UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21759
Name of Fund: BlackRock Global Dynamic Equity Fund
Fund Address: 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: 10/31/2008
Date of reporting period: 11/01/2007 - 04/30/2008
Item 1 - Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE
LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
- ----------------------------------------------
BlackRock Global Dynamic Equity Fund BLACKROCK
SEMI-ANNUAL REPORT
APRIL 30, 2008 | (UNAUDITED)
- ----------------------------------------------
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents
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Page
- --------------------------------------------------------------------------------
A Letter to Shareholders ................................................ 3
Semi-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
Officers and Trustees ................................................... 35
Additional Information .................................................. 36
Mutual Fund Family ...................................................... 38
2 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
A Letter to Shareholders
Dear Shareholder
Over the past several months, financial markets have been buffeted by the
housing recession, the credit market unraveling and related liquidity freeze and
steadily rising commodity prices. Counterbalancing these difficulties were
booming export activity, a robust non-financial corporate sector and, notably,
aggressive and timely monetary and fiscal policy actions.
Amid the market tumult, the Federal Reserve Board (the "Fed") intervened with a
series of moves to bolster liquidity and ensure financial market stability.
Since September 2007, the central bank slashed the target federal funds rate 325
basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater
magnitude, however, were the Fed's other policy decisions, which included
opening the discount window directly to broker dealers and investment banks and
backstopping the unprecedented rescue of Bear Stearns.
The Fed's response to the financial crisis helped to improve credit conditions
and investor mood. After hitting a low point on March 17 (coinciding with the
collapse of Bear Stearns), equity markets found a welcome respite in April, when
the S&P 500 Index of U.S. stocks posted positive monthly performance for the
first time since October 2007. International markets, which outpaced those of
the U.S. for much of 2007, saw a reversal in that trend, as effects of the
credit crisis and downward pressures on growth were far-reaching.
In contrast to equity markets, Treasury securities rallied (yields fell as
prices correspondingly rose), as a broad "flight-to-quality" theme persisted.
The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its
highest level in five years), fell to 4.04% by year-end and to 3.77% by April
30. Treasury issues relinquished some of their gains in April, however, as
investor appetite for risk returned and other high-quality fixed income sectors
outperformed.
Problems within the monoline insurance industry and the failure of auctions for
auction rate securities plagued the municipal bond market, driving yields higher
and prices lower across the curve. However, in conjunction with the more recent
shift in sentiment, the sector delivered strong performance in the final month
of the reporting period.
Overall, the major benchmark indexes generated results that generally reflected
heightened investor risk aversion:
Total Returns as of April 30, 2008 6-month 12-month
- ---------------------------------------------------------------------------------------------------------
U.S. equities (S&P 500 Index) - 9.64% - 4.68%
- ---------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) -12.92 -10.96
- ---------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) - 9.21 - 1.78
- ---------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers U.S. Aggregate Index) + 4.08 + 6.87
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Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 1.47 + 2.79
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High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index) - 0.73 - 0.80
- ---------------------------------------------------------------------------------------------------------
Past performance is no guarantee of future results. Index performance shown for
illustrative purposes only. You cannot invest directly in an index.
As you navigate today's volatile markets, we encourage you to review your
investment goals with your financial professional and to make portfolio changes,
as needed. For more up-to-date commentary on the economy and financial markets,
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/ Rob Kapito
Rob Kapito
President, BlackRock Advisors, LLC
THIS PAGE NOT PART OF YOUR FUND REPORT
3
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Fund Summary
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Portfolio Management Commentary
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How did the Fund perform?
o The Fund outperformed both its Reference Portfolio and the all-equity
benchmark for the six-month period ended April 30, 2008. (See "Performance
Summary" table on page 5.)
What factors influenced performance?
o The Fund's underweight in both U.S. and Australian equities, together with
an overweight exposure to Brazil, benefited comparative performance for
the period. Effective security selection within these countries also
proved advantageous.
o On a sector basis, strong stock selection in financials, consumer
discretionary, industrials and consumer staples contributed positively
relative to the Reference Portfolio.
o Detracting from performance were the Fund's overweight positions and
disappointing stock selection in South Korea and Hong Kong, in addition to
stock selection in Canada. Unfavorable stock selection in the health care
and information technology sectors also hurt comparative results.
Describe recent portfolio activity.
o The Fund's equity weightings in the U.S. (+1.9%), Africa/Middle East
(+0.4%) and Latin America (+0.3%) increased, while exposure to Asian
(-3.8%) and European (-2.7%) equities decreased over the period.
o From a sector perspective, the Fund's exposure to the consumer staples
(+2.0%), health care (+1.9%), information technology (+1.2%) and
telecommunication services (+0.9%) sectors increased, while its weightings
in financials (-3.7%), consumer discretionary (-3.0%) and energy (-1.7%)
were reduced.
Describe Fund positioning at period-end.
o The Fund ended the period significantly underweight versus the Reference
Portfolio in U.S. equities (-16.5%), with a smaller underweight in Europe
(-4.5%). The Fund maintained an overweight in Asian equities (+11.4%) and
a modest overweight in Latin America (+2.4%).
o On a sector basis, the Fund held overweight positions in the materials
(+4.4%), telecommunication services (+2.1%) and health care (+0.2%)
sectors, while it was underweight in consumer discretionary (-7.4%),
financials (-5.5%), information technology (-3.3%), utilities (-0.9%) and
consumer staples (-0.9%).
o With respect to currency exposure, the Fund was underweight in the U.S.
dollar (-11.3%), the euro (-2.1%) and the British pound (-1.0%), while it
held modest overweights in the Japanese yen (+4.2%) and the Brazilian real
(+2.2%). The Fund also maintained overweight positions in several small
Asian currencies, including the Indian rupee (+2.4%), the Singapore dollar
(+1.5%) and the Korean won (+1.4%).
- --------------------------------------------------------------------------------
Expense Example
- --------------------------------------------------------------------------------
Actual Hypothetical**
------------------------------------------------------ --------------------------------------------------------
Beginning Ending Beginning Ending
Account Value Account Value Expenses Paid Account Value Account Value Expenses Paid
November 1, 2007 April 30, 2008 During the Period* November 1, 2007 April 30, 2008 During the Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional .. $ 1,000 $ 941.30 $ 5.16 $ 1,000 $ 1,019.58 $ 5.37
Investor A ..... $ 1,000 $ 940.10 $ 6.46 $ 1,000 $ 1,018.24 $ 6.72
Investor B ..... $ 1,000 $ 936.80 $ 10.40 $ 1,000 $ 1,014.16 $ 10.82
Investor C ..... $ 1,000 $ 936.40 $ 10.06 $ 1,000 $ 1,014.51 $ 10.47
Class R ........ $ 1,000 $ 938.50 $ 7.90 $ 1,000 $ 1,016.74 $ 8.22
- ------------------------------------------------------------------------------------------------------------------------------------
* For each class of the Fund, expenses are equal to the annualized expense
ratio for the class (1.07% for Institutional, 1.34% for Investor A, 2.16%
for Investor B, 2.09% for Investor C and 1.64% for Class R), multiplied by
the average account value over the period, multiplied by 182/366 (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 366.
See "Disclosure of Expenses" on page 6 for further information on how
expenses were calculated.
4 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
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- --------------------------------------------------------------------------------
Total Return Based on a $10,000 Investment
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Institutional Investor A FTSE World S&P 500(R) FTSE World 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
4/06 $ 11,760 $ 11,124 $ 11,576 $ 10,841 $ 12,314 $ 11,415
4/07 $ 13,630 $ 12,866 $ 13,642 $ 12,492 $ 14,782 $ 13,375
4/08 $ 14,994 $ 14,118 $ 13,640 $ 11,908 $ 15,308 $ 13,193
* 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 April 30, 2008
- --------------------------------------------------------------------------------
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 ........................................................ -5.87% +10.00% -- +17.70% --
Investor A ........................................................... -5.99 + 9.73 +3.97% +17.41 +14.89%
Investor B ........................................................... -6.32 + 8.86 +4.36 +16.49 +15.36
Investor C ........................................................... -6.36 + 8.83 +7.83 +16.51 +16.51
Class R .............................................................. -6.15 + 9.42 -- +17.03 --
FTSE World Index ..................................................... -8.86 - 0.01 -- +13.31 --
FTSE World Index (Ex-U.S.) ........................................... -8.34 + 3.56 -- +18.69 --
S&P 500 Index ........................................................ -9.64 - 4.68 -- + 7.28 --
Reference Portfolio .................................................. -9.06 - 1.36 -- +11.80 --
- -----------------------------------------------------------------------------------------------------------------------------------
* 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 APRIL 30, 2008 5
================================================================================
About Fund Performance
o Institutional Shares are not subject to any sales charge. Institutional
Shares bear no ongoing distribution or service fees and are available only
to eligible investors.
o Investor A Shares incur a maximum initial sales charge (front-end load) of
5.25% and a service fee of 0.25% per year (but no distribution fee).
o Investor B Shares are subject to a maximum contingent deferred sales
charge of 4.50% declining to 0% after six years. In addition, Investor B
Shares are subject to a distribution fee of 0.75% per year and a service
fee of 0.25% per year. These shares automatically convert to Investor A
Shares after approximately eight years. (There is no initial sales charge
for automatic share conversions.)
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. Performance results
do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. The Fund may charge a 2%
redemption fee for sales or exchanges of shares within 30 days of purchase
or exchange. Performance data does not reflect this potential fee. Figures
shown in the performance table on page 5 assume reinvestment of all
dividends and capital gain distributions, if any, at net asset value on
the ex-dividend date. Investment return and principal value of shares will
fluctuate so that shares, when redeemed, may be worth more or less than
their original cost. Dividends paid to each class of shares will vary
because of the different levels of service, distribution and transfer
agency fees applicable to each class, which are deducted from the income
available to be paid to shareholders.
================================================================================
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 November 1, 2007 and held through April 30, 2008) 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 APRIL 30, 2008
================================================================================
Portfolio Summary
- --------------------------------------------------------------------------------
As of April 30, 2008
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Ten Largest Holdings Percent of
(Equity Investments) Net Assets
- --------------------------------------------------------------------------------
Burlington Northern Santa Fe Corp. ................................ 2%
General Electric Co. .............................................. 2
Microsoft Corp. ................................................... 2
Johnson & Johnson ................................................. 1
American International Group, Inc. ................................ 1
Union Pacific Corp. ............................................... 1
AT&T Inc. ......................................................... 1
Petroleo Brasileiro SA ............................................ 1
The Procter & Gamble Co. .......................................... 1
Bristol-Myers Squibb Co. .......................................... 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Five Largest Industries Percent of
(Equity Investments) Net Assets
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels ....................................... 11%
Insurance ......................................................... 7
Metals & Mining ................................................... 7
Pharmaceuticals ................................................... 6
Diversified Telecommunication Services ............................ 4
- --------------------------------------------------------------------------------
For Fund compliance purposes, the Fund's industry classifications refer to any
one or more of the industry sub-classifications used by one or more widely
recognized market indexes or ratings group indexes, and/or as defined by Fund
management. This definition may not apply for purposes of this report, which may
combine industry sub-classifications for reporting ease.
- --------------------------------------------------------------------------------
Breakdown of Equity & Fixed Income Percent of
Securities By Country Net Assets+
- --------------------------------------------------------------------------------
United States ..................................................... 49%
Japan ............................................................. 9
United Kingdom .................................................... 5
Brazil ............................................................ 4
Canada ............................................................ 3
South Korea ....................................................... 3
Germany ........................................................... 3
Switzerland ....................................................... 3
India ............................................................. 2
France ............................................................ 2
Singapore ......................................................... 2
China ............................................................. 2
Malaysia .......................................................... 2
Italy ............................................................. 1
Australia ......................................................... 1
Taiwan ............................................................ 1
Hong Kong ......................................................... 1
Europe ............................................................ 1
United Arab Emirates .............................................. 1
Spain ............................................................. 1
Thailand .......................................................... 1
Netherlands ....................................................... 1
Russia ............................................................ 1
- --------------------------------------------------------------------------------
+ Total may not equal 100%.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 7
================================================================================
Schedule of Investments April 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- -------------------------------------------------------------------------------
Australia -- 1.2%
Beverages -- 0.0%
Coca-Cola Amatil Ltd. 80,600 $ 637,778
- --------------------------------------------------------------------------------
Metals & Mining -- 0.7%
BHP Billiton Ltd. 101,100 4,075,521
Newcrest Mining Ltd. 47,820 1,313,324
Rio Tinto Ltd. 30,700 3,961,626
Zinifex Ltd. 35,600 338,699
---------------
9,689,170
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.2%
Woodside Petroleum Ltd. 43,700 2,301,476
- --------------------------------------------------------------------------------
Paper & Forest Products -- 0.0%
Great Southern Plantations Ltd. 121,900 177,820
- --------------------------------------------------------------------------------
Transportation Infrastructure -- 0.3%
Macquarie Airports Group 232,000 687,206
Macquarie Infrastructure Group 609,800 1,626,236
Transurban Group 218,566 1,408,595
---------------
3,722,037
- --------------------------------------------------------------------------------
Total Common Stocks in Australia 16,528,281
================================================================================
Austria -- 0.0%
Diversified Telecommunication Services -- 0.0%
Telekom Austria AG 9,500 233,864
- --------------------------------------------------------------------------------
Total Common Stocks in Austria 233,864
================================================================================
Belgium -- 0.2%
Diversified Financial Services -- 0.2%
Fortis 124,236 3,370,873
- --------------------------------------------------------------------------------
Total Common Stocks in Belgium 3,370,873
================================================================================
Brazil -- 3.4%
Commercial Banks -- 0.2%
Banco Bradesco SA 52,202 1,209,095
Uniao de Bancos Brasileiros SA (a) 8,500 1,235,985
---------------
2,445,080
- --------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
Obrascon Huarte Lain Brasil SA 91,100 1,233,155
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Cia Energetica de Minas Gerais (a) 17,242 353,630
- --------------------------------------------------------------------------------
Food & Staples Retailing -- 0.2%
Cia Brasileira de Distribuicao Grupo Pao de
Acucar (Preference Shares) 91,898 2,100,905
- --------------------------------------------------------------------------------
Food Products -- 0.5%
Cosan SA Industria e Comercio 57,300 1,009,007
JBS SA 245,500 1,296,769
SLC Agricola SA 249,700 4,732,012
---------------
7,037,788
- --------------------------------------------------------------------------------
Household Durables -- 0.1%
Gafisa SA 85,300 1,863,853
- --------------------------------------------------------------------------------
Metals & Mining -- 0.5%
Companhia Vale do Rio Doce
(Preference 'A' Shares) (a) 165,500 5,269,520
Usinas Siderurgicas de Minas Gerais SA
(Preference 'A' Shares) 48,975 2,354,171
---------------
7,623,691
- --------------------------------------------------------------------------------
Common Stocks Shares Value
- --------------------------------------------------------------------------------
Brazil (concluded)
Oil, Gas & Consumable Fuels -- 1.5%
Petroleo Brasileiro SA (a) 199,800 $ 21,494,164
- --------------------------------------------------------------------------------
Road & Rail -- 0.2%
All America Latina Logistica SA 160,000 2,088,798
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
Vivo Participacoes SA (a)(b) 244,500 1,650,375
- --------------------------------------------------------------------------------
Total Common Stocks in Brazil 47,891,439
================================================================================
Canada -- 3.1%
Auto Components -- 0.0%
Magna International, Inc. (Class A) 900 67,167
- --------------------------------------------------------------------------------
Communications Equipment -- 0.0%
Nortel Networks Corp. (b) 78,800 672,952
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.1%
BCE, Inc. 700 25,536
TELUS Corp. 25,200 1,159,035
---------------
1,184,571
- --------------------------------------------------------------------------------
Food Products -- 0.1%
Vittera, Inc. (b) 95,500 1,305,764
- --------------------------------------------------------------------------------
Insurance -- 0.0%
Sun Life Financial, Inc. 300 14,562
- --------------------------------------------------------------------------------
Metals & Mining -- 1.9%
Alamos Gold, Inc. (b) 118,700 717,787
Aurelian Resources, Inc. (b) 162,400 661,146
Barrick Gold Corp. 57,497 2,220,534
Eldorado Gold Corp. (b) 362,200 2,470,772
Goldcorp, Inc. 231,400 8,265,608
Golden Star Resources Ltd. (b) 109,100 366,158
Iamgold Corp. 65,041 388,945
Kinross Gold Corp. 447,481 8,457,404
Peak Gold Ltd. (b) 341,000 240,403
Yamaha Gold, Inc. 227,300 2,913,755
---------------
26,702,512
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.2%
Canadian Natural Resources Ltd. 22,100 1,878,500
EnCana Corp. 1,300 105,053
Imperial Oil Ltd. 1,700 99,518
Petro-Canada 24,900 1,247,621
---------------
3,330,692
- --------------------------------------------------------------------------------
Paper & Forest Products -- 0.1%
Sino-Forest Corp. (b) 63,000 953,977
- --------------------------------------------------------------------------------
Road & Rail -- 0.5%
Canadian Pacific Railway Ltd. 47,100 3,244,760
Canadian Pacific Railway Ltd. (USD) 44,500 3,077,620
---------------
6,322,380
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
Rogers Communications, Inc. Class B 58,100 2,592,422
- --------------------------------------------------------------------------------
Total Common Stocks in Canada 43,146,999
================================================================================
See Notes to Financial Statements.
