As of April 30, 2004, the components of distributable earnings on a tax basis were as follows:
Transactions in common shares of beneficial interest for the period ended April 30, 2004, were as follows:
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 Dividend Achievers and Strategic Dividend Achievers in the amounts of $936,289 and $657,500, respectively.
DIVIDEND REINVESTMENT PLANS
Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions reinvested by The Bank of New York (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.
The Plan Agent serves as agent for the shareholders in administering the Plan. After a Trust declares a distribution, the Plan Agent will acquire shares for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open-market purchases”). If, on the distribution payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the distribution amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the distribution by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the distribution will be divided by 95% of the market price on the payment date. If, on the distribution payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the distribution amount in shares acquired on behalf of the participants in open-market purchases.
Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the distribution record date; otherwise such termination or resumption will be effective with respect to any subsequently declared distribution.
The Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of distributions. The automatic reinvestment of distributions will not relieve participants of any Federal income tax that may be payable on such distributions.
Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at The Bank of NewYork, Dividend Reinvestment Department, P.O. Box 1958, Newark, New Jersey 07101-9774; or by calling 1-866-216-0242.
ADDITIONAL INFORMATION (unaudited)
The Joint Annual Meeting of Shareholders was held on May 26, 2004, to elect a certain number of Trustees for Dividend Achievers to three year terms, unless otherwise indicated, expiring in 2007:
| Dividend Achievers | | | | |
| | | | | |
| | | | | |
| Elected the Class I Trustees as follows: | | | | |
| | | | | |
| Trustee | Votes for | | Votes Withheld | |
| Richard E. Cavanagh | 52,615,583 | | 929,544 | |
| James Clayburn La Force, Jr. | 52,585,110 | | 960,017 | |
Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/funds/cefunds/index.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.
Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor; Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Henry Gabbay and Anne Ackerley—Managing Directors of the Advisor and the Sub-Advisor, Richard M. Shea and James Kong—Managing Directors of the Sub-Advisor, Vincent B. Tritto—Director of the Sub-Advisor, and Brian P. Kindelan—Director of the Advisor.
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BlackRock Closed-End Funds
| Trustees |
| Ralph L. Schlosstein, Chairman |
| Andrew F. Brimmer |
| Richard E. Cavanagh |
| Kent Dixon |
| Frank J. Fabozzi |
| Robert S. Kapito |
| James Clayburn La Force, Jr. |
| Walter F. Mondale |
| |
| Officers |
| Robert S. Kapito, President |
| Henry Gabbay, Treasurer |
| Anne Ackerley, Vice President |
| Richard M. Shea, Vice President/Tax |
| James Kong, Assistant Treasurer |
| Vincent B. Tritto, Secretary |
| Brian P. Kindelan, Assistant Secretary |
| |
| Investment Advisor |
| BlackRock Advisors, Inc. |
| 100 Bellevue Parkway |
| Wilmington, DE 19809 |
| (800) 227-7BFM |
| |
| Sub-Advisor |
| BlackRock Financial Management, Inc. |
| 40 East 52nd Street |
| New York, NY 10022 |
| |
| Accounting Agent |
| The Bank of New York |
| 101 Barclay Street, 13 West |
| New York, NY 10286 |
| |
| Custodian |
| The Bank of New York |
| 100 Colonial Center Parkway |
| Suite 200 |
| Lake Mary, FL 32746 |
| |
| Transfer Agent |
| The Bank of New York |
| P.O. Box 11258 |
| Church Street Station |
| New York, NY 10286 |
| |
| Independent Accountants |
| Deloitte & Touche LLP |
| 200 Berkeley Street |
| Boston, MA 02116 |
| |
| 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 |
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.
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 (800)227-7BFM.
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 (800) 699-1236. These policies and procedures are also available on the website of the Securities and Exchange Commission at http://www.sec.gov.
| This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change. |  |
| |
| CEF-SEMI-3 |
Not applicable for semi-annual reports.
| Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual reports.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual reports.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable for semi-annual reports.
| Item 6. | Schedule of Investments. |
Not applicable for reports for periods ending on or before July 9, 2004.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable for semi-annual reports.
| Item 8. | Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. |
Not applicable for reports covering periods ending on or before June 15, 2004.
| Item 9. | Submission of Matters to a Vote of Security Holders. |
Not applicable.
| Item 10. | Controls and Procedures. |
(a) The Registrant’s principal executive officer and principal financial officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures are effective, as of a date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The Registrant’s principal executive officer and principal financial officer are aware of no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
(a)(1) Not applicable.
(a)(2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(3) Not applicable.
(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) ___The BlackRock Strategic Dividend Achievers™ Trust__________________________________________ |
| | | |
| | | |
| | | |
| | | |
| By: | | /s/ Henry Gabbay
___________________________________________ |
| Name: | | Henry Gabbay |
| Title: | | Treasurer |
| Date: | | July 2, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | |
| | | |
| | | |
| By: | | /s/ Robert S. Kapito
___________________________________________ |
| Name: | | Robert S. Kapito |
| Title: | | Principal Executive Officer |
| Date: | | July 2, 2004 |
| | | |
| | | |
| | | |
| By: | | /s/ Henry Gabbay
___________________________________________ |
| Name: | | Henry Gabbay |
| Title: | | Principal Financial Officer |
| Date: | | July 2, 2004 |
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