UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21759
Name of Fund: BlackRock Global Dynamic Equity Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, 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: 10/31/2007
Date of reporting period: 11/01/2006 - 10/31/2007
Item 1 - Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE
LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
BlackRock Global Dynamic BLACKROCK
Equity Fund
ANNUAL REPORT | OCTOBER 31, 2007
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Table of Contents
================================================================================
Page
- --------------------------------------------------------------------------------
A Letter to Shareholders ................................................. 3
Annual Report:
Fund Summary ............................................................. 4
About Fund Performance ................................................... 6
Disclosure of Expenses ................................................... 6
Portfolio Summary ........................................................ 7
Financial Statements:
Schedule of Investments ................................................ 8
Statement of Assets and Liabilities .................................... 22
Statement of Operations ................................................ 23
Statements of Changes in Net Assets .................................... 24
Financial Highlights ..................................................... 25
Notes to Financial Statements ............................................ 28
Report of Independent Registered Public Accounting Firm .................. 34
Important Tax Information ................................................ 34
Officers and Trustees .................................................... 35
Proxy Results ............................................................ 36
BlackRock Fund Information ............................................... 37
Mutual Fund Family ....................................................... 39
2 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
A Letter to Shareholders
Dear Shareholder
The October reporting period was fairly tumultuous for financial markets, but
culminated in positive performance for most major benchmarks:
Total Returns as of October 31, 2007 6-month 12-month
============================================================================================================
U.S. equities (S&P 500 Index) +5.49% +14.56%
- ------------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) +2.25% + 9.27%
- ------------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) +8.19% +24.91%
- ------------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers U.S. Aggregate Bond Index) +2.68% + 5.38%
- ------------------------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) +1.30% + 2.91%
- ------------------------------------------------------------------------------------------------------------
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) -0.07% + 6.89%
- ------------------------------------------------------------------------------------------------------------
Past performance is no guarantee of future results. Index performance shown for
illustrative purposes only. You cannot invest directly in an index.
Subprime mortgage woes dominated headlines for much of 2007, but intensified in
the summer and fall, spawning a widespread liquidity and credit crisis with
ramifications across global markets. The Federal Reserve Board (the "Fed") and
other countries' central banks stepped in to inject liquidity into the markets
and bolster investor confidence. The Fed cut the federal funds rate by 0.50% in
September and another 0.25% on the final day of the reporting period, bringing
its target rate to 4.50%. In taking action, the central bankers, who had long
deemed themselves inflation fighters, were seeking to stem the fallout from the
credit crunch and forestall a wider economic unraveling. By period-end, the Fed
had cited the risks between slower economic growth and faster inflation as
equally balanced.
Amid the volatility throughout the past year, equity markets have displayed
surprising resilience. Most recently, the credit turmoil dampened corporate
merger-and-acquisition (M&A) activity, a key source of strength for equity
markets. Still, market fundamentals have held firm, dividend payouts and share
buybacks have continued to grow, and valuations remain attractive. These
tailwinds generally have prevailed over the headwinds created by the slowing
U.S. economy, troubled housing market and, recently, a more difficult corporate
earnings backdrop. International markets fared even better than U.S. equities,
benefiting from robust M&A activity and generally stronger economies.
In fixed income markets, mixed economic signals and the credit woes resulted in
a flight to quality. At the height of the uncertainty, investors shunned bonds
associated with the housing and credit markets in favor of higher-quality
Treasury issues. The yield on 10-year Treasury issues, which touched 5.30% in
June (its highest level in five years), fell to 4.48% by period-end, while
prices correspondingly rose. The tax-exempt bond market has been challenged by a
combination of record-setting supply year-to-date, economic uncertainty and
concerns around the credit worthiness of bond insurers. This has brought
municipal bond prices to relatively attractive levels and, as such, demand
generally has remained firm.
As you navigate market volatility, we encourage you to review your investment
goals with your financial professional and to make portfolio changes, as needed.
For more market insight and commentary from BlackRock investment professionals,
we invite you to visit www.blackrock.com/funds. As always, we thank you for
entrusting BlackRock with your investment assets, and we look forward to
continuing to serve you in the months and years ahead.
Sincerely,
/s/ Robert C. Doll, Jr.
Robert C. Doll, Jr.
Vice Chairman, BlackRock, Inc.
3
THIS PAGE NOT PART OF YOUR FUND REPORT
Fund Summary
Portfolio Management Commentary
How did the Fund perform?
o The Fund posted solid double-digit returns for the fiscal year,
significantly outperforming both its Reference Portfolio and the
all-equity benchmark.
What factors influenced performance?
o The Fund capitalized on favorable equity performance in most markets
around the world.
o The Fund's overweight in non-U.S. equities and underweight in U.S.
equities contributed favorably to returns. Specifically, the Fund
benefited from an overweight exposure to Asian equities, including India,
China and South Korea, in addition to Brazil. Effective security selection
within these countries -- and within the U.S. -- also proved advantageous.
o On a sector basis, strong stock selection in energy, industrials and
financials also contributed positively relative to the Reference
Portfolio.
o Detracting moderately from relative performance was the Fund's overweight
position in Japanese equities and underweight in information technology.
Describe recent portfolio activity.
o The Fund's exposure to U.S. equities was increased from 36% of net assets
at the beginning of the fiscal year to 41% at the end of the period, while
the Fund's exposure to European equities decreased from 24% of net assets
to 20%, and exposure to Asian equities decreased from 34% to 28%. Finally,
the Fund's exposure to Latin American equities increased slightly from 3%
to 4% during the period.
o From a sector perspective, the Fund's exposure to materials increased over
the period from 6.9% of net assets to 10.3%. Exposure to the energy sector
also increased, from 12.8% to 14.6%, while the Fund's weighting in
financials decreased from 26.8% to 21.1%.
How was the Fund positioned at period-end?
o The Fund ended the period underweight in U.S. equities at 41% of net
assets, versus the Reference Portfolio's weighting of 60%. The Fund is
overweight in Asian equities at 28% of net assets, compared to a benchmark
weighting of 12.2%. In Europe, the Fund is nearly neutral, with a
weighting of 20.4% versus a benchmark weighting of 22.3%. Finally, in
Latin America, the Fund is moderately overweight, with an allocation of
4.1% versus a benchmark weighting of 1.7%.
o On a sector basis, the Fund ended the period overweight in materials at
10.3% of net assets, compared to the Reference Portfolio's weighting of
6.5%. The Fund also was overweight in energy, at 14.6% of net assets
versus 10.5%. The Fund remained underweight in its exposure to the U.S.
consumer and U.S. financials at the end of the period.
Expense Example
Actual Hypothetical**
--------------------------------------------------- ---------------------------------------------------
Beginning Ending Beginning Ending
Account Value Account Value Expenses Paid Account Value Account Value Expenses Paid
May 1, 2007 Oct. 31, 2007 During the Period* May 1, 2007 Oct. 31, 2007 During the Period*
- ---------------------------------------------------------------------------------------------------------------------------------
Institutional ..... $ 1,000 $1,168.60 $ 5.41 $ 1,000 $1,020.21 $ 5.04
Investor A ........ $ 1,000 $1,167.20 $ 6.88 $ 1,000 $1,018.85 $ 6.41
Investor B ........ $ 1,000 $1,162.10 $ 11.23 $ 1,000 $1,014.82 $ 10.46
Investor C ........ $ 1,000 $1,162.30 $ 11.01 $ 1,000 $1,015.02 $ 10.26
Class R ........... $ 1,000 $1,165.90 $ 8.41 $ 1,000 $1,017.44 $ 7.83
- ---------------------------------------------------------------------------------------------------------------------------------
* For each class of the Fund, expenses are equal to the annualized expense
ratio for the class (.99% for Institutional, 1.26% for Investor A, 2.06%
for Investor B, 2.02% for Investor C and 1.54% for Class R), multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by pro-rating
the number of days in the most recent fiscal half year divided by 365.
See "Disclosure of Expenses" on page 6 for further information on how
expenses were calculated.
4 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Total Return Based on a $10,000 Investment
A line graph depicting the growth of an investment in the Fund's Institutional
and Investor A 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 October 2007:
FTSE World
Institutional Investor A FTSE World S&P 500 Index Reference
Shares*+ Shares*+ Index++ Index+++ (Ex-U.S.)++++ Portfolio@
11/04/05** $10,000 $9,475 $10,000 $10,000 $10,000 $10,000
10/06 $12,051 $11,390 $12,124 $11,503 $12,750 $11,996
10/07 $15,928 $15,017 $14,965 $13,178 $16,702 $14,509
* 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. S&P 500 is
a registered trademark of the McGraw-Hill Companies.
++++ 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.).
Performance Summary for the Year Ended October 31, 2007
Average Annual Total Returns*
------------------------------------------------------
1 Year Since Inception**
----------------------- -----------------------
6-Month w/o sales w/sales w/o sales w/sales
Total Returns charge charge charge charge
- -----------------------------------------------------------------------------------------------------------------------
Institutional .............................. +16.86% +32.17% -- +26.37% --
Investor A ................................. +16.72 +31.84 +24.92% +26.05 +22.68%
Investor B ................................. +16.21 +30.76 +26.26 +25.05 +23.43
Investor C ................................. +16.23 +30.76 +29.76 +25.11 +25.11
Class R .................................... +16.59 +31.35 -- +25.66 --
FTSE World Index ........................... + 9.70 +23.44 -- +22.47 --
FTSE World Index (Ex-U.S.) ................. +12.99 +30.99 -- +29.42 --
S&P 500 Index .............................. + 5.49 +14.56 -- +14.88 --
Reference Portfolio ........................ + 8.48 +20.95 -- +20.57 --
- -----------------------------------------------------------------------------------------------------------------------
* Assuming maximum sales charges. See "About Fund Performance" on page 6 for
a detailed description of share classes, including any related sales
charges and fees.
** The Fund commenced operations on 11/04/05.
Past performance is not indicative of future results.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 5
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.
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 auto matically convert to Investor A
Shares after approximately eight years. (There is no initial sales charge
for automatic share conversions.)
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 to reflect 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/funds to obtain performance data current to
the most recent month-end. Perfor mance 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 performance tables on page 5
assume reinvestment of all dividends and capi tal 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 appli cable to each class, which are deducted from the income available to
be paid to shareholders.
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 expense example on page 4 (which is
based on a hypothetical investment of $1,000 invested on May 1, 2007 and held
through October 31, 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 table 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 corresponding to their share class under the
heading entitled "Expenses Paid During the Period."
The table also 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 hypothetical 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.
6 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Portfolio Summary
Fund Profile as of October 31, 2007
- --------------------------------------------------------------------------------
Ten Largest Holdings Percent of
(Equity Investments) Net Assets
- --------------------------------------------------------------------------------
Reliance Industries Ltd. ........................................... 2.0%
Petroleo Brasileiro SA ............................................. 1.9
General Electric Co. ............................................... 1.7
Microsoft Corp. .................................................... 1.5
Union Pacific Corp. ................................................ 1.0
American International Group, Inc. ................................. 1.0
Exxon Mobil Corp. .................................................. 0.9
Nestle SA Registered Shares ........................................ 0.9
Johnson & Johnson .................................................. 0.8
Apple Computer, Inc. ............................................... 0.8
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Five Largest Industries Percent of
(Equity Investments) Net Assets
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels ........................................ 12.4%
Insurance .......................................................... 6.9
Metals & Mining .................................................... 4.8
Commercial Banks ................................................... 4.7
Industrial Conglomerates ........................................... 4.2
- --------------------------------------------------------------------------------
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 indexes or ratings group indexes, and/or as defined by
Fund management. This definition may 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 ...................................................... 49.2%*
Japan .............................................................. 9.0
United Kingdom ..................................................... 4.8
India .............................................................. 4.4
South Korea ........................................................ 4.1
Germany ............................................................ 4.0
Brazil ............................................................. 3.8
France ............................................................. 2.9
China .............................................................. 2.7
Switzerland ........................................................ 2.3
Singapore .......................................................... 2.3
Canada ............................................................. 1.5
Malaysia ........................................................... 1.5
Australia .......................................................... 1.3
Italy .............................................................. 1.2
Europe ............................................................. 1.1
Taiwan ............................................................. 0.8
Hong Kong .......................................................... 0.7
United Arab Emirates ............................................... 0.6
Thailand ........................................................... 0.6
Spain .............................................................. 0.6
Norway ............................................................. 0.5
Ireland ............................................................ 0.5
Netherlands ........................................................ 0.4
Belgium ............................................................ 0.4
Luxembourg ......................................................... 0.4
Vietnam ............................................................ 0.3
Mexico ............................................................. 0.3
Denmark ............................................................ 0.3
Sweden ............................................................. 0.2
Finland ............................................................ 0.2
Chile .............................................................. 0.1
Israel ............................................................. 0.1
Russia ............................................................. 0.1
South Africa ....................................................... 0.1
Austria ............................................................ 0.1
New Zealand ........................................................ 0.0**
- --------------------------------------------------------------------------------
* Includes investments in short-term securities.