8 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
===============================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- -------------------------------------------------------------------------------
Chile -- 0.3%
Commercial Banks -- 0.2%
Banco Santander Chile SA (a) 36,200 $ 1,901,224
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Enersis SA (a) 23,700 447,456
- --------------------------------------------------------------------------------
Food & Staples Retailing -- 0.1%
Centros Comerciales Sudamericanos SA 136,700 573,835
- --------------------------------------------------------------------------------
Multiline Retail -- 0.0%
SACI Falabella 104,900 569,499
- --------------------------------------------------------------------------------
Total Common Stocks in Chile 3,492,014
================================================================================
China -- 1.7%
Automobiles -- 0.0%
Denway Motors Ltd. 697,500 353,826
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.0%
China Communications Services Corp. Ltd. (b) 40,000 30,697
- --------------------------------------------------------------------------------
Electrical Equipment -- 0.0%
Shanghai Electric Group Corp. 398,000 223,153
- --------------------------------------------------------------------------------
Food Products -- 0.3%
Chaoda Modern Agriculture Holdings Ltd. 3,113,598 4,477,539
- --------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.0%
Huaneng Power International, Inc. 175,000 147,029
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.4%
Beijing Enterprises Holdings Ltd. 1,110,844 4,575,712
Tianjin Development Holdings Ltd. 1,315,900 1,058,548
---------------
5,634,260
- --------------------------------------------------------------------------------
Insurance -- 0.2%
China Life Insurance Co. Ltd. (a) 24,199 1,587,454
Ping An Insurance Group Co. of China Ltd. 32,200 305,677
---------------
1,893,131
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.3%
China Shenhua Energy Co. Ltd. Class H 1,000,200 4,591,127
- --------------------------------------------------------------------------------
Transportation Infrastructure -- 0.2%
Hainan Meilan International Airport Co., Ltd. 93,400 97,162
Jiangsu Express 313,900 293,004
Tianjin Port Development Holdings Ltd. 1,820,100 1,017,988
Xiamen International Port Co. Ltd. 2,757,700 906,977
---------------
2,315,131
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
China Mobile Ltd. 200,500 3,450,088
- --------------------------------------------------------------------------------
Total Common Stocks in China 23,115,981
================================================================================
Denmark -- 0.1%
Commercial Banks -- 0.1%
Danske Bank A/S 54,440 1,874,269
- --------------------------------------------------------------------------------
Total Common Stocks in Denmark 1,874,269
================================================================================
Egypt -- 0.1%
Diversified Telecommunication Services -- 0.1%
Telecom Egypt 398,098 1,448,181
- --------------------------------------------------------------------------------
Total Common Stocks in Egypt 1,448,181
================================================================================
Finland -- 0.1%
Communications Equipment -- 0.0%
Nokia Oyj (a) 2,400 72,168
- --------------------------------------------------------------------------------
Common Stocks Shares Value
- --------------------------------------------------------------------------------
Finland (concluded)
Electric Utilities -- 0.1%
Fortum Oyj 25,759 $ 1,089,707
- --------------------------------------------------------------------------------
Total Common Stocks in Finland 1,161,875
================================================================================
France -- 2.0%
Commercial Banks -- 0.2%
Societe Generale SA 26,448 3,072,325
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.3%
France Telecom SA 110,000 3,442,002
- --------------------------------------------------------------------------------
Electric Utilities -- 0.3%
Electricite de France SA 36,732 3,839,299
- --------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 0.2%
Cie Generale d'Optique Essilor International SA 42,500 2,636,499
- --------------------------------------------------------------------------------
Machinery -- 0.3%
Vallourec SA 13,238 3,588,997
- --------------------------------------------------------------------------------
Multi-Utilities -- 0.2%
Suez SA 47,192 3,325,240
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.5%
Total SA 88,895 7,446,390
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.0%
Sanofi-Aventis (a) 2,000 77,160
- --------------------------------------------------------------------------------
Total Common Stocks in France 27,427,912
================================================================================
Germany -- 2.6%
Air Freight & Logistics -- 0.3%
Deutsche Post AG 116,222 3,607,963
- --------------------------------------------------------------------------------
Automobiles -- 0.5%
Bayerische Motoren Werke AG 49,735 2,711,377
DaimlerChrysler AG 49,342 3,836,665
---------------
6,548,042
- --------------------------------------------------------------------------------
Chemicals -- 0.4%
Bayer AG 61,309 5,191,336
Bayer AG (a) 1,100 93,610
---------------
5,284,946
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.2%
Deutsche Telekom AG 181,412 3,245,291
- --------------------------------------------------------------------------------
Electric Utilities -- 0.5%
E.ON AG 36,962 7,497,576
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
Siemens AG 41,156 4,815,499
- --------------------------------------------------------------------------------
Insurance -- 0.4%
Allianz AG Registered Shares 25,067 5,093,437
- --------------------------------------------------------------------------------
Total Common Stocks in Germany 36,092,754
================================================================================
Hong Kong -- 0.9%
Electric Utilities -- 0.1%
Cheung Kong Infrastructure Holdings Ltd. 135,600 586,664
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
Hutchison Whampoa Ltd. 381,300 3,726,197
- --------------------------------------------------------------------------------
Real Estate Investment Trusts (REITs) -- 0.1%
The Link REIT 684,000 1,637,536
- --------------------------------------------------------------------------------
Real Estate Management & Development -- 0.4%
Cheung Kong Holdings Ltd. 49,200 768,475
Sun Hung Kai Properties Ltd. 147,700 2,581,285
Wharf Holdings Ltd. 506,925 2,563,616
---------------
5,913,376
- --------------------------------------------------------------------------------
Total Common Stocks in Hong Kong 11,863,773
================================================================================
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 9
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- -------------------------------------------------------------------------------
India -- 1.7%
Automobiles -- 0.1%
Bajaj Auto Ltd. (b) 5,700 $ 126,202
Tata Motors Ltd. 82,564 1,362,828
---------------
1,489,030
- --------------------------------------------------------------------------------
Commercial Banks -- 0.1%
State Bank of India Ltd. 18,720 819,333
- --------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
Larsen & Toubro Ltd. 20,375 1,503,499
- --------------------------------------------------------------------------------
Construction Materials -- 0.2%
Gujarat Ambuja Cements Ltd. 829,500 2,329,869
- --------------------------------------------------------------------------------
Diversified Financial Services -- 0.0%
Bajaj Finserv Ltd. (b) 5,700 63,102
Bajaj Holdings and Investments Ltd. 5,700 100,205
Reliance Capital Ltd. 9,600 358,225
---------------
521,532
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Reliance Infrastructure Ltd. 6,150 216,704
- --------------------------------------------------------------------------------
Electrical Equipment -- 0.1%
Bharat Heavy Electricals Ltd. 19,300 907,786
- --------------------------------------------------------------------------------
IT Services -- 0.1%
Infosys Technologies Ltd. 45,600 1,973,099
- --------------------------------------------------------------------------------
Media -- 0.0%
Wire and Wireless India Ltd. (b) 50,057 55,171
Zee News Ltd. (b) 45,261 68,361
Zee Telefilms Ltd. 100,114 527,174
---------------
650,706
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.6%
Hindustan Petroleum Corp. 23,300 148,256
Reliance Industries Ltd. 119,600 7,716,558
---------------
7,864,814
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.0%
Wockhardt Ltd. 17,950 132,299
- --------------------------------------------------------------------------------
Road & Rail -- 0.1%
Container Corp. of India 73,600 1,568,709
- --------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
Housing Development Finance Corp. 20,000 1,384,259
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
Reliance Communication Ventures Ltd. 174,500 2,495,705
- --------------------------------------------------------------------------------
Total Common Stocks in India 23,857,344
================================================================================
Indonesia -- 0.2%
Oil, Gas & Consumable Fuels -- 0.2%
Bumi Resources Tbk PT 4,676,007 3,371,877
- --------------------------------------------------------------------------------
Total Common Stocks in Indonesia 3,371,877
================================================================================
Ireland -- 0.2%
Construction Materials -- 0.2%
CRH Plc 83,208 3,174,964
- --------------------------------------------------------------------------------
Total Common Stocks in Ireland 3,174,964
================================================================================
Common Stocks Shares Value
- -------------------------------------------------------------------------------
Israel -- 0.1%
Pharmaceuticals -- 0.1%
Teva Pharmaceutical Industries Ltd. (a) 22,700 $ 1,061,906
- --------------------------------------------------------------------------------
Software -- 0.0%
AFI Development Plc (a)(b) 80,000 572,000
Check Point Software Technologies Ltd. (b) 4,400 103,928
Ectel Ltd. (a)(b) 4,251 9,522
---------------
685,450
- --------------------------------------------------------------------------------
Total Common Stocks in Israel 1,747,356
================================================================================
Italy -- 1.2%
Commercial Banks -- 0.6%
Banca Intesa SpA 604,449 4,498,550
Unicredit SpA 506,069 3,814,830
---------------
8,313,380
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.2%
Telecom Italia SpA 1,317,997 2,756,392
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.4%
Eni SpA 163,194 6,288,719
- --------------------------------------------------------------------------------
Total Common Stocks in Italy 17,358,491
================================================================================
Japan -- 9.4%
Auto Components -- 0.2%
Toyota Industries Corp. 65,000 2,267,325
- --------------------------------------------------------------------------------
Automobiles -- 0.3%
Honda Motor Co., Ltd. 20,900 667,053
Suzuki Motor Corp. 150,200 3,810,929
---------------
4,477,982
- --------------------------------------------------------------------------------
Beverages -- 0.5%
Coca-Cola Central Japan Co., Ltd. 39 315,795
Coca-Cola West Holdings Co., Ltd. 116,275 2,632,369
Hokkaido Coca-Cola Bottling Co., Ltd. 15,000 89,371
Kirin Holdings Co., Ltd. 179,000 3,202,430
Mikuni Coca-Cola Bottling Co., Ltd. 39,500 411,587
---------------
6,651,552
- --------------------------------------------------------------------------------
Building Products -- 0.2%
Asahi Glass Co., Ltd. 123,800 1,478,253
Daikin Industries Ltd. 34,000 1,701,490
---------------
3,179,743
- --------------------------------------------------------------------------------
Chemicals -- 0.7%
Mitsubishi Rayon Co., Ltd. 811,000 2,637,839
Shin-Etsu Chemical Co., Ltd. 60,000 3,715,208
Sumitomo Chemical Co., Ltd. 447,000 2,903,697
Ube Industries Ltd. 157,500 552,158
---------------
9,808,902
- --------------------------------------------------------------------------------
Commercial Banks -- 0.3%
The Bank of Yokohama Ltd. 60,000 440,592
Fukuoka Financial Group, Inc. 230,100 1,143,826
Shinsei Bank Ltd. 205,000 902,250
Sumitomo Mitsui Financial Group, Inc. 190 1,635,027
---------------
4,121,695
- --------------------------------------------------------------------------------
Construction & Engineering -- 0.5%
JGC Corp. 127,377 2,367,807
Kinden Corp. 138,000 1,307,640
Okumura Corp. 346,500 1,712,613
Toda Corp. 214,700 1,045,015
---------------
6,433,075
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
10 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- -------------------------------------------------------------------------------
Japan (continued)
Consumer Finance -- 0.1%
Credit Saison Co., Ltd. 54,000 $ 1,449,484
- --------------------------------------------------------------------------------
Diversified Financial Services -- 0.4%
RHJ International (b) 383,600 5,004,141
RHJ International (a)(b)(c) 41,200 543,604
---------------
5,547,745
- --------------------------------------------------------------------------------
Electronic Equipment Instruments -- 0.4%
Hoya Corp. 109,000 3,042,170
Murata Manufacturing Co., Ltd. 37,600 1,996,309
---------------
5,038,479
- --------------------------------------------------------------------------------
Food & Staples Retailing -- 0.3%
Ministop Co., Ltd. 4,200 86,823
Seven & I Holdings Co. Ltd. 118,800 3,556,452
---------------
3,643,275
- --------------------------------------------------------------------------------
Food Products -- 0.0%
Ajinomoto Co., Inc. 46,300 467,012
House Foods Corp. 5,200 80,966
---------------
547,978
- --------------------------------------------------------------------------------
Gas Utilities -- 0.2%
Tokyo Gas Co., Ltd. 639,000 2,454,869
- --------------------------------------------------------------------------------
Household Durables -- 0.5%
Daiwa House Industry Co., Ltd. 82,500 933,125
Matsushita Electric Industrial Co., Ltd. 152,000 3,547,784
Rinnai Corp. 25,900 831,673
Sekisui House Ltd. 250,000 2,379,852
Sony Corp. (a) 2,000 91,580
---------------
7,784,014
- --------------------------------------------------------------------------------
Insurance -- 2.0%
Aioi Insurance Co., Ltd. 783,000 4,950,096
Millea Holdings, Inc. 257,500 10,913,710
Mitsui Sumitomo Insurance Group Holdings, Inc. (b) 193,509 7,704,258
Nipponkoa Insurance Co., Ltd. 507,300 4,972,229
---------------
28,540,293
- --------------------------------------------------------------------------------
Machinery -- 0.1%
Kubota Corp. 238,600 1,671,685
Tadano Ltd. 29,000 300,951
---------------
1,972,636
- --------------------------------------------------------------------------------
Media -- 0.2%
Toho Co., Ltd. 103,000 2,355,861
- --------------------------------------------------------------------------------
Office Electronics -- 0.3%
Canon, Inc. 71,400 3,589,821
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.9%
Astellas Pharma, Inc. 137,200 5,647,757
Mitsubishi Tanabe Pharma Corp. 22,100 264,884
Takeda Pharmaceutical Co., Ltd. 137,200 7,253,902
---------------
13,166,543
- --------------------------------------------------------------------------------
Real Estate Management & Development -- 0.1%
NTT Urban Development Co. 935 1,450,662
- --------------------------------------------------------------------------------
Road & Rail -- 0.2%
East Japan Railway Co. 370 2,952,568
- --------------------------------------------------------------------------------
Specialty Retail -- 0.0%
Shimachu Co., Ltd. 13,800 379,756
- --------------------------------------------------------------------------------
Common Stocks Shares Value
- -------------------------------------------------------------------------------
Japan (concluded)
Textiles, Apparel & Luxury Goods -- 0.0%
Asics Corp. 41,300 $ 418,656
- --------------------------------------------------------------------------------
Tobacco -- 0.1%
Japan Tobacco, Inc. 400 1,945,043
- --------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
Mitsubishi Corp. 198,500 6,389,978
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
NTT DoCoMo, Inc. 3,419 5,021,852
Okinawa Cellular Telephone Co. 60 104,201
---------------
5,126,053
- --------------------------------------------------------------------------------
Total Common Stocks in Japan 131,693,988
================================================================================
Kazakhstan -- 0.1%
Oil, Gas & Consumable Fuels -- 0.1%
KazMunaiGas Exploration Production (a) 37,000 1,076,700
- --------------------------------------------------------------------------------
Total Common Stocks in Kazakhstan 1,076,700
================================================================================
Luxembourg -- 0.4%
Metals & Mining -- 0.4%
ArcelorMittal 60,786 5,330,654
- --------------------------------------------------------------------------------
