N-CSR 1 c55930_ncsr.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21729

Name of Fund: BlackRock Global Opportunities Equity Trust (BOE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Global Opportunities Equity Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrants telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2008

Date of reporting period: 11/01/2007 10/31/2008

Item 1 Report to Stockholders

EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Annual Report
OCTOBER 31, 2008

BlackRock Dividend Achievers TM Trust (BDV)
BlackRock Enhanced Dividend Achievers TM Trust (BDJ)
BlackRock Strategic Dividend Achievers TM Trust
(BDT)
BlackRock EcoSolutions Investment Trust (BQR)
BlackRock Global Energy and Resources Trust (BGR)
BlackRock Global Equity Income Trust (BFD)
BlackRock Global Opportunities Equity Trust (BOE)
BlackRock Health Sciences Trust (BME)
BlackRock International Growth and Income Trust (BGY)
BlackRock Real Asset Equity Trust (BCF)
BlackRock S&P Quality Rankings Global Equity Managed Trust
(BQY)
BlackRock World Investment Trust (BWC)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents
	Page
A Letter to
Shareholders	3
Annual Report:
Trust Summaries	4
Financial Statements:
Schedules of
Investments	16
Statements of Assets and
Liabilities	58
Statements of
Operations	60
Statements of Changes in
Net Assets	62
Financial
Highlights	66
Notes to
Financial Statements	78
Report of
Independent Registered Public Accounting Firm	86
Disclosure of
Investment Advisory Agreements and Subadvisory Agreements	87
Dividend
Reinvestment Plans	92
Important Tax
Information (Unaudited)	93
Officers and
Trustees	94
Additional
Information	97

2 ANNUAL REPORT OCTOBER 31, 2008

A Letter to Shareholders

Dear Shareholder

It has been a tumultuous period for investors, marked by almost daily headlines of deepening turmoil in financial markets and a darkening economic outlook. The news took an extraordinarily heavy tone late in the period as the credit crisis boiled over and triggered unprecedented failures and consolidation in the financial sector, stoking fears of a market and economic collapse and prompting a series of new government programs designed to contain and combat the fallout.

The Federal Reserve Board (the Fed) has taken decisive measures to restore liquidity and stabilize the financial system. Key moves included slashing the target federal funds rate 250 basis points (2.50%) between November 2007 and April 2008 and providing massive cash injections and lending programs. In October, as credit conditions further deteriorated, the central bank cut the key interest rate by 50 basis points on two separate occasions on October 8 in coordination with five other global central banks, and again during its regularly scheduled meeting on October 29. This left the key short-term rate at just 1.0%, its lowest level since 2004. While the U.S. economy appeared fairly resilient through the second quarter of 2008, the third quarter saw a contraction of 0.5%, and a more significant decline is expected for the fourth quarter. Moreover, on December 1, the National Bureau of Economic Research confirmed that the U.S. had entered a recession in December 2007.

Against this backdrop, U.S. equity markets experienced intense volatility, with periods of downward pressure punctuated by sharp rebounds. Losses were significant and broad-based, though small-cap stocks fared moderately better than their larger counterparts. Non-U.S. markets decelerated at a considerably faster pace than domestic equities a stark reversal of recent years trends, when international stocks generally outpaced U.S. stocks.

Treasury issues also traded in a volatile fashion, but rallied overall (yields fell and prices correspondingly rose) and outperformed other fixed income assets as investors continued their flight to higher quality and more liquid securities. Tax-exempt issues generally underperformed, as problems among municipal bond insurers and the collapse in the market for auction rate securities afflicted the group throughout the course of the past year. At the same time, the above mentioned economic headwinds and malfunctioning credit markets plagued the high yield sector, with the third quarter of 2008 marking one of the worst periods in history for the asset class.

Facing unprecedented volatility and macro pressures, the major benchmark indexes generally recorded losses for the six- and 12-month reporting periods:

| Total Returns as
of October 31, 2008 — U.S. equities (S&P 500 Index) | 6-month — (29.28 | )% | 12-month — (36.10 | )% |
| --- | --- | --- | --- | --- |
| Small cap U.S. equities (Russell 2000 Index) | (24.39 | ) | (34.16 | ) |
| International equities (MSCI Europe, Australasia, Far East
Index) | (41.21 | ) | (46.62 | ) |
| Fixed income (Barclays Capital U.S. Aggregate
Index) | (3.63 | ) | 0.30 | |
| Tax-exempt fixed income (Barclays Capital Municipal Bond
Index) | (4.70 | ) | (3.30 | ) |
| High yield bonds (Barclays Capital U.S. Corporate High
Yield 2% Issuer Capped Index*) | (24.86 | ) | (25.41 | ) |

*Formerly a Lehman Brothers Index.

Past performance is no guarantee of future results. Index performance shown is for illustrative purposes only. You cannot invest directly in an index.

Through periods of market turbulence, as ever, BlackRocks full resources are dedicated to the management of our clients assets. For our most current views 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 investments, and we look forward to continuing to serve you in the months and years ahead.

Sincerely,

Rob Kapito President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT OCTOBER 31, 2008 3

Trust Summary as of October 31, 2008 BlackRock Dividend Achievers TM Trust

| Investment
Objective |
| --- |
| BlackRock
Dividend Achievers TM Trust (BDV) (the Trust) seeks to
provide total return through a combination of current income and capital
appreciation by investing in common stocks that pay above average dividends
and have the potential for capital appreciation. |
| Performance |
| For the 12 months ended October
31, 2008, the Trust returned (26.73)% based on market price and (27.56)%
based on net asset value (NAV). For the same period, the Mergent Broad
Dividend Achievers Index posted a return of (28.85)% on a NAV basis, and the
broader market, as measured by the Russell 1000 Index, returned (36.80)%. All
returns reflect reinvestment of dividends. The Trusts discount to NAV, which
narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. One of the key investment
objectives of the portfolio is to generate income through positions in stocks
with attractive dividend yields. Over the annual period, this detracted on
two levels: (1) higher-yielding stocks modestly underperformed, and (2) the
drive for yield resulted in a relatively sizable exposure to financials, the
weakest-performing sector for the 12 months. On the positive side, our
avoidance of the most troubled stocks in the Dividend Achiever universe,
namely American International Group (down 97%) and Lehman Brothers Holdings
(down 99.9%), helped mitigate losses in the portfolio. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust
Information |

Symbol on New York Stock Exchange	BDV
Initial Offering Date	December 23, 2003
Yield on Closing Market Price as
of October 31, 2008 ($9.20) 1	9.78%
Current Quarterly Distribution
per Common Share 2	$0.225
Current Annualized Distribution
per Common Share 2	$0.900

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | A change in the distribution rate was declared on December
12, 2008. The Quarterly Distribution per Common Share was decreased to
$0.1625. The Yield on Closing Market Price, Current Quarterly Distribution
and Current Annualized Distribution do not reflect the new distribution rate.
The new distribution rate is not constant and is subject to further change in
the future. |
| The table below summarizes the
changes in the Trusts market price and net asset value per share: | |

Market Price	10/31/08 — $ 9.20	10/31/07 — $ 13.64	(32.55	)%	High — $ 13.64	Low — $ 6.96
Net Asset Value	$ 10.33	$ 15.49	(33.31	)%	$ 15.49	$ 9.31
The following unaudited chart
shows the portfolio composition of the Trusts long-term investments:

| Portfolio
Composition 3 — Ten Largest Sectors | 10/31/08 | 10/31/07 |
| --- | --- | --- |
| Financial Institutions | 26 % | 36 % |
| Consumer Products | 25 | 15 |
| Health Care | 15 | 12 |
| Energy | 14 | 16 |
| Industrials | 8 | 7 |
| Telecommunications | 5 | 6 |
| Technology | 3 | 2 |
| Real Estate Investment Trusts | 2 | 4 |
| Basic Materials | 1 | 1 |
| Aerospace & Defense | 1 | |

3 For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.

4 ANNUAL REPORT OCTOBER 31, 2008

Trust Summary as of October 31, 2008 BlackRock Enhanced Dividend Achievers TM Trust

| Investment
Objective |
| --- |
| BlackRock
Enhanced Dividend Achievers TM Trust (BDJ) (the Trust) seeks to
provide current income and current gains, with a secondary objective of
long-term capital appreciation. The Trust seeks to achieve these objectives
by investing in common stocks that pay above average dividends and have the
potential for capital appreciation and by utilizing an option writing
strategy to enhance distributions paid to the Trusts shareholders. |
| Performance |
| For the 12 months ended October
31, 2008, the Trust returned (25.70)% based on market price and (24.35)%
based on NAV. For the same period, the Mergent Broad Dividend Achievers Index
posted a return of (28.85)% on a NAV basis, and the broader market, as
measured by the Russell 1000 Index, returned (36.80)%. All returns reflect
reinvestment of dividends. The Trusts discount to NAV, which widened during
the period, accounts for the difference between performance based on price
and performance based on NAV. One of the key investment objectives of the
portfolio is to generate income through positions in stocks with attractive
dividend yields. Over the annual period, this detracted on two levels: (1)
higher-yielding stocks modestly underperformed, and (2) the drive for yield
resulted in a relatively sizable exposure to financials, the
weakest-performing sector for the 12 months. On the positive side, our
avoidance of the most troubled stocks in the Dividend Achiever universe,
namely American International Group (down 97%) and Lehman Brothers Holdings
(down 99.9%), helped mitigate losses in the portfolio. The income generated
from writing calls provided additional benefit during the market downturn. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust
Information |

Symbol on New York Stock Exchange	BDJ
Initial Offering Date	August 31, 2005
Yield on Closing Market Price as
of October 31, 2008 ($8.47) 1	14.43%
Current Quarterly Distribution
per Common Share 2	$0.305625
Current Annualized Distribution
per Common Share 2	$1.222500

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |
| The table below summarizes the
changes in the Trusts market price and net asset value per share: | |

Market Price	10/31/08 — $ 8.47	10/31/07 — $ 12.68	(33.20	)%	High — $ 12.68	Low — $ 5.13
Net Asset Value	$ 9.59	$ 14.10	(31.99	)%	$ 14.10	$ 8.71
The following unaudited chart
shows the portfolio composition of the Trusts long-term investments:

| Portfolio
Composition 3 — Sector | 10/31/08 | 10/31/07 |
| --- | --- | --- |
| Financial Institutions | 25 % | 37 % |
| Consumer Products | 24 | 15 |
| Health Care | 16 | 12 |
| Energy | 15 | 15 |
| Industrials | 8 | 7 |
| Telecommunications | 6 | 6 |
| Technology | 3 | 2 |
| Real Estate Investment Trusts | 2 | 4 |
| Basic Materials | 1 | 1 |
| Automotive | | 1 |

ANNUAL REPORT OCTOBER 31, 2008 5

Trust Summary as of October 31, 2008 BlackRock Strategic Dividend Achievers TM Trust

| Investment Objective |
| --- |
| BlackRock
Strategic Dividend Achievers TM Trust (BDT) (the Trust) seeks to provide total return
through a combination of current income and capital appreciation by investing
primarily in common stocks of small to mid-capitalization companies that pay
above average dividends and have potential for capital appreciation. |
| Performance |
| For the 12 months
ended October 31, 2008, the Trust returned (25.88)% based on market price and
(23.93)% based on NAV. For the same period, the Mergent Broad Dividend
Achievers Index posted a return of (28.85)% on a NAV basis, and the broader
market, as measured by the Russell 1000 Index, returned (36.80)%. All returns
reflect reinvestment of dividends. The Trusts discount to NAV, which widened
during the period, accounts for the difference between performance based on
price and performance based on NAV. One of the key investment objectives of
the portfolio is to generate income through positions in stocks with
attractive dividend yields. Over the annual period, exposure to
higher-yielding stocks slightly detracted from results as these issues
modestly underperformed. However, our pursuit of higher-yielding, small- and
mid-cap Dividend Achievers resulted in a concentration in smaller regional
banks and an avoidance of the larger, troubled banks and insurance companies,
which helped overall returns. Significant exposure to the higher-yielding
utilities also aided performance, as utilities were one of the
better-performing sectors over the 12 months. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BDT |
| --- | --- |
| Initial Offering
Date | March 30, 2004 |
| Yield on Closing
Market Price as of October 31, 2008 ($9.01) 1 | 9.99% |
| Current Quarterly
Distribution per Common Share 2 | $0.225 |
| Current Annualized
Distribution per Common Share 2 | $0.900 |

| The table below
summarizes the changes in the Trusts market price and net asset value per
share: | 10/31/08 | 10/31/07 | Change | | High | Low |
| --- | --- | --- | --- | --- | --- | --- |
| Market Price | $ 9.01 | $ 13.19 | (31.69 | )% | $ 13.19 | $ 7.14 |
| Net Asset Value | $ 10.67 | $ 15.22 | (29.89 | )% | $ 15.22 | $ 9.08 |
| The following
unaudited chart shows the portfolio composition of the Trusts long-term
investments: | | | | | | |

| Portfolio
Composition 3 — Ten Largest Sectors | 10/31/08 | 10/31/07 |
| --- | --- | --- |
| Financial
Institutions | 30 % | 32 % |
| Consumer Products | 19 | 15 |
| Energy | 19 | 20 |
| Industrials | 9 | 7 |
| Real Estate
Investment Trusts | 9 | 10 |
| Technology | 3 | 4 |
| Building &
Development | 3 | 2 |
| Automotive | 3 | 4 |
| Basic Materials | 2 | 2 |
| Transportation | 1 | |

