BlackRock International Growth and Income Trust (BGY)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22032

Name of Fund: BlackRock International Growth and Income Trust (BGY)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock International

            Growth and Income Trust, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2012

Date of reporting period: 01/31/2012


Item 1 – Schedule of Investments


 

 

Schedule of Investments January 31, 2012

(Unaudited)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  
Australia – 3.2%      

Australia & New Zealand Banking
Group Ltd.

     414,600       $ 9,430,184   

BHP Billiton Ltd. - ADR (a)

     106,600         8,468,304   

CSL Ltd.

     70,500         2,326,091   

Newcrest Mining Ltd.

     267,600         9,578,314   
     

 

 

 
        29,802,893   

 

 
Belgium – 1.3%      

Anheuser-Busch InBev NV

     196,700         11,959,533   

 

 
Bermuda – 0.7%      

Seadrill Ltd.

     185,689         6,914,294   

 

 
Brazil – 3.3%      

Banco Bradesco SA - ADR (a)

     513,600         9,183,168   

Banco Bradesco SA, Preference Shares

     203,300         3,653,629   

BM&FBOVESPA SA

     962,344         6,053,205   

BRF - Brasil Foods SA

     145,151         2,874,442   

Cia Energetica de Minas Gerais - ADR

     452,500         9,158,600   

Tractebel Energia SA

     11,700         203,170   
     

 

 

 
        31,126,214   

 

 
British Virgin Islands – 0.7%      

Arcos Dorados Holdings, Inc., Class A (a)

     311,000         6,686,500   

 

 
Canada – 5.4%      

First Quantum Minerals Ltd. (a)

     254,300         5,569,391   

Gildan Activewear, Inc. (a)

     114,500         2,491,662   

Goldcorp, Inc. (a)

     92,000         4,449,985   

Manulife Financial Corp. (a)

     359,500         4,198,409   

Royal Bank of Canada (a)

     87,400         4,564,813   

Suncor Energy, Inc. (a)

     206,300         7,117,350   

The Toronto-Dominion Bank (a)

     99,200         7,671,256   

TransCanada Corp. (a)

     154,500         6,355,964   

Yamana Gold, Inc. (a)

     505,500         8,746,809   
     

 

 

 
        51,165,639   

 

 
China – 2.1%      

Baidu, Inc. - ADR (a)(b)

     36,800         4,692,736   

China Construction Bank Corp., H Shares

     5,569,700         4,445,528   

China Merchants Bank Co. Ltd., H Shares

     1,043,900         2,296,164   

Industrial and Commercial Bank of China Ltd., H Shares

     3,916,000         2,734,932   

Lentuo International, Inc. - ADR (b)

     155,700         454,644   

Tencent Holdings Ltd.

     209,900         5,125,380   
     

 

 

 
        19,749,384   

 

 
Denmark – 0.4%      

Carlsberg A/S, Class B

     53,200         4,055,242   

 

 
France – 4.8%      

AXA SA

     431,073         6,563,772   

BNP Paribas SA

     83,300         3,543,096   

Danone SA

     117,900         7,293,829   

GDF Suez

     177,860         4,842,164   

LVMH Moet Hennessy Louis Vuitton SA

     44,600         7,225,283   

Sanofi SA

     158,600         11,759,017   

Societe Generale SA

     130,500         3,488,647   
     

 

 

 
        44,715,808   

 

 
Germany – 7.3%      

Adidas AG

     112,400         8,121,257   

Allianz SE

     75,400         8,311,880   

Bayer AG

     22,000         1,545,424   

Bayerische Motoren Werke AG

     60,800         5,217,451   

Continental AG (b)

     48,200         3,864,911   

Deutsche Lufthansa AG

     364,800         5,065,372   
Common Stocks    Shares      Value  
Germany (concluded)      

Infineon Technologies AG

     1,072,100       $ 9,824,687   

K+S AG

     144,400         6,903,296   

Merck KGaA

     62,300         6,509,647   

Metro AG

     73,000         2,817,652   

Volkswagen AG, Preference Shares

     61,344         10,903,352   
     

 

 

 
        69,084,929   

 

 
Gibraltar – 0.1%      

Bwin.Party Digital Entertainment Plc

     423,699         1,072,204   

 

 
Hong Kong – 1.9%      

AIA Group Ltd.

     739,500         2,466,028   

China Merchants Holdings International Co. Ltd.

     702,000         2,331,411   

China Mobile Ltd.

     265,500         2,713,358   

China Resources Enterprise Ltd.

     920,000         3,170,007   

Hong Kong Exchanges and Clearing Ltd.

     109,500         1,897,611   

Melco Crown Entertainment
Ltd. - ADR (a)(b)

     246,600         2,749,590   

Wharf Holdings Ltd.