Total Common Stocks in Luxembourg 5,330,654
================================================================================
Malaysia -- 0.5%
Diversified Telecommunication Services -- 0.1%
TM International Bhd (b) 370,000 837,449
Telekom Malaysia Bhd 370,000 423,995
---------------
1,261,444
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Tenaga Nasional Bhd 245,841 510,421
- --------------------------------------------------------------------------------
Food Products -- 0.3%
IOI Corp. Bhd 1,661,720 3,838,363
- --------------------------------------------------------------------------------
Tobacco -- 0.1%
British American Tobacco Malaysia Bhd 84,000 1,135,712
- --------------------------------------------------------------------------------
Transportation Infrastructure -- 0.0%
PLUS Expressways Bhd 83,900 85,598
- --------------------------------------------------------------------------------
Total Common Stocks in Malaysia 6,831,538
================================================================================
Mexico -- 0.4%
Beverages -- 0.2%
Fomento Economico Mexicano, SA de CV (a) 58,100 2,524,445
- --------------------------------------------------------------------------------
Household Durables -- 0.0%
Urbi, Desarrollos Urbanos, SA de CV (b) 54,300 174,205
- --------------------------------------------------------------------------------
Media -- 0.0%
Megacable Holdings, SAB de CV (b) 20,600 60,688
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
America Movil, SA de CV (a) 43,300 2,509,668
- --------------------------------------------------------------------------------
Total Common Stocks in Mexico 5,269,006
================================================================================
Netherlands -- 0.4%
Chemicals -- 0.4%
Akzo Nobel NV 61,529 5,194,687
- --------------------------------------------------------------------------------
Food Products -- 0.0%
Unilever NV (a) 23,200 778,128
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%
Koninklijke Philips Electronics NV 2,000 75,120
- --------------------------------------------------------------------------------
Total Common Stocks in the Netherlands 6,047,935
================================================================================
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 11
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- --------------------------------------------------------------------------------
New Zealand -- 0.0%
Diversified Telecommunication Services -- 0.0%
Telecom Corp. of New Zealand Ltd. 28,711 $ 84,685
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Contact Energy Ltd. 26,900 203,910
- --------------------------------------------------------------------------------
Total Common Stocks in New Zealand 288,595
================================================================================
Norway -- 0.3%
Diversified Telecommunication Services -- 0.1%
Telenor ASA 76,700 1,537,188
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.2%
Statoilhydro ASA 66,123 2,378,844
- --------------------------------------------------------------------------------
Total Common Stocks in Norway 3,916,032
================================================================================
Peru -- 0.0%
Metals & Mining -- 0.0%
Southern Copper Corp. 800 91,808
- --------------------------------------------------------------------------------
Total Common Stocks in Peru 91,808
================================================================================
Philippines -- 0.0%
Independent Power Producers &
Energy Traders -- 0.0%
First Gen Corp. 36,000 30,105
PNOC Energy Development Corp. 496,000 60,654
---------------
90,759
- --------------------------------------------------------------------------------
Total Common Stocks in the Philippines 90,759
================================================================================
Russia -- 0.5%
Metals & Mining -- 0.4%
Cherepovets MK Severstal (a) 59,200 1,444,480
Novolipetsk Steel (a) 16,400 770,800
Polyus Gold Co. ZAO (a) 52,400 2,798,160
---------------
5,013,440
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.1%
OAO Gazprom (a) 38,200 2,032,240
- --------------------------------------------------------------------------------
Transportation Infrastructure -- 0.0%
Novorossiysk Commercial Sea Port (a) 10,200 158,100
- --------------------------------------------------------------------------------
Total Common Stocks in Russia 7,203,780
================================================================================
Singapore -- 1.7%
Commercial Banks -- 0.1%
Oversea-Chinese Banking Corp. 289,000 1,890,399
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.5%
Singapore Telecommunications Ltd. 2,515,960 7,185,023
- --------------------------------------------------------------------------------
Health Care Providers & Services -- 0.1%
Parkway Holdings Ltd. 759,675 1,973,106
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
Fraser and Neave Ltd. 596,000 2,110,422
Keppel Corp. Ltd. 531,600 4,069,473
---------------
6,179,895
- --------------------------------------------------------------------------------
Media -- 0.1%
Singapore Press Holdings Ltd. 238,000 781,755
- --------------------------------------------------------------------------------
Real Estate Investment Trusts (REITs) -- 0.0%
Parkway Life Real Estate Investment Trust 37,983 34,860
- --------------------------------------------------------------------------------
Real Estate Management & Development -- 0.4%
CapitaLand Ltd. 996,000 5,019,841
Keppel Land Ltd. 153,000 686,963
---------------
5,706,804
- --------------------------------------------------------------------------------
Common Stocks Shares Value
- --------------------------------------------------------------------------------
Singapore (concluded)
Trading Companies & Distributors -- 0.0%
Noble Group Ltd. 102,733 $ 168,858
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.0%
MobileOne Ltd. 279,090 398,508
- --------------------------------------------------------------------------------
Total Common Stocks in Singapore 24,319,208
================================================================================
South Africa -- 0.2%
Metals & Mining -- 0.2%
Anglo Platinum Ltd. 6,500 1,036,656
Gold Fields Ltd. (a) 14,900 201,150
Impala Platinum Holdings Ltd. 25,600 1,036,066
---------------
2,273,872
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.0%
Sasol Ltd. 13,700 776,893
- --------------------------------------------------------------------------------
Total Common Stocks in South Africa 3,050,765
================================================================================
South Korea -- 2.0%
Commercial Banks -- 0.2%
Daegu Bank 43,000 681,871
Hana Financial Group, Inc. 16,062 726,339
Kookmin Bank 19,700 1,374,348
Pusan Bank 40,500 651,642
---------------
3,434,200
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.3%
KT Corp. (a) 159,400 3,685,328
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Korea Electric Power Corp. 16,100 537,352
- --------------------------------------------------------------------------------
Electrical Equipment -- 0.0%
LS Cable Ltd. 7,000 686,145
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.0%
Fine DNC Co., Ltd. 68,737 252,114
Interflex Co., Ltd. 93,800 353,630
---------------
605,744
- --------------------------------------------------------------------------------
Food Products -- 0.1%
CJ Cheil Jedang Corp. (b) 1,406 357,685
Nong Shim Co., Ltd. 1,900 349,820
---------------
707,505
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 0.1%
Paradise Co. Ltd. 220,834 701,568
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%
CJ Corp. 2,394 190,386
- --------------------------------------------------------------------------------
Insurance -- 0.3%
Dongbu Insurance Co., Ltd. 33,300 1,247,867
Korean Reinsurance Co. 119,359 1,189,721
Meritz Fire & Marine Insurance Co. Ltd. 162,547 1,409,592
---------------
3,847,180
- --------------------------------------------------------------------------------
Metals & Mining -- 0.4%
POSCO 5,400 2,659,820
POSCO (a) 22,800 2,813,520
---------------
5,473,340
- --------------------------------------------------------------------------------
Multiline Retail -- 0.0%
Lotte Shopping Co. (a)(c) 3,100 56,580
- --------------------------------------------------------------------------------
Semiconductors & Semiconductor
Equipment -- 0.1%
Samsung Electronics Co., Ltd. 1,320 935,758
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
12 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- --------------------------------------------------------------------------------
South Korea (concluded)
Textiles, Apparel & Luxury Goods -- 0.1%
Cheil Industries, Inc. 13,800 $ 752,117
- --------------------------------------------------------------------------------
Tobacco -- 0.3%
KT&G Corp. 50,000 4,138,635
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
SK Telecom Co., Ltd. 7,000 1,408,726
- --------------------------------------------------------------------------------
Total Common Stocks in South Korea 27,160,564
================================================================================
Spain -- 0.5%
Commercial Banks -- 0.4%
Banco Santander SA 257,625 5,571,423
- --------------------------------------------------------------------------------
Electric Utilities -- 0.0%
Iberdrola Renovables (b) 131,900 957,692
- --------------------------------------------------------------------------------
Transportation Infrastructure -- 0.1%
Cintra Concesiones de Infraestructuras
de Transporte SA 45,675 705,032
- --------------------------------------------------------------------------------
Total Common Stocks in Spain 7,234,147
================================================================================
Switzerland -- 2.6%
Capital Markets -- 0.4%
Credit Suisse Group 99,918 5,564,125
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.2%
Swisscom AG 9,218 3,270,323
- --------------------------------------------------------------------------------
Food Products -- 0.7%
Nestle SA Registered Shares 20,424 9,747,929
- --------------------------------------------------------------------------------
Insurance -- 0.5%
Swiss Reinsurance Co. Registered Shares 29,815 2,465,274
Zurich Financial Services AG 13,568 4,112,054
---------------
6,577,328
- --------------------------------------------------------------------------------
Pharmaceuticals -- 0.8%
Novartis AG Registered Shares 124,715 6,286,286
Roche Holding AG 26,747 4,425,992
---------------
10,712,278
- --------------------------------------------------------------------------------
Total Common Stocks in Switzerland 35,871,983
================================================================================
Taiwan -- 1.1%
Commercial Banks -- 0.1%
Chinatrust Financial Holding Co. 1,031,000 1,076,573
- --------------------------------------------------------------------------------
Construction Materials -- 0.0%
Taiwan Cement Corp. 371,235 602,213
- --------------------------------------------------------------------------------
Diversified Financial Services -- 0.0%
Fubon Financial Holding Co. Ltd. 285,200 339,021
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 0.5%
Chunghwa Telecom Co., Ltd. 1,504,900 3,882,451
Chunghwa Telecom Co., Ltd. (a) 93,088 2,374,675
---------------
6,257,126
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.3%
Delta Electronics, Inc. 805,042 2,404,381
HON HAI Precision Industry Co., Ltd. 263,000 1,519,921
---------------
3,924,302
- --------------------------------------------------------------------------------
Insurance -- 0.1%
Cathay Financial Holding Co., Ltd. 621,308 1,743,256
- --------------------------------------------------------------------------------
Common Stocks Shares Value
- --------------------------------------------------------------------------------
Taiwan (concluded)
Semiconductors & Semiconductor
Equipment -- 0.1%
Taiwan Semiconductor Manufacturing Co., Ltd. 296,000 $ 650,590
Taiwan Semiconductor Manufacturing Co., Ltd. (a) 99,000 1,112,760
---------------
1,763,350
- --------------------------------------------------------------------------------
Total Common Stocks in Taiwan 15,705,841
================================================================================
Thailand -- 0.5%
Commercial Banks -- 0.2%
Siam Commercial Bank PCL 943,000 2,646,705
- --------------------------------------------------------------------------------
Construction Materials -- 0.0%
Siam Cement PCL Foreign Shares 48,900 332,789
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.0%
Hana Microelectronics PCL 674,000 371,965
- --------------------------------------------------------------------------------
Food Products -- 0.0%
Thai Union Frozen Products PCL Foreign Shares 38,800 23,738
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.2%
PTT Exploration & Production PCL 107,900 564,850
PTT Public Company THB10 256,600 2,702,756
---------------
3,267,606
- --------------------------------------------------------------------------------
Transportation Infrastructure -- 0.1%
Airports of Thailand PCL 621,100 1,077,278
Bangkok Expressway PCL Foreign Shares 58,400 36,834
---------------
1,114,112
- --------------------------------------------------------------------------------
Total Common Stocks in Thailand 7,756,915
================================================================================
United Kingdom -- 5.5%
Aerospace & Defense -- 0.3%
BAE Systems Plc 500,812 4,616,809
- --------------------------------------------------------------------------------
Beverages -- 0.6%
Diageo Plc (a) 107,900 8,837,010
- --------------------------------------------------------------------------------
Commercial Banks -- 0.3%
Barclays Plc 220,581 1,994,471
HSBC Holdings Plc 159,766 2,774,159
---------------
4,768,630
- --------------------------------------------------------------------------------
Diversified Financial Services -- 0.0%
Guinness Peat Group Plc 195,052 263,337
- --------------------------------------------------------------------------------
Food Products -- 0.6%
Cadbury Schweppes Plc (a) 25,500 1,175,550
Premier Foods Plc 107,500 273,408
Unilever Plc 189,230 6,350,936
---------------
7,799,894
- --------------------------------------------------------------------------------
Insurance -- 0.3%
Prudential Plc 326,834 4,439,414
- --------------------------------------------------------------------------------
Metals & Mining -- 0.8%
Anglo American Plc 86,473 5,589,722
BHP Billiton Plc 169,779 6,058,485
---------------
11,648,207
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 1.2%
BP Plc 631,336 7,650,356
Royal Dutch Shell Plc Class B 215,864 8,601,375
---------------
16,251,731
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 13
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- --------------------------------------------------------------------------------
United Kingdom (concluded)
Pharmaceuticals -- 0.2%
GlaxoSmithKline Plc 88,225 $ 1,951,641
GlaxoSmithKline Plc (a) 2,000 88,220
---------------
2,039,861
- --------------------------------------------------------------------------------
Tobacco -- 0.4%
British American Tobacco Plc 138,793 5,206,432
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.8%
Vodafone Group Plc 2,713,823 8,588,339
Vodafone Group Plc (a) 78,994 2,500,950
---------------
11,089,289
- --------------------------------------------------------------------------------
Total Common Stocks in the United Kingdom 76,960,614
================================================================================
United States -- 39.6%
Aerospace & Defense -- 0.3%
Boeing Co. 9,900 840,114
General Dynamics Corp. 6,200 560,604
Goodrich Corp. 1,200 81,780
Honeywell International, Inc. 1,200 71,280
L-3 Communications Holdings, Inc. 800 89,160
Lockheed Martin Corp. 700 74,228
Northrop Grumman Corp. 800 58,856
Precision Castparts Corp. 9,100 1,069,796
Raytheon Co. 1,100 70,367
Spirit Aerosystems Holdings, Inc. Class A (b) 23,000 670,910
---------------
3,587,095
- --------------------------------------------------------------------------------
Air Freight & Logistics -- 0.0%
FedEx Corp. 4,400 421,828
- --------------------------------------------------------------------------------
Auto Components -- 0.0%
Johnson Controls, Inc. 1,700 59,942
WABCO Holdings, Inc. 400 19,104
---------------
79,046
- --------------------------------------------------------------------------------
Automobiles -- 0.1%
General Motors Corp. 76,475 1,774,220
- --------------------------------------------------------------------------------
Beverages -- 0.3%
The Coca-Cola Co. 41,400 2,437,218
Coca-Cola Enterprises, Inc. 3,100 69,750
Constellation Brands, Inc. Class A (b) 33,000 605,880
Pepsi Bottling Group, Inc. 1,600 53,936
PepsiAmericas, Inc. 14,400 370,080
---------------
3,536,864
- --------------------------------------------------------------------------------
Biotechnology -- 0.0%
Senomyx, Inc. (b) 38,500 231,000
- --------------------------------------------------------------------------------
Capital Markets -- 1.3%
