UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21759
Name of Fund: BlackRock Global Dynamic Equity Fund
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock Global Dynamic Equity Fund, 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) 441-7762
Date of fiscal year end: 10/31/07
Date of reporting period: 11/01/06 - 04/30/07
Item 1 - Report to Stockholders
ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES
FIXED INCOME LIQUIDITY REAL ESTATE
BlackRock Global Dynamic BLACKROCK
Equity Fund
SEMI-ANNUAL REPORT
APRIL 30, 2007 | (UNAUDITED)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
BlackRock Global Dynamic Equity Fund
Portfolio Information as of April 30, 2007
Ten Largest Holdings Percent of
(Equity Investments) Net Assets
- --------------------------------------------------------------------------------
General Electric ................................................. 1.9%
Microsoft Corp. .................................................. 1.4
Reliance Industries Ltd. ......................................... 1.4
American International Group, Inc. ............................... 1.2
Union Pacific Corp. .............................................. 1.1
Exxon Mobil Corp. ................................................ 1.1
Petroleo Brasileiro SA ........................................... 1.1
Citigroup, Inc. .................................................. 0.9
Pfizer, Inc. ..................................................... 0.8
Cisco Systems, Inc. .............................................. 0.8
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Five Largest Industries Percent of
(Equity Investments) Net Assets
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels ...................................... 11.3%
Insurance ........................................................ 9.0
Commercial Banks ................................................. 6.3
Pharmaceuticals .................................................. 4.9
Industrial Conglomerates ......................................... 4.6
- --------------------------------------------------------------------------------
For Fund compliance purposes, the Fund's industry classifications refer to
any one or more of the industry sub-classifications used by one or more
widely recognized market indexes or ratings group indexes, and/or as
defined by Fund management. This definition may not apply for purposes of
this report, which may combine such industry sub-classifications for
reporting ease.
Breakdown of Equity & Fixed Income Percent of
Securities By Country Net Assets+
- --------------------------------------------------------------------------------
United States .................................................... 43.3%*
Japan ............................................................ 10.5
United Kingdom ................................................... 5.6
Germany .......................................................... 4.1
France ........................................................... 3.8
South Korea ...................................................... 3.6
Brazil ........................................................... 3.3
India ............................................................ 3.0
Switzerland ...................................................... 2.4
China ............................................................ 2.3
Singapore ........................................................ 1.9
Italy ............................................................ 1.7
Australia ........................................................ 1.3
Europe ........................................................... 1.3
Canada ........................................................... 1.2
Hong Kong ........................................................ 1.1
Spain ............................................................ 1.0
Taiwan ........................................................... 0.9
Ireland .......................................................... 0.7
South Africa ..................................................... 0.7
Norway ........................................................... 0.7
Thailand ......................................................... 0.6
Vietnam .......................................................... 0.6
Malaysia ......................................................... 0.6
Mexico ........................................................... 0.5
Sweden ........................................................... 0.4
Denmark .......................................................... 0.4
Finland .......................................................... 0.3
Netherlands ...................................................... 0.3
Israel ........................................................... 0.3
Hungary .......................................................... 0.2
Indonesia ........................................................ 0.2
Belgium .......................................................... 0.2
Egypt ............................................................ 0.2
Chile ............................................................ 0.2
Austria .......................................................... 0.1
Peru ............................................................. 0.1
Turkey ........................................................... 0.0**
New Zealand ...................................................... 0.0**
- --------------------------------------------------------------------------------
* Includes investments in short-term securities.
** Holdings are less than 0.1%.
+ Total may not equal 100%.
2 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
A Letter to Shareholders
Dear Shareholder
In its first four months, 2007 could already be termed an eventful year for
investors. For most financial markets, 2007 opened just as 2006 ended -- on a
positive trajectory. Then, at the end of February and into March, global equity
markets registered their first significant decline since last summer. The market
jitters were triggered by a significant setback in the Chinese market and were
exacerbated by worries of a weakening economy, escalating geopolitical concerns
and rising delinquencies in the subprime mortgage market. Still, underlying
stock market fundamentals appeared quite sound, supported by a generally
favorable global economic backdrop, tame inflation, slowing but still positive
earnings growth, relatively low interest rates and attractive valuations. These
conditions prevailed later, and the Dow Jones Industrial Average crossed the
13,000 mark for the first time in its history in late April.
Not unlike the equity market, the bond market also experienced volatility as
observers attempted to interpret mixed economic signals. A bond market rally
(falling yields and rising prices) late last year reversed itself early in 2007
amid some transitory signs of economic strength. Overall, yields have fluctuated
month to month but ended April little changed from the beginning of the year.
However, compared to one year ago, yields on 30-year Treasury bonds fell 36
basis points (.36%) and 10-year yields fell 44 basis points, while prices
correspondingly rose.
For its part, the Federal Reserve Board (the Fed) has left the target short-term
interest rate on hold at 5.25% since first pausing in its interest rate-hiking
campaign on August 8, 2006. The central bankers continue to express concern
about potential inflationary pressures, but also acknowledge signs of economic
weakness. Given this relatively "balanced" assessment, most observers believe
the Fed will keep interest rates on hold for now.
Against this backdrop, most major market indexes posted positive returns for the
annual and semi-annual reporting periods ended April 30, 2007:
Total Returns as of April 30, 2007 6-month 12-month
=================================================================================================================
U.S. equities (Standard & Poor's 500 Index) + 8.60% +15.24%
- -----------------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) + 6.86 + 7.83
- -----------------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) +15.46 +19.81
- -----------------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers Aggregate Bond Index) + 2.64 + 7.36
- -----------------------------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 1.59 + 5.78
- -----------------------------------------------------------------------------------------------------------------
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) + 6.96 +11.72
- -----------------------------------------------------------------------------------------------------------------
If the first four months are any guide, 2007 could be a year of enhanced market
volatility. As you navigate the uncertainties, we encourage you to review your
investment goals with your financial professional and to make portfolio changes,
as needed. For more insight, we invite you to view "What's Ahead in 2007: An
Investment Perspective" and "Are You Prepared for Volatility?" at
www.blackrock.com/funds. 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, Jr.
Robert C. Doll, Jr.
Fund President and Trustee
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 3
A Discussion With Your Fund's Portfolio Managers
The Fund provided solid returns for the six-month period, benefiting from
favorable stock selection in the United States and an overweight position in
Asian equities, as well as strong global equity market performance.
How did the Fund perform during the period in light of the existing market
conditions?
For the six-month period ended April 30, 2007, BlackRock Global Dynamic Equity
Fund's Institutional, Investor A, Investor B, Investor C and Class R Shares had
total returns of +13.10%, +12.96%, +12.51%, +12.50% and +12.66%, respectively.
(Fund results shown do not reflect sales charges and would be lower if sales
charges were included. Complete performance information can be found on pages 6
- - 8 of this report to shareholders.) Fund results exceeded the +11.50% return of
its Reference Portfolio, which comprises 60% U.S. equities and 40% non-U.S.
equities, as represented by the Standard & Poor's 500 (S&P 500) Index and the
Financial Times Stock Exchange (FTSE) World Index (ex-U.S.), respectively.
Returns for each component of the Reference Portfolio for the six-month period
ended April 30, 2007 were +8.60% for the S&P 500 Index and +15.94% for the FTSE
World Index (ex-U.S.).
For the same period, the Fund's broad-market benchmark, the FTSE World Index,
returned +12.52%, and its comparable Lipper category of Global Multi-Cap Growth
Funds posted an average return of +13.45%. (As defined by Lipper, funds in this
Lipper category invest in a variety of market capitalization ranges without
concentrating 75% of their equity assets in any one range over an extended
period of time.)
Global equity markets continued their ascent during the six-month period,
despite a brief sell-off in late February and the increased volatility that
followed. Driven by strong earnings, U.S. equities, as measured by the S&P 500
Index, were up 8.60% for the period, while international equities, as measured
by the MSCI EAFE Index, returned +15.46%.
European equity markets continued to deliver strong performance, with the MSCI
Europe Index returning +18.17%. Merger-and-acquisition (M&A) activity and
increased consumer confidence continued to push share prices higher. Within
Europe, Spain's IBEX 35 continued to be one of the top-performing markets with a
return of +13.17%, while Germany's DAX, representing Europe's largest economy,
returned +26.49% with the help of lower unemployment and increased business
confidence. Upward revisions to economic growth and higher interest rates helped
the euro appreciate more than 7% versus the U.S. dollar, hitting an all-time
high in April at $1.3651.
The Pacific region showed continued strength, with the MSCI Pacific Index
returning +9.58%. Despite a pullback of almost 9% in late February, the Chinese
equity market, as measured by the Shanghai Composite Index, recovered quickly
and has since returned approximately 39% from its 2007 low. Japan was a notable
laggard for the period, with the Nikkei 225 Index returning +3.96%, as the
country attempts to end an era of deflation and lower-than-expected domestic
demand. Other notable Pacific markets included Australia's S&P/ASX 300, with a
gain of 25.52%, and Singapore's Straits Times Index, which returned +29.14%.
What factors most influenced Fund performance during the period?
The Fund was able to capitalize on favorable equity performance in most
developed markets around the world. During the six-month period, the Fund's
asset allocation strategy included an underweight position in U.S. equities and
an overweight in Asia.
The Fund benefited from a significant overweight exposure to Asian equities,
especially in India and Singapore, and effective stock selection in the United
States. Successful security selection in the energy and industrials sectors also
boosted performance as significant growth in Asia, notably in China, continued
to fuel demand for raw materials, particularly energy resources (as per-capita
energy consumption rose), and capital investment in energy-related production.
Detracting from the Fund's relative results was its overweight position in
Japanese stocks, as Japanese equity markets sold off sharply in February and the
yen decreased over the six-month period.
What changes were made to the portfolio during the period?
As mentioned, the Fund's Reference Portfolio comprises 60% U.S. equities and 40%
non-U.S. equities. Within the portfolio, we increased our total U.S. equity
allocation from 36% of net assets to 39%, and decreased our exposure to Japan by
4.6%. The Fund's exposure to the U.S. dollar decreased by 4.5%. Our strategy
included reducing the cyclicality of the equity portfolio and taking profits in
stocks that had significantly appreciated, notably in Japan and the
strong-performing energy sector. We have added to our overweight positions in
the materials and industrials sectors as the demand in developing economies for
new and improved infrastructure
4 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
continues to remain robust, and metals consumption continues to rise. We have
continued to slowly increase our underweight positions in both the consumer
discretionary and financials sectors, since we believe the slowdown in the U.S.
housing sector will eventually constrict the sustainability of consumer spending
and credit growth in the United States.
How would you characterize the Fund's position at the close of the period?
At April 30, 2007, the Fund was significantly underweight versus the Reference
Portfolio in the United States, relatively neutral in Europe and overweight in
Asia. From a sector perspective, the Fund ended the period overweight in energy,
industrials, materials and telecommunications services, and underweight in
consumer discretionary, information technology, financials, health care and
consumer staples, with a relatively neutral position in utilities.
With respect to currency exposure, the Fund ended the period with a significant
underweighting in the U.S. dollar and overweight positions in the euro and
Japanese yen. The Fund also had slight overweight positions in the Brazilian
real and several Asian currencies.
The Fund currently is diversified across 35 countries worldwide and has the
flexibility to invest across all industry sectors, market capitalizations and
equity-like securities, which include convertible and preferred securities. The
Fund employs a total return approach as opposed to one that is benchmark-driven.
We continue to seek the greatest opportunities that the world's equity markets
have to offer, targeting companies that we believe have attractive valuations
and superior long-term growth prospects.
Dennis Stattman
Vice President and Senior Portfolio Manager
Dan Chamby
Vice President and Associate Portfolio Manager
Aldo Roldan
Associate Portfolio Manager
May 15, 2007
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 5
Performance Data
About Fund Performance
Effective October 2, 2006, the Fund's Class A, Class B, Class C and Class I
Shares were redesignated Investor A, Investor B, Investor C and Institutional
Shares, respectively. Also effective March 1, 2007 the Fund's Class R Shares
commenced operations. As previously communicated to shareholders, new sales
charge schedules came into effect at the same time for certain of these classes.
The Fund has multiple classes of shares:
o Institutional Shares are not subject to any sales charge. Institutional
Shares bear no ongoing distribution or service fees and are available only
to eligible investors.
o Investor A Shares incur a maximum initial sales charge (front-end load) of
5.25% and a service fee of 0.25% per year (but no distribution fee).
o Investor B Shares are subject to a maximum contingent deferred sales
charge of 4.50% declining to 0% after six years. In addition, Investor B
Shares are subject to a distribution fee of 0.75% per year and a service
fee of 0.25% per year. These shares automatically convert to Investor A
Shares after approximately eight years. (There is no initial sales charge
for automatic share conversions.) All returns for periods greater than
eight years reflect this conversion.
o Investor C Shares are subject to a distribution fee of 0.75% per year and
a service fee of 0.25% per year. In addition, Investor C Shares are
subject to a 1% contingent deferred sales charge if redeemed within one
year of purchase.
o Class R Shares do not incur a maximum initial sales charge (front-end
load) or deferred sales charge. These shares are subject to a distribution
fee of 0.25% per year and a service fee of 0.25% per year. Class R Shares
are available only to certain retirement plans. Prior to inception, Class
R Share performance results are those of Institutional Shares (which have
no distribution or service fees) restated for Class R Share fees.
Performance information reflects past performance and does not guarantee future
results. Current performance may be lower or higher than the performance data
quoted. Refer to www.blackrock.com to obtain performance data current to the
most recent month-end. Performance results do not reflect the deduction of taxes
that a shareholder would pay on fund distributions or the redemption of fund
shares. The Fund may charge a 2% redemption fee for sales or exchanges of shares
within 30 days of purchase or exchange. Performance data does not reflect this
potential fee. Figures shown in each of the following tables assume reinvestment
of all dividends and capital gain distributions, if any, at net asset value on
the ex-dividend date. Investment return and principal value of shares will
fluctuate so that shares, when redeemed, may be worth more or less than their
original cost. Dividends paid to each class of shares will vary because of the
different levels of service, distribution and transfer agency fees applicable to
each class, which are deducted from the income available to be paid to
shareholders.
6 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Performance Data (continued)
Recent Performance Results
6-Month 12-Month Since Inception
As of April 30, 2007 Total Return Total Return Total Return
=============================================================================================================
Institutional Shares* +13.10% +15.90% +36.30%
- -------------------------------------------------------------------------------------------------------------
Investor A Shares* +12.96 +15.66 +35.79
- -------------------------------------------------------------------------------------------------------------
Investor B Shares* +12.51 +14.73 +34.24
- -------------------------------------------------------------------------------------------------------------
Investor C Shares* +12.50 +14.81 +34.33
- -------------------------------------------------------------------------------------------------------------
Class R Shares* +12.66 +15.15 +35.10
- -------------------------------------------------------------------------------------------------------------
FTSE World Index** +12.52 +17.85 +36.42
- -------------------------------------------------------------------------------------------------------------
FTSE World Index (Ex-U.S.)*** +15.94 +20.04 +47.82
- -------------------------------------------------------------------------------------------------------------
S&P 500(R) Index**** + 8.60 +15.24 +24.92
- -------------------------------------------------------------------------------------------------------------
Reference Portfolio***** +11.50 +17.17 +33.75
- -------------------------------------------------------------------------------------------------------------
* Investment results shown do not reflect sales charges; results shown would
be lower if a sales charge was included. Cumulative total investment
returns are based on changes in net asset values for the periods shown,
and assume reinvestment of all dividends and capital gains distributions
at net asset value on the ex-dividend date. The Fund's inception date is
11/04/05.
** This unmanaged broad-based capitalization-weighted Index is comprised of
2,200 equities from 24 countries in 12 regions, including the United
States. Since inception total return is from 11/04/05.
*** This unmanaged capitalization-weighted Index is comprised of 1,631
companies in 28 countries, excluding the United States. Since inception
total return is from 11/04/05.
**** This unmanaged Index covers 500 industrial, utility, transportation and
financial companies of the U.S. markets (mostly NYSE issues) representing
about 75% of NYSE market capitalization and 30% of NYSE issues. Since
inception total return is from 11/04/05.
***** The Reference Portfolio is an unmanaged index comprised of 60% of the S&P
500 Index and 40% of the FTSE World Index (Ex-U.S.). Since inception total
return is from 11/04/05.
S&P 500 is a registered trademark of the McGraw-Hill Companies.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 7
Performance Data (concluded)
Global Dynamic Equity
BlackRock Global Dynamic Equity Fund -- Edgar
Total Return Based on a $10,000 Investment
A line graph depicting the growth of an investment in the Fund's Institutional,
Investor A, Investor B, Investor C & Class R Shares compared to growth of an
investment in the FTSE World Index, S&P 500 Index, the FTSE World Index (ex-U.S)
and The Reference Portfolio. Values are from November 4, 2005 to April 2007:
FTSE World
Institutional Investor A Investor B Investor C Class R FTSE World S&P 500 Index Reference
Shares*+ Shares*+ Shares*+ Shares*+ Shares*+ Index++ Index+++ (Ex-U.S.)++++ Portfolio@
11/04/05** $10,000 $ 9,475 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000
4/06 $11,760 $11,124 $11,700 $11,700 $11,732 $11,576 $10,841 $12,314 $11,415
4/07 $13,630 $12,866 $13,024 $13,433 $13,510 $13,642 $12,492 $14,782 $13,375
* Assuming maximum sales charge, if any, transaction costs and other
operating expenses, including advisory fees.