     433,000         2,461,319   
     

 

 

 
        17,789,324   

 

 
India – 0.0%      

Jubilant Foodworks Ltd. (b)

     27,416         522,351   

 

 
Indonesia – 0.4%      

Adaro Energy Tbk PT

     17,527,800         3,557,896   

 

 
Ireland – 1.0%      

Covidien Plc

     91,400         4,707,100   

Shire Plc - ADR (a)

     44,900         4,468,448   
     

 

 

 
        9,175,548   

 

 
Israel – 0.9%      

Check Point Software Technologies
Ltd. (a)(b)

     84,900         4,779,021   

Teva Pharmaceutical Industries
Ltd. - ADR (a)

     76,100         3,434,393   
     

 

 

 
        8,213,414   

 

 
Italy – 1.6%      

ENI SpA

     381,000         8,441,730   

Intesa Sanpaolo SpA

     3,223,600         6,174,347   
     

 

 

 
        14,616,077   

 

 
Japan – 7.2%      

Bridgestone Corp.

     343,700         7,864,221   

The Chiba Bank Ltd.

     911,900         5,674,695   

Daikin Industries Ltd.

     148,400         4,312,300   

Daiwa Office Investment Corp. - REIT

     509         1,149,370   

IHI Corp.

     1,934,000         5,092,834   

Japan Prime Realty Investment
Corp. - REIT

     889         2,127,497   

Japan Tobacco, Inc.

     594         2,933,131   

JGC Corp.

     108,000         2,987,698   

Kubota Corp.

     633,800         5,731,869   

Mitsui Fudosan Co. Ltd.

     131,500         2,170,089   

ORIX Corp.

     24,000         2,249,217   

SMC Corp.

     19,300         3,352,514   

Softbank Corp.

     203,900         5,698,155   

Sumitomo Mitsui Financial Group, Inc.

     71,200         2,276,996   

Tokyo Electron Ltd.

     93,600         5,335,705   

Toray Industries, Inc.

     798,700         6,014,371   

Yamato Holdings Co. Ltd.

     174,300         2,889,323   
     

 

 

 
        67,859,985   

 

 
Luxembourg – 1.0%      

ArcelorMittal

     467,000         9,593,616   

 

 
 

 

                   
          JANUARY 31, 2012    1


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

 
Mexico – 1.5%      

Fomento Economico Mexicano SAB de
CV - ADR (a)

     139,600       $ 9,844,592   

Grupo Modelo SAB de CV, Series C

     623,300         3,862,957   
     

 

 

 
        13,707,549   

 

 
Netherlands – 4.6%      

Aegon NV (b)

     891,300         4,330,045   

Akzo Nobel NV

     107,800         5,624,940   

ASML Holding NV

     65,300         2,807,182   

Corio NV - REIT

     16,300         759,588   

ING Groep NV (b)

     415,200         3,788,103   

Koninklijke DSM NV

     112,400         5,777,329   

Royal Dutch Shell Plc,
Class A - ADR (a)

     224,200         15,998,912   

Unilever NV

     136,951         4,563,936   
     

 

 

 
        43,650,035   

 

 
Norway – 0.7%      

Aker Solutions ASA

     266,700         3,281,135   

Storebrand ASA

     594,900         2,945,596   
     

 

 

 
        6,226,731   

 

 
Singapore – 2.9%      

Avago Technologies Ltd.

     162,300         5,508,462   

DBS Group Holdings Ltd.

     583,000         6,257,255   

Sakari Resources Ltd.

     2,937,400         5,466,889   

Singapore Telecommunications Ltd.

     4,232,400         10,424,043   
     

 

 

 
        27,656,649   

 

 
South Africa – 1.0%      

MTN Group Ltd.

     288,000         4,899,985   

Naspers Ltd., N Shares

     85,400         4,270,105   
     

 

 

 
        9,170,090   

 

 
South Korea – 3.3%      

Hynix Semiconductor, Inc. (b)

     196,500         4,685,500   

Hyundai Marine & Fire Insurance Co. Ltd.

     223,300         6,552,146   

Hyundai Mobis Co. Ltd. (b)

     5,900         1,454,514   

Kia Motors Corp.

     48,900         2,935,870   

KT Corp. - ADR (b)

     274,600         4,088,794   

Samsung Electronics Co. Ltd.

     6,600         6,498,914   

Samsung Life Insurance Co. Ltd.

     62,400         4,652,795   
     

 

 

 
        30,868,533   

 

 
Spain – 1.7%      

Repsol YPF SA

     318,088         8,771,076   

Telefonica SA

     406,900         7,101,242   
     

 

 

 
        15,872,318   

 

 
Sweden – 0.5%      

Svenska Cellulosa AB, B Shares

     267,700         4,478,316   

 

 
Switzerland – 5.4%      

Julius Baer Group Ltd. (b)

     127,000         5,175,603   

Nestle SA

     239,700         13,754,960   

Roche Holding AG

     40,600         6,887,974   

Swiss Re AG (b)

     170,500         9,278,220   

Temenos Group AG (b)

     290,300         5,242,069   

Xstrata Plc

     629,961         10,722,745   
     

 

 

 
        51,061,571   

 

 
Taiwan – 2.6%      

Chunghwa Telecom Co. Ltd. - ADR

     172,500         5,590,725   

Mega Financial Holding Co. Ltd.