The Bank of New York Mellon Corp. (d) 127,279 5,540,455
The Goldman Sachs Group, Inc. 11,500 2,200,755
Northern Trust Corp. 87,700 6,499,447
State Street Corp. 58,600 4,227,404
---------------
18,468,061
- --------------------------------------------------------------------------------
Chemicals -- 0.4%
CF Industries Holdings, Inc. 600 80,220
Celanese Corp. Series A 1,800 80,550
The Dow Chemical Co. 68,400 2,746,260
E.I. du Pont de Nemours & Co. 62,500 3,056,875
Lubrizol Corp. 1,100 64,152
Terra Industries, Inc. (b) 1,900 71,934
---------------
6,099,991
- --------------------------------------------------------------------------------
Common Stocks Shares Value
- --------------------------------------------------------------------------------
United States (continued)
Commercial Services & Supplies -- 0.0%
Manpower, Inc. 800 $ 53,704
Republic Services, Inc. Class A 2,100 66,759
---------------
120,463
- --------------------------------------------------------------------------------
Communications Equipment -- 2.3%
3Com Corp. (b) 548,700 1,311,393
Ciena Corp. (b) 107,000 3,617,670
Cisco Systems, Inc. (b) 403,400 10,343,176
Comverse Technology, Inc. (b) 195,100 3,404,495
Corning, Inc. 176,800 4,722,328
Extreme Networks, Inc. (b) 38,400 116,352
JDS Uniphase Corp. (b) 21,650 309,811
Juniper Networks, Inc. (b) 2,000 55,240
Motorola, Inc. 113,900 1,134,444
Polycom, Inc. (b) 151,800 3,400,320
QUALCOMM, Inc. 73,100 3,157,189
Tellabs, Inc. (b) 3,900 20,124
---------------
31,592,542
- --------------------------------------------------------------------------------
Computers & Peripherals -- 0.9%
EMC Corp. (b) 3,500 53,900
Hewlett-Packard Co. 41,600 1,928,160
International Business Machines Corp. 65,700 7,929,990
Lexmark International, Inc. Class A (b) 53,300 1,673,087
Seagate Technology 2,700 50,949
Sun Microsystems, Inc. (b) 81,975 1,283,729
Teradata Corp. (b) 1,300 27,677
Western Digital Corp. (b) 2,900 84,071
---------------
13,031,563
- --------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
Foster Wheeler Ltd. (b) 68,584 4,368,115
KBR, Inc. 28,421 819,662
---------------
5,187,777
- --------------------------------------------------------------------------------
Consumer Finance -- 0.0%
Discover Financial Services, Inc. 350 6,373
- --------------------------------------------------------------------------------
Containers & Packaging -- 0.1%
Crown Holdings, Inc. (b) 49,600 1,331,264
Owens-Illinois, Inc. (b) 1,700 93,755
Smurfit-Stone Container Corp. (b) 54,600 296,478
---------------
1,721,497
- --------------------------------------------------------------------------------
Distributors -- 0.0%
Genuine Parts Co. 1,400 59,444
- --------------------------------------------------------------------------------
Diversified Financial Services -- 0.2%
Bank of America Corp. 18,700 701,998
JPMorgan Chase & Co. 29,800 1,419,970
---------------
2,121,968
- --------------------------------------------------------------------------------
Diversified Telecommunication Services -- 1.8%
AT&T Inc. 372,787 14,430,585
CenturyTel, Inc. 1,400 45,430
Embarq Corp. 8,635 358,957
FairPoint Communications, Inc. 4,103 37,789
General Communication, Inc. Class A (b) 49,300 306,153
Qwest Communications International Inc. 298,900 1,542,324
Verizon Communications, Inc. 217,600 8,373,248
Windstream Corp. 39,891 468,320
---------------
25,562,806
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
14 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- --------------------------------------------------------------------------------
United States (continued)
Electric Utilities -- 0.6%
Duke Energy Corp. 3,600 $ 65,916
Exelon Corp. 5,100 435,948
FPL Group, Inc. 43,300 2,870,357
FirstEnergy Corp. 900 68,076
Mirant Corp. (b) 39,900 1,640,289
PPL Corp. 46,200 2,218,524
RusHydro 9,543,400 725,298
---------------
8,024,408
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.1%
Avnet, Inc. (b) 1,400 36,666
Tyco Electronics Ltd. 21,775 814,603
---------------
851,269
- --------------------------------------------------------------------------------
Energy Equipment & Services -- 1.4%
Complete Production Services, Inc. (b) 63,300 1,709,733
ENSCO International, Inc. 9,100 579,943
Halliburton Co. 49,350 2,265,658
Key Energy Services, Inc. (b) 40,825 559,302
Nabors Industries Ltd. (b) 18,700 701,998
National Oilwell Varco, Inc. (b) 57,872 3,961,338
Noble Corp. 11,000 619,080
Schlumberger Ltd. 52,300 5,258,765
Smith International, Inc. 15,400 1,178,254
Transocean, Inc. 14,230 2,098,356
Weatherford International Ltd. (b) 16,750 1,351,222
---------------
20,283,649
- --------------------------------------------------------------------------------
Food & Staples Retailing -- 0.2%
CVS Caremark Corp. 33,070 1,335,036
The Kroger Co. 2,100 57,225
SUPERVALU, Inc. 16,291 539,232
Wal-Mart Stores, Inc. 13,600 788,528
---------------
2,720,021
- --------------------------------------------------------------------------------
Food Products -- 0.6%
ConAgra Foods, Inc. 39,400 928,264
H.J. Heinz Co. 31,793 1,495,225
Hormel Foods Corp. 2,200 86,702
Kraft Foods, Inc. 182,204 5,763,113
Sara Lee Corp. 34,200 496,242
---------------
8,769,546
- --------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 0.5%
Baxter International, Inc. 16,700 1,040,744
Boston Scientific Corp. (b) 70,400 938,432
Covidien Ltd. 24,975 1,166,083
Medtronic, Inc. 65,100 3,169,068
---------------
6,314,327
- --------------------------------------------------------------------------------
Health Care Providers & Services -- 1.4%
Aetna, Inc. 67,900 2,960,440
AmerisourceBergen Corp. 26,000 1,054,300
Cigna Corp. 55,200 2,357,592
Coventry Health Care, Inc. (b) 22,600 1,010,898
DaVita, Inc. (b) 20,400 1,069,164
Express Scripts, Inc. (b) 1,300 91,026
Health Net, Inc. (b) 1,400 41,006
HealthSouth Corp. (b)(e) 30,560 601,115
Humana, Inc. (b) 64,800 3,096,792
McKesson Corp. 30,000 1,563,600
Common Stocks Shares Value
- --------------------------------------------------------------------------------
United States (continued)
Health Care Providers & Services (concluded)
Medco Health Solutions, Inc. (b) 35,900 $ 1,778,486
PharMerica Corp. (b) 1,475 25,119
UnitedHealth Group, Inc. 67,700 2,209,051
WellPoint, Inc. (b) 29,650 1,475,088
---------------
19,333,677
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 0.9%
McDonald's Corp. (d) 46,900 2,794,302
Panera Bread Co. Class A (b) 176,862 9,242,808
---------------
12,037,110
- --------------------------------------------------------------------------------
Household Durables -- 0.0%
Mohawk Industries, Inc. (b) 800 60,952
- --------------------------------------------------------------------------------
Household Products -- 0.9%
Clorox Co. 1,100 58,300
The Procter & Gamble Co. 186,800 12,524,940
---------------
12,583,240
- --------------------------------------------------------------------------------
IT Services -- 0.0%
Accenture Ltd. Class A 1,400 52,570
Affiliated Computer Services, Inc. Class A (b) 1,800 95,346
Computer Sciences Corp. (b) 1,300 56,667
Electronic Data Systems Corp. 1,800 33,408
Hewitt Associates, Inc. Class A (b) 2,400 98,400
---------------
336,391
- --------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.3%
The AES Corp. (b) 62,300 1,081,528
Constellation Energy Group, Inc. 28,000 2,370,200
Dynegy, Inc. Class A (b) 103,000 887,860
NRG Energy, Inc. (b) 9,400 413,130
---------------
4,752,718
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 1.7%
General Electric Co. (d) 715,000 23,380,500
Textron, Inc. 1,200 73,212
Tyco International Ltd. 21,775 1,018,852
---------------
24,472,564
- --------------------------------------------------------------------------------
Insurance -- 3.3%
ACE Ltd. 72,400 4,364,996
The Allstate Corp. 2,000 100,720
American International Group, Inc. (d) 347,800 16,068,360
Assurant, Inc. 28,100 1,826,500
Axis Capital Holdings Ltd. 1,400 47,474
CNA Financial Corp. 1,300 34,853
Chubb Corp. 21,700 1,149,449
Darwin Professional Underwriters, Inc. (b) 10,800 267,300
Endurance Specialty Holdings Ltd. 62,000 2,302,060
Everest Re Group Ltd. 8,900 804,115
Fidelity National Title Group, Inc. Class A (e) 237,500 3,797,625
Genworth Financial, Inc. Class A 1,400 32,284
Hartford Financial Services Group, Inc. 29,300 2,088,211
IPC Holdings, Ltd. 40,700 1,184,777
Lincoln National Corp. 700 37,632
Loews Corp. 1,400 58,954
Marsh & McLennan Cos., Inc. 26,700 736,653
Platinum Underwriters Holdings Ltd. 27,200 975,664
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 15
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- --------------------------------------------------------------------------------
United States (continued)
Insurance (concluded)
Prudential Financial, Inc. 9,300 $ 704,103
RenaissanceRe Holdings Ltd. 25,500 1,311,720
The Travelers Cos., Inc. 56,900 2,867,760
XL Capital Ltd. Class A 167,900 5,858,031
---------------
46,619,241
- --------------------------------------------------------------------------------
Internet & Catalog Retail -- 0.0%
Expedia, Inc. (b) 2,300 58,098
Liberty Media Holding Corp. -- Interactive (b) 3,415 51,669
---------------
109,767
- --------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
Google, Inc. Class A (b)(d) 7,200 4,134,888
- --------------------------------------------------------------------------------
Leisure Equipment & Products -- 0.1%
Hasbro, Inc. 2,000 71,120
Mattel, Inc. 105,400 1,976,250
---------------
2,047,370
- --------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
Applera Corp. -- Applied Biosystems Group 2,000 63,820
Thermo Fisher Scientific, Inc. (b) 26,000 1,504,620
Waters Corp. (b) 34,650 2,129,589
---------------
3,698,029
- --------------------------------------------------------------------------------
Machinery -- 0.0%
AGCO Corp. (b) 1,400 84,182
Cummins, Inc. 1,400 87,710
Deere & Co. 1,200 100,884
Dover Corp. 2,200 108,834
Parker Hannifin Corp. 1,100 87,835
SPX Corp. 1,100 135,300
---------------
604,745
- --------------------------------------------------------------------------------
Marine -- 0.3%
American Commercial Lines, Inc. (b) 267,200 4,227,104
- --------------------------------------------------------------------------------
Media -- 0.8%
CBS Corp. Class B 2,000 46,140
Comcast Corp. Class A (e) 402,500 8,271,375
Discovery Holding Co. (b) 4,800 111,168
Idearc, Inc. 7,026 23,186
Liberty Media Corp. -- Entertainment Class A (b) 68 1,765
Liberty Media Holding Corp. -- Capital (b) 17 261
Time Warner, Inc. 38,200 567,270
Viacom, Inc. Class B (b) 17,450 670,778
Virgin Media, Inc. 85,650 1,104,885
---------------
10,796,828
- --------------------------------------------------------------------------------
Metals & Mining -- 1.2%
AK Steel Holding Corp. 1,400 87,892
Alcoa, Inc. 57,100 1,985,938
Freeport-McMoRan Copper & Gold, Inc. Class B 17,000 1,933,750
Newmont Mining Corp. (e) 209,000 9,239,890
Reliance Steel & Aluminum Co. 1,500 91,170
United States Steel Corp. 26,300 4,048,885
---------------
17,387,525
- --------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
CMS Energy Corp. 50,600 737,748
- --------------------------------------------------------------------------------
Common Stocks Shares Value
- --------------------------------------------------------------------------------
United States (continued)
Multiline Retail -- 0.0%
Big Lots, Inc. (b) 2,300 $ 62,169
Family Dollar Stores, Inc. 1,900 40,660
---------------
102,829
- --------------------------------------------------------------------------------
Office Electronics -- 0.2%
Xerox Corp. 151,600 2,117,852
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 4.9%
Alliance Resource Partners LP 33,000 1,368,510
Anadarko Petroleum Corp. 24,100 1,604,096
Apache Corp. 14,800 1,993,264
CNX Gas Corp. (b) 56,300 2,310,552
Chevron Corp. 58,150 5,591,122
ConocoPhillips 108,200 9,321,430
Consol Energy, Inc. 117,400 9,504,704
Devon Energy Corp. 43,000 4,876,200
El Paso Corp. 440,700 7,553,598
Exxon Mobil Corp. (d) 111,900 10,414,533
Foundation Coal Holdings, Inc. 65,750 3,943,685
Hess Corp. 18,500 1,964,700
Marathon Oil Corp. 52,100 2,374,197
Murphy Oil Corp. 21,400 1,933,276
Noble Energy, Inc. 1,200 104,400
Occidental Petroleum Corp. 37,050 3,082,931
Patriot Coal Corp. (b) 3,340 220,607
Stone Energy Corp. (b) 15,400 938,476
Sunoco, Inc. 800 37,128
Valero Energy Corp. 1,100 53,735
---------------
69,191,144
- --------------------------------------------------------------------------------
Paper & Forest Products -- 0.1%
International Paper Co. 41,200 1,078,204
- --------------------------------------------------------------------------------
Personal Products -- 0.1%
Avon Products, Inc. 29,700 1,158,894
- --------------------------------------------------------------------------------
Pharmaceuticals -- 4.4%
Abbott Laboratories 85,200 4,494,300
Bristol-Myers Squibb Co. 563,100 12,371,307
Eli Lilly & Co. 54,800 2,638,072
Endo Pharmaceuticals Holdings, Inc. (b) 15,000 372,450
Forest Laboratories, Inc. (b) 21,900 760,149
Johnson & Johnson 250,800 16,826,172
King Pharmaceuticals, Inc. (b) 21,400 200,946
Merck & Co., Inc. 137,175 5,218,137
Pfizer, Inc. 507,900 10,213,869
Schering-Plough Corp. 133,600 2,459,576
Valeant Pharmaceuticals International (b) 164,300 2,181,904
Wyeth 78,900 3,508,683
---------------
61,245,565
- --------------------------------------------------------------------------------
Real Estate Investment Trusts (REITs) -- 0.1%
Ventas, Inc. 14,900 723,544
- --------------------------------------------------------------------------------
Real Estate Management & Development -- 0.3%
The St. Joe Co. 89,100 3,623,697
- --------------------------------------------------------------------------------
Road & Rail -- 3.1%
Burlington Northern Santa Fe Corp. 232,500 23,842,875
CSX Corp. 1,600 100,720
Norfolk Southern Corp. 65,300 3,890,574
Union Pacific Corp. 107,000 15,535,330
---------------
43,369,499
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
16 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
- --------------------------------------------------------------------------------
United States (concluded)
Semiconductors & Semiconductor
Equipment -- 0.7%
Applied Materials, Inc. 63,600 $ 1,186,776
Intel Corp. 370,000 8,236,200
Intersil Corp. Class A 2,000 53,440
LSI Corp. (b) 18,500 114,700
Novellus Systems, Inc. (b) 1,800 39,348
Nvidia Corp. (b) 2,000 41,100
Texas Instruments, Inc. 13,900 405,324
---------------
10,076,888
- --------------------------------------------------------------------------------
Software -- 1.8%
BMC Software, Inc. (b) 1,300 45,188
Borland Software Corp. (b) 12,700 22,479
CA, Inc. 213,500 4,726,890
Cadence Design Systems, Inc. (b) 2,400 26,712
Microsoft Corp. 719,800 20,528,696
Novell, Inc. (b) 47,800 300,184
Oracle Corp. (b) 3,500 72,975
Synopsys, Inc. (b) 2,000 46,220
---------------
25,769,344
- --------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 0.0%
Hanesbrands, Inc. (b) 4,350 152,337
Unifi, Inc. (b) 127,500 381,225
---------------
533,562
- --------------------------------------------------------------------------------
Tobacco -- 0.4%
Altria Group, Inc. 86,000 1,720,000
Loews Corp. -- Carolina Group 1,000 65,670
Philip Morris International, Inc. (b) 86,000 4,388,580
Reynolds American, Inc. 1,000 53,850
---------------
6,228,100
- --------------------------------------------------------------------------------
Transportation Infrastructure -- 0.2%
Macquarie Infrastructure Co. LLC 114,300 3,383,280
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
Sprint Nextel Corp. 256,500 2,049,435
Telephone & Data Systems, Inc. 800 30,640
---------------
2,080,075
- --------------------------------------------------------------------------------
Total Common Stocks in the United States 555,188,132
================================================================================
Total Common Stocks -- 84.8% 1,188,247,211
================================================================================
================================================================================
Exchange-Traded Funds
================================================================================
Brazil -- 0.3%
iShares MSCI Brazil (Free) Index Fund (e) 44,100 3,972,969
- --------------------------------------------------------------------------------
Total Exchange-Traded Funds in Brazil 3,972,969
================================================================================
South Korea -- 0.8%
iShares MSCI South Korea Index Fund 185,100 11,128,212
- --------------------------------------------------------------------------------
Total Exchange-Traded Funds in South Korea 11,128,212
================================================================================
Exchange-Traded Funds Shares Value
- --------------------------------------------------------------------------------
United States -- 5.5%
Consumer Staples Select Sector SPDR Fund 112,700 $ 3,116,155
Health Care Select Sector SPDR Fund (e) 113,700 3,581,550
iShares Dow Jones US Technology Sector
Index Fund 36,100 2,037,484
iShares Dow Jones US Telecommunications
Sector Index Fund 54,800 1,385,344
iShares Silver Trust (b) 31,500 5,266,800
streetTRACKS(R) Gold Trust (b) 397,600 34,507,704
Technology Select Sector SPDR Fund 794,500 18,909,100