** Commencement of operations.
+ The Fund invests primarily in the securities of corporate issuers located
in North and South America, Europe, Australia and the Far East.
++ This unmanaged capitalization-weighted Index is comprised of 2,200
equities from 24 countries in 12 regions, including the United States.
+++ This unmanaged Index covers 500 industrial, utility, transportation and
financial companies of the U.S. markets (mostly NYSE issues) representing
about 75% of NYSE market capitalization and 30% of NYSE issues.
++++ This unmanaged capitalization-weighted Index is comprised of 1,631
companies in 28 countries, excluding the United States.
@ The Reference Portfolio is an unmanaged weighted Index comprised 60% of
the S&P 500 Index and 40% of the FTSE World Index (Ex-U.S.).
Past performance is not indicative of future results.
Average Annual Total Return
Return
================================================================================
Institutional Shares
================================================================================
One Year Ended 4/30/07 +15.90%
- --------------------------------------------------------------------------------
Inception (11/04/05)
to 4/30/07 +23.19
- --------------------------------------------------------------------------------
Return Without Return With
Sales Charge Sales Charge*
================================================================================
Investor A Shares
================================================================================
One Year Ended 4/30/07 +15.66% + 9.59%
- --------------------------------------------------------------------------------
Inception (11/04/05)
to 4/30/07 +22.88 +18.49
- --------------------------------------------------------------------------------
Return Return
Without CDSC With CDSC+++
================================================================================
Investor B Shares+
================================================================================
One Year Ended 4/30/07 +14.73% +10.23%
- --------------------------------------------------------------------------------
Inception (11/04/05)
to 4/30/07 +21.93 +19.47
- --------------------------------------------------------------------------------
Return Return
Without CDSC With CDSC+++
================================================================================
Investor C Shares++
================================================================================
One Year Ended 4/30/07 +14.81% +13.81%
- --------------------------------------------------------------------------------
Inception (11/04/05)
to 4/30/07 +21.99 +21.99
- --------------------------------------------------------------------------------
Return
================================================================================
Class R Shares
================================================================================
One Year Ended 4/30/07 +15.15%
- --------------------------------------------------------------------------------
Inception (11/04/05)
to 4/30/07 +22.46
- --------------------------------------------------------------------------------
* Assuming maximum sales charge of 5.25%.
+ Maximum contingent deferred sales charge is 4.50% and is reduced to 0%
after six years.
++ Maximum contingent deferred sales charge is 1% and is reduced to 0% after
one year.
+++ Assuming payment of applicable contingent deferred sales charge.
8 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Disclosure of Expenses
Shareholders of this Fund may incur the following charges: (a) expenses related
to transactions, including sales charges, redemption fees and exchange fees; and
(b) operating expenses, including advisory fees, distribution fees including
12b-1 fees, and other Fund expenses. The following example (which is based on a
hypothetical investment of $1,000 invested on November 1, 2006 and held through
April 30, 2007) is intended to assist shareholders both in calculating expenses
based on an investment in the Fund and in comparing these expenses with similar
costs of investing in other mutual funds.
The first table below provides information about actual account values and
actual expenses. In order to estimate the expenses a shareholder paid during the
period covered by this report, shareholders can divide their account value by
$1,000 and then multiply the result by the number in the first line under the
heading entitled "Expenses Paid During the Period."
The second table below provides information about hypothetical account values
and hypothetical expenses based on the Fund's actual expense ratio and an
assumed rate of return of 5% per year before expenses. In order to assist
shareholders in comparing the ongoing expenses of investing in this Fund and
other funds, compare the 5% hypothetical example with the 5% hypothetical
examples that appear in other funds' shareholder reports.
The expenses shown in the table are intended to highlight shareholders' ongoing
costs only and do not reflect any transactional expenses, such as sales charges,
redemption fees or exchange fees. Therefore, the second table is useful in
comparing ongoing expenses only, and will not help shareholders determine the
relative total expenses of owning different funds. If these transactional
expenses were included, shareholder expenses would have been higher.
Expenses Paid
Ending During the
Beginning Account Value Period Ended++
Account Value+ April 30, 2007 April 30, 2007*
==========================================================================================================================
Actual
==========================================================================================================================
Institutional $1,000 $1,131.00 $ 5.86
- --------------------------------------------------------------------------------------------------------------------------
Investor A $1,000 $1,129.60 $ 7.18
- --------------------------------------------------------------------------------------------------------------------------
Investor B $1,000 $1,125.10 $11.28
- --------------------------------------------------------------------------------------------------------------------------
Investor C $1,000 $1,125.00 $11.22
- --------------------------------------------------------------------------------------------------------------------------
Class R $1,000 $1,058.10 $ 3.13
==========================================================================================================================
Hypothetical (5% annual return before expenses)**
==========================================================================================================================
Institutional $1,000 $1,019.30 $ 5.56
- --------------------------------------------------------------------------------------------------------------------------
Investor A $1,000 $1,018.06 $ 6.81
- --------------------------------------------------------------------------------------------------------------------------
Investor B $1,000 $1,014.19 $10.69
- --------------------------------------------------------------------------------------------------------------------------
Investor C $1,000 $1,014.24 $10.64
- --------------------------------------------------------------------------------------------------------------------------
Class R $1,000 $1,005.36 $ 3.05
- --------------------------------------------------------------------------------------------------------------------------
* For each class of the Fund, expenses are equal to the annualized expense
ratio for the class (1.11% for Institutional, 1.36% for Investor A, 2.14%
for Investor B, 2.13% for Investor C and 1.82% for Class R), multiplied by
the average account value over the period, multiplied by 181/365 for
Institutional, Investor A, Investor B and Investor C Shares to reflect the
one-half year period shown and 61/365 for Class R Shares (to reflect the
actual number of days since inception).
** Hypothetical 5% annual return before expenses is calculated by pro-rating
the number of days in the most recent fiscal half year for Institutional,
Investor A, Investor B and Investor C Shares and the actual days since
inception for Class R Shares divided by 365.
+ November 1, 2006 for Institutional, Investor A, Investor B and Investor C
Shares and March 1, 2007 (commencement of operations) for Class R Shares.
++ The period represents the six months ended April 30, 2007 for
Institutional, Investor A, Investor B and Investor C Shares and from March
1, 2007 to April 30, 2007 for Class R Shares.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 9
Schedule of Investments as of April 30, 2007 (Unaudited) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
Australia -- 1.3%
Beverages -- 0.0%
Coca-Cola Amatil Ltd. 19,300 $ 151,634
- --------------------------------------------------------------------------------
Capital Markets -- 0.3%
Macquarie Bank Ltd. 46,600 3,339,247
- --------------------------------------------------------------------------------
Metals & Mining -- 0.5%
BHP Billiton Ltd. 122,500 2,990,761
Newcrest Mining Ltd. 13,200 254,820
Rio Tinto Ltd. 33,700 2,301,493
Zinifex Ltd. 18,300 249,940
-------------
5,797,014
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.1%
Woodside Petroleum Ltd. 42,100 1,368,871
- --------------------------------------------------------------------------------
Paper & Forest Products -- 0.0%
Great Southern Plantations Ltd. 43,600 73,490
- --------------------------------------------------------------------------------
Transportation
Infrastructure -- 0.4%
Macquarie Airports Group 312,000 1,027,829
Macquarie Infrastructure Group 930,600 2,916,416
Transurban Group 183,667 1,224,929
-------------
5,169,174
- --------------------------------------------------------------------------------
Total Common Stocks in Australia 15,899,430
================================================================================
Austria -- 0.1%
Diversified Telecommunication
Services -- 0.1%
Telekom Austria AG 33,600 950,249
- --------------------------------------------------------------------------------
Total Common Stocks in Austria 950,249
================================================================================
Belgium -- 0.2%
Leisure Equipment &
Products -- 0.2%
AGFA-Gevaert NV 91,585 2,214,759
- --------------------------------------------------------------------------------
Total Common Stocks in Belgium 2,214,759
================================================================================
Brazil -- 2.6%
Commercial Banks -- 0.0%
Uniao de Bancos Brasileiros SA (b) 2,300 223,238
- --------------------------------------------------------------------------------
Construction &
Engineering -- 0.0%
Obrascon Huarte Lain Brasil SA 16,200 249,249
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.3%
Tele Norte Leste Participacoes SA 90,137 2,995,543
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Cia Energetica de Minas Gerais (b) 3,900 202,293
- --------------------------------------------------------------------------------
Food & Staples Retailing -- 0.0%
Cia Brasileira de Distribuicao Grupo
Pao de Acucar 4,163,000 131,176
- --------------------------------------------------------------------------------
Food Products -- 0.1%
Cosan SA Industria e Comercio (a) 52,000 1,001,034
- --------------------------------------------------------------------------------
Household Durables -- 0.0%
Gafisa SA 35,800 504,454
- --------------------------------------------------------------------------------
Leisure Equipment &
Products -- 0.0%
Localiza Rent A Car SA 22,500 230,971
- --------------------------------------------------------------------------------
Metals & Mining -- 0.7%
Companhia Vale do Rio Doce
(Common Shares) (b) 124,800 5,068,128
Companhia Vale do Rio Doce
(Preference `A' Shares) (b) 63,200 2,160,808
Usinas Siderurgicas de Minas Gerais SA
(Preference `A' Shares) 8,100 384,841
-------------
7,613,777
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 1.3%
Petroleo Brasileiro SA (b) 162,800 14,800,045
- --------------------------------------------------------------------------------
Road & Rail -- 0.0%
All America Latina Logistica SA 37,000 437,202
- --------------------------------------------------------------------------------
Software -- 0.0%
Datasul 29,400 330,752
- --------------------------------------------------------------------------------
Water Utilities -- 0.0%
Companhia de Saneamento de
Minas Gerais 17,000 218,453
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.2%
Vivo Participacoes SA (b)(h) 394,500 1,798,920
- --------------------------------------------------------------------------------
Total Common Stocks in Brazil 30,737,107
================================================================================
Canada -- 1.2%
Communications
Equipment -- 0.1%
Nortel Networks Corp. (a) 78,800 1,802,944
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.0%
BCE, Inc. 700 23,625
- --------------------------------------------------------------------------------
Food Products -- 0.1%
Saskatchewan Wheat Pool (a) 95,500 714,163
- --------------------------------------------------------------------------------
Insurance -- 0.0%
Sun Life Financial, Inc. 300 14,205
- --------------------------------------------------------------------------------
Metals & Mining -- 0.5%
Alamos Gold, Inc. (a) 56,900 341,943
Barrick Gold Corp. 7,497 210,741
Kinross Gold Corp. (a) 323,321 4,302,597
Kinross Gold Corp. (a) 38,561 514,010
Peak Gold Ltd. (a) 341,000 242,716
-------------
5,612,007
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.3%
Canadian Natural Resources Ltd. 14,300 852,423
Petro-Canada Inc. 23,300 1,035,999
Suncor Energy, Inc. (b) 24,200 1,948,100
-------------
3,836,522
- --------------------------------------------------------------------------------
Road & Rail -- 0.2%
Canadian Pacific Railway Ltd. 14,500 918,285
Canadian Pacific Railway Ltd. (USD) 28,500 1,810,320
-------------
2,728,605
- --------------------------------------------------------------------------------
Total Common Stocks in Canada 14,732,071
================================================================================
10 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
Chile -- 0.2%
Commercial Banks -- 0.2%
Banco Santander Chile SA (b) 36,200 $ 1,788,280
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Enersis SA (b) 8,900 168,566
- --------------------------------------------------------------------------------
Total Common Stocks in Chile 1,956,846
================================================================================
China -- 2.1%
Automobiles -- 0.0%
Denway Motors Ltd. 161,500 64,217
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.0%
China Communications Services
Corp. Ltd. (a) 40,000 24,954
- --------------------------------------------------------------------------------
Electrical Equipment -- 0.0%
Shanghai Electric Group Corp. 398,000 170,849
- --------------------------------------------------------------------------------
Food Products -- 0.2%
Chaoda Modern Agriculture
Holdings Ltd. 2,638,000 2,179,029
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.9%
Beijing Enterprises Holdings Ltd. 3,377,300 8,718,753
Shanghai Industrial Holdings Ltd. 77,700 203,311
Tianjin Development Holdings Ltd. 1,315,900 1,090,857
-------------
10,012,921
- --------------------------------------------------------------------------------
Insurance -- 0.0%
China Life Insurance Co. Ltd. (b) 5,599 259,458
Ping An Insurance Group Co. of
China Ltd. 32,200 170,247
-------------
429,705
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.9%
China Shenhua Energy Co. Ltd. Class H 2,592,200 6,405,942
Yanzhou Coal Mining Co. Ltd. 3,768,500 3,855,670
-------------
10,261,612
- --------------------------------------------------------------------------------
Transportation
Infrastructure -- 0.1%
Hainan Meilan International Airport
Co., Ltd. (a) 93,400 51,196
Jiangsu Express 524,000 444,610
Xiamen International Port Co. Ltd. (a) 2,348,800 716,922
-------------
1,212,728
- --------------------------------------------------------------------------------
Total Common Stocks in China 24,356,015
================================================================================
Denmark -- 0.4%
Commercial Banks -- 0.4%
Danske Bank A/S 94,027 4,390,889
- --------------------------------------------------------------------------------
Total Common Stocks in Denmark 4,390,889
================================================================================
Egypt -- 0.2%
Wireless Telecommunication
Services -- 0.2%
Orascom Telecom Holding SAE (b) 31,000 2,139,735
- --------------------------------------------------------------------------------
Total Common Stocks in Egypt 2,139,735
================================================================================
Finland -- 0.3%
Electric Utilities -- 0.3%
Fortum Oyj 124,441 3,852,835
- --------------------------------------------------------------------------------
Total Common Stocks in Finland 3,852,835
================================================================================
France -- 3.8%
Aerospace & Defense -- 0.2%
European Aeronautic Defense and
Space Co. 75,600 2,419,718
- --------------------------------------------------------------------------------
Automobiles -- 0.5%
Renault SA 43,365 5,629,420
- --------------------------------------------------------------------------------
Commercial Banks -- 0.9%
BNP Paribas SA 47,195 5,475,114
Societe Generale SA 26,240 5,560,879
-------------
11,035,993
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.3%
France Telecom SA 109,500 3,202,019
- --------------------------------------------------------------------------------
Electric Utilities -- 0.4%
Electricite de France SA 55,707 4,841,437
- --------------------------------------------------------------------------------
Insurance -- 0.4%
AXA SA 92,937 4,267,074
- --------------------------------------------------------------------------------
Machinery -- 0.3%
Vallourec 14,610 3,979,017
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.6%
Total SA 104,416 7,697,349
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
Sanofi-Aventis 23,011 2,106,354
- --------------------------------------------------------------------------------
Total Common Stocks in France 45,178,381
================================================================================
Germany -- 4.1%
Air Freight & Logistics -- 0.4%
Deutsche Post AG 133,240 4,586,972
- --------------------------------------------------------------------------------
Automobiles -- 0.3%
Bayerische Motoren Werke AG 66,679 4,101,492
- --------------------------------------------------------------------------------
Chemicals -- 0.9%
BASF AG 36,032 4,299,018
Bayer AG 91,822 6,316,608
-------------
10,615,626
- --------------------------------------------------------------------------------
Construction &
Engineering -- 0.3%
Hochtief AG 32,237 3,386,721
- --------------------------------------------------------------------------------
Electric Utilities -- 0.4%
E.ON AG 30,688 4,590,327
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
Siemens AG 45,553 5,496,203
- --------------------------------------------------------------------------------
Insurance -- 0.8%
Allianz AG Registered Shares 28,434 6,468,358
Muenchener Rueckversicherungs AG
Registered Shares 18,314 3,253,191
-------------
9,721,549
- --------------------------------------------------------------------------------
Multi-Utilities -- 0.5%
RWE AG 50,455 5,318,104
- --------------------------------------------------------------------------------
Total Common Stocks in Germany 47,816,994
================================================================================
Hong Kong -- 1.1%
Commercial Banks -- 0.2%
HSBC Holdings Plc Hong Kong
Registered 103,300 1,896,559
- --------------------------------------------------------------------------------
Computers & Peripherals -- 0.1%
Lenovo Group Ltd. 1,720,000 686,288
- --------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 11
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
Hong Kong (concluded)
Electric Utilities -- 0.0%
Cheung Kong Infrastructure
Holdings Ltd. 135,600 $ 484,835
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
Hutchison Whampoa Ltd. 235,100 2,263,811
- --------------------------------------------------------------------------------
Real Estate Management &
Development -- 0.5%
Beijing Capital Land Ltd. 1,518,100 645,786
Cheung Kong Holdings Ltd. 49,200 637,396
China Resources Land Ltd. 1,837,000 2,203,458
Hopson Development Holdings Ltd. 600 1,407
Sun Hung Kai Properties Ltd. 59,900 699,853
Wharf Holdings Ltd. 450,600 1,658,636
-------------
5,846,536
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.1%
Hutchison Telecommunications
International Ltd. (a) 850,000 1,732,403
- --------------------------------------------------------------------------------
Total Common Stocks in Hong Kong 12,910,432
================================================================================
Hungary -- 0.2%
Oil, Gas & Consumable
Fuels -- 0.2%
Mol Magyar Olaj-es Gazipari Rt. 24,718 3,008,953
- --------------------------------------------------------------------------------
Total Common Stocks in Hungary 3,008,953
================================================================================
India -- 2.3%
Automobiles -- 0.1%
Bajaj Auto Ltd. 5,700 336,114
Tata Motors Ltd. 15,564 281,637
-------------
617,751
- --------------------------------------------------------------------------------
Commercial Banks -- 0.0%
Karnataka Bank Ltd. 30,800 124,135
State Bank of India Ltd. 15,600 414,184
-------------
538,319
- --------------------------------------------------------------------------------
Construction Materials -- 0.0%
Gujarat Ambuja Cements Ltd. 152,600 433,646
- --------------------------------------------------------------------------------
Diversified Financial
Services -- 0.0%
Reliance Capital Ltd. 4,100 70,342
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Reliance Energy Ltd. 6,150 75,565
- --------------------------------------------------------------------------------
Household Products -- 0.0%
Hindustan Lever Ltd. 20,000 96,196
- --------------------------------------------------------------------------------
IT Services -- 0.2%
Infosys Technologies Ltd. 52,700 2,601,442