     7,967,322         5,462,332   

Taiwan Semiconductor Manufacturing
Co. Ltd.

     1,795,000         4,761,898   
Common Stocks    Shares      Value  

 

 
Taiwan (concluded)      

United Microelectronics Corp.

     15,695,000       $ 8,278,362   
     

 

 

 
        24,093,317   

 

 
United Kingdom – 17.9%      

ARM Holdings Plc

     98,300         946,071   

Barclays Plc - ADR (a)

     682,100         9,228,813   

Barratt Developments Plc (b)

     105,100         181,285   

Bellway Plc

     113,600         1,321,579   

BG Group Plc

     414,500         9,339,733   

BP Plc

     1,936,300         14,565,946   

British American Tobacco Plc

     304,200         14,007,823   

Britvic Plc

     1,128,700         6,125,398   

Compass Group Plc

     372,200         3,459,333   

Experian Plc

     617,523         8,378,164   

GlaxoSmithKline Plc

     369,825         8,226,283   

HSBC Holdings Plc

     1,442,600         12,053,057   

Imperial Tobacco Group Plc

     267,900         9,594,090   

Inchcape Plc

     837,120         4,505,300   

International Consolidated Airlines Group SA (b)

     2,420,400         6,771,540   

Kazakhmys Plc

     234,000         4,207,098   

National Grid Plc

     1,139,100         11,342,858   

Persimmon Plc

     50,300         418,118   

Rexam Plc

     1,456,900         8,603,084   

SSE Plc

     476,400         9,191,606   

Subsea 7 SA (b)

     270,800         5,489,378   

Taylor Wimpey Plc (b)

     2,185,100         1,462,777   

Vodafone Group Plc - ADR (a)

     703,400         19,055,106   
     

 

 

 
        168,474,440   

 

 
United States – 0.8%      

MercadoLibre, Inc. (a)

     54,000         4,719,600   

NII Holdings, Inc. (a)(b)

     128,100         2,576,091   
     

 

 

 
        7,295,691   

 

 

Total Common Stocks – 86.2%

        810,216,091   

 

 

Total Long-Term Investments

     

(Cost – $804,063,402) – 86.2%

        810,216,091   

 

 

 

 

Short-Term Securities

     

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.15% (c)(d)

     67,376,110         67,376,110   

 

 

Total Short-Term Securities

     

(Cost – $67,376,110) – 7.2%

        67,376,110   

 

 

Total Investments Before Outstanding Options Written

(Cost – $871,439,512*) – 93.4%

   

  

     877,592,201   

 

 

 

 
Options Written    Contracts         

 

 
Exchange-Traded Call Options – (0.3)%      

Arcos Dorados Holdings, Inc.,
Class A:

     

Strike Price USD 22.50, Expires 2/20/12

     490         (12,250

Strike Price USD 22.50, Expires 3/19/12

     527         (34,255

Baidu, Inc. - ADR, Strike Price USD 135, Expires 2/20/12

     200         (45,700
 

 

                   
2           JANUARY 31, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

 

 
Exchange-Traded Call Options (concluded)   

Banco Bradesco SA - ADR:

     

Strike Price USD 17, Expires 2/20/12

     1,800       $ (195,300

Strike Price USD 18, Expires 2/20/12

     1,025         (39,975

Barclays Plc - ADR:

     

Strike Price USD 12, Expires 2/20/12

     1,535         (264,788

Strike Price USD 14, Expires 3/19/12

     1,100         (71,500

Strike Price USD 15, Expires 3/19/12

     1,100         (33,000

BHP Billiton Ltd. - ADR:

     

Strike Price USD 77.50, Expires 2/20/12

     295         (97,350

Strike Price USD 80, Expires 3/19/12

     290         (78,590

Check Point Software Technologies Ltd., Strike Price USD 55, Expires 2/20/12

     295         (59,000

First Quantum Minerals Ltd.:

     

Strike Price CAD 20, Expires 2/20/12

     975         (235,801

Strike Price CAD 21, Expires 2/20/12

     975         (160,442

Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 70, Expires 3/19/12

     380         (110,200

Gildan Activewear, Inc., Strike Price CAD 23, Expires 3/19/12

     630         (40,211

Goldcorp, Inc., Strike Price CAD 46, Expires 3/19/12

     505         (178,792

Manulife Financial Corp., Strike Price CAD 12, Expires 3/19/12

     1,975         (75,833

Melco Crown Entertainment
Ltd. - ADR, Strike Price USD 12, Expires 3/19/12

     1,355         (77,913

MercadoLibre, Inc., Strike Price USD 90, Expires 3/19/12

     300         (126,000

NII Holdings, Inc.:

     