Telecom HOLDRs Trust 15,500 520,025
Utilities Select Sector SPDR Fund 184,900 7,373,812
Vanguard Telecommunication Services 1,900 125,191
- --------------------------------------------------------------------------------
Total Exchange-Traded Funds in the United States 76,823,165
================================================================================
Total Exchange-Traded Funds -- 6.6% 91,924,346
================================================================================
================================================================================
Mutual Funds
================================================================================
Vietnam -- 0.3%
Vietnam Enterprise Investments Ltd. -- R Shares (b) 139,954 496,837
Vinaland Ltd. (b) 2,673,680 3,903,573
- --------------------------------------------------------------------------------
Total Mutual Funds -- 0.3% 4,400,410
================================================================================
================================================================================
Preferred Stocks
================================================================================
United States -- 0.4%
Capital Markets -- 0.1%
Lehman Brothers Holdings, Inc. Series P, 7.25% (f) 1,193 1,460,232
- --------------------------------------------------------------------------------
Diversified Financial Services -- 0.3%
Citigroup, Inc. Series T, 6.50% (f) 90,000 4,693,500
- --------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.0%
Fannie Mae Series 2004-1, 5.375% (f) 5 355,000
- --------------------------------------------------------------------------------
Total Preferred Stocks -- 0.4% 6,508,732
================================================================================
================================================================================
Warrants (g)
================================================================================
Canada -- 0.0%
Metals & Mining -- 0.0%
Peak Gold Ltd. (expires 4/03/12) 170,500 22,855
- --------------------------------------------------------------------------------
Total Warrants -- 0.0% 22,855
================================================================================
================================================================================
Rights
================================================================================
Brazil -- 0.0%
Food & Staples Retailing -- 0.0%
Cia Brasileirra de Distribuicao Grupo Pao
de Acucar (h) 2,147 1,679
- --------------------------------------------------------------------------------
Food Products -- 0.0%
JBS SA (i) 83,472 84,366
- --------------------------------------------------------------------------------
Total Rights -- 0.0% 86,045
================================================================================
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 17
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par
Corporate Bonds (000) Value
- --------------------------------------------------------------------------------
China -- 0.3%
Automobiles -- 0.2%
Brilliance China Finance Ltd., 0%, 6/07/11 (f)(j) USD 1,831 $ 2,130,918
- --------------------------------------------------------------------------------
Food Products -- 0.1%
Chaoda Modern Agriculture Holdings Ltd., 0%,
5/08/11 (f)(j) HKD 9,080 2,021,493
- --------------------------------------------------------------------------------
Total Corporate Bonds in China 4,152,411
================================================================================
Hong Kong -- 0.0%
Hotels, Restaurants & Leisure -- 0.0%
FU JI Food and Catering Services Holdings Ltd.,
0%, 10/18/10 (f)(j) CNY 5,000 583,184
- --------------------------------------------------------------------------------
Real Estate Management &
Development -- 0.0%
Hongkong Land CB 2005 Ltd., 2.75%,
12/21/12 (f) USD 200 253,000
- --------------------------------------------------------------------------------
Total Corporate Bonds in Hong Kong 836,184
================================================================================
India -- 0.4%
Automobiles -- 0.2%
Tata Motors Ltd., 1%, 4/27/11 (f) 1,945 2,223,855
- --------------------------------------------------------------------------------
Beverages -- 0.0%
McDowell & Co. Ltd., 2%, 3/30/11 (f) 170 383,393
- --------------------------------------------------------------------------------
Metals & Mining -- 0.2%
Gujarat NRE Coke Ltd., 0%, 4/12/11 (f)(j) 1,000 2,300,000
- --------------------------------------------------------------------------------
Total Corporate Bonds in India 4,907,248
================================================================================
Malaysia -- 1.0%
Diversified Financial Services -- 0.0%
Feringghi Capital Ltd., 0%, 12/22/09 (f)(j) 600 720,000
- --------------------------------------------------------------------------------
Diversified Telecommunication
Services -- 0.5%
Rafflesia Capital Ltd., 1.25%, 10/04/11 (f) 5,700 6,970,092
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 0.2%
Berjaya Land Bhd, 8%, 8/15/11 (f) MYR 5,890 1,934,433
Resorts World Bhd, 0%, 9/19/08 (f)(j) 420 167,854
---------------
2,102,287
- --------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
YTL Power Finance Cayman Ltd., 0%,
5/09/10 (f)(j) USD 3,500 4,794,958
- --------------------------------------------------------------------------------
Total Corporate Bonds in Malaysia 14,587,337
================================================================================
Singapore -- 0.1%
Real Estate Management & Development -- 0.1%
Keppel Land Ltd., 2.50%, 6/23/13 (f) SGD 1,000 805,972
- --------------------------------------------------------------------------------
Total Corporate Bonds in Singapore 805,972
================================================================================
Taiwan -- 0.0%
Insurance -- 0.0%
Shin Kong Financial Holding Co. Ltd., 0%,
6/17/09 (f)(j) USD 20 22,959
- --------------------------------------------------------------------------------
Total Corporate Bonds in Taiwan 22,959
================================================================================
United Arab Emirates -- 1.0%
Oil, Gas & Consumable Fuels -- 0.4%
Dana Gas Sukuk Ltd., 7.50%, 10/31/12 (f) 5,920 5,901,707
- --------------------------------------------------------------------------------
Par
Corporate Bonds (000) Value
- --------------------------------------------------------------------------------
United Arab Emirates (concluded)
Real Estate Management &
Development -- 0.6%
Aldar Funding Ltd., 5.767%, 11/10/11 (f) USD 4,400 $ 8,800,000
- --------------------------------------------------------------------------------
Total Corporate Bonds in the United Arab Emirates 14,701,707
================================================================================
United States -- 0.7%
Biotechnology -- 0.0%
Cell Genesys, Inc., 3.125%, 11/01/11 (f) 90 66,486
Nabi Biopharmaceuticals, 2.875%, 4/15/25 (f) 50 44,625
---------------
111,111
- --------------------------------------------------------------------------------
Commercial Banks -- 0.2%
Preferred Term Securities:
XXIV, Ltd., 5.965%, 3/22/37 (c) 1,200 852,000
XXV, Ltd., 5.758%, 6/22/37 (k) 1,150 897,000
XXVI, Ltd., 6.191%, 9/22/37 970 737,200
XXVII, Ltd., 6.29%, 12/22/37 (k) 900 828,000
---------------
3,314,200
- --------------------------------------------------------------------------------
Food Products -- 0.4%
IOI Capital Bhd Series IOI, 0%, 12/18/11 (f)(j) 3,150 5,292,000
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.1%
McMoRan Exploration Co., 5.25%, 10/06/11 (f)(j) 480 814,800
- --------------------------------------------------------------------------------
Total Corporate Bonds in the United States 9,532,111
================================================================================
Total Corporate Bonds -- 3.5% 49,545,929
================================================================================
================================================================================
Structured Notes
================================================================================
Europe -- 1.0%
Goldman Sachs & Co. (Dow Jones EURO
STOXX 50(R) Index Linked Notes),
6/20/2008 (b)(l) 7,060 6,816,148
JPMorgan Chase & Co. (Dow Jones EURO
STOXX 50(R) Index Linked Notes), 6/17/08 (l) 7,060 6,916,682
- --------------------------------------------------------------------------------
Total Structured Notes in Europe 13,732,830
================================================================================
United States -- 2.7%
JPMorgan Chase & Co. (Bearish Buffered
Return Enhanced Notes Linked Inversely to
the S&P 500), 5/04/09 (m) 18,400 21,544,560
Morgan Stanley (Bear Market PLUS S&P 500
Linked Notes), 5/07/09 (b)(m) 8,756 10,037,003
UBS AG (Gold Linked Notes), 3/23/09 (b)(i) 5,600 6,703,200
- --------------------------------------------------------------------------------
Total Structured Notes in the United States 38,284,763
================================================================================
Total Structured Notes -- 3.7% 52,017,593
================================================================================
Total Fixed Income Securities -- 7.2% 101,563,522
================================================================================
Total Long-Term Investments (Cost -- $1,217,400,756) -- 99.3% 1,392,753,121
================================================================================
================================================================================
Short-Term Securities
================================================================================
United States -- 2.3%
Government National Bills -- 0.8%
U.S. Treasury Bills:
1.20%, 5/01/08 4,000 4,000,000
1.12%, 6/05/08 2,000 1,997,861
1.21%, 7/17/08 2,000 1,994,867
1.32%, 7/24/08 3,000 2,990,830
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
18 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par
Short-Term Securities (000) Value
- --------------------------------------------------------------------------------
United States (concluded)
Time Deposits -- 0.0%
Brown Brothers Harriman & Co., 1.69%, 5/01/08 $ 84 $ 84,201
- --------------------------------------------------------------------------------
================================================================================
Beneficial
Interest
(000)
- --------------------------------------------------------------------------------
Money Market Fund -- 1.5%
BlackRock Liquidity Series, LLC Money Market
Series, 2.85% (n)(o)(p) 20,675 20,674,500
- --------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $31,742,259) -- 2.3% 31,742,259
================================================================================
================================================================================
Options Purchased Contracts
- --------------------------------------------------------------------------------
Call Options Purchased
Bristol-Myers Squibb Co., expiring
January 2009 at USD 35 1,020 6,120
General Motors Corp.:
expiring January 2010 at USD 50 592 47,360
expiring January 2010 at USD 60 558 24,273
Medtronic, Inc.:
expiring January 2009 at USD 50 152 51,680
expiring January 2009 at USD 60 501 30,060
---------------
159,493
- --------------------------------------------------------------------------------
Put Options Purchased
Bed Bath & Beyond, Inc.:
expiring May 2008 at USD 25 860 6,450
expiring August 2008 at USD 25 832 45,760
Best Buy Co., Inc., expiring June 2008 at USD 40 505 60,600
Carnival Corp., expiring July 2008 at USD 40 960 252,000
Kohl's Corp., expiring July 2008 at USD 40 1,508 131,950
Masco Corp., expiring July 2008 at USD 20 850 221,000
Royal Caribbean Cruises Ltd., expiring
June 2008 at USD 35 960 379,200
Russell 2000 Index, expiring September 2008
at USD 670 250 696,250
The Sherwin-Williams Co., expiring June 2008
at USD 50 740 86,950
Staples, Inc., expiring June 2008 at USD 20 1,473 95,745
Williams-Sonoma, Inc., expiring August 2008
at USD 20 729 67,433
Yahoo! Inc., expiring July 2008 at USD 25 1,513 243,593
---------------
2,286,931
- --------------------------------------------------------------------------------
Total Options Purchased (Cost -- $4,323,854) -- 0.2% 2,446,424
================================================================================
Total Investments Before Options Written and
Investments Sold Short
(Cost -- $1,253,466,869*) -- 101.8% 1,426,941,804
================================================================================
Options Written Contracts Value
- --------------------------------------------------------------------------------
Call Options Written
American Commercial Lines, Inc.:
expiring June 2008 at USD 20 117 $ (1,463)
expiring June 2008 at USD 22.5 690 (5,175)
Burlington Northern Santa Fe Corp., expiring
January 2009 at USD 90 774 (1,428,030)
Cigna Corp., expiring January 2009 at
USD 4.375 175 (88,375)
Consol Energy, Inc., expiring January 2009 at
USD 45 496 (1,884,800)
Corning, Inc.:
expiring January 2009 at USD 25 692 (283,720)
expiring January 2009 at USD 30 939 (164,325)
The Dow Chemical Co., expiring January 2009
at USD 35 684 (444,600)
E.I. du Pont de Nemours & Co., expiring January
2009 at USD 45 424 (271,360)
Foster Wheeler Ltd.:
expiring August 2008 at USD 77.5 253 (64,515)
expiring January 2009 at USD 67.5 112 (104,160)
General Motors Corp.:
expiring June 2008 at USD 25 387 (38,313)
expiring January 2009 at USD 30 377 (66,541)
Humana, Inc., expiring January 2009 at USD 45 211 (178,295)
Kraft Foods, Inc., expiring January 2009
at USD 30 755 (241,600)
Lehman Brothers Holdings, Inc., expiring July
2008 at USD 45 200 (79,000)
Lexmark International, Inc. Class A, expiring
January 2009 at USD 35 533 (158,567)
Mattel, Inc., expiring January 2009 at USD 17.5 1,054 (295,120)
Norfolk Southern Corp., expiring January 2009
at USD 55 494 (461,890)
Panera Bread Co. Class A, expiring January 2009
at USD 40 1,175 (1,609,750)
Polycom, Inc.:
expiring January 2009 at USD 25 181 (40,273)
expiring January 2009 at USD 30 1,160 (95,700)
The St. Joe Co.:
expiring January 2009 at USD 35 443 (345,540)
expiring January 2009 at USD 40 276 (132,480)
expiring January 2009 at USD 45 68 (18,020)
State Street Corp.:
expiring May 2008 at USD 75 103 (9,012)
expiring May 2008 at USD 80 103 (2,060)
expiring January 2009 at USD 70 131 (135,585)
Unilever NV, expiring January 2009 at USD 30 232 (107,880)
United States Steel Corp., expiring January 2009
at USD 110 200 (1,054,000)
United Health Group, Inc., expiring January 2009
at USD 35 268 (79,730)
Valeant Pharmaceuticals International:
expiring January 2009 at USD 12.5 929 (218,315)
expiring January 2009 at USD 15 714 (92,820)
WellPoint, Inc., expiring January 2009 at USD 55 148 (58,460)
Xerox Corp., expiring January 2009 at USD 20 674 (10,110)
---------------
(10,269,584)
- --------------------------------------------------------------------------------
Put Options Written
Russell 2000 Index, expiring September 2008
at USD 550 164 (99,220)
- --------------------------------------------------------------------------------
Total Options Written
(Premiums Received -- $6,717,400) -- (0.7%) (10,368,804)
================================================================================
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 19
================================================================================
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Investments Sold Short Shares Value
- --------------------------------------------------------------------------------
Bed Bath & Beyond, Inc. (199,200) $ (6,474,000)
Best Buy Co., Inc. (86,500) (3,721,230)
Black & Decker, Corp. (26,300) (1,726,069)
CBS CORP NEW (71,300) (1,644,891)
Carnival Corp. (159,000) (6,387,030)
D.R. Horton, Inc. (191,600) (2,967,884)
iShares Russell 2000 Index Fund (718,170) (51,270,156)
Kohl's Corp. (91,080) (4,449,258)
Leggett & Platt, Inc. (152,200) (2,526,520)
MGM Mirage (47,400) (2,424,510)
Masco Corp. (285,600) (5,200,776)
Investments Sold Short Shares Value
- --------------------------------------------------------------------------------
Sherwin-Williams Co. (61,000) $ (3,374,520)
Staples Inc. (103,700) (2,250,290)
Williams-Sonoma, Inc. (129,710) (3,424,344)
- --------------------------------------------------------------------------------
Total Investments Sold Short
(Proceeds -- $100,883,429) -- (7.0%) (97,841,478)
================================================================================
Total Investments, Net of Options Written and
Investments Sold Short -- 94.1% 1,318,731,522
Other Assets Less Liabilities -- 5.9% 82,561,458
---------------
Net Assets -- 100.0% $1,401,292,980
===============
- --------------------------------------------------------------------------------
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost ......................................... $1,257,250,888
===============
Gross unrealized appreciation .......................... $ 229,500,276
Gross unrealized depreciation .......................... (59,809,360)
---------------
Net unrealized appreciation ............................ $ 169,690,916
===============
(a) Depositary receipts.