- --------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.0%
Reliance Natural Resources Ltd. (a) 82,000 50,886
- --------------------------------------------------------------------------------
Media -- 0.1%
ASC Enterprises Ltd. (a) 57,566 150,587
Wire and Wireless India Ltd. (a) 50,057 101,597
Zee News Ltd. (a) 45,261 43,953
Zee Telefilms Ltd. 100,114 706,487
-------------
1,002,624
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 1.4%
Hindustan Petroleum Corp. 8,300 54,100
Reliance Industries Ltd. 428,500 16,129,869
-------------
16,183,969
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.0%
Wockhardt Ltd. 6,150 63,497
- --------------------------------------------------------------------------------
Road & Rail -- 0.1%
Container Corp. of India 14,600 735,063
- --------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- 0.1%
Housing Development Finance Corp. 20,000 801,598
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.3%
Reliance Communication Ventures
Ltd. (a) 306,000 3,518,229
- --------------------------------------------------------------------------------
Total Common Stocks in India 26,789,127
================================================================================
Indonesia -- 0.2%
Commercial Banks -- 0.1%
Bank Central Asia Tbk PT 813,600 470,251
Bank Mandiri Persero Tbk PT 1,018,500 339,821
-------------
810,072
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.1%
Indosat Tbk PT 2,200,000 1,629,857
- --------------------------------------------------------------------------------
Total Common Stocks in Indonesia 2,439,929
================================================================================
Ireland -- 0.7%
Commercial Banks -- 0.3%
Allied Irish Banks Plc 129,611 3,925,321
- --------------------------------------------------------------------------------
Construction Materials -- 0.4%
CRH Plc 98,336 4,309,988
- --------------------------------------------------------------------------------
Total Common Stocks in Ireland 8,235,309
================================================================================
Israel -- 0.3%
Communications
Equipment -- 0.2%
ECI Telecom Ltd. (a)(b) 291,600 2,437,776
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
Teva Pharmaceutical Industries Ltd. (b) 27,800 1,065,018
- --------------------------------------------------------------------------------
Software -- 0.0%
Ectel Ltd. (a)(b) 4,251 14,921
- --------------------------------------------------------------------------------
Total Common Stocks in Israel 3,517,715
================================================================================
Italy -- 1.7%
Commercial Banks -- 1.0%
Banca Intesa SpA 667,090 5,589,578
UniCredito Italiano SpA 571,683 5,873,651
-------------
11,463,229
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.2%
Telecom Italia SpA (RNC) 1,147,620 2,806,714
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.5%
Eni SpA 175,103 5,807,069
- --------------------------------------------------------------------------------
Total Common Stocks in Italy 20,077,012
================================================================================
12 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
Japan -- 10.2%
Auto Components -- 0.2%
Toyota Industries Corp. 61,500 $ 2,897,724
- --------------------------------------------------------------------------------
Automobiles -- 0.6%
Honda Motor Co., Ltd. 20,900 717,835
Suzuki Motor Corp. 236,200 6,715,056
-------------
7,432,891
- --------------------------------------------------------------------------------
Beverages -- 0.5%
Coca-Cola Central Japan Co., Ltd. 39 303,923
Coca-Cola West Holdings Co., Ltd. 173,275 3,778,933
Hokkaido Coca-Cola Bottling Co., Ltd. 15,000 91,707
Kirin Brewery Co., Ltd. 88,000 1,330,188
Mikuni Coca-Cola Bottling Co., Ltd. 39,500 417,299
-------------
5,922,050
- --------------------------------------------------------------------------------
Building Products -- 0.1%
Asahi Glass Co., Ltd. 75,600 1,016,950
Daikin Industries Ltd. 13,500 456,248
-------------
1,473,198
- --------------------------------------------------------------------------------
Capital Markets -- 0.1%
Nomura Holdings, Inc. 43,700 835,159
- --------------------------------------------------------------------------------
Chemicals -- 0.5%
Mitsubishi Rayon Co., Ltd. 120,900 840,350
Shin-Etsu Chemical Co., Ltd. 47,500 3,065,800
Sumitomo Chemical Co., Ltd. 347,200 2,293,174
-------------
6,199,324
- --------------------------------------------------------------------------------
Commercial Banks -- 0.5%
The Bank of Kyoto Ltd. 54,000 623,730
The Bank of Yokohama Ltd. 129,300 946,609
Fukuoka Financial Group, Inc. 230,100 1,752,446
Mitsubishi UFJ Financial Group, Inc. 40 416,084
Shinsei Bank Ltd. 71,400 307,881
Sumitomo Mitsui Financial Group, Inc. 245 2,140,338
-------------
6,187,088
- --------------------------------------------------------------------------------
Construction &
Engineering -- 0.5%
JGC Corp. 174,377 2,678,713
Kinden Corp. 138,000 1,304,397
Okumura Corp. 436,500 2,433,083
-------------
6,416,193
- --------------------------------------------------------------------------------
Consumer Finance -- 0.1%
Credit Saison Co., Ltd. 56,100 1,595,024
- --------------------------------------------------------------------------------
Diversified Financial
Services -- 0.6%
RHJ International (a) 283,000 5,715,689
RHJ International (a)(b)(f) 41,200 832,107
-------------
6,547,796
- --------------------------------------------------------------------------------
Electronic Equipment &
Instruments -- 0.3%
Murata Manufacturing Co., Ltd. 39,000 2,874,074
- --------------------------------------------------------------------------------
Food & Staples Retailing -- 0.3%
Ministop Co., Ltd. 4,200 74,296
Seven & I Holdings Co. Ltd. 118,800 3,425,695
-------------
3,499,991
- --------------------------------------------------------------------------------
Food Products -- 0.1%
Ajinomoto Co., Inc. 40,100 493,332
House Foods Corp. 5,200 87,961
-------------
581,293
- --------------------------------------------------------------------------------
Gas Utilities -- 0.3%
Tokyo Gas Co., Ltd. 614,100 3,086,189
- --------------------------------------------------------------------------------
Household Durables -- 0.3%
Fuso Lexel, Inc. 96,300 845,177
Rinnai Corp. 25,900 710,296
Sanyo Housing Nagoya Co. Ltd. 200 292,156
Sekisui House Ltd. 92,000 1,357,786
-------------
3,205,415
- --------------------------------------------------------------------------------
Household Products -- 0.1%
Kao Corp. 51,000 1,399,930
- --------------------------------------------------------------------------------
Insurance -- 2.4%
Aioi Insurance Co., Ltd. 800,200 5,421,123
Millea Holdings, Inc. 244,500 9,059,752
Mitsui Sumitomo Insurance Co., Ltd. 646,030 8,016,741
Nipponkoa Insurance Co., Ltd. 694,300 5,778,185
-------------
28,275,801
- --------------------------------------------------------------------------------
Machinery -- 0.4%
Kubota Corp. 219,400 2,073,558
Tadano Ltd. 183,300 2,415,902
-------------
4,489,460
- --------------------------------------------------------------------------------
Media -- 0.2%
Toho Co., Ltd. 129,600 2,542,816
- --------------------------------------------------------------------------------
Office Electronics -- 0.3%
Canon, Inc. 70,700 3,966,576
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
Takeda Pharmaceutical Co., Ltd. 85,500 5,542,747
Tanabe Seiyaku Co., Ltd. 22,100 285,950
-------------
5,828,697
- --------------------------------------------------------------------------------
Real Estate Management &
Development -- 0.1%
Joint Corp. 11,700 386,611
NTT Urban Development Co. 235 558,161
-------------
944,772
- --------------------------------------------------------------------------------
Road & Rail -- 0.2%
East Japan Railway Co. 340 2,757,046
- --------------------------------------------------------------------------------
Tobacco -- 0.2%
Japan Tobacco, Inc. 505 2,466,566
- --------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.3%
Mitsubishi Corp. 164,000 3,495,877
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.5%
NTT DoCoMo, Inc. 3,010 5,123,184
Okinawa Cellular Telephone Co. 60 175,809
-------------
5,298,993
- --------------------------------------------------------------------------------
Total Common Stocks in Japan 120,219,943
- --------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 13
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
Malaysia -- 0.3%
Diversified Telecommunication
Services -- 0.0%
Telekom Malaysia Bhd 105,000 $ 330,215
- --------------------------------------------------------------------------------
Electric Utilities -- 0.1%
Tenaga Nasional Bhd 245,841 815,371
- --------------------------------------------------------------------------------
Food Products -- 0.1%
IOI Corp. Bhd 158,500 1,162,686
- --------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.0%
Malakoff Bhd 11,700 35,216
- --------------------------------------------------------------------------------
Tobacco -- 0.1%
British American Tobacco Malaysia Bhd 34,400 461,588
- --------------------------------------------------------------------------------
Transportation
Infrastructure -- 0.0%
PLUS Expressways Bhd 83,900 74,260
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.0%
Maxis Communications Bhd 52,800 200,584
- --------------------------------------------------------------------------------
Total Common Stocks in Malaysia 3,079,920
================================================================================
Mexico -- 0.5%
Beverages -- 0.1%
Fomento Economico Mexicano,
SA de CV (b) 6,000 646,140
- --------------------------------------------------------------------------------
Construction Materials -- 0.1%
Cemex, SA de CV (a)(b) 42,400 1,378,000
- --------------------------------------------------------------------------------
Media -- 0.3%
Grupo Televisa, SA (b) 135,600 3,803,580
- --------------------------------------------------------------------------------
Total Common Stocks in Mexico 5,827,720
================================================================================
Netherlands -- 0.3%
Metals & Mining -- 0.3%
Arcelor Mittal 71,856 3,836,873
- --------------------------------------------------------------------------------
Total Common Stocks in the Netherlands 3,836,873
================================================================================
New Zealand -- 0.0%
Diversified Telecommunication
Services -- 0.0%
Telecom Corp. of New Zealand Ltd. 32,300 115,179
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Contact Energy Ltd. 26,900 181,259
- --------------------------------------------------------------------------------
Total Common Stocks in New Zealand 296,438
================================================================================
Norway -- 0.7%
Diversified Telecommunication
Services -- 0.1%
Telenor ASA 76,700 1,427,376
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
Orkla ASA 139,890 2,230,043
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.4%
Statoil ASA 143,453 4,014,748
- --------------------------------------------------------------------------------
Total Common Stocks in Norway 7,672,167
================================================================================
Peru -- 0.1%
Metals & Mining -- 0.1%
Southern Copper Corp. 8,000 642,400
- --------------------------------------------------------------------------------
Total Common Stocks in Peru 642,400
================================================================================
Singapore -- 1.9%
Commercial Banks -- 0.1%
Oversea-Chinese Banking Corp. 158,000 928,325
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.5%
Singapore Telecommunications Ltd. 2,515,960 5,463,227
- --------------------------------------------------------------------------------
Health Care Providers &
Services -- 0.2%
Parkway Holdings Ltd. 759,675 1,962,650
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
Fraser and Neave Ltd. 596,000 2,098,838
Keppel Corp. Ltd. 388,300 5,426,781
-------------
7,525,619
- --------------------------------------------------------------------------------
Real Estate Management &
Development -- 0.5%
CapitaLand Ltd. 996,000 5,509,110
Keppel Land Ltd. 153,000 883,509
-------------
6,392,619
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.0%
MobileOne Ltd. 310,100 456,358
- --------------------------------------------------------------------------------
Total Common Stocks in Singapore 22,728,798
================================================================================
South Africa -- 0.7%
Diversified Telecommunication
Services -- 0.2%
Telkom SA Ltd. 110,000 2,685,998
- --------------------------------------------------------------------------------
Metals & Mining -- 0.0%
Gold Fields Ltd. (b) 14,900 267,753
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.1%
Sasol Ltd. 13,700 468,978
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.4%
MTN Group Ltd. 300,000 4,378,093
- --------------------------------------------------------------------------------
Total Common Stocks in South Africa 7,800,822
================================================================================
South Korea -- 2.4%
Chemicals -- 0.2%
SODIFF Advanced Materials Co. Ltd. 72,200 2,575,340
- --------------------------------------------------------------------------------
Commercial Banks -- 0.4%
Daegu Bank 52,500 862,645
Hana Financial Group, Inc. 20,262 1,057,882
Kookmin Bank 23,000 2,058,270
Pusan Bank 67,800 993,541
-------------
4,972,338
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.3%
KT Corp. (b) 158,200 3,584,812
- --------------------------------------------------------------------------------
Electric Utilities -- 0.1%
Korea Electric Power Corp. 16,100 656,550
- --------------------------------------------------------------------------------
Electrical Equipment -- 0.0%
LS Cable Ltd. 7,000 382,180
- --------------------------------------------------------------------------------
Electronic Equipment &
Instruments -- 0.1%
Fine DNC Co., Ltd. 68,737 319,618
Interflex Co., Ltd. 93,800 562,710
-------------
882,328
14 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
South Korea (concluded)
Food Products -- 0.0%
CJ Corp. 3,800 $ 424,167
Nong Shim Co., Ltd. 400 106,870
-------------
531,037
- --------------------------------------------------------------------------------
Hotels, Restaurants &
Leisure -- 0.0%
Paradise Co. Ltd. 162,695 618,451
- --------------------------------------------------------------------------------
Insurance -- 0.4%
Dongbu Insurance Co., Ltd. (a) 38,300 1,115,090
Korean Reinsurance Co. (a) 146,719 1,866,593
Meritz Fire & Marine Insurance Co. Ltd. 150,700 1,272,475
-------------
4,254,158
- --------------------------------------------------------------------------------
Internet & Catalog Retail -- 0.1%
CJ Home Shopping 12,800 914,464
- --------------------------------------------------------------------------------
Metals & Mining -- 0.3%
POSCO 3,100 1,300,040
POSCO (b) 17,200 1,801,528
-------------
3,101,568
- --------------------------------------------------------------------------------
Multiline Retail -- 0.0%
Lotte Shopping Co. (b)(f) 3,100 58,302
- --------------------------------------------------------------------------------
Textiles, Apparel & Luxury
Goods -- 0.0%
Cheil Industries, Inc. 13,800 520,644
- --------------------------------------------------------------------------------
Tobacco -- 0.4%
KT&G Corp. 63,100 4,536,034
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.1%
SK Telecom Co., Ltd. 3,600 759,283
-------------
Total Common Stocks in South Korea 28,347,489
================================================================================
Spain -- 1.0%
Commercial Banks -- 0.9%
Banco Bilbao Vizcaya Argentaria SA 223,012 5,332,321
Banco Santander Central Hispano SA 334,108 6,013,844
-------------
11,346,165
- --------------------------------------------------------------------------------
Transportation
Infrastructure -- 0.1%
Cintra Concesiones de Infraestructuras
de Transporte SA 43,500 779,013
- --------------------------------------------------------------------------------
Total Common Stocks in Spain 12,125,178
================================================================================
Sweden -- 0.4%
Diversified Financial
Services -- 0.4%
Investor AB 166,824 4,461,859
- --------------------------------------------------------------------------------
Total Common Stocks in Sweden 4,461,859
================================================================================
Switzerland -- 2.4%
Capital Markets -- 1.0%
Credit Suisse Group 74,886 5,877,262
UBS AG 88,179 5,730,658
-------------
11,607,920
- --------------------------------------------------------------------------------
Food Products -- 0.2%
Nestle SA Registered Shares 7,400 2,929,426
- --------------------------------------------------------------------------------
Insurance -- 0.4%
Swiss Reinsurance Registered Shares 45,371 4,264,872
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.8%
Novartis AG (b) 14,450 839,401
Novartis AG Registered Shares 137,640 7,996,295
-------------
8,835,696
- --------------------------------------------------------------------------------
Total Common Stocks in Switzerland 27,637,914
================================================================================
Taiwan -- 0.9%
Commercial Banks -- 0.1%
Chinatrust Financial Holding Co. 1,491,000 1,168,174
SinoPac Financial Holdings Co., Ltd. 226,000 97,737
Taishin Financial Holdings Co., Ltd. (a) 186,400 90,722
-------------
1,356,633
- --------------------------------------------------------------------------------
Construction Materials -- 0.0%
Taiwan Cement Corp. 367,560 326,503
- --------------------------------------------------------------------------------
Diversified Financial
Services -- 0.0%
Fubon Financial Holding Co. Ltd. 285,200 247,587
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.3%
Chunghwa Telecom Co. Ltd. 1,504,900 2,858,998
Chunghwa Telecom Co. Ltd. (b) 47,634 947,917
-------------
3,806,915
- --------------------------------------------------------------------------------
Electronic Equipment &
Instruments -- 0.3%
Delta Electronics, Inc. 861,945 2,692,582
- --------------------------------------------------------------------------------
Insurance -- 0.2%
Cathay Financial Holding Co., Ltd. 851,308 1,724,058
- --------------------------------------------------------------------------------
Total Common Stocks in Taiwan 10,154,278
================================================================================
Thailand -- 0.6%
Commercial Banks -- 0.1%
Siam Commercial Bank PCL 408,600 781,363
- --------------------------------------------------------------------------------
Construction Materials -- 0.0%
Siam Cement PCL Foreign Shares 41,400 281,696
- --------------------------------------------------------------------------------
Electronic Equipment &
Instruments -- 0.0%
Hana Microelectronics PCL 123,100 91,152
- --------------------------------------------------------------------------------
Food Products -- 0.0%
Thai Union Frozen Products PCL
Foreign Shares 38,800 24,589
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.4%
Banpu PCL 410,000 2,528,936
PTT Exploration & Production PCL 107,900 291,664
PTT PCL 181,600 1,148,871
Thai Oil PCL Foreign Shares 800,000 1,506,830
-------------
5,476,301
- --------------------------------------------------------------------------------
Transportation
Infrastructure -- 0.1%
Airports of Thailand PCL 543,100 929,244
Bangkok Expressway PCL Foreign Shares 58,400 39,297
-------------
968,541
- --------------------------------------------------------------------------------
Total Common Stocks in Thailand 7,623,642
- --------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 15
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
Turkey -- 0.0%
Wireless Telecommunication
Services -- 0.0%
Turkcell Iletisim Hizmet AS 58,610 $ 321,927
- --------------------------------------------------------------------------------
Total Common Stocks in Turkey 321,927
================================================================================
United Kingdom -- 5.6%
Aerospace & Defense -- 0.4%
BAE Systems Plc 552,713 5,010,307
- --------------------------------------------------------------------------------
Beverages -- 0.3%
Diageo Plc (b) 35,400 2,987,760
- --------------------------------------------------------------------------------
Commercial Banks -- 0.8%
Barclays Plc 250,162 3,611,517
HBOS Plc 259,075 5,559,650
-------------
9,171,167
- --------------------------------------------------------------------------------
Diversified Financial
Services -- 0.0%
Guinness Peat Group Plc 177,320 309,295
- --------------------------------------------------------------------------------
Food Products -- 0.7%
Cadbury Schweppes Plc (b) 25,500 1,352,775
Premier Foods Plc 107,500 654,620
Unilever Plc 205,235 6,421,147
-------------
8,428,542
- --------------------------------------------------------------------------------
Insurance -- 0.7%
Aviva Plc 224,992 3,529,861
Prudential Plc 307,346 4,566,918
-------------
8,096,779
- --------------------------------------------------------------------------------
Oil, Gas & Consumable
Fuels -- 0.8%
Royal Dutch Shell Plc Class B 256,063 9,017,323
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
GlaxoSmithKline Plc 297,336 8,576,139
- --------------------------------------------------------------------------------
Specialty Retail -- 0.1%
Kesa Electricals Plc 112,376 755,125
- --------------------------------------------------------------------------------
Tobacco -- 0.4%
British American Tobacco Plc 154,839 4,792,349
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.7%
Vodafone Group Plc 2,866,500 8,155,067
Vodafone Group Plc (b) 16,394 471,000
-------------
8,626,067
- --------------------------------------------------------------------------------
Total Common Stocks in the United Kingdom 65,770,853
================================================================================
United States -- 35.8%
Aerospace & Defense -- 0.2%
Boeing Co. 700 65,100
General Dynamics Corp. 7,200 565,200
KBR, Inc. (a) 23,923 494,243
Lockheed Martin Corp. 700 67,298
Northrop Grumman Corp. 900 66,276
Raytheon Co. 1,200 64,248
Spirit Aerosystems Holdings, Inc.
