

2,911,572

 

$

2,516,366

 

$

14,414,824

 

$

16,529,596

 

Net realized gain

 

 

50,836,289

 

 

62,766,392

 

 

553,302

 

 

2,242,795

 

 

1,922,416

 

 

75,834,432

 

 

77,969,300

 

Net change in unrealized appreciation/depreciation

 

 

108,476,609

 

 

298,625,818

 

 

52,608,638

 

 

15,055,973

 

 

17,346,666

 

 

120,020,903

 

 

71,385,346

 

 

 

                                         

Net increase in net assets resulting from operations

 

 

174,012,837

 

 

374,616,804

 

 

55,035,421

 

 

20,210,340

 

 

21,785,448

 

 

210,270,159

 

 

165,884,242

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(11,099,329

)

 

(16,196,422

)

 

 

 

(2,627,580

)

 

(2,926,375

)

 

(12,835,490

)

 

(17,424,000

)

Realized gains

 

 

(53,407,260

)

 

(45,456,547

)

 

 

 

(2,408,434

)

 

(3,335,638

)

 

(78,213,020

)

 

(47,551,119

)

Tax return of capital

 

 

 

 

 

 

 

 

(393,713

)

 

 

 

 

 

 

 

 

                                         

Total distributions

 

 

(64,506,589

)

 

(61,652,969

)

 

 

 

(5,429,727

)

 

(6,262,013

)

 

(91,048,510

)

 

(64,975,119

)

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

1,880,036,615

 

 

 

 

765,247,654

 

 

 

 

 

 

 

 

75,020,025

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

148,980,000

 

 

45,840,000

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

 

 

 

1,652,473

 

 

1,036,697

 

 

 

                                         

Net proceeds from capital share transactions

 

 

2,029,016,615

 

 

45,840,000

 

 

765,247,654

 

 

 

 

 

 

1,652,473

 

 

76,056,722

 

 

 

                                         

Total increase (decrease)

 

 

2,138,522,863

 

 

358,803,835

 

 

820,283,075

 

 

14,780,613

 

 

15,523,435

 

 

120,874,122

 

 

176,965,845

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

 

820,283,075

 

 

 

 

111,925,207

 

 

96,401,772

 

 

849,946,586

 

 

672,980,741

 

 

 

                                         

End of period

 

$

2,138,522,863

 

$

1,179,086,910

 

$

820,283,075

 

$

126,705,820

 

$

111,925,207

 

$

970,820,708

 

$

849,946,586

 

 

 

                                         

End of period undistributed (distributions in excess of) net investment income

 

$

4,673,349

 

$

(15,981

)

$

2,308,465

 

$

259,359

 

$

141,006

 

$

872,508

 

$

(1,781,511

)

 

 

                                         

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

65




 

 


 

Financial Highlights

BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
December 23, 20031
through October 31,
2004

 

 

Year Ended October 31,

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

Per Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.95

 

$

14.21

 

$

14.67

 

$

14.33

2

 

 

                       

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.45

 

 

0.42

 

 

0.43

 

 

0.37

 

Net realized and unrealized gain (loss)

 

 

(0.01

)

 

2.21

 

 

0.01

 

 

0.66

 

 

 

                       

Net increase from investment operations

 

 

0.44

 

 

2.63

 

 

0.44

 

 

1.03

 

 

 

                       

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.44

)

 

(0.41

)

 

(0.43

)

 

(0.38

)

Net realized gains

 

 

(0.38

)

 

(0.32

)

 

(0.28

)

 

 

Tax return of capital

 

 

(0.08

)

 

(0.16

)

 

(0.19

)

 

(0.29

)

 

 

                       

Total dividends and distributions

 

 

(0.90

)

 

(0.89

)

 

(0.90

)

 

(0.67

)

 

 

                       

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

(0.02

)

 

 

                       

Net asset value, end of period

 

$

15.49

 

$

15.95

 

$

14.21

 

$

14.67

 

 

 

                       

Market price, end of period

 

$

13.64

 

$

14.86

 

$

12.77

 

$

14.98

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Returns:3

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

3.15

%

 

19.89

%

 

3.11

%

 

7.28

%

 

 

                       

At market value

 

 

(2.50

)%

 

24.31

%

 

(9.25

)%

 

4.62

%

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.82

%

 

0.84

%

 

0.84

%

 

0.83

%4

Net expenses

 

 

0.82

%

 

0.84

%

 

0.84

%

 

0.83

%4

Net investment income

 

 

2.87

%

 

2.90

%

 

2.93

%

 

3.00

%4

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

878,684

 

$

812,789

 

$

805,289

 

$

777,731

 

Portfolio turnover

 

 

12

%

 

11

%

 

27

%

 

6

%

Net assets, end of period (000)

 

$

844,633

 

$

869,703

 

$

774,691

 

$

800,200

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

66

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 


 

Financial Highlights

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
August 31, 20051
through October 31,
2005

 

 

Year Ended October 31,

 

 

 

 

 

 

 

2007

 

2006

 

Per Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.88

 

$

14.01

 

$

14.33

2

 

 

                 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.39

 

 

0.37

 

 

0.06

 

Net realized and unrealized gain (loss)

 

 

0.06

 

 

1.71

 

 

(0.26

)

 

 

                 

Net increase (decrease) from investment operations

 

 

0.45

 

 

2.08

 

 

(0.20

)

 

 

                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.43

)

 

(0.15

)

 

(0.06

)

Net realized gains

 

 

(0.80

)

 

(1.06

)

 

(0.04

)

 

 

                 

Total dividends and distributions

 

 

(1.23

)

 

(1.21

)

 

(0.10

)

 

 

                 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.02

)

 

 

                 

Net asset value, end of period

 

$

14.10

 

$

14.88

 

$

14.01

 

 

 

                 

Market price, end of period

 

$

12.68

 

$

14.92

 

$

13.79

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

3.21

%

 

15.72

%

 

(1.42

)%

 

 

                 

At market price

 

 

(7.43

)%

 

17.97

%

 

(7.40

)%

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.17

%

 

1.19

%

 

1.25

%4

Net expenses

 

 

1.17

%

 

1.19

%

 

1.25

%4

Net investment income

 

 

2.76

%

 

2.73

%

 

2.44

%4

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

1,028,948

 

$

989,585

 

$

953,303

 

Portfolio turnover

 

 

91

%

 

138

%

 

5

%

Net assets, end of period (000)

 

$

983,762

 

$

1,033,127

 

$

968,245

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

67



 

 


 

Financial Highlights

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
March 30, 20041
through October 31,

 

 

Year Ended October 31,

 

 

 

 

2007

 

 

2006

 

 

2005

 

2004

Per Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.13

 

$

15.14

 

$

14.96

 

$

14.33

2

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.40

 

 

0.37

 

 

0.46

 

 

0.18

 

Net realized and unrealized gain (loss)

 

 

(0.41

)

 

1.52

 

 

0.62

 

 

0.92

 

 

 

 

Net increase (decrease) from investment operations

 

 

(0.01

)

 

1.89

 

 

1.08

 

 

1.10

 

 

 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.40

)

 

(0.35

)

 

(0.46

)

 

(0.17

)

Net realized gains

 

 

(0.38

)

 

(0.55

)

 

(0.42

)

 

 

Tax return of capital

 

 

(0.12

)

 

 

 

(0.02

)

 

(0.28

)

 

 

 

Total dividends and distributions

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.45

)

 

 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

Net asset value, end of period

 

$

15.22

 

$

16.13

 

$

15.14

 

$

14.96

 

 

 

 

Market price, end of period

 

$

13.19

 

$

14.53

 

$

13.20

 

$

14.54

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

0.24

%

 

13.65

%

 

7.62

%

 

7.75

%

 

 

 

At market price

 

 

(3.56

)%

 

17.43

%

 

(3.46

)%

 

0.01

%

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.95

%

 

0.96

%

 

0.96

%

 

0.99

%4

Net expenses

 

 

0.95

%

 

0.96

%

 

0.96

%

 

0.99

%4

Net investment income

 

 

2.75

%

 

2.57

%

 

3.01

%

 

2.18

%4

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

438,307

 

$

417,199

 

$

410,719

 

$

377,074

 

Portfolio turnover

 

 

18

%

 

18

%

 

24

%

 

1

%

Net assets, end of period (000)

 

$

409,646

 

$

433,938

 

$

407,366

 

$

402,570

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.


The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

68

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock EcoSolutions Investment Trust (BQR)


 

 

 

 

 

 

 

For the Period
September 28, 20071
through October 31,
2007

 

Per Share Operating Performance:

 

 

 

 

Net asset value, beginning of period

 

$

19.10

2

 

 

 

Investment operations:

 

 

 

 

Net investment income

 

 

 

Net realized and unrealized gain

 

 

1.25

 

 

 

 

Net increase from investment operations

 

 

1.25

 

 

 

 

Capital charges with respect to issuance of shares

 

 

(0.04

)

 

 

 

Net asset value, end of period

 

$

20.31

 

 

 

 

Market price, end of period

 

$

19.75

 

 

 

 
 

Total Investment Return3

 

 

 

 

At net asset value

 

 

6.28

%

 

 

 

At market price

 

 

(1.25

)%

 

 

 
 

Ratios to Average Net Assets:

 

 

 

 

Total expenses

 

 

1.70

%4

Net expenses

 

 

1.68

%4

Net investment income

 

 

0.97

%4

 

Supplemental Data:

 

 

 

 

Average net assets (000)

 

$

227,686

 

Portfolio turnover

 

 

4

%

Net assets, end of period (000)

 

$

238,731

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

69



 

 


 

Financial Highlights

BlackRock Global Energy and Resources Trust (BGR)


 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

For the Period
December 29, 20041
through October 31,

 

 

 

 

 

 

2007

 

 

2006

 

 

2005

 

 

Per Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

29.67

 

$

28.12

 

$

23.88

2

 

 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.49

 

 

0.75

 

 

0.56

 

Net realized and unrealized gain

 

 

9.27

 

 

3.65

 

 

4.85

 

 

 

 

Net increase from investment operations

 

 

9.76

 

 

4.40

 

 

5.41

 

 

 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.70

)

 

(0.49

)

 

(0.54

)

Net realized gains

 

 

(1.13

)

 

(2.36

)

 

(0.59

)

 

 

 

Total dividends and distributions

 

 

(1.83

)

 

(2.85

)

 

(1.13

)

 

 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.04

)

 

 

 

Net asset value, end of period

 

$

37.60

 

$

29.67

 

$

28.12

 

 

 

 

Market price, end of period

 

$

32.14

 

$

26.73

 

$

25.16

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

34.98

%

 

17.30

%

 

22.99

%

 

 

 

At market price

 

 

28.07

%

 

18.11

%

 

5.10

%

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.27

%

 

1.28

%

 

1.30

%4

Net expenses

 

 

1.07

%

 

1.08

%

 

1.10

%4

Net investment income

 

 

1.69

%

 

2.47

%

 

2.59

%4

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

955,984

 

$

889,944

 

$

770,023

 

Portfolio turnover

 

 

47

%

 

40

%

 

64

%

Net assets, end of period (000)

 

$

1,119,310

 

$

883,104

 

$

836,924

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

70

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock Global Equity Income Trust (BFD)


 

 

 

 

 

 

For the Period
March 30, 20071
through October 31,
2007

 

Per Share Operating Performance:

 

 

 

 

Net asset value, beginning of period

 

$

19.10

2

 

 

 

Investment operations:

 

 

 

 

Net investment income

 

 

0.28

 

Net realized and unrealized gain

 

 

1.25

 

 

 

 

Net increase from investment operations

 

 

1.53

 

 

 

 

Dividends and distributions from:

 

 

 

 

Net investment income

 

 

(0.28

)

Net realized gains

 

 

(0.08

)

Tax return of capital

 

 

(0.59

)

 

 

 

Total dividends and distributions

 

 

(0.95

)