** Holdings are less than 0.1%.
+ Total may not equal 100%.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 7
Schedule of Investments as of October 31, 2007 (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
Australia -- 1.3%
Beverages -- 0.0%
Coca-Cola Amatil Ltd. 19,300 $ 184,447
- -------------------------------------------------------------------------------
Metals & Mining -- 0.7%
BHP Billiton Ltd. 122,500 5,334,241
Newcrest Mining Ltd. 17,820 543,216
Rio Tinto Ltd. 36,500 3,788,682
Zinifex Ltd. 18,300 289,609
--------------
9,955,748
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.2%
Woodside Petroleum Ltd. 42,100 2,060,297
- -------------------------------------------------------------------------------
Paper & Forest Products -- 0.0%
Great Southern Plantations Ltd. 43,600 90,206
- -------------------------------------------------------------------------------
Transportation Infrastructure -- 0.4%
Macquarie Airports Group 312,000 1,282,222
Macquarie Infrastructure Group 803,000 2,383,641
Transurban Group 286,766 1,951,926
--------------
5,617,789
- -------------------------------------------------------------------------------
Total Common Stocks in Australia 17,908,487
===============================================================================
Austria -- 0.1%
Diversified Telecommunication Services -- 0.1%
Telekom Austria AG 33,600 967,493
- -------------------------------------------------------------------------------
Total Common Stocks in Austria 967,493
===============================================================================
Belgium -- 0.4%
Diversified Financial Services -- 0.4%
Fortis 182,586 5,866,328
- -------------------------------------------------------------------------------
Total Common Stocks in Belgium 5,866,328
===============================================================================
Brazil -- 3.5%
Commercial Banks -- 0.2%
Banco Bradesco SA 43,500 1,477,942
Uniao de Bancos Brasileiros SA (b) 6,800 1,074,672
--------------
2,552,614
- -------------------------------------------------------------------------------
Construction & Engineering -- 0.0%
Obrascon Huarte Lain Brasil SA 16,200 290,180
- -------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Cia Energetica de Minas Gerais (b) 11,700 252,720
- -------------------------------------------------------------------------------
Food & Staples Retailing -- 0.0%
Cia Brasileira de Distribuicao Grupo Pao de Acucar 37,326 599,364
- -------------------------------------------------------------------------------
Food Products -- 0.3%
Cosan SA Industria e Comercio 57,300 895,597
JBS SA (c) 245,500 1,130,578
SLC Agricola SA (c) 165,000 1,568,341
--------------
3,594,516
- -------------------------------------------------------------------------------
Household Durables -- 0.1%
Gafisa SA 87,000 1,563,401
- -------------------------------------------------------------------------------
Metals & Mining -- 0.6%
Companhia Vale do Rio Doce (Preference 'A'
Shares) (b) 239,500 7,561,015
Usinas Siderurgicas de Minas Gerais SA
(Preference 'A' Shares) 8,100 635,073
--------------
8,196,088
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 1.9%
Petroleo Brasileiro SA (b) 325,600 27,656,416
Road & Rail -- 0.2%
All America Latina Logistica SA 160,000 2,533,152
- -------------------------------------------------------------------------------
Software -- 0.0%
Datasul 29,400 390,720
- -------------------------------------------------------------------------------
Water Utilities -- 0.0%
Companhia de Saneamento de Minas Gerais 17,000 319,244
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
Vivo Participacoes SA (b)(g) 394,500 2,323,605
- -------------------------------------------------------------------------------
Total Common Stocks in Brazil 50,272,020
===============================================================================
Canada -- 1.5%
Auto Components -- 0.0%
Magna International, Inc. (Class A) 900 85,284
- -------------------------------------------------------------------------------
Communications Equipment -- 0.1%
Nortel Networks Corp. (c) 78,800 1,271,044
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.0%
BCE, Inc. 700 30,527
- -------------------------------------------------------------------------------
Food Products -- 0.1%
Saskatchewan Wheat Pool (c) 95,500 1,290,991
- -------------------------------------------------------------------------------
Insurance -- 0.0%
Sun Life Financial, Inc. 300 17,460
- -------------------------------------------------------------------------------
Metals & Mining -- 0.6%
Alamos Gold, Inc. (c) 56,900 438,503
Barrick Gold Corp. 7,497 330,843
Kinross Gold Corp. (c) 402,881 7,959,529
Peak Gold Ltd. (c) 341,000 231,027
--------------
8,959,902
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.4%
Canadian Natural Resources Ltd. 14,300 1,189,760
EnCana Corp. 1,300 90,610
Imperial Oil Ltd. 1,700 92,021
Petro-Canada 1,600 92,208
Petro-Canada Inc. 23,300 1,344,254
Suncor Energy, Inc. (b) 24,200 2,643,366
--------------
5,452,219
- -------------------------------------------------------------------------------
Paper & Forest Products -- 0.1%
Sino-Forest Corp. (c) 63,000 1,675,287
- -------------------------------------------------------------------------------
Road & Rail -- 0.2%
Canadian Pacific Railway Ltd. 14,500 1,020,441
Canadian Pacific Railway Ltd. (USD) 28,500 2,005,830
--------------
3,026,271
- -------------------------------------------------------------------------------
Total Common Stocks in Canada 21,808,985
===============================================================================
Chile -- 0.1%
Commercial Banks -- 0.1%
Banco Santander Chile SA (b) 36,200 1,918,238
- -------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Enersis SA (b) 8,900 176,398
- -------------------------------------------------------------------------------
Total Common Stocks in Chile 2,094,636
===============================================================================
China -- 2.4%
Automobiles -- 0.0%
Denway Motors Ltd. 697,500 492,205
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.0%
China Communications Services Corp. Ltd. (c) 40,000 34,784
- -------------------------------------------------------------------------------
8 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
China (concluded)
Electrical Equipment -- 0.0%
Shanghai Electric Group Corp. 398,000 $ 395,227
- -------------------------------------------------------------------------------
Food Products -- 0.3%
Chaoda Modern Agriculture Holdings Ltd. 4,183,900 3,818,408
- -------------------------------------------------------------------------------
Industrial Conglomerates -- 0.9%
Beijing Enterprises Holdings Ltd. 1,530,744 9,521,576
Tianjin Development Holdings Ltd. 1,315,900 2,219,186
--------------
11,740,762
- -------------------------------------------------------------------------------
Insurance -- 0.0%
China Life Insurance Co. Ltd. (b) 5,599 569,474
Ping An Insurance Group Co. of China Ltd. 32,200 450,733
--------------
1,020,207
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.8%
China Shenhua Energy Co. Ltd. Class H 1,761,200 11,349,815
- -------------------------------------------------------------------------------
Transportation Infrastructure -- 0.1%
Hainan Meilan International Airport Co., Ltd. 93,400 122,243
Jiangsu Express 392,400 453,962
Xiamen International Port Co. Ltd. 2,361,300 905,077
--------------
1,481,282
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
China Mobile Ltd. 195,500 4,041,663
- -------------------------------------------------------------------------------
Total Common Stocks in China 34,374,353
===============================================================================
Denmark -- 0.3%
Commercial Banks -- 0.3%
Danske Bank A/S 94,027 4,161,776
- -------------------------------------------------------------------------------
Total Common Stocks in Denmark 4,161,776
===============================================================================
Finland -- 0.2%
Communications Equipment -- 0.0%
Nokia Oyj (b) 2,400 95,328
- -------------------------------------------------------------------------------
Electric Utilities -- 0.2%
Fortum Oyj 55,577 2,416,673
- -------------------------------------------------------------------------------
Total Common Stocks in Finland 2,512,001
===============================================================================
France -- 2.9%
Aerospace & Defense -- 0.2%
European Aeronautic Defense and Space Co. 75,600 2,577,055
- -------------------------------------------------------------------------------
Automobiles -- 0.4%
Renault SA 33,520 5,661,512
- -------------------------------------------------------------------------------
Commercial Banks -- 0.4%
Societe Generale SA 30,845 5,210,960
Diversified Telecommunication Services -- 0.3%
France Telecom SA 109,500 4,049,313
- -------------------------------------------------------------------------------
Electric Utilities -- 0.5%
Electricite de France SA 55,707 6,701,246
- -------------------------------------------------------------------------------
Insurance -- 0.3%
AXA SA 111,371 5,002,367
- -------------------------------------------------------------------------------
Machinery -- 0.3%
Vallourec SA 14,610 4,254,439
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.5%
Total SA 98,107 7,916,843
- -------------------------------------------------------------------------------
Total Common Stocks in France 41,373,735
===============================================================================
Germany -- 4.0%
Air Freight & Logistics -- 0.3%
Deutsche Post AG 142,179 4,308,364
- -------------------------------------------------------------------------------
Automobiles -- 0.9%
Bayerische Motoren Werke AG 66,679 4,462,248
DaimlerChrysler AG 75,204 8,227,467
--------------
12,689,715
- -------------------------------------------------------------------------------
Chemicals -- 0.4%
Bayer AG 75,641 6,314,665
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.6%
Deutsche Telekom AG 383,969 7,883,011
- -------------------------------------------------------------------------------
Electric Utilities -- 0.4%
E.ON AG 30,688 5,999,493
- -------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
Siemens AG 51,813 7,025,630
- -------------------------------------------------------------------------------
Insurance -- 0.5%
Allianz AG Registered Shares 28,434 6,402,715
- -------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
RWE AG 45,912 6,271,988
- -------------------------------------------------------------------------------
Total Common Stocks in Germany 56,895,581
===============================================================================
Hong Kong -- 0.7%
Electric Utilities -- 0.0%
Cheung Kong Infrastructure Holdings Ltd. 135,600 531,274
- -------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
Hutchison Whampoa Ltd. 381,300 4,792,426
- -------------------------------------------------------------------------------
Real Estate Management & Development -- 0.4%
Cheung Kong Holdings Ltd. 49,200 965,079
Sun Hung Kai Properties Ltd. 59,900 1,144,746
Wharf Holdings Ltd. 450,600 2,716,885
--------------
4,826,710
- -------------------------------------------------------------------------------
Total Common Stocks in Hong Kong 10,150,410
===============================================================================
India -- 3.3%
Automobiles -- 0.1%
Bajaj Auto Ltd. 5,700 361,466
Tata Motors Ltd. 82,564 1,610,765
--------------
1,972,231
- -------------------------------------------------------------------------------
Commercial Banks -- 0.1%
Karnataka Bank Ltd. 30,800 175,040
State Bank of India Ltd. 15,600 826,796
--------------
1,001,836
- -------------------------------------------------------------------------------
Construction & Engineering -- 0.2%
Larsen & Toubro Ltd. 20,375 2,220,403
- -------------------------------------------------------------------------------
Construction Materials -- 0.1%
Gujarat Ambuja Cements Ltd. 517,800 1,915,989
- -------------------------------------------------------------------------------
Diversified Financial Services -- 0.0%
Reliance Capital Ltd. 9,600 522,881
- -------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Reliance Energy Ltd. 6,150 294,289
- -------------------------------------------------------------------------------
IT Services -- 0.1%
Infosys Technologies Ltd. 45,600 2,156,817
- -------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 9
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
India (concluded)
Independent Power Producers & Energy
Traders -- 0.0%
Reliance Natural Resources Ltd. (c) 82,000 $ 252,419
- -------------------------------------------------------------------------------
Media -- 0.1%
Wire and Wireless India Ltd. (c) 50,057 47,852
Zee News Ltd. (c) 45,261 70,977
Zee Telefilms Ltd. 100,114 849,288
--------------
968,117
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 2.1%
Hindustan Petroleum Corp. 8,300 50,751
Reliance Industries Ltd. 411,500 29,276,938
--------------
29,327,689
- -------------------------------------------------------------------------------
Pharmaceuticals -- 0.0%
Wockhardt Ltd. 6,150 66,371
- -------------------------------------------------------------------------------
Road & Rail -- 0.2%
Container Corp. of India 45,800 2,311,954
- -------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
Housing Development Finance Corp. 20,000 1,421,525
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
Reliance Communication Ventures Ltd. 174,500 3,451,178
- -------------------------------------------------------------------------------
Total Common Stocks in India 47,883,699
===============================================================================
Ireland -- 0.5%
Commercial Banks -- 0.2%
Allied Irish Banks Plc 129,611 3,267,720
- -------------------------------------------------------------------------------
Construction Materials -- 0.3%
CRH Plc 98,336 3,790,993
- -------------------------------------------------------------------------------
Total Common Stocks in Ireland 7,058,713
===============================================================================
Israel -- 0.1%
Pharmaceuticals -- 0.1%
Teva Pharmaceutical Industries Ltd. (b) 31,000 1,364,310
- -------------------------------------------------------------------------------
Software -- 0.0%
Ectel Ltd. (b)(c) 4,251 14,198
- -------------------------------------------------------------------------------
Total Common Stocks in Israel 1,378,508
===============================================================================
Italy -- 1.2%
Commercial Banks -- 0.7%
Banca Intesa SpA 667,090 5,289,119
UniCredito Italiano SpA 601,117 5,162,302
--------------
10,451,421
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.5%
Eni SpA 193,056 7,049,065
- -------------------------------------------------------------------------------
Total Common Stocks in Italy 17,500,486
===============================================================================
Japan -- 8.7%
Auto Components -- 0.2%
Toyota Industries Corp. 61,500 2,633,614
- -------------------------------------------------------------------------------
Automobiles -- 0.6%
Honda Motor Co., Ltd. 20,900 782,639
Suzuki Motor Corp. 236,200 7,760,130
--------------
8,542,769
- -------------------------------------------------------------------------------
Beverages -- 0.4%
Coca-Cola Central Japan Co., Ltd. 39 290,137
Coca-Cola West Holdings Co., Ltd. 153,275 3,548,397
Hokkaido Coca-Cola Bottling Co., Ltd. 15,000 88,361
Kirin Holdings Co., Ltd. 138,000 1,928,443
Mikuni Coca-Cola Bottling Co., Ltd. 39,500 439,232
--------------
6,294,570
- -------------------------------------------------------------------------------
Building Products -- 0.3%
Asahi Glass Co., Ltd. 162,000 2,231,022
Daikin Industries Ltd. 27,500 1,385,066
--------------
3,616,088
- -------------------------------------------------------------------------------
Chemicals -- 0.7%
Mitsubishi Rayon Co., Ltd. 459,500 2,607,589
Shin-Etsu Chemical Co., Ltd. 56,000 3,592,179
Sumitomo Chemical Co., Ltd. 442,000 3,929,418
Ube Industries Ltd. 157,500 565,540
--------------
10,694,726
- -------------------------------------------------------------------------------
Commercial Banks -- 0.4%
The Bank of Kyoto Ltd. 54,000 689,866
The Bank of Yokohama Ltd. 60,000 425,752
Fukuoka Financial Group, Inc. 230,100 1,482,991
Shinsei Bank Ltd. 205,000 664,461
Sumitomo Mitsui Financial Group, Inc. 98 802,750
--------------
4,065,820
- -------------------------------------------------------------------------------
Construction & Engineering -- 0.6%
JGC Corp. 113,377 2,270,469
Kinden Corp. 138,000 1,226,773
Okumura Corp. 436,500 2,310,393
Toda Corp. 182,700 957,458
--------------
6,765,093
- -------------------------------------------------------------------------------
Consumer Finance -- 0.1%
Credit Saison Co., Ltd. 54,000 1,721,871
- -------------------------------------------------------------------------------
Diversified Financial Services -- 0.5%
RHJ International (c) 383,600 6,746,033
RHJ International (b)(c)(h) 41,200 723,320
--------------
7,469,353