Class A (a) 29,900 945,737
-------------
2,268,102
- --------------------------------------------------------------------------------
Air Freight & Logistics -- 0.1%
FedEx Corp. 5,200 548,288
- --------------------------------------------------------------------------------
Airlines -- 0.0%
AMR Corp. (a) 1,500 39,135
Continental Airlines, Inc. Class B (a) 1,500 54,840
US Airways Group, Inc. (a) 900 33,246
-------------
127,221
- --------------------------------------------------------------------------------
Automobiles -- 0.1%
General Motors Corp. 22,375 698,771
- --------------------------------------------------------------------------------
Beverages -- 0.4%
The Coca-Cola Co. 53,300 2,781,727
Constellation Brands, Inc. Class A (a) 40,200 900,882
Pepsi Bottling Group, Inc. 2,000 65,620
PepsiAmericas, Inc. 16,900 407,966
-------------
4,156,195
- --------------------------------------------------------------------------------
Biotechnology -- 0.1%
Senomyx, Inc. (a) 45,200 608,844
- --------------------------------------------------------------------------------
Capital Markets -- 0.6%
American Capital Strategies Ltd. 1,100 53,548
Ameriprise Financial, Inc. 1,100 65,417
The Bank of New York Co., Inc. 72,800 2,946,944
The Bear Stearns Cos., Inc. 300 46,710
The Goldman Sachs Group, Inc. 300 65,583
Mellon Financial Corp. 4,200 180,306
Morgan Stanley 700 58,807
Northern Trust Corp. 49,900 3,141,205
State Street Corp. 7,600 523,412
-------------
7,081,932
- --------------------------------------------------------------------------------
Chemicals -- 0.1%
Albemarle Corp. 1,600 67,920
Celanese Corp. Series A 2,200 72,974
E.I. du Pont de Nemours & Co. 23,600 1,160,412
Lubrizol Corp. 1,200 71,928
-------------
1,373,234
- --------------------------------------------------------------------------------
Commercial Banks -- 0.1%
Wachovia Corp. 5,900 327,686
Wells Fargo & Co. 25,600 918,784
-------------
1,246,470
- --------------------------------------------------------------------------------
Commercial Services &
Supplies -- 0.0%
Avery Dennison Corp. 900 55,980
- --------------------------------------------------------------------------------
Communications
Equipment -- 2.4%
3Com Corp. (a) 678,100 2,732,743
Avaya, Inc. (a) 4,200 54,264
Ciena Corp. (a) 60,900 1,775,844
Cisco Systems, Inc. (a) 345,300 9,233,322
Comverse Technology, Inc. (a) 282,300 6,402,564
Extreme Networks, Inc. (a) 45,000 184,050
JDS Uniphase Corp. (a) 25,250 416,120
Motorola, Inc. 182,300 3,159,259
QUALCOMM, Inc. 94,700 4,147,860
Tellabs, Inc. (a) 4,500 47,790
-------------
28,153,816
- --------------------------------------------------------------------------------
16 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
United States (continued)
Computers & Peripherals -- 1.4%
Apple Computer, Inc. (a) 61,000 $ 6,087,800
Hewlett-Packard Co. 48,800 2,056,432
International Business Machines Corp. 66,400 6,786,744
Lexmark International, Inc. Class A (a) 900 49,050
Sun Microsystems, Inc. (a) 361,500 1,887,030
-------------
16,867,056
- --------------------------------------------------------------------------------
Construction &
Engineering -- 0.7%
Foster Wheeler Ltd. (a) 119,500 8,225,185
- --------------------------------------------------------------------------------
Consumer Finance -- 0.1%
SLM Corp. 15,000 807,450
- --------------------------------------------------------------------------------
Containers & Packaging -- 0.2%
Crown Holdings, Inc. (a) 48,800 1,179,496
Smurfit-Stone Container Corp. (a) 64,100 772,405
-------------
1,951,901
- --------------------------------------------------------------------------------
Diversified Financial
Services -- 1.2%
Bank of America Corp. 56,100 2,855,490
CIT Group, Inc. 700 41,755
Citigroup, Inc. 197,100 10,568,502
JPMorgan Chase & Co. 19,600 1,021,160
-------------
14,486,907
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 1.1%
AT&T Inc. 129,937 5,031,161
Cincinnati Bell, Inc. (a) 32,200 163,254
Embarq Corp. 6,635 398,365
General Communication, Inc. Class A (a) 57,900 823,917
Qwest Communications
International Inc. (a) 6,100 54,168
Verizon Communications, Inc. 157,000 5,994,260
Windstream Corp. 33,591 491,100
-------------
12,956,225
- --------------------------------------------------------------------------------
Electric Utilities -- 0.4%
Edison International 1,100 57,585
Mirant Corp. (a) 55,300 2,481,311
PPL Corp. 60,300 2,629,683
-------------
5,168,579
- --------------------------------------------------------------------------------
Electronic Equipment &
Instruments -- 0.0%
Avnet, Inc. (a) 1,800 73,620
- --------------------------------------------------------------------------------
Energy Equipment &
Services -- 2.0%
Baker Hughes, Inc. 9,700 779,783
Complete Production Services, Inc. (a) 70,300 1,692,121
ENSCO International, Inc. 26,000 1,465,880
GlobalSantaFe Corp. 47,500 3,036,675
Grant Prideco, Inc. (a) 73,100 3,767,574
Halliburton Co. 43,849 1,393,083
Key Energy Services, Inc. (a) 78,425 1,462,626
National Oilwell Varco, Inc. (a) 19,000 1,612,150
Noble Corp. 9,550 804,205
Schlumberger Ltd. 47,800 3,529,074
Smith International, Inc. 43,700 2,291,628
Transocean, Inc. (a) 12,650 1,090,430
Weatherford International Ltd. (a) 20,250 1,062,922
-------------
23,988,151
- --------------------------------------------------------------------------------
Food & Staples Retailing -- 0.3%
CVS Corp./Caremark Corp. 33,270 1,205,705
The Kroger Co. 2,600 76,726
SUPERVALU Inc. 19,291 885,457
Safeway, Inc. 1,900 68,970
Wal-Mart Stores, Inc. 16,100 771,512
Walgreen Co. 16,100 706,790
-------------
3,715,160
- --------------------------------------------------------------------------------
Food Products -- 0.3%
ConAgra Foods, Inc. 46,200 1,135,596
Dean Foods Co. 1,300 47,359
General Mills, Inc. 1,100 65,890
Kraft Foods, Inc. 62,903 2,105,370
Sara Lee Corp. 40,200 659,682
-------------
4,013,897
- --------------------------------------------------------------------------------
Health Care Equipment &
Supplies -- 0.2%
Bausch & Lomb, Inc. 3,500 205,905
Baxter International, Inc. 20,300 1,149,589
Boston Scientific Corp. (a) 37,200 574,368
-------------
1,929,862
- --------------------------------------------------------------------------------
Health Care Providers &
Services -- 1.3%
Aetna, Inc. 28,250 1,324,360
AmerisourceBergen Corp. 12,100 604,879
Cigna Corp. 6,810 1,059,568
Coventry Health Care, Inc. (a) 900 52,047
HealthSouth Corp. (a) 29,260 614,460
Humana, Inc. (a) 1,200 75,888
Manor Care, Inc. 23,150 1,502,203
McKesson Corp. 15,600 917,748
Medco Health Solutions, Inc. (a) 24,300 1,895,886
Tenet Healthcare Corp. (a) 82,600 612,892
Triad Hospitals, Inc. (a) 14,200 754,588
UnitedHealth Group, Inc. 56,200 2,981,972
WellPoint, Inc. (a) 31,125 2,457,941
-------------
14,854,432
- --------------------------------------------------------------------------------
Hotels, Restaurants &
Leisure -- 0.8%
McDonald's Corp. (h) 55,100 2,660,228
Panera Bread Co. Class A (a) 122,100 6,799,749
-------------
9,459,977
- --------------------------------------------------------------------------------
Household Durables -- 0.0%
Mohawk Industries, Inc. (a) 900 81,144
- --------------------------------------------------------------------------------
Household Products -- 0.1%
The Procter & Gamble Co. 20,800 1,337,648
- --------------------------------------------------------------------------------
IT Services -- 0.0%
Accenture Ltd. Class A 1,500 58,650
Electronic Data Systems Corp. 2,200 64,328
Total System Services, Inc. 2,300 71,438
-------------
194,416
- --------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 17
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
United States (continued)
Independent Power Producers &
Energy Traders -- 0.4%
The AES Corp. (a) 48,800 $ 1,073,112
Constellation Energy Group, Inc. 800 71,296
Dynegy, Inc. Class A (a) 98,200 924,062
TXU Corp. 36,600 2,400,228
-------------
4,468,698
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 2.2%
General Electric Co. (h) 596,300 21,979,618
Tyco International Ltd. 101,500 3,311,945
-------------
25,291,563
- --------------------------------------------------------------------------------
Insurance -- 3.7%
ACE Ltd. 68,100 4,049,226
The Allstate Corp. 24,500 1,526,840
American International Group, Inc. 199,600 13,954,036
Assurant, Inc. 21,800 1,254,154
Axis Capital Holdings Ltd. 1,700 63,070
Bristol West Holdings, Inc. 13,200 292,512
CNA Financial Corp. 1,400 65,338
Chubb Corp. 900 48,447
Darwin Professional Underwriters, Inc. (a) 12,200 316,712
Endurance Specialty Holdings Ltd. 73,400 2,746,628
Everest Re Group Ltd. 3,300 332,112
Genworth Financial, Inc. Class A 1,600 58,384
Hartford Financial Services Group, Inc. 18,800 1,902,560
IPC Holdings, Ltd. 40,000 1,199,200
Lincoln National Corp. 700 49,805
Loews Corp. 1,600 75,712
MBIA, Inc. 900 62,604
Marsh & McLennan Cos., Inc. 24,000 762,240
Platinum Underwriters Holdings Ltd. 31,800 1,088,196
Prudential Financial, Inc. 10,900 1,035,500
RenaissanceRe Holdings Ltd. 20,200 1,093,830
The Travelers Cos., Inc. 77,200 4,176,520
XL Capital Ltd. Class A 89,700 6,994,806
-------------
43,148,432
- --------------------------------------------------------------------------------
Internet & Catalog Retail -- 0.0%
IAC/InterActiveCorp (a) 1,400 53,368
Liberty Media Holding Corp. --
Interactive (a) 13,225 331,022
-------------
384,390
- --------------------------------------------------------------------------------
Internet Software &
Services -- 0.3%
Expedia, Inc. (a) 2,800 66,136
eBay, Inc. (a) 85,100 2,888,294
-------------
2,954,430
- --------------------------------------------------------------------------------
Leisure Equipment &
Products -- 0.0%
Mattel, Inc. 2,400 67,920
- --------------------------------------------------------------------------------
Life Sciences Tools &
Services -- 0.2%
Thermo Fisher Scientific, Inc. (a) 9,300 484,158
Waters Corp. (a) 20,750 1,233,173
-------------
1,717,331
- --------------------------------------------------------------------------------
Machinery -- 0.0%
Cummins, Inc. 600 55,296
Deere & Co. 600 65,640
Eaton Corp. 900 80,289
SPX Corp. 1,200 85,056
Terex Corp. (a) 1,200 93,420
-------------
379,701
- --------------------------------------------------------------------------------
Media -- 0.6%
Comcast Corp. Class A (a) 146,900 3,916,354
Discovery Holding Co. (a) 5,800 126,150
Idearc, Inc. 8,126 282,378
Liberty Media Holding Corp. -- Capital (a) 17 1,920
The McGraw-Hill Cos., Inc. 700 45,871
Omnicom Group Inc. 700 73,297
Time Warner, Inc. 44,800 924,224
Viacom, Inc. Class B (a) 20,450 843,562
Virgin Media, Inc. 40,450 1,020,553
-------------
7,234,309
- --------------------------------------------------------------------------------
Metals & Mining -- 1.0%
Alcoa, Inc. 60,000 2,129,400
Freeport-McMoRan Copper & Gold, Inc.