 

 

 

Capital charges with respect to issuance of shares

 

 

(0.03

)

 

 

 

Net asset value, end of period

 

$

19.65

 

 

 

 

Market price, end of period

 

$

17.93

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

At net asset value

 

 

8.09

%

 

 

 

At market price

 

 

(5.81

)%

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

Total expenses

 

 

1.11

%4

Net expenses

 

 

1.11

%4

Net investment income

 

 

2.11

%4

 

Supplemental Data:

 

 

 

 

Average net assets (000)

 

$

847,802

 

Portfolio turnover

 

 

39

%

Net assets, end of period (000)

 

$

884,210

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

71



 

 


 

 

Financial Highlights

BlackRock Global Opportunities Equity Trust (BOE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
May 31, 20051
through October 31,
2005

 

 

Year Ended October 31,

 

 

 

         

 

 

2007

 

2006

 

               

Per Share Operating Performance:

Net asset value, beginning of period

 

$

26.72

 

$

23.77

 

$

23.88

2

 

 

                 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.55

 

 

0.58

 

 

0.37

 

Net realized and unrealized gain

 

 

6.32

 

 

4.64

 

 

0.13

 

 

 

                 

Net increase from investment operations

 

 

6.87

 

 

5.22

 

 

0.50

 

 

 

                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.36

)

 

(0.59

)

 

(0.23

)

Net realized gains

 

 

(2.14

)

 

(1.68

)

 

(0.33

)

 

 

                 

Total dividends and distributions

 

 

(2.50

)

 

(2.27

)

 

(0.56

)

 

 

                 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.05

)

 

 

                 

Net asset value, end of period

 

$

31.09

 

$

26.72

 

$

23.77

 

 

 

                 

Market price, end of period

 

$

28.76

 

$

27.61

 

$

23.88

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

At net asset value

 

 

27.47

%

 

24.48

%

 

0.81

%

 

 

                 

At market price

 

 

14.11

%

 

26.64

%

 

(2.21

)%

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets:

Total expenses

 

 

1.15

%

 

1.16

%

 

1.19

%4

Net expenses

 

 

1.15

%

 

1.16

%

 

1.19

%4

Net investment income

 

 

1.87

%

 

2.45

%

 

3.66

%4

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

Average net assets (000)

 

$

352,386

 

$

314,884

 

$

294,175

 

Portfolio turnover

 

 

111

%

 

184

%

 

55

%

Net assets, end of period (000)

 

$

389,741

 

$

331,744

 

$

294,195

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

72

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Financial Highlights

BlackRock Health Sciences Trust (BME)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
March 31, 20051
through October 31,
2005

 

 

Year Ended October 31,

 

 

 

         

 

 

2007

 

2006

 

               

Per Share Operating Performance:

Net asset value, beginning of period

 

$

27.74

 

$

26.38

 

$

23.88

2

 

 

                 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

0.05

 

 

3

 

(0.03

)

Net realized and unrealized gain

 

 

4.76

 

 

3.28

 

 

3.34

 

 

 

                 

Net increase from investment operations

 

 

4.81

 

 

3.28

 

 

3.31

 

 

 

                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.02

)

 

 

 

 

Net realized gains

 

 

(2.20

)

 

(1.92

)

 

(0.77

)

 

 

                 

Total dividends and distributions

 

 

(2.22

)

 

(1.92

)

 

(0.77

)

 

 

                 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.04

)

 

 

                 

Net asset value, end of period

 

$

30.33

 

$

27.74

 

$

26.38

 

 

 

                 

Market price, end of period

 

$

27.05

 

$

27.32

 

$

25.19

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

At net asset value

 

 

18.62

%

 

13.00

%

 

13.88

%

 

 

                 

At market price

 

 

7.42

%

 

16.59

%

 

3.81

%

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets:

Total expenses

 

 

1.13

%

 

1.15

%

 

1.18

%5

Net expenses

 

 

1.13

%

 

1.15

%

 

1.18

%5

Net investment income (loss)

 

 

0.15

%

 

(0.11

)%

 

(0.19

)%5

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

Average net assets (000)

 

$

213,356

 

$

206,098

 

$

192,836

 

Portfolio turnover

 

 

89

%

 

181

%

 

104

%

Net assets, end of period (000)

 

$

230,280

 

$

208,151

 

$

198,005

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Amounted to less than $0.01 per common share outstanding.

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

73



 

 


 

 

Financial Highlights

BlackRock International Growth and Income Trust (BGY)


 

 

 

 

 

 

 

For the Period
May 30, 20071
through October 31,
2007

 

       

Per Share Operating Performance:

Net asset value, beginning of period

 

$

19.10

2

 

 

     

Investment operations:

 

 

 

 

Net Investment income

 

 

0.14

 

Net realized and unrealized gain

 

 

1.50

 

 

 

     

Net increase from investment operations

 

 

1.64

 

 

 

     

Dividends and distributions from:

 

 

 

 

Net investment income

 

 

(0.10

)

Net realized gains

 

 

(0.50

)

 

 

     

Total dividends and distributions

 

 

(0.60

)

 

 

     

Capital charges with respect to issuance of shares

 

 

(0.02

)

 

 

     

Net asset value, end of period

 

$

20.12

 

 

 

     

Market price, end of period

 

$

17.76

 

 

 

     

 

 

 

 

 

Total Investment Return3

At net asset value

 

 

8.93

%

 

 

     

At market price

 

 

(8.17

)%

 

 

     

 

 

 

 

 

Ratios to Average Net Assets:

Total expenses

 

 

1.07

%4

Net expenses

 

 

1.07

%4

Net investment income

 

 

1.75

%4

 

 

 

 

 

Supplemental Data:

Average net assets (000)

 

$

1,973,720

 

Portfolio turnover

 

 

46

%

Net assets, end of period (000)

 

$

2,138,523

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

74

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock Real Asset Equity Trust (BCF)


 

 

 

 

 

 

 

 

 

 

Year Ended
October 31,
2007

 

For the Period
September 29, 20061
through October 31,
2006

Per Share Operating Performance:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.33

 

$

14.33

2

 

 

           

Investment operations:

 

 

 

 

 

 

 

Net investment income

 

 

0.20

 

 

0.04

 

Net realized and unrealized gain

 

 

6.35

 

 

0.98

 

 

 

           

Net increase from investment operations

 

 

6.55

 

 

1.02

 

 

 

           

Dividends and distributions from:

 

 

 

 

 

 

 

Net investment income

 

 

(0.29

)

 

 

Net realized gains

 

 

(0.80

)

 

 

 

 

           

Total dividends and distributions

 

 

(1.09

)

 

 

 

 

           

Capital charges with respect to issuance of shares

 

 

 

 

(0.02

)

 

 

           

Net asset value, end of period

 

$

20.79

 

$

15.33

 

 

 

           

Market price, end of period

 

$

17.59

 

$

15.00

 

 

 

           

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

At net asset value

 

 

45.34

%

 

6.98

%

 

 

           

At market price

 

 

25.67

%

 

%

 

 

           

 

 

 

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

 

 

 

Total expenses

 

 

1.21

%

 

1.42

%4

Net expenses

 

 

1.08

%

 

1.22

%4

Net investment income

 

 

1.37

%

 

2.63

%4

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

Average net assets (000)

 

$

967,707

 

$

787,768

 

Portfolio turnover

 

 

61

%

 

%

Net assets, end of period (000)

 

$

1,179,087

 

$

820,283

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

75



 

 


 

Financial Highlights

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
May 28, 20041
through October 31,
2004

 

 

Year Ended October 31,

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

Per Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

18.55

 

$

15.98

 

$

15.29

 

$

14.33

2

 

 

                       

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.46

 

 

0.39

 

 

0.56

 

 

0.21

 

Net realized and unrealized gain

 

 

2.90

 

 

3.22

 

 

0.88

 

 

0.96

 

 

 

                       

Net increase from investment operations

 

 

3.36

 

 

3.61

 

 

1.44

 

 

1.17

 

 

 

                       

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.44

)

 

(0.49

)

 

(0.37

)

 

(0.17

)

Net realized gains

 

 

(0.40

)

 

(0.55

)

 

(0.38

)

 

 

Tax return of capital

 

 

(0.07

)

 

3

 

 

 

(0.02

)

 

 

                       

Total dividends and distributions

 

 

(0.91

)

 

(1.04

)

 

(0.75

)

 

(0.19

)

 

 

                       

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

(0.02

)

 

 

                       

Net asset value, end of period

 

$

21.00

 

$

18.55

 

$

15.98

 

$

15.29

 

 

 

                       

Market price, end of period

 

$

18.07

 

$

16.36

 

$

14.54

 

$

13.80

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

19.10

%

 

24.34

%

 

10.08

%

 

8.13

%

 

 

                       

At market price

 

 

16.20

%

 

20.52

%

 

10.97

%

 

(6.80

)%

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.20

%

 

1.13

%

 

1.14

%

 

1.23

%5

Net expenses

 

 

1.20

%

 

1.13

%

 

1.14

%

 

1.23

%5

Net investment income

 

 

2.45

%

 

2.45

%

 

3.35

%

 

3.27

%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

118,958

 

$

102,587

 

$

96,697

 

$

87,094

 

Portfolio turnover

 

 

12

%

 

10

%

 

38

%

 

4

%

Net assets, end of period (000)

 

$

126,706

 

$

111,925

 

$

96,402

 

$

92,243

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Amounted to less than $0.01 per common share outstanding.

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

76

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock World Investment Trust (BWC)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
October 27, 20051
through October 31,
2005

 

 

Year Ended October 31,

 

 

 

 

 

 

 

2007

 

2006

 

Per Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.35

 

$

14.42

 

$

14.33

2

 

 

                 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.30

 

 

0.30

 

 

 

Net realized and unrealized gain

 

 

3.74

 

 

2.88

 

 

0.11

 

 

 

                 

Net increase from investment operations

 

 

4.04

 

 

3.18

 

 

0.11

 

 

 

                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.25

)

 

(0.34

)

 

 

Net realized gains

 

 

(1.50

)

 

(0.91

)

 

 

 

 

                 

Total dividends and distributions

 

 

(1.75

)

 

(1.25

)

 

 

 

 

                 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.02

)

 

 

                 

Net asset value, end of period

 

$

18.64

 

$

16.35

 

$

14.42

 

 

 

                 

Market price, end of period

 

$

17.28

 

$

16.59

 

$

15.08

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

26.48

%

 

22.47

%

 

0.80

%

 

 

                 

At market price

 

 

15.56

%

 

18.99

%

 

0.53

%

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.11

%

 

1.10

%

 

1.23

%4

Net expenses

 

 

1.11

%

 

1.10

%

 

1.23

%4

Net investment income

 

 

1.62

%

 

2.04

%

 

2.59

%4

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

889,020

 

$

808,627

 

$

667,368

 

Portfolio turnover

 

 

110

%

 

153

%

 

%

Net assets, end of period (000)

 

$

970,821

 

$

849,947

 

$

672,981

 


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

The Trust incurred certain expenses that were for a full year, which were not annualized. If these expenses were annualized the total expenses and net investment income ratios would have been 2.39% and 1.44%, respectively.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

77



 

 


 

Notes to Financial Statements

 

Note 1. Organization & Accounting Policies

BlackRock Dividend AchieversTM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend AchieversTM Trust (“Enhanced Dividend Achievers”), BlackRock Strategic Dividend AchieversTM Trust (“Strategic Dividend Achievers”), BlackRock EcoSolutions Investment Trust (“EcoSolutions”), BlackRock Global Energy and Resources Trust (“Global Energy and Resources”), BlackRock Global Equity Income Trust (“Global Equity Income”), BlackRock Global Opportunities Equity Trust (“Global Opportunities”), BlackRock Health Sciences Trust (“Health Sciences”), BlackRock International Growth and Income Trust (“International Growth”), BlackRock Real Asset Equity Trust (“Real Asset”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“S&P Quality Rankings”) and BlackRock World Investment Trust (“World Investment”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except EcoSolutions, Global Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). EcoSolutions, Global Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset are registered as non-diversified, closed-end management investment companies under the 1940 Act.