Strike Price USD 22, Expires 2/20/12

     355         (7,100

Strike Price USD 23, Expires 2/20/12

     355         (3,550

Royal Bank of Canada, Strike Price CAD 54, Expires 3/19/12

     480         (28,962

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 75, Expires 2/20/12

     170         (3,400

Shire Plc - ADR, Strike Price USD 100, Expires 2/20/12

     245         (50,839

Suncor Energy, Inc.:

     

Strike Price USD 28, Expires 2/20/12

     520         (335,400

Strike Price USD 29, Expires 2/20/12

     512         (280,320

Strike Price USD 34, Expires 3/19/12

     95         (17,005

Teva Pharmaceutical Industries
Ltd. - ADR, Strike Price USD 45, Expires 2/20/12

     420         (41,790

The Toronto-Dominion Bank, Strike Price CAD 76, Expires 2/20/12

     550         (105,316

TransCanada Corp.:

     

Strike Price CAD 44, Expires 2/18/12

     800         (5,585

Strike Price CAD 42, Expires 2/20/12

     32         (941

Vodafone Group Plc - ADR:

     

Strike Price USD 27.55, Expires 2/13/12

     3,390         (47,199

Strike Price USD 27.70, Expires 3/19/12

     480         (15,673

Yamana Gold, Inc.:

     

Strike Price CAD 16, Expires 2/20/12

     2,125         (301,997

Strike Price CAD 16, Expires 3/19/12

     655         (110,397

 

 

Total Exchange-Traded Call Options

  

     (3,292,374

 

 
Over-the-Counter Call Options – (1.4)%   

Adidas AG:

     

Strike Price EUR 52.11, Expires 2/14/12, Broker UBS Securities LLC

     44,000         (192,849

Strike Price EUR 55.90, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     17,800         (34,020
Options Written    Contracts      Value  

 

 
Over-the-Counter Call Options (continued)   

Aegon NV, Strike Price EUR 3.37, Expires 2/29/12, Broker UBS Securities LLC

     490,300       $ (249,581

Aker Solutions ASA, Strike Price NOK 66.33, Expires 2/14/12, Broker UBS Securities LLC

     146,700         (170,490

Akzo Nobel NV, Strike Price EUR 39.67, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     59,300         (112,159

Allianz SE, Strike Price EUR 88.06, Expires 3/14/12, Broker Citigroup Global Markets, Inc.

     41,500         (103,356

Anheuser-Busch InBev NV, Strike Price EUR 48.32, Expires 3/07/12, Broker UBS Securities LLC

     108,200         (90,034

ArcelorMittal:

     

Strike Price EUR 15.12, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     97,900         (135,873

Strike Price EUR 16.47, Expires 3/07/12, Broker Credit Suisse First Boston

     159,000         (105,171

Arcos Dorados Holdings, Inc., Class A, Strike Price USD 21.66, Expires 3/09/12, Broker Deutsche Bank Securities Corp.

     62,000         (64,480

ARM Holdings Plc, Strike Price GBP 6.10, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

     98,000         (49,426

ASML Holding NV, Strike Price EUR 32.32, Expires 2/14/12, Broker UBS Securities LLC

     59,800         (71,183

Australia & New Zealand Banking Group Ltd., Strike Price AUD 21.05, Expires 2/15/12, Broker Morgan Stanley
& Co., Inc.

     199,000         (108,993

Avago Technologies Ltd.:

     

Strike Price USD 29.34, Expires 2/16/12, Broker Deutsche Bank Securities Corp.

     35,000         (161,704

Strike Price USD 34.99, Expires 3/02/12, Broker Banc of America Securities

     54,500         (50,685

AXA SA, Strike Price EUR 12.29, Expires 3/14/12, Broker UBS Securities LLC

     237,100         (80,608

Banco Bradesco SA, Preference Shares, Strike Price BRL 30.9, Expires 2/10/12, Broker Deutsche Bank Securities Corp.

     112,000         (48,122

Bayer AG, Strike Price EUR 46.54, Expires 2/03/12, Broker UBS Securities LLC

     22,000         (206,245

Bayerische Motoren Werke AG, Strike Price EUR 59.43, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

     33,500         (288,838

Bellway Plc:

     

Strike Price GBP 7.28, Expires 2/29/12, Broker Societe General Securities Corp.

     31,300         (15,612

Strike Price GBP 7.47, Expires 3/07/12, Broker UBS Securities LLC

     31,300         (12,186

BG Group Plc:

     

Strike Price GBP 14.93, Expires 2/29/12, Broker Societe General Securities Corp.

     77,000         (27,669

Strike Price GBP 15.02, Expires 3/07/12, Broker Deutsche Bank Securities Corp.

     151,000         (55,411

BM&FBOVESPA SA:

     

Strike Price BRL 10.45, Expires 3/08/12, Broker UBS Securities LLC

     86,000         (36,101

Strike Price BRL 10.8, Expires 3/22/12, Broker Banc of America Securities

     443,500         (149,482
 

 

                   
          JANUARY 31, 2012    3


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

 

 
Over-the-Counter Call Options (continued)   

BNP Paribas SA, Strike Price EUR 34.99, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     45,800       $ (61,688

BP Plc:

     

Strike Price GBP 4.58, Expires 2/03/12, Broker Morgan Stanley & Co., Inc.