Class B 30,100 2,021,516
Newmont Mining Corp. 184,400 7,689,480
Nucor Corp. 700 44,422
United States Steel Corp. 1,000 101,540
-------------
11,986,358
- --------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
CMS Energy Corp. 54,100 1,001,932
CenterPoint Energy, Inc. 2,900 54,607
PG&E Corp. 900 45,540
Sempra Energy 700 44,436
-------------
1,146,515
- --------------------------------------------------------------------------------
Multiline Retail -- 0.0%
Big Lots, Inc. (a) 2,800 90,160
Family Dollar Stores, Inc. 2,300 73,232
Federated Department Stores, Inc. 1,500 65,880
JC Penney Co., Inc. 700 55,363
Kohl's Corp. (a) 900 66,636
Nordstrom, Inc. 1,100 60,412
Sears Holdings Corp. (a) 300 57,273
-------------
468,956
- --------------------------------------------------------------------------------
Office Electronics -- 0.0%
Xerox Corp. (a) 1,900 35,150
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 4.3%
Chevron Corp. 64,050 4,982,449
ConocoPhillips 47,800 3,314,930
Consol Energy, Inc. 116,100 4,861,107
Devon Energy Corp. 29,000 2,113,230
El Paso Corp. 574,600 8,619,000
Exxon Mobil Corp. (h) 164,500 13,058,010
Foundation Coal Holdings, Inc. 83,350 3,283,156
Hess Corp. 23,600 1,339,300
Marathon Oil Corp. 19,050 1,934,527
Murphy Oil Corp. 26,400 1,463,616
Occidental Petroleum Corp. 36,650 1,858,155
Peabody Energy Corp. 64,900 3,113,902
Stone Energy Corp. (a) 17,200 509,636
-------------
50,451,018
- --------------------------------------------------------------------------------
18 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Industry Common Stocks Held Value
================================================================================
United States (continued)
Paper & Forest Products -- 0.2%
International Paper Co. 48,300 $ 1,821,876
- --------------------------------------------------------------------------------
Personal Products -- 0.1%
Avon Products, Inc. 28,200 1,122,360
- --------------------------------------------------------------------------------
Pharmaceuticals -- 2.6%
Abbott Laboratories 25,400 1,438,148
Bristol-Myers Squibb Co. 98,200 2,834,052
Eli Lilly & Co. 33,200 1,963,116
Johnson & Johnson 103,900 6,672,458
King Pharmaceuticals, Inc. (a) 3,300 67,485
Merck & Co., Inc. 67,075 3,450,338
Pfizer, Inc. 357,000 9,446,220
Schering-Plough Corp. 73,900 2,344,847
Watson Pharmaceuticals, Inc. (a) 10,750 293,475
Wyeth 44,500 2,469,750
-------------
30,979,889
- --------------------------------------------------------------------------------
Real Estate Investment Trusts
(REITs) -- 0.0%
Ventas, Inc. 11,600 489,056
- --------------------------------------------------------------------------------
Road & Rail -- 1.8%
Burlington Northern Santa Fe Corp. 64,600 5,655,084
Norfolk Southern Corp. 35,700 1,900,668
Union Pacific Corp. 115,400 13,184,450
-------------
20,740,202
- --------------------------------------------------------------------------------
Semiconductors & Semiconductor
Equipment -- 0.3%
Applied Materials, Inc. 3,400 65,348
Genesis Microchip, Inc. (a) 128,600 1,103,388
Intel Corp. 80,400 1,728,600
LSI Logic Corp. (a) 21,600 183,600
Novellus Systems, Inc. (a) 2,200 71,214
-------------
3,152,150
- --------------------------------------------------------------------------------
Software -- 2.2%
BMC Software, Inc. (a) 1,400 45,318
Borland Software Corp. (a) 14,000 77,980
CA, Inc. 238,500 6,501,510
Cadence Design Systems, Inc. (a) 2,900 64,380
McAfee, Inc. (a) 2,100 68,229
Microsoft Corp. 567,600 16,993,944
Novell, Inc. (a) 49,300 359,890
Synopsys, Inc. (a) 2,500 69,150
TIBCO Software, Inc. (a) 206,900 1,886,928
-------------
26,067,329
- --------------------------------------------------------------------------------
Specialty Retail -- 0.0%
American Eagle Outfitters, Inc. 1,850 54,519
The Gap, Inc. 3,200 57,440
Ross Stores, Inc. 2,100 69,615
The Sherwin-Williams Co. 1,200 76,524
Staples, Inc. 1,500 37,200
TJX Cos., Inc. 1,900 52,991
-------------
348,289
- --------------------------------------------------------------------------------
Textiles, Apparel & Luxury
Goods -- 0.1%
Hanesbrands, Inc. (a) 5,050 134,279
Unifi, Inc. (a) 140,200 389,756
-------------
524,035
- --------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- 0.2%
Countrywide Financial Corp. 1,600 59,328
Fannie Mae 47,100 2,775,132
-------------
2,834,460
- --------------------------------------------------------------------------------
Tobacco -- 0.2%
Alliance One International, Inc. (a) 25,500 250,155
Altria Group, Inc. 34,400 2,370,848
Loews Corp. -- Carolina Group 1,100 84,183
-------------
2,705,186
- --------------------------------------------------------------------------------
Transportation
Infrastructure -- 0.5%
Macquarie Infrastructure Co. Trust 144,800 6,165,584
- --------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.6%
Alltel Corp. 32,100 2,012,349
Sprint Nextel Corp. 239,400 4,795,182
Telephone & Data Systems, Inc. 900 51,255
-------------
6,858,786
- --------------------------------------------------------------------------------
Total Common Stocks in the United States 419,974,436
- --------------------------------------------------------------------------------
Total Common Stocks
(Cost -- $863,299,025) -- 86.8% 1,019,726,445
================================================================================
================================================================================
Preferred Stocks
================================================================================
United States -- 0.0%
Thrifts & Mortgage
Finance -- 0.0%
Fannie Mae Series 2004-1, 5.375% (c) 5 506,710
- --------------------------------------------------------------------------------
Total Preferred Stocks
(Cost -- $460,000) -- 0.0% 506,710
================================================================================
================================================================================
Exchange-Traded
Funds
================================================================================
Consumer Staples Select Sector
SPDR Fund 132,400 3,637,028
Health Care Select Sector SPDR Fund 133,400 4,819,742
iShares Dow Jones US Telecommunica-
tions Sector Index Fund 64,300 2,043,454
iShares Dow Jones US Utilities Sector
Index Fund 4,900 495,096
iShares MSCI Brazil (Free) Index Fund 154,000 8,063,440
iShares MSCI Malaysia 56,000 636,160
iShares MSCI South Korea Index Fund 257,000 13,605,580
iShares Silver Trust (a) 20,600 2,738,152
streetTRACKS(R) Gold Trust (a) 51,800 3,475,780
Telecom HOLDRs Trust 18,100 685,990
Utilities Select Sector SPDR Fund 204,800 8,509,440
Vanguard Telecommunication
Services ETF 2,300 178,319
- --------------------------------------------------------------------------------
Total Exchange-Traded Funds
(Cost -- $43,221,651) -- 4.2% 48,888,181
================================================================================
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 19
Schedule of Investments (continued) (in U.S. dollars)
Shares
Country Mutual Funds Held Value
================================================================================
Vietnam -- 0.6%
Vietnam Enterprise Investments
Ltd. -- C Shares (a) 552,000 $ 745,200
Vietnam Opportunity Fund Ltd. (a) 1,776,840 6,281,129
- --------------------------------------------------------------------------------
Total Mutual Funds (Cost -- $5,045,359) -- 0.6% 7,026,329
================================================================================
================================================================================
Industry Warrants (i)
================================================================================
Canada -- 0.0%
Metals & Mining -- 0.0%
Peak Gold Ltd. (expires 4/03/2012) 170,500 61,447
- --------------------------------------------------------------------------------
Total Warrants (Cost -- $34,869) -- 0.0% 61,447
================================================================================
================================================================================
Fixed Income Securities
- --------------------------------------------------------------------------------
Face
Corporate Bonds Amount
================================================================================
China -- 0.2%
Automobiles -- 0.1%
Brilliance China Finance Ltd.,
0% due 6/07/2011 (c)(e) USD 570,000 639,825
- --------------------------------------------------------------------------------
Food Products -- 0.1%
Chaoda Modern Agriculture
Holdings Ltd., 0%
due 5/08/2011 (c)(e) HKD 9,080,000 1,443,707
- --------------------------------------------------------------------------------
Industrial
Conglomerates -- 0.0%
Beijing Enterprises Investment
Ltd., 0% due 12/21/2010 (c)(e) USD 445,000 617,994
- --------------------------------------------------------------------------------
Total Corporate Bonds in China 2,701,526
================================================================================
Hong Kong -- 0.0%
Real Estate Management &
Development -- 0.0%
Hongkong Land CB 2005 Ltd.,
2.75% due 12/21/2012 (c) 200,000 260,250
- --------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.0%
Noble Group Ltd., 0.90%
due 4/20/2009 (c) 80,000 107,700
- --------------------------------------------------------------------------------
Total Corporate Bonds in Hong Kong 367,950
================================================================================
India -- 0.7%
Automobiles -- 0.2%
Tata Motors Ltd., 1%
due 4/27/2011 (c) USD 1,945,000 2,372,803
- --------------------------------------------------------------------------------
Metals & Mining -- 0.0%
Gujarat NRE Coke Ltd., 0%
due 4/12/2011 (c)(e) 100,000 97,000
- --------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- 0.5%
Housing Development Finance Corp.,
0% due 9/27/2010 (c)(e) 4,000,000 5,342,504
- --------------------------------------------------------------------------------
Total Corporate Bonds in India 7,812,307
================================================================================
Malaysia -- 0.3%
Diversified Financial
Services -- 0.1%
Feringghi Capital Ltd., 0%
due 12/22/2009 (c)(e) 600,000 681,000
- --------------------------------------------------------------------------------
Food Products -- 0.2%
IOI Investment Bhd, 0%
due 9/18/2009 (c)(e) 1,040,000 2,585,700
- --------------------------------------------------------------------------------
Hotels, Restaurants &
Leisure -- 0.0%
Berjaya Land Bhd, 8%
due 8/15/2011 (c) MYR 690,000 203,905
Resorts World Bhd, 0%
due 9/19/2008 (c)(e) 420,000 151,731
-------------
355,636
- --------------------------------------------------------------------------------
Multi-Utilities -- 0.0%
YTL Power Finance Cayman Ltd.,
0% due 5/09/2010 (c)(e) USD 200,000 228,000
- --------------------------------------------------------------------------------
Total Corporate Bonds in Malaysia 3,850,336
================================================================================
Taiwan -- 0.0%
Insurance -- 0.0%
Shin Kong Financial Holding Co. Ltd.,
0% due 6/17/2009 (c)(e) 20,000 22,075
- --------------------------------------------------------------------------------
Total Corporate Bonds in Taiwan 22,075
================================================================================
United States -- 0.5%
Biotechnology -- 0.0%
Cell Genesys, Inc., 3.125%
due 11/01/2011 (c) 90,000 76,725
Nabi Biopharmaceuticals, 2.875%
due 4/15/2025 (c) 50,000 44,062
-------------
120,787
- --------------------------------------------------------------------------------
Commercial Banks -- 0.2%
Preferred Term Securities XXV, Ltd.,
0% due 6/22/2037 (a) 600,000 601,800
Preferred Term Securities XXIV, Ltd.,
0% due 3/22/2037 (a)(f) 1,200,000 1,179,600
-------------
1,781,400
- --------------------------------------------------------------------------------
Food Products -- 0.3%
IOI Capital Bhd Series IOI, 0%
due 12/18/2011 (c)(e) 2,500,000 2,850,000
- --------------------------------------------------------------------------------
20 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Schedule of Investments (continued) (in U.S. dollars)
Face
Country Industry Corporate Bonds Amount Value
===============================================================================
United States (concluded)
Oil, Gas & Consumable
Fuels -- 0.0%
McMoRan Exploration Co.,
5.25% due 10/06/2011 (c) USD 480,000 $ 498,600
- -------------------------------------------------------------------------------
Total Corporate Bonds in the United States 5,250,787
===============================================================================
Total Corporate Bonds
(Cost -- $17,197,267) -- 1.7% 20,004,981
===============================================================================
===============================================================================
Structured Notes
===============================================================================
Europe -- 1.3%
Goldman Sachs & Co. (Dow Jones
EURO STOXX 50(R) Index Linked
Notes), due 6/20/2008 (a)(k) 7,060,000 7,615,763
JPMorgan Chase & Co. (Dow Jones
EURO STOXX 50(R) Index Linked
Notes), due 6/17/2008 (a)(k) 7,060,000 7,606,444
- -------------------------------------------------------------------------------
Total Structured Notes in Europe 15,222,207
===============================================================================
Japan -- 0.3%
Goldman Sachs & Co. (TOPIX(R)
Index Linked Notes),
due 1/28/2008 (a)(j) 4,000,000 3,682,860
- -------------------------------------------------------------------------------
Total Structured Notes in Japan 3,682,860
===============================================================================
United States -- 1.9%
GS Group, Inc.,
due 10/19/2007 (a)(k) 1,500,000 1,777,263
JPMorgan Chase Bank,
due 7/09/2008 (a)(k) 1,710,000 1,836,444
Morgan Stanley (Bear Market
PLUS S&P 500 Index Linked
Notes), Series F,
due 7/07/2008 (a)(j) 7,371,000 6,984,760
UBS AG (Gold Linked Notes) (a)(k):
due 4/23/2008 520,000 593,447
due 4/28/2008 2,960,000 3,425,691
due 5/27/2008 1,720,000 1,876,537
due 6/18/2008 1,790,000 1,924,184
due 6/19/2008 1,810,000 1,949,692
due 7/11/2008 1,700,000 1,904,076
- -------------------------------------------------------------------------------
Total Structured Notes in the United States 22,272,094
===============================================================================
Total Structured Notes
(Cost -- $39,201,000) -- 3.5% 41,177,161
===============================================================================
Total Fixed Income Securities
(Cost -- $56,398,267) -- 5.2% 61,182,142
===============================================================================
===============================================================================
Beneficial
Short-Term Securities Interest
===============================================================================
United States -- 2.8%
BlackRock Liquidity Series,
LLC Cash Sweep Series,
5.26% (d)(g) USD 32,411,555 32,411,555
- -------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $32,411,555) -- 2.8% 32,411,555
===============================================================================
Number of
Options Purchased Contracts Value
===============================================================================
Call Options Purchased
The Gap, Inc., expiring January 2008
at USD 22.5 103 $ 3,090
Newmont Mining Corp., expiring
January 2008 at USD 55 968 55,176
Newmont Mining Corp., expiring
June 2007 at USD 50 960 9,600
-------------
67,866
- -------------------------------------------------------------------------------
Put Options Purchased
Black & Decker Corp., expiring
August 2007 at USD 75 481 31,265
iShares Russell 2000 Index Fund:
expiring September 2007 at USD 75 3,955 787,045
expiring September 2007 at USD 78 5,858 1,605,092
JB Hunt Transport Services, Inc.,
expiring August 2007 at USD 22.5 956 52,580
Leggett & Platt, Inc., expiring
September 2007 at USD 22.5 966 67,620
Masco Corp., expiring October 2007
at USD 25 972 97,200
Royal Caribbean Cruises Ltd., expiring
September 2007 at USD 35 963 67,410
The Sherwin-Williams Co., expiring
September 2007 at USD 60 479 100,590
Whirlpool Corp., expiring September 2007
at USD 75 484 26,620
Williams-Sonoma, Inc. expiring
August 2007 at USD 32.5 962 96,200
-------------
2,931,622
- -------------------------------------------------------------------------------
Total Options Purchased
(Premiums Paid -- $4,320,356) -- 0.3% 2,999,488
===============================================================================
Total Investments
(Cost -- $1,005,191,082) -- 99.9% 1,172,802,297
===============================================================================
===============================================================================
Options Written
===============================================================================
Call Options Written
3Com Corp., expiring January 2008
at USD 5 5,628 (140,700)
Apple Computer, Inc., expiring
January 2008 at USD 85 610 (1,329,800)
Bausch & Lomb, Inc., expiring
January 2008 at USD 45 35 (56,350)
Burlington Northern Santa Fe Corp.:
expiring January 2008 at USD 90 117 (94,770)
expiring January 2008 at USD 95 295 (185,850)
Ciena Corp., expiring January 2008
at USD 30 301 (117,390)
Comverse Technology, Inc.:
expiring January 2008 at USD 17.5 2,504 (1,652,640)
expiring January 2008 at USD 20 30 (13,200)
eBay, Inc.:
expiring January 2008 at USD 20 78 (117,780)
expiring January 2008 at USD 25 72 (76,320)
El Paso Corp., expiring January 2008
at USD 15 571 (85,650)
Foundation Coal Holdings, Inc., expiring
September 2007 at USD 30 227 (236,080)
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 21
Schedule of Investments (continued) (in U.S. dollars)
Number of
Options Written Contracts Value
===============================================================================
Call Options Written (continued)
Genesis Microchip, Inc.:
expiring June 2007 at USD 10 314 $ (6,280)
expiring September 2007 at USD 7.5 655 (111,350)
Motorola, Inc.:
expiring January 2008 at USD 17.5 161 (29,141)
expiring January 2008 at USD 20 241 (20,485)
Norfolk Southern Corp., expiring
January 2008 at USD 50 357 (282,030)
Nortel Networks Corp., expiring
January 2008 at USD 22.5 788 (267,920)
Novell, Inc., expiring January 2008
at USD 7.5 298 (20,860)
Panera Bread Co. Class A:
expiring January 2008 at USD 50 312 (330,720)
expiring January 2008 at USD 55 535 (363,800)
expiring January 2008 at USD 60 374 (168,300)
Peabody Energy Corp., expiring
January 2008 at USD 40 429 (510,510)
Petroleo Brasileiro SA:
expiring January 2008 at USD 105 196 (180,320)
expiring January 2008 at USD 110 147 (104,370)
Number of
Options Written Contracts Value
================================================================================
Call Options Written (concluded)
QUALCOMM, Inc., expiring
January 2008 at USD 40 947 $ (691,310)
Smith International, Inc., expiring
January 2008 at USD 40 222 (324,120)
Sprint Nextel Corp.:
expiring January 2008 at USD 20 248 (53,320)
expiring January 2008 at USD 22.5 251 (27,610)
Suncor Energy, Inc., expiring
January 2008 at USD 75 242 (317,020)
TIBCO Software, Inc., expiring
January 2008 at USD 10 963 (81,855)
- -------------------------------------------------------------------------------
Total Options Written
(Premiums Received -- $6,761,672) -- (0.7%) (7,997,851)
===============================================================================
Total Investments, Net of Options Written
(Cost -- $998,429,410*) -- 99.2% 1,164,804,446
Other Assets Less Liabilities -- 0.8% 9,883,900
--------------
Net Assets -- 100.0% $1,174,688,346
==============
* The cost and unrealized appreciation (depreciation) of investments, net of
options written, as of April 30, 2007, as computed for federal income tax
purposes, were as follows:
Aggregate cost ....................................... $1,003,062,242
==============
Gross unrealized appreciation ........................ $ 175,592,636
Gross unrealized depreciation ........................ (13,850,432)
--------------
Net unrealized appreciation .......................... $ 161,742,204
==============
(a) Non-income producing security.