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.2%
Murata Manufacturing Co., Ltd. 39,000 2,373,424
- -------------------------------------------------------------------------------
Food & Staples Retailing -- 0.2%
Ministop Co., Ltd. 4,200 75,960
Seven & I Holdings Co. Ltd. 118,800 3,067,609
--------------
3,143,569
- -------------------------------------------------------------------------------
Food Products -- 0.0%
Ajinomoto Co., Inc. 46,300 522,959
House Foods Corp. 5,200 82,353
--------------
605,312
- -------------------------------------------------------------------------------
Gas Utilities -- 0.2%
Tokyo Gas Co., Ltd. 615,000 2,741,751
- -------------------------------------------------------------------------------
10 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
Japan (concluded)
Household Durables -- 0.2%
Rinnai Corp. 25,900 $ 806,265
Sekisui House Ltd. 182,000 2,328,403
--------------
3,134,668
- -------------------------------------------------------------------------------
Insurance -- 1.8%
Aioi Insurance Co., Ltd. 701,200 4,075,444
Millea Holdings, Inc. 226,500 8,914,077
Mitsui Sumitomo Insurance Co., Ltd. 646,030 7,409,231
Nipponkoa Insurance Co., Ltd. 607,000 5,555,182
--------------
25,953,934
- -------------------------------------------------------------------------------
Machinery -- 0.1%
Kubota Corp. 219,400 1,841,945
Tadano Ltd. 29,000 365,202
--------------
2,207,147
- -------------------------------------------------------------------------------
Media -- 0.2%
Toho Co., Ltd. 129,600 2,592,924
- -------------------------------------------------------------------------------
Office Electronics -- 0.2%
Canon, Inc. 70,700 3,577,377
- -------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
Mitsubishi Tanabe Pharma Corp. 22,100 254,641
Takeda Pharmaceutical Co., Ltd. 98,000 6,121,519
--------------
6,376,160
- -------------------------------------------------------------------------------
Real Estate Management & Development -- 0.2%
NTT Urban Development Co. 1,235 2,785,980
- -------------------------------------------------------------------------------
Road & Rail -- 0.2%
East Japan Railway Co. 370 3,047,827
- -------------------------------------------------------------------------------
Specialty Retail -- 0.0%
Shimachu Co., Ltd. 4,400 126,673
- -------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 0.0%
Asics Corp. 39,400 628,280
- -------------------------------------------------------------------------------
Tobacco -- 0.2%
Japan Tobacco, Inc. 500 2,914,323
- -------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
Mitsubishi Corp. 169,500 5,277,448
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
NTT DoCoMo, Inc. 3,410 4,961,185
Okinawa Cellular Telephone Co. 60 175,213
--------------
5,136,398
- -------------------------------------------------------------------------------
Total Common Stocks in Japan 124,427,099
===============================================================================
Luxembourg -- 0.4%
Metals & Mining -- 0.4%
ArcelorMittal 71,856 5,755,446
- -------------------------------------------------------------------------------
Total Common Stocks in Luxembourg 5,755,446
===============================================================================
Malaysia -- 0.6%
Diversified Telecommunication Services -- 0.1%
Telekom Malaysia Bhd 370,000 1,136,552
- -------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Tenaga Nasional Bhd 245,841 693,502
- -------------------------------------------------------------------------------
Food Products -- 0.4%
IOI Corp. BhD 2,459,420 5,611,020
- -------------------------------------------------------------------------------
Tobacco -- 0.1%
British American Tobacco Malaysia Bhd 89,400 1,081,537
- -------------------------------------------------------------------------------
Transportation Infrastructure -- 0.0%
PLUS Expressways Bhd 83,900 84,319
- -------------------------------------------------------------------------------
Total Common Stocks in Malaysia 8,606,930
===============================================================================
Mexico -- 0.3%
Beverages -- 0.1%
Fomento Economico Mexicano, SA de CV (b) 18,000 640,980
- -------------------------------------------------------------------------------
Household Durables -- 0.0%
Urbi, Desarrollos Urbanos, SA de CV (c) 54,300 209,765
- -------------------------------------------------------------------------------
Media -- 0.2%
Grupo Televisa, SA (b) 135,600 3,369,660
- -------------------------------------------------------------------------------
Total Common Stocks in Mexico 4,220,405
===============================================================================
Netherlands -- 0.4%
Chemicals -- 0.4%
Akzo Nobel NV 72,484 5,842,108
- -------------------------------------------------------------------------------
Semiconductors & Semiconductor
Equipment -- 0.0%
ASML Holding NV (b) 2,600 90,792
- -------------------------------------------------------------------------------
Total Common Stocks in the Netherlands 5,932,900
===============================================================================
New Zealand -- 0.0%
Diversified Telecommunication Services -- 0.0%
Telecom Corp. of New Zealand Ltd. 28,711 96,445
- -------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Contact Energy Ltd. 26,900 188,579
- -------------------------------------------------------------------------------
Total Common Stocks in New Zealand 285,024
===============================================================================
Norway -- 0.5%
Diversified Telecommunication Services -- 0.1%
Telenor ASA 76,700 1,805,938
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.4%
Statoilhydro ASA 169,279 5,766,749
- -------------------------------------------------------------------------------
Total Common Stocks in Norway 7,572,687
===============================================================================
Russia -- 0.1%
Metals & Mining -- 0.1%
Polyus Gold Sponsored ADR (b) 26,200 1,192,451
- -------------------------------------------------------------------------------
Total Common Stocks in Russia 1,192,451
===============================================================================
Singapore -- 2.0%
Commercial Banks -- 0.1%
Oversea-Chinese Banking Corp. 289,000 1,855,425
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.5%
Singapore Telecommunications Ltd. 2,515,960 7,154,596
- -------------------------------------------------------------------------------
Health Care Providers & Services -- 0.2%
Parkway Holdings Ltd. 759,675 2,203,314
- -------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 11
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
Singapore (concluded)
Industrial Conglomerates -- 0.7%
Fraser and Neave Ltd. 596,000 $ 2,496,027
Keppel Corp. Ltd. 702,600 7,222,118
--------------
9,718,145
- -------------------------------------------------------------------------------
Real Estate Investment Trusts (REITs) -- 0.0%
Parkway Life Real Estate Investment Trust (c) 37,983 32,554
- -------------------------------------------------------------------------------
Real Estate Management & Development -- 0.5%
CapitaLand Ltd. 996,000 5,607,915
Keppel Land Ltd. 153,000 885,048
--------------
6,492,963
- -------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%
Noble Group Ltd. 102,733 169,245
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.0%
MobileOne Ltd. 279,090 406,528
- -------------------------------------------------------------------------------
Total Common Stocks in Singapore 28,032,770
===============================================================================
South Africa -- 0.1%
Metals & Mining -- 0.0%
Gold Fields Ltd. (b) 14,900 269,243
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.1%
Sasol Ltd. 13,700 700,164
- -------------------------------------------------------------------------------
Total Common Stocks in South Africa 969,407
===============================================================================
South Korea -- 2.6%
Commercial Banks -- 0.3%
Daegu Bank 43,000 762,112
Hana Financial Group, Inc. 20,262 1,025,508
Kookmin Bank 23,000 1,880,822
Pusan Bank 45,400 814,917
--------------
4,483,359
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.2%
KT Corp. (b) 158,200 3,720,864
- -------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Korea Electric Power Corp. 16,100 711,727
- -------------------------------------------------------------------------------
Electrical Equipment -- 0.1%
LS Cable Ltd. 7,000 1,081,291
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.1%
Fine DNC Co., Ltd. 68,737 358,921
Interflex Co., Ltd. 93,800 667,742
--------------
1,026,663
- -------------------------------------------------------------------------------
Food Products -- 0.0%
CJ Cheil Jedang Corp. (c) 1,406 465,961
Nong Shim Co., Ltd. 400 88,724
--------------
554,685
- -------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 0.1%
Paradise Co. Ltd. 220,834 975,516
- -------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%
CJ Corp. 2,394 267,985
- -------------------------------------------------------------------------------
Insurance -- 0.6%
Dongbu Insurance Co., Ltd. 38,300 2,329,918
Korean Reinsurance Co. 146,719 2,617,122
Meritz Fire & Marine Insurance Co. Ltd. 207,647 3,035,658
7,982,698
- -------------------------------------------------------------------------------
Metals & Mining -- 0.7%
POSCO 6,200 4,521,251
POSCO (b) 28,800 5,292,000
--------------
9,813,251
- -------------------------------------------------------------------------------
Multiline Retail -- 0.0%
Lotte Shopping Co. (b)(h) 3,100 72,277
- -------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 0.1%
Cheil Industries, Inc. 13,800 914,329
- -------------------------------------------------------------------------------
Tobacco -- 0.3%
KT&G Corp. 57,000 4,598,126
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
SK Telecom Co., Ltd. 3,600 844,617
- -------------------------------------------------------------------------------
Total Common Stocks in South Korea 37,047,388
===============================================================================
Spain -- 0.6%
Commercial Banks -- 0.5%
Banco Santander SA 322,625 7,055,707
- -------------------------------------------------------------------------------
Transportation Infrastructure -- 0.1%
Cintra Concesiones de Infraestructuras de
Transporte SA 43,500 763,034
- -------------------------------------------------------------------------------
Total Common Stocks in Spain 7,818,741
===============================================================================
Sweden -- 0.2%
Diversified Financial Services -- 0.2%
Investor AB 138,205 3,434,455
- -------------------------------------------------------------------------------
Total Common Stocks in Sweden 3,434,455
===============================================================================
Switzerland -- 2.3%
Capital Markets -- 0.7%
Credit Suisse Group 69,078 4,668,086
UBS AG 82,820 4,440,175
--------------
9,108,261
- -------------------------------------------------------------------------------
Food Products -- 0.9%
Nestle SA Registered Shares 27,331 12,623,695
- -------------------------------------------------------------------------------
Insurance -- 0.2%
Swiss Reinsurance Co. Registered Shares 35,021 3,292,609
- -------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
Novartis AG Registered Shares 137,640 7,321,668
- -------------------------------------------------------------------------------
Total Common Stocks in Switzerland 32,346,233
===============================================================================
Taiwan -- 0.8%
Commercial Banks -- 0.1%
Chinatrust Financial Holding Co. (c) 1,031,000 756,349
SinoPac Financial Holdings Co., Ltd. 193,000 90,063
Taishin Financial Holdings Co., Ltd. 186,400 92,161
--------------
938,573
- -------------------------------------------------------------------------------
Construction Materials -- 0.0%
Taiwan Cement Corp. 371,235 639,519
- -------------------------------------------------------------------------------
Diversified Financial Services -- 0.0%
Fubon Financial Holding Co. Ltd. 285,200 278,009
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.3%
Chunghwa Telecom Co. Ltd. 1,655,390 3,186,357
Chunghwa Telecom Co. Ltd. (b) 52,397 1,006,022
--------------
4,192,379
- -------------------------------------------------------------------------------
12 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
Taiwan (concluded)
Electronic Equipment & Instruments -- 0.3%
Delta Electronics, Inc. 805,042 $ 3,258,912
HON HAI Precision Industry Co., Ltd. 184,000 1,410,653
--------------
4,669,565
- -------------------------------------------------------------------------------
Insurance -- 0.1%
Cathay Financial Holding Co., Ltd. 571,308 1,494,302
- -------------------------------------------------------------------------------
Total Common Stocks in Taiwan 12,212,347
===============================================================================
Thailand -- 0.6%
Commercial Banks -- 0.2%
Siam Commercial Bank PCL 1,228,600 3,416,292
- -------------------------------------------------------------------------------
Construction Materials -- 0.0%
Siam Cement PCL Foreign Shares 48,900 379,002
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.0%
Hana Microelectronics PCL 674,000 495,807
- -------------------------------------------------------------------------------
Food Products -- 0.0%
Thai Union Frozen Products PCL Foreign Shares 38,800 27,450
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.3%
PTT Exploration & Production PCL 107,900 514,339
PTT PCL 256,600 3,171,164
--------------
3,685,503
- -------------------------------------------------------------------------------
Transportation Infrastructure -- 0.1%
Airports of Thailand PCL 543,100 974,815
Bangkok Expressway PCL Foreign Shares 58,400 42,616
--------------
1,017,431
- -------------------------------------------------------------------------------
Total Common Stocks in Thailand 9,021,485
===============================================================================
United Kingdom -- 4.8%
Aerospace & Defense -- 0.4%
BAE Systems Plc 552,713 5,742,194
- -------------------------------------------------------------------------------
Beverages -- 0.2%
Diageo Plc (b) 35,400 3,247,950
- -------------------------------------------------------------------------------
Commercial Banks -- 0.6%
Barclays Plc 223,756 2,831,956
HBOS Plc 272,641 4,969,727
--------------
7,801,683
- -------------------------------------------------------------------------------
Diversified Financial Services -- 0.0%
Guinness Peat Group Plc 195,052 288,349
- -------------------------------------------------------------------------------
Food Products -- 0.6%
Cadbury Schweppes Plc (b) 25,500 1,357,620
Premier Foods Plc 107,500 505,684
Unilever Plc 205,235 6,959,410
--------------
8,822,714
- -------------------------------------------------------------------------------
Insurance -- 0.3%
Prudential Plc 215,275 3,516,839
- -------------------------------------------------------------------------------
Metals & Mining -- 0.5%
Anglo American Plc 98,448 6,847,850
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.7%
Royal Dutch Shell Plc Class B 238,235 10,394,143
- -------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
GlaxoSmithKline Plc 141,426 3,632,670
- -------------------------------------------------------------------------------
Tobacco -- 0.4%
British American Tobacco Plc 154,839 5,899,002
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.8%
Vodafone Group Plc 2,866,500 11,295,574
Vodafone Group Plc (b) 16,394 643,792
--------------
11,939,366
- -------------------------------------------------------------------------------
Total Common Stocks in the United Kingdom 68,132,760
===============================================================================
United States -- 36.9%
Aerospace & Defense -- 0.3%
Boeing Co. 11,500 1,133,785
General Dynamics Corp. 7,200 654,912
Goodrich Corp. 1,300 90,558
Honeywell International, Inc. 1,300 78,533
L-3 Communications Holdings, Inc. 800 87,712
Lockheed Martin Corp. 700 77,028
Northrop Grumman Corp. 900 75,258
Raytheon Co. 1,200 76,332
Spirit Aerosystems Holdings, Inc. Class A (c) 31,500 1,093,680
--------------
3,367,798
- -------------------------------------------------------------------------------
Air Freight & Logistics -- 0.0%
FedEx Corp. 5,200 537,368
- -------------------------------------------------------------------------------
Airlines -- 0.0%
Continental Airlines, Inc. Class B (c) 1,500 51,525
- -------------------------------------------------------------------------------
Auto Components -- 0.0%
Johnson Controls, Inc. 2,100 91,812
WABCO Holdings, Inc. 400 20,328
--------------
112,140
- -------------------------------------------------------------------------------
Automobiles -- 0.1%
General Motors Corp. 22,375 876,876
- -------------------------------------------------------------------------------
Beverages -- 0.3%
The Coca-Cola Co. 53,300 3,291,808
Coca-Cola Enterprises, Inc. 3,600 92,916
Constellation Brands, Inc. Class A (c) 40,200 1,009,824