     728,000         (225,281

Strike Price GBP 4.86, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     340,000         (49,928

British American Tobacco Plc, Strike Price GBP 29.68, Expires 3/14/12, Broker UBS Securities LLC

     167,000         (116,304

Britvic Plc:

     

Strike Price GBP 3.35, Expires 2/14/12, Broker Morgan Stanley & Co., Inc.

     199,700         (41,256

Strike Price GBP 3.41, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     199,700         (40,589

Strike Price GBP 3.40, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     225,000         (50,145

Bwin.Party Digital Entertainment Plc, Strike Price GBP 1.66, Expires 2/29/12, Broker Societe General Securities Corp.

     233,000         (30,984

Carlsberg A/S, Class B, Strike Price DKK 418.67, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     29,300         (113,141

Check Point Software Technologies Ltd., Strike Price USD 55.50, Expires 2/29/12, Broker Goldman Sachs & Co.

     17,200         (35,017

Chunghwa Telecom Co. Ltd. - ADR:

     

Strike Price USD 33.33, Expires 2/13/12, Broker Goldman Sachs & Co.

     47,500         (3,530

Strike Price USD 32.95, Expires 3/07/12, Broker Deutsche Bank Securities Corp.

     47,500         (15,787

Cia Energetica de Minas Gerais - ADR:

     

Strike Price USD 17.31, Expires 2/06/12, Broker Deutsche Bank Securities Corp.

     75,000         (220,046

Strike Price USD 17.31, Expires 2/13/12, Broker Deutsche Bank Securities Corp.

     75,000         (220,046

Strike Price USD 18.29, Expires 2/23/12, Broker UBS Securities LLC

     56,000         (109,719

Strike Price USD 20.13, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

     43,000         (33,444

Compass Group Plc, Strike Price GBP 6.26, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     204,800         (5,343

Continental AG, Strike Price EUR 62.52, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     26,500         (84,658

Corio NV - REIT, Strike Price EUR 34.54, Expires 3/07/12, Broker UBS Securities LLC

     9,000         (18,753

Covidien Plc, Strike Price USD 51.80, Expires 3/27/12, Broker Goldman Sachs & Co.

     50,000         (65,046

Daiwa Office Investment Corp. - REIT, Strike Price JPY 166,044, Expires 2/15/12, Broker Deutsche Bank Securities Corp.

     195         (21,397

Danone SA, Strike Price EUR 47.18, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     53,900         (97,186
Options Written    Contracts      Value  

 

 
Over-the-Counter Call Options (continued)   

Deutsche Lufthansa AG:

     

Strike Price EUR 9.65, Expires 2/03/12, Broker Citigroup Global Markets, Inc.

     83,700       $ (105,840

Strike Price EUR 10.33, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     117,000         (93,567

ENI SpA, Strike Price EUR 16.67, Expires 2/14/12, Broker UBS Securities LLC

     209,800         (127,488

Experian Plc:

     

Strike Price GBP 8.24, Expires 2/03/12, Broker UBS Securities LLC

     107,400         (62,423

Strike Price GBP 8.63, Expires 2/14/12, Broker Citigroup Global Markets, Inc.

     98,000         (16,356

Strike Price GBP 8.85, Expires 3/14/12, Broker UBS Securities LLC

     134,000         (21,206

Fomento Economico Mexicano SAB de CV - ADR:

     

Strike Price USD 67.77, Expires 2/08/12, Broker Goldman Sachs & Co.

     18,500         (57,793

Strike Price USD 70.27, Expires 3/14/12, Broker Morgan Stanley & Co., Inc.

     20,500         (44,102

GDF Suez, Strike Price EUR 21.50, Expires 3/07/12, Broker Credit Suisse First Boston

     97,900         (64,731

GlaxoSmithKline Plc, Strike Price GBP 14.97, Expires 2/02/12, Broker UBS Securities LLC

     352,400         (57

Grupo Modelo SAB de CV, Series C:

     

Strike Price MXN 87.62, Expires 2/10/12, Broker Morgan Stanley & Co., Inc.

     114,100         (109

Strike Price MXN 85.24, Expires 3/08/12, Broker Citigroup Global Markets, Inc.

     114,100         (6,891

Strike Price MXN 80.71, Expires 3/22/12, Broker Citigroup Global Markets, Inc.

     114,500         (25,471

HSBC Holdings Plc, Strike Price GBP 4.85, Expires 2/03/12, Broker Societe General Securities Corp.

     1,097,000         (785,878

Imperial Tobacco Group Plc, Strike Price GBP 24.39, Expires 2/29/12, Broker Citigroup Global
Markets, Inc.