(b) Depositary receipts.
(c) Convertible security.
(d) Represents the current yield as of April 30, 2007.
(e) Represents a zero coupon bond.
(f) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(g) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------
Net Interest
Affiliate Activity Income
--------------------------------------------------------------------------
BlackRock Liquidity Series, LLC
Cash Sweep Series $20,174,926 $385,091
--------------------------------------------------------------------------
(h) All or a portion of security held as collateral in connection with open
financial futures contracts.
(i) Warrants entitle the Fund to purchase a predetermined number of shares of
common stock and are non-income producing. The purchase price and number
of shares are subject to adjustment under certain conditions until the
expiration date.
(j) Security represents an index linked note. Value of the instrument is
inversely derived from the price fluctuations in the underlying index.
(k) Security represents an index linked note. Value of the instrument is
derived from the price fluctuations in the underlying index.
o For Fund compliance purposes, the Fund's industry classifications refer to
any one or more of the industry sub-classifications used by one or more
widely recognized market indexes or ratings group indexes, and/or as
defined by Fund management. This definition may not apply for purposes of
this report, which may combine such industry sub-classifications for
reporting ease. Industries are shown as a percent of net assets.
o Forward foreign exchange contracts as of April 30, 2007 were as follows:
--------------------------------------------------------------------------
Unrealized
Settlement Appreciation
Foreign Currency Purchased Date (Depreciation)
--------------------------------------------------------------------------
EUR 16,747,725 May 2007 $ 108,253
INR 4,256,904 May 2007 34
JPY 1,947,853,998 May 2007 (112,535)
--------------------------------------------------------------------------
Total Unrealized Depreciation on Forward Foreign
Exchange Contracts -- Net
(USD Commitment -- $39,329,219) $ (4,248)
==========
o Forward foreign exchange contracts as of April 30, 2007 were as follows:
--------------------------------------------------------------------------
Settlement Unrealized
Foreign Currency Sold Date Depreciation
--------------------------------------------------------------------------
EUR 234,405 May 2007 $(906)
--------------------------------------------------------------------------
Total Unrealized Depreciation on Forward Foreign
Exchange Contracts -- Net
(USD Commitment -- $319,002) $(906)
=====
22 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Schedule of Investments (concluded) (in U.S. dollars)
o Financial futures contracts purchased as of April 30, 2007 were as
follows:
- --------------------------------------------------------------------------------
Unrealized
Number of Expiration Face Appreciation
Contracts Issue Exchange Date Value (Depreciation)
- --------------------------------------------------------------------------------
12 Dax Index 25 Euro Eurex
Deutschland June 2007 $ 2,705,399 $ 345,202
13 FTSE 100 Index LIFFE June 2007 1,599,463 81,818
22 Hang Seng Index Hong Kong May 2007 2,861,090 (35,295)
161 MSCI Singapore
IX Ets Singapore May 2007 8,695,322 11,448
22 OSA Nikkei 225 Osaka June 2007 3,076,874 128,717
17 S&P 500 Index Chicago June 2007 5,956,902 368,798
113 S&P TSE 60 Index Montreal June 2007 15,222,209 403,739
56 SPI 200 Index Sydney June 2007 6,859,633 319,317
214 MSCI Taiwan Index Singapore May 2007 6,821,358 (131,718)
90 TOPIX Index Tokyo June 2007 12,684,907 120,048
- --------------------------------------------------------------------------------
Total Unrealized Appreciation -- Net $1,612,074
===========
o Financial futures contracts purchased as of April 30, 2007 were as
follows:
- --------------------------------------------------------------------------------
Number of Expiration Face Unrealized
Contracts Issue Exchange Date Value Depreciation
- --------------------------------------------------------------------------------
60 DJ Euro Eurex June
Stoxx Deutschland 2007 $3,549,818 $(4,543)
- --------------------------------------------------------------------------------
o Swap contracts outstanding as of April 30, 2007 were as follows:
- --------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
- --------------------------------------------------------------------------------
Bought credit default protection on
DaimlerChrysler NA Holding Corp. and
pay 0.53%
Broker, JPMorgan Chase
Expires June 2011 $160,000 $(1,873)
Bought credit default protection on
Carnival Corp. and pay 0.25%
Broker, JPMorgan Chase
Expires September 2011 $310,000 (804)
Bought credit default protection on
Whirlpool Corp. and pay 0.48%
Broker, JPMorgan Chase
Expires September 2011 $103,000 (484)
Bought credit default protection on
McDonald's Corp. and pay 0.16%
Broker, JPMorgan Chase
Expires September 2011 $103,000 (180)
Bought credit default protection on
JC Penney Co., Inc. and pay 0.53%
Broker, JPMorgan Chase
Expires September 2011 $103,000 (589)
- --------------------------------------------------------------------------------
Total $(3,930)
========
o Currency Abbreviations:
EUR Euro
HKD Hong Kong Dollar
INR Indian Rupee
JPY Japanese Yen
MYR Malaysian Ringgit
USD U.S. Dollar
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 23
Statement of Assets and Liabilities
As of April 30, 2007 (Unaudited)
===================================================================================================================================
Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Investments in unaffiliated securities, at value
(identified cost -- $968,459,171) ............................................... $ 1,137,391,254
Investments in affiliated securities, at value
(identified cost -- $32,411,555) ................................................ 32,411,555
Options purchased, at value (premiums paid -- $4,320,356) ......................... 2,999,488
Unrealized appreciation on forward foreign exchange contracts ..................... 108,287
Foreign cash (cost -- $13,765,655) ................................................ 13,447,829
Cash on deposit for financial futures contracts ................................... 75
Receivables:
Dividends ..................................................................... $ 3,096,329
Beneficial interest sold ...................................................... 2,431,978
Securities sold ............................................................... 548,999
Interest ...................................................................... 19,971 6,097,277
---------------
Prepaid expenses and other assets ................................................. 103,060
---------------
Total assets ...................................................................... 1,192,558,825
---------------
===================================================================================================================================
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Options written, at value (premiums received -- $6,761,672) ....................... 7,997,851
Unrealized depreciation on forward foreign exchange contracts ..................... 113,441
Unrealized depreciation on swaps .................................................. 3,930
Deferred foreign capital gain tax ................................................. 451,647
Bank overdraft .................................................................... 292,335
Payables:
Securities purchased .......................................................... 4,382,022
Beneficial interests redeemed ................................................. 2,158,516
Investment adviser ............................................................ 760,017
Variation margin .............................................................. 609,802
Distributor ................................................................... 392,370
Reorganization expense ........................................................ 133,425
Other affiliates .............................................................. 3,630
Dividends and distributions ................................................... 1,742
Swaps ......................................................................... 356 8,441,880
---------------
Accrued expenses and other liabilities ............................................ 569,395
---------------
Total liabilities ................................................................. 17,870,479
---------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets ........................................................................ $ 1,174,688,346
===============
===================================================================================================================================
Net Assets Consist of
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Shares of beneficial interest, $.10 par value, unlimited shares
of beneficial interest authorized .............................................. $ 2,116,764
Investor A Shares of beneficial interest, $.10 par value, unlimited shares
of beneficial interest authorized .............................................. 4,315,825
Investor B Shares of beneficial interest, $.10 par value, unlimited shares
of beneficial interest authorized .............................................. 678,191
Investor C Shares of beneficial interest, $.10 par value, unlimited shares
of beneficial interest authorized .............................................. 1,924,440
Class R Shares of beneficial interest, $.10 par value, unlimited shares
of beneficial interest authorized .............................................. 63,419
Paid-in capital in excess of par .................................................. 1,001,995,895
Accumulated distributions in excess of investment income -- net ................... $ (3,605,323)
Accumulated realized capital losses -- net ........................................ (34,961)
Unrealized appreciation -- net .................................................... 167,234,096
---------------
Total accumulated earnings -- net ................................................. 163,593,812
---------------
Net Assets ........................................................................ $ 1,174,688,346
===============
===================================================================================================================================
Net Asset Value
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional -- Based on net assets of $273,691,571 and 21,167,643 shares
of beneficial interest outstanding .............................................. $ 12.93
===============
Investor A -- Based on net assets of $557,597,654 and 43,158,252 shares
of beneficial interest outstanding .............................................. $ 12.92
===============
Investor B -- Based on net assets of $87,431,074 and 6,781,910 shares
of beneficial interest outstanding .............................................. $ 12.89
===============
Investor C -- Based on net assets of $247,785,114 and 19,244,397 shares
of beneficial interest outstanding .............................................. $ 12.88
===============
Class R -- Based on net assets of $8,182,933 and 634,186 shares
of beneficial interest outstanding .............................................. $ 12.90
===============
See Notes to Financial Statements.
24 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Statement of Operations
For the Six Months Ended April 30, 2007 (Unaudited)
===================================================================================================================================
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends (net of $211,488 foreign withholding tax) .............................. $ 3,568,747
Interest (including $385,091 from affiliates) (net of $1,162 foreign
withholding tax) ............................................................... 374,006
---------------
Total income ..................................................................... 3,942,753
---------------
===================================================================================================================================
Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
Investment advisory fees ......................................................... $ 1,472,775
Service and distribution fees -- Investor C ...................................... 598,271
Custodian fees ................................................................... 147,648
Reorganization expenses .......................................................... 133,425
Accounting services .............................................................. 106,018
Service and distribution fees -- Investor B ...................................... 105,242
Service fees -- Investor A ....................................................... 98,022
Registration fees ................................................................ 43,158
Printing and shareholder reports ................................................. 40,363
Professional fees ................................................................ 29,136
Transfer agent fees -- Investor C ................................................ 24,178
Transfer agent fees -- Institutional ............................................. 17,442
Trustees' fees and expenses ...................................................... 16,774
Transfer agent fees -- Investor A ................................................ 13,986
Pricing fees ..................................................................... 8,737
Transfer agent fees -- Investor B ................................................ 5,692
Offering costs ................................................................... 699
Service and distribution fees -- Class R ......................................... 355
Transfer agent fees -- Class R ................................................... 255
Other ............................................................................ 15,114
---------------
Total expenses ................................................................... 2,877,290
---------------
Investment income -- net ......................................................... 1,065,463
---------------
===================================================================================================================================
Realized & Unrealized Gain (Loss) -- Net
- -----------------------------------------------------------------------------------------------------------------------------------
Realized gain on:
Investments -- net (including $10,340 foreign capital gain tax) .............. 5,118,368
Financial futures contracts and swaps -- net ................................. 2,329,528
Options written -- net ....................................................... 307,108
Foreign currency transactions -- net ......................................... 5,149 7,760,153
---------------
Change in unrealized appreciation/depreciation on:
Investments -- net (including $99,437 deferred foreign capital gain tax) ..... 26,581,321
Options written -- net ....................................................... (290,305)
Financial futures contracts and swaps ........................................ 661,466
Foreign currency transactions -- net ......................................... (293,526) 26,658,956
----------------------------------
Total realized and unrealized gain -- net ........................................ 34,419,109
---------------
Net Increase in Net Assets Resulting from Operations ............................. $ 35,484,572
===============
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 25
Statements of Changes in Net Assets
For the Six
Months Ended For the Period
April 30, Nov. 4, 2005+
2007 to October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2006
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net ........................................................ $ 1,065,463 $ 1,356,258
Realized gain -- net ............................................................ 7,760,153 5,489,768
Change in unrealized appreciation/depreciation -- net ........................... 26,658,956 25,753,968
-----------------------------------
Net increase in net assets resulting from operations ............................ 35,484,572 32,599,994
-----------------------------------
===================================================================================================================================
Dividends & Distributions to Shareholders
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net:
Institutional ............................................................... (1,865,895) (48,822)
Investor A .................................................................. (866,790) (64,464)
Investor B .................................................................. (60,745) (16,793)
Investor C .................................................................. (512,648) (64,924)
Class R ..................................................................... (36) --
Realized gain -- net:
Institutional ............................................................... (4,651,154) --
Investor A .................................................................. (2,532,893) --
Investor B .................................................................. (734,273) --
Investor C .................................................................. (4,337,173) --
Class R ..................................................................... (340) --
-----------------------------------
Net decrease in net assets resulting from dividends and distributions
to shareholders ............................................................... (15,561,947) (195,003)
-----------------------------------
===================================================================================================================================
Beneficial Interests Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets derived from beneficial interests transactions ....... 859,069,832 263,175,017
-----------------------------------
===================================================================================================================================
Redemption Fees
- -----------------------------------------------------------------------------------------------------------------------------------
Redemption fees ................................................................. 997 14,884
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets .................................................... 878,993,454 295,594,892
Beginning of period ............................................................. 295,694,892 100,000
-----------------------------------
End of period* .................................................................. $ 1,174,688,346 $ 295,694,892
===================================
* Undistributed (accumulated distributions in excess of) investment
income -- net ........................................................... $ (3,605,323) $ 1,476,620
===================================
+ Commencement of operations.
See Notes to Financial Statements.
26 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Financial Highlights
Institutional Investor A
------------------------------- -------------------------------
For the For the
Six Months For the Six Months For the
Ended Period Ended Period
The following per share data and ratios April 30, Nov. 4, 2005+ April 30, Nov. 4, 2005+
have been derived from information 2007 to October 31, 2007 to October 31,
provided in the financial statements. (Unaudited) 2006 (Unaudited) 2006
====================================================================================================================================
Per Share Operating Performance
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ........................ $ 12.03 $ 10.00 $ 12.00 $ 10.00
-------------------------------------------------------------------
Investment income -- net** .................................. .06 .12 .03 .10
Realized and unrealized gain -- net*** ...................... 1.48 1.93 1.50 1.92
-------------------------------------------------------------------
Total from investment operations ............................ 1.54 2.05 1.53 2.02
-------------------------------------------------------------------
Less dividends and distributions:
Investment income -- net ................................ (.19) (.02) (.16) (.02)
Realized gain -- net .................................... (.45) -- (.45) --
-------------------------------------------------------------------
Total dividends and distributions ........................... (.64) (.02) (.61) (.02)
-------------------------------------------------------------------
Net asset value, end of period .............................. $ 12.93 $ 12.03 $ 12.92 $ 12.00
===================================================================
====================================================================================================================================
Total Investment Return++
- ------------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share .......................... 13.10%@ 20.51%@**** 12.96%@ 20.21%@****
===================================================================
====================================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses, excluding reorganization expenses ................. 1.11%* 1.26%* 1.36%* 1.51%*
===================================================================
Expenses .................................................... 1.19%* 1.26%* 1.44%* 1.51%*
===================================================================
Investment income -- net .................................... 1.11%* 1.14%* .81%* .93%*
===================================================================
====================================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) .................... $ 273,692 $ 107,419 $ 557,598 $ 66,714
===================================================================
Portfolio turnover .......................................... 17.27% 37.53% 17.27% 37.53%
===================================================================
* Annualized.
** Based on average shares outstanding.
*** Includes a redemption fee, which is less than $.01 per share.
**** In 2006, approximately +.03% of the Fund's total investment return
consisted of a payment by the Manager in order to resolve a regulatory
issue relating to an investment.
+ Commencement of operations.
++ Total investment return excludes the effects of any sales charges.
@ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 27
Financial Highlights (continued)
Investor B Investor C
------------------------------- -------------------------------
For the For the
Six Months For the Six Months For the
Ended Period Ended Period
The following per share data and ratios April 30, Nov. 4, 2005+ April 30, Nov. 4, 2005+
have been derived from information 2007 to October 31, 2007 to October 31,
provided in the financial statements. (Unaudited) 2006 (Unaudited) 2006
====================================================================================================================================
Per Share Operating Performance
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ......................... $ 11.91 $ 10.00 $ 11.92 $ 10.00
-------------------------------------------------------------------
Investment income -- net** ................................... --+++ .02 --+++ .02
Realized and unrealized gain -- net*** ....................... 1.47 1.91 1.47 1.92
-------------------------------------------------------------------
Total from investment operations ............................. 1.47 1.93 1.47 1.94
-------------------------------------------------------------------
Less dividends and distributions:
Investment income -- net ................................. (.04) (.02) (.06) (.02)
Realized gain -- net ..................................... (.45) -- (.45) --
-------------------------------------------------------------------
Total dividends and distributions ............................ (.49) (.02) (.51) (.02)
-------------------------------------------------------------------
Net asset value, end of period ............................... $ 12.89 $ 11.91 $ 12.88 $ 11.92
===================================================================
====================================================================================================================================
Total Investment Return++
- ------------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share ........................... 12.51%@ 19.31%@**** 12.50%@ 19.41%@****
===================================================================
====================================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses, excluding reorganization expenses .................. 2.14%* 2.27%* 2.13%* 2.27%*
===================================================================
Expenses ..................................................... 2.22%* 2.27%* 2.20%* 2.27%*
===================================================================
Investment income -- net ..................................... .04%* .18%* .07%* .16%*
===================================================================
====================================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ..................... $ 87,431 $ 18,395 $ 247,785 $ 103,167
===================================================================
Portfolio turnover ........................................... 17.27% 37.53% 17.27% 37.53%
===================================================================
* Annualized.