(b) Non-income producing security.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors. Unless otherwise
indicated, these securities are not considered to be illiquid.
(d) All or a portion of the security has been pledged as collateral in
connection with open financial futures contracts.
(e) Security, or a portion of security, is on loan.
(f) Convertible security.
(g) 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.
(h) The rights may be exercised until 5/09/2008.
(i) The rights may be exercised until 5/13/2008.
(j) Represents a zero coupon bond.
(k) Security is illiquid.
(l) Security represents an index linked note. Value of the instruments is
derived from the price fluctuations in the underlying index.
(m) Security represents an index linked note. Value of the instruments is
inversely derived from the price fluctuations in the underlying index.
(n) Security was purchased with the cash proceeds from securities loans.
(o) Represents the current yield as of report date.
(p) 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
Activity Interest
Affiliate (000) Income
--------------------------------------------------------------------------
BlackRock Liquidity Series, LLC
Money Market Series $ (2,752) $ 75,334
--------------------------------------------------------------------------
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.
o Forward foreign exchange contracts as of April 30,2008 were as follows:
- --------------------------------------------------------------------------------
Unrealized
Currency Currency Settlement Appreciation
Purchased Sold Date (Depreciation)
- --------------------------------------------------------------------------------
EUR 17,264,837 USD $ 26,996,680 5/14/08 $ (54,246)
JPY 1,507,164,000 USD 14,878,223 5/01/08 (383,245)
JPY 26,261,694 USD 254,320 5/02/08 (1,736)
JPY 1,634,100,000 USD 15,812,086 5/15/08 (82,166)
USD 188,818 VND 3,025,804,500 5/21/08 2,660
VND 3,025,804,500 USD 188,700 5/21/08 (2,542)
- --------------------------------------------------------------------------------
Net Unrealized Depreciation $ (521,275)
==============
o Financial futures contracts purchased as of April 30,2008 were as follows:
- --------------------------------------------------------------------------------
Unrealized
Expiration Face Appreciation
Contracts Issue Exchange Date Value (Depreciation)
- --------------------------------------------------------------------------------
10 Dax Index Eurex June 2008 $ 2,526,845 $ 202,181
25 Euro Deutshcland
46 Hang Seng Index Hong Kong May 2008 7,541,580 53,616
26 MSCI Singapore Singapore May 2008 1,497,517 (11,200)
IX Ets
374 S&P 500 Index Chicago June 2008 123,135,493 6,455,507
124 Taiwan MSCI Singapore May 2008 4,299,576 (37,696)
Simex Index
120 Topix Index Tokyo June 2008 13,774,840 1,838,950
- --------------------------------------------------------------------------------
Net Unrealized Appreciation $ 8,501,358
==============
o Financial futures contracts sold as of April 30,2008 were as follows:
- --------------------------------------------------------------------------------
Expiration Face Unrealized
Contracts Issue Exchange Date Value Depreciation
- --------------------------------------------------------------------------------
393 Russell Chicago June 2008 $ 27,552,158 $ (645,592)
Mini Future
85 DJ Euro Stoxx 50 Eurex June 2008 4,585,548 (406,176)
Deutschland
- --------------------------------------------------------------------------------
Net Unrealized Depreciation $ (1,051,768)
==============
See Notes to Financial Statements.
20 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Schedule of Investments (concluded)
o Swaps outstanding as of April 30, 2008 were as follows:
- --------------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
(000) (Depreciation)
- --------------------------------------------------------------------------------
Bought credit default protection on
DaimlerChrysler NA Holding Corp and pay 0.53%
Broker, JPMorgan Chase
Expires June 2011 EUR 160,000 $ (618)
Bought credit default protection on Carnival Corp.
and pay 0.25%
Broker, JPMorgan Chase
Expires September 2011 USD 310,000 4,619
Bought credit default protection on Whirlpool Corp.
and pay 0.48%
Broker, JPMorgan Chase
Expires September 2011 USD 103,000 708
Bought credit default protection on McDonald's
Corp. and pay 0.16%
Broker, JPMorgan Chase
Expires September 2011 USD 103,000 97
Bought credit default protection on JC Penney Corp.
and pay 0.53%
Broker, JPMorgan Chase
Expires September 2011 USD 103,000 3,937
- --------------------------------------------------------------------------------
Total $ 8,743
==============
o Currency Abbreviations:
CNY Chinese Yuan
EUR Euro
HKD Hong Kong Dollar
JPY Japanese Yen
MYR Malaysian Ringgit
SGD Singapore Dollar
USD U.S. Dollar
VND Vietnam Dong
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 21
================================================================================
Statement of Assets and Liabilities
April 30, 2008 (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------
Assets
- ----------------------------------------------------------------------------------------------------------------------------------
Investments at value -- unaffiliated (cost -- $1,228,468,515)(including securities loaned of $20,579,030) ...... $ 1,403,820,880
Investments at value -- affiliated (cost -- $20,674,500) ....................................................... 20,674,500
Options purchased at value (cost -- $4,323,854) ................................................................ 2,446,424
Unrealized appreciation on swaps ............................................................................... 9,361
Unrealized appreciation on forward foreign exchange contracts .................................................. 2,660
Cash held in connection with investments sold short ............................................................ 99,930,336
Foreign currency at value (cost -- $12,478,385) ................................................................ 12,364,895
Investments sold receivable .................................................................................... 5,717,672
Beneficial interest sold receivable ............................................................................ 3,756,176
Dividends receivable ........................................................................................... 4,277,886
Interest receivable ............................................................................................ 255,195
Securities lending receivable .................................................................................. 19,328
Prepaid expenses ............................................................................................... 43,449
Other assets ................................................................................................... 515,799
---------------
Total assets ................................................................................................... 1,553,834,561
---------------
==================================================================================================================================
Liabilities
- ----------------------------------------------------------------------------------------------------------------------------------
Collateral on securities loaned at value ....................................................................... 20,674,500
Investments sold short at value (proceeds -- $100,883,429) ..................................................... 97,841,478
Options written at value (cost -- $6,717,400) .................................................................. 10,368,804
Unrealized depreciation on forward foreign exchange contracts .................................................. 523,935
Unrealized depreciation on swaps ............................................................................... 618
Bank overdraft ................................................................................................. 788,370
Investments purchased payable .................................................................................. 17,593,892
Beneficial interest redeemed payable ........................................................................... 2,346,232
Investment advisory fees payable ............................................................................... 898,997
Variation margin payable ....................................................................................... 549,881
Distribution fees payable ...................................................................................... 435,355
Other affiliates payable ....................................................................................... 210,254
Deferred foreign capital gain tax .............................................................................. 97,466
Dividends on investments sold short payable .................................................................... 92,797
Payable on closed investments sold short ....................................................................... 34,846
Officer's and Trustees' fees payable ........................................................................... 1,011
Swaps payable .................................................................................................. 377
Other accrued expenses payable ................................................................................. 78,186
Other liabilities payable ...................................................................................... 4,582
---------------
Total liabilities .............................................................................................. 152,541,581
---------------
==================================================================================================================================
Net Assets
- ----------------------------------------------------------------------------------------------------------------------------------
Net Assets ..................................................................................................... $ 1,401,292,980
===============
==================================================================================================================================
Net Assets Consist of
- ----------------------------------------------------------------------------------------------------------------------------------
Institutional Shares of Common Stock, $0.10 par value, unlimited shares of beneficial interests authorized ..... $ 3,062,702
Investor A Shares of Common Stock, $0.10 par value, unlimited shares of beneficial interests authorized ........ 4,489,996
Investor B Shares of Common Stock, $0.10 par value, unlimited shares of beneficial interests authorized ........ 498,660
Investor C Shares of Common Stock, $0.10 par value, unlimited shares of beneficial interests authorized ........ 2,231,211
Class R Shares of Common Stock, $0.10 par value, unlimited shares of beneficial interests authorized ........... 86,297
Paid-in capital in excess of par ............................................................................... 1,176,914,427
Undistributed net investment income ............................................................................ 76,827
Accumulated net realized gains ................................................................................. 34,226,690
Net unrealized appreciation/depreciation ....................................................................... 179,706,170
---------------
Net Assets ..................................................................................................... $ 1,401,292,980
===============
==================================================================================================================================
Net Asset Value
- ----------------------------------------------------------------------------------------------------------------------------------
Institutional -- Based on net assets of $415,060,176 and 30,627,016 shares of beneficial interest outstanding .. $ 13.55
===============
Investor A -- Based on net assets of $607,476,900 and 44,899,962 shares of beneficial interest outstanding ..... $ 13.53
===============
Investor B -- Based on net assets of $67,162,125 and 4,986,595 shares of beneficial interest outstanding ....... $ 13.47
===============
Investor C -- Based on net assets of $299,950,296 and 22,312,110 shares of beneficial interest outstanding ..... $ 13.44
===============
Class R -- Based on net assets of $11,643,483 and 862,968 shares of beneficial interest outstanding ............ $ 13.49
===============
See Notes to Financial Statements.
22 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Statement of Operations
Six Months Ended April 30, 2008 (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------
Investment Income
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends (net of $629,588 foreign withholding tax) ............................................................ $ 12,669,778
Interest ....................................................................................................... 1,152,303
Securities lending ............................................................................................. 75,334
---------------
Total income ................................................................................................... 13,897,415
---------------
==================================================================================================================================
Expenses
- ----------------------------------------------------------------------------------------------------------------------------------
Investment advisory ............................................................................................ 5,417,405
Service -- Investor A .......................................................................................... 746,856
Service and distribution -- Investor B ......................................................................... 362,950
Service and distribution -- Investor C ......................................................................... 1,455,588
Service and distribution -- Class R ............................................................................ 27,243
Custodian ...................................................................................................... 319,262
Transfer agent -- Institutional ................................................................................ 133,394
Transfer agent -- Investor A ................................................................................... 254,286
Transfer agent -- Investor B ................................................................................... 63,023
Transfer agent -- Investor C ................................................................................... 133,479
Transfer agent -- Class R ...................................................................................... 20,165
Accounting services ............................................................................................ 194,508
Registration ................................................................................................... 51,351
Professional ................................................................................................... 37,928
Printing ....................................................................................................... 34,265
Officer and Trustees ........................................................................................... 25,080
Miscellaneous .................................................................................................. 39,027
---------------
Total expenses excluding dividend and interest expense ......................................................... 9,315,810
Dividend and interest expense .................................................................................. 697,633
---------------
Total expenses ................................................................................................. 10,013,443
Less fees waived by advisor .................................................................................... (23,812)
---------------
Total expenses after waiver .................................................................................... 9,989,631
---------------
Net investment income .......................................................................................... 3,907,784
---------------
==================================================================================================================================
Realized and Unrealized Gain (Loss)
- ----------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) from:
Investments (including $67,540 foreign capital gain tax) .................................................... 41,886,473
Financial futures contracts and swaps ....................................................................... (17,570,563)
Options written ............................................................................................. 4,873,200
Foreign currency ............................................................................................ 4,483,857
Investments sold short ...................................................................................... 1,222,891
---------------
34,895,858
---------------
Net change in unrealized appreciation/depreciation on:
Investments (including $125,533 deferred foreign capital gain credit) ....................................... (136,186,987)
Financial futures contracts and swaps ....................................................................... 4,195,935
Options written ............................................................................................. 5,098,477
Foreign currency ............................................................................................ (1,385,877)
Investments sold short ...................................................................................... 3,101,243
---------------
(125,177,209)
---------------
Total realized and unrealized loss ............................................................................. (90,281,351)
---------------
Net Decrease in Net Assets Resulting from Operations ........................................................... $ (86,373,567)
===============
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 23
================================================================================
Statements of Changes in Net Assets
Six Months
Ended
April 30, Year Ended
2008 October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
- ---------------------------------------------------------------------------------------------------------------------------
Operations
- ---------------------------------------------------------------------------------------------------------------------------
Net investment income ................................................................ $ 3,907,784 $ 5,415,132
Net realized gain .................................................................... 34,895,858 64,422,814
Net change in unrealized appreciation/depreciation ................................... (125,177,209) 164,308,239
----------------------------------
Net increase (decrease) in net assets resulting from operations ...................... (86,373,567) 234,146,185
----------------------------------
===========================================================================================================================
Dividends and Distributions to Shareholders from:
- ---------------------------------------------------------------------------------------------------------------------------
Net investment income:
Institutional ..................................................................... (2,967,933) (1,865,895)
Investor A ........................................................................ (3,704,220) (866,790)
Investor B ........................................................................ (13,717) (60,745)
Investor C ........................................................................ (365,926) (512,648)
Class R ........................................................................... (48,175) (36)
Net realized gain:
Institutional ..................................................................... (15,025,378) (4,651,154)
Investor A ........................................................................ (24,465,366) (2,532,894)
Investor B ........................................................................ (3,171,005) (734,273)
Investor C ........................................................................ (11,819,802) (4,337,172)
Class R ........................................................................... (425,864) (340)
----------------------------------
Decrease in net assets resulting from dividends and distributions to shareholders .... (62,007,386) (15,561,947)
----------------------------------
===========================================================================================================================
Beneficial Interest Transactions
- ---------------------------------------------------------------------------------------------------------------------------
Net increase in net assets derived from beneficial interest transactions ............. 117,033,717 918,338,590
----------------------------------
===========================================================================================================================
Redemption Fee
- ---------------------------------------------------------------------------------------------------------------------------
Redemption fee ....................................................................... 17,964 4,532
----------------------------------
===========================================================================================================================
Net Assets
- ---------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .............................................. (31,329,272) 1,136,927,360
Beginning of period .................................................................. 1,432,622,252 295,694,892
----------------------------------
End of period ........................................................................ $ 1,401,292,980 $ 1,432,622,252
==================================
End of period, undistributed net investment income ................................... $ 76,827 $ 3,269,014
==================================
See Notes to Financial Statements.