6 ANNUAL REPORT OCTOBER 31, 2008

Trust Summary as of October 31, 2008 BlackRock EcoSolutions Investment Trust

| Investment Objective |
| --- |
| BlackRock
EcoSolutions Investment Trust (BQR) (the Trust) seeks to provide current income,
current gains and long-term capital appreciation. |
| Performance |
| For the 12 months
ended October 31, 2008, the Trust returned (48.20)% based on market price and
(43.99)% based on NAV. For the same period, the closed-end Lipper Sector
Equity Funds category posted an average return of (35.59)% on a NAV basis. All
returns reflect reinvestment of dividends. The Trusts discount to NAV, which
widened during the period, accounts for the difference between performance
based on price and performance based on NAV. The new energy, agriculture and
water sectors were negatively impacted by market deleveraging, a flight to
cash and lower traditional fuel prices. However, new energy saw positive
legislative developments and water utility fundamentals remain intact,
although available capital may be expensive in the near term. Despite strong
earnings releases and share buyback announcements in the agricultural sector,
diminished investor confidence weighed on stocks. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BQR |
| --- | --- |
| Initial Offering
Date | September 28, 2007 |
| Yield on Closing
Market Price as of October 31, 2008 ($9.20) 1 | 17.39% |
| Current Quarterly
Distribution per Common Share 2 | $0.40 |
| Current Annualized
Distribution per Common Share 2 | $1.60 |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |

The table below summarizes the changes in the Trusts market price and net asset value per share:

	10/31/08	10/31/07	Change		High	Low
Market Price	$ 9.20	$ 19.75	(53.42	)%	$ 20.00	$ 6.13
Net Asset Value	$ 10.23	$ 20.31	(49.63	)%	$ 20.79	$ 8.32
The following
unaudited charts show the portfolio composition of the Trusts long-term
investments:

Portfolio Composition — Ten Largest Countries	10/31/08	10/31/07
United States	42 %	35 %
United Kingdom	9	8
Brazil	5	4
Germany	5	7
Canada	5	4
Spain	4	4
Denmark	3	3
Belgium	3	7
Hong Kong	3	4
Switzerland	3	2
Ten Largest Sectors	10/31/08	10/31/07
Chemicals	25 %	23 %
Water	19	17
Environmental
Control	7	8
Energy-Alternate
Sources	6	9
Agriculture	6	6
Electronics	5	4
Electrical
Components & Equipment	5	6
Electric	5	7
Forest Products
& Paper	5	3
Machinery	4	4

ANNUAL REPORT OCTOBER 31, 2008 7

Trust Summary as of October 31, 2008 BlackRock Global Energy and Resources Trust

| Investment Objective |
| --- |
| BlackRock
Global Energy and Resources Trust (BGR) (the Trust) seeks to provide total return
through a combination of current income and capital appreciation. The Trust
attempts to achieve this objective by investing primarily in equity
securities of energy and natural resources companies and equity derivatives
with exposure to the energy and natural resources industry. |
| Performance |
| For the 12 months ended
October 31, 2008, the Trust returned (37.14)% based on market price and
(38.15)% based on NAV. For the same period, the closed-end Lipper Sector
Equity Funds category returned (35.59)% on a NAV basis. All returns reflect
reinvestment of dividends. The Trusts discount to NAV, which narrowed during
the period, accounts for the difference between performance based on price
and performance based on NAV. Allocation decisions within our energy exposure
contributed to the Trusts relative underperformance. While all areas of the
sector declined, our emphasis on exploration & production, equipment
& services, and coal producers proved costly, as these segments lagged
the broader market. After a strong run up in energy commodity pricing through
June 2008, collapsed pricing in the last few months of the year put
significant downward pressure on equity prices in these areas. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BGR |
| --- | --- |
| Initial Offering
Date | December 29, 2004 |
| Yield on Closing
Market Price as of October 31, 2008 ($17.99) 1 | 9.01% |
| Current Quarterly
Distribution per Common Share 2 | $0.405 |
| Current Annualized
Distribution per Common Share 2 | $1.620 |

| 1 | Yield on closing market price is calculated by dividing the
current annualized distribution per share by the closing market price. Past
performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |

| The table below
summarizes the changes in the Trusts market price and net asset value per
share: | 10/31/08 | 10/31/07 | Change | | High | Low |
| --- | --- | --- | --- | --- | --- | --- |
| Market Price | $ 17.99 | $ 32.14 | (44.03 | )% | $ 37.57 | $ 11.79 |
| Net Asset Value | $ 20.71 | $ 37.60 | (44.92 | )% | $ 44.20 | $ 16.36 |
| The following
unaudited charts show the portfolio composition of the Trusts long-term
investments: | | | | | | |

Portfolio Composition — Ten Largest Countries	10/31/08	10/31/07
United States	76 %	60 %
Canada	14	17
Brazil	2	2
Australia	2	2
Bermuda	1	2
United Kingdom	1	3
Norway	1	3
Netherlands	1	1
Italy	1	2
Hong Kong	1	1
Sector	10/31/08	10/31/07
Oil & Gas	49 %	44 %
Pipelines	15	14
Oil & Gas
Services	13	13
Coal	12	10
Mining	3	6
Transportation	2	8
Electric	2	1
Chemicals	2	1
Gas	2	1
Metal
Fabricate/Hardware		2

8 ANNUAL REPORT OCTOBER 31, 2008

Trust Summary as of October 31, 2008 BlackRock Global Equity Income Trust

| Investment Objective |
| --- |
| BlackRock
Global Equity Income Trust (BFD) (the Trust) seeks current income and current
gains, with a secondary objective of long-term capital appreciation. The
Trust seeks to achieve these objectives by investing in a diversified
portfolio of domestic and foreign common stocks that pay dividends and
writing (selling) stock index call options with respect to a portion of its
common stock portfolio. |
| Performance |
| For the 12 months
ended October 31, 2008, the Trust returned (42.44)% based on market price and
(38.56)% based on NAV. For the same period, the MSCI World Index posted a
return of (41.85)%. All returns reflect reinvestment of dividends. The
Trusts discount to NAV, which widened during the period, accounts for the difference
between performance based on price and performance based on NAV. The covered
call premium strategy allowed the Trust some protection on the downside, as
management was able to take advantage of market volatility. However, during
steep sell-offs like those experienced over the past 12 months, the premium
only provides a small cushion, as the Trust is still exposed to the broader
equity market downturns. At period-end, volatility in the market persists; as
such, the Trust is defensively positioned. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BFD |
| --- | --- |
| Initial Offering
Date | March 30, 2007 |
| Yield on Closing
Market Price as of October 31, 2008 ($9.13) 1 | 20.81% |
| Current Quarterly
Distribution per Common Share 2 | $0.475 |
| Current Annualized
Distribution per Common Share 2 | $1.900 |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |
| The table below
summarizes the changes in the Trusts market price and net asset value per share: | |

	10/31/08	10/31/07	Change		High	Low
Market Price	$ 9.13	$ 17.93	(49.08	)%	$ 18.03	$ 6.15
Net Asset Value	$ 10.68	$ 19.65	(45.65	)%	$ 19.65	$ 9.42
The following
unaudited charts show the portfolio composition of the Trusts long-term
investments:

| Portfolio
Composition — Ten Largest Countries | 10/31/08 | 10/31/07 |
| --- | --- | --- |
| United States | 51 % | 46 % |
| United Kingdom | 10 | 12 |
| Japan | 10 | 9 |
| France | 4 | 3 |
| Canada | 4 | 5 |
| Switzerland | 4 | 3 |
| Germany | 3 | 4 |
| Australia | 2 | 2 |
| Italy | 2 | 3 |
| Netherlands | 2 | 2 |
| Ten Largest Sectors 3 | 10/31/08 | 10/31/07 |
| Energy | 19 % | 15 % |
| Financial
Institutions | 18 | 22 |
| Consumer Products | 15 | 11 |
| Health Care | 11 | 8 |
| Industrials | 9 | 9 |
| Technology | 9 | 10 |
| Telecommunications | 6 | 8 |
| Basic Materials | 6 | 6 |
| Automotive | 2 | 2 |
| Real Estate | 2 | 2 |

ANNUAL REPORT OCTOBER 31, 2008 9

Trust Summary as of October 31, 2008 BlackRock Global Opportunities Equity Trust

| Investment Objective |
| --- |
| BlackRock
Global Opportunities Equity Trust (BOE) (the Trust) seeks current income and current
gains, with a secondary objective of long-term capital appreciation. The
Trust seeks to achieve its objectives by investing primarily in equity
securities issued by companies located in countries throughout the world and
utilizing an option writing strategy to enhance current gains. |
| Performance |
| For the 12 months
ended October 31, 2008, the Trust returned (38.15)% based on market price and
(35.08)% based on NAV. For the same period, the benchmark S&P Global
Broad Market Index posted a return of (43.97)%. All returns reflect
reinvestment of dividends. The Trusts discount to NAV, which widened during
the period, accounts for the difference between performance based on price
and performance based on NAV. The Trusts outperformance during the period
was primarily attributed to strong stock selection, particularly within the
financials, materials and healthcare sectors. Sector allocation also
contributed positively, as underweight positions in financials, industrials
and information technology, along with an overweight in consumer staples,
aided return comparisons. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BOE |
| --- | --- |
| Initial Offering
Date | May 31, 2005 |
| Yield on Closing
Market Price as of October 31, 2008 ($15.89) 1 | 14.32% |
| Current Quarterly
Distribution per Common Share 2 | $0.56875 |
| Current Annualized
Distribution per Common Share 2 | $2.27500 |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |
| The table below
summarizes the changes in the Trusts market price and net asset value per
share: | |

	10/31/08	10/31/07	Change		High	Low
Market Price	$ 15.89	$ 28.76	(44.75	)%	$ 29.73	$ 10.40
Net Asset Value	$ 18.03	$ 31.09	(42.01	)%	$ 31.09	$ 15.58
The following
unaudited charts show the portfolio composition of the Trusts long-term
investments:

| Portfolio
Composition — Ten Largest Countries | 10/31/08 | 10/31/07 |
| --- | --- | --- |
| United States | 56 % | 35 % |
| United Kingdom | 5 | 8 |
| Switzerland | 5 | 2 |
| Canada | 4 | 5 |
| Japan | 4 | 4 |
| Germany | 4 | 6 |
| France | 3 | 3 |
| Singapore | 2 | 2 |
| Italy | 2 | 4 |
| Brazil | 2 | 2 |
| Ten Largest Sectors 3 | 10/31/08 | 10/31/07 |
| Energy | 16 % | 23 % |
| Consumer Products | 15 | 17 |
| Health Care | 15 | 5 |
| Financial
Institutions | 15 | 12 |
| Exchange-Traded
Funds | 8 | |
| Technology | 8 | 9 |
| Industrials | 6 | 9 |
| Basic Materials | 5 | 8 |
| Telecommunications | 5 | 7 |
| Transportation | 2 | 2 |

10 ANNUAL REPORT OCTOBER 31, 2008

Trust Summary as of October 31, 2008 BlackRock Health Sciences Trust

| Investment Objective |
| --- |
| BlackRock
Health Sciences Trust (BME) (the Trust) seeks to provide total return
through a combination of current income and capital appreciation. The Trust
seeks to achieve this objective by investing primarily in equity securities
of companies engaged in the health sciences and related industries and equity
derivatives with exposure to the health sciences industry. |
| Performance |
| For the 12 months
ended October 31, 2008, the Trust returned (13.47)% based on market price and
(15.55)% based on NAV. For the same period, the benchmark Russell 3000
Healthcare Index returned (23.79)% on a NAV basis. All returns reflect
reinvestment of dividends. The Trusts discount to NAV, which narrowed during
the period, accounts for the difference between performance based on price
and performance based on NAV. The Trusts comparative performance benefited
equally from stock selection and sector allocation. Most notably, selection
within the healthcare equipment and biotechnology sub-sectors helped returns.
An overweight allocation to healthcare equipment and biotechnology, as well
as an underweight within managed healthcare, also had a positive impact on
the Trusts relative return for the trailing 12-month period. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BME |
| --- | --- |
| Initial Offering
Date | March 31, 2005 |
| Yield on Closing
Market Price as of October 31, 2008 ($21.62) 1 | 7.11% |
| Current Quarterly
Distribution per Common Share 2 | $0.384375 |
| Current Annualized
Distribution per Common Share 2 | $1.537500 |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |
| The table below summarizes the changes in the Trusts market price and
net asset value per share: | |

	10/31/08	10/31/07	Change		High	Low
Market Price	$ 21.62	$ 27.05	(20.07	)%	$ 28.95	$ 15.00
Net Asset Value	$ 23.66	$ 30.33	(21.99	)%	$ 30.87	$ 21.65

The following unaudited charts show the portfolio composition of the Trusts long-term investments:

Portfolio Composition — Country	10/31/08	10/31/07
United States	82 %	89 %
Switzerland	9	7
Bermuda	2
Netherlands	2
Israel	2
Germany	2	1
United Kingdom	1
China		2
France		1
Sector	10/31/08	10/31/07
Healthcare
Products	34 %	27 %
Pharmaceuticals	29	37
Biotechnology	29	18
Healthcare
Services	7	9
Commericial
Services	1
Retail		2
Electronics		6
Distribution/Wholesale		1

ANNUAL REPORT OCTOBER 31, 2008 11

Trust Summary as of October 31, 2008 BlackRock International Growth and Income Trust

| Investment Objective |
| --- |
| BlackRock
International Growth and Income Trust (BGY) (the Trust) seeks current income and current
gains, and secondarily long-term capital appreciation. The Trust seeks to
achieve its objectives by investing primarily in equity securities issued by
companies of any market capitalization located in countries throughout the
world and utilizing an option writing (selling) strategy to enhance current
gains. |
| Performance |
| For the 12 months
ended October 31, 2008, the Trust returned (42.39)% based on market price and
(41.76)% based on NAV. For the same period, the S&P Global ex-U.S. Broad
Market Index returned (49.18)% on a NAV basis. All returns reflect
reinvestment of dividends. The Trusts discount to NAV, which widened during
the period, accounts for the difference between performance based on price
and performance based on NAV. The Trusts comparative performance was
enhanced primarily by strong stock selection, particularly within the
financials and materials sectors. An underweight exposure versus the
benchmark in financials and consumer discretionary, along with overweight
allocations to the consumer staples and telecommunication services sectors,
also benefited the Trusts relative return for the trailing 12-month period. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BGY |
| --- | --- |
| Initial Offering
Date | May 30, 2007 |
| Yield on Closing
Market Price as of October 31, 2008 ($9.09) 1 | 20.03% |
| Current Quarterly
Distribution per Common Share 2 | $0.4551 |
| Current Annualized
Distribution per Common Share 2 | $1.8204 |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |

The table below summarizes the changes in the Trusts market price and net asset value per share:

	10/31/08	10/31/07	Change		High	Low
Market Price	$ 9.09	$ 17.76	(48.82	)%	$ 17.80	$ 5.86
Net Asset Value	$ 10.41	$ 20.12	(48.26	)%	$ 20.12	$ 8.80

The following unaudited charts show the portfolio composition of the Trusts long-term investments:

Portfolio Composition — Ten Largest Countries	10/31/08	10/31/07
United Kingdom	18 %	19 %
Japan	12	9
Canada	9	4
Switzerland	8	5
Germany	7	6
France	6	4
Singapore	4	4
Taiwan	4	5
Hong Kong	4	5
Brazil	3	2
Ten Largest Sectors 3	10/31/08	10/31/07
Energy	19 %	15 %
Financial
Institutions	14	17
Consumer Products	12	14
Telecommunications	12	9
Basic Materials	11	13
Industrials	11	14
Technology	5	5
Health Care	4
Transportation	3	2
Real Estate	3	5

12 ANNUAL REPORT OCTOBER 31, 2008

Trust Summary as of October 31, 2008 BlackRock Real Asset Equity Trust

| Investment Objective |
| --- |
| BlackRock
Real Asset Equity Trust (BCF) (the Trust) seeks to provide total return
through a combination of current income, current gains and capital
appreciation. The Trust attempts to achieve this objective by investing
primarily in equity securities of companies engaged in energy, natural
resources and basic materials businesses and companies in associated
businesses and equity derivatives with exposure to those companies. |
| Performance |
| For the 12 months
ended October 31, 2008, the Trust returned (51.69)% based on market price and
(50.14)% based on NAV. For the same period, the closed-end Lipper Sector
Equity Funds category returned (35.59)% on a NAV basis. All returns reflect
reinvestment of dividends. The Trusts discount to NAV, which widened during
the period, accounts for the difference between performance based on price
and performance based on NAV. The Trusts significant relative
underperformance was due primarily to the allocation to commodity-related
market segments, such as mining and energy, both of which have lagged the
broader market. In particular, base and precious metals producers have come
under significant pressure as commodity prices have collapsed in the last
several months on waning demand. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust Information |

| Symbol on New York
Stock Exchange | BCF |
| --- | --- |
| Initial Offering
Date | September 29, 2006 |
| Yield on Closing
Market Price as of October 31, 2008 ($7.74) 1 | 14.05% |
| Current Quarterly
Distribution per Common Share 2 | $0.2718 |
| Current Annualized
Distribution per Common Share 2 | $1.0872 |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to change.
A portion of the distribution may be deemed a tax return of capital or net
realized gain. |

The table below summarizes the changes in the Trusts market price and net asset value per share:

	10/31/08	10/31/07	Change	High	Low
Market Price	$7.74	$17.59	(56.00)%	$19.45	$5.40
Net Asset Value	$9.44	$20.79	(54.59)%	$22.30	$7.41

The following unaudited charts show the portfolio composition of the Trusts long-term investments:

Portfolio Composition — Ten Largest Countries	10/31/08	10/31/07
United States	60 %	45 %
United Kingdom	12	15
Canada	12	13
Brazil	4	5
Australia	3	9
South Africa	2	3
Netherlands	1	2
Peru	1	1
Mexico	1	1
China	1	2
Sector	10/31/08	10/31/07
Oil & Gas	32 %	23 %
Mining	28	43
Chemicals	14	9
Oil & Gas
Services	8	7
Forest Products
& Paper	7	9
Coal	5	4
Machinery	3	2
Pipelines	2	1
Iron & Steel	1	1
Metal		1

ANNUAL REPORT OCTOBER 31, 2008 13

Trust Summary as of October 31, 2008 BlackRock S&P Quality Rankings Global Equity Managed Trust

| Investment Objective |
| --- |
| BlackRock
S&P Quality Rankings Global Equity Managed Trust (BQY) (the Trust) seeks to provide total return through a combination of current income and
capital appreciation investing primarily in equity securities of issuers that
pay above average dividends and have the potential for capital appreciation. |
| Performance |
| For the 12
months ended October 31, 2008, the Trust returned (38.42)% based on market
price and (37.53)% based on NAV. For the same period, the MSCI World
Developed Value Index posted a return of (42.47)% on a NAV basis. All returns
reflect reinvestment of dividends. The Trusts discount to NAV, which widened
during the period, accounts for the difference between performance based on
price and performance based on NAV. One of the key investment objectives of
the portfolio is to generate income through positions in stocks with
attractive dividend yields. Over the past six months, this detracted as
higher-yielding stocks have modestly underperformed. However, throughout the
course of the annual period in particular, during the past six months when
the global credit crisis intensified higher-quality stocks significantly
outperformed lower-quality issues globally, which was beneficial. Significant
exposure to the North American region also aided results, as this was the
best-performing area over the last 12 months. |
| The views expressed reflect
the opinions of BlackRock as of the date of this report and are subject to
change based on changes in market, economic or other conditions. These views
are not intended to be a forecast of future events and are no guarantee of
future results. |
| Trust Information |

| Symbol on
American Stock Exchange | BQY |
| --- | --- |
| Initial
Offering Date | May 28, 2004 |
| Yield on
Closing Market Price as of October 31, 2008 ($10.50) 1 | 8.57% |
| Current
Quarterly Distribution per Common Share 2 | $0.225 |
| Current
Annualized Distribution per Common Share 2 | $0.900 |

| 1 | Yield on closing market
price is calculated by dividing the current annualized distribution per share
by the closing market price. Past performance does not guarantee future
results. |
| --- | --- |
| 2 | The distribution is not
constant and is subject to change. A portion of the distribution may be
deemed a tax return of capital or net realized gains. |

The table below summarizes the changes in the Trusts market price and net asset value per share:

	10/31/08	10/31/07		High	Low
Market Price	$ 10.50	$ 18.07	(41.89)%	$ 18.07	$ 7.50
Net Asset Value	$ 12.38	$ 21.00	(41.05)%	$ 21.00	$ 10.81
The
following unaudited charts show the portfolio composition of the Trusts
long-term investments:

Portfolio Composition — Ten Largest Countries	10/31/08	10/31/07
United
States	53 %	49 %
United
Kingdom	10	9
Canada	5	6
Japan	5	5
Australia	5	7
France	4	4
Sweden	3	5
Hong Kong	3	3
Spain	2	1
Germany	2	1
Ten Largest Sectors 3	10/31/08	10/31/07
Energy	20 %	17
Financial
Institutions	15	22
Consumer
Products	15	11
Technology	11	10
Industrials	10	12
Health Care	9	6
Telecommunications	7	7
Real Estate	6	6
Basic
Materials	4	3
Business
Equipment & Services	1	3

14 ANNUAL REPORT OCTOBER 31, 2008

Trust Summary as of October 31, 2008 BlackRock World Investment Trust

| Investment Objective |
| --- |
| BlackRock
World Investment Trust (BWC) (the Trust) seeks current income, dividends
and gains, with a secondary objective of long-term capital appreciation. The
Trust seeks to achieve these objectives by investing in equity securities or
options on equity securities or indices or sectors of equity securities.
Equity securities in which the Trust anticipates investing include common
stocks, preferred stocks, convertible securities, warrants, depository
receipts and equity interests in REITs. The Trust may invest in preferred
stocks and convertible securities of any rating. The Trust may invest in debt
securities of issuers located anywhere in the world and including securities
rated below investment grade. |
| Performance |
| For the 12
months ended October 31, 2008, the Trust returned (39.20)% based on market
price and (34.34)% based on NAV. For the same period, the benchmark S&P
Global Broad Market Index posted a return of (43.97)%. All returns reflect
reinvestment of dividends. The Trusts discount to NAV, which widened during
the period, accounts for the difference between performance based on price
and performance based on NAV. The Trusts comparative performance was
enhanced primarily by strong stock selection, particularly within the financials
and materials sectors. The Trusts underweight exposure versus the benchmark
in the financials and industrials sectors, as well as overweight allocations
to consumer staples and utilities, also benefited the relative return for the
trailing 12-month period. |
| The views expressed reflect
the opinions of BlackRock as of the date of this report and are subject to
change based on changes in market, economic or other conditions. These views
are not intended to be a forecast of future events and are no guarantee of
future results. |
| Trust Information |

| Symbol on
New York Stock Exchange | BWC |
| --- | --- |
| Initial
Offering Date | October 27, 2005 |
| Yield on
Closing Market Price as of October 31, 2008 ($9.22) 1 | 14.80% |
| Current
Quarterly Distribution per Share 2 | $0.34125 |
| Current
Annualized Distribution per Share 2 | $1.36500 |

| 1 | Yield on closing market price is calculated by
dividing the current annualized distribution per share by the closing market
price. Past performance does not guarantee future results. |
| --- | --- |
| 2 | The distribution is not constant and is subject to
change. A portion of the distribution may be deemed a tax return of capital
or net realized gain. |
| The table
below summarizes the changes in the Trusts market price and net asset value
per share: | |

	10/31/08	10/31/07		High	Low
Market Price	$ 9.22	$ 17.28	(46.64)%	$ 17.94	$ 5.94
Net Asset
Value	$ 10.74	$ 18.64	(42.38)%	$ 18.64	$ 9.24
The
following unaudited charts show the portfolio composition of the Trusts
long-term investments:

Portfolio Composition — Ten Largest Countries	10/31/08	10/31/07
United
States	55 %	36 %
United
Kingdom	5	6
Switzerland	4	3
Germany	4	6
Canada	4	5
Japan	4	5
France	3	3
Singapore	2	3
Brazil	2	3
Italy	2	4
Ten Largest Sectors 3	10/31/08	10/31/07
Energy	16 %	24 %
Financial
Institutions	15	13
Consumer
Products	15	17
Health Care	15	6
Technology	8	8
Exchange-Traded
Funds	7
Basic
Materials	6	8
Telecommunications	6	7
Industrials	5	8
Transportation	2	2

ANNUAL REPORT OCTOBER 31, 2008 15

| Schedule of
Investments October 31, 2008 |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks	Shares	Value
Aerospace &
Defense0.5%
General Dynamics Corp.	21,500	$ 1,296,880
United Technologies Corp.	34,300	1,885,128
		3,182,008
Basic
Materials1.2%
PPG Industries, Inc.	69,300	3,435,894
RPM International, Inc.	225,500	3,202,100
		6,637,994
Building &
Development0.2%
Masco Corp.	94,400	958,160
Consumer
Products24.4%
Altria Group, Inc.	453,000	8,693,070
Anheuser-Busch Cos., Inc.	228,000	14,142,840
Clorox Co.	63,000	3,831,030
Coca-Cola Co. (The)	543,100	23,928,986
Colgate-Palmolive Co.	47,000	2,949,720
Harley-Davidson, Inc.	97,900	2,396,592
Home Depot, Inc.	383,500	9,046,765
Kimberly-Clark Corp.	168,400	10,321,236
McDonalds Corp.	264,600	15,328,278
PepsiCo, Inc.	102,600	5,849,226
Philip Morris International, Inc.	453,000	19,691,910
Procter & Gamble Co.	188,200	12,146,428
Stanley Works (The)	75,000	2,455,500
Universal Corp.	67,200	2,660,448
Wal-Mart Stores, Inc.	71,400	3,984,834
		137,426,863
Energy13.8%
Atmos Energy Corp.	68,900	1,672,203
Chevron Corp.	354,700	26,460,620
Consolidated Edison, Inc.	357,500	15,486,900
Exxon Mobil Corp.	82,800	6,137,136
FPL Group, Inc.	58,900	2,782,436
Integrys Energy Group, Inc.	78,100	3,723,027
Pinnacle West Capital Corp.	199,700	6,320,505
Progress Energy, Inc.	339,300	13,358,241
Vectren Corp.	67,300	1,695,960
		77,637,028
Financial
Institutions25.3%
American Capital Ltd.	101,400	1,424,670
Associated Banc-Corp	69,600	1,535,376
Bank of America Corp.	894,300	21,615,231
BB&T Corp.	429,600	15,401,160
Citigroup, Inc.	500,900	6,837,285
Comerica, Inc.	281,400	7,763,826
Fifth Third Bancorp	346,000	3,754,100
First Midwest Bancorp, Inc.	66,400	1,474,744
FirstMerit Corp.	88,500	2,063,820
FNB Corp.	123,500	1,617,850
Fulton Financial Corp.	348,100	3,655,050
Lincoln National Corp.	99,500	1,715,380
Common Stocks	Shares	Value
Financial
Institutions(concluded)
Marshall & Ilsley Corp.	84,400	$ 1,521,732
Mercury General Corp.	82,800	4,253,436
Northern Trust Corp.	25,600	1,441,536
State Street Corp.	23,000	997,050
SunTrust Banks, Inc.	121,900	4,893,066
Synovus Financial Corp.	414,500	4,281,785
T. Rowe Price Group, Inc.	71,800	2,838,972
U.S. Bancorp	764,700	22,795,707
Valley National Bancorp	94,682	1,798,958
Wells Fargo & Co.	851,700	29,000,385
		142,681,119
Health
Care15.3%
Abbott Laboratories	388,100	21,403,715
Eli Lilly & Co.	472,400	15,976,568
Hill-Rom Holdings, Inc.	35,900	817,084
Johnson & Johnson	316,100	19,389,574
Medtronic, Inc.	37,400	1,508,342
Pfizer, Inc.	1,529,500	27,087,445
		86,182,728
Industrials8.1%
3M Co.	184,200	11,844,060
Caterpillar, Inc.	128,500	4,904,845
Emerson Electric Co.	164,300	5,377,539
General Electric Co.	1,009,900	19,703,149
Leggett & Platt, Inc.	233,600	4,055,296
		45,884,889
Media0.2%
New York Times Co. (The), Class A	96,500	965,000
Real Estate
Investment Trust2.1%
Duke Realty Corp.	130,500	1,841,355
HCP, Inc.	60,500	1,810,765
Kimco Realty Corp.	50,500	1,140,290
Lexington Realty Trust	94,000	754,820
Liberty Property Trust	60,200	1,435,770
Realty Income Corp.	118,900	2,748,968
Vornado Realty Trust	29,200	2,060,060
		11,792,028
Technology2.7%
Automatic Data Processing, Inc.	90,000	3,145,500
International Business Machines
Corp.	50,100	4,657,797
Linear Technology Corp.	118,125	2,679,075
Pitney Bowes, Inc.	184,000	4,559,520
		15,041,892
Telecommunications5.4%
AT&T Inc.	906,550	24,268,343
CenturyTel, Inc.	242,750	6,095,453
		30,363,796
Total Long-Term
Investments (Cost$658,111,391)99.2%		558,753,505

Portfolio Abbreviations

To simplify the listings of the portfolio holdings in each Trusts Schedule of Investments, we have abbreviated the names and descriptions of many securities according to the list on the right.

ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
LIBOR	London InterBank Offered Rate
NOK	Norwegian Krone
REIT	Real Estate Investment Trust
SEK	Swedish Krona
SGD	Singapore Dollar
SPDR	Standard & Poors Depositary
Receipt
USD	U.S. Dollar
ZAR	South African Rand

| See Notes
to Financial Statements. — 16 | ANNUAL REPORT | OCTOBER
31, 2008 |
| --- | --- | --- |

| Schedule of
Investments (concluded) |
| --- |
| (Percentages shown are based on Net Assets) |

| Short-Term
Securities | Shares | Value |
| --- | --- | --- |
| Fidelity Institutional Money Market Prime
Portfolio, 2.44% (a) | 3,651,657 | $ 3,651,657 |
| Total
Short-Term Securities (Cost$3,651,657)0.7% | | 3,651,657 |
| Total
Investments99.9% (Cost$661,763,048*) | | 562,405,162 |
| Other
Assets in Excess of Liabilities0.1% | | 624,890 |
| Net
Assets100.0% | | $ 563,030,052 |

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 44,282,809
Gross unrealized
depreciation	(143,446,299	)
Net unrealized depreciation	$ (99,163,490	)

| (a) | Represents current yield as of
report date. |
| --- | --- |
| | For Trust compliance purposes,
the Trusts sector classifications refer to any one or more of the sector
sub-classifications used by one or more widely recognized market indexes or
ratings group indexes, and/or as defined by Portfolio management. This
definition may not apply for purposes of this report, which may combine
sector sub-classifications for reporting ease. These industry classifications
are unaudited. |

| See Notes
to Financial Statements. — ANNUAL REPORT | OCTOBER
31, 2008 | 17 |
| --- | --- | --- |

| Schedule of
Investments October 31,
2008 |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks	Shares
Aerospace & Defense0.5%
General Dynamics Corp.	22,800	$	1,375,296
United Technologies Corp.	38,200		2,099,472
			3,474,768
Basic Materials1.2%
PPG Industries, Inc. (a)	85,750		4,251,485
RPM International, Inc.	250,900		3,562,780
			7,814,265
Building & Development0.2%
Masco Corp.	108,500		1,101,275
Consumer Products23.1%
Altria Group, Inc. (a)	527,000		10,113,130
Anheuser-Busch Cos., Inc. (a)	231,250		14,344,437
Clorox Co.	68,900		4,189,809
Coca-Cola Co. (The) (a)	589,000		25,951,340
Colgate-Palmolive Co.	55,000		3,451,800
Harley-Davidson, Inc.	108,925		2,666,484
Home Depot, Inc.	432,500		10,202,675
Kimberly-Clark Corp.	198,000		12,135,420
McDonalds Corp.	304,450		17,636,788
PepsiCo, Inc.	120,000		6,841,200
Philip Morris International, Inc. (a)	531,100		23,086,917
Procter & Gamble Co. (a)	211,700		13,663,118
Stanley Works (The) (a)	80,800		2,645,392
Universal Corp.	73,961		2,928,116
Wal-Mart Stores, Inc.	83,550		4,662,926
			154,519,552
Energy14.0%
Atmos Energy Corp. (a)	81,000		1,965,870
Chevron Corp. (a)	469,100		34,994,860
Consolidated Edison, Inc. (a)	407,900		17,670,228
Exxon Mobil Corp.	93,400		6,922,808
FPL Group, Inc.	66,700		3,150,908
Integrys Energy Group, Inc.	92,000		4,385,640
Pinnacle West Capital Corp.	231,000		7,311,150
Progress Energy, Inc.	385,200		15,165,324
Vectren Corp.	79,000		1,990,800
			93,557,588
Financial Institutions23.8%
American Capital Ltd. (b)	118,500		1,664,925
Associated Banc-Corp	78,100		1,722,886
Bank of America Corp. (a)	1,019,600		24,643,732
BB&T Corp. (a)(b)	440,700		15,799,095
Citigroup, Inc. (a)	581,700		7,940,205
Comerica, Inc.	321,600		8,872,944
Fifth Third Bancorp (a)	372,800		4,044,880
First Midwest Bancorp, Inc.	78,000		1,732,380
FirstMerit Corp.	97,200		2,266,704
FNB Corp.	149,700		1,961,070
Fulton Financial Corp.	404,800		4,250,400
Lincoln National Corp.	113,400		1,955,016
Marshall & Ilsley Corp.	95,700		1,725,471
Mercury General Corp.	94,000		4,828,780
Northern Trust Corp.	27,600		1,554,156
State Street Corp.	27,000		1,170,450
SunTrust Banks, Inc.	129,000		5,178,060
Synovus Financial Corp. (b)	487,000		5,030,710
T. Rowe Price Group, Inc.	80,000		3,163,200
U.S. Bancorp (a)	820,750		24,466,557
Valley National Bancorp	103,700		1,970,300
Wells Fargo & Co.	985,740		33,564,447
			159,506,368
Common Stocks	Shares	Value
Health Care14.9%
Abbott Laboratories (a)	457,450	$	25,228,368
Eli Lilly & Co. (a)	555,000		18,770,100
Hill-Rom Holdings, Inc.	35,700		812,532
Johnson & Johnson (a)	350,750		21,515,005
Medtronic, Inc.	41,500		1,673,695
Pfizer, Inc. (a)	1,796,000		31,807,160
			99,806,860
Industrials7.9%
3M Co. (a)	215,800		13,875,940
Caterpillar, Inc. (a)	143,400		5,473,578
Emerson Electric Co.	186,800		6,113,964
General Electric Co.	1,186,000		23,138,860
Leggett & Platt, Inc.	235,300		4,084,808
			52,687,150
Media0.2%
New York Times Co. (The), Class A (b)	113,000		1,130,000
Real Estate Investment Trust2.0%
Duke Realty Corp.	142,800		2,014,908
HCP, Inc.	71,000		2,125,030
Kimco Realty Corp.	69,900		1,578,342
Lexington Realty Trust	144,700		1,161,941
Liberty Property Trust	50,900		1,213,965
Realty Income Corp. (b)	128,700		2,975,544
Vornado Realty Trust	32,350		2,282,293
			13,352,023
Technology2.6%
Automatic Data Processing, Inc. (a)	100,460		3,511,077
International Business Machines Corp.	55,300		5,141,241
Linear Technology Corp.	159,300		3,612,924
Pitney Bowes, Inc.	216,000		5,352,480
			17,617,722
Telecommunications5.4%
AT&T Inc. (a)	1,091,600		29,222,132
CenturyTel, Inc. (a)	284,175		7,135,634
			36,357,766
Total Long-Term Investments (Cost$878,944,087)95.8%			640,925,337
Short-Term Securities	Beneficial Interest/Shares
BlackRock
Liquidity Series, LLC Money Market Series,
1.57% (c)(d)(e)	21,574,000		21,574,000
Fidelity
Institutional Money Market Prime Portfolio,
2.44% (c)	34,163,561		34,163,561
Total Short-Term Securities (Cost$55,737,561)8.3%			55,737,561
Total Investments Before Options Written (Cost$934,681,648*)104.1%			696,662,898
Options Written	Contracts
Call Options Written(1.0)%
3M Co., strike price $65, expires 12/22/08	(699	)	(297,075	)
3M Co., strike price $70, expires 11/24/08	(50	)	(4,875	)
3M Co., strike price $70, expires 12/22/08	(450	)	(95,625	)
Abbott Laboratories, strike price $57.50, expires 12/22/08	(2,305	)	(564,725	)
Altria Group, Inc., strike price $21, expires 12/22/08	(500	)	(34,000	)
Altria Group, Inc., strike price $22, expires 11/24/08	(400	)	(3,400	)
Altria Group, Inc., strike price $24, expires 12/22/08	(925	)	(11,100	)
American Capital Ltd., strike price $25, expires 11/24/08	(305	)	(2,287	)

| See Notes to Financial Statements. — 18 | ANNUAL
REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

| Schedule of
Investments (continued) |
| --- |
| (Percentages shown are based on Net Assets) |

Options Written	Contracts		Value
Call Options Written(continued)
American
Capital Ltd., strike price $28.25,
expires 11/24/08	(25,000	)	$ (562	)
American Capital Ltd., strike price $30, expires 11/24/08	(100	)	(500	)
Associated
Banc-Corp, strike price $22.50,
expires 12/22/08	(250	)	(45,625	)
Associated Banc-Corp, strike price $25, expires 12/22/08	(180	)	(16,650	)
AT&T Inc., strike price $30, expires 12/22/08	(2,161	)	(209,617	)
AT&T Inc., strike price $31, expires 01/19/09	(1,000	)	(103,500	)
AT&T Inc., strike price $31, expires 11/24/08	(500	)	(7,250	)
AT&T Inc., strike price $32, expires 11/24/08	(500	)	(2,750	)
Atmos Energy Corp., strike price $29, expires 12/19/08	(19,000	)	(1,320	)
Automatic
Data Processing, Inc., strike price $39.50,
expires 12/24/08	(550	)	(35,750	)
Bank of
America Corp., strike price $27.50,
expires 12/22/08	(1,000	)	(99,000	)
Bank of
America Corp., strike price $32.50,
expires 11/24/08	(1,750	)	(9,625	)
Bank of
America Corp., strike price $37.50,
expires 11/24/08	(1,360	)	(3,400	)
BB&T Corp., strike price $37.50, expires 12/22/08	(460	)	(112,700	)
BB&T Corp., strike price $42.50, expires 11/24/08	(1,000	)	(12,500	)
BB&T Corp., strike price $45, expires 11/24/08	(960	)	(9,600	)
Caterpillar, Inc., strike price $70, expires 11/24/08	(200	)	(1,000	)
Caterpillar, Inc., strike price $75, expires 11/24/08	(100	)	(400	)
CenturyTel, Inc., strike price $37.50, expires 12/15/08	(107,000	)	(5,692	)
CenturyTel, Inc., strike price $39, expires 12/04/08	(39,500	)	(431	)
Chevron Corp., strike price $70, expires 12/22/08	(430	)	(399,900	)
Chevron Corp., strike price $80, expires 12/22/08	(594	)	(234,630	)
Chevron Corp., strike price $90, expires 11/24/08	(430	)	(7,525	)
Chevron Corp., strike price $91, expires 11/26/08	(1,150	)	(31,223	)
Citigroup, Inc., strike price $22.50, expires 11/24/08	(1,600	)	(4,000	)
Citigroup, Inc., strike price $25, expires 11/24/08	(1,600	)	(3,200	)
Clorox Co., strike price $65, expires 11/24/08	(380	)	(28,500	)
Coca-Cola
Co. (The), strike price $47.50,
expires 12/22/08	(500	)	(75,000	)
Coca-Cola Co. (The), strike price $50, expires 12/22/08	(250	)	(20,000	)
Coca-Cola
Co. (The), strike price $52.50,
expires 01/16/09	(75,000	)	(54,278	)
Coca-Cola
Co. (The), strike price $52.75,
expires 11/21/08	(36,000	)	(2,376	)
Coca-Cola Co. (The), strike price $55, expires 11/24/08	(590	)	(5,900	)
Colgate-Palmolive Co., strike price $75, expires 11/24/08	(300	)	(3,000	)
Comerica, Inc., strike price $31.75, expires 12/24/08	(250	)	(32,843	)
Comerica, Inc., strike price $35, expires 01/19/09	(830	)	(99,600	)
Comerica, Inc., strike price $35, expires 12/22/08	(250	)	(13,125	)
Comerica, Inc., strike price $40, expires 11/24/08	(440	)	(4,400	)
Consolidated
Edison, Inc., strike price $45,
expires 11/24/08	(500	)	(51,250	)
Consolidated
Edison, Inc., strike price $45,
expires 12/30/08	(175,000	)	(332,325	)
Duke Realty Corp., strike price $17.50, expires 12/22/08	(500	)	(47,500	)
Eli Lilly & Co., strike price $37.50, expires 11/24/08	(50,000	)	(18,440	)
Eli Lilly & Co., strike price $50, expires 11/24/08	(100	)	(1,000	)
Emerson Electric Co., strike price $45, expires 11/24/08	(500	)	(5,000	)
Emerson Electric Co., strike price $45, expires 12/22/08	(500	)	(12,500	)
Exxon Mobil Corp., strike price $84, expires 11/03/08	(51,500	)	(227	)
Fifth Third Bancorp, strike price $17.50, expires 11/24/08	(830	)	(8,300	)
Fifth Third Bancorp, strike price $20, expires 11/24/08	(1,100	)	(11,000	)
First
Midwest Bancorp, Inc., strike price $26.85,
expires 12/19/08	(42,900	)	(37,555	)
FirstMerit Corp., strike price $21.44, expires 12/04/08	(31,000	)	(63,835	)
FirstMerit Corp., strike price $24, expires 11/21/08	(23,000	)	(18,032	)
FNB Corp., strike price $18, expires 11/26/08	(82,000	)	(17,277	)
FPL Group, Inc., strike price $50, expires 12/22/08	(365	)	(87,600	)
Fulton
Financial Corp., strike price $12.50,
expires 11/24/08	(60	)	(3,000	)
Options Written	Contracts		Value
Call Options Written(continued)
Fulton Financial Corp., strike price $13, expires 11/21/08	(29,800	)	$ (125	)
Fulton
Financial Corp., strike price $13.50,
expires 12/01/08	(105,850	)	(688	)
General
Dynamics Corp., strike price $65,
expires 12/22/08	(75	)	(19,125	)
General Electric Co., strike price $22, expires 12/22/08	(1,000	)	(71,500	)
General Electric Co., strike price $25, expires 01/19/09	(2,000	)	(96,000	)
General Electric Co., strike price $29, expires 11/24/08	(1,000	)	(3,000	)
General Electric Co., strike price $31, expires 12/22/08	(1,000	)	(3,000	)
Harley-Davidson, Inc., strike price $30, expires 12/22/08	(200	)	(11,000	)
HCP, Inc., strike price $40, expires 11/24/08	(300	)	(6,000	)
Hill-Rom
Holdings, Inc., strike price $30,
expires 11/24/08	(200	)	(4,000	)
Home Depot, Inc., strike price $26.50, expires 12/15/08	(35,000	)	(30,765	)
Home Depot, Inc., strike price $27.50, expires 01/19/09	(100	)	(12,400	)
Home Depot, Inc., strike price $27.50, expires 11/24/08	(1,480	)	(45,140	)
Home Depot, Inc., strike price $30, expires 11/24/08	(450	)	(2,475	)
Integrys
Energy Group, Inc., strike price $52,
expires 12/04/08	(12,600	)	(17,154	)
Integrys
Energy Group, Inc., strike price $52.50,
expires 11/26/08	(380	)	(35,393	)
International
Business Machines Corp., strike price $100,
expires 12/22/08	(100	)	(36,500	)
International
Business Machines Corp., strike price $85,
expires 12/22/08	(53	)	(64,130	)
International
Business Machines Corp., strike price $95,
expires 12/22/08	(100	)	(59,000	)
Johnson & Johnson, strike price $67, expires 12/15/08	(62,000	)	(73,978	)
Johnson & Johnson, strike price $70, expires 11/24/08	(1,309	)	(19,635	)
Kimberly-Clark Corp., strike price $63.50, expires
12/01/08	(450	)	(70,916	)
Kimberly-Clark Corp., strike price $65, expires 11/24/08	(141	)	(12,337	)
Kimberly-Clark Corp., strike price $65, expires 12/22/08	(500	)	(88,750	)
Kimco Realty Corp., strike price $25, expires 12/22/08	(250	)	(48,750	)
Leggett & Platt, Inc., strike price $25, expires
12/22/08	(1,295	)	(12,950	)
Liberty
Property Trust, strike price $37.50,
expires 11/21/08	(13,000	)	(252	)
Lincoln National Corp., strike price $50, expires 11/21/08	(29,000	)	(3	)
Linear
Technology Corp., strike price $30,
expires 11/24/08	(231	)	(2,310	)
Linear
Technology Corp., strike price $32.50,
expires 11/24/08	(475	)	(2,375	)
Marshall & Ilsley Corp., strike price $20, expires
12/22/08	(280	)	(41,300	)
Masco Corp., strike price $20, expires 11/24/08	(600	)	(3,000	)
McDonalds Corp., strike price $60, expires 12/22/08	(820	)	(223,450	)
McDonalds Corp., strike price $62.50, expires 11/24/08	(175	)	(12,250	)
McDonalds Corp., strike price $65, expires 11/24/08	(680	)	(13,600	)
Medtronic, Inc., strike price $55, expires 11/03/08	(230	)
Mercury
General Corp., strike price $52.86,
expires 12/05/08	(20,000	)	(92,922	)
New York
Times Co. (The), strike price $12.50,
expires 12/22/08	(125	)	(6,562	)
Northern Trust Corp., strike price $65, expires 12/22/08	(125	)	(27,500	)
PepsiCo, Inc., strike price $57.25, expires 12/22/08	(33,000	)	(107,379	)
PepsiCo, Inc., strike price $60, expires 12/22/08	(330	)	(65,175	)
Pfizer, Inc., strike price $20, expires 11/24/08	(5,900	)	(67,850	)
Pfizer, Inc., strike price $20, expires 12/22/08	(2,000	)	(85,000	)
Philip
Morris International, Inc., strike price $45,
expires 12/22/08	(300	)	(77,250	)
Philip
Morris International, Inc., strike price $50,
expires 12/22/08	(900	)	(76,500	)
Philip
Morris International, Inc., strike price $53,
expires 12/08/08	(73,000	)	(9,921	)
Philip
Morris International, Inc., strike price $53.50,
expires 12/01/08	(21,000	)	(1,380	)
Philip
Morris International, Inc., strike price $55,
expires 11/24/08	(100	)	(750	)