** Based on average shares outstanding.
*** Includes a redemption fee, which is less than $.01 per share.
**** In 2006, approximately +.03% of the Fund's total investment return
consisted of a payment by the Manager in order to resolve a regulatory
issue relating to an investment.
+ Commencement of operations.
++ Total investment return excludes the effects of sales charges.
+++ Amount is less than $.01 per share.
@ Aggregate total investment return.
See Notes to Financial Statements.
28 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Financial Highlights (concluded)
Class R
------------
For the
Period
March 1, 2007+
to April 30,
The following per share data and ratios have been derived 2007
from information provided in the financial statements. (Unaudited)
======================================================================================================
Per Share Operating Performance
- ------------------------------------------------------------------------------------------------------
Net asset value, beginning of period .................................... $ 12.41
------------
Investment income -- net** .............................................. --++
Realized and unrealized gain -- net*** .................................. .72
------------
Total from investment operations ........................................ .72
------------
Less dividends and distributions:
Investment income -- net ............................................ (.02)
Realized gain -- net ................................................ (.21)
------------
Total dividends and distributions ....................................... (.23)
------------
Net asset value, end of period .......................................... $ 12.90
============
======================================================================================================
Total Investment Return
- ------------------------------------------------------------------------------------------------------
Based on net asset value per share ...................................... 5.81%@
============
======================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------
Expenses, excluding reorganization expenses ............................. 1.82%*
============
Expenses ................................................................ 1.85%*
============
Investment income -- net ................................................ .47%*
============
======================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ................................ $ 8,183
============
Portfolio turnover .................................................. 17.27%
============
* Annualized.
** Based on average shares outstanding.
*** Includes a redemption fee, which is less than $.01 per share.
+ Commencement of operations.
++ Amount is less than $.01 per share.
@ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 29
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
BlackRock Global Dynamic Equity Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund's financial statements are prepared in
conformity with U.S. generally accepted accounting principles, which may require
the use of management accruals and estimates. Actual results may differ from
these estimates. These unaudited financial statements reflect all adjustments,
which are, in the opinion of management, necessary to present a fair statement
of the results for the interim period. All such adjustments are of a normal,
recurring nature. The Fund offers multiple classes of shares. Institutional
Shares are sold only to certain eligible investors. Investor A Shares are sold
with a front-end sales charge. Shares of Investor B and Investor C may be
subject to a contingent deferred sales charge. Class R Shares commenced
operations on March 1, 2007 and are sold only to certain retirement plans. All
classes of shares have identical voting, dividend, liquidation and other rights
and the same terms and conditions, except that Investor A, Investor B, Investor
C and Class R Shares bear certain expenses related to the shareholder servicing
of such shares, and Investor B, Investor C and Class R Shares also bear certain
expenses related to the distribution of such shares. Each class has exclusive
voting rights with respect to matters relating to its shareholder servicing and
distribution expenditures (except that Investor B shareholders may vote on
material changes to the Investor A distribution plan). Income, expenses (other
than expenses attributable to a specific class) and realized and unrealized
gains and losses are allocated daily to each class based on its relative net
assets. The following is a summary of significant accounting policies followed
by each Fund.
(a) Valuation of investments -- Equity securities held by the Fund that are
traded on stock exchanges or the NASDAQ Global Market are valued at the last
sale price or official close price on the exchange, as of the close of business
on the day the securities are being valued or, lacking any sales, at the last
available bid price for long positions, and at the last available asked price
for short positions. In cases where equity securities are traded on more than
one exchange, the securities are valued on the exchange designated as the
primary market by or under the authority of the Board of Trustees of the Fund.
Debt securities are traded primarily in the over-the-counter ("OTC") markets and
are valued at the last available bid price in the OTC market or on the basis of
values obtained by a pricing service. Pricing services use valuation matrixes
that incorporate both dealer-supplied valuations and valuation models. The
procedures of the pricing service and its valuations are reviewed by the
officers of the Fund under the general direction of the Board of Trustees. Such
valuations and procedures will be reviewed periodically by the Board of Trustees
of the Fund. Long positions traded in the OTC markets, NASDAQ Capital Market or
Bulletin Board are valued at the last available bid price or yield equivalent
obtained from one or more dealers or pricing services approved by the Board of
Trustees of the Fund. Short positions traded in the OTC markets are valued at
the last available asked price. Portfolio securities that are traded both in the
OTC markets and on a stock exchange are valued according to the broadest and
most representative market.
Options written or purchased are valued at the last sale price in the case of
exchange-traded options. Options traded in the OTC market are valued at the last
asked price (options written) or the last bid price (options purchased). Swap
agreements are valued based upon quoted fair valuations received daily by the
Fund from a pricing service or counterparty. Financial futures contracts and
options thereon, which are traded on exchanges, are valued at their last sale
price as of the close of such exchanges. Valuation of short-term investment
vehicles is generally based on net asset value of the underlying investment
vehicle or amortized cost.
Repurchase agreements are valued at cost plus accrued interest. The Fund employs
pricing services to provide certain securities prices for the Fund. Securities
and assets for which market quotations are not readily available are valued at
fair value as determined in good faith by or under the direction of the Board of
Trustees of the Fund, including valuations furnished by the pricing services
retained by the Fund, which may use a matrix system for valuations. The
procedures of a pricing service and its valuations are reviewed by the officers
of the Fund under the general supervision of the Fund's Board of Trustees. Such
valuations and procedures will be reviewed periodically by the Board of Trustees
of the Fund.
Generally, trading in foreign securities, as well as U.S. government securities,
money market instruments and certain fixed income securities, is substantially
completed each day at various times prior to the close of business on the New
York Stock Exchange ("NYSE"). The values of such securities used in computing
the net asset value of the Fund's shares are determined as of such times.
Foreign currency exchange rates will generally be determined as of the close of
business on the NYSE. Occasionally, events affecting the values of such
securities and such exchange rates may occur between the times at which they are
determined and the close of business on the NYSE that may not be reflected in
the computation of
30 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Notes to Financial Statements (continued)
the Fund's net asset value. If events (for example, a company announcement,
market volatility or a natural disaster) occur during such periods that are
expected to materially affect the value of such securities, those securities
will be valued at their fair value as determined in good faith by the Fund's
Board of Trustees or by BlackRock Advisors, LLC (the "Manager"), an indirect,
wholly owned subsidiary of BlackRock, Inc., using a pricing service and/or
procedures approved by the Fund's Board of Trustees.
(b) Foreign currency transactions -- Transactions denominated in foreign
currencies are recorded at the exchange rate prevailing when recognized. Assets
and liabilities denominated in foreign currencies are valued at the exchange
rate at the end of the period. Foreign currency transactions are the result of
settling (realized) or valuing (unrealized) assets or liabilities expressed in
foreign currencies into U.S. dollars. Realized and unrealized gains or losses
from investments include the effects of foreign exchange rates on investments.
The Fund invests in foreign securities, which may involve a number of risk
factors and special considerations not present with investments in securities of
U.S. corporations.
(c) Derivative financial instruments -- The Fund may engage in various portfolio
investment strategies both to increase the return of the Fund and to hedge, or
protect, its exposure to interest rate movements and movements in the securities
markets. Losses may arise due to changes in the value of the contract or if the
counterparty does not perform under the contract.
o Forward foreign exchange contracts -- The Fund may enter into forward
foreign exchange contracts as a hedge against either specific transactions
or portfolio positions. The contract is marked-to-market daily and the
change in market value is recorded by the Fund as an unrealized gain or
loss. When the contract is closed, the Fund records a realized gain or
loss equal to the difference between the value at the time it was opened
and the value at the time it was closed.
o Foreign currency options and futures -- The Fund may purchase or sell
listed or OTC foreign currency options, foreign currency futures and
related options on foreign currency futures as a short or long hedge
against possible variations in foreign exchange rates. Such transactions
may be effected with respect to hedges on non-U.S. dollar denominated
securities owned by the Fund, sold by the Fund but not yet delivered, or
committed or anticipated to be purchased by the Fund.
o Options -- The Fund may purchase and write covered call and put options.
When the Fund writes an option, an amount equal to the premium received by
the Fund is reflected as an asset and an equivalent liability. The amount
of the liability is subsequently marked-to-market to reflect the current
value of the option written. When a security is purchased or sold through
an exercise of an option, the related premium paid (or received) is added
to (or deducted from) the basis of the security acquired or deducted from
(or added to) the proceeds of the security sold. When an option expires
(or the Fund enters into a closing transaction), the Fund realizes a gain
or loss on the option to the extent of the premiums received or paid (or
gain or loss to the extent the cost of the closing transaction exceeds the
premium paid or received).
Written and purchased options are non-income producing investments.
o Financial futures contracts -- The Fund may purchase or sell financial
futures contracts and options on such financial futures contracts.
Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield.
Upon entering into a contract, the Fund deposits and maintains as
collateral such initial margin as required by the exchange on which the
transaction is effected. Pursuant to the contract, the Fund agrees to
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are known
as variation margin and are recorded by the Fund as unrealized gains or
losses. When the contract is closed, the Fund records a realized gain or
loss equal to the difference between the value of the contract at the time
it was opened and the value at the time it was closed.
o Swaps -- The Fund may enter into swap agreements, which are OTC contracts
in which the Fund and a counterparty agree to make periodic net payments
on a specified notional amount. The net payments can be made for a set
period of time or may be triggered by a predetermined credit event. The
net periodic payments may be based on a fixed or variable interest rate;
the change in market value of a specified security, basket of securities,
or index; or the return generated by a security. These periodic payments
received or made by the Fund are recorded in the accompanying Statement of
Operations as realized gains or losses, respectively. Gains or losses are
also realized upon termination of the swap agreements. Swaps are
marked-to-market daily (based on dealer supplied valuations) and changes
in value are recorded as unrealized appreciation
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 31
Notes to Financial Statements (continued)
(depreciation). Risks include changes in the returns of the underlying
instruments, failure of the counterparties to perform under the contracts'
terms and the possible lack of liquidity with respect to the swap
agreements.
(d) Income taxes -- It is the Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required. Under the applicable
foreign tax law, a withholding tax may be imposed on interest, dividends and
capital gains at various rates.
(e) Security transactions and investment income -- Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Dividends from foreign securities where the ex-dividend date may have passed are
subsequently recorded when the Fund has determined the ex-dividend date.
Interest income is recognized on the accrual basis. The Fund amortizes all
premiums and discounts on debt securities.
(f) Offering costs -- Offering costs are amortized over a 12-month period
beginning with the commencement of operations of the Fund.
(g) Dividends and distributions -- Dividends and distributions paid by the Fund
are recorded on the ex-dividend dates.
(h) Securities lending -- The Fund 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 Fund and any
additional required collateral is delivered to the Fund on the next business
day. Where the Fund receives securities as collateral for the loaned securities,
it collects a fee from the borrower. The Fund typically receives the income on
the loaned securities but does not receive the income on the collateral. Where
the Fund receives 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 Fund
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 Fund could experience delays and costs in gaining access to the
collateral. The Fund 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.
(i) Bank overdraft -- The Fund recorded a bank overdraft which resulted from a
failed trade that settled the next day.
(j) Recent accounting pronouncements -- In July 2006, the Financial Accounting
Standards Board ("FASB") issued Interpretation No. 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes -- an interpretation of FASB 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 the fiscal years beginning after December 15, 2006. The
impact on the Fund's financial statements, if any, is currently being assessed.
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 disclosure about fair value
measurements. At this time, management is evaluating the implications of FAS 157
and its impact on the Fund's financial statements, if any, has not been
determined.
In addition, in February 2007, FASB issued "Statement of Financial Accounting
Standards No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities" ("FAS 159"), which is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply the provisions of FAS 157. FAS 159 permits entities to choose to
measure many financial instruments and certain other items at fair value that
are not currently required to be measured at fair value. FAS 159 also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. At this time, management is evaluating
the implications of FAS 159 and its impact on the Fund's financial statements,
if any, has not been determined.
32 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Notes to Financial Statements (continued)
2. Investment Advisory Agreement and Transactions with Affiliates:
The Investment Advisory Agreement between the Fund and the Manager became
effective on September 29, 2006. Prior to September 29, 2006, Fund Asset
Management, L.P. ("FAM") was the Fund's manager. The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect, wholly owned subsidiary of
Merrill Lynch & Co., Inc. ("Merrill Lynch"), which is the limited partner.
Merrill Lynch and The PNC Financial Services Group, Inc. ("PNC") are the
principal owners of BlackRock, Inc. The Fund has also entered into separate
Distribution Agreements and Distribution Plans with FAM Distributors, Inc.
("FAMD") and BlackRock Distributors, Inc. and its affiliates ("BDI")
(collectively, the "Distributor"). FAMD is a wholly owned subsidiary of Merrill
Lynch Group, Inc., and BDI is an affiliate of BlackRock, Inc.
The Manager is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Fund. For such services, the Fund
pays a monthly fee of .85%, on an annual basis, of the average daily value of
the Fund's net assets. Effective April 30, 2007, the Manager entered into a new
Investment Advisory Agreement with the Fund pursuant to which the Manager will
receive a monthly fee at the annual rate of .80% of the Fund's average daily net
assets. Also effective April 30, 2007, the Manager has agreed to contractually
waive and/or reimburse Fund fees or expenses until April 30, 2009 so that the
net operating expense ratio of the Fund, as a percentage of average daily net
assets, will be no greater than 1.04% for Institutional Shares, 1.29% for
Investor A Shares, 2.06% for Investor B Shares, 2.06% for Investor C Shares, and
1.54% for Class R Shares. In addition, the Manager has entered into a
sub-advisory agreement with BlackRock Investment Management, LLC ("BIM") and
BlackRock Asset Management U.K. Limited, both affiliates of the Manager, under
which the Manager pays each Sub-Adviser a monthly fee at an annual rate that is
a percentage of the management fee paid by the Fund to the Manager.
Pursuant to the Distribution Plans adopted by the Fund in accordance with Rule
12b-1 under the Investment Company Act of 1940, the Fund pays the Distributor
ongoing service and distribution fees. The fees are accrued daily and paid
monthly at annual rates based upon the average daily net assets of the shares as
follows:
- --------------------------------------------------------------------------------
Service Distribution
Fee Fee
- --------------------------------------------------------------------------------
Investor A ..................................... .25% --
Investor B ..................................... .25% .75%
Investor C ..................................... .25% .75%
Class R ........................................ .25% .25%
- --------------------------------------------------------------------------------
Pursuant to sub-agreements with each Distributor, brokerdealers, including
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), a wholly owned
subsidiary of Merrill Lynch, provide shareholder servicing and distribution
services to the Fund. The ongoing service fee compensates the Distributor and
each broker-dealer (including MLPF&S) for providing shareholder services to
Investor A, Investor B, Investor C and Class R shareholders. The ongoing
distribution fee compensates each Distributor and MLPF&S for providing
distribution-related services to Investor B, Investor C and Class R
shareholders.
For the six months ended April 30, 2007, FAMD and BDI earned underwriting
discounts and direct commissions and MLPF&S and BDI earned dealer concessions on
sales of the Fund's Investor A Shares as follows:
- --------------------------------------------------------------------------------
FAMD MLPF&S BDI
- --------------------------------------------------------------------------------
Investor A ................................ $14,876 $186,214 $110
- --------------------------------------------------------------------------------
For the six months ended April 30, 2007, MLPF&S received contingent deferred
sales charges of $21,154 and $10,392 relating to transactions in Investor B and
Investor C Shares, respectively. Furthermore, MLPF&S received contingent
deferred sales charges of $2,547 relating to transactions subject to front-end
sales charge waivers in Investor A Shares.
The Manager maintains a call center, which is responsible for providing certain
shareholder services to the Fund, such as responding to shareholder inquiries
and processing transactions based upon instructions from shareholders with
respect to the subscription and redemption of Fund shares. During the six months
ended April 30, 2007, the following amounts have been accrued by the Fund to
reimburse the Manager for costs incurred running the call center, which are a
component of the transfer agent fees in the accompanying Statement of
Operations.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 33
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Call Center Fees
- --------------------------------------------------------------------------------
Institutional .................................................... $316
Investor A ....................................................... $449
Investor B ....................................................... $132
Investor C ....................................................... $679
Class R .......................................................... $ 10
- --------------------------------------------------------------------------------
The Fund has received an exemptive order from the Securities and Exchange
Commission permitting it to lend portfolio securities to MLPF&S or its
affiliates. Pursuant to that order, the Fund also has 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 Fund, invest cash collateral
received by the Fund 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.
In addition, MLPF&S received $29,612 in commissions on the execution of
portfolio security transactions for the Fund for six months ended April 30,
2007.
PFPC Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the
Manager, is the Fund's transfer agent.
For the six months ended April 30, 2007, the Fund reimbursed the Manager $5,635
for certain accounting services.
Certain officers and/or trustees of the Fund are officers and/or directors of
BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six
months ended April 30, 2007, were $119,674,841 and $72,277,981, respectively.