Pepsi Bottling Group, Inc. 2,000 86,160
PepsiAmericas, Inc. 16,900 603,668
--------------
5,084,376
- -------------------------------------------------------------------------------
Biotechnology -- 0.0%
Senomyx, Inc. (c) 45,200 522,512
- -------------------------------------------------------------------------------
Capital Markets -- 1.0%
The Bank of New York Mellon Corp. 120,579 5,890,284
The Goldman Sachs Group, Inc. 300 74,376
Morgan Stanley 700 47,082
Northern Trust Corp. 82,100 6,174,741
State Street Corp. 41,000 3,270,570
--------------
15,457,053
- -------------------------------------------------------------------------------
Chemicals -- 0.1%
Albemarle Corp. 1,600 76,416
Celanese Corp. Series A 2,200 92,312
E.I. du Pont de Nemours & Co. 23,600 1,168,436
Lubrizol Corp. 1,200 81,456
--------------
1,418,620
- -------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 13
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
United States (continued)
Commercial Banks -- 0.5%
Wachovia Corp. 5,900 $ 269,807
Wells Fargo & Co. 25,600 870,656
--------------
1,140,463
- -------------------------------------------------------------------------------
Commercial Services & Supplies -- 0.0%
Dun & Bradstreet Corp. 900 87,165
Manpower, Inc. 900 67,266
Republic Services, Inc. Class A 2,600 88,894
--------------
243,325
- -------------------------------------------------------------------------------
Communications Equipment -- 2.4%
3Com Corp. (c) 678,100 3,309,128
Ciena Corp. (c) 136,800 6,547,248
Cisco Systems, Inc. (c) 345,300 11,415,618
Comverse Technology, Inc. (c) 282,300 5,425,806
Extreme Networks, Inc. (c) 45,000 197,100
JDS Uniphase Corp. (c) 25,250 385,315
Juniper Networks, Inc. (c) 2,400 86,400
Motorola, Inc. 182,300 3,425,417
QUALCOMM, Inc. 94,700 4,046,531
Tellabs, Inc. (c) 4,500 39,645
--------------
34,878,208
- -------------------------------------------------------------------------------
Computers & Peripherals -- 1.6%
Apple Computer, Inc. (c) 61,000 11,586,950
EMC Corp. (c) 4,000 101,560
Hewlett-Packard Co. 48,800 2,521,984
International Business Machines Corp. 66,400 7,710,368
NCR Corp. (c) 1,400 38,626
Seagate Technology 3,200 89,088
Sun Microsystems, Inc. (c) 361,500 2,064,165
Teradata Corp. (c) 1,400 39,942
Western Digital Corp. (c) 3,400 88,128
--------------
24,240,811
- -------------------------------------------------------------------------------
Construction & Engineering -- 0.8%
Foster Wheeler Ltd. (c) 71,000 10,525,750
KBR, Inc. (c) 26,921 1,154,372
--------------
11,680,122
- -------------------------------------------------------------------------------
Consumer Finance -- 0.0%
Discover Financial Services 350 6,755
SLM Corp. 15,700 740,412
--------------
747,167
- -------------------------------------------------------------------------------
Containers & Packaging -- 0.2%
Ball Corp. 1,700 84,286
Crown Holdings, Inc. (c) 48,800 1,210,240
Owens-Illinois, Inc. (c) 2,100 93,282
Smurfit-Stone Container Corp. (c) 64,100 776,251
--------------
2,164,059
- -------------------------------------------------------------------------------
Distributors -- 0.0%
Genuine Parts Co. 1,600 78,512
- -------------------------------------------------------------------------------
Diversified Financial Services -- 1.0%
Bank of America Corp. 52,200 2,520,216
Citigroup, Inc. 256,500 10,747,350
JPMorgan Chase & Co. 25,600 1,203,200
--------------
14,470,766
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 1.0%
AT&T Inc. 129,937 5,430,067
CenturyTel, Inc. 1,500 66,075
Embarq Corp. 6,635 351,124
General Communication, Inc. Class A (c) 57,900 679,167
Qwest Communications International Inc. (c) 6,100 43,798
Verizon Communications, Inc. 157,000 7,232,990
Windstream Corp. 33,591 451,799
--------------
14,255,020
- -------------------------------------------------------------------------------
Electric Utilities -- 0.6%
Duke Energy Corp. 4,200 80,514
Edison International 1,100 63,965
Exelon Corp. 39,000 3,228,420
Mirant Corp. (c) 55,300 2,342,508
PPL Corp. 60,300 3,117,510
--------------
8,832,917
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.1%
Avnet, Inc. (c) 1,800 75,096
Tyco Electronics Ltd. 25,375 905,126
--------------
980,222
- -------------------------------------------------------------------------------
Energy Equipment & Services -- 2.0%
Baker Hughes, Inc. 10,500 910,560
Complete Production Services, Inc. (c) 73,700 1,466,630
ENSCO International, Inc. 24,900 1,381,701
GlobalSantaFe Corp. 42,900 3,476,187
Grant Prideco, Inc. (c) 73,800 3,628,008
Halliburton Co. 56,550 2,229,201
Key Energy Services, Inc. (c) 46,025 631,923
National Oilwell Varco, Inc. (c) 34,200 2,504,808
Noble Corp. 25,300 1,339,635
Schlumberger Ltd. 45,800 4,422,906
Smith International, Inc. 43,700 2,886,385
Transocean, Inc. (c) 12,750 1,521,968
Weatherford International Ltd. (c) 19,450 1,262,500
--------------
27,662,412
- -------------------------------------------------------------------------------
Food & Staples Retailing -- 0.1%
CVS/Caremark Corp. 33,270 1,389,688
The Kroger Co. 2,600 76,414
SUPERVALU INC. 19,291 747,526
Wal-Mart Stores, Inc. 16,100 727,881
--------------
2,941,509
- -------------------------------------------------------------------------------
Food Products -- 0.4%
ConAgra Foods, Inc. 46,200 1,096,326
Kraft Foods, Inc. 65,404 2,185,148
Sara Lee Corp. 40,200 664,908
Tyson Foods, Inc. Class A 3,300 52,140
--------------
3,998,522
- -------------------------------------------------------------------------------
Gas Utilities -- 0.0%
Oneok, Inc. 1,400 69,916
- -------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 0.5%
Baxter International, Inc. 20,600 1,236,206
Boston Scientific Corp. (c) 82,600 1,145,662
Covidien Ltd. 25,375 1,055,600
Medtronic, Inc. 51,700 2,452,648
--------------
5,890,116
- -------------------------------------------------------------------------------
14 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
United States (continued)
Health Care Providers & Services -- 1.2%
Aetna, Inc. 31,450 $ 1,766,547
AmerisourceBergen Corp. 20,600 970,466
Cigna Corp. 1,500 78,735
Coventry Health Care, Inc. (c) 900 54,279
DaVita, Inc. (c) 12,900 840,951
Express Scripts, Inc. (c) 1,400 88,340
Health Net, Inc. (c) 1,500 80,415
HealthSouth Corp. (c)(m) 35,860 718,993
Humana, Inc. (c) 10,300 771,985
Manor Care, Inc. 26,150 1,741,067
McKesson Corp. 20,600 1,361,660
Medco Health Solutions, Inc. (c) 20,500 1,934,790
PharMerica Corp. (c) 1,675 26,716
Sierra Health Services, Inc. (c) 2,600 109,980
UnitedHealth Group, Inc. 77,100 3,789,465
WellPoint, Inc. (c) 45,325 3,591,100
--------------
17,925,489
- -------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 0.5%
McDonald's Corp. (g) 55,100 3,289,470
Panera Bread Co. Class A (c) 90,262 3,699,839
--------------
6,989,309
- -------------------------------------------------------------------------------
Household Durables -- 0.0%
Mohawk Industries, Inc. (c) 900 76,806
- -------------------------------------------------------------------------------
Household Products -- 0.1%
Energizer Holdings, Inc. (c) 700 73,010
The Procter & Gamble Co. 20,800 1,446,016
--------------
1,519,026
- -------------------------------------------------------------------------------
IT Services -- 0.0%
Accenture Ltd. Class A 1,500 58,575
Computer Sciences Corp. (c) 1,400 81,746
DST Systems, Inc. (c) 1,000 84,710
Electronic Data Systems Corp. 2,200 47,498
--------------
272,529
- -------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.2%
The AES Corp. (c) 48,800 1,044,812
Dynegy, Inc. Class A (c) 98,200 904,422
NRG Energy, Inc. (c) 11,000 502,260
--------------
2,451,494
- -------------------------------------------------------------------------------
Industrial Conglomerates -- 1.8%
General Electric Co. (g) 596,300 24,543,708
Tyco International Ltd. 25,375 1,044,689
--------------
25,588,397
- -------------------------------------------------------------------------------
Insurance -- 3.2%
ACE Ltd. 68,100 4,127,541
The Allstate Corp. 24,500 1,283,800
American International Group, Inc. (g) 232,800 14,694,336
Assurant, Inc. 23,500 1,373,340
Axis Capital Holdings Ltd. 1,700 67,558
CNA Financial Corp. 1,400 55,482
Chubb Corp. 900 48,015
Darwin Professional Underwriters, Inc. (c) 12,200 276,696
Endurance Specialty Holdings Ltd. 73,400 2,878,014
Everest Re Group Ltd. 3,300 351,582
Fidelity National Title Group, Inc. Class A 312,300 4,806,297
Genworth Financial, Inc. Class A 1,600 43,680
Hartford Financial Services Group, Inc. 18,800 1,824,164
IPC Holdings, Ltd. 40,000 1,196,400
Lincoln National Corp. 700 43,659
Loews Corp. 1,600 78,544
Marsh & McLennan Cos., Inc. 24,000 621,360
Platinum Underwriters Holdings Ltd. 31,800 1,144,800
Prudential Financial, Inc. 10,900 1,054,248
RenaissanceRe Holdings Ltd. 20,200 1,178,468
The Travelers Cos., Inc. 77,200 4,030,612
XL Capital Ltd. Class A 89,700 6,453,915
--------------
47,632,511
- -------------------------------------------------------------------------------
Internet & Catalog Retail -- 0.0%
Expedia, Inc. (c) 2,800 91,448
Liberty Media Holding Corp. -- Interactive (c) 3,915 83,115
--------------
174,563
- -------------------------------------------------------------------------------
Internet Software & Services -- 0.6%
eBay, Inc. (c) 15,000 541,500
Google, Inc. Class A (c) 11,600 8,201,200
--------------
8,742,700
- -------------------------------------------------------------------------------
Leisure Equipment & Products -- 0.0%
Hasbro, Inc. 2,400 71,640
- -------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.8%
Thermo Fisher Scientific, Inc. (c) 155,000 9,115,550
Waters Corp. (c) 30,950 2,382,531
--------------
11,498,081
- -------------------------------------------------------------------------------
Machinery -- 0.0%
Cummins, Inc. 700 83,972
Deere & Co. 600 92,940
Eaton Corp. 900 83,322
ITT Corp. 1,100 73,612
Ingersoll-Rand Co. Class A 1,700 85,595
Parker Hannifin Corp. 1,200 96,444
SPX Corp. 1,200 121,560
Terex Corp. (c) 1,200 89,064
--------------
726,509
- -------------------------------------------------------------------------------
Marine -- 0.2%
American Commercial Lines, Inc. (c) 157,300 2,345,343
- -------------------------------------------------------------------------------
Media -- 0.9%
CBS Corp. Class B 2,400 68,880
Comcast Corp. Class A (c) 417,600 8,790,480
Discovery Holding Co. (c) 5,800 165,358
Idearc, Inc. 8,126 219,239
Liberty Media Holding Corp. -- Capital (c) 17 2,125
Time Warner, Inc. 44,800 818,048
Viacom, Inc. Class B (c) 20,450 844,381
Virgin Media, Inc. 40,450 894,350
--------------
11,802,861
- -------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 15
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
===============================================================================
United States (continued)
Metals & Mining -- 1.2%
AK Steel Holding Corp. (c) 1,800 $ 90,234
Alcoa, Inc. 60,000 2,375,400
Freeport-McMoRan Copper & Gold, Inc. Class B 20,000 2,353,600
Newmont Mining Corp. 223,000 11,341,780
United States Steel Corp. 1,000 107,900
--------------
16,268,914
- -------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
CMS Energy Corp. 54,100 918,077
CenterPoint Energy, Inc. 2,900 48,604
Sempra Energy 700 43,057
--------------
1,009,738
- -------------------------------------------------------------------------------
Multiline Retail -- 0.0%
Big Lots, Inc. (c) 2,800 67,144
Family Dollar Stores, Inc. 2,300 58,305
--------------
125,449
- -------------------------------------------------------------------------------
Office Electronics -- 0.1%
Xerox Corp. (c) 67,400 1,175,456
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 4.5%
Anadarko Petroleum Corp. 25,800 1,522,716
Apache Corp. 15,000 1,557,150
Chevron Corp. 61,250 5,604,988
ConocoPhillips 51,000 4,332,960
Consol Energy, Inc. 161,800 9,141,700
Devon Energy Corp. 41,300 3,857,420
El Paso Corp. 574,600 10,147,436
Exxon Mobil Corp. (g) 142,100 13,071,779
Foundation Coal Holdings, Inc. 54,450 2,326,104
Hess Corp. 22,200 1,589,742
Marathon Oil Corp. 36,400 2,152,332
Murphy Oil Corp. 25,000 1,840,750
Noble Energy, Inc. 1,300 99,502
Occidental Petroleum Corp. 38,850 2,682,593
Peabody Energy Corp. 82,300 4,588,225
Stone Energy Corp. (c) 18,000 802,440
Sunoco, Inc. 900 66,240
Valero Energy Corp. 1,200 84,516
--------------
65,468,593
- -------------------------------------------------------------------------------
Paper & Forest Products -- 0.1%
International Paper Co. 48,300 1,785,168
- -------------------------------------------------------------------------------
Personal Products -- 0.1%
Avon Products, Inc. 28,200 1,155,636
- -------------------------------------------------------------------------------
Pharmaceuticals -- 2.7%
Abbott Laboratories 25,400 1,387,348
Bristol-Myers Squibb Co. 179,600 5,386,204
Eli Lilly & Co. 36,100 1,954,815
Johnson & Johnson 181,900 11,854,423
King Pharmaceuticals, Inc. (c) 3,300 34,980
Merck & Co., Inc. 71,975 4,193,264
Pfizer, Inc. 379,000 9,327,190
Schering-Plough Corp. 93,200 2,844,464
Valeant Pharmaceuticals International (c) 71,400 1,038,870
Wyeth 41,200 2,003,556
--------------
40,025,114
- -------------------------------------------------------------------------------
Real Estate Investment Trusts (REITs) -- 0.0%
Ventas, Inc. 11,600 497,524
- -------------------------------------------------------------------------------
Real Estate Management & Development -- 0.2%
The St. Joe Co. (m) 102,800 3,480,808
- -------------------------------------------------------------------------------
Road & Rail -- 1.9%
Burlington Northern Santa Fe Corp. 97,000 8,453,550
CSX Corp. 2,000 89,540
Norfolk Southern Corp. 85,100 4,395,415
Union Pacific Corp. 115,400 14,775,816
--------------
27,714,321
- -------------------------------------------------------------------------------
Semiconductors & Semiconductor
Equipment -- 0.2%
Applied Materials, Inc. 74,600 1,448,732
Genesis Microchip, Inc. (c) 63,100 465,678
Intel Corp. 80,400 2,162,760
Intersil Corp. Class A 2,500 75,850
LSI Logic Corp. (c) 21,600 142,560
Novellus Systems, Inc. (c) 2,200 62,502
Nvidia Corp. (c) 2,400 84,912
--------------
4,442,994
- -------------------------------------------------------------------------------
Software -- 2.1%
BMC Software, Inc. (c) 1,400 47,376
Borland Software Corp. (c) 14,000 61,320
CA, Inc. (m) 238,500 6,308,325
Cadence Design Systems, Inc. (c) 2,900 56,840
Microsoft Corp. 567,600 20,893,356
Novell, Inc. (c) 49,300 372,708
Oracle Corp. (c) 4,100 90,897
Synopsys, Inc. (c) 2,500 70,650
TIBCO Software, Inc. (c) 206,900 1,899,342
--------------
29,800,814
- -------------------------------------------------------------------------------
Specialty Retail -- 0.0%
The Sherwin-Williams Co. 1,200 76,705
- -------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 0.0%
Hanesbrands, Inc. (c) 5,050 156,752
Unifi, Inc. (c) 140,200 391,158
--------------
547,910
- -------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
Fannie Mae 18,200 1,038,128
- -------------------------------------------------------------------------------
Tobacco -- 0.2%
Altria Group, Inc. 34,400 2,508,792
Loews Corp. -- Carolina Group 1,100 94,358
--------------
2,603,150
- -------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%
WW Grainger, Inc. 900 80,928
- -------------------------------------------------------------------------------
Transportation Infrastructure -- 0.4%
Macquarie Infrastructure Co. LLC 144,800 6,046,848
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
Alltel Corp. 32,100 2,283,915
Sprint Nextel Corp. (m) 239,400 4,093,740
Telephone & Data Systems, Inc. 900 62,820
U.S. Cellular Corp. (c) 900 84,735
--------------
6,525,210
- -------------------------------------------------------------------------------
Total Common Stocks in the United States 529,389,001
- -------------------------------------------------------------------------------
Total Common Stocks (Cost -- $929,430,485) -- 84.4% 1,208,604,740
===============================================================================
16 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Preferred Stocks Held Value
===============================================================================
United States -- 0.0%
Thrifts & Mortgage Finance -- 0.0%
Fannie Mae Series 2004-1, 5.375% (a) 5 $ 491,056
- -------------------------------------------------------------------------------
Total Preferred Stocks (Cost -- $460,000) -- 0.0% 491,056
===============================================================================
===============================================================================
Exchange-Traded Funds
===============================================================================
Brazil -- 0.3%
iShares MSCI Brazil (Free) Index Fund (c)(m) 50,000 4,280,000
- -------------------------------------------------------------------------------
Total Exchange-Traded Funds in Brazil 4,280,000
===============================================================================
South Korea -- 1.5%
iShares MSCI South Korea Index Fund 290,000 21,680,400
- -------------------------------------------------------------------------------
Total Exchange-Traded Funds in South Korea 21,680,400
===============================================================================