24 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Financial Highlights
Institutional
------------------------------------------------------
Six Months
Ended Period
April 30, Year Ended Nov. 4, 2005(1)
2008 October 31, to October 31,
(Unaudited) 2007 2006
- --------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
- --------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 15.11 $ 12.03 $ 10.00
------------------------------------------------------
Net investment income(2) ............................ 0.07 0.13 0.12
Net realized and unrealized gain (loss)(3) .......... (0.95) 3.59 1.93
------------------------------------------------------
Net increase (decrease) from investment
operations ....................................... (0.88) 3.72 2.05
------------------------------------------------------
Dividends and distributions from:
Net investment income ............................ (0.11) (0.19) (0.02)
Net realized gain ................................ (0.57) (0.45) --
------------------------------------------------------
Total dividends and distributions ................... (0.68) (0.64) (0.02)
------------------------------------------------------
Net asset value, end of period ...................... $ 13.55 $ 15.11 $ 12.03
======================================================
==============================================================================================================
Total Investment Return(4)
- --------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (5.87%)(5) 32.17% 20.51%(5,6)
======================================================
==============================================================================================================
Ratios to Average Net Assets
- --------------------------------------------------------------------------------------------------------------
Total expenses after waiver, excluding
reorganization expenses and excluding
dividend and interest expense .................... 0.97%(7) 1.02% 1.26%(7)
======================================================
Total expenses after waiver ......................... 1.07%(7) 1.04% 1.26%(7)
======================================================
Total expenses ...................................... 1.07%(7) 1.04% 1.26%(7)
======================================================
Net investment income ............................... 0.99%(7) 1.09% 1.14%(7)
======================================================
==============================================================================================================
Supplemental Data
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 415,060 $ 383,601 $ 107,419
======================================================
Portfolio turnover .................................. 31% 35% 38%
======================================================
Investor A
------------------------------------------------------
Six Months
Ended Period
April 30, Year Ended Nov. 4, 2005(1)
2008 October 31, to October 31,
(Unaudited) 2007 2006
- --------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
- --------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 15.08 $ 12.00 $ 10.00
------------------------------------------------------
Net investment income(2) ............................ 0.05 0.10 0.10
Net realized and unrealized gain (loss)(3) .......... (0.94) 3.59 1.92
------------------------------------------------------
Net increase (decrease) from investment
operations ....................................... (0.89) 3.69 2.02
------------------------------------------------------
Dividends and distributions from:
Net investment income ............................ (0.09) (0.16) (0.02)
Net realized gain ................................ (0.57) (0.45) --
------------------------------------------------------
Total dividends and distributions ................... (0.66) (0.61) (0.02)
------------------------------------------------------
Net asset value, end of period ...................... $ 13.53 $ 15.08 $ 12.00
======================================================
==============================================================================================================
Total Investment Return(4)
- --------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (5.99%)(5) 31.84% 20.21%(5,6)
======================================================
==============================================================================================================
Ratios to Average Net Assets
- --------------------------------------------------------------------------------------------------------------
Total expenses after waiver, excluding
reorganization expenses and excluding
dividend and interest expense .................... 1.23%(7) 1.27% 1.51%(7)
======================================================
Total expenses after waiver ......................... 1.34%(7) 1.29% 1.51%(7)
======================================================
Total expenses ...................................... 1.34%(7) 1.29% 1.51%(7)
======================================================
Net investment income ............................... 0.70%(7) 0.83% .93%(7)
======================================================
==============================================================================================================
Supplemental Data
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 607,477 $ 648,402 $ 66,714
======================================================
Portfolio turnover .................................. 31% 35% 38%
======================================================
(1) Commencement of operations.
(2) Based on average shares outstanding.
(3) Includes redemption fee, which is less than $0.01 per share.
(4) Total investment returns exclude the effects of any sales charges.
(5) Aggregate total investment return.
(6) In 2006, approximately +0.03% of the Fund's total investment return
consisted of a payment by the Advisor in order to resolve a regulatory
issue relating to an investment.
(7) Annualized.
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 25
================================================================================
Financial Highlights (continued)
Investor B
------------------------------------------------------
Six Months
Ended Period
April 30, Year Ended Nov. 4, 2005(1)
2008 October 31, to October 31,
(Unaudited) 2007 2006
- --------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
- --------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 14.98 $ 11.91 $ 10.00
------------------------------------------------------
Net investment income (loss)(2) ..................... (0.01) 0.01 0.02
Net realized and unrealized gain (loss)(4) .......... (0.93) 3.55 1.91
------------------------------------------------------
Net increase (decrease) from investment
operations ....................................... (0.94) 3.56 1.93
------------------------------------------------------
Dividends and distributions from:
Net investment income ............................ --(3) (0.04) (0.02)
Net realized gain ................................ (0.57) (0.45) --
------------------------------------------------------
Total dividends and distributions ................... (0.57) (0.49) (0.02)
------------------------------------------------------
Net asset value, end of period ...................... $ 13.47 $ 14.98 $ 11.91
======================================================
==============================================================================================================
Total Investment Return(5)
- --------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (6.32%)(6) 30.76% 19.31%(6,7)
======================================================
==============================================================================================================
Ratios to Average Net Assets
- --------------------------------------------------------------------------------------------------------------
Total expenses after waiver, excluding
reorganization expenses and excluding
dividend and interest expense .................... 2.05%(8) 2.07% 2.27%(8)
======================================================
Total expenses after waiver ......................... 2.16%(8) 2.09% 2.27%(8)
======================================================
Total expenses ...................................... 2.17%(8) 2.11% 2.27%(8)
======================================================
Net investment income (loss) ........................ (0.15%)(8) 0.09% 0.18%(8)
======================================================
==============================================================================================================
Supplemental Data
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 67,162 $ 84,465 $ 18,395
======================================================
Portfolio turnover .................................. 31% 35% 38%
======================================================
Investor C
------------------------------------------------------
Six Months
Ended Period
April 30, Year Ended Nov. 4, 2005(1)
2008 October 31, to October 31,
(Unaudited) 2007 2006
- --------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
- --------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 14.97 $ 11.92 $ 10.00
------------------------------------------------------
Net investment income (loss)(2) ..................... --(3) 0.01 0.02
Net realized and unrealized gain (loss)(4) .......... (0.94) 3.55 1.92
------------------------------------------------------
Net increase (decrease) from investment operations .. (0.94) 3.56 1.94
------------------------------------------------------
Dividends and distributions from:
Net investment income ............................ (0.02) (0.06) (0.02)
Net realized gain ................................ (0.57) (0.45) --
------------------------------------------------------
Total dividends and distributions ................... (0.59) (0.51) (0.02)
------------------------------------------------------
Net asset value, end of period ...................... $ 13.44 $ 14.97 $ 11.92
======================================================
==============================================================================================================
Total Investment Return(5)
- --------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (6.36%)(6) 30.76% 19.41%(6,7)
======================================================
==============================================================================================================
Ratios to Average Net Assets
- --------------------------------------------------------------------------------------------------------------
Total expenses after waiver, excluding
reorganization expenses and excluding
dividend and interest expense .................... 1.99%(8) 2.05% 2.27%(8)
======================================================
Total expenses after waiver ......................... 2.09%(8) 2.07% 2.27%(8)
======================================================
Total expenses ...................................... 2.09%(8) 2.07% 2.27%(8)
======================================================
Net investment income (loss) ........................ (0.05%)(8) 0.08% 0.16%(8)
======================================================
==============================================================================================================
Supplemental Data
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 299,950 $ 305,241 $ 103,167
======================================================
Portfolio turnover .................................. 31% 35% 38%
======================================================
(1) Commencement of operations.
(2) Based on average shares outstanding.
(3) Amount is less than ($0.01) per share.
(4) Includes redemption fee, which is less than $0.01 per share.
(5) Total investment return excludes the effects of sales charges.
(6) Aggregate total investment return.
(7) In 2006, approximately +0.03% of the Fund's total investment return
consisted of a payment by the Advisor in order to resolve a regulatory
issue relating to an investment.
(8) Annualized.
See Notes to Financial Statements.
26 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Financial Highlights (concluded)
Class R
----------------------------------
Six Months Period
Ended March 1,
April 30, 2007(1) to
2008 October 31,
(Unaudited) 2007
- ------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ........................................... $ 15.04 $ 12.41
----------------------------------
Net investment income(2) ....................................................... 0.03 0.04
Net realized and unrealized gain (loss)(3) ..................................... (0.95) 2.82
----------------------------------
Net increase (decrease) from investment operations ............................. (0.92) 2.86
----------------------------------
Dividends and distributions from:
Net investment income ....................................................... (0.06) (0.02)
Net realized gain ........................................................... (0.57) (0.21)
----------------------------------
Total dividends and distributions .............................................. (0.63) (0.23)
----------------------------------
Net asset value, end of period ................................................. $ 13.49 $ 15.04
==================================
========================================================================================================================
Total Investment Return
- ------------------------------------------------------------------------------------------------------------------------
Based on net asset value ....................................................... (6.15%)(4) 23.36%(4)
==================================
========================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------
Total expenses after waiver, excluding reorganization expenses and
excluding dividend and interest expense ..................................... 1.54%(5) 1.54%(5)
==================================
Total expenses after waiver .................................................... 1.64%(5) 1.55%(5)
==================================
Total expenses ................................................................. 1.87%(5) 1.67%(5)
==================================
Net investment income .......................................................... 0.42%(5) 0.53%(5)
==================================
========================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ................................................ $ 11,643 $ 10,914
==================================
Portfolio turnover ............................................................. 31% 35%
==================================
(1) Commencement of operations.
(2) Based on average shares outstanding.
(3) Includes redemption fee, which is less than $0.01 per share.
(4) Aggregate total investment return.
(5) Annualized.
See Notes to Financial Statements.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 27
================================================================================
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
BlackRock Global Dynamic Equity Fund (the "Fund") is registered under the
Investment Company Act of 1940 (the "1940 Act"), as amended, as a diversified,
open-end management investment company. The Fund's financial statements are
prepared in conformity with accounting principles generally accepted in the
United States of America, 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 generally 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 are generally 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).
The following is a summary of significant accounting policies followed by the
Fund:
Valuation of Investments: Equity investments traded on a recognized securities
exchange or the NASDAQ Global Market System are valued at the last reported sale
price that day or the NASDAQ official closing price, if applicable. Equity
investments traded on a recognized exchange for which there were no sales on
that day are valued at the last available bid (long positions) or ask (short
positions) price. Swap agreements are valued by quoted fair values received
daily by the Fund's pricing service.
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. Over-the-counter ("OTC") options are valued by
an independent pricing service using a mathematical model that incorporates a
number of market data factors.
The Fund values its corporate bond investments on the basis of last available
bid price or current market quotations provided by dealers or pricing services
selected under the supervision of the Board. In determining the value of a
particular investment, pricing services may use certain information with respect
to transactions in such investments, quotations from dealers, pricing matrixes,
market transactions in comparable investments, various relationships observed in
the market between investments and calculated yield measures based on valuation
technology commonly employed in the market for such investments. Financial
futures contracts are traded on exchanges and are valued at their last sale
price. Investments in open-end investment companies are valued at net asset
value each business day.
In the event that application of these methods of valuation results in a price
for an investment which is deemed not to be representative of the market value
of such investment, the investment will be valued by a method approved by the
Board of Trustees (the "Board") as reflecting fair value ("Fair Value Assets").
When determining the price for Fair Value Assets, the investment advisor and/or
sub-advisor seeks to determine the price that the Fund might reasonably expect
to receive from the current sale of that asset in an arm's-length transaction.
Fair value determinations shall be based upon all available factors that the
investment advisor and/or sub-advisor deems relevant. The pricing of all Fair
Value Assets is subsequently reported to the Board or a committee thereof.
Generally, trading in foreign 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 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 may
be valued at their fair value as determined in good faith by the Board or by the
investment advisor using a pricing service and/or procedures approved by the
Board.
Foreign Currency Transactions: Foreign currency amounts are translated into
United States dollars on the following basis: (i) market value of investment
securities, assets and liabilities at the current rate of exchange; and (ii)
purchases and sales of investment securities, income and expenses at the rates
of exchange prevailing on the respective dates of such transactions.
The Fund reports foreign currency related transactions as components of realized
gains for financial reporting purposes, whereas such components are treated as
ordinary income for federal income tax purposes.
Derivative Financial Instruments: The Fund may engage in various portfolio
investment strategies 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 if the value of the contract decreases due to an
unfavorable change in the price of the underlying security, or if the
counterparty does not perform under the contract.
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
28 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Notes to Financial Statements (continued)
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 recognized 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 Forward foreign exchange contracts -- The Fund may enter into forward
foreign exchange contracts as a hedge against either specific transactions
or portfolio positions. Forward currency contracts, when used by the Fund,
help to manage the overall exposure to the foreign currency backing some
of the investments held by the Fund. 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 Options -- The Fund may purchase and write 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 market
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 received or paid). If an option is exercised, the premium paid or
received is added to the cost of the purchase or the proceeds from the
sale in determining whether a Fund has realized a gain or a loss on
investment transactions. A call option gives the purchaser of the option
the right (but not the obligation) to buy, and obligates the seller to
sell (when the option is exercised), the underlying position at the
exercise price at any time or at a specified time during the option
period. A put option gives the holder the right to sell and obligates the
writer to buy the underlying position at the exercise price at any time or
at a specified time during the option period.
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. 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 realized upon
termination of the swap agreements. Swaps are marked-to market daily and
changes in value are recorded as unrealized appreciation (depreciation).
When the swap is terminated, the Fund will record a realized gain or loss
equal to the difference between the proceeds from (or cost of) the closing
transaction and the Fund's basis in the contract, if any.
o Credit default swaps -- Credit default swaps are agreements in which one
party pays fixed periodic payments to a counterparty in consideration for
a guarantee from the counterparty to make a specific payment should a
negative credit event take place.
o Interest rate swaps -- Interest rate swaps are agreements in which one
party pays a floating rate of interest on a notional principal amount and
receives a fixed rate of interest on the same notional principal amount
for a specified period of time. Alternatively, a party may pay a fixed
rate and receive a floating rate. Interest rate swaps are efficient as
asset/liability management tools. In more complex swaps, the notional
principal amount may decline (or amortize) over time.
Preferred Stock: The Fund may invest in preferred stocks. Preferred stock has a
preference over common stock in liquidation (and generally in receiving
dividends as well) but is subordinated to the liabilities of the issuer in all
respects. As a general rule, the market value of preferred stock with a fixed
dividend rate and no conversion element varies inversely with interest rates and
perceived credit risk, while the market price of convertible preferred stock
generally also reflects some element of conversion value. Because preferred
stock is junior to debt securities and other obligations of the issuer,
deterioration in the credit quality of the issuer will cause greater changes in
the value of a preferred stock than in a more senior debt security with similar
stated yield characteristics. Unlike interest payments on debt securities,
preferred stock dividends are payable only if declared by the issuer's board of
directors. Preferred stock also may be subject to optional or mandatory
redemption provisions.
Short Sales: When the Fund engages in a short sale, an amount equal to the
proceeds 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 market value of the short sale. When the 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 maintains a segregated account of
securities as collateral for the short sales. The Fund is exposed to market risk
based on the amount, if any, that the market value of the security exceeds the
market value of the securities in the segregated account. Thus, a short sale of
a security involves the risk that instead of declining, the price of the
security sold short will rise. The short sale of securities involves the
possibility of a theoretically unlimited loss since there is a theoretically
unlimited potential for the market price of the security sold short to increase.
The Fund is required to repay the counterparty any dividends or interest
received on the security sold short.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 29
================================================================================
Notes to Financial Statements (continued)
Zero-Coupon Bonds: The Fund may invest in zero-coupon bonds, which are normally
issued at a significant discount from face value and do not provide for periodic
interest payments. Zero-coupon bonds may experience greater volatility in market
value than similar maturity debt obligations which provide for regular interest
payments.
Segregation: In cases in which the 1940 Act and the interpretive positions of
the Securities and Exchange Commission ("SEC") require that the Fund segregate
assets in connection with certain investments (e.g., swaps or futures
contracts), the Fund will, consistent with certain interpretive letters issued
by the SEC, designate on its books and records cash or other liquid debt
securities having a market value at least equal to the amount that would
otherwise be required to be physically segregated.
Investment Transactions and Investment Income: Investment transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Dividends from foreign securities where the ex-dividend date may have passed are
subsequently recorded when the Fund has determined the ex-dividend date.
Interest income is recognized on the accrual basis. Income and realized and
unrealized gains and losses are allocated daily to each class based on its
relative net assets.
Dividends and Distributions: Dividends and distributions are recorded on the
ex-dividend dates, and distributions are paid at least annually.
Securities Lending: The Fund may lend securities to financial institutions that
provide cash or securities issued or guaranteed by the U.S. government as
collateral, which will be maintained at all times in an amount equal to at least
100% of the current market value of the loaned securities. The market value of
the loaned securities is determined at the close of business of the Fund and any
additional required collateral is delivered to the Fund on the next business
day. Where the Fund receives securities as collateral for the loaned securities,
it collects a fee from the borrower. The Fund typically receives the income on
the loaned securities but does not receive the income on the collateral. Where
the Fund receives cash collateral, it may invest such collateral and retain the
amount earned on such investment, net of any amount rebated to the borrower.
Loans of securities are terminable at any time and the borrower, after notice,
is required to return borrowed securities within five business days. The Fund
may pay reasonable finder's, lending agent, administrative and custodial fees in
connection with its loans. In the event that the borrower defaults on its
obligation to return borrowed securities because of insolvency or for any other
reason, the Fund could experience delays and costs in gaining access to the
collateral. The Fund also could suffer a loss where the value of the collateral
falls below the market value of the borrowed securities, in the event of
borrower default or in the event of losses on investments made with cash
collateral.