Transactions in call options written for the six months ended April 30, 2007
were as follows:
- -------------------------------------------------------------------------------
Number of Premiums
Contracts Received
- -------------------------------------------------------------------------------
Outstanding call options written,
beginning of period ...................... 6,084
Options written ............................ 16,144 6,268,798
Options exercised .......................... (1,455) (398,221)
Options expired
Options closed ............................. (1,105) (543,124)
----------------------------
Outstanding call options written,
end of period ............................ 18,148 $ 6,761,672
============================
4. Beneficial Interest Transactions:
Net increase in net assets derived from beneficial interest transactions was
$859,069,832 for the six months ended April 30, 2007 and $263,175,017 for the
period November 4, 2005 to October 31, 2006.
Transactions in beneficial interest for each class were as follows:
- -------------------------------------------------------------------------------
Institutional Shares for the Six Dollar
Months Ended April 30, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 3,336,449 $ 41,697,753
Shares issued resulting from
reorganization ........................... 9,154,204 119,139,221
Shares issued to shareholders in
reinvestment of dividends
and distributions ........................ 418,598 5,260,826
----------------------------
Total issued ............................... 12,909,251 166,097,800
Shares redeemed ............................ (668,296) (8,314,911)
----------------------------
Net increase ............................... 12,240,955 $ 157,782,889
============================
- -------------------------------------------------------------------------------
Institutional Shares for the Period Dollar
Nov. 4, 2005+ to Oct. 31, 2006 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 9,718,591 $ 105,011,388
Shares issued to shareholders in
reinvestment of dividends ................ 4,279 44,541
----------------------------
Total issued ............................... 9,722,870 105,055,929
Shares redeemed ............................ (798,682) (8,895,400)
----------------------------
Net increase ............................... 8,924,188 $ 96,160,529
============================
+ Prior to November 4, 2005 (commencement of operations), the Fund issued
2,500 Institutional Shares to FAM for $25,000.
- -------------------------------------------------------------------------------
Investor A Shares for the Six Dollar
Months Ended April 30, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 1,042,318 $ 13,120,909
Shares issued resulting from
reorganization ........................... 37,429,400 486,769,349
Shares issued to shareholders in
reinvestment of dividends
and distributions ........................ 244,828 3,065,430
----------------------------
Total issued ............................... 38,716,546 502,955,688
Shares redeemed ............................ (1,116,229) (14,062,616)
----------------------------
Net increase ............................... 37,600,317 $ 488,893,072
============================
- -------------------------------------------------------------------------------
Investor A Shares for the Period Dollar
Nov. 4, 2005+ to Oct. 31, 2006 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 6,540,964 $ 68,913,138
Shares issued to shareholders in
reinvestment of dividends ................ 5,477 57,011
----------------------------
Total issued ............................... 6,546,441 68,970,149
Shares redeemed ............................ (991,006) (10,951,407)
----------------------------
Net increase ............................... 5,555,435 $ 58,018,742
============================
+ Prior to November 4, 2005 (commencement of operations), the Fund issued
2,500 Investor A Shares to FAM for $25,000.
34 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
Notes to Financial Statements (concluded)
- -------------------------------------------------------------------------------
Investor B Shares for the Six Dollar
Months Ended April 30, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 272,821 $ 3,399,080
Shares issued resulting from
reorganization ........................... 5,067,946 65,770,280
Shares issued to shareholders in
reinvestment of dividends
and distributions ........................ 56,178 704,942
----------------------------
Total issued ............................... 5,396,945 69,874,302
Shares redeemed ............................ (159,088) (1,971,669)
----------------------------
Net increase ............................... 5,237,857 $ 67,902,633
============================
- -------------------------------------------------------------------------------
Investor B Shares for the Period Dollar
Nov. 4, 2005+ to Oct. 31, 2006 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 1,820,428 $ 19,213,369
Shares issued to shareholders in
reinvestment of dividends ................ 1,370 14,251
----------------------------
Total issued ............................... 1,821,798 19,227,620
Shares redeemed ............................ (280,245) (3,168,311)
----------------------------
Net increase ............................... 1,541,553 $ 16,059,309
============================
+ Prior to November 4, 2005 (commencement of operations), the Fund issued
2,500 Investor B Shares to FAM for $25,000.
- -------------------------------------------------------------------------------
Investor C Shares for the Six Dollar
Months Ended April 30, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 2,148,925 $ 26,774,247
Shares issued resulting from
reorganization ........................... 8,648,551 112,097,330
Shares issued to shareholders in
reinvestment of dividends
and distributions ........................ 355,065 4,454,121
----------------------------
Total issued ............................... 11,152,541 143,325,698
Shares redeemed ............................ (566,252) (7,070,720)
----------------------------
Net increase ............................... 10,586,289 $ 136,254,978
============================
- -------------------------------------------------------------------------------
Investor C Shares for the Period Dollar
Nov. 4, 2005+ to Oct. 31, 2006 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 9,288,328 $ 99,958,030
Shares issued to shareholders in
reinvestment of dividends ................ 5,454 56,719
----------------------------
Total issued ............................... 9,293,782 100,014,749
Shares redeemed ............................ (638,174) (7,078,312)
----------------------------
Net increase ............................... 8,655,608 $ 92,936,437
============================
+ Prior to November 4, 2005 (commencement of operations), the Fund issued
2,500 Investor C Shares to FAM for $25,000.
- -------------------------------------------------------------------------------
Class R Shares for the Period Dollar
March 1, 2007+ to April 30, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................ 2,643 $ 33,469
Shares issued resulting from
reorganization ........................... 632,574 8,216,249
----------------------------
Total issued ............................... 635,217 8,249,718
Shares redeemed ............................ (1,031) (13,458)
----------------------------
Net increase ............................... 634,186 $ 8,236,260
============================
+ Commencement of operations.
The Fund charges a 2% redemption fee on the proceeds (calculated at market
value) of a redemption (either by sale or exchange) of Fund shares made within
30 days of purchase or exchange. The redemption fee is paid to the Fund and is
intended to offset the trading costs, market impact and other costs associated
with short-term trading into and out of the Fund.
5. Short-Term Borrowings:
The Fund, along with certain other funds managed by the Manager and its
affiliates, is a party to a $500,000,000 credit agreement with a group of
lenders. The Fund may borrow under the credit agreement to fund shareholder
redemptions and for other lawful purposes other than for leverage. The Fund may
borrow up to the maximum amount allowable under the Fund's current prospectus
and statement of additional information, subject to various other legal,
regulatory or contractual limits. The Fund pays a commitment fee of .06% per
annum based on the Fund's pro rata share of the unused portion of the credit
agreement. Amounts borrowed under the credit agreement bear interest at a rate
equal to, at each fund's election, the federal funds rate plus .35% or a base
rate as defined in the credit agreement. The Fund did not borrow under the
credit agreement during the six months ended April 30, 2007.
6. Acquisition of BlackRock Global Value Fund, Inc.:
On April 30, 2007, the Fund acquired substantially all of the assets and assumed
substantially all of the liabilities of BlackRock Global Value Fund, Inc.
("Global Value"), pursuant to a plan of reorganization. The acquisition was
accomplished by a tax-free exchange of 50,914,832 shares of common stock of
Global Value for 60,932,675 shares of beneficial interest of the Fund. Global
Value's net assets on that date of $791,992,429, including $2,841,292 of
distributions in excess of net investment income, $933,034 of distributions in
excess of net realized gains and $114,821,172 of net unrealized appreciation
were combined with those of the Fund. The aggregate net assets immediately after
the acquisition amounted to $1,181,336,081.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 35
Officers and Trustees
Robert C. Doll, Jr., Fund President and Trustee
Ronald W. Forbes, Trustee
Cynthia A. Montgomery, Trustee
Jean Margo Reid, Trustee
Roscoe S. Suddarth, Trustee
Richard R. West, Trustee
Donald C. Burke, Vice President and Treasurer
Dennis W. Stattman, Vice President and Senior Portfolio Manager
Dan Chamby, Vice President and Associate Portfolio Manager
Karen Clark, Fund Chief Compliance Officer
Alice A. Pellegrino, Secretary
Custodian
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109-3661
Transfer Agent
PFPC Inc.
Wilmington, DE 19809
- --------------------------------------------------------------------------------
Effective January 1, 2007, Edward D. Zinbarg retired as a Trustee of BlackRock
Global Dynamic Equity Fund. The Fund's Board of Trustees wishes Mr. Zinbarg well
in his retirement.
- --------------------------------------------------------------------------------
36 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
BlackRock Funds
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund
investors and individual clients (collectively, "Clients") and to safeguarding
their non-public personal information. The following information is provided to
help you understand what personal information BlackRock collects, how we protect
that information and why in certain cases we share such information with select
parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you
from different sources, including the following: (i) information we receive from
you or, if applicable, your financial intermediary, on applications, forms or
other documents; (ii) information about your transactions with us, our
affiliates, or others; (iii) information we receive from a consumer reporting
agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to non-affiliated third parties any
non-public personal information about its Clients, except as permitted by law or
as is necessary to respond to regulatory requests or to service Client accounts.
These non-affiliated third parties are required to protect the confidentiality
and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services that may
be of interest to you. In addition, BlackRock restricts access to non-public
personal information about its Clients to those BlackRock employees with a
legitimate business need for the information. BlackRock maintains physical,
electronic and procedural safeguards that are designed to protect the non-public
personal information of its Clients, including procedures relating to the proper
storage and disposal of such information.
Availability of Additional Information
Electronic copies of most financial reports and prospectuses are available on
the Fund's Web site or shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Fund's electronic delivery program.
To enroll:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment
advisers, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1) Access the BlackRock Web site at http://www.blackrock.com/edelivery
2) Select eDelivery under the More Information section
3) Log into your account
The Fund will mail only one copy of shareholder documents, including
prospectuses, annual and semi-annual reports and proxy statements, to
shareholders with multiple accounts at the same address. This practice is
commonly called "householding" and it is intended to reduce expenses and
eliminate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you instruct us
otherwise. If you do not want the mailing of these documents to be combined with
those for other members of your household, please contact the Fund at (800)
441-7762.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 37
BlackRock Funds (concluded)
Availability of Additional Information (concluded)
Availability of Proxy Voting Policies and Procedures
The Fund has delegated proxy voting responsibilities to BlackRock and its
affiliates, subject to the general oversight of the Fund's Board of Trustees. A
description of the policies and procedures that BlackRock and its affiliates use
to determine how to vote proxies relating to portfolio securities is available
without charge, upon request, on our Web site at www.blackrock.com, by calling
(800) 441-7762, or on the Web site of the Securities and Exchange Commission
(the"Commission") at http://www.sec.gov.
Availability of Proxy Voting Record
Information on how proxies relating to the Fund's voting securities were voted
(if any) by the Fund's previous manager during the most recent 12-month period
ended June 30 is available, upon request and without charge, on our Web site at
www.blackrock.com, by calling (800) 441-7762 or on the Web site of the
Commission at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
The Fund files its complete schedule of portfolio holdings for the first and
third quarters of its fiscal year with the Commission on Form N-Q. The Fund's
Forms N-Q are available on the Commission's Web site at http://www.sec.gov and
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 (800) SEC-0330. The Fund's Forms N-Q may also be
obtained upon request, without charge, by calling (800) 441-7762.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 8:00 AM - 6:00 PM EST to get information about your
account balances, recent transactions and share prices. You can also reach us on
the Web at www.blackrock.com.
Automatic Investment Plans
Investor Class shareholders who want to invest regularly can arrange to have $50
or more automatically deducted from their checking or savings account and
invested in any of the BlackRock portfolios.
Systematic Withdrawal Plans
Investor Class shareholders can establish a systematic withdrawal plan and
receive periodic payments of $50 or more from their BlackRock portfolios, as
long as their account is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover,
Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
38 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007
A World-Class Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all
investment styles and managed by experts in equity, fixed income and tax-exempt
investing.
Equity Funds
BlackRock All-Cap Global Resources Portfolio
BlackRock Aurora Portfolio
BlackRock Asset Allocation Portfolio+
BlackRock Balanced Capital Fund+
BlackRock Basic Value Fund
BlackRock Capital Appreciation Portfolio
BlackRock Developing Capital Markets Fund
BlackRock Equity Dividend Fund
BlackRock EuroFund
BlackRock Focus Twenty Fund
BlackRock Focus Value Fund
BlackRock Fundamental Growth Fund
BlackRock Global Allocation Fund+
BlackRock Global Dynamic Equity Fund
BlackRock Global Financial Services Fund
BlackRock Global Growth Fund
BlackRock Global Opportunities Portfolio
BlackRock Global Resources Portfolio*
BlackRock Global Science & Technology Opportunities Portfolio
BlackRock Global SmallCap Fund
BlackRock Global Technology Fund
BlackRock Healthcare Fund
BlackRock Health Sciences Opportunities Portfolio
BlackRock Index Equity Portfolio*
BlackRock International Fund
BlackRock International Index Fund
BlackRock International Opportunities Portfolio*
BlackRock International Value Fund
BlackRock Investment Trust
BlackRock Large Cap Core Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
BlackRock Latin America Fund
BlackRock Mid-Cap Growth Equity Portfolio
BlackRock Mid-Cap Value Equity Portfolio
BlackRock Mid Cap Value Opportunities Fund
BlackRock Natural Resources Trust
BlackRock Pacific Fund
BlackRock Small Cap Core Equity Portfolio
BlackRock Small Cap Growth Equity Portfolio
BlackRock Small Cap Growth Fund II
BlackRock Small Cap Index Fund
BlackRock Small Cap Value Equity Portfolio*
BlackRock Small/Mid-Cap Growth Portfolio
BlackRock S&P 500 Index Fund
BlackRock U.S. Opportunities Portfolio
BlackRock Utilities and Telecommunications Fund
BlackRock Value Opportunities Fund
Fixed Income Funds
BlackRock Bond Fund
BlackRock Commodity Strategies Fund
BlackRock Enhanced Income Portfolio
BlackRock GNMA Portfolio
BlackRock Government Income Portfolio
BlackRock High Income Fund
BlackRock High Yield Bond Portfolio
BlackRock Inflation Protected Bond Portfolio
BlackRock Intermediate Bond Portfolio II
BlackRock Intermediate Government Bond Portfolio
BlackRock International Bond Portfolio
BlackRock Low Duration Bond Portfolio
BlackRock Managed Income Portfolio
BlackRock Short-Term Bond Fund
BlackRock Total Return Portfolio
BlackRock Total Return Portfolio II
BlackRock World Income Fund
Municipal Bond Funds
BlackRock AMT-Free Municipal Bond Portfolio
BlackRock California Insured Municipal Bond Fund
BlackRock Delaware Municipal Bond Portfolio
BlackRock Florida Municipal Bond Fund
BlackRock High Yield Municipal Fund
BlackRock Intermediate Municipal Fund
BlackRock Kentucky Municipal Bond Portfolio
BlackRock Municipal Insured Fund
BlackRock National Municipal Fund
BlackRock New Jersey Municipal Bond Fund
BlackRock New York Municipal Bond Fund
BlackRock Ohio Municipal Bond Portfolio
BlackRock Pennsylvania Municipal Bond Fund
BlackRock Short-Term Municipal Fund
Target Risk & Target Date Funds
BlackRock Prepared Portfolios
Conservative Prepared Portfolio
Moderate Prepared Portfolio
Growth Prepared Portfolio
Aggressive Growth Prepared Portfolio
BlackRock Lifecycle Prepared Portfolios
Prepared Portfolio 2010
Prepared Portfolio 2015
Prepared Portfolio 2020
Prepared Portfolio 2025
Prepared Portfolio 2030
Prepared Portfolio 2035
Prepared Portfolio 2040
Prepared Portfolio 2045
Prepared Portfolio 2050
* See the prospectus for information on specific limitations on investments
in the fund.
+ Mixed asset fund.
BlackRock mutual funds are distributed by BlackRock Distributors, Inc. and
certain funds are also distributed by FAM Distributors, Inc. You should consider
the investment objectives, risks, charges and expenses of the funds under
consideration carefully before investing. Each fund's prospectus contains this
and other information and is available at www.blackrock.com or by calling
800-882-0052 or from your financial advisor. The prospectus should be read
carefully before investing.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2007 39
This report is transmitted to shareholders only. It is not authorized for use as
an offer of sale or a solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. Past performance
results shown in this report should not be considered a representation of future
performance. Investment returns and principal value of shares will fluctuate so
that shares, when redeemed, may be worth more or less than their original cost.
Statements and other information herein are as dated and are subject to change.
Investment in foreign securities involves special risks including fluctuating
foreign exchange rates, foreign government regulations, differing degrees of
liquidity and the possibility of substantial volatility due to adverse
political, economic or other developments.
BlackRock Global Dynamic Equity Fund
P.O. Box 9011
Princeton, NJ 08543-9011
BLACKROCK
#GDE-4/07
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual
report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable
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 - Not Applicable
Item 8 - Portfolio Managers of Closed-End Management Investment Companies -
Not Applicable
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - The
registrant's Nominating 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
15d-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 Act (17
CFR 270.30a-3(d)) 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 - Not Applicable to this semi-annual report
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 Global Dynamic Equity Fund
By: /s/ Robert C. Doll, Jr.
-----------------------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
BlackRock Global Dynamic Equity Fund
Date: June 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/ Robert C. Doll, Jr.
-----------------------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
BlackRock Global Dynamic Equity Fund
Date: June 19, 2007
By: /s/ Donald C. Burke
-----------------------------------
Donald C. Burke,
Chief Financial Officer of
BlackRock Global Dynamic Equity Fund
Date: June 19, 2007