Real Asset was organized on July 19, 2006, and had no transactions until August 23, 2006, when the Trust sold 8,028 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Real Asset commenced on September 29, 2006. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

Global Equity Income was organized on January 10, 2007, and had no transactions until February 22, 2007, when the Trust sold 6,021 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Global Equity Income commenced on March 30, 2007. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

International Growth was organized on March 13, 2007, and had no transactions until April 18, 2007, when the Trust sold 6,178 common shares for $118,001 to BlackRock Funding, Inc. Investment operations for International Growth commenced on May 30, 2007. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

EcoSolutions was organized on June 13, 2007, and had no transactions until July 16, 2007, when the Trust sold 6,964 common shares for $133,012 to BlackRock Funding, Inc. Investment operations for EcoSolutions commenced on September 28, 2007. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

The following is a summary of significant accounting policies followed by the Trusts.

Investment Valuation: The Trusts value most of their investments on the basis of current market quotations provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures based on valuation technology commonly employed in the market for such investments. Effective September 5, 2007, 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 and previously were valued at their last sales price as of the close of options trading on applicable exchanges. Over-the-counter (“OTC”) options quotations are provided by dealers or pricing services selected under the supervision of the Board. Considerations utilized by dealers or pricing services in valuing OTC options include, but are not limited to, volatility factors of the underlying security, price movement of the underlying security in relation to the strike price and the time left until expiration of the option. Investments in open-end investment companies are valued at net asset value. Short-term debt investments having a remaining maturity of 60 days or less when purchased and debt investments originally purchased with maturities in excess of 60 days but which currently have maturities of 60 days or less may be valued at amortized cost. Any investments or other assets for which current market quotations are not readily available are valued at their fair value (“Fair Value Assets”) as determined in good faith under procedures established by and under the general supervision and responsibility of the Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications for FAS 157 and its impact on the Trust’s financial statements, if any, has not been determined.

In addition, in February 2007, Statement of Financial Accounting Standard No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at

 

 

 

 

 

 

 

 

78

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Notes to Financial Statements (continued)

fair value that are not currently required to be measured as fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similiar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Trusts’ financial statements, if any, has not been determined.

Investment Transactions and Investment Income: Investment transactions are recorded on the trade date. The cost of investments sold and the related gain or loss is determined by the use of the specific identified method, generally high cost, for both financial reporting and federal income tax purposes. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed. These dividends are recorded as soon as the Trusts are informed of the ex-dividend date. Dividend income on foreign securities is recorded net of any applicable withholding tax.

Forward Currency Contracts: Certain Trusts may enter into forward currency contracts primarily to facilitate settlement of purchases and sales of foreign securities and to help manage the overall exposure to foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. In the event that a security fails to settle within the normal settlement period, the forward currency contract is renegotiated at a new rate. The gain or loss arising from the difference between the settlement value of the original and renegotiated forward contracts is isolated and is included in net realized gains (losses) from foreign currency transactions. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contract.

Forward currency contracts, when used by the Trusts, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trusts. Forward currency contracts are not meant to be used to eliminate all of the exposure to the foreign currency, rather they allow the Trusts to limit their exposure to foreign currency within a narrow band consistent with the objectives of the Trusts.

Foreign Currency Translation: Foreign currency amounts are translated into United States dollars on the following basis:

 

 

 

 

(i)

market value of investment securities, other assets and liabilities at the current rate of exchange; and

 

 

 

 

(ii)

purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Trusts do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. The Trusts report forward foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Net realized and unrealized foreign exchange gains and losses includes realized foreign exchange gains and losses from sales and maturities of foreign portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of interest and discount recorded on the Trusts’ books and the U.S. dollar equivalent amounts actually received or paid, and changes in unrealized foreign exchange gains and losses in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Option Writing/Purchasing: When a Trust writes or purchases an option, an amount equal to the premium received or paid by the Trust is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Trust on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether a Trust has realized a gain or a loss on investment transactions. A Trust, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period.

The main risk that is associated with purchasing options is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the loss. The risk associated with writing call options is that a Trust may forgo the opportunity for a profit if the market value of the underlying position increases and the option is exercised. The risk in writing put options is that a Trust may incur a loss if the market value of the underlying position decreases and the option is exercised. In addition, the Trust risks not being able to enter into a closing transaction for the written option as a result of an illiquid market.

Certain Trusts may invest in over-the-counter (“OTC”) options. OTC options differ from exchange-listed options in that they are two-party contracts, with exercise price, premium and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-listed options. The counterparties to these transactions typically will be major international banks, broker-dealers and financial institutions. The

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

79



 


 

Notes to Financial Statements (continued)

Trusts may be required to restrict the sale of securities being used to cover certain written OTC options. The OTC options written by the Trust will not be issued, guaranteed or cleared by the Options Clearing Corporation. In addition, the Trusts’ ability to terminate the OTC options may be more limited than with exchange-traded options. Banks, broker-dealers or other financial institutions participating in such transaction may fail to settle a transaction in accordance with the terms of the option as written. In the event of default or insolvency of the counterparty, the Trusts may be unable to liquidate an OTC option position. The Trusts closely monitor OTC options and do not anticipate non-performance by any counterparty.

Financial Futures Contracts: A financial futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and a Trust’s basis in the contract.

Financial futures contracts, when used by a Trust, help in maintaining a targeted duration. Financial futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, a Trust may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Securities Lending: The Trusts’ may lend securities to financial institutions that provide cash or securities issued or guaranteed by the U.S. government as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Trusts’ and any additional required collateral is delivered to the Trusts’ on the next business day. Where the Trusts’ receive securities as collateral for the loaned securities, it collects a fee from the borrower. The Trusts’ typically receive the income on the loaned securities but does not receive the income on the collateral. Where the Trusts’ receive cash collateral, it may invest such collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within five business days. The Trusts’ may pay reasonable finder’s, lending agent, administrative and custodial fees in connection with its loans. 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 where the value of the collateral falls below the market value of the borrowed securities, in the event of borrower default or in the event of losses on investments made with cash collateral.

Total Return Swaps: Total return swaps are agreements in which one party commits to pay interest in exchange for a market-linked return. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Trust will receive a payment from or make a payment to the counterparty.

During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by “marking-to-market” to reflect the market value of the swap. When the swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any.

The Trusts are exposed to credit loss in the event of non-performance by the other party to the swap. However, the Trusts closely monitor swaps and do not anticipate non-performance by any counterparty.

Segregation: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require a Trust to segregate assets in connection with certain investments (e.g., call options written), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized gains, if any, to shareholders. Therefore, no federal income tax provisions have been recorded.

In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48 (“FIN 48”) “Accounting for Uncertainty in Income Taxes — an interpretation of FAS Statement No. 109.” FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including mutual funds, before being measured and recognized in the financial statements. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. The impact on each of Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences, Real Asset, S&P Quality Rankings and World Investment financial statements, if, any, is currently being assessed.

Effective October 31, 2007, EcoSolutions, Global Equity Income and International Growth implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to EcoSolutions, Global Equity Income and International Growth and has determined that the adoption of FIN 48 does not have a material impact on the financial

 

 

 

 

 

 

 

 

80

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Notes to Financial Statements (continued)

statements. The EcoSolutions, Global Equity Income and International Growth will file their first Federal and state tax returns in 2008 for the period ended October 31, 2007.

Dividends and Distributions: All Trusts except Enhanced Dividend AchieversTM, Real Asset and World Investment declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Enhanced Dividend AchieversTM, Real Asset and World Investment declare and pay dividends and distributions to shareholders monthly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. If the total dividends and distributions made in any tax year exceeds net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax-free return of capital. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities including investment valuations at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the Trusts’ Board, non-interested Trustees (“Independent Trustees”) are required to defer a portion of their annual complex-wide compensation pursuant to the plan. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Independent Trustees. These amounts are shown on the Statement of Assets and Liabilities as “Investments in affiliates.” This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts in such Trusts.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Independent Trustees in order to match its deferred compensation obligations.

Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally prorated to the Trusts on the basis of relative net assets of all of the BlackRock Closed-End Funds.

Note 2. Agreements and Other Transactions with Affiliates and Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Dividend AchieversTM, Enhanced Dividend AchieversTM, Strategic Dividend AchieversTM, S&P Quality Rankings and World Investment. State Street Research & Management Company (“SSRM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Global Energy and Resources. BlackRock Investment Management, LLC (“BIM”) and BlackRock Investment Management International Limited (“BII”), each a wholly owned subsidiary of BlackRock, Inc., serve as sub-advisor to Real Asset. BlackRock Capital Management, Inc. (“BCM”), a wholly owned subsidiary of BlackRock, Inc., and BIM serve as sub-advisor to Global Equity Income. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are principal owners of BlackRock, Inc. The Investment Management Agreement covers both investment advisory and administration services.

The Trusts’ investment advisory fees paid to the Advisor are computed weekly, accrued daily and payable monthly, based on an annual rate, 0.65% for Dividend AchieversTM, 1.00% for Enhanced Dividend AchieversTM, 0.75% for Strategic Dividend AchieversTM, 1.20% for EcoSolutions, 1.20% for Global Energy and Resources, 1.00% for Global Equity Income, 1.00% for Global Opportunities, 1.00% for Health Sciences, 1.00% for International Growth, 1.20% for Real Asset, 0.75% for S&P Quality Rankings and 1.00% for World Investment, of the Trust’s average weekly net assets. “Net assets” means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory fees or some other expenses on Global Energy and Resources and Real Asset as a percentage of its average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2004 through 2009 for Global Energy and Resources and 2006 through 2011 for Real Asset), 0.15% in 2010 for Global Energy and Resources and in 2012 for Real Asset, 0.10% in 2011 for Global Energy and Resources and in 2013 for Real Asset and 0.05% in 2012 for Global Energy and Resources and in 2014 for Real Asset.

The Advisor pays BFM, SSRM, BCM, BIM and BII fees for its sub-advisory services.

Pursuant to the Investment Management Agreement, the Advisor provides continuous supervision of the investment portfolios and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. The Trust bears all other costs and expenses, which include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support and compliance support to the Trust. For the period ended October 31, 2007, the Trusts reimbursed the Advisor the following amounts which are included in miscellaneous expenses in the Statements of Operations:

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

81



 


 

Notes to Financial Statements (continued)


 

 

 

 

       

Trust

 

Amount

 

       

Dividend AchieversTM

 

$

24,160

 

Enhanced Dividend AchieversTM

 

 

26,257

 

Strategic Dividend AchieversTM

 

 

17,022

 

Global Energy and Resources

 

 

27,676

 

Global Equity Income

 

 

12,890

 

Global Opportunities

 

 

10,569

 

Health Sciences

 

 

7,417

 

International Growth

 

 

10,520

 

Real Asset

 

 

12,117

 

S&P Quality Rankings

 

 

3,887

 

World Investment

 

 

22,618

 

         

Dividend Achievers Universe: Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM have been granted a revocable license by Mergent®, Inc. (“Mergent®”) to use the Dividend AchieverTM universe of common stocks. If Mergent® revokes each Trust’s license to use the Dividend AchieversTM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. ‘‘Mergent®’’ and ‘‘Dividend AchieversTM’’ are trademarks of Mergent® and have been licensed for use by Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM. The products are not sponsored, endorsed, sold or promoted by Mergent® and Mergent® makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown on the Statement of Operations.