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 laws, a withholding tax may be imposed on interest, dividends and
capital gains at various rates.
Effective April 30, 2008, the Fund implemented Financial Accounting Standards
Board ("FASB") Interpretation No. 48, "Accounting for Uncertainty in Income
Taxes -- an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48
prescribes the minimum recognition threshold a tax position must meet in
connection with accounting for uncertainties in income tax positions taken or
expected to be taken by an entity, including investment companies, before being
measured and recognized in the financial statements. The investment advisor has
evaluated the application of FIN 48 to the Fund, and has determined that the
adoption of FIN 48 does not have a material impact on the Fund's financial
statements. The Fund files U.S. and various state tax returns. No income tax
returns are currently under examination. The statute of limitations on the
Fund's tax returns remains open for the years ended October 31, 2004 through
October 31, 2006. The statutes of limitations on the Fund's state and local tax
returns may remain open for an additional year depending upon the jurisdiction.
Bank Overdraft: The Fund recorded a bank overdraft which resulted from a failed
trade that settled the next day.
Recent Accounting Pronouncements: 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. The impact the Fund's financial
statement disclosures, if any, is currently being assessed.
In addition, in February 2007, Statement of Financial Accounting Standards No.
159, "The Fair Value Option for Financial Assets and Financial Liabilities"
("FAS 159"), was issued and is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply the provisions of FAS 157. FAS 159 permits entities to choose to
measure many financial instruments and certain other items at 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. The impact of the Fund's financial
statement disclosures, if any, is currently being assessed.
30 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Notes to Financial Statements (continued)
In March 2008, Statement of Financial Accounting Standards No. 161, "Disclosures
about Derivative Instruments and Hedging Activities -- an amendment of FASB
Statement No. 133" ("FAS 161"), was issued and is effective for fiscal years
beginning after November 15, 2008. FAS 161 is intended to improve financial
reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position. The investment advisor is
currently evaluating the implications of FAS 161 and the impact of the Fund's
financial statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to the Fund or its classes are charged to that
Fund or class. Other operating expenses shared by several funds are pro-rated
among those funds on the basis of relative net assets or other appropriate
methods. Other expenses of the Fund are allocated daily to each class based on
its relative net assets.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the "Advisor"), an indirect, wholly owned subsidiary of
BlackRock, Inc. to provide investment and administration services. Merrill Lynch
& Co., Inc. ("Merrill Lynch") and The PNC Financial Services Group, Inc. ("PNC")
are principal owners of BlackRock, Inc.
The Advisor is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities and equipment to provide such
services to the Fund. For such services, the Fund pays the Advisor a monthly fee
at an annual rate of 0.80%, of the average daily value of the Fund's net assets.
The Advisor has agreed to contractually waive and/or reimburse Fund fees or
expenses (except extraordinary expenses) until April 30, 2009 so that the net
operating expense ratio of the Fund (excluding acquired Fund fees and expenses),
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 six months
ended April 30, 2008, the Advisor earned fees of $5,417,405, of which $23,812
was waived.
In addition, the Advisor has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC ("BIM") and BlackRock Asset Management U.K.
Limited, both affiliates of the Advisor, under which the Advisor pays each
sub-advisor, for services they provide, a monthly fee that is a percentage of
the investment advisory fee paid by the Fund to the Advisor. For the six months
ended April 30, 2008, the Fund reimbursed the Advisor $11,012 for certain
accounting services, which are included in accounting services expenses in the
Statement of Operations.
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 ......................................... 0.25% --
Investor B ......................................... 0.25% 0.75%
Investor C ......................................... 0.25% 0.75%
Class R ............................................ 0.25% 0.25%
- -------------------------------------------------------------------------------
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, and each distributor provide shareholder servicing
and distribution services to the Fund. The ongoing service fee and/or
distribution fee compensates the Distributor and each broker-dealer for
providing shareholder servicing and/or distribution-related services to Investor
A, Investor B, Investor C and Class R shareholders.
For six months ended April 30, 2008, the Distributor earned underwriting
discounts and direct commissions and its affiliates earned dealer concessions on
sales of the Fund's Investor A Shares which totaled $282,455.
For the six months ended April 30, 2008, affiliates received contingent deferred
sales charges of $36,355 and $20,738 relating to transactions in Investor B and
Investor C Shares, respectively. Furthermore, affiliates received contingent
deferred sales charges of $18,153 relating to transactions subject to front-end
sales charge waivers in Investor A Shares.
The Advisor 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. For the six months
ended April 30, 2008, the following amounts have been accrued by the Fund to
reimburse the Advisor 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 .............................................. $1,028
Investor A ................................................. $5,271
Investor B ................................................. $ 812
Investor C ................................................. $2,069
Class R .................................................... $ 48
- -------------------------------------------------------------------------------
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 31
================================================================================
Notes to Financial Statements (continued)
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 Advisor or in registered money market funds advised by
the Advisor or its affiliates. For the six months ended April 30, 2008, BIM
received $18,533 in securities lending agent fees.
In addition, MLPF&S received $35,552 in commissions on the execution of
portfolio security transactions for the Fund for six months ended April 30,
2008.
PFPC Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the
Advisor, serves as transfer agent. Each class of the Fund bears the costs of
transfer agent fees associated with such respective classes. Transfer agency
fees borne by each class of the Fund are comprised of those fees charged for all
shareholder communications including shareholder reports, dividend and
distribution notices, and proxy materials for shareholders meetings, as well as
per account and per transaction fees related to servicing and maintenance of
shareholder accounts, including the issuing, redeeming and transferring of
shares of each class of the Fund, 12b-1 fee calculation, check writing,
anti-money laundering services, and customer identification services.
Certain officers and/or trustees of the Fund are officers and/or directors of
BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six
months ended April 30, 2008 were $495,564,855 and $437,032,908, respectively.
Transactions in call options written for the six months ended April 30, 2008
were as follows:
- --------------------------------------------------------------------------------
Number of Premiums
Contracts Received
- --------------------------------------------------------------------------------
Outstanding call options written,
beginning of period .............................. 24,795 $ 9,021,995
Options written ..................................... 12,855 4,622,968
Options closed ...................................... (182) (83,700)
Options expired ..................................... (17,764) (4,695,346)
Options exercised ................................... (3,712) (2,454,203)
------------------------
Outstanding call options written, end of period ..... 16,172 $ 6,411,714
- --------------------------------------------------------------------------------
Transactions in put options written for the six months ended April 30, 2008 were
as follows:
- --------------------------------------------------------------------------------
Number of Premiums
Contracts Received
- --------------------------------------------------------------------------------
Outstanding put options written,
beginning of period .............................. 689 $ 832,470
Options written ..................................... 1,223 2,301,606
Options closed ...................................... (1,025) (2,164,172)
Options expired ..................................... (723) (664,218)
------------------------
Outstanding put options written, end of period ...... 164 $ 305,686
- --------------------------------------------------------------------------------
32 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Notes to Financial Statements (continued)
4. Beneficial Interest Transactions:
Transactions in beneficial interest for each class were as follows:
Six Months Ended Year Ended
April 30, 2008 October 31, 2007
----------------------------- ------------------------------
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------------------------------------------------------
Institutional
- ----------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................... 7,883,289 $ 106,846,405 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 ............................ 1,165,557 16,005,254 418,598 5,260,827
----------------------------- ------------------------------
Total issued .............................................. 9,048,846 122,851,659 19,113,279 252,389,904
Shares redeemed ........................................... (3,812,096) (51,206,207) (2,649,701) (35,239,772)
----------------------------- ------------------------------
Net increase .............................................. 5,236,750 $ 71,645,452 16,463,578 $ 217,150,132
============================= ==============================
- ----------------------------------------------------------------------------------------------------------------------------------
Investor A
- ----------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................... 3,379,498 $ 45,487,538 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 ............................ 1,772,084 24,313,732 244,828 3,065,430
----------------------------- ------------------------------
Total issued .............................................. 5,151,582 69,801,270 41,774,818 545,044,683
Shares redeemed ........................................... (3,260,684) (43,941,363) (4,323,689) (57,886,622)
----------------------------- ------------------------------
Net increase .............................................. 1,890,898 $ 25,859,907 37,451,129 $ 487,158,061
============================= ==============================
- ----------------------------------------------------------------------------------------------------------------------------------
Investor B
- ----------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................... 361,937 $ 4,927,260 644,109 $ 8,490,220
Shares issued resulting from reorganization ............... -- -- 5,067,946 65,770,280
Shares issued to shareholders in reinvestment of
dividends and distributions ............................ 203,774 2,791,752 56,178 704,942
----------------------------- ------------------------------
Total issued .............................................. 565,711 7,719,012 5,768,233 74,965,442
Shares redeemed ........................................... (1,216,677) (16,284,248) (1,674,725) (22,574,076)
----------------------------- ------------------------------
Net increase (decrease) ................................... (650,966) $ (8,565,236) 4,093,508 $ 52,391,366
============================= ==============================
- ----------------------------------------------------------------------------------------------------------------------------------
Investor C
- ----------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................... 2,706,010 $ 36,465,033 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 ............................ 804,051 10,991,779 355,065 4,454,121
----------------------------- ------------------------------
Total issued .............................................. 3,510,061 47,456,812 13,609,797 176,973,242
Shares redeemed ........................................... (1,592,278) (21,240,793) (1,873,578) (24,865,217)
----------------------------- ------------------------------
Net increase .............................................. 1,917,783 $ 26,216,019 11,736,219 $ 152,108,025
============================= ==============================
Six Months Ended Period March 1, 2007+
April 30, 2008 to October 31, 2007
----------------------------- ------------------------------
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------------------------------------------------------
Class R
- ----------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................... 223,734 $ 3,022,568 193,911 $ 2,689,134
Shares issued resulting from reorganization ............... -- -- 632,574 8,216,249
Shares issued to shareholders in reinvestment of
dividends and distributions ............................ 34,278 469,606 69 376
----------------------------- ------------------------------
Total issued .............................................. 258,012 3,492,174 826,554 10,905,759
Shares redeemed ........................................... (120,929) (1,614,599) (100,669) (1,374,753)
----------------------------- ------------------------------
Net increase .............................................. 137,083 $ 1,877,575 725,885 $ 9,531,006
============================= ==============================
+ Commencement of operations.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 33
================================================================================
Notes to Financial Statements (concluded)
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 Advisor and its
affiliates, is party to a $500,000,000 credit agreement with a group of lenders.
The Fund may borrow under the credit agreement to fund shareholder redemptions
and for other lawful purposes other than for leverage. The Fund may borrow up to
the maximum amount allowable under the Fund's current Prospectus and Statement
of Additional Information, subject to various other legal, regulatory or
contractual limits. On November 21, 2007, the credit agreement was renewed for
the year under substantially the same terms. The Fund pays a commitment fee of
0.06% per annum based on the Fund's pro rata share of the unused portion of the
credit agreement, which is included in miscellaneous expenses in the Statement
of Operations. Amounts borrowed under the credit agreement bear interest at a
rate equal to, at each Fund's election, the federal funds rate plus 0.35% or a
base rate as defined in the credit agreement. The Fund did not borrow under the
credit agreement during the six months ended April 30, 2008.
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 May 31, 2008, the Fund had entered into foreign exchange contracts, under
which it had agreed to purchase and sell various foreign currencies with an
approximate value of $1,185,000 and $14,494,000, respectively.
34 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
Officers and Trustees
James H. Bodurtha, Trustee
Bruce R. Bond, Trustee
Donald W. Burton, Trustee
Richard S. Davis, Trustee
Stuart E. Eizenstat, Trustee
Laurence D. Fink, Trustee
Kenneth A. Froot, Trustee
Henry Gabbay, Trustee
Robert M. Hernandez, Trustee
John F. O'Brien, Trustee
Roberta Cooper Ramo, Trustee
Jean Margo Reid, Trustee
David H. Walsh, Trustee
Fred G. Weiss, Trustee
Richard R. West, Trustee
Donald C. Burke, Fund President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer of the Funds
Howard Surloff, Secretary
Custodian
Brown Brothers Harriman & Co.
Boston, MA 02109
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
Willkie Farr & Gallagher LLP
New York, NY 10019
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 35
================================================================================
Additional 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 websites.
BlackRock does not sell or disclose to non-affiliated third parties any
non-public personal information about its Clients, except as permitted by law or
as is necessary to respond to regulatory requests or to service Client accounts.
These non-affiliated third parties are required to protect the confidentiality
and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services that may
be of interest to you. In addition, BlackRock restricts access to non-public
personal information about its Clients to those BlackRock employees with a
legitimate business need for the information. BlackRock maintains physical,
electronic and procedural safeguards that are designed to protect the non-public
personal information of its Clients, including procedures relating to the proper
storage and disposal of such information.
- --------------------------------------------------------------------------------
Availability of Additional Information
- --------------------------------------------------------------------------------
Electronic copies of most financial reports and prospectuses are available on
the Fund's website 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 Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment
advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1) Access the BlackRock website at
http://www.blackrock.com/edelivery
2) Click on the applicable link and follow the steps to sign up
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.
36 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
================================================================================
- --------------------------------------------------------------------------------
Availability of Additional Information (concluded)
- --------------------------------------------------------------------------------
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available
(1) without charge, upon request by calling toll-free (800) 441-7762;
(2) at www.blackrock.com; and
(3) on the Securities and Exchange Commission's (the "SEC") website at
http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the fund votes proxies relating to securities held in the
Fund's portfolios during the most recent 12-month period ended June 30 is
available, upon request and without charge
(1) at www.blackrock.com or by calling (800) 441-7762 and
(2) on the SEC's website at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
The Fund files its complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q
are available on the SEC's website at http://www.sec.gov and may also be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
Information on 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
and 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.
BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008 37
================================================================================
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 Asset Allocation Portfolio+
BlackRock Aurora Portfolio
BlackRock Balanced Capital Fund+
BlackRock Basic Value Fund
BlackRock Capital Appreciation Portfolio
BlackRock Equity Dividend Fund
BlackRock EuroFund
BlackRock Focus Growth Fund
BlackRock Focus Value Fund
BlackRock Fundamental Growth Fund
BlackRock Global Allocation Fund+
BlackRock Global Dynamic Equity Fund
BlackRock Global Emerging Markets 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 Health Sciences Opportunities Portfolio*
BlackRock Healthcare Fund
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 Emerging Market Debt Portfolio
BlackRock Enhanced Income Portfolio
BlackRock GNMA Portfolio
BlackRock Government Income Portfolio
BlackRock High Income Fund
BlackRock High Yield Bond Portfolio
BlackRock Income Portfolio
BlackRock Income Builder Portfolio
BlackRock Inflation Protected Bond Portfolio
BlackRock Intermediate Bond Portfolio II
BlackRock Intermediate Government
Bond Portfolio
BlackRock International Bond Portfolio
BlackRock Long Duration Bond Portfolio
BlackRock Low Duration Bond Portfolio
BlackRock Managed Income Portfolio
BlackRock Short-Term Bond Fund
BlackRock Strategic Income Portfolio
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.
38 BLACKROCK GLOBAL DYNAMIC EQUITY FUND APRIL 30, 2008
GO
[PAPERLESS LOGO]
It's Fast, Convenient, & Timely!
To sign up today, go to www.blackrock.com/edelivery.
This report 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
100 Bellevue Parkway
Wilmington, DE 19809
BLACKROCK
#GDE-4/08
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual
report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Investments (a) The registrant's Schedule of Investments is included
as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual
period covered since the previous Form N-CSR filing.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable
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 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 - Not Applicable to this semi-annual report
12(a)(2)- Certifications - Attached hereto
12(a)(3)- Not Applicable
12(b)- Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
BlackRock Global Dynamic Equity Fund
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock Global Dynamic Equity Fund
Date: June 23, 2008
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: June 23, 2008
By: /s/ Neal J. Andrews
-------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Global Dynamic Equity Fund
Date: June 23, 2008