| See Notes
to Financial Statements. — ANNUAL REPORT | OCTOBER 31, 2008 | 19 |
| --- | --- | --- |

| Schedule of Investments
(concluded) |
| --- |
| (Percentages shown are based on Net Assets) |

Options Written			Value
Call Options Written(concluded)
Philip
Morris International, Inc., strike price $55,
expires 12/22/08	(750	)	$ (16,875	)
Pinnacle
West Capital Corp., strike price $30.01,
expires 12/22/08	(50,000	)	(128,635	)
Procter
& Gamble Co., strike price $67.50,
expires 11/24/08	(450	)	(50,625	)
Procter
& Gamble Co., strike price $70.40,
expires 11/21/08	(72,000	)	(19,987	)
Progress Energy, Inc., strike price $40, expires 12/22/08	(1,000	)	(210,000	)
Realty
Income Corp., strike price $28.25,
expires 11/24/08	(71,000	)	(4,800	)
RPM
International, Inc., strike price $22.50,
expires 11/24/08	(100	)	(2,500	)
Stanley Works (The), strike price $45, expires 11/24/08	(30	)	(450	)
Stanley
Works (The), strike price $47.50,
expires 11/24/08	(225	)	(3,375	)
State Street Corp., strike price $70, expires 11/24/08	(150	)	(1,125	)
SunTrust
Banks, Inc., strike price $53.50,
expires 12/22/08	(39,500	)	(46,160	)
SunTrust Banks, Inc., strike price $60, expires 11/24/08	(315	)	(3,150	)
Synovus
Financial Corp., strike price $12.50,
expires 11/24/08	(168,000	)	(10,248	)
T. Rowe
Price Group, Inc., strike price $62.50,
expires 11/21/08	(44,000	)	(2,614	)
U.S. Bancorp, strike price $35.75, expires 12/19/08	(51,000	)	(15,805	)
U.S. Bancorp, strike price $37.50, expires 11/24/08	(2,000	)	(10,000	)
U.S. Bancorp, strike price $37.50, expires 12/22/08	(2,000	)	(30,000	)
United
Technologies Corp., strike price $67.25,
expires 11/26/08	(17,000	)	(4,537	)
Universal Corp., strike price $45, expires 12/22/08	(100	)	(12,500	)
Valley
National Bancorp, strike price $22,
expires 11/21/08	(57,000	)	(31,778	)
Vectren Corp., strike price $29.50, expires 11/03/08	(43,500	)
Wal-Mart Stores, Inc., strike price $55, expires 11/24/08	(340	)	(116,450	)
Wal-Mart
Stores, Inc., strike price $57.50,
expires 12/22/08	(120	)	(37,800	)
Wells Fargo & Co., strike price $33, expires 12/22/08	(1,100	)	(440,000	)
Wells Fargo & Co., strike price $36, expires 11/21/08	(432,500	)	(530,807	)
Total Options Written (Premium Received$11,580,993)(1.0)%			(6,916,961	)
Total Investments Net of Options
Written103.1%			689,745,937
Liabilities in Excess of Other
Assets(3.1)%			(20,776,953	)
Net Assets100.0%			$ 668,968,984

| * | The cost and unrealized appreciation (depreciation) of
investments as of October 31, 2008, as computed for federal income tax
purposes, were as follows: — Aggregate cost | $ 959,205,542 | |
| --- | --- | --- | --- |
| | Gross unrealized appreciation | $ | |
| | Gross unrealized depreciation | (262,542,644 | ) |
| | Net unrealized depreciation | $ (262,542,644 | ) |
| (a) | Security, or a portion thereof, pledged as collateral for
outstanding options written. | | |
| (b) | Security, or a portion of security, is on
loan. | | |
| (c) | Represents current yield as of report date. | | |
| (d) | Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940 were as follows: | | |

Affiliate		Income
BlackRock
Liquidity Series, LLC Money Market Series	14,449,000	$ 353,731

| (e) | Security purchased with the cash proceeds from securities
loans. |
| --- | --- |
| | For Trust compliance purposes, the Trusts sector
classifications refer to any one or more of the sector sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Portfolio management. This definition may not
apply for purposes of this report, which may combine sector
sub-classifications for reporting ease. These industry classifications are
unaudited. |

| See Notes to Financial Statements. — 20 | ANNUAL
REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

Schedule of Investments October 31, 2008 BlackRock Strategic Dividend Achievers TM Trust (BDT) (Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Automotive2.5%
Genuine Parts Co.	182,400	$ 7,177,440
Basic
Materials2.4%
RPM International, Inc.	172,000	2,442,400
Sonoco Products Co.	108,600	2,734,548
Stepan Co.	47,600	1,705,508
		6,882,456
Building
& Development2.7%
ABM Industries, Inc.	82,200	1,342,326
D.R. Horton, Inc.	435,100	3,211,038
Masco Corp.	312,600	3,172,890
		7,726,254
Consumer
Products19.1%
Avery Dennison Corp.	138,800	4,860,776
Clorox Co.	134,000	8,148,540
H&R Block, Inc.	343,500	6,773,820
Harley-Davidson, Inc.	187,800	4,597,344
Hillenbrand, Inc.	64,000	1,216,000
HNI Corp.	73,300	1,342,856
Lancaster Colony Corp.	51,600	1,627,464
Meridian Bioscience, Inc.	106,000	2,605,480
Polaris Industries, Inc.	76,800	2,585,856
Sherwin-Williams Co. (The)	129,000	7,341,390
Stanley Works (The)	69,800	2,285,252
SUPERVALU, INC.	195,500	2,783,920
Talbots, Inc.	130,500	1,280,205
Universal Corp.	57,400	2,272,466
VF Corp.	94,100	5,184,910
		54,906,279
Energy18.4%
American States Water Co.	50,400	1,724,184
Aqua America, Inc.	216,500	3,897,000
Atmos Energy Corp.	174,200	4,227,834
Black Hills Corp.	99,200	2,504,800
California Water Service Group	46,400	1,742,784
Integrys Energy Group, Inc.	97,900	4,666,893
MDU Resources Group, Inc.	146,000	2,658,660
MGE Energy, Inc.	54,200	1,931,146
National Fuel Gas Co.	76,800	2,779,392
New Jersey Resources Corp.	70,500	2,625,420
Northwest Natural Gas Co.	42,600	2,167,488
Otter Tail Corp.	51,500	1,209,220
Peidmont Natural Gas Co.	139,300	4,585,756
Pinnacle West Capital Corp.	106,700	3,377,055
UGI Corp.	151,200	3,609,144
Vectren Corp.	175,300	4,417,560
WGL Holdings, Inc.	149,000	4,796,310
		52,920,646
Financial
Institutions29.3%
American Capital Ltd.	212,700	2,988,435
Arthur J. Gallagher & Co.	115,500	2,813,580
Associated Banc-Corp	140,800	3,106,048
BancorpSouth, Inc.	156,900	3,807,963
Bank of Hawaii Corp.	64,500	3,270,795
Chemical Financial Corp.	76,600	2,012,282
Cincinnati Financial Corp.	190,842	4,959,984
Comerica, Inc.	151,100	4,168,849
Community Bank System, Inc.	74,600	1,861,270
Erie Indemnity Co., Class A	41,940	1,559,749
First Busey Corp.	86,200	1,606,768
FirstMerit Corp.	174,400	4,067,008
FNB Corp.	114,100	1,494,710
Common Stocks	Shares	Value
Financial Institutions(concluded)
Fulton Financial Corp.	244,125	$ 2,563,312
Harleysville Group, Inc.	50,000	1,579,000
Harleysville National Corp.	63,800	884,906
M&T Bank Corp.	77,400	6,277,140
Marshall & Ilsley Corp.	227,198	4,096,380
Mercury General Corp.	73,600	3,780,832
Old National Bancorp	101,200	1,916,728
Old Republic International Corp.	211,000	1,943,310
Park National Corp.	25,200	1,833,300
S&T Bancorp, Inc.	59,800	2,039,180
Susquehanna Bancshares, Inc.	78,900	1,222,161
Synovus Financial Corp.	285,400	2,948,182
TCF Financial Corp.	150,000	2,661,000
Trustmark Corp.	80,900	1,660,068
United Bankshares, Inc.	67,900	2,166,010
Valley National Bancorp	193,080	3,668,520
WesBanco, Inc.	68,400	1,859,112
Wilmington Trust Corp.	112,200	3,238,092
		84,054,674
Health
Care0.5%
Hill-Rom Holdings, Inc.	64,000	1,456,640
Industrials9.2%
A.O. Smith Corp.	31,675	999,346
Bemis Co., Inc.	146,500	3,639,060
Dover Corp.	133,575	4,243,678
Leggett & Platt, Inc.	193,300	3,355,688
McGrath RentCorp	74,600	1,696,404
Vulcan Materials Co.	97,600	5,297,728
W.W. Grainger, Inc.	92,000	7,228,440
		26,460,344
Media0.6%
New York Times Co. (The), Class A	169,800	1,698,000
Real
Estate Investment Trust8.7%
CBL & Associates Properties, Inc.	94,000	867,620
Developers Diversified Realty Corp.	62,100	817,857
Duke Realty Corp.	91,000	1,284,010
EastGroup Properties, Inc.	44,400	1,486,512
HCP, Inc.	97,300	2,912,189
Lexington Realty Trust	132,000	1,059,960
Liberty Property Trust	71,500	1,705,275
National Retail Properties, Inc.	148,200	2,642,406
Realty Income Corp.	122,700	2,836,824
UDR, Inc.	120,800	2,387,008
Universal Health Realty Income Trust	89,200	3,096,132
Washington Real Estate Investment Trust	70,500	2,113,590
Weingarten Realty Investors	81,150	1,659,517
		24,868,900
Technology3.5%
Linear Technology Corp.	222,800	5,053,104
Pitney Bowes, Inc.	197,700	4,899,006
		9,952,110
Telecommunications0.7%
CenturyTel, Inc.	79,850	2,005,034
Transportation1.1%
C.H. Robinson Worldwide, Inc.	62,300	3,225,894
Total Long-Term Investments (Cost$346,887,237)98.7%		283,334,671

| See Notes to Financial Statements. — ANNUAL REPORT | OCTOBER
31, 2008 | 21 |
| --- | --- | --- |

Schedule of Investments (concluded) BlackRock Strategic Dividend Achievers TM Trust (BDT) (Percentages shown are based on Net Assets)

Short-Term Securities		Value
Fidelity Institutional Money Market Prime Portfolio, 2.44%
(a)	3,801,098	$ 3,801,098
Total Short-Term Securities
(Cost$3,801,098)1.3%		3,801,098
Total Investments100%
(Cost$350,688,335*)		287,135,769
Other Assets in Excess of
Liabilities0.0%		5,227
Net Assets100.0%		$ 287,140,996

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 18,856,177
Gross unrealized depreciation	(81,823,939	)
Net unrealized depreciation	$ (62,967,762	)

(a)	Represents current yield as of report date.
	For Trust compliance purposes, the Trusts sector
classifications refer to any one or more of the sector sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Portfolio management. This definition may not
apply for purposes of this report, which may combine sector
sub-classifications for reporting ease. These industry classifications are
unaudited.