S&P Quality Rankings: S&P Quality Rankings has been granted a license by Standard & Poor’s®, (“S&P®”) to use the S&P Quality Rankings and the S&P International Quality Rankings. If S&P® terminates the license to use either the S&P Quality Rankings or the S&P International Quality Rankings, the Board may need to adopt a new investment strategy and/or new investment polices. There is no assurance that the Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Standard & Poor’s®”, “S&P®”, “Standard & Poor’s Earnings and Dividend Rankings”, “S&P Earnings and Dividend Rankings”, “Standard & Poor’s Quality Rankings”, “Standard & Poor’s International Quality Rankings”, “S&P International Quality Rankings” and “S&P Quality Rankings” are trademarks of Standard & Poor’s® and have been licensed for use by the Trust. The Trust is not sponsored, managed, advised, sold or promoted by Standard & Poor’s®. The Trust is required to pay a quarterly licensing fee to S&P, which is shown on the Statement of Operations.

During the period ended October 31, 2007, Merrill Lynch, through its affiliated broker-dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), earned commissions on transactions of securities as follows:

 

 

 

 

 

       

Trust

 

Commission
Amount

 

         

Enhanced Dividend AchieversTM

 

$

94,302

 

Global Energy and Resources

 

 

28,633

 

Global Equity Income

 

 

826,290

 

Global Opportunities

 

 

32,690

 

Health Sciences

 

 

23,013

 

International Growth

 

 

16,532

 

Real Asset

 

 

111,344

 

World Investment

 

 

89,209

 

         

For the year ended October 31, 2007, investments in companies considered to be an affiliate of the Trusts, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

 

 

 

 

 

 

 

 

 

 

               

Trust

 

 

Portfolio Company

 

Net
Purchases
(000)

 

Dividend
Income

               

Enhanced Dividend AchieversTM

 

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

7,125

 

$

8,180

Global Energy and Resources

 

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

44,288

 

 

5,840

Health Sciences

 

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

3,176

 

 

6,107

World Investment

 

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

 

 

174

                   

The Trusts’ have received an exemptive order from the Securities and Exchange Commission permitting it to lend portfolio securities to Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, or its affiliates. As of October 31, 2007, Global Energy and Resources lent securities with a value of $7,482,068 to MLPF&S or its affiliates. Pursuant to that order, the Trusts’ have retained BIM as the securities lending agent for a fee based on a share of the returns on investment of cash collateral. 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. For the period ended October 31, 2007, BIM received $5,075 in securities lending agent fees.

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the period ended October 31, 2007 were as follows:

 

 

 

 

 

 

 

 

           

Trust

 

Purchases

 

Sales

 

           

Dividend AchieversTM

 

$

108,063,029

 

$

135,902,723

 

Enhanced Dividend AchieversTM

 

 

1,006,962,884

 

 

898,253,784

 

Strategic Dividend AchieversTM

 

 

78,353,879

 

 

94,299,467

 

EcoSolutions

 

 

184,432,930

 

 

3,597,974

 

Global Energy and Resources

 

 

433,078,331

 

 

520,115,325

 

Global Equity Income

 

 

1,050,038,205

 

 

274,910,581

 

Global Opportunities

 

 

389,591,251

 

 

400,675,215

 

Health Sciences

 

 

170,536,895

 

 

203,004,814

 

International Growth

 

 

2,649,447,422

 

 

762,460,716

 

Real Asset

 

 

644,592,184

 

 

517,549,143

 

S&P Quality Rankings

 

 

13,776,856

 

 

16,437,638

 

World Investment

 

 

965,681,759

 

 

1,013,493,876

 

               

 

 

 

 

 

 

 

 

82

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Notes to Financial Statements (continued)

Transactions in options written during the period ended October 31, 2007 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

Trust

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

                   

Enhanced Dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

AchieversTM

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

6,951,027

 

$

8,225,806

 

 

90,000

 

$

27,000

 

Options written

 

 

36,011,273

 

 

61,657,096

 

 

362,760

 

 

1,135,510

 

Options expired

 

 

(13,107,884

)

 

(20,142,414

)

 

(307,965

)

 

(761,741

)

Options exercised

 

 

(9,199,896

)

 

(13,684,509

)

 

(93,345

)

 

(274,976

)

Options closed

 

 

(15,876,007

)

 

(22,186,743

)

 

(51,450

)

 

(125,793

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

4,778,513

 

$

13,869,236

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

EcoSolutions

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

$

 

Options written

 

 

4,384,092

 

 

2,617,220

 

 

2,389,528

 

 

644,955

 

Options expired

 

 

 

 

 

 

(50

)

 

(5,350

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

4,384,092

 

$

2,617,220

 

 

2,389,478

 

$

639,605

 

 

 

   

 

   

 

   

 

   

 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

1,136,290

 

$

5,347,629

 

 

511,460

 

$

1,008,817

 

Options written

 

 

6,574,054

 

 

31,149,259

 

 

126,708

 

 

2,446,775

 

Options expired

 

 

(1,474,080

)

 

(6,655,383

)

 

(511,176

)

 

(1,604,093

)

Options exercised

 

 

(845,295

)

 

(2,829,349

)

 

(29,571

)

 

(326,291

)

Options closed

 

 

(2,371,144

)

 

(12,848,553

)

 

(71,007

)

 

(1,352,593

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

3,019,825

 

$

14,163,603

 

 

26,414

 

$

172,615

 

 

 

   

 

   

 

   

 

   

 

Global Equity Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

$

 

Options written

 

 

33,396

 

 

51,811,912

 

 

 

 

 

Options expired

 

 

(1,740

)

 

(1,640,953

)

 

 

 

 

Options closed

 

 

(28,043

)

 

(44,735,102

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

3,613

 

$

5,435,857

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

8,934,189

 

$

4,111,793

 

 

 

$

 

Options written

 

 

42,554,132

 

 

29,415,522

 

 

198,244

 

 

283,875

 

Options expired

 

 

(8,921,988

)

 

(4,742,211

)

 

(162,816

)

 

(109,427

)

Options exercised

 

 

(14,821,398

)

 

(5,595,529

)

 

(33,965

)

 

(76,656

)

Options closed

 

 

(14,131,831

)

 

(11,540,028

)

 

(763

)

 

(79,242

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

13,613,104

 

$

11,649,547

 

 

700

 

$

18,550

 

 

 

   

 

   

 

   

 

   

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

235,261

 

$

1,704,633

 

 

 

$

 

Options written

 

 

1,436,155

 

 

10,120,369

 

 

83,335

 

 

1,422,036

 

Options expired

 

 

(428,950

)

 

(1,870,696

)

 

(51,754

)

 

(591,027

)

Options exercised

 

 

(98,208

)

 

(1,413,021

)

 

(1,152

)

 

(123,124

)

Options closed

 

 

(702,300

)

 

(5,465,325

)

 

(4,068

)

 

(319,341

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

441,958

 

$

3,075,960

 

 

26,361

 

$

388,544

 

 

 

   

 

   

 

   

 

   

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

Trust

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

                           

International Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

$

 

Options written

 

 

318,341,635

 

 

93,131,013

 

 

195,945

 

 

532,872

 

Options expired

 

 

(86,801,428

)

 

(30,032,939

)

 

(190,000

)

 

(45,095

)

Options exercised

 

 

(90,103,929

)

 

(11,740,787

)

 

(365

)

 

(37,249

)

Options closed

 

 

(37,478,168

)

 

(15,482,775

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

103,958,110

 

$

35,874,512

 

 

5,580

 

$

450,528

 

 

 

   

 

   

 

   

 

   

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

6,843,497

 

$

4,653,527

 

 

5,234,825

 

$

3,404,041

 

Options written

 

 

57,281,070

 

 

59,963,679

 

 

2,338,209

 

 

12,483,516

 

Options expired

 

 

(18,568,539

)

 

(13,951,180

)

 

(6,111,991

)

 

(8,925,097

)

Options exercised

 

 

(20,968,430

)

 

(12,298,126

)

 

(595,663

)

 

(2,934,565

)

Options closed

 

 

(15,887,969

)

 

(21,385,953

)

 

(309,426

)

 

(2,657,676

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

8,699,629

 

$

16,981,947

 

 

555,954

 

$

1,370,219

 

 

 

   

 

   

 

   

 

   

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

24,148,361

 

$

9,547,129

 

 

 

$

 

Options written

 

 

98,037,264

 

 

65,343,073

 

 

837,566

 

 

807,731

 

Options expired

 

 

(25,651,710

)

 

(12,024,500

)

 

(735,649

)

 

(349,841

)

Options exercised

 

 

(34,835,848

)

 

(14,299,162

)

 

(98,155

)

 

(206,425

)

Options closed

 

 

(30,752,566

)

 

(22,776,946

)

 

(1,962

)

 

(203,766

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

30,945,501

 

$

25,789,594

 

 

1,800

 

$

47,699

 

 

 

   

 

   

 

   

 

   

 

As of October 31, 2007, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

       

Trust

 

Value

 

       

Enhanced Dividend AchieversTM

 

$

497,460,120

 

EcoSolutions

 

 

63,649,378

 

Global Energy and Resources

 

 

243,537,729

 

Global Equity Income

 

 

426,398,284

 

Global Opportunities

 

 

243,667,328

 

Health Sciences

 

 

58,721,842

 

International Growth

 

 

1,036,905,491

 

Real Asset

 

 

307,367,388

 

World Investment

 

 

602,763,363

 

         

Details of open forward foreign currency exchange contracts at October 31, 2007, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Trust

 

Foreign
Currency
Bought

 

Settlement
Date

 

Contract to
Purchase/
Receive

 

Value at
Settlement
Date (US$)

 

Value at
October 31,
2007 (US$)

 

Unrealized
Appreciation

 

                                       

EcoSolutions

 

 

Euro

 

 

11/05/07

 

77,000

 

 

 

111,240

 

 

111,537

 

 

$

297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Real Asset

 

 

British Pounds

 

 

11/05/07

 

365,000

 

 

 

758,223

 

 

758,946

 

 

$

723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Details of open total return swaps at October 31, 2007, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Trust(a)

 

Notional
Amount

 

Counter
Party

 

Floating
Rate

 

Effective
Date

 

Termination
Date

 

Unrealized
Appreciation

 

                           

Global Energy and Resources

 

$

48,235,850

 

Bank of America

 

6-Month
Libor + 25 Bps

 

08/23/07

 

02/25/08

 

$

15,831,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

$

10,495,794

 

Bank of America

 

6-Month
Libor + 25 Bps

 

08/29/07

 

02/29/08

 

$

354,737

 

                             

 

 

(a)

The fixed rate is based on the return of the underlying equity baskets.


 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

83



 


 

Notes to Financial Statements (continued)

Note 4. Income Tax Information

No provision is made for U.S. federal taxes as it is the Trusts’ intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders which will be sufficient to relieve it from federal income and excise taxes.

Dividends from net investment income and distributions from net capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital, undistributed net investment income, or accumulated net realized gain, as appropriate, in the period the difference arise.