     147,500         (8,204

Inchcape Plc:

     

Strike Price GBP 2.97, Expires 2/14/12, Broker UBS Securities LLC

     230,300         (160,061

Strike Price GBP 3.03, Expires 2/29/12, Broker Societe General Securities Corp.

     230,300         (147,564

Infineon Technologies AG:

     

Strike Price EUR 6.99, Expires 3/07/12, Broker UBS Securities LLC

     468,000         (164,114

Strike Price EUR 7.24, Expires 3/07/12, Broker UBS Securities LLC

     121,700         (28,052

ING Groep NV, Strike Price EUR 7.20, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     228,400         (96,229

International Consolidated Airlines Group SA, Strike Price GBP 1.48, Expires 2/29/12, Broker UBS Securities LLC

     1,331,500         (635,276

Intesa Sanpaolo SpA, Strike Price EUR 1.38, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     1,773,000         (318,697
 

 

                   
4           JANUARY 31, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

 

 

Over-the-Counter Call Options (continued)

  

Japan Prime Realty Investment
Corp. - REIT, Strike Price JPY 181,194, Expires 2/15/12, Broker Deutsche Bank Securities Corp.

     245       $ (13,941

Julius Baer Group Ltd., Strike Price CHF 38.87, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     69,900         (58,485

K+S AG, Strike Price EUR 37.16, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     79,500         (94,649

Kazakhmys Plc, Strike Price GBP 11.12, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     128,700         (145,645

Koninklijke DSM NV, Strike Price EUR 38.86, Expires 3/07/12, Broker UBS Securities LLC

     61,900         (103,420

KT Corp. - ADR:

     

Strike Price USD 16.63, Expires 2/14/12, Broker Deutsche Bank Securities Corp.

     50,500         (797

Strike Price USD 14.75, Expires 3/14/12, Broker Goldman Sachs & Co.

     70,000         (31,027

LVMH Moet Hennessy Louis Vuitton SA:

     

Strike Price EUR 120.98, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     19,000         (138,186

Strike Price EUR 125, Expires 3/16/12, Broker UBS Securities LLC

     65         (34,988

Merck KGaA, Strike Price EUR 78.02, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     34,300         (154,350

Metro AG, Strike Price EUR 28.63, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

     40,200         (74,643

MTN Group Ltd., Strike Price ZAR 137.06, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

     159,000         (49,931

Naspers Ltd., N Shares, Strike Price ZAR 370.67, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     47,000         (149,404

National Grid Plc:

     

Strike Price GBP 6.38, Expires 2/29/12, Broker Societe General Securities Corp.

     511,500         (82,137

Strike Price GBP 6.30, Expires 3/07/12, Broker UBS Securities LLC

     115,000         (24,404

Nestle SA:

     

Strike Price CHF 54.59, Expires 2/29/12, Broker UBS Securities LLC

     106,700         (28,768

Strike Price CHF 54.14, Expires 3/07/12, Broker Credit Suisse First Boston

     25,200         (9,667

Repsol YPF SA:

     

Strike Price EUR 22.26, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     50,000         (23,237

Strike Price EUR 22.75, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     125,000         (40,738

Rexam Plc:

     

Strike Price GBP 3.78, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     221,300         (31,291

Strike Price GBP 3.86, Expires 3/14/12, Broker UBS Securities LLC

     580,000         (59,597
Options Written    Contracts      Value  

 

 

Over-the-Counter Call Options (continued)

  

Roche Holding AG:

     

Strike Price CHF 165.03, Expires 2/14/12, Broker UBS
Securities LLC

     32,900       $ (10,637

Strike Price CHF 166.45, Expires 3/08/12, Broker Credit Suisse First Boston

     7,400         (5,750

Royal Dutch Shell Plc, Class A - ADR:

     

Strike Price USD 71.33, Expires 2/08/12, Broker Citigroup Global Markets, Inc.

     53,000         (47,191

Strike Price USD 71.49, Expires 3/30/12, Broker Goldman Sachs & Co.

     53,300         (113,533

Sanofi SA, Strike Price EUR 56.73, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     87,300         (139,585

Scottish & Southern Energy Plc:

     

Strike Price GBP 12.64, Expires 2/02/12, Broker Morgan Stanley & Co., Inc.

     204,600         (1,172

Strike Price GBP 12.36, Expires 3/14/12, Broker UBS
Securities LLC

     57,500         (17,738

Seadrill Ltd.:

     

Strike Price NOK 214.03, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     94,600         (133,318

Strike Price NOK 214.71, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     91,000         (123,230

Singapore Telecommunications Ltd., Strike Price SGD 3.17, Expires 2/15/12, Broker Morgan Stanley
& Co., Inc.

     2,328,000         (38,597

Societe Generale SA, Strike Price EUR 20.17, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     71,800         (165,570

Storebrand ASA, Strike Price NOK 29.89, Expires 3/07/12, Broker UBS Securities LLC

     327,200         (63,125

Straits Asia Resources Ltd., Strike Price SGD 1.93, Expires 2/15/12, Broker Morgan Stanley & Co., Inc.