United States -- 5.1%
Consumer Staples Select Sector SPDR Fund (m) 132,400 3,761,484
Health Care Select Sector SPDR Fund (m) 133,400 4,803,734
iShares Dow Jones US Telecommunications
Sector Index Fund 64,300 2,079,462
iShares Dow Jones US Utilities Sector Index Fund 4,900 504,994
iShares Silver Trust (c) 36,800 5,284,480
streetTRACKS(R) Gold Trust (c) 601,800 47,313,516
Telecom HOLDRs Trust (c) 18,100 742,100
Utilities Select Sector SPDR Fund (m) 204,800 8,693,760
Vanguard Telecommunication Services ETF 2,300 189,336
- -------------------------------------------------------------------------------
Total Exchange-Traded Funds in the United States 73,372,866
- -------------------------------------------------------------------------------
Total Exchange-Traded Funds (Cost -- $78,781,601) -- 6.9% 99,333,266
===============================================================================
===============================================================================
Mutual Funds
===============================================================================
Vietnam -- 0.3%
Vietnam Enterprise Investments Ltd. -- R Shares (c) 139,954 769,747
Vinaland Ltd. (c) 2,673,680 4,170,941
- -------------------------------------------------------------------------------
Total Mutual Funds (Cost -- $4,559,039) -- 0.3% 4,940,688
===============================================================================
===============================================================================
Warrants (n)
===============================================================================
Canada -- 0.0%
Metals & Mining -- 0.0%
Peak Gold Ltd. (expires 4/03/2012) 170,500 47,830
- -------------------------------------------------------------------------------
Total Warrants (Cost -- $34,869) -- 0.0% 47,830
===============================================================================
Fixed Income Securities
Face
Corporate Bonds Amount
===============================================================================
China -- 0.3%
Automobiles -- 0.2%
Brilliance China Finance Ltd., 0%
due 6/07/2011 (a)(i) USD 1,820,000 2,245,516
- -------------------------------------------------------------------------------
Food Products -- 0.1%
Chaoda Modern Agriculture Holdings Ltd., 0%
due 5/08/2011 (a)(i) HKD 9,080,000 1,490,829
- -------------------------------------------------------------------------------
Total Corporate Bonds in China 3,736,345
===============================================================================
Hong Kong -- 0.0%
Real Estate Management & Development -- 0.0%
Hongkong Land CB 2005 Ltd., 2.75%
due 12/21/2012 (a) USD 200,000 277,259
- -------------------------------------------------------------------------------
Total Corporate Bonds in Hong Kong 277,259
===============================================================================
India -- 1.1%
Automobiles -- 0.2%
Tata Motors Ltd., 1% due 4/27/2011 (a) 1,945,000 2,419,794
- -------------------------------------------------------------------------------
Beverages -- 0.0%
McDowell & Co. Ltd., 2% due 3/30/2011 (a) 170,000 464,525
- -------------------------------------------------------------------------------
Metals & Mining -- 0.1%
Gujarat NRE Coke Ltd., 0% due 4/12/2011 (a)(i) 1,000,000 1,900,000
- -------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.6%
Housing Development Finance Corp., 0%
due 9/27/2010 (a)(i) 4,000,000 8,445,000
- -------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
Reliance Communications Ltd., 0%
due 3/01/2012 (a)(i) 2,300,000 3,133,750
- -------------------------------------------------------------------------------
Total Corporate Bonds in India 16,363,069
===============================================================================
Malaysia -- 0.9%
Diversified Financial Services -- 0.0%
Feringghi Capital Ltd., 0% due 12/22/2009 (a)(i) 600,000 724,500
- -------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.5%
Rafflesia Capital Ltd., 1.25% due 10/04/2011 (a) 5,500,000 6,525,990
- -------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 0.1%
Berjaya Land BHD, 8% due 8/15/2011 (a) MYR 3,790,000 1,233,028
Resorts World BHD, 0% due 9/19/2008 (a)(i) 420,000 177,571
--------------
1,410,599
- -------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
YTL Power Finance Cayman Ltd., 0%
due 5/09/2010 (a)(i) USD 3,500,000 4,243,750
- -------------------------------------------------------------------------------
Total Corporate Bonds in Malaysia 12,904,839
===============================================================================
Singapore -- 0.3%
Oil, Gas & Consumable Fuels -- 0.2%
Enercoal Resources Series BUMI, 0%
due 6/22/2012 (a)(i) 1,200,000 2,364,000
- -------------------------------------------------------------------------------
Real Estate Management &
Development -- 0.1%
Keppel Land Ltd., 2.50%
due 6/23/2013 (a) SGD 1,000,000 929,770
- -------------------------------------------------------------------------------
Total Corporate Bonds in Singapore 3,293,770
===============================================================================
Taiwan -- 0.0%
Insurance -- 0.0%
Shin Kong Financial Holding Co. Ltd., 0%
due 6/17/2009 (a)(i) USD 20,000 23,474
- -------------------------------------------------------------------------------
Total Corporate Bonds in Taiwan 23,474
===============================================================================
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 17
Schedule of Investments (continued) (in U.S. dollars)
Face
Industry Corporate Bonds Amount Value
===============================================================================
United Arab Emirates -- 0.6%
Oil, Gas & Consumable Fuels -- 0.1%
Dana Gas Sukuk Ltd., 7.50%
due 10/31/2012 (a) USD 1,700,000 $ 1,805,995
- -------------------------------------------------------------------------------
Real Estate Management &
Development -- 0.5%
Aldar Funding Ltd., 5.767%
due 11/10/2011 (a) 4,400,000 7,414,000
- -------------------------------------------------------------------------------
Total Corporate Bonds in the United Arab Emirates 9,219,995
===============================================================================
United States -- 0.7%
Biotechnology -- 0.0%
Cell Genesys, Inc., 3.125%
due 11/01/2011 (a) 90,000 72,675
Nabi Biopharmaceuticals, 2.875%
due 4/15/2025 (a) 50,000 42,375
--------------
115,050
- -------------------------------------------------------------------------------
Commercial Banks -- 0.3%
Preferred Term Securities (k):
XXIV, Ltd., 5.965% due 3/22/2037 (h) 1,200,000 978,000
XXV, Ltd., 5.758% due 6/22/2037 1,150,000 968,875
XXVI, Ltd., 6.191% due 9/22/2037 970,000 817,225
XXVII, Ltd., 6.29% due 12/22/2037 900,000 915,750
--------------
3,679,850
- -------------------------------------------------------------------------------
Food Products -- 0.4%
IOI Capital BhD Series IOI, 0%
due 12/18/2011 (a)(i) 3,150,000 5,103,000
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.0%
McMoRan Exploration Co., 5.25%
due 10/06/2011 (a) 480,000 508,800
- -------------------------------------------------------------------------------
Total Corporate Bonds in the United States 9,406,700
- -------------------------------------------------------------------------------
Total Corporate Bonds (Cost -- $44,420,398) -- 3.9% 55,225,451
===============================================================================
===============================================================================
Structured Notes
===============================================================================
Europe -- 1.1%
Goldman Sachs & Co. (Dow Jones EURO
STOXX 50(R) Index Linked Notes),
due 6/20/2008 (c)(j) USD 7,060,000 8,069,163
JPMorgan Chase & Co. (Dow Jones EURO
STOXX 50(R) Index Linked Notes),
due 6/17/2008 (c)(j) 7,060,000 7,993,332
- -------------------------------------------------------------------------------
Total Structured Notes in Europe 16,062,495
===============================================================================
Japan -- 0.3%
Goldman Sachs & Co. (TOPIX(R) Index Linked
Notes), due 1/28/2008 (l) 4,000,000 3,986,648
- -------------------------------------------------------------------------------
Total Structured Notes in Japan 3,986,648
===============================================================================
United States -- 3.2%
JPMorgan Chase & Co. (Bearish Buffered Return
Enhanced Notes Linked Inversely to the
S&P 500), due 5/04/2009 (l) 18,400,000 17,831,440
Morgan Stanley (Bear Market PLUS S&P 500
Linked Notes), due 5/07/2009 (c)(l) 8,756,000 8,495,070
UBS AG (Gold Linked Notes) (c)(j):
due 1/31/2008 10,500,000 12,953,850
due 3/23/2009 5,600,000 6,122,480
- -------------------------------------------------------------------------------
Total Structured Notes in the United States 45,402,840
- -------------------------------------------------------------------------------
Total Structured Notes (Cost -- $61,376,000) -- 4.6% 65,451,983
- -------------------------------------------------------------------------------
Total Fixed Income Securities (Cost -- $105,796,398) -- 8.5% 120,677,434
===============================================================================
===============================================================================
Short-Term Securities
===============================================================================
United States -- 3.3%
Fannie Mae, 4.71% due 11/15/2007 5,000,000 4,991,172
Federal Home Loan Bank:
4.40% due 11/01/2007 15,542,000 15,542,000
4.39% due 11/28/2007 3,000,000 2,990,111
--------------
23,523,283
- -------------------------------------------------------------------------------
===============================================================================
Beneficial
Interest
===============================================================================
BlackRock Liquidity Series, LLC
Money Market Series, 5.04% (d)(e)(f) USD 23,426,000 23,426,000
- -------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $46,949,283) -- 3.3% 46,949,283
===============================================================================
===============================================================================
Number of
Options Purchased Contracts
===============================================================================
Call Options Purchased
Bristol-Myers Squibb Co., expiring January 2009
at USD 35 1,020 104,550
The Gap, Inc., expiring January 2008 at
USD 22.5 103 2,317
General Motors Corp.:
expiring January 2010 at USD 50 559 273,910
expiring January 2010 at USD 60 140 38,010
Goldcorp, Inc., expiring January 2008 at
USD 32.5 9,205 4,234,300
Medtronic, Inc.:
expiring January 2009 at USD 50 152 76,000
expiring January 2009 at USD 60 350 71,750
Newmont Mining Corp.:
expiring January 2008 at USD 50 580 229,100
expiring January 2008 at USD 55 968 176,660
--------------
5,206,597
- -------------------------------------------------------------------------------
Put Options Purchased
Bank of America Corp., expiring November 2007
at USD 45 1,675 37,688
Bed Bath & Beyond, Inc., expiring November
2007 at USD 35 910 136,500
Black & Decker Corp., expiring November 2007
at USD 80 503 10,060
Carnival Corp., expiring January 2008 at USD 40 1,020 48,450
18 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Number of
Options Purchased Contracts Value
===============================================================================
Put Options Purchased (concluded)
iShares Russell 2000 Index Fund:
expiring November 2007 USD 75 3,955 $ 98,875
expiring November 2007 at USD 78 6,317 363,228
expiring November 2007 at USD 80 11,362 1,073,709
Masco Corp., expiring January 2008 at
USD 22.5 1,000 120,000
Royal Caribbean Cruises Ltd., expiring
December 2007 at USD 35 1,020 35,700
Russell 2000 Index, expiring December
2007 at USD 800 413 786,765
S&P 500 Index:
expiring November 2007 at USD 147.5 138 71,070
expiring November 2007 at USD 150 276 220,800
Sears Holdings Corp., expiring December
2007 at USD 120 511 166,075
The Sherwin-Williams Co., expiring
December 2007 at USD 60 990 178,200
Williams-Sonoma, Inc., expiring November
2007 at USD 30 900 81,000
--------------
3,428,120
- -------------------------------------------------------------------------------
Total Options Purchased (Premiums Paid -- $13,879,884) -- 0.6% 8,634,717
- -------------------------------------------------------------------------------
Total Investments Before Options Written and Investments
Sold Short (Cost -- $1,179,891,559) -- 104.0% 1,489,679,014
===============================================================================
===============================================================================
Options Written
===============================================================================
Call Options Written
3Com Corp., expiring January 2008 at USD 5 5,628 (70,350)
American Commercial Lines, Inc., expiring
March 2008 at USD 17.5 556 (61,160)
Apple Computer, Inc., expiring January 2008
at USD 85 610 (6,443,125)
Burlington Northern Santa Fe Corp.:
expiring January 2008 at USD 90 117 (40,950)
expiring January 2008 at USD 95 295 (55,312)
expiring January 2009 at USD 90 324 (353,160)
Ciena Corp:
expiring January 2008 at USD 30 301 (547,820)
expiring January 2008 at USD 40 1,067 (1,013,650)
Comcast Corp. Class A, expiring April 2008
at USD 27.5 2,064 (41,280)
Comverse Technology Inc.:
expiring January 2008 at USD 17.5 2,504 (613,480)
expiring January 2008 at USD 20 30 (2,850)
Consol Energy, Inc., expiring January 2009
at USD 45 496 (845,680)
eBay, Inc.:
expiring January 2008 at USD 20 78 (126,750)
expiring January 2008 at USD 25 72 (81,000)
El Paso Corp., expiring January 2008 at USD 15 571 (164,162)
Exelon Corp., expiring January 2008 at USD 75 390 (391,950)
Foster Wheeler Ltd.:
expiring January 2008 at USD 130 157 (410,555)
expiring January 2009 at USD 135 56 (231,280)
Motoral, Inc.:
expiring January 2008 at USD 17.5 161 (29,141)
expiring January 2008 at USD 20 241 (12,050)
Norfolk Southern Corp.:
expiring January 2008 at USD 50 357 (146,370)
expiring January 2009 at USD 55 494 (303,810)
Nortel Networks Corp., expiring January 2008 at
USD 22.5 788 (11,820)
Novell, Inc., expiring January 2008 at USD 7.5 298 (16,390)
Panera Bread Co. Class A:
expiring January 2008 at USD 50 312 (14,820)
expiring January 2008 at USD 55 535 (9,363)
Peabody Energy Corp., expiring January 2008
at USD 40 429 (701,415)
Petroleo Brasileiro SA:
expiring January 2008 at USD 52.5 392 (1,722,840)
expiring January 2008 at USD 55 294 (1,225,980)
QUALCOMM, Inc., expiring January 2008 at USD 40 947 (411,945)
Smith International, Inc., expiring January 2008 at
USD 40 222 (582,750)
Sprint Nextel Corp.:
expiring January 2008 at USD 20 248 (6,820)
expiring January 2008 at USD 22.5 251 (1,883)
The St. Joe Co.:
expiring March 2008 at USD 35 412 (120,510)
expiring January 2009 at USD 35 307 (170,385)
expiring January 2009 at USD 40 172 (62,780)
State Street Corp:
expiring May 2008 at USD 75 103 (118,450)
expiring May 2008 at USD 80 103 (86,520)
Suncor Energy, Inc., expiring January 2008 at USD 75 242 (854,260)
TIBCO Software, Inc., expiring January 2008
at USD 10 963 (52,965)
Valeant Pharmaceuticals International, expiring
January 2009 at USD 15 714 (144,585)
Xerox Corp., expiring January 2009 at USD 20 674 (96,045)
--------------
(18,398,411)
- -------------------------------------------------------------------------------
Put Options Written
Russell 2000 Index, expiring December 2007
at USD 700 413 (154,875)
S&P 500 Index, expiring November 2007
at USD 142.5 276 (51,060)
--------------
(205,935)
- -------------------------------------------------------------------------------
Total Options Written
(Premiums Received -- $9,854,465) -- (1.3%) (18,604,346)
===============================================================================
===============================================================================
Shares
Held
===============================================================================
Investments Sold Short
Leggett & Platt Inc. (152,200) (2,957,246)
Masco Corp. (224,400) (5,403,552)
Williams-Sonoma, Inc. (149,400) (4,697,136)
- -------------------------------------------------------------------------------
Total Investments Sold Short
(Proceeds -- $12,998,642) -- (0.9%) (13,057,934)
===============================================================================
Total Investments, Net of Options Written and Investments
Sold Short (Cost -- $1,157,038,452*) -- 101.8% 1,458,016,734
Liabilities in Excess of Other Assets -- (1.8%) (25,394,482)
--------------
Net Assets -- 100.0% $1,432,622,252
==============
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 19
Schedule of Investments (continued) (in U.S. dollars)
* The cost and unrealized appreciation (depreciation) of investments as of
October 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost ....................................... $ 1,183,675,579
===============
Gross unrealized appreciation ........................ $ 334,725,119
Gross unrealized depreciation ........................ (28,721,684)
---------------
Net unrealized appreciation .......................... $ 306,003,435
===============
(a) Convertible security.