Reclassification of Capital Accounts: U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below summarizes the amounts reclassified per Trust during the current year between undistributed (distributions in excess of ) net investment income and accumulated net realized gain (loss) and paid-in capital in excess of par as a result of permanent differences attributable to accounting for real estate investment trusts, the tax characterization of income recognized from partnerships, foreign currency transactions and nondeductible expenses. These reclassifications have no effect on net assets or net asset values per share.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             

Trust

 

Undistributed Net
Investment Income/
Distributions in Excess
of Net Investment Income

 

Accumulated
Gain/(Loss)

Paid-In
Capital in
Excess
of Par

 

                   

Dividend AchieversTM

 

 

$

(769,620

)

 

 

$

769,620

 

 

 

$

 

 

Enhanced Dividend AchieversTM

 

 

 

(1,215,055

)

 

 

 

1,215,055

 

 

 

 

 

 

Strategic Dividend AchieversTM

 

 

 

(1,269,840

)

 

 

 

1,269,840

 

 

 

 

 

 

EcoSolutions

 

 

 

(177,297

)

 

 

 

195,297

 

 

 

 

(18,000

)

 

Global Energy and Resources

 

 

 

(1,410,572

)

 

 

 

1,410,572

 

 

 

 

 

 

Global Equity Income

 

 

 

1,910,496

 

 

 

 

(1,895,496

)

 

 

 

(15,000

)

 

Global Opportunities

 

 

 

305,585

 

 

 

 

(305,585

)

 

 

 

 

 

Health Sciences

 

 

 

3,103

 

 

 

 

(3,103

)

 

 

 

 

 

International Growth

 

 

 

1,072,739

 

 

 

 

(1,054,739

)

 

 

 

(18,000

)

 

Real Asset

 

 

 

647,382

 

 

 

 

(647,382

)

 

 

 

 

 

S&P Quality Rankings

 

 

 

(165,639

)

 

 

 

165,639

 

 

 

 

 

 

World Investment

 

 

 

1,074,685

 

 

 

 

(1,074,685

)

 

 

 

 

 

                                 

The tax character of distributions paid during the periods ended October 31, 2007 and October 31, 2006 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2007

 

 

 

 

 

Distributions
Paid from:

 

Ordinary
Income

 

Non-taxable
Return of
Capital

 

Long-term
Capital Gains

 

Total
Distributions

 

                           

Dividend AchieversTM

 

$

24,327,327

 

$

4,120,753

 

$

20,618,405

 

$

49,066,485

 

Enhanced Dividend AchieversTM

 

 

71,739,757

 

 

 

 

13,457,482

 

 

85,197,239

 

Strategic Dividend AchieversTM

 

 

10,698,892

 

 

3,200,857

 

 

10,317,479

 

 

24,217,228

 

EcoSolutions

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

 

54,649,315

 

 

 

 

 

 

54,649,315

 

Global Equity Income

 

 

16,348,253

 

 

26,364,301

 

 

 

 

42,712,554

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2007 (continued)

 

 

 

 

 

Distributions
Paid from:

 

Ordinary
Income

 

Non-taxable
Return of
Capital

 

Long-term
Capital Gains

 

Total
Distributions

 

                   

Global Opportunities Equity

 

24,303,443

 

 

 

 

7,127,139

 

 

31,430,582

 

 

Health Sciences

 

16,832,037

 

 

 

 

 

 

16,832,037

 

 

International Growth

 

64,506,589

 

 

 

 

 

 

64,506,589

 

 

Real Asset

 

58,762,586

 

 

 

 

2,890,383

 

 

61,652,969

 

 

S&P Quality Rankings

 

2,627,579

 

 

393,714

 

 

2,408,434

 

 

5,429,727

 

 

World Investment

 

85,360,467

 

 

 

 

5,688,043

 

 

91,048,510

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2006

 

 

 

 

 

Distributions
Paid from:

 

Ordinary
Income

 

Non-taxable
Return of
Capital

 

Long-term
Capital Gains

 

Total
Distributions

 

                           

Dividend AchieversTM

 

$

23,135,339

 

 

$

8,978,900

 

 

$

16,952,248

 

 

$

49,066,487

 

 

Enhanced Dividend AchieversTM

 

 

51,946,761

 

 

 

 

 

 

32,569,547

 

 

 

84,516,308

 

 

Strategic Dividend AchieversTM

 

 

10,051,697

 

 

 

 

 

 

14,165,531

 

 

 

24,217,228

 

 

Global Energy and Resources

 

 

42,657,932

 

 

 

 

 

 

41,980,821

 

 

 

84,638,753

 

 

Global Opportunities Equity

 

 

27,654,546

 

 

 

 

 

 

502,975

 

 

 

28,157,521

 

 

Health Sciences

 

 

12,399,889

 

 

 

 

 

 

2,032,812

 

 

 

14,432,701

 

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P Quality Rankings

 

 

3,563,848

 

 

 

29,330

 

 

 

2,668,835

 

 

 

6,262,013

 

 

World Investment

 

 

64,975,119

 

 

 

 

 

 

 

 

 

64,975,119

 

 

                           

As of October 31, 2007, the components of distributable earnings on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

                     

Trust

 

Undistributed
Ordinary
Income

 

Undistributed
Long-Term
Gains

 

Unrealized Net
Appreciation

 

                     

Dividend AchieversTM

 

$

 

$

 

 

103,746,984

 

Enhanced Dividend AchieversTM

 

 

12,002,709

 

 

 

 

(26,496,960

)

Strategic Dividend AchieversTM

 

 

 

 

 

 

36,325,440

 

EcoSolutions

 

 

95,219

 

 

 

 

14,547,578

 

Global Energy and Resources

 

 

10,743,866

 

 

52,040,300

 

 

347,161,029

 

Global Equity Income

 

 

 

 

 

 

52,734,295

 

Global Opportunities Equity

 

 

2,249,167

 

 

10,062,780

 

 

78,311,388

 

Health Sciences

 

 

452,538

 

 

6,587,937

 

 

42,082,936

 

International Growth

 

 

4,673,349

 

 

 

 

104,850,899

 

Real Asset

 

 

23,706,314

 

 

 

 

344,307,942

 

S&P Quality Rankings

 

 

 

 

 

 

40,993,113

 

World Investment

 

 

1,779,435

 

 

36,382,024

 

 

187,551,557

 

                     

The difference between book-basis and tax-basis unrealized gains/losses is attributable primarily to amortization methods of premiums and discounts on fixed income securities, the tax deferral of losses on wash sales, the tax deferral of losses on straddles, the timing of recognition of income from partnership investments, accounting for investments in real estate investment trusts, unrealized gains on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains/(losses) on certain futures and foreign currency contracts, deferred compensation to trustees and other temporary differences.

Note 5. Capital

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for the Trusts. At October 31, 2007, the shares owned by an affiliate of the Advisor of the Trusts were as follows:

 

 

 

 

 

 

 

 

84

ANNUAL REPORT

OCTOBER 31, 2007

 




Notes to Financial Statements (continued)

 

 

 

 

 

 

Trust

 

Common
Shares Owned

 

 

Dividend AchieversTM

 

8,028

 

 

Enhanced Dividend AchieversTM

 

8,028

 

 

Strategic Dividend AchieversTM

 

8,028

 

 

EcoSolutions

 

6,964

 

 

Global Energy and Resources

 

4,817

 

 

Global Equity Income

 

6,021

 

 

Global Opportunities

 

4,817

 

 

Health Sciences

 

4,817

 

 

International Growth

 

6,178

 

 

Real Asset

 

8,028

 

 

S&P Quality Rankings

 

8,028

 

 

World Investment

 

8,028

 

 

 

Transaction in common shares of beneficial interest for the periods ended October 31, 2007, and October 31, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Commencement
of Investment
Operations

 

Initial
Public
Offering

 

Underwriters’
Exercising the
Over-allotment
Option

 

 

EcoSolutions

 

 

September 28, 2007

 

 

11,756,964

 

 

 

Global Equity Income

 

 

March 30, 2007

 

 

40,006,021

 

 

4,919,954

 

International Growth

 

 

May 30, 2007

 

 

98,506,178

 

 

7,800,000

 

Real Asset

 

 

September 29, 2006

 

 

53,508,028

 

 

3,200,000

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Reinvestment of
Dividends and
Distributions for
the period ended
October 31, 2007

 

Reinvestment of
Dividends and
Distributions for
the period ended
October 31, 2006

 

 

Enhanced Dividend AchieversTM

 

354,756

 

 

334,800

 

 

Global Equity Income

 

69,217

 

 

 

 

Global Opportunities

 

120,470

 

 

36,764

 

 

Health Sciences

 

86,683

 

 

 

 

World Investment

 

98,239

 

 

64,870

 

 

 

Offering costs incurred in connection with the Trusts’ offering of common shares have been charged against the proceeds from the initial common share offering of the common shares for EcoSolutions, Global Equity Income International Growth, and Real Asset in the amount of $1,415,735, $1,287,151, $1,449,386 and $1,254,847, respectively.

Note 6. Concentration Risks

As of October 31, 2007, the Trusts listed below had the following industry classifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

Global
Equity
Income

 

Global
Oppor-
tunities

 

Inter-
national
Growth

 

S&P
Quality
Rankings

 

World
Investment

 

 

Financial Institutions

 

22

%

 

12

%

 

17

%

 

22

%

 

13

%

 

Energy

 

15

 

 

23

 

 

15

 

 

17

 

 

24

 

 

Consumer Products

 

11

 

 

17

 

 

14

 

 

11

 

 

17

 

 

Health Care

 

8

 

 

5

 

 

 

 

6

 

 

6

 

 

Industrials

 

9

 

 

9

 

 

14

 

 

12

 

 

8

 

 

Telecommunications

 

8

 

 

7

 

 

9

 

 

7

 

 

7

 

 

Technology

 

10

 

 

9

 

 

5

 

 

10

 

 

8

 

 

Basic Materials

 

6

 

 

8

 

 

13

 

 

3

 

 

8

 

 

Media

 

3

 

 

 

 

2

 

 

 

 

 

 

Entertainment & Leisure

 

2

 

 

1

 

 

 

 

1

 

 

1

 

 

Real Estate

 

2

 

 

4

 

 

5

 

 

6

 

 

4

 

 

Aerospace & Defense

 

 

 

1

 

 

1

 

 

1

 

 

1

 

 

Automotive

 

2

 

 

1

 

 

2

 

 

1

 

 

1

 

 

Transportation

 

2

 

 

2

 

 

2

 

 

 

 

2

 

 

Building & Development

 

 

 

1

 

 

1

 

 

 

 

 

 

Business Equipment &Services

 

 

 

 

 

 

 

3

 

 

 

 

 

As of October 31, 2007, the Trusts listed below had the following geographic concentrations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country

 

EcoSolutions

 

Global
Energy and
Resources

 

Health
Sciences

 

Real
Asset

 

 

United States

 

35

%

 

60

%

 

89

%

 

45

%

 

United Kingdom

 

8

 

 

3

 

 

 

 

15

 

 

Belgium

 

7

 

 

 

 

 

 

 

 

Germany

 

7

 

 

 

 

1

 

 

 

 

Brazil

 

4

 

 

2

 

 

 

 

5

 

 

Canada

 

4

 

 

17

 

 

 

 

13

 

 

Hong Kong

 

4

 

 

1

 

 

 

 

 

 

Spain

 

4

 

 

 

 

 

 

 

 

Denmark

 

3

 

 

1

 

 

 

 

 

 

France

 

3

 

 

2

 

 

1

 

 

1

 

 

Australia

 

2

 

 

2

 

 

 

 

9

 

 

Bermuda

 

2

 

 

2

 

 

 

 

 

 

Norway

 

2

 

 

3

 

 

 

 

1

 

 

Switzerland

 

2

 

 

 

 

7

 

 

 

 

Argentina

 

1

 

 

 

 

 

 

 

 

Austria

 

1

 

 

 

 

 

 

 

 

Chile

 

1

 

 

 

 

 

 

 

 

China

 

1

 

 

 

 

2

 

 

2

 

 

Greece

 

1

 

 

3

 

 

 

 

 

 

Israel

 

1

 

 

 

 

 

 

 

 

Italy

 

1

 

 

2

 

 

 

 

 

 

Japan

 

1

 

 

 

 

 

 

 

 

Malaysia

 

1

 

 

 

 

 

 

 

 

Netherlands

 

1

 

 

1

 

 

 

 

2

 

 

Philippines

 

1

 

 

 

 

 

 

 

 

Singapore

 

1

 

 

 

 

 

 

 

 

South Africa

 

1

 

 

 

 

 

 

3

 

 

Luxembourg

 

 

 

1

 

 

 

 

 

 

Mexico

 

 

 

 

 

 

 

1

 

 

New Guinea

 

 

 

 

 

 

 

1

 

 

Peru

 

 

 

 

 

 

 

1

 

 

Russia

 

 

 

 

 

 

 

1

 

 

 