     1,474,000         (486,012

Subsea 7 SA, Strike Price NOK 120.98, Expires 2/14/12, Broker Citigroup Global Markets, Inc.

     149,000         (69,880

Svenska Cellulosa AB, B Shares, Strike Price SEK 106.25, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

     147,300         (166,151

Swiss Re AG:

     

Strike Price CHF 49.09, Expires 2/14/12, Broker UBS
Securities LLC

     71,000         (128,369

Strike Price CHF 51.41, Expires 3/07/12, Broker Credit Suisse First Boston

     22,800         (28,290

Taiwan Semiconductor Manufacturing Co. Ltd., Strike Price TWD 76.38, Expires 2/15/12, Broker Morgan Stanley & Co., Inc.

     987,000         (85,691

Taylor Wimpey Plc, Strike Price GBP 0.39, Expires 2/29/12, Broker Societe General Securities Corp.

     1,202,000         (74,839

Telefonica SA, Strike Price EUR 13.49, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

     287,500         (61,106
 

 

                   
          JANUARY 31, 2012    5


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

 

 

Over-the-Counter Call Options (continued)

  

Temenos Group AG:

     

Strike Price CHF 14.11, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

     13,500       $ (39,593

Strike Price CHF 15.25, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     133,000         (300,089

Strike Price CHF 16.68, Expires 3/07/12, Broker UBS
Securities LLC

     13,200         (12,652

Tencent Holdings Ltd., Strike Price HKD 172.00, Expires 2/15/12, Broker Citigroup Global Markets, Inc.

     115,500         (265,987

Tokyo Electron Ltd., Strike Price JPY 3,963.89, Expires 2/15/12, Broker Deutsche Bank Securities Corp.

     20,000         (102,220

Unilever NV, Strike Price EUR 25.52, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     125,600         (83,427

United Microelectronics Corp.:

     

Strike Price TWD 13.15, Expires 2/15/12, Broker Morgan Stanley & Co., Inc.

     4,316,000         (343,208

Strike Price TWD 13.68, Expires 3/13/12, Broker Goldman Sachs & Co.

     4,316,000         (271,131

Volkswagen AG, Preference Shares:

     

Strike Price EUR 126.95, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

     26,000         (353,532

Strike Price EUR 136.87, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

     7,800         (56,708
Options Written    Contracts      Value  

 

 

Over-the-Counter Call Options (concluded)

  

Xstrata Plc, Strike Price GBP 10.80, Expires 3/07/12, Broker Citigroup Global Markets, Inc.

     346,500       $ (312,755

 

 

Total Over-the-Counter Call Options

  

     (12,700,066

 

 

Total Options Written

(Premiums Received – $12,287,957) – (1.7)%

  

  

     (15,992,440

 

 

Total Investments Net of Outstanding
Options Written – 91.7%

   

     861,599,761   

Other Assets Less Liabilities – 8.3%

  

     77,608,496   
     

 

 

 

Net Assets – 100.0%

      $ 939,208,257   
     

 

 

 

 

* As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Aggregate cost

   $ 891,036,220   
  

 

 

 

Gross unrealized appreciation

   $ 52,659,080   

Gross unrealized depreciation

     (66,103,099
  

 

 

 

Net unrealized depreciation

   $ (13,444,019
  

 

 

 

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Non-income producing security.
(c) Represents the current yield as of report date.
 

 

(d) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliate   

Shares

Held at
October 31,
2011

   Shares
Purchased
  

Shares

Sold

 

Shares

Held at
January 31,
2012

   Value at
January 31,
2012
  

Realized

Gain
(Loss)

  Income

 

BlackRock Liquidity Funds, TempFund, Institutional Class

   61,562,830    5,813,280    (5,812,613)   67,376,110    $67,376,110    $667   $16,526

 

iShares MSCI EAFE Index Fund

   660,000       (660,000)         $(3,106,953)   $375,690

 

                   
6           JANUARY 31, 2012   


 

 

Schedule of Investments (continued)

 

 

BlackRock International Growth and Income Trust (BGY)

 

 

Foreign currency exchange contracts as of January 31, 2012 were as follows:

 

Currency

Purchased

  Currency
Sold
  Counterparty  

Settlement
Date

  Unrealized
Appreciation
(Depreciation)
 
   

 

Citigroup Global

   

HKD 21,546,000

  USD 2,777,359   Markets, Inc.   2/01/12     $    870   
   

 

Deutsche Bank

   

SGD  3,447,000

  USD 2,745,087   Securities Corp.   2/01/12     (4,697
   

 

Banc of America

   

USD  2,321,214

  CHF 2,126,000   Securities   2/01/12     11,600   
   

 

Citigroup Global

   

USD     251,407

  NOK 1,468,000   Markets, Inc.   2/01/12     1,193   
   

 

Deutsche Bank

   