(b) Depositary receipts.
(c) Non-income producing security.
(d) 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 $(12,236,629) $804,228
BlackRock Liquidity Series, LLC
Money Market Series $ 23,426,000 $ 81,425
--------------------------------------------------------------------------
(e) Represents the current yield as of October 31, 2007.
(f) Security was purchased with the cash proceeds from securities loans.
(g) All or a portion of security held as collateral in connection with open
financial futures contracts.
(h) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(i) Represents a zero coupon bond.
(j) Security represents an index linked note. Value of the instruments is
derived from the price fluctuations in the underlying index.
(k) Floating rate security.
(l) Security represents an index linked note. Value of the instruments is
inversely derived from the price fluctuations in the underlying index.
(m) Security, or a portion of security, is on loan.
(n) 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.
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 indexes or ratings group indexes, and/or as defined by
Fund management. This definition may 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. These industry
classifications are unaudited.
o Forward foreign exchange contracts purchased as of October 31, 2007 were
as follows:
--------------------------------------------------------------------------
Unrealized
Settlement Appreciation
Foreign Currency Purchased Date (Depreciation)
--------------------------------------------------------------------------
EUR 30,280,000 December 2007 $720,622
JPY 943,937,619 November 2007 79,963
JPY 82,353,250 December 2007 (2,896)
VND 3,025,804,500 May 2008 (1,780)
--------------------------------------------------------------------------
Total Unrealized Appreciation on
Forward Foreign Exchange Contracts
-- Net (USD Commitment -- $52,204,225) $795,909
========
o Forward foreign exchange contracts sold as of October 31, 2007 were as
follows:
--------------------------------------------------------------------------
Settlement Unrealized
Foreign Currency Sold Date Appreciation
--------------------------------------------------------------------------
VND 3,025,804,500 May 2008 $1,897
--------------------------------------------------------------------------
Total Unrealized Appreciation on
Forward Foreign Exchange Contracts
-- Net (USD Commitment -- $188,818) $1,897
======
o Financial futures contracts purchased as of October 31, 2007 were as
follows:
--------------------------------------------------------------------------------------------
Unrealized
Number of Expiration Face Appreciation
Contracts Issue Exchange Date Value (Depreciation)
--------------------------------------------------------------------------------------------
20 Dax Index 25 Euro Eurex
Deutschland December
2007 $5,690,174 $ 147,082
65 FTSE 100 Index LIFFE December
2007 8,822,680 298,242
25 Hang Seng Index Hong Kong November
2007 5,022,404 20,820
26 Hang Seng Index Hong Kong December
2007 4,306,603 953,614
80 MSCI Singapore Singapore November
IX Ets 2007 5,183,463 (68,727)
40 Osaka Nikkei 225 Osaka December
2007 5,580,399 213,386
19 S&P 500 Index Chicago December
2007 7,336,260 49,515
60 S&P TSE 60 Index Montreal December
2007 10,270,023 559,385
56 SPI 200 Index Sydney December
2007 8,242,184 616,941
220 Taiwan MSCI Singapore November
Simex Index 2007 8,422,480 10,120
50 TOPIX Index Tokyo December
2007 6,717,202 288,822
--------------------------------------------------------------------------------------------
Total Unrealized Appreciation -- Net $3,089,200
==========
o Financial futures contracts sold as of October 31, 2007 were as follows:
--------------------------------------------------------------------------------------------
Number of Expiration Face Unrealized
Contracts Issue Exchange Date Value Depreciation
--------------------------------------------------------------------------------------------
9 Russell 200 Future Chicago December
2007 $3,710,441 $(34,909)
--------------------------------------------------------------------------------------------
Total Unrealized Depreciation $(34,909)
========
20 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Schedule of Investments (concluded) (in U.S. dollars)
o Swaps contracts outstanding as of October 31, 2007 were as follows:
----------------------------------------------------------------------------------------
Unrealized
Notional Appreciation
Amount (Depreciation)
----------------------------------------------------------------------------------------
Receive (pay) a variable return based on
the change in the since inception return of
the KOSPI 200 Index and pay a floating rate
based on 1-month USD LIBOR
Broker, Citibank N.A.
Expires December 2007 KRW 15,000,000 $209,655
Bought credit default protection on
DaimlerChrysler NA Holding Corp and
pay 0.53%
Broker, JPMorgan Chase
Expires June 2011 EUR 160,000 (2,178)
Bought credit default protection on
Carnival Corp and pay 0.25%
Broker, JPMorgan Chase
Expires September 2011 USD 310,000 402
Bought credit default protection on
Whirlpool Corp and pay 0.48%
Broker, JPMorgan Chase
Expires September 2011 USD 103,000 (418)
Bought credit default protection on
McDonald's Corp. and pay 0.16%
Broker, JPMorgan Chase
Expires September 2011 USD 103,000 (1)
Bought credit default protection on
JC Penney Corp., and pay 0.53%
Broker, JPMorgan Chase
Expires September 2011 USD 103,000 647
----------------------------------------------------------------------------------------
Total $208,107
========
o Currency Abbreviations:
EUR Euro
HKD Hong Kong Dollar
JPY Japanese Yen
KRW South Korean Won
MYR Malaysian Ringgit
SGD Singapore Dollar
USD U.S. Dollar
VND Vietnam Dong
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 21
Statement of Assets and Liabilities
As of October 31, 2007
===================================================================================================================================
Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Investments in unaffiliated securities, at value (identified cost -- $1,142,585,675)
(including securities loaned of $23,004,340) ............................................. $ 1,457,618,297
Investments in affiliated securities, at value (identified cost -- $23,426,000) ............ 23,426,000
Options purchased, at value (premiums paid -- $13,879,884) ................................. 8,634,717
Unrealized appreciation on swaps ........................................................... 210,704
Unrealized appreciation on foreign exchange contracts ...................................... 805,471
Foreign cash (cost -- $600,672) ............................................................ 606,408
Cash ....................................................................................... 218,338
Cash held in connection with investments sold short ........................................ 13,884,527
Cash held in connection with options written ............................................... 533,000
Receivables:
Securities sold ......................................................................... $ 7,940,313
Beneficial interest sold ................................................................ 4,829,522
Dividends ............................................................................... 2,257,534
Variation margin ........................................................................ 222,595
Interest ................................................................................ 91,916
Securities lending ...................................................................... 17,780 15,359,660
---------------
Prepaid expenses and other assets .......................................................... 43,592
---------------
Total assets ............................................................................... 1,521,340,714
---------------
===================================================================================================================================
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Collateral on securities loaned, at value .................................................. 23,426,000
Investments sold short, at market value (proceeds -- $12,998,642) .......................... 13,057,934
Options written, at value (premiums received -- $9,854,465) ................................ 18,604,346
Unrealized depreciation on forward foreign exchange contracts .............................. 4,676
Unrealized depreciation on swaps ........................................................... 2,597
Deferred foreign capital gain tax .......................................................... 222,999
Payables:
Securities purchased .................................................................... 28,851,858
Beneficial interest redeemed ............................................................ 2,532,908
Investment adviser ...................................................................... 912,137
Distributor ............................................................................. 456,893
Other affiliates ........................................................................ 197,235
Reorganization expense .................................................................. 57,573
Dividends on short sales ................................................................ 17,181
Swaps ................................................................................... 362 33,026,147
---------------
Accrued expenses and other liabilities ..................................................... 373,763
---------------
Total liabilities .......................................................................... 88,718,462
---------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets ................................................................................. $ 1,432,622,252
===============
===================================================================================================================================
Net Assets Consist of
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Shares of Common Stock, $.10 par value, unlimited shares
of beneficial interest authorized ........................................................ $ 2,539,027
Investor A Shares of Common Stock, $.10 par value, unlimited shares of
beneficial interest authorized ........................................................... 4,300,906
Investor B Shares of Common Stock, $.10 par value, unlimited shares of
beneficial interest authorized ........................................................... 563,756
Investor C Shares of Common Stock, $.10 par value, unlimited shares of
beneficial interest authorized ........................................................... 2,039,433
Class R Shares of Common Stock, $.10 par value, unlimited shares of
beneficial interest authorized ........................................................... 72,589
Paid-in capital in excess of par ........................................................... 1,060,715,901
Undistributed investment income -- net ..................................................... $ 3,269,014
Undistributed realized capital gains -- net ................................................ 54,238,247
Unrealized appreciation -- net ............................................................. 304,883,379
---------------
Total accumulated earnings -- net .......................................................... 362,390,640
---------------
Net assets ................................................................................. $ 1,432,622,252
===============
===================================================================================================================================
Net Asset Value
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional -- Based on net assets of $383,600,566 and 25,390,266 shares of
beneficial interest outstanding .......................................................... $ 15.11
===============
Investor A -- Based on net assets of $648,401,822 and 43,009,064 shares of
beneficial interest outstanding .......................................................... $ 15.08
===============
Investor B -- Based on net assets of $84,465,430 and 5,637,561 shares of
beneficial interest outstanding .......................................................... $ 14.98
===============
Investor C -- Based on net assets of $305,240,617 and 20,394,327 shares of
beneficial interest outstanding .......................................................... $ 14.97
===============
Class R -- Based on net assets of $10,913,817 and 725,885 shares of
beneficial interest outstanding .......................................................... $ 15.04
===============
See Notes to Financial Statements.
22 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Statement of Operations
For the Year Ended October 31, 2007
===================================================================================================================================
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends (net of $933,911 foreign withholding tax) ........................................ $ 16,015,148
Interest (including $804,228 from affiliates) (net of $8,854 foreign withholding tax) ...... 1,160,197
Securities lending -- net .................................................................. 81,425
---------------
Total income ............................................................................... 17,256,770
---------------
===================================================================================================================================
Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
Investment advisory fees ................................................................... $ 6,558,197
Service and distribution fees -- Investor C ................................................ 1,955,132
Service fees -- Investor A ................................................................. 841,992
Custodian fees ............................................................................. 525,944
Service and distribution fees -- Investor B ................................................ 523,691
Transfer agent fees -- Investor A .......................................................... 285,149
Accounting services ........................................................................ 276,007
Transfer agent fees -- Investor C .......................................................... 158,048
Reorganization expense ..................................................................... 133,425
Registration fees .......................................................................... 119,490
Transfer agent fees -- Institutional ....................................................... 117,583
Printing and shareholder reports ........................................................... 79,062
Transfer agent fees -- Investor B .......................................................... 73,797
Professional fees .......................................................................... 72,817
Trustees' fees and expenses ................................................................ 38,978
Service and distribution fees -- Class R ................................................... 23,294
Pricing fees ............................................................................... 22,527
Dividends on short sales ................................................................... 17,181
Transfer agent fees -- Class R ............................................................. 11,174
Other ...................................................................................... 43,651
---------------
Total expenses before waiver ............................................................... 11,877,139
Waiver of expenses ......................................................................... (35,501)
---------------
Total expenses after waiver ................................................................ 11,841,638
---------------
Investment income -- net ................................................................... 5,415,132
---------------
===================================================================================================================================
Realized & Unrealized Gain (Loss) -- Net
- -----------------------------------------------------------------------------------------------------------------------------------
Realized gain on:
Investments -- net (including $109,252 foreign capital gain tax) ........................ 55,102,320
Financial futures contracts and swaps -- net ............................................ 7,776,063
Options written -- net .................................................................. 704,400
Foreign currency transactions -- net .................................................... 840,031 64,422,814
---------------
Change in unrealized appreciation/depreciation on:
Investments -- net (including $129,211 foreign capital gain credit) ..................... 168,986,209
Options written -- net .................................................................. (7,804,007)
Financial futures contracts and swaps -- net ............................................ 2,320,263
Foreign currency transactions -- net .................................................... 865,066
Short sales -- net ...................................................................... (59,292) 164,308,239
-----------------------------------
Total realized and unrealized gain -- net .................................................. 228,731,053
---------------
Net Increase in Net Assets Resulting from Operations ....................................... $ 234,146,185
===============
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 23
Statements of Changes in Net Assets
For the For the Period
Year Ended Nov. 4, 2005+
October 31, to October 31,
Increase (Decrease) in Net Assets: 2007 2006
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net ................................................................... $ 5,415,132 $ 1,356,258
Realized gain -- net ....................................................................... 64,422,814 5,489,768
Change in unrealized appreciation/depreciation -- net ...................................... 164,308,239 25,753,968
-----------------------------------
Net increase in net assets resulting from operations ....................................... 234,146,185 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 .............................................................................. (2,532,894) --
Investor B .............................................................................. (734,273) --
Investor C .............................................................................. (4,337,172) --
Class R ................................................................................. (340) --
-----------------------------------
Net decrease in net assets resulting from dividends and distributions to shareholders ...... (15,561,947) (195,003)
-----------------------------------
===================================================================================================================================
Beneficial Interest Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets derived from beneficial interest transactions ................... 918,338,590 263,175,017
-----------------------------------
===================================================================================================================================
Redemption Fee
- -----------------------------------------------------------------------------------------------------------------------------------
Redemption fee ............................................................................. 4,532 14,884
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets ............................................................... 1,136,927,360 295,594,892
Beginning of period ........................................................................ 295,694,892 100,000
-----------------------------------
End of period* ............................................................................. $ 1,432,622,252 $ 295,694,892
===================================
* Undistributed investment income -- net ................................................ $ 3,269,014 $ 1,476,620
===================================
+ Commencement of operations.
See Notes to Financial Statements.