Note 7. Subsequent Event

Subsequent to October 31, 2007, the relevant Board declared distributions per common share for Enhanced Dividend AchieversTM, Global Opportunities, International Growth, Real Asset, S&P Quality Rankings and World Investment payable November 30, 2007, to shareholders of record on November 15, 2007 with an ex-date of November 13, 2007, and for Dividend AchieversTM, Enhanced Dividend AchieversTM, Strategic Dividend AchieversTM, EcoSolutions, Global Energy and Resources, Health Sciences, Real Asset and World Investment payable December 31, 2007, to shareholders of record on December 20, 2007 with an ex-date of December 18, 2007. The per share distributions declared were as follows:

 

 

 

 

 

 

 

 

Trust

 

Distribution per
Common Share

 

 

Dividend AchieversTM

 

 

$

0.225000

 

 

Enhanced Dividend AchieversTM

 

 

 

0.101875

 

 

Strategic Dividend AchieversTM

 

 

 

0.225000

 

 

EcoSolutions

 

 

 

0.400000

 

 

Global Energy and Resources

 

 

 

0.375000

 

 

Global Equity Income

 

 

 

0.475000

 

 

Global Opportunities

 

 

 

0.568750

 

 

Health Sciences

 

 

 

0.384375

 

 

International Growth

 

 

 

0.151700

 

 

Real Asset

 

 

 

0.090600

 

 

S&P Quality Rankings

 

 

 

0.225000

 

 

World Investment

 

 

 

0.113750

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

85




Report of Independent Registered Public Accounting Firm

 

 

To the Trustees and Shareholders of:

 

BlackRock Dividend AchieversTM Trust

 

BlackRock Enhanced Dividend AchieversTM Trust

 

BlackRock Strategic Dividend AchieversTM Trust

 

BlackRock EcoSolutions Investment Trust

 

BlackRock Global Energy and Resources Trust

 

BlackRock Global Equity Income Trust

 

BlackRock Global Opportunities Equity Trust

 

BlackRock Health Sciences Trust

 

BlackRock International Growth and Income Trust

 

BlackRock Real Asset Equity Trust

 

BlackRock S&P Quality Rankings Global Equity Managed Trust

 

BlackRock World Investment Trust

 

(Individually a “Trust,” and collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2007, and the related statements of operations for the period then ended, the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2007, the results of their operations for the period then ended, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

New York, New York
December 28, 2007

 

 

 

 

 

 

 

 

86

ANNUAL REPORT

OCTOBER 31, 2007

 




Dividend Reinvestment Plans (unaudited)

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions reinvested by The Bank of New York (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.

The Plan Agent serves as agent for the shareholders in administering the Plan. After a Trust declares a distribution, the Plan Agent will acquire shares for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open-market purchases”). If, on the distribution payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the distribution amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the distribution by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the distribution will be divided by 95% of the market price on the payment date. If, on the distribution payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the distribution amount in shares acquired on behalf of the participants in open-market purchases.

Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the distribution record date; otherwise such termination or resumption will be effective with respect to any subsequently declared distribution.

The Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of distributions. The automatic reinvestment of distributions will not relieve participants of any federal income tax that may be payable on such distributions.

Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at The Bank of New York, Dividend Reinvestment Department, P.O. Box 1958, Newark, New Jersey 07101-9774; or by calling 1-866-216-0242.

 

BlackRock Privacy Principles


 

 

 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

 

 

 

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

 

 

 

BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web site.

 

 

 

BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic personal information about its Clients, except as permitted by law or as is necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

 

 

 

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

87




Additional Information (unaudited)

The Joint Annual Meeting of Shareholders, for each Trust other than EcoSolutions was held on August 16, 2007 for shareholders of record on June 20, 2007, to elect director or trustee nominees of each Trust. This proposal was part of the reorganization of the Trust’s Boards of Trustees (the “Boards”) to take effect on or about November 1, 2007. The Board is organized into three classes, one class of which is elected annually. Each Trustee serves a three-year term concurrent with the class into which he or she is elected.

Approved the Class I Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G. Nicholas Beckwith, III

 

Kent Dixon

 

R. Glenn Hubbard

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

 

Dividend AchieversTM

 

46,375,210

 

486,742

 

46,364,173

 

497,779

 

46,381,468

 

480,484

 

Enhanced Dividend AchieversTM

 

59,951,649

 

524,375

 

59,962,185

 

513,839

 

59,969,621

 

506,403

 

Strategic Dividend AchieversTM

 

20,083,640

 

1,189,563

 

20,081,132

 

1,192,071

 

20,093,119

 

1,180,085

 

Global Energy and Resources

 

26,342,759

 

187,799

 

26,346,216

 

184,343

 

26,344,078

 

186,480

 

Global Equity Income

 

22,881,468

 

136,571

 

22,886,675

 

131,364

 

22,882,548

 

135,491

 

Global Opportunities

 

10,779,387

 

123,908

 

10,780,071

 

123,224

 

10,782,747

 

120,548

 

Health Sciences

 

7,106,068

 

29,559

 

7,106,621

 

29,006

 

7,106,053

 

29,574

 

International Growth

 

51,280,619

 

233,380

 

51,272,769

 

241,230

 

51,279,169

 

234,830

 

Real Asset

 

51,422,102

 

379,437

 

51,426,173

 

375,366

 

51,415,756

 

385,783

 

S&P Quality Rankings

 

5,231,311

 

56,030

 

5,233,343

 

53,998

 

5,229,943

 

57,398

 

World Investment

 

46,325,644

 

840,834

 

46,318,329

 

848,149

 

46,325,529

 

840,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W. Carl Kester

 

Robert S. Salomon, Jr.

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

 

Dividend AchieversTM

 

46,382,675

 

479,277

 

46,359,402

 

502,550

 

Enhanced Dividend AchieversTM

 

59,977,474

 

498,550

 

59,957,132

 

518,892

 

Strategic Dividend AchieversTM

 

0

 

0

 

20,081,425

 

1,191,778

 

Global Energy and Resources

 

0

 

0

 

26,344,582

 

185,977

 

Global Equity Income

 

22,882,498

 

135,541

 

22,886,280

 

131,759

 

Global Opportunities

 

0

 

0

 

10,780,421

 

122,874

 

Health Sciences

 

0

 

0

 

7,107,021

 

28,606

 

International Growth

 

51,278,269

 

235,730

 

51,267,169

 

246,830

 

Real Asset

 

0

 

0

 

51,428,552

 

372,987

 

S&P Quality Rankings

 

0

 

0

 

5,231,911

 

55,430

 

World Investment

 

0

 

0

 

46,312,524

 

853,954

 

 

Approved the Class II Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard S. Davis

 

Frank J. Fabozzi

 

James T. Flynn

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

 

Dividend AchieversTM

 

46,380,631

 

481,321

 

46,379,611

 

482,379,611

 

46,373,717

 

488,235

 

Enhanced Dividend AchieversTM

 

59,968,008

 

508,016

 

59,968,540

 

507,484

 

59,971,745

 

504,279

 

Strategic Dividend AchieversTM

 

20,084,205

 

1,188,999

 

0

 

0

 

20,083,713

 

1,189,490

 

Global Energy and Resources

 

26,311,984

 

218,574

 

0

 

0

 

26,343,800

 

186,758

 

Global Equity Income

 

22,886,925

 

131,114

 

22,886,475

 

131,564

 

22,886,675

 

131,364

 

Global Opportunities

 

10,782,927

 

120,368

 

0

 

0

 

10,781,523

 

121,772

 

Health Sciences

 

7,107,068

 

28,559

 

0

 

0

 

7,106,668

 

28,959

 

International Growth

 

51,285,369

 

228,630

 

51,282,069

 

231,930

 

51,271,369

 

242,630

 

Real Asset

 

51,433,329

 

368,210

 

0

 

0

 

51,429,658

 

371,881

 

S&P Quality Rankings

 

5,125,511

 

161,830

 

0

 

0

 

5,230,543

 

56,798

 

World Investment

 

46,333,894

 

832,584

 

0

 

0

 

46,325,105

 

841,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Karen P. Robards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

 

 

 

 

 

 

 

 

 

Dividend AchieversTM

 

46,383,758

 

478,194

 

 

 

 

 

 

 

 

 

Enhanced Dividend AchieversTM

 

59,970,480

 

505,544

 

 

 

 

 

 

 

 

 

Strategic Dividend AchieversTM

 

20,089,314

 

1,183,890

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

26,349,732

 

180,826

 

 

 

 

 

 

 

 

 

Global Equity Income

 

22,884,498

 

133,541

 

 

 

 

 

 

 

 

 

Global Opportunities

 

10,782,393

 

120,902

 

 

 

 

 

 

 

 

 

Health Sciences

 

7,106,759

 

28,868

 

 

 

 

 

 

 

 

 

International Growth

 

51,278,869

 

235,130

 

 

 

 

 

 

 

 

 

Real Asset

 

51,431,879

 

369,660

 

 

 

 

 

 

 

 

 

S&P Quality Rankings

 

5,231,818

 

55,523

 

 

 

 

 

 

 

 

 

World Investment

 

46,332,003

 

834,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88

ANNUAL REPORT

OCTOBER 31, 2007

 





Additional Information (continued) (unaudited)

Approved the Class III Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

 

 

Richard E. Cavanagh

 

Kathleen F. Feldstein

 

Henry Gabbay

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

                           

Dividend AchieversTM

 

 

46,383,989

 

 

477,963

 

 

46,380,436

 

 

481,516

 

 

46,418,175

 

 

443,777

 

Enhanced Dividend AchieversTM

 

 

59,973,175

 

 

502,849

 

 

59,955,952

 

 

520,072

 

 

59,966,184

 

 

509,840

 

Strategic Dividend AchieversTM

 

 

20,091,257

 

 

1,181,947

 

 

20,088,857

 

 

1,184,346

 

 

21,011,482

 

 

261,722

 

Global Energy and Resources

 

 

26,350,390

 

 

180,168

 

 

26,344,920

 

 

185,638

 

 

26,319,638

 

 

210,920

 

Global Equity Income

 

 

22,886,475

 

 

131,564

 

 

22,885,798

 

 

132,241

 

 

22,886,925

 

 

131,114

 

Global Opportunities

 

 

10,782,497

 

 

120,798

 

 

10,781,553

 

 

121,742

 

 

10,782,177

 

 

121,118

 

Health Sciences

 

 

7,107,068

 

 

28,559

 

 

7,104,593

 

 

31,033

 

 

7,107,468

 

 

28,159

 

International Growth

 

 

51,282,669

 

 

231,330

 

 

51,268,219

 

 

245,780

 

 

51,286,019

 

 

227,980

 

Real Asset

 

 

51,423,879

 

 

377,660

 

 

51,421,185

 

 

380,354

 

 

51,431,312

 

 

370,227

 

S&P Quality Rankings

 

 

5,232,943

 

 

54,398

 

 

5,231,818

 

 

55,523

 

 

5,135,765

 

 

151,576

 

World Investment

 

 

46,331,951

 

 

834,527

 

 

46,319,128

 

 

847,350

 

 

46,337,190

 

 

829,288

 

                                       

 

 

 

Jerrold B. Harris

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Dividend AchieversTM

 

 

46,384,364

 

 

477,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Enhanced Dividend AchieversTM

 

 

59,972,764

 

 

503,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic Dividend AchieversTM

 

 

20,088,138

 

 

1,185,066

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

 

26,345,652

 

 

184,906

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equity Income

 

 

22,887,975

 

 

130,064

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Opportunities

 

 

10,782,927

 

 

120,368

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

 

7,107,068

 

 

28,559

 

 

 

 

 

 

 

 

 

 

 

 

 

International Growth

 

 

51,279,469

 

 

234,530

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Asset

 

 

51,429,682

 

 

371,857

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P Quality Rankings

 

 

5,226,862

 

 

60,479

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

46,332,878

 

 