See Notes to Financial Statements. — 22	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments October 31, 2008
(Percentages shown are based on Net Assets)

Common Stocks		Value
Agriculture5.7%
ABB Grain Ltd.	158,200	$ 864,384
Agria Corp. (ADR) (a)	100,000	220,000
Archer Daniels Midland Co. (b)	60,500	1,254,165
BrasilAgro - Companhia Brasileira de Propriedades
Agricolas (c)	525,200	1,999,954
Bunge Ltd.	33,400	1,282,894
Cresud S.A. (ADR)	75,000	378,000
IOI Corp. Bhd	500,000	396,344
SLC Agricola S.A.	95,400	493,182
		6,888,923
Auto Parts &
Equipment0.5%
Johnson Controls, Inc. (b)	33,000	585,090
Biotechnolgy0.8%
Novozymes A/S	13,500	953,046
Building
Materials0.1%
Kingspan Group Plc	23,600	138,499
Chemicals23.7%
Agrium, Inc.	51,650	1,961,667
CF Industries Holdings, Inc.	20,250	1,299,847
Incitec Pivot Ltd.	400,000	1,072,410
Israel Chemicals Ltd.	130,000	1,311,165
Johnson Matthey Plc	112,200	1,688,684
K+S AG	48,360	1,873,271
Makhteshim-Agan Industries Ltd.	190,000	719,461
Monsanto Co.	53,700	4,778,226
Mosaic Co. (The)	54,950	2,165,579
Nufarm Ltd.	99,500	720,138
Potash Corp. of Saskatchewan	35,500	3,026,730
Sinofert Holdings Ltd.	4,611,000	2,573,230
Syngenta AG	11,320	2,116,085
Umicore	182,900	3,270,861
		28,577,354
Commercial
Services0.5%
Quanta Services, Inc. (a)(b)	28,900	571,064
Electric4.3%
FPL Group, Inc. (b)	41,700	1,969,908
Hera S.p.A.	543,000	1,197,117
Iberdrola S.A.	188,800	1,366,412
Ormat Technologies, Inc. (b)	24,500	591,920
		5,125,357
Electrical Components
& Equipment4.7%
American Superconductor Corp. (a)(d)	63,500	794,385
Gamesa Corp. Tecnologica S.A.	83,800	1,373,883
General Cable Corp. (a)(b)	18,100	309,148
Nordex AG (a)	20,600	269,353
Vestas Wind Systems A/S (a)	69,900	2,863,108
		5,609,877
Electronics4.9%
Itron, Inc. (a)(b)	58,850	2,853,048
Trimble Navigation Ltd. (a)	52,510	1,080,131
Watts Water Technologies, Inc.	73,100	1,932,033
		5,865,212
Energy-Alternate
Sources5.9%
D1 Oils Plc (a)	360,099	51,337
First Solar, Inc. (a)(b)	7,300	1,049,010
Iberdrola Renovables S.A. (a)	350,000	1,064,788
Q-Cells AG (a)	31,400	1,243,364
Renewable Energy Corp. AS (a)	52,700	497,216
Solarworld AG	82,500	2,030,690
SunPower Corp., Class A (a)(d)	19,650	767,529
Suntech Power Holdings Co. Ltd. (ADR) (a)(b)(d)	20,200	353,500
		7,057,434

Common Stocks		Value
Engineering &
Construction1.3%
Acciona S.A.	5,750	$ 543,892
Layne Christensen Co. (a)	15,500	407,340
Shaw Group, Inc. (The) (a)(b)	36,400	651,196
		1,602,428
Environmental
Control6.8%
China Water Affairs Group Ltd. (a)	5,322,000	554,905
Christ Water Technology AG (a)	72,000	295,055
Hyflux Ltd.	838,000	899,187
Kurita Water Industries Ltd.	88,200	2,012,378
Nalco Holding Co.	90,300	1,275,036
Rentech, Inc. (a)	500,000	370,000
Tetra Tech, Inc. (a)	115,900	2,548,641
Tianjin Capital Environmental Protection	2,420,000	239,488
		8,194,690
Food1.7%
Cosan Ltd. (a)	133,200	356,976
Orkla ASA	82,200	547,223
Sao Martinho S.A. (a)	132,000	809,730
SunOpta, Inc. (a)	90,000	369,900
		2,083,829
Forest Products &
Paper4.2%
Aracruz Celulose S.A. (ADR)	33,500	445,550
Plum Creek Timber Co., Inc. (REIT)	77,000	2,870,560
Precious Woods Holding AG (a)	20,000	820,734
Rayonier, Inc. (REIT)	27,050	894,814
		5,031,658
Gas1.9%
GDF Suez	52,395	2,332,295
Investment
Company0.6%
Climate Exchange Plc (a)	47,500	744,563
Machinery4.0%
AGCO Corp. (a)	67,200	2,118,144
CNH Global N.V.	55,000	974,600
Deere & Co.	30,000	1,156,800
IDEX Corp.	22,500	521,550
		4,771,094
Metal
Fabricate/Hardware1.1%
Mueller Water Products, Inc.	203,900	1,341,662
Miscellaneous
Manufacturing2.2%
Pentair, Inc.	66,200	1,829,768
Roper Industries, Inc.	17,100	775,485
		2,605,253
Oil & Gas1.2%
Cheniere Energy, Inc. (a)(d)	12,500	46,750
Sasol Ltd.	33,500	988,850
Sasol Ltd. (ADR)	15,900	459,987
		1,495,587
Semiconductors0.4%
MEMC Electronic Materials, Inc. (a)(b)	24,000	441,120
Transportation0.3%
All America Latina Logistica S.A.	88,000	405,373
Water18.2%
American States Water Co.	57,500	1,967,075
American Water Works Co., Inc.	62,400	1,265,472
Aqua America, Inc.	150,100	2,701,800
Artesian Resources Corp., Class A	39,400	568,542
Athens Water Supply & Sewage Co. S.A. (The)	89,950	768,926
California Water Service Group	58,300	2,189,748
Cia de Saneamento Basico do Estado de Sao Paulo	54,000	618,140
Cia de Saneamento de Minas Gerais-COPASA	107,000	676,621
Inversiones Aguas Metropolitanas S.A.	1,500,000	1,051,062
Manila Water Co., Inc.	5,610,000	1,403,205

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2008 23

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Common Stocks		Value
Water(concluded)
Northumbrian Water Group Plc	430,900	$ 2,165,445
Pennon Group Plc	215,200	1,862,274
Severn Trent Plc	113,500	2,508,721
Southwest Water Co.	59,200	471,824
Suez Environnement S.A. (a)	13,725	262,398
United Utilities Group Plc	91,181	1,029,615
Veolia Environnement	13,600	337,030
		21,847,898
Total Long-Term
Investments (Cost$218,341,147)95.0%		114,269,306

Short-Term Securities
Money Market Funds3.7%
BlackRock Liquidity Series, LLC
Money Market Series, 1.57% (e)(f)(g)	1,694,500	1,694,500
Fidelity Institutional Money
Market Prime Portfolio, 2.44% (e)	2,737,556	2,737,556
Total Money
Market Funds		4,432,056

	Principal Amount
U.S. Government and
Agency Discount Notes3.2%
Federal National Mortgage Association Discount Notes,
2.08%, 11/04/2008 (h)	$ 3,900,000	3,899,327
Total Short-Term
Securities (Cost$8,331,383)6.9%		8,331,383

Options Purchased
Call Options
Purchased1.1%
All America Latina Logistica S.A., strike price $0.00001,
expires 11/05/08	45,000	210,055
Cia de Saneamento Basico do Estado de Sao Paulo, strike
price $0.000001, expires 11/05/08	27,000	312,645
Cia de Saneamento de Minas Gerias-COPASA, strike price
$0.00001, expires 11/05/08	53,000	336,313
Sao Martinho S.A., strike price $0.000001, expires
11/05/08	53,000	326,248
SLC Agricola S.A., strike price $0.000001, expires
11/05/08	24,600	127,615
Total Options
Purchased (Cost$3,113,108)1.1%		1,312,876
Total
Investments Before Options Written (Cost$229,785,638*)103.0%		123,913,565

Options Written
Call Options Written(0.5)%
Acciona S.A., strike price 82 EUR, expires
12/19/08	(20	)	(20,060	)
AGCO Corp., strike price $55, expires 11/24/08	(210	)	(3,150	)
Agrium, Inc., strike price $90, expires 01/19/09	(60	)	(900	)
Agrium, Inc., strike price $90, expires 11/24/08	(95	)	(475	)
All America Latina Logistica S.A., strike price $19.80,
expires 11/05/08	(45,000	)
American States Water Co., strike price $37.50, expires
12/02/08	(19,000	)	(24,407	)

Options Written			Value
Call Options
Written(continued)
American Superconductor Corp., strike price $23, expires
11/11/08	(225	)	$ (18	)
American Water Works Co., Inc., strike price $21.50,
expires 11/21/08	(21,000	)	(6,707	)
Aqua America, Inc., strike price $16.87, expires
12/05/08	(20,000	)	(31,088	)
Aqua America, Inc., strike price $17.50, expires
12/22/08	(125	)	(17,188	)
Aracruz Celulose S.A. (ADR), strike price $20, expires
12/22/08	(100	)	(12,000	)
Archer Daniels Midland Co., strike price $22.50, expires
12/22/08	(150	)	(25,125	)
Archer Daniels Midland Co., strike price $25, expires
11/24/08	(25	)	(1,188	)
Archer Daniels Midland Co., strike price $30, expires
12/22/08	(25	)	(750	)
Bunge Ltd., strike price $90, expires 11/24/08	(25	)	(125	)
Bunge Ltd., strike price $95, expires 11/24/08	(35	)	(175	)
California Water Service Group, strike price $38, expires
12/22/08	(19,000	)	(62,166	)
CF Industries Holdings, Inc., strike price $140, expires
11/24/08	(67	)	(2,010	)
Cia de Saneamento Basico do Estado de Sao Paulo, strike
price $39.90, expires 11/05/08	(27,000	)
Cia de Saneamento de Minas Gerias-COPASA, strike price
$25.62, expires 11/05/08	(53,000	)	(1	)
Climate Exchange Plc, strike price 9.45 GBP, expires
12/09/08	(15,800	)	(32,914	)
CNH Global N.V., strike price $20, expires
12/22/08	(100	)	(15,000	)
Deere & Co., strike price $75, expires
11/24/08	(100	)	(500	)
First Solar, Inc., strike price $175, expires
11/24/08	(32	)	(8,240	)
First Solar, Inc., strike price $260, expires
12/22/08	(15	)	(300	)
FPL Group, Inc., strike price $50, expires
12/22/08	(138	)	(33,120	)
Gamesa Corp. Tecnologica S.A., strike price 15.23 EUR,
expires 12/02/08	(21,000	)	(16,666	)
GDF Suez, strike price 36 EUR, expires 12/19/08	(80	)	(27,809	)
General Cable Corp., strike price $22.50, expires
12/22/08	(45	)	(5,175	)
General Cable Corp., strike price $65, expires
11/24/08	(15	)	(75	)
Iberdrola Renovables S.A., strike price 2.58 EUR, expires
12/02/08	(116,000	)	(19,481	)
Iberdrola S.A., strike price 6.14 EUR, expires
12/02/08	(30,000	)	(12,041	)
Itron, Inc., strike price $105, expires 11/24/08	(190	)	(2,850	)
Johnson Controls, Inc., strike price $22.50, expires
11/24/08	(100	)	(750	)
Johnson Matthey Plc, strike price 14.37 GBP, expires
11/13/08	(37,000	)	(202	)
K+S AG, strike price 40 EUR, expires 12/19/08	(20	)	(17,334	)
K+S AG, strike price 58.54 EUR, expires 11/13/08	(4,000	)
Kingspan Group Plc, strike price 4.60 EUR, expires
12/09/08	(8,000	)	(4,992	)
Kurita Water Industries Ltd., strike price 2,393.37
JPY, expires 01/06/09	(15,000	)	(42,151	)
Layne Christensen Co., strike price $55, expires
12/22/08	(20	)	(4,800	)
MEMC Electronic Materials, Inc., strike price $25, expires
12/22/08	(80	)	(4,800	)
Monsanto Co., strike price $130, expires
11/03/08	(120	)
Monsanto Co., strike price $95, expires 11/24/08	(50	)	(18,500	)
Mosaic Co. (The), strike price $55, expires
12/22/08	(182	)	(25,935	)
Nalco Holding Co., strike price $15, expires
12/22/08	(100	)	(10,000	)
Nordex AG, strike price 23.95 EUR, expires
11/04/08	(7,000	)
Northumbrian Water Group Plc, strike price 3.10 GBP,
expires 11/13/08	(142,000	)	(20,220	)
Orkla ASA, strike price 47.28 NOK, expires
12/02/08	(13,000	)	(4,807	)
Ormat Technologies, Inc., strike price $47.50, expires
11/21/08	(8,000	)	(40	)
Pennon Group Plc, strike price 6.07 GBP, expires
11/13/08	(71,000	)	(51	)
Pentair, Inc., strike price $32.50, expires
12/22/08	(22,000	)	(12,782	)

See Notes to Financial Statements.