24 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Financial Highlights
Institutional Investor A
---------------------------- ----------------------------
For the For the
For the Period For the Period
Year Ended Nov. 4, 2005+ Year Ended Nov. 4, 2005+
The following per share data and ratios have been derived October 31, to October 31, October 31, to October 31,
from information provided in the financial statements. 2007 2006 2007 2006
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ............................... $ 12.03 $ 10.00 $ 12.00 $ 10.00
-----------------------------------------------------------
Investment income -- net** ......................................... .13 .12 .10 .10
Realized and unrealized gain -- net*** ............................. 3.59 1.93 3.59 1.92
-----------------------------------------------------------
Total from investment operations ................................... 3.72 2.05 3.69 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 ..................................... $ 15.11 $ 12.03 $ 15.08 $ 12.00
===========================================================
===================================================================================================================================
Total Investment Return++
- -----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share ................................. 32.17% 20.51%@**** 31.84% 20.21%@****
===========================================================
===================================================================================================================================
Ratios to Average Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Expenses, net of reimbursement and excluding reorganization expenses 1.02% 1.26%* 1.27% 1.51%*
===========================================================
Expenses, net of reimbursement ..................................... 1.04% 1.26%* 1.29% 1.51%*
===========================================================
Expenses ........................................................... 1.04% 1.26%* 1.29% 1.51%*
===========================================================
Investment income -- net ........................................... 1.09% 1.14%* .83% .93%*
===========================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ........................... $383,601 $107,419 $648,402 $66,714
===========================================================
Portfolio turnover ................................................. 35% 38% 35% 38%
===========================================================
* Annualized.
** Based on average shares outstanding.
*** Includes 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 OCTOBER 31, 2007 25
Financial Highlights (continued)
Investor B Investor C
---------------------------- ----------------------------
For the For the
For the Period For the Period
Year Ended Nov. 4, 2005+ Year Ended Nov. 4, 2005+
The following per share data and ratios have been derived October 31, to October 31, October 31, to October 31,
from information provided in the financial statements. 2007 2006 2007 2006
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ............................... $ 11.91 $ 10.00 $ 11.92 $ 10.00
-----------------------------------------------------------
Investment income -- net** ......................................... .01 .02 .01 .02
Realized and unrealized gain -- net*** ............................. 3.55 1.91 3.55 1.92
-----------------------------------------------------------
Total from investment operations ................................... 3.56 1.93 3.56 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 ..................................... $ 14.98 $ 11.91 $ 14.97 $ 11.92
===========================================================
===================================================================================================================================
Total Investment Return++
- -----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share ................................. 30.76% 19.31%@**** 30.76% 19.41%@****
===========================================================
===================================================================================================================================
Ratios to Average Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Expenses, net of reimbursement and excluding reorganization expenses 2.07% 2.27%* 2.05% 2.27%*
===========================================================
Expenses, net of reimbursement ..................................... 2.09% 2.27%* 2.07% 2.27%*
===========================================================
Expenses ........................................................... 2.11% 2.27%* 2.07% 2.27%*
===========================================================
Investment income -- net ........................................... .09% .18%* .08% .16%*
===========================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ........................... $ 84,465 $ 18,395 $305,241 $103,167
===========================================================
Portfolio turnover ................................................. 35% 38% 35% 38%
===========================================================
* Annualized.
** Based on average shares outstanding.
*** Includes redemption fees, which are 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.
@ Aggregate total investment return.
See Notes to Financial Statements.
26 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Financial Highlights (concluded)
Class R
-------------
For the
Period
March 1, 2007+
The following per share data and ratios have been derived to October 31,
from information provided in the financial statements. 2007
====================================================================================================================================
Per Share Operating Performance
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period .............................................................................. $ 12.41
-------------
Investment income -- net** ........................................................................................ .04
Realized and unrealized gain -- net*** ............................................................................ 2.82
-------------
Total from investment operations .................................................................................. 2.86
-------------
Less dividends and distributions:
Investment income -- net ....................................................................................... (.02)
Realized gain -- net ........................................................................................... (.21)
-------------
Total dividends and distributions ................................................................................. (.23)
-------------
Net asset value, end of period .................................................................................... $ 15.04
=============
====================================================================================================================================
Total Investment Return
- ------------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share ................................................................................ 23.36%@
=============
====================================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses, net of reimbursement and excluding reorganization expenses .............................................. 1.54%*
=============
Expenses, net of reimbursement .................................................................................... 1.55%*
=============
Expenses .......................................................................................................... 1.67%*
=============
Investment income -- net .......................................................................................... .53%*
=============
====================================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) .......................................................................... $ 10,914
=============
Portfolio turnover ................................................................................................ 35%
=============
* Annualized.
** Based on average shares outstanding.
*** Includes redemption fees, which are less than $.01 per share.
+ Commencement of operations.
@ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 27
Notes to Financial Statements
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. 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 are 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.
Effective September 4, 2007, exchange-traded options are valued at the mean
between the last bid and ask prices at the close of the options market in which
the options trade and previously were valued at the last sales price as of the
close of options trading on applicable exchanges. 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 invest-ment 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 are 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 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
28 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Notes to Financial Statements (continued)
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 due to an
unfavorable change in the price of the underlying security, or index, or if the
counterparty does not perform under the contract. The counterparty for certain
instruments may pledge cash or securities as collateral.
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 (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 deter-mined 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) Dividends and distributions -- Dividends and distributions paid by the Fund
are recorded on the ex-dividend dates.
(g) 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.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 29
Notes to Financial Statements (continued)
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.
(h) Short sales --The Fund may make short sales of securities as a method of
managing potential price declines in similar securities owned. When a Fund makes
a short sale, it may borrow the security sold short and deliver it to the
broker-dealer through which it made the short sale as collateral for its
obligation to deliver the security upon conclusion of the sale. The Fund may
have to pay a fee to borrow the particular securities and may be obligated to
pay over any payments received on such borrowed securities. A gain, limited to
the price at which the Fund sold the security short, or a loss, unlimited as to
dollar amount, will be recognized upon the termination of a short sale if the
market price is greater or less than the proceeds originally received.
(i) 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 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 disclosures 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.
(j) Reclassifications -- U.S. generally accepted accounting principles require
that certain components of net assets be adjusted to reflect permanent
differences between financial and tax reporting. Accordingly, during the current
year, $2,389,453 has been reclassified between undistributed net realized
capital gains and undistributed net investment income and $135,215 has been
reclassified between paid-in capital in excess of par and undistributed net
investment income as a result of permanent differences attributable to gains
from the sale of stock of passive foreign investment companies, foreign currency
transactions, non-deductible expenses, the tax characterization of income
recognized from grantor trusts and foreign taxes paid. These reclassifications
have no effect on net assets or net asset values per share.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with the Manager. 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. Merrill Lynch & Co., Inc. ("Merrill Lynch") and The PNC Financial Services
Group, Inc. ("PNC") are the principal owners 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. For the year ended October 31, 2007, the Manager
earned fees of $6,558,197, of which $35,501 was waived. In addition, the Manager
has entered into a sub-advisory agreement with BlackRock Investment
30 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Notes to Financial Statements (continued)
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 equal to 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, broker-dealers, 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 the Distributor and the broker-dealers for
providing distribution-related services to Investor B, Investor C and Class R
shareholders.
For the year ended October 31, 2007, FAMD and BDI earned under writing discounts
and direct commissions and MLPF&S and BDI earned dealer concessions on sales of
the Fund's Investor A Shares, which totaled $432,439.
For the year ended October 31, 2007, affiliates received contingent deferred
sales charges of $59,857 and $23,659 relating to transactions in Investor B and
Investor C Shares, respectively. Furthermore, affiliates received contingent
deferred sales charges of $2,973 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 year ended
October 31, 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.
- --------------------------------------------------------------------------------
Call Center Fees
- --------------------------------------------------------------------------------
Institutional ................................................. $ 1,260
Investor A .................................................... $10,071
Investor B .................................................... $ 1,827
Investor C .................................................... $ 3,150
Class R ....................................................... $ 69
- --------------------------------------------------------------------------------
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. For the year ended October 31, 2007, BIM received
$21,072 in securities lending agent fees.
In addition, MLPF&S received $89,551 in commissions on the execu- tion of
portfolio security transactions for the Fund for year ended October 31, 2007.
For the year ended October 31, 2007, the Fund reimbursed the Manager $14,690 for
certain accounting services.
PFPC Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the
Manager, is the Fund's transfer agent.
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
year ended October 31, 2007 were $438,031,560 and $291,163,944, respectively.
Transactions in call options written for the year ended October 31, 2007 were as
follows:
- -------------------------------------------------------------------------------
Number of Premiums
Contracts Received
- -------------------------------------------------------------------------------
Outstanding call options written, beginning of year 6,084 $ 1,624,604
Options written ................................... 24,576 9,210,412
Options closed .................................... (1,514) (997,621)
Options expired ................................... (1,834) (230,261)
Options exercised ................................. (2,337) (585,139)
-------------------------
Outstanding call options written, end of year ..... 24,975 $ 9,021,995
=========================
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 31
Transactions in put options written for the year ended October 31, 2007 were as
follows:
- --------------------------------------------------------------------------------
Number of Premiums
Contracts Received
- --------------------------------------------------------------------------------
Outstanding put options written, beginning of year -- --
Options written .................................... 689 $ 832,470
-------------------------
Outstanding put options written, end of year ....... 689 $ 832,470
=========================
4. Beneficial Interest Transactions:
Net increase in net assets derived from beneficial interest transactions was
$918,338,590 and $263,175,017 for the year ended October 31, 2007 and for the
period November 4, 2005 to October 31, 2006, respectively.
Transactions in beneficial interest for each class were as follows:
- -------------------------------------------------------------------------------
Institutional Shares for the Year Dollar
Ended October 31, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................. 9,540,477 $ 127,989,856
Shares issued resulting from reorganization . 9,154,204 119,139,221
Shares issued to shareholders in reinvestment
of dividends and distributions ............ 418,598 5,260,827
------------------------------
Total issued ................................ 19,113,279 252,389,904
Shares redeemed ............................. (2,649,701) (35,239,772)
------------------------------
Net increase ................................ 16,463,578 $ 217,150,132
==============================
- -------------------------------------------------------------------------------
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 Fund Asset Management, L.P. for $25,000.
- -------------------------------------------------------------------------------
Investor A Shares for the Year Dollar
Ended October 31, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................. 4,100,590 $ 55,209,904
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 ................................ 41,774,818 545,044,683
Shares redeemed ............................. (4,323,689) (57,886,622)
------------------------------
Net increase ................................ 37,451,129 $ 487,158,061
==============================
- -------------------------------------------------------------------------------
Ivestor 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 Fund Asset Management, L.P. for $25,000.
- -------------------------------------------------------------------------------
Investor B Shares for the Year Dollar
Ended October 31, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................. 644,109 $ 8,490,220
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 ................................ 5,768,233 74,965,442
Shares redeemed ............................. (1,674,725) (22,574,076)
------------------------------
Net increase ................................ 4,093,508 $ 52,391,366
==============================
- -------------------------------------------------------------------------------
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 Fund Asset Management, L.P. for $25,000.
- -------------------------------------------------------------------------------
Investor C Shares for the Year Dollar
Ended October 31, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................. 4,606,181 $ 60,421,791
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 ................................ 13,609,797 176,973,242
Shares redeemed ............................. (1,873,578) (24,865,217)
------------------------------
Net increase ................................ 11,736,219 $ 152,108,025
==============================
- -------------------------------------------------------------------------------
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 Fund Asset Management, L.P. for $25,000.
32 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Notes to Financial Statements (concluded)
- -------------------------------------------------------------------------------
Class R Shares for the Period Dollar
March 1, 2007+ to Oct. 31, 2007 Shares Amount
- -------------------------------------------------------------------------------
Shares sold ................................. 193,911 $ 2,689,134
Shares issued resulting from reorganization . 632,574 8,216,249
Shares issued to shareholders in reinvestment
of dividends and distributions ............ 69 376
------------------------------
Total issued ................................ 826,554 10,905,759
Shares redeemed ............................. (100,669) (1,374,753)
------------------------------
Net increase ................................ 725,885 $ 9,531,006
==============================
+ 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 party to a $500,000,000 credit agreement with a group of lenders,
which expires November 2007 and was subsequently renewed. Each 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 year ended October
31, 2007.
6. Acquisition of BlackRock Global Value Fund, Inc.:
On April 30, 2007, the Fund acquired substantially all of the net 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
accumulated distributions in excess of net investment income, $933,034 of
accumulated distributions in excess of net realized gains and $114,821,172 of
net unrealized appreciation, were combined with those of the Fund. The Fund's
aggregate net assets immediately after the acquisition amounted to
$1,181,336,081.
7. Commitments:
At October 31, 2007, the Fund had entered into foreign exchange contracts, under
which it had agreed to purchase and sell various foreign currencies with
approximate values of $261,000 and $1,186,000, respectively.
8. Distributions to Shareholders:
The tax character of distributions paid during the year ended October 31, 2007
and the period November 4, 2005 to October 31, 2006 was as follows:
- --------------------------------------------------------------------------------
11/04/2005+ to
10/31/2007 10/31/2006
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income ........................... $ 13,402,121 $ 195,003
Long-term capital gains ................... 2,159,826 --
-------------------------------
Total taxable distributions ................. 15,561,947 $ 195,003
===============================
+ Commencement of operations.
As of October 31, 2007, the components of accumulated earnings on a tax basis
were as follows:
- -------------------------------------------------------------------------------
Undistributed ordinary income -- net ....................... $ 33,628,021
Undistributed long-term capital gains -- net ............... 28,181,498
------------
Total undistributed earnings -- net 61,809,519
Capital loss carryforward .................................. --
Unrealized gains -- net 300,581,121*
------------
Total accumulated earnings -- net .......................... $362,390,640
============
* The difference between book-basis and tax-basis net unrealized gains is
attributable primarily to the tax deferral of losses on wash sales, the
tax deferral of losses on straddles, the realization for tax purposes of
unrealized gains (losses) on certain futures and foreign currency
contracts, the realization for tax purposes of unrealized gains on
investments in passive foreign investment companies, the accounting for
swap agreements and other book/tax temporary differences.
9. Subsequent Events:
The Fund paid an ordinary income dividend in the amount of $.389914 per
Institutional Share, $.363633 per Investor A Share, $.279823 per Investor B
Share, $.294999 per Investor C Share and $.341818 per Class R Share on December
17, 2007 to shareholders of record on December 13, 2007.
The Fund also paid a long-term capital gain distribution in the amount of
$.292465 per Institutional Share, $.292465 per Investor A Share, $.292465 per
Investor B Share, $.292465 per Investor C Share and $.292465 per Class R Share
on December 17, 2007 to shareholders of record on December 13, 2007.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 33
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
BlackRock Global Dynamic Equity Fund:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of BlackRock Global Dynamic Equity Fund (the "Fund)
as of October 31, 2007, and the related statement of operations for the year
then ended and statement of changes in net assets and the financial highlights
for the year then ended and for the period November 4, 2005 (commencement of
operations) through October 31, 2006. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of mate rial misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of October 31, 2007, by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
BlackRock Global Dynamic Equity Fund as of October 31, 2007, the results of its
operations for the year then ended, and the changes in its net assets and its
financial highlights for the year then ended and for the period November 4, 2005
through October 31, 2006, in conformity with accounting principles generally
accepted in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
December 27, 2007
Important Tax Information (Unaudited)
The following information is provided with respect to the ordinary income
distributions paid by BlackRock Global Dynamic Equity Fund during the fiscal
year ended October 31, 2007:
- ---------------------------------------------------------------------------------------------------------------------
Record Date December 8, 2006 April 24, 2007
Payable Date December 12, 2006 April 26, 2007
- ---------------------------------------------------------------------------------------------------------------------
Qualified Dividend Income for Individuals (1) .................................... 44.29%* 33.73%*
Dividends Qualifying for the Dividends Received Deduction for Corporations (1) ... 15.47%* 9.08%*
Foreign Source Income (1) ........................................................ 25.74%* None
Foreign Taxes Paid Per Share ..................................................... $.010147 None
Short-term Capital Gain Dividends for Non-U.S. Residents (2) ..................... 70.22% 83.90%
- ---------------------------------------------------------------------------------------------------------------------
* Expressed as a percentage of the cash distribution grossed-up for foreign
taxes. The Fund hereby designates the percentage indicated above or the
maximum amount allowable by law.