833,600

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Approved the Class III Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

 

 

Richard E. Cavanagh

 

Kathleen F. Feldstein

 

Henry Gabbay

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

                           

Dividend AchieversTM

 

 

46,383,989

 

 

477,963

 

 

46,380,436

 

 

481,516

 

 

46,418,175

 

 

443,777

 

Enhanced Dividend AchieversTM

 

 

59,973,175

 

 

502,849

 

 

59,955,952

 

 

520,072

 

 

59,966,184

 

 

509,840

 

Strategic Dividend AchieversTM

 

 

20,091,257

 

 

1,181,947

 

 

20,088,857

 

 

1,184,346

 

 

21,011,482

 

 

261,722

 

Global Energy and Resources

 

 

26,350,390

 

 

180,168

 

 

26,344,920

 

 

185,638

 

 

26,319,638

 

 

210,920

 

Global Equity Income

 

 

22,886,475

 

 

131,564

 

 

22,885,798

 

 

132,241

 

 

22,886,925

 

 

131,114

 

Global Opportunities

 

 

10,782,497

 

 

120,798

 

 

10,781,553

 

 

121,742

 

 

10,782,177

 

 

121,118

 

Health Sciences

 

 

7,107,068

 

 

28,559

 

 

7,104,593

 

 

31,033

 

 

7,107,468

 

 

28,159

 

International Growth

 

 

51,282,669

 

 

231,330

 

 

51,268,219

 

 

245,780

 

 

51,286,019

 

 

227,980

 

Real Asset

 

 

51,423,879

 

 

377,660

 

 

51,421,185

 

 

380,354

 

 

51,431,312

 

 

370,227

 

S&P Quality Rankings

 

 

5,232,943

 

 

54,398

 

 

5,231,818

 

 

55,523

 

 

5,135,765

 

 

151,576

 

World Investment

 

 

46,331,951

 

 

834,527

 

 

46,319,128

 

 

847,350

 

 

46,337,190

 

 

829,288

 

                                       

 

 

 

Jerrold B. Harris

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Dividend AchieversTM

 

 

46,384,364

 

 

477,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Enhanced Dividend AchieversTM

 

 

59,972,764

 

 

503,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic Dividend AchieversTM

 

 

20,088,138

 

 

1,185,066

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

 

26,345,652

 

 

184,906

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equity Income

 

 

22,887,975

 

 

130,064

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Opportunities

 

 

10,782,927

 

 

120,368

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

 

7,107,068

 

 

28,559

 

 

 

 

 

 

 

 

 

 

 

 

 

International Growth

 

 

51,279,469

 

 

234,530

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Asset

 

 

51,429,682

 

 

371,857

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P Quality Rankings

 

 

5,226,862

 

 

60,479

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

46,332,878

 

 

833,600

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

89





Additional Information (continued) (unaudited)

The Trusts other than EcoSolutions had an additional proposal (Proposal #2) to amend its respective Declaration of Trust to increase the maximum number of Board Members to 15:

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

Votes For

 

Votes Against

 

Votes Abstain

 

 

 

 

 

 

 

 

 

Dividend AchieversTM

 

 

45,473,852

 

 

772,229

 

 

615,871

 

Enhanced Dividend AchieversTM

 

 

59,480,260

 

 

628,435

 

 

367,329

 

Strategic Dividend AchieversTM

 

 

19,725,710

 

 

1,317,838

 

 

229,656

 

Global Energy and Resources

 

 

26,064,916

 

 

257,258

 

 

208,384

 

Global Equity Income

 

 

21,974,925

 

 

430,371

 

 

612,743

 

Global Opportunities

 

 

10,720,289

 

 

153,983

 

 

29,023

 

Health Sciences

 

 

7,050,306

 

 

54,567

 

 

30,753

 

International Growth

 

 

50,546,605

 

 

555,072

 

 

412,323

 

Real Asset

 

 

50,867,641

 

 

460,466

 

 

473,433

 

S&P Quality Rankings

 

 

5,140,670

 

 

100,300

 

 

46,371

 

World Investment

 

 

45,174,163

 

 

1,286,167

 

 

706,149

 

                     

The Trusts listed for trading on the New York Stock Exchange (“NYSE”) have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards and the Trusts listed for trading on the American Stock Exchange (“AMEX”) have filed with the AMEX their corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

During the period, there were no material changes in any Trusts’ investment objective or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.


 

 

 

 

 

 

 

 

90

ANNUAL REPORT

OCTOBER 31, 2007

 





Trustees Information (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Current Positions
Held With the
Trusts

 

Term of Office
and Length of
Time Served

 

Principal Occupations
During the Past Five Years

 

Number of
Portfolios
Overseen
Within the
Fund
Complex1

 

Other Directorships
Held Outside the
Fund Complex1

 

Events or Transactions by
Reason of Which the
Trustee is an Interested
Person as Defined in
Section 2(a) (19) of the
1940 Act

                         

Interested Trustee2

                         

Ralph L. Schlosstein

BlackRock, Inc.
40 East 52nd Street
New York, NY 10022

1951

 

Chairman of the Board3

 

3 years4/since inception

 

Director from 1999 to 2007 and President of BlackRock, Inc. from 1998 to 2007. Chairman and President of the BlackRock Liquidity Funds.

 

70

 

None

 

Former Director and President of the Advisor until September 2007.

 

                         

 

 

1

The Fund Complex means two or more registered investment companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

Interested Director/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.

3

Director/Trustee since inception; appointed Chairman of the Board on August 22, 2002.

4

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

91





Trustees Information (unaudited) (concluded)

 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Current Positions Held
With the Trusts

 

Term of Office and
Length of Time
Served

 

Principal Occupation(s)
During Past 5 Years

 

Number of
Portfolios Overseen
Within the Fund
Complex1

 

Other Public Directorships
Held by Trustee

 

Independent Trustees

 

Richard E. Cavanagh

P.O. Box 4546
New York, NY
10163-4546

1946

 

Lead Trustee Audit Committee Member2

 

3 years3/since inception

 

Trustee, Aircraft Finance Trust (AFT) from 1999 to the present; Director, The Guardian Life Insurance Company of America and The Mutual Life Insurance Company from 1998 to the present; Trustee, Educational Testing Service (ETS) from 1997 until the present; Director, the Freemont Group from 1996 until the present. President and Chief Executive Officer of The Conference Board, Inc. (a leading global business research organization) from 1995 to 2007.

 

60

 

Arch Chemical (Chemicals and Allied Products).

                     

Kent Dixon

P.O. Box 4546
New York, NY
10163-4546

1937

 

Trustee Audit Committee Member2

 

3 years3/since inception

 

Consultant/Investor since 1988

 

60

 

None

                     

Frank J. Fabozzi

P.O. Box 4546
New York, NY
10163-4546

1948

 

Trustee Audit Committee Member2

 

3 years3/since inception

 

Consultant/Editor of, “The Journal of Portfolio Management”; Yale University, School of Management, Professor in the Practice of Finance and Becton Fellow from 2006 until present; Adjunct Professor of Finance and Becton Fellow from 2005 to 2006; Professor in the practice of Finance from 2003 to 2005; Adjunct Professor of Finance from 1994 to 2003; Author and Editor.

 

60

 

None

                     

Kathleen F. Feldstein

P.O. Box 4546
New York, NY
10163-4546

1941

 

Trustee

 

3 years3/since January 19, 2005

 

President of Economic Studies, Inc., (a Belmont MA-based private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital since 2000. Member of the Board of Partners Community Healthcare, Inc. from 2005 until the present; Member of the Board of Partners HealthCare and Sherrill House from 1990 to the present; Trustee, Museum of Fine Arts, Boston from 1992 until the present and a Member of the Visiting Committee to the Harvard University Art Museum from 2003 to the present; Trustee, The Committee for Economic Development (a research organization of business leaders and educators) from 1990 to the present; Member of the Advisory Board to the International School of Business, Brandeis University from 2002 to the present.

 

60

 

Director of The McClatchy Company

                     

R. Glenn Hubbard

P.O. Box 4546
New York, NY
10163-4546

1958

 

Trustee

 

3 years3/since November 16, 2004

 

Dean of Columbia Business School since 2004; Columbia faculty member since 1988; Co-director of Columbia Business School’s Entrepreneurship Program 1997 to 2004; Visiting Professor at the John F. Kennedy School of Government at Harvard University and the Harvard Business School from 1985, as well as the University of Chicago from 1994; Deputy Assistant Secretary of the U.S. Treasury Department for Tax Policy from 1991 to 1993; Chairman of the U.S. Council of Economic Advisers under the President of the United States from 2001 to 2003.

 

60

 

ADP, KKR Financial Corporation, Duke Realty, Metropolitan Life Insurance Company.


 

 

1

The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Mr. Cavanagh, Mr. Dixon and Mr. Fabozzi, each of whom is independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

3

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.


 

 

 

 

 

 

 

 

92

ANNUAL REPORT

OCTOBER 31, 2007

 





Section 19 Notices (unaudited)

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Trusts’ investment experience during the remainder of its fiscal year and may be subject to changes based on the tax regulations. The Trusts will send you a Form 1099-DIV for the calendar year that will tell you how to report these dividends and distributions for federal income tax purposes.

October 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

 

 

Total Cumulative Distributions
for the Fiscal Year to Date

 

% Breakdown of the Total Cumulative
Distributions for the Fiscal Year to Date

 

 

 

 

 

 

 

Fund Name

 

Net
Investment
Income

 

Net Realized
Capital Gains

 

Return of
Capital

 

Total Per
Common
Share

 

Net
Investment
Income

 

Net Realized
Capital Gains

 

Return of
Capital

 

Total Per
Common
Share

 

                                   

Dividend AchieversTM*

 

$

0.44

 

$

0.23

 

$

0.23

 

$

0.90

 

49

%

 

25

%

 

26

%

 

100

%

 

Enhanced Dividend AchieversTM

 

$

0.62

 

$

0.60

 

$

 

$

1.22

 

51

%

 

49

%

 

0

%

 

100

%

 

Strategic Dividend AchieversTM*

 

$

0.45

 

$

0.23

 

$

0.23

 

$

0.90

 

50

%

 

25

%

 

25

%

 

100

%

 

Global Energy and Resources Trust

 

$

0.50

 

$

1.33

 

$

 

$

1.84

 

28

%

 

72

%

 

0

%

 

100

%

 

Global Equity Income*

 

$

0.18

 

$

0.20

 

$

0.57

 

$

0.95

 

19

%

 

21

%

 

60

%

 

100

%

 

Global Opportunities

 

$

1.20

 

$

1.31

 

$

 

$

2.51

 

48

%

 

52

%

 

0

%

 

100

%

 

Health Sciences

 

$

0.04

 

$

2.16

 

$

 

$

2.20

 

2

%

 

98

%

 

0

%

 

100

%

 

International Growth & Income

 

$

0.13

 

$

0.20

 

$

0.28

 

$

0.61

 

21

%

 

33

%

 

46

%

 

100

%

 

Real Asset Equity

 

$

0.26

 

$

0.83

 

$

 

$

1.09

 

24

%

 

76

%

 

0

%

 

100

%

 

S&P Quality Rankings*

 

$

0.43

 

$

0.39

 

$

0.08

 

$

0.90

 

49

%

 

43

%

 

9

%

 

100

%

 

World Investment

 

$

0.27

 

$

1.48

 

$

 

$

1.75

 

16

%

 

84

%

 

0

%

 

100

%

 

                                                   

 

 

*

The Fund estimates that it has distributed more than its 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 money that you invested in the Fund is paid back to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should be confused with ‘yield’ or ‘income’.