24 ANNUAL REPORT OCTOBER 31, 2008

Schedule of Investments (concluded)
(Percentages shown are based on Net Assets)

Options Written			Value
Call Options
Written(concluded)
Plum Creek Timber Co., Inc. (REIT), strike price $50, expires 11/24/08	(250	)	$ (3,750	)
Potash Corp. of Saskatchewan, strike price $125, expires 11/24/08	(115	)	(4,313	)
Q-Cells AG, strike price 74 EUR, expires
11/21/08	(10,000	)
Quanta Services, Inc., strike price $30, expires
11/24/08	(100	)	(1,500	)
Rayonier, Inc. (REIT), strike price $50, expires
11/24/08	(90	)	(1,350	)
Roper Industries, Inc., strike price $65, expires
11/24/08	(55	)	(2,200	)
Sao Martinho S.A., strike price $26.36, expires
11/05/08	(53,000	)	(1	)
Sasol Ltd. (ADR), strike price $40, expires
12/22/08	(75	)	(3,938	)
Sasol Ltd. (ADR), strike price $50, expires
11/24/08	(25	)	(625	)
Severn Trent Plc, strike price 14.70 GBP, expires
12/02/08	(37,500	)	(28,325	)
Shaw Group, Inc. (The), strike price $22.50, expires
11/24/08	(60	)	(2,100	)
SLC Agricola S.A., strike price $24.90, expires
11/05/08	(24,600	)
Solarworld AG, strike price 25.91 EUR, expires
12/02/08	(27,000	)	(20,955	)
Southwest Water Co., strike price $13, expires
11/26/08	(19,500	)	(115	)
Suez Environnement S.A., strike price 18.50 EUR, expires
11/21/08	(46	)	(2,052	)
Sunpower Corp., Class A, strike price $95, expires
11/24/08	(65	)	(975	)
Suntech Power Holdings Co. Ltd. (ADR), strike price
$45, expires 11/24/08	(67	)	(335	)
Syngenta AG, strike price 270 CHF, expires
11/21/08	(250	)	(1,099	)
Tetra Tech, Inc., strike price $22.50, expires
11/24/08	(50	)	(6,875	)
Tetra Tech, Inc., strike price $30, expires
11/24/08	(35,000	)	(920	)
Trimble Navigation Ltd., strike price $35, expires
11/24/08	(150	)	(2,250	)
United Utilities Group Plc, strike price 7.60 GBP, expires
12/02/08	(30,100	)	(1,222	)
Vestas Wind Systems A/S, strike price 430 DKK, expires
12/02/08	(23,000	)	(3,348	)
Watts Water Technologies, Inc., strike price $30, expires
12/22/08	(100	)	(8,250	)
Watts Water Technologies, Inc., strike price $31.75,
expires 12/01/08	(14,200	)	(2,719	)
Total Call Options Written			(648,285	)
Put Options
Written(0.1)%
Agrium, Inc., strike price $60, expires 11/24/08	(8	)	(17,320	)
American Water Works Co., Inc., strike price $20, expires
11/24/08	(10	)	(925	)
Archer Daniels Midland Co., strike price $20, expires
11/24/08	(25	)	(4,000	)
Bunge Ltd., strike price $65, expires 11/24/08	(10	)	(26,750	)
CF Industries Holdings, Inc., strike price $90, expires
11/24/08	(10	)	(25,750	)
Christ Water Technology AG, strike price 3.87 EUR,
expires 11/04/08	(30,000	)	(25,063	)
General Cable Corp., strike price $30, expires
11/24/08	(10	)	(12,950	)
Mueller Water Products, Inc., strike price $10, expires
12/22/08	(100	)	(35,500	)
Tetra Tech, Inc., strike price $17.50, expires
11/24/08	(70	)	(1,925	)
Total Put Options Written			(150,183	)
Total Options
Written (Premium Received$1,835,551)(0.6)%			(798,468	)
Total Investments Net of Options
Written102.4%			123,115,097
Liabilities in Excess of Other
Assets(2.4)%			(2,833,505	)
Net Assets100.0%			$ 120,281,592

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 287,237
Gross unrealized depreciation	(106,134,472	)
Net unrealized depreciation	$ (105,847,235	)

(a)	Non-income producing security.
(b)	Security, or a portion thereof,
pledged as collateral for outstanding options written.
(c)	Security is fair valued.
(d)	Security, or a portion of
security, is on loan.
(e)	Represents current yield as of
report date.
(f)	Investments in companies
considered to be an affiliate of the Trust, for purposes of Section 2(a)(3)
of the Investment Company Act of 1940 were as follows:

Affiliate		Income
BlackRock Liquidity Series, LLC Money Market
Series	1,694,500	$ 78,088

| (g) | Security purchased with the cash
proceeds from securities loans. |
| --- | --- |
| (h) | Rate shown is the yield to maturity as of
the date of purchase. |
| | Foreign currency exchange
contracts as of October 31, 2008 were as follows: |

| Currency Purchased | | Currency
Sold | | Settlement Date | Unrealized Appreciation |
| --- | --- | --- | --- | --- | --- |
| USD | 2,980 | NOK | 20,000 | 11/03/08 | $ 11 |
| USD | 24,770 | JPY | 2,407,000 | 11/04/08 | 333 |
| USD | 21,847 | EUR | 17,000 | 11/03/08 | 182 |
| USD | 3,855 | EUR | 3,000 | 11/03/08 | 32 |
| Total | | | | | $ 558 |

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2008 25

| Schedule of
Investments October 31, 2008 |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks		Value
Chemicals1.8%
Potash Corp. of Saskatchewan	127,900	$ 10,904,754
Coal11.1%
Arch Coal, Inc. (a)	632,600	13,543,966
Consol Energy, Inc. (a)	567,821	17,823,901
Massey Energy Co. (a)	731,200	16,883,408
Patriot Coal Corp. (b)	71,000	1,123,930
Peabody Energy Corp.	550,900	19,011,559
		68,386,764
Commercial Services0.4%
MYR Group, Inc. (b)(c)	269,231	2,557,695
Electric1.9%
NRG Energy, Inc. (b)(d)	513,000	11,927,250
Gas1.5%
Keyera Facilities Income Fund	613,800	9,298,920
Metal Fabricate/Hardware0.3%
Tenaris S.A. (ADR)	91,900	1,892,221
Mining2.7%
BHP Billiton Ltd. (ADR) (a)	207,100	8,052,048
Goldcorp, Inc.	247,736	4,622,754
Silver Standard Resources, Inc.
(b)(d)	426,500	3,603,925
		16,278,727
Oil & Gas46.9%
Apache Corp. (a)	190,000	15,642,700
BG Group Plc	468,673	6,891,338
Bill Barrett Corp. (b)	239,930	4,894,572
Brigham Exploration Co. (b)	565,700	4,435,088
Cabot Oil & Gas Corp.	213,300	5,987,331
Canadian Natural Resources Ltd.
(a)	70,200	3,546,504
Chesapeake Energy Corp. (a)	166,900	3,666,793
Crescent Point Energy Trust	744,100	17,230,425
Delta Petroleum Corp. (b)(d)	904,600	8,503,240
Devon Energy Corp.	97,800	7,908,108
Diamond Offshore Drilling, Inc.	76,000	6,748,800
EnCana Corp.	84,700	4,312,077
EOG Resources, Inc.	184,200	14,905,464
EXCO Resources, Inc. (b)	1,410,900	12,966,171
Forest Oil Corp. (b)	219,900	6,423,279
Galleon Energy, Inc. (b)	1,040,800	5,552,430
GMX Resources, Inc. (b)(d)	115,000	4,341,250
Goodrich Petroleum Corp. (b)(d)	166,100	4,610,936
Helmerich & Payne, Inc.	340,300	11,675,693
Hess Corp.	90,000	5,418,900
Newfield Exploration Co. (b)	326,800	7,509,864
Noble Corp.	209,300	6,741,553
Occidental Petroleum Corp.	189,700	10,535,938
Penn Virginia Corp.	676,200	25,134,354
PetroHawk Energy Corp. (b)	615,900	11,671,305
Petroleo Brasileiro S.A. (ADR)	411,000	11,051,790
Plains Exploration &
Production Co. (b)	293,200	8,268,240
Range Resources Corp.	253,900	10,719,658
Southwestern Energy Co. (b)	400,600	14,269,372
StatoilHydro ASA	334,358	6,725,149
Talisman Energy, Inc.	471,100	4,748,688
Vermilion Energy Trust	399,900	9,920,360
Whiting Petroleum Corp. (b)	116,100	6,036,039
		288,993,409
Oil & Gas Services12.7%
Cameron International Corp. (b)	347,800	8,437,628
Core Laboratories N.V.	51,931	3,827,315
Halliburton Co.	345,800	6,843,382
Helix Energy Solutions Group,
Inc. (b)	107,800	1,138,368
National Oilwell Varco, Inc. (b)	365,516	10,925,273
Saipem S.p.A.	265,200	4,984,707

Common Stocks		Value
Oil & Gas Services(concluded)
SBM Offshore N.V.	113,459	$ 1,995,751
Schlumberger Ltd.	227,200	11,734,880
Transocean, Inc. (b)	271,800	22,377,294
Weatherford International Ltd.
(b)	357,048	6,026,970
		78,291,568
Pipelines14.8%
AltaGas Income Trust	451,400	7,209,367
Buckeye Partners LP	51,600	2,065,548
Enbridge Energy Partners LP	73,200	2,834,304
Energy Transfer Partners LP	320,700	12,452,781
Enterprise Products Partners LP
(a)	653,105	15,935,762
Equitable Resources, Inc.	312,500	10,846,875
MarkWest Energy Partners LP	334,100	6,063,915
ONEOK Partners LP	145,800	8,029,206
Pembina Pipeline Income Fund	265,500	3,568,489
Plains All American Pipeline LP	116,400	4,656,000
Questar Corp.	225,100	7,756,946
Targa Resources Partners LP	300,000	4,737,000
Williams Partners LP	245,200	5,176,172
		91,332,365
Transportation1.9%
Seaspan Corp.	387,100	4,474,876
Ship Finance International Ltd.
(d)	546,000	7,452,900
		11,927,776
Total Long-Term
Investments (Cost$712,331,464)96.0%		591,791,449

| Short-Term Securities — BlackRock Liquidity Series, LLC Money Market Series, 1.57%
(e)(f)(g) | 25,537,250 | 25,537,250 |
| --- | --- | --- |
| Fidelity Institutional Money Market Prime Portfolio, 2.44%
(e) | 26,078,895 | 26,078,895 |
| Total Short-Term
Securities (Cost$51,616,145)8.4% | | 51,616,145 |

Options Purchased
Call Options
Purchased0.0%
Apache Corp., strike price $140, expires
11/03/08	50,000	1
BHP Billiton Ltd. (ADR), strike price $85, expires
11/24/08	200	3,500
Bill Barrett Corp., strike price $65, expires
11/21/08	45,000
Chesapeake Energy Corp., strike price $50, expires
11/24/08	500	16,250
Chesapeake Energy Corp., strike price $60, expires
11/24/08	600	6,000
Diamond Offshore Drilling, Inc., strike price $165,
expires 12/22/08	100	2,500
EOG Resources, Inc., strike price $145, expires
11/21/08	50,000	1,110
Equitable Resources, Inc., strike price $66, expires
11/21/08	87,500	744
Equitable Resources, Inc., strike price $71.50, expires
11/03/08	15,000
Genco Shipping & Trading Ltd., strike price $70,
expires 01/19/09	4,380	54,750
Helix Energy Solutions Group, Inc., strike price $40,
expires 12/19/08	69,700	70
Hess Corp., strike price $125, expires 11/24/08	425	4,250
Massey Energy Co., strike price $51.92, expires
11/03/08	100,000	1

See Notes to Financial Statements. — 26	ANNUAL REPORT	OCTOBER 31, 2008

| Schedule of
Investments (continued) |
| --- |
| (Percentages shown are based on Net Assets) |

Options Purchased		Value
Call Options Purchased(concluded)
Massey Energy Co., strike price
$65, expires 01/19/09	250	$ 3,750
NRG Energy, Inc., strike price
$50, expires 12/22/08	285	3,562
OceanFreight, Inc., strike price
$25.50, expires 11/03/08	1,500	2
Paragon Shipping, Inc., Class A,
strike price $20.25, expires 11/03/08	2,000	2
Silver Wheaton Corp., strike
price $20, expires 11/26/08	250
Transocean, Inc., strike price
$135, expires 11/24/08	250	3,750
Transocean, Inc., strike price
$165, expires 11/24/08	250	2,500
Transocean, Inc., strike price
$175, expires 11/24/08	100	1,250
Total Options
Purchased (Cost$3,336,954)0.0%		103,992
Total
Investments Before Options Written (Cost$767,284,563*)104.4%		643,511,586