USD     262,482

  EUR    200,000   Securities Corp.   2/01/12     873   
   

 

Citigroup Global

   

USD       77,552

  CAD      78,000   Markets, Inc.   2/01/12     (238
   

 

Deutsche Bank

   

SGD  1,995,000

  USD 1,583,479   Securities Corp.   2/02/12     2,561   
   

 

Citigroup Global

   

USD     546,030

  GBP    348,000   Markets, Inc.   2/02/12     (2,346
   

 

Citigroup Global

   

USD   5,746,820

  EUR 4,379,000   Markets, Inc.   2/02/12     18,893   
   

 

Citigroup Global

   

USD   2,928,979

  GBP 1,859,000   Markets, Inc.   2/03/12     (425
   

 

Deutsche Bank

   

USD   1,345,214

  AUD 1,268,000   Securities Corp.   2/03/12     (959

SGD   1,768,000

  USD 1,405,291  

 

RBS Securities, Inc.

  2/03/12     282   

 

 

Total

          $    27,607   
       

 

 

 

 

 

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

 

   

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

   

Level 3 - unobservable inputs based on the best information available In the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of January 31, 2012 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs    Level 1    Level 2    Level 3    Total

Assets:

           

Investments:

           

Long-Term Investments:

           

Common Stocks:

           

Australia

   $8,468,304    $21,334,589       $29,802,893

Belgium

      11,959,533       11,959,533

Bermuda

      6,914,294       6,914,294

Brazil

   31,126,214          31,126,214

British Virgin Islands

   6,686,500          6,686,500

Canada

   51,165,639          51,165,639

China

   5,147,380    14,602,004       19,749,384

Denmark

      4,055,242       4,055,242

France

      44,715,808       44,715,808

Germany

      69,084,929       69,084,929

Gibraltar

      1,072,204       1,072,204

Hong Kong

   2,749,590    15,039,734       17,789,324

India

      522,351       522,351

Indonesia

      3,557,896       3,557,896

Ireland

   9,175,548          9,175,548

Israel

   8,213,414          8,213,414

Italy

      14,616,077       14,616,077

Japan

      67,859,985       67,859,985

Luxembourg

      9,593,616       9,593,616

Mexico

   13,707,549          13,707,549

Netherlands

   15,998,912    27,651,123       43,650,035

Norway

      6,226,731       6,226,731

Singapore

   5,508,462    22,148,187       27,656,649

South Africa

      9,170,090       9,170,090

South Korea

   4,088,794    26,779,739       30,868,533

Spain

      15,872,318       15,872,318

Sweden

      4,478,316       4,478,316

Switzerland

      51,061,571       51,061,571

Taiwan

   5,590,725    18,502,592       24,093,317

United Kingdom

   28,283,919    140,190,521       168,474,440

United States

   7,295,691          7,295,691

Short-Term Securities

   67,376,110          67,376,110

 

Total

   $270,582,751    $607,009,450       $877,592,201
  

 

 

 

                   
          JANUARY 31, 2012    7


 

 

Schedule of Investments (concluded)

 

 

BlackRock International Growth and Income Trust (BGY)

    

 

 

 
Valuation Inputs   Level 1     Level 2     Level 3   Total  

 

 

Derivative Financial Instruments1

       

Assets:

       

Foreign currency exchange contracts

  $ 36,272               $ 36,272   

Liabilities:

       

Equity contracts

    (3,229,501   $ (12,762,939       (15,992,440

Foreign currency exchange contracts

    (8,665              (8,665

 

 

 

 
Valuation Inputs    Level 1     Level 2     Level 3    Total  

 

 

Total

   $ (3,201,894   $ (12,762,939      $ (15,964,833
  

 

 

 

 

1 

Derivative financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

 

 

Portfolio Abbreviations

    

 

To simplify the listings of portfolio holdings in the Trust’s Schedule of Investments, the names and descriptions of many securities have been abbreviated according to the following list:

     ADR   

 

American Depositary Receipt

     JPY      Japanese Yen   
     AUD    Australian Dollar      MXN    Mexican Peso   
     BRL    Brazil Real      NOK    Norwegian Krone   
     CAD    Canadian Dollar      REIT    Real Estate Investment Trust   
     CHF    Swiss Franc      SEK    Swedish Krona   
     DKK    Danish Krone      SGD    Singapore Dollar   
     EUR    Euro      TWD    Taiwan Dollar   
     GBP    British Pound      USD    US Dollar   
     HKD    Hong Kong Dollar      ZAR    South African Rand   

 

                   
8           JANUARY 31, 2012   


Item 2 –   Controls and Procedures
2(a) –   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

            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 International Growth and Income Trust
By:   /s/ John M. Perlowski  
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock International Growth and Income Trust
Date:   March 23, 2012  

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/ John M. Perlowski  
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock International Growth and Income Trust
Date:   March 23, 2012  

 

By:   /s/ Neal J. Andrews  
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock International Growth and Income Trust
Date:   March 23, 2012