 

 

 

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on the tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purpose.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

93





BlackRock Closed-End Funds

 

Officers

Robert S. Kapito, President

Donald C. Burke, Treasurer

Bartholomew Battista, Chief Compliance Officer

Anne Ackerley, Vice President

Vincent B. Tritto, Secretary

 

Investment Advisor

BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, DE 19809

(800) 227-7BFM

 

Sub-Advisors

BlackRock Financial Management, Inc.1

40 East 52nd Street

New York, NY 10022

 

BlackRock Capital Management, Inc.2

One Financial Center

Boston, MA 02111

 

BlackRock Investment Management, LLC3

800 Scudders Mill Road

Princeton, NJ 08356

 

BlackRock Investment Management International Ltd.4

33 King William Street

London, EC4R 9AS UK

 

State Street Research & Management Co.5

One Financial Center

Boston, MA 02111

 

Accounting Agent

The Bank of New York Mellon

2 Hanson Place

Brooklyn, NY 11217

 

Custodian

The Bank of New York Mellon

100 Colonial Center Parkway

Suite 200

Lake Mary, FL 32746

 

Transfer Agent

The Bank of New York Mellon

P.O. Box 11258

Church Street Station

New York, NY 10286

(866) 216-0242

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

2 World Financial Center

New York, NY 10281

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

 

Legal Counsel – Independent Trustees

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022


 

 

1

For Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, S&P Quality Rankings and World Investment.

2

For International Growth and Real Asset.

3

For EcoSolutions, Global Equity Income and Real Asset.

4

For EcoSolutions and Real Asset.

5

For Global Energy and Resources.

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

 

BlackRock Closed-End Funds

c/o BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, DE 19809

(800) 227-7BFM

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (866) 216-0242.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (866) 216-0242. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (866) 216-0242 or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Trust’s Form N-Q may also be obtained, without charge, upon request, by calling (866) 216-0242.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

This report is for shareholder information. This is not a prospectus intended for
use in the purchase or sale of Trust shares. Statements and other information
contained in this report are as dated and are subject to change.

 

 

 

CEF-ANN-7-1007

(BLACKROCK LOGO)



Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – The registrant's board of directors or trustees, as applicable (the “board of directors”) has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Kent Dixon
Frank J. Fabozzi
Dr. Andrew F. Brimmer (retired as of December 31, 2006)
Robert S. Salomon, Jr. (term began effective November 1, 2007)
W. Carl Kester (term began effective November 1, 2007)
James T. Flynn (term began effective November 1, 2007)
Karen P. Robards (term began effective November 1, 2007)

The registrant's board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is the member of the Audit Committees of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.


Item 4 – Principal Accountant Fees and Services

  (a) Audit Fees  (b) Audit-Related Fees1  (c) Tax Fees2  (d) All Other Fees3 
  Current  Previous  Current  Previous  Current  Previous  Current  Previous 
  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year 
Entity Name  End  End  End  End  End  End  End  End 
                 
  BlackRock
  Enhanced Dividend
  Achievers™ Trust
$37,750  $37,750  $0  $0  $6,100  $8,000  $1,042  $1,400 
1 The natuire of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

     The registrant has polices and procedures (the "Policy") for the pre-approval by the registrant's audit committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Fund's independent auditor (the "Independent Auditor") to the registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the audit committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the audit committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the audit committee. The audit committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

     For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Fund and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Fund to be provided by the Independent Auditor to any Covered Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Fund.

     In the intervals between the scheduled meetings of the audit committee, the audit committee delegates pre-approval authority under this Policy to the Chairman of the audit committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the audit committee at its next scheduled meeting. At each scheduled meeting, the audit committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the audit committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the audit committee may modify or withdraw this delegated authority at any time the audit committee determines that it is appropriate to do so.

     Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the audit committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the audit committee (or the Chairman pursuant to delegated authority).

     The terms and fees of the annual Audit services engagement for the Fund are subject to the specific pre-approval of the audit committee. The audit committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in


terms, conditions or fees resulting from changes in audit scope, Fund structure or other matters.

     In addition to the annual Audit services engagement specifically approved by the audit committee, any other Audit services for the Fund not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     The audit committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the audit committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     Requests or applications to provide Covered Services that require approval by the audit committee (or the Chairman pursuant to delegated authority) must be submitted to the audit committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the audit committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the audit committee.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

  Current Fiscal Year  Previous Fiscal Year 
Entity Name  End  End 
  BlackRock Enhanced Dividend
  Achievers™ Trust
$291,642  $295,600 

(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not


including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $284,500, 0%

Item 5 – Audit Committee of Listed Registrants – The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)):

Dr. Andrew F. Brimmer (retired as of December 31, 2006)
Richard E. Cavanagh (not reappointed to Audit Committee as of November 1, 2007)
Kent Dixon
Frank J. Fabozzi
Robert S. Salomon, Jr. (term began effective November 1, 2007)
W. Carl Kester (term began effective November 1, 2007)
James T. Flynn (term began effective November 1, 2007)
Karen P. Robards (term began effective November 1, 2007)

Item 6 – Schedule of Investments – The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The registrant has delegated the voting of proxies relating to Fund portfolio securities to its investment adviser, BlackRock Advisors, LLC and its sub-adviser, as applicable. The Proxy Voting Policies and Procedures of the adviser and sub-adviser are attached hereto as Exhibit 99.PROXYPOL.

Information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12 month period ended June 30 is available without charge (1) at www.blackrock.com and (2) on the Commission’s web site at http://www.sec.gov.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – as of October 31, 2007.

(a)(1) BlackRock Enhanced Dividend Achievers™ Trust is managed by a team of investment professionals comprised of David Byrket, CFA, Managing Director at BlackRock and Frederick Herrmann, CFA, CPA, Managing Director at BlackRock. Each is a member of BlackRock’s Active Quantitative equity team. Messrs. Byrket and Herrmann are the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Byrket and Herrmann have been the Fund’s portfolio managers since 2005.

David Byrket, CFA, Managing Director and portfolio manager, is co-head of BlackRock's Active Quantitative equity team, which is responsible for managing US large cap portfolios.Prior to joining BlackRock in 2003, Mr. Byrket served as Managing Director, portfolio manager and co-head of the Quantitative Equities Group at Weiss,


Peck & Greer. From 1985 to 1996, he held various corporate finance positions at General Electric, including senior risk analyst with GE Capital.

Frederick Herrmann, CFA, CPA, Managing Director and portfolio manager, is co-head of BlackRock's Active Quantitative equity team, responsible for managing US large cap portfolios. He is a member of the Equity Investment Strategy Group. Prior to joining BlackRock in 2003, Mr. Herrmann served as Managing Director, portfolio manager and co-head of the Quantitative Equities Group at Weiss, Peck & Greer.

(a)(2) As of October 31, 2007:

        (iii) Number of Other Accounts and 
  (ii) Number of Other Accounts Managed  Assets for Which Advisory Fee is 
  and Assets by Account Type  Performance-Based 
  Other      Other     
(i) Name of  Registered  Other Pooled    Registered  Other Pooled   
Portfolio  Investment  Investment  Other  Investment  Investment  Other 
Manager  Companies  Vehicles  Accounts  Companies  Vehicles  Accounts 
             
  David Byrket, CFA  4  3  14  0  0  2 
  $1,721,787,901  $163,103,731  $2,531,861,384  $0  $0  $1,115,424,881 
  Frederick Herrmann,
  CFA, CPA
4  3  14  0  0  2 
  $1,721,787,901 $163,103,731 $2,531,861,384 $0 $0 $1,115,424,881

(iv) Potential Material Conflicts of Interest

BlackRock, Inc. and its affiliates (collectively, herein “BlackRock”) has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for the Fund. In this connection, it should be noted that certain portfolio managers currently manage certain accounts that are subject to performance fees. In addition, certain portfolio managers assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.


As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

(a)(3) As of October 31, 2007:

Portfolio Manager Compensation

     The portfolio manager compensation program of BlackRock is critical to BlackRock’s ability to attract and retain the most talented asset management professionals. This program ensures that compensation is aligned with maximizing investment returns and it provides a competitive pay opportunity for competitive performance.

Compensation Program

     The elements of total compensation for BlackRock portfolio managers are: fixed base salary, annual performance-based cash and stock compensation (cash and stock bonus) and other benefits. BlackRock has balanced these components of pay to provide portfolio managers with a powerful incentive to achieve consistently superior investment performance. By design, portfolio manager compensation levels fluctuate — both up and down — with the relative investment performance of the portfolios that they manage.

Base Salary

     Under the BlackRock approach, like that of many asset management firms, fixed base salaries represent a relatively small portion of a portfolio manager’s total compensation. This approach serves to enhance the motivational value of the performance-based (and therefore variable) compensation elements of the compensation program.

Performance-Based Compensation

     BlackRock believes that the best interests of investors are served by recruiting and retaining exceptional asset management talent and managing their compensation within a consistent and disciplined framework that emphasizes pay for performance in the context of an intensely competitive market for talent. To that end, the portfolio manager incentive compensation is based on a formulaic compensation program.

     BlackRock’s formulaic portfolio manager compensation program includes: pre-tax investment performance relative to the appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods and a measure of operational efficiency. If a portfolio manager’s tenure is less than 5 years, performance periods will reflect time in position. Portfolio managers are compensated based on products they manage. For these purposes, the performance of the Fund is compared to the Lipper Closed-end Options


Arbitrage/Options Strategies Funds classification and the Dividend AchieversTM Index. A smaller discretionary element of portfolio manager compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.

Cash Bonus

     Performance-based compensation is distributed to portfolio managers in a combination of cash and stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers.

Stock Bonus

     A portion of the dollar value of the total annual performance-based bonus is paid in restricted shares of stock of BlackRock, Inc. (the “Company”). Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on the Company’s ability to sustain and improve its performance over future periods. The ultimate value of stock bonuses is dependent on future Company stock price performance. As such, the stock bonus aligns each portfolio manager’s financial interests with those of the Company’s shareholders and encourages a balance between short-term goals and long-term strategic objectives. Management strongly believes that providing a significant portion of competitive performance-based compensation in stock is in the best interests of investors and shareholders. This approach ensures that portfolio managers participate as shareholders in both the “downside risk” and “upside opportunity” of the Company’s performance. Portfolio managers, therefore, have a direct incentive to protect the Company’s reputation for integrity.

Other Benefits

     Portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, 401(k), health, and other employee benefit plans. For example, BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay contributed to the plan capped at $4,000 per year, and a company retirement contribution equal to 3% of eligible compensation, plus an additional contribution of 2% for any year in which BlackRock has positive net operating income. The RSP offers a range of investment options, including registered investment companies managed by the firm. Company contributions follow the investment direction set by participants for their own contributions or absent, employee investment direction, are invested into a stable value fund. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of $25,000. Each portfolio manager is eligible to participate in these plans.


 

  (a)(4) Beneficial Ownership of Securities. As of October 31, 2007, Mr. Byrket did not beneficially own any stock issued by the Fund. Mr. Herrmann beneficially owned stock issued by the Fund in the range of $1 to $10,000.
   
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.
   
Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
   
Item 11 – Controls and Procedures
   
11(a) – The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities and Exchange Act of 1934, as amended.
   
11(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
   
Item 12 – Exhibits attached hereto
   
12(a)(1) – Code of Ethics – See Item 2
   
12(a)(2) – Certifications — Attached hereto
   
12(a)(3) – Not applicable
   
12(b) – Certifications — Attached hereto
   



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 Dividend Achievers™ Trust

By:  /s/ Donald C. Burke
  Donald C. Burke, 
  Chief Executive Officer of 
  BlackRock Enhanced Dividend Achievers™ Trust 

Date: December 19, 2007

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/ Donald C. Burke
  Donald C. Burke, 
  Chief Executive Officer (principal executive officer) of 
  BlackRock Enhanced Dividend Achievers™ Trust

Date: December 19, 2007

By:  /s/ Neal J. Andrews
  Neal J. Andrews, 
  Chief Financial Officer (principal financial officer) of 
  BlackRock Enhanced Dividend Achievers™ Trust 

Date: December 19, 2007