(1) The Fund hereby designates the percentage indicated above or the maximum
amount allowable by law.
(2) Represents the portion of the taxable ordinary income dividends eligible
for exemption from U.S. withholding tax for non-resident aliens and
foreign corporations.
The foreign taxes paid represent taxes incurred by the Fund on income received
by the Fund from foreign sources. Foreign taxes paid are included in taxable
income and may be either deducted from gross income or taken as a credit for
taxes paid to foreign governments. You should consult your tax advisor regarding
the appropriate treatment of foreign taxes paid.
Additionally, the Fund paid long-term capital gain distributions of $.006387 and
$.068122 per share to shareholders of record on December 8, 2006 and April 24,
2007, respectively.
34 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
Officers and Trustees as of October 31, 2007
Number of
Funds and
Portfolios in
Position(s) Length of Fund Complex Other Public
Name, Address Held with Time Overseen by Directorships
and Year of Birth Trust Served Principal Occupation(s) During Past 5 Years Trustee Held by Trustee
====================================================================================================================================
Interested Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Robert C. Doll, Jr.* Fund 2005 to Vice Chairman and Director of BlackRock, 120 Funds None
P.O. Box 9011 President 2007 Inc., Global Chief Investment Officer for 161 Portfolios
Princeton, NJ 08543-9011 and Trustee Equities, Chairman of the BlackRock Retail
1954 Operating Committee, and member of the
BlackRock Executive Committee since 2006;
President of the funds advised by Merrill
Lynch Investment Managers, L.P. ("MLIM") and
its affiliates ("MLIM/FAM-advised funds")
from 2005 to 2006 and Chief Investment
Officer thereof from 2001 to 2006; President
of MLIM and Fund Asset Management, L.P.
("FAM") from 2001 to 2006; Co-Head (Americas
Region) thereof from 2000 to 2001 and Senior
Vice President from 1999 to 2001; President
and Director of Princeton Services, Inc.
("Princeton Services") and President of
Princeton Administrators, L.P. ("Princeton
Administrators") from 2001 to 2006; Chief
Investment Officer of OppenheimerFunds, Inc.
in 1999 and Executive Vice President thereof
from 1991 to 1999.
---------------------------------------------------------------------------------------------------------
* Mr. Doll is a director, trustee or member of an advisory board of certain other investment
companies for which BlackRock Advisors, LLC and its affiliates act as investment adviser. Mr.
Doll is an "interested person," as described in the Investment Company Act, of the Fund based on
his positions with BlackRock, Inc. and its affiliates. Trustees serve until their resignation,
removal or death, or until December 31 of the year in which they turn 72. As Fund President, Mr.
Doll serves at the pleasure of the Board of Trustees.
====================================================================================================================================
Independent Trustees*
- ------------------------------------------------------------------------------------------------------------------------------------
Ronald W. Forbes** Trustee 2005 to Professor Emeritus of Finance, School of 46 Funds None
P.O. Box 9095 2007 Business, State University of New York at 48 Portfolios
Princeton, NJ 08543-9095 Albany since 2000 and Professor thereof from
1940 1989 to 2000; International Consultant,
Urban Institute, Washington, D.C. from 1995
to 1999.
- ------------------------------------------------------------------------------------------------------------------------------------
Cynthia A. Montgomery Trustee 2005 to Professor, Harvard Business School since 46 Funds Newell Rubbermaid,
P.O. Box 9095 2007 1989; Associate Professor, J.L. Kellogg 48 Portfolios Inc. (manufacturing)
Princeton, NJ 08543-9095 Graduate School of Management, Northwestern
1952 University from 1985 to 1989; Associate
Professor, Graduate School of Business
Administration, University of Michigan from
1979 to 1985; Director, Harvard Business
School Publishing since 2005; Director,
McLean Hospital since 2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Jean Margo Reid Trustee 2005 to Self-employed consultant since 2001; Counsel 46 Funds None
P.O. Box 9095 present of Alliance Capital Management (investment 48 Portfolios
Princeton, NJ 08543-9095 adviser) in 2000; General Counsel, Director
1945 and Secretary of Sanford C. Bernstein & Co.,
Inc. (investment adviser/broker-dealer) from
1997 to 2000; Secretary, Sanford C.
Bernstein Fund, Inc. from 1994 to 2000;
Director and Secretary of SCB, Inc. since
1998; Director and Secretary of SCB
Partners, Inc. since 2000; Director of
Covenant House from 2001 to 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
Roscoe S. Suddarth Trustee 2005 to President, Middle East Institute, from 1995 46 Funds None
P.O. Box 9095 2007 to 2001; Foreign Service Officer, United 48 Portfolios
Princeton, NJ 08543-9095 States Foreign Service, from 1961 to 1995
1935 and Career Minister from 1989 to 1995;
Deputy Inspector General, U.S. Department of
State, from 1991 to 1994; U.S. Ambassador to
the Hashemite Kingdom of Jordan from 1987 to
1990.
- ------------------------------------------------------------------------------------------------------------------------------------
Richard R. West Trustee 2005 to Professor of Finance from 1984 to 1995, Dean 46 Funds Bowne & Co., Inc.
P.O. Box 9095 present from 1984 to 1993 and since 1995 Dean 48 Portfolios (financial printers);
Princeton, NJ 08543-9095 Emeritus of New York University's Leonard N. Vornado Realty
1938 Stern School of Business Administration. Trust (real estate
company);
Alexander's, Inc.
(real estate company)
---------------------------------------------------------------------------------------------------------
* Trustees serve until their resignation, removal or death, or until December 31 of the year in
which they turn 72.
** Chairman of the Board of Trustees and the Audit Committee.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007 35
Officers and Trustees (concluded)
Position(s) Length of
Name, Address Held with Time
and Year of Birth Trust Served Principal Occupation(s) During Past 5 Years
====================================================================================================================================
Fund Officers*
- ------------------------------------------------------------------------------------------------------------------------------------
Donald C. Burke Vice 2005 to Managing Director of BlackRock, Inc. since 2006; Managing Director of Merrill Lynch
P.O. Box 9011 President 2007 Investment Managers, L.P. ("MLIM") and Fund Asset Management, L.P. ("FAM") in 2006;
Princeton, NJ 08543-9011 and First Vice President of MLIM and FAM from 1997 to 2005 and Treasurer thereof from
1960 Treasurer 1999 to 2006; Vice President of MLIM and FAM from 1990 to 1997.
- ------------------------------------------------------------------------------------------------------------------------------------
Karen Clark Chief 2007 Managing Director of BlackRock, Inc. and Chief Compliance Officer of certain
P.O. Box 9011 Compliance BlackRock-advised funds since 2007; Director of BlackRock, Inc. from 2005 to 2007;
Princeton, NJ 08543-9011 Officer Principal and Senior Compliance Officer, State Street Global Advisors, from 2001 to
1965 2005; Principal Consultant, PricewaterhouseCoopers, LLP from 1998 to 2001; Branch
Chief, Division of Investment Management and Office of Compliance Inspections and
Examinations, U.S. Securities and Exchange Commission, from 1993 to 1998.
- ------------------------------------------------------------------------------------------------------------------------------------
Howard Surloff Secretary 2007 Managing Director of BlackRock Inc. and General Counsel of U.S. Funds at BlackRock,
P.O. Box 9011 Inc. since 2006; General Counsel (U.S.) of Goldman Sachs Asset Management from 1993
Princeton, NJ 08543-9011 to 2006.
1965
---------------------------------------------------------------------------------------------------------
* Officers of the Fund serve at the pleasure of the Board of Trustees.
- ------------------------------------------------------------------------------------------------------------------------------------
Further information about the Fund's Officers and Trustees is available in the Fund's Statement of
Additional Information, which can be obtained without charge by calling 1-800-441-7762.
- ------------------------------------------------------------------------------------------------------------------------------------
Custodian
Brown Brothers Harriman & Co.
Water Street
Boston, MA 02109-3661
Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Accounting Agent
State Street Bank and
Trust Company
Princeton, NJ 08540
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Proxy Results
During the six-month period ended October 31, 2007, the shareholders of
BlackRock Global Dynamic Equity Fund voted on the following proposal, which was
approved at a special shareholders' meeting on September 7, 2007. This proposal
was a part of the reorganization of the Fund's Board of Trustees to take effect
on or about November 1, 2007. A description of the proposal and number of shares
voted are as follows:
- -------------------------------------------------------------------------------------------------------------------------
Shares Voted Shares Withheld
For From Voting
- -------------------------------------------------------------------------------------------------------------------------
To elect the Fund's Board of Trustees: James H. Bodurtha 79,425,406 1,529,702
Bruce R. Bond 79,425,789 1,529,319
Donald W. Burton 79,420,568 1,534,540
Richard S. Davis 79,426,747 1,528,361
Stuart E. Eizenstat 79,415,597 1,539,511
Laurence D. Fink 79,425,139 1,529,969
Kenneth A. Froot 79,428,721 1,526,387
Henry Gabbay 79,425,292 1,529,816
Robert M. Hernandez 79,423,321 1,531,787
John F. O'Brien 79,426,427 1,528,681
Roberta Cooper Ramo 79,424,864 1,530,244
Jean Margo Reid 79,427,587 1,527,521
David H. Walsh 79,427,055 1,528,053
Fred G. Weiss 79,425,256 1,529,852
Richard R. West 79,425,308 1,529,800
- -------------------------------------------------------------------------------------------------------------------------
36 BLACKROCK GLOBAL DYNAMIC EQUITY FUND OCTOBER 31, 2007
BlackRock Fund Information
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 OCTOBER 31, 2007 37
BlackRock Fund Information (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 BlackRock 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/funds.
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 funds.
Systematic Withdrawal Plans
Investor Class shareholders can establish a systematic withdrawal plan and
receive periodic payments of $50 or more from their BlackRock funds, 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 OCTOBER 31, 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 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 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 Technology Fund
BlackRock U.S. Opportunities Portfolio
BlackRock Utilities and Telecommunications Fund
BlackRock Value Opportunities Fund
Fixed Income Funds
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 Fund
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 OCTOBER 31, 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-10/07
Item 2 - Code of Ethics - The registrant (or the "Fund") has adopted a code
of ethics, as of the end of the period covered by this report,
applicable to the registrant's principal executive officer,
principal financial officer and principal accounting officer, or
persons performing similar functions. During the period covered by
this report, there have been no amendments to or waivers granted
under the code of ethics. A copy of the code of ethics is available
without charge at www.blackrock.com.
Item 3 - Audit Committee Financial Expert - The registrant's board of
directors or trustees, as applicable (the "board of directors") has
determined that (i) the registrant has the following audit committee
financial experts serving on its audit committee and (ii) each audit
committee financial expert is independent: Ronald W. Forbes (term
ended, effective November 1, 2007) Robert M. Hernandez (term began,
effective November 1, 2007) Fred G. Weiss (term began, effective
November 1, 2007) Richard R. West Edward D. Zinbarg (retired as of
December 31, 2006)
Under applicable securities laws, a person determined to be an audit
committee financial expert will not be deemed an "expert" for any
purpose, including without limitation for the purposes of Section 11
of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation
or identification as an audit committee financial expert does not
impose on such person any duties, obligations, or liabilities
greater than the duties, obligations, and liabilities imposed on
such person as a member of the audit committee and board of
directors in the absence of such designation or identification.
Item 4 - Principal Accountant Fees and Services
- ----------------------------------------------------------------------------------------------------------------------------------
(a) Audit Fees (b) Audit-Related Fees(1) (c) Tax Fees(2) (d) All Other Fees(3)
- ----------------------------------------------------------------------------------------------------------------------------------
Current Previous Current Previous Current Previous Current Previous
Fiscal Year Fiscal Fiscal Year Fiscal Fiscal Year Fiscal Fiscal Year Fiscal
Entity Name End Year End End Year End End Year End End Year End
- ----------------------------------------------------------------------------------------------------------------------------------
BlackRock Global $31,600 $36,000 $0 $0 $6,100 $10,068 $1,042 $0
Dynamic Equity Fund
- ----------------------------------------------------------------------------------------------------------------------------------
1 The nature of the services include assurance and related services reasonably
related to the performance of the audit of financial statements not included in
Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax
planning.
3 The nature of the services include a review of compliance procedures and
attestation thereto.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant's audit committee (the "Committee") has adopted
policies and procedures with regard to the pre-approval of services.
Audit, audit-related and tax compliance services provided to the
registrant on an annual basis require specific pre-approval by the
Committee. The Committee also must approve other non-audit services
provided to the registrant and those non-audit services provided to
the registrant's affiliated service providers that relate directly
to the operations and the financial reporting of the registrant.
Certain of these non-audit services that the Committee believes are
a) consistent with the SEC's auditor independence rules and b)
routine and recurring services that will not impair the independence
of the independent accountants may be approved by the Committee
without consideration on a specific case-by-case basis ("general
pre-approval"). However, such services will only be deemed
pre-approved provided that any individual project does not exceed
$5,000 attributable to the registrant or $50,000 for all of the
registrants the Committee oversees. Any proposed services exceeding
the pre-approved cost levels will require specific pre-approval by
the Committee, as will any other services not subject to general
pre-approval (e.g., unanticipated but permissible services). The
Committee is informed of each service approved subject to general
pre-approval at the next regularly scheduled in-person board
meeting.
(e)(2) None of the services described in each of Items 4(b) through
(d) were approved by the audit committee pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) Affiliates' Aggregate Non-Audit Fees:
--------------------------------------------------------------------
Current Fiscal Previous Fiscal
Entity Name Year End Year End
--------------------------------------------------------------------
BlackRock Global Dynamic Equity Fund $291,642 $2,928,651
--------------------------------------------------------------------
(h) The registrant's audit committee has considered and determined
that the provision of non-audit services that were rendered to the
registrant's investment adviser (not including any non-affiliated
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant's investment
adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services
to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.
Regulation S-X Rule 2-01(c)(7)(ii) - $284,500, 0%
Item 5 - Audit Committee of Listed Registrants - 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 and Governance Committee will consider
nominees to the Board recommended by shareholders when a vacancy
becomes available. Shareholders who wish to recommend a nominee
should send nominations which include biographical information and
set forth the qualifications of the proposed nominee to the
registrant's Secretary. There have been no material changes to these
procedures.
Item 11 - Controls and Procedures
11(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
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 1940 Act)
that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - See Item 2
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Global Dynamic Equity Fund
By: /s/ Donald C. Burke
-----------------------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
BlackRock Global Dynamic Equity Fund
Date: December 19, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Donald C. Burke
-----------------------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
BlackRock Global Dynamic Equity Fund
Date: December 19, 2007
By: /s/ Neal J. Andrews
-----------------------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock Global Dynamic Equity Fund
Date: December 19, 2007