Options Written
Call Options Written(0.4)%
Apache Corp., strike price $130,
expires 01/19/09	(100	)	(4,500	)
Apache Corp., strike price $155,
expires 11/03/08	(100,000	)	(1	)
Apache Corp., strike price $95,
expires 11/24/08	(250	)	(38,125	)
Arch Coal, Inc., strike price
$22.50, expires 12/22/08	(200	)	(58,500	)
Arch Coal, Inc., strike price
$35, expires 11/24/08	(200	)	(2,000	)
Arch Coal, Inc., strike price
$35, expires 12/22/08	(250	)	(8,750	)
Arch Coal, Inc., strike price
$61, expires 11/20/08	(25,000	)
Arch Coal, Inc., strike price
$66, expires 11/21/08	(25,000	)
Arch Coal, Inc., strike price
$70, expires 11/03/08	(25,000	)
Arch Coal, Inc., strike price
$85, expires 01/19/09	(250	)	(2,500	)
BG Group Plc, strike price 14.12
GBP, expires 11/04/08	(150,000	)	(2	)
BHP Billiton Ltd. (ADR), strike
price $100, expires 11/24/08	(400	)	(2,000	)
BHP Billiton Ltd. (ADR), strike
price $50, expires 11/24/08	(228	)	(7,980	)
BHP Billiton Ltd. (ADR), strike
price $90, expires 11/24/08	(300	)	(1,500	)
BHP Billiton Ltd. (ADR), strike
price $95, expires 11/24/08	(100	)	(500	)
Bill Barrett Corp., strike price
$65.50, expires 11/21/08	(45,000	)
Brigham Exploration Co., strike
price $15, expires 01/19/09	(625	)	(15,625	)
Brigham Exploration Co., strike
price $17.50, expires 01/19/09	(625	)	(6,250	)
Brigham Exploration Co., strike
price $7.50, expires 12/22/08	(150	)	(18,750	)
Cabot Oil & Gas Corp., strike
price $35, expires 12/22/08	(250	)	(35,000	)
Cabot Oil & Gas Corp., strike
price $56, expires 11/21/08	(25,000	)
Cabot Oil & Gas Corp., strike
price $66, expires 11/21/08	(25,000	)
Cameron International Corp.,
strike price $35, expires 11/24/08	(232	)	(2,320	)
Cameron International Corp.,
strike price $51, expires 11/21/08	(30,000	)	(87	)
Cameron International Corp.,
strike price $56, expires 11/21/08	(15,000	)	(11	)
Cameron International Corp.,
strike price $60, expires 11/24/08	(300	)	(3,000	)
Cameron International Corp.,
strike price $65, expires 11/24/08	(400	)	(4,000	)
Canadian Natural Resources Ltd.,
strike price $65, expires 11/24/08	(170	)	(9,350	)
Canadian Natural Resources Ltd.,
strike price $95, expires 11/20/08	(12,500	)	(15	)

Options Written			Value
Call Options Written(continued)
Chesapeake Energy Corp., strike
price $30, expires 11/24/08	(1,669	)	$ (25,035	)
Chesapeake Energy Corp., strike
price $50.50, expires 11/17/08	(500	)	(165	)
Chesapeake Energy Corp., strike
price $66, expires 11/20/08	(10,000	)	(3	)
Chesapeake Energy Corp., strike
price $68, expires 11/03/08	(50,000	)	(1	)
Consol Energy, Inc., strike price
$100, expires 11/03/08	(25,000	)
Consol Energy, Inc., strike price
$120, expires 01/19/09	(100	)	(1,000	)
Consol Energy, Inc., strike price
$35, expires 12/22/08	(100	)	(37,500	)
Consol Energy, Inc., strike price
$45, expires 11/24/08	(500	)	(17,500	)
Consol Energy, Inc., strike price
$45, expires 12/22/08	(250	)	(30,000	)
Consol Energy, Inc., strike price
$90, expires 11/20/08	(50,000	)	(125	)
Core Laboratories N.V., strike
price $136, expires 11/21/08	(10,000	)	(126	)
Crescent Point Engery Trust,
strike price 39.45 CAD, expires 11/10/08	(100,000	)	(531	)
Delta Petroleum Corp., strike
price $17.50, expires 12/22/08	(1,000	)	(50,000	)
Delta Petroleum Corp., strike
price $25, expires 12/22/08	(500	)	(10,000	)
Devon Energy Corp., strike price
$120, expires 01/19/09	(100	)	(12,250	)
Devon Energy Corp., strike price
$85, expires 12/22/08	(100	)	(77,500	)
Devon Energy Corp., strike price
$90, expires 11/24/08	(100	)	(25,500	)
Diamond Offshore Drilling, Inc.,
strike price $125, expires 01/19/09	(100	)	(18,500	)
Diamond Offshore Drilling, Inc.,
strike price $170, expires 12/22/08	(100	)	(1,500	)
Diamond Offshore Drilling, Inc.,
strike price $90, expires 01/19/09	(100	)	(115,000	)
Diamond Offshore Drilling, Inc.,
strike price $90, expires 12/22/08	(100	)	(95,000	)
Duvernay Oil Corp., strike price
60 CAD, expires 11/24/08	(2	)	(4,862	)
Duvernay Oil Corp., strike price
61 CAD, expires 11/24/08	(35	)	(65,046	)
EnCana Corp., strike price $85,
expires 11/20/08	(10,000	)	(3	)
EnCana Corp., strike price $90,
expires 11/20/08	(15,000	)
EOG Resources, Inc., strike price
$108.35, expires 11/11/08	(30,000	)	(303	)
EOG Resources, Inc., strike price
$110, expires 11/24/08	(300	)	(10,500	)
EOG Resources, Inc., strike price
$95, expires 12/19/08	(28,000	)	(97,782	)
Equitable Resources, Inc., strike
price $67, expires 11/21/08	(47,500	)	(328	)
Equitable Resources, Inc., strike
price $71.81, expires 11/03/08	(15,000	)
EXCO Resources, Inc., strike
price $25.50, expires 11/21/08	(100,000	)	(180	)
EXCO Resources, Inc., strike
price $30, expires 12/22/08	(1,000	)	(10,000	)
Forest Oil Corp., strike price
$68, expires 11/21/08	(50,000	)	(125	)
Forest Oil Corp., strike price
$76, expires 11/20/08	(20,000	)	(8	)
Galleon Energy, Inc., strike
price 20 CAD, expires 11/24/08	(400	)	(4,978	)
Genco Shipping & Trading
Ltd., strike price $73.61, expires 11/03/08	(340,000	)	(3	)
Genco Shipping & Trading
Ltd., strike price $75, expires 11/18/08	(600	)	(1	)
Genco Shipping & Trading
Ltd., strike price $76, expires 11/21/08	(38,000	)
GMX Resources, Inc., strike price
$75, expires 11/24/08	(178	)	(1,780	)
GMX Resources, Inc., strike price
$80, expires 11/24/08	(200	)	(1,000	)
Goldcorp, Inc., strike price $30,
expires 11/24/08	(500	)	(3,750	)
Goldcorp, Inc., strike price $42.50,
expires 01/19/09	(100	)	(1,250	)
Goldcorp, Inc., strike price $49,
expires 11/07/08	(250	)
Goodrich Petroleum Corp., strike
price $30, expires 12/22/08	(250	)	(96,250	)
Goodrich Petroleum Corp., strike
price $35, expires 12/22/08	(100	)	(20,500	)

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	27

| Schedule of
Investments (continued) |
| --- |
| (Percentages shown are based on Net Assets) |

Options Written			Value
Call Options Written(continued)
Goodrich Petroleum Corp., strike
price $65, expires 12/22/08	(200	)	$ (6,000	)
Goodrich Petroleum Corp., strike
price $70, expires 12/22/08	(150	)	(3,750	)
Halliburton Co., strike price
$45, expires 11/21/08	(30,000	)
Halliburton Co., strike price
$50, expires 11/28/08	(150	)
Halliburton Co., strike price
$51, expires 11/03/08	(150	)
Halliburton Co., strike price
$55, expires 01/19/09	(300	)	(1,500	)
Helix Energy Solutions Group,
Inc., strike price $12.50, expires 12/22/08	(100	)	(8,250	)
Helix Energy Solutions Group,
Inc., strike price $40, expires 12/22/08	(697	)	(6,970	)
Helmerich & Payne, Inc.,
strike price $57.50, expires 11/21/08	(75,000	)	(8,618	)
Helmerich & Payne, Inc.,
strike price $63, expires 11/03/08	(25,000	)
Hess Corp., strike price $120,
expires 11/24/08	(125	)	(625	)
Massey Energy Co., strike price
$25, expires 12/22/08	(200	)	(67,000	)
Massey Energy Co., strike price
$35, expires 11/24/08	(500	)	(7,500	)
Massey Energy Co., strike price
$80, expires 01/19/09	(500	)	(5,000	)
National Oilwell Varco, Inc.,
strike price $100, expires 11/24/08	(200	)	(2,000	)
National Oilwell Varco, Inc.,
strike price $40, expires 11/24/08	(250	)	(9,375	)
National Oilwell Varco, Inc.,
strike price $76, expires 11/21/08	(40,000	)	(480	)
National Oilwell Varco, Inc.,
strike price $81, expires 11/21/08	(40,000	)	(256	)
National Oilwell Varco, Inc.,
strike price $90, expires 01/19/09	(100	)	(500	)
National Oilwell Varco, Inc.,
strike price $95, expires 11/24/08	(200	)	(2,000	)
Newfield Exploration Co., strike
price $25, expires 12/22/08	(500	)	(118,750	)
Newfield Exploration Co., strike
price $61, expires 11/21/08	(25,000	)	(3	)
Newfield Exploration Co., strike
price $67, expires 11/03/08	(690	)	(1	)
Newfield Exploration Co., strike
price $75, expires 12/22/08	(250	)	(3,750	)
Noble Corp., strike price $57.55,
expires 11/21/08	(27,000	)	(30	)
Noble Corp., strike price $60,
expires 01/19/09	(300	)	(3,750	)
Noble Corp., strike price $61,
expires 11/21/08	(25,000	)	(8	)
Noble Corp., strike price $70,
expires 12/22/08	(100	)	(1,000	)
NRG Energy, Inc., strike price
$50, expires 11/21/08	(100,000	)	(460	)
Occidental Petroleum Corp.,
strike price $87, expires 11/03/08	(400	)
Occidental Petroleum Corp.,
strike price $88, expires 11/21/08	(20,000	)	(4,636	)
OceanFreight, Inc., strike price
$26, expires 11/03/08	(1,500	)	(1	)
ONEOK Partners LP, strike price
$55, expires 01/19/09	(250	)	(82,500	)
ONEOK Partners LP, strike price
$60, expires 01/19/09	(50	)	(6,375	)
Paragon Shipping, Inc., Class A,
strike price $20.50, expires 11/03/08	(200,000	)	(2	)
Patriot Coal Corp., strike price
$42.50, expires 11/03/08	(30,000	)
Peabody Energy Corp., strike
price $35, expires 12/22/08	(100	)	(51,000	)
Peabody Energy Corp., strike
price $40, expires 11/24/08	(594	)	(78,705	)
Peabody Energy Corp., strike
price $40, expires 12/22/08	(100	)	(31,500	)
Peabody Energy Corp., strike
price $75, expires 12/22/08	(1,000	)	(10,000	)
Penn Virginia Corp., strike price
$50, expires 11/24/08	(71	)	(4,083	)
Penn Virginia Corp., strike price
$55, expires 12/22/08	(10	)	(950	)

Options Written			Value
Call Options Written(continued)
Penn Virginia Corp., strike price
$75, expires 11/18/08	(250	)	$ (238	)
Penn Virginia Corp., strike price
$80, expires 12/22/08	(500	)	(7,500	)
PetroHawk Energy Corp., strike
price $20, expires 12/22/08	(500	)	(130,000	)
PetroHawk Energy Corp., strike
price $22.50, expires 12/22/08	(100	)	(16,750	)
PetroHawk Energy Corp., strike
price $35, expires 11/24/08	(585	)	(2,925	)
PetroHawk Energy Corp., strike
price $38, expires 11/03/08	(450	)
PetroHawk Energy Corp., strike
price $40, expires 12/22/08	(750	)	(7,500	)
PetroHawk Energy Corp., strike
price $55, expires 12/22/08	(225	)	(2,250	)
Petroleo Brasileiro S.A. (ADR),
strike price $68, expires 11/20/08	(30,000	)	(102	)
Petroleo Brasileiro S.A. (ADR),
strike price $70.50, expires 11/21/08	(50,000	)	(150	)
Plains All American Pipeline LP,
strike price $50, expires 11/24/08	(350	)	(3,500	)
Potash Corp. of Saskatchewan,
strike price $181, expires 11/21/08	(12,000	)	(559	)
Potash Corp. of Saskatchewan,
strike price $190, expires 01/19/09	(200	)	(3,000	)
Potash Corp. of Saskatchewan,
strike price $195, expires 12/22/08	(200	)	(2,000	)
Potash Corp. of Saskatchewan,
strike price $210, expires 12/22/08	(100	)	(1,000	)
Questar Corp., strike price $61,
expires 11/21/08	(55,000	)	(3,768	)
Questar Corp., strike price
$66.32, expires 11/03/08	(10,000	)
Range Resources Corp., strike price
$55, expires 01/19/09	(100	)	(25,000	)
Range Resources Corp., strike
price $55, expires 12/22/08	(100	)	(14,750	)
Range Resources Corp., strike
price $70, expires 01/19/09	(150	)	(6,375	)
Range Resources Corp., strike
price $71, expires 11/21/08	(38,700	)	(70	)
Range Resources Corp., strike
price $73.21, expires 11/03/08	(20,000	)	(6,566	)
Saipem S.p.A., strike price 32.45
EUR, expires 11/04/08	(65,000	)	(1	)
SBM Offshore N.V., strike price
25.50 EUR, expires 11/04/08	(30,000	)
Schlumberger Ltd., strike price
$100, expires 11/21/08	(20,000	)	(46	)
Schlumberger Ltd., strike price
$110, expires 01/19/09	(100	)	(1,000	)
Schlumberger Ltd., strike price
$110, expires 11/24/08	(200	)	(1,000	)
Schlumberger Ltd., strike price
$120, expires 11/24/08	(100	)	(500	)
Schlumberger Ltd., strike price
$60, expires 12/22/08	(150	)	(36,375	)
Ship Finance International Ltd.,
strike price $25, expires 11/24/08	(750	)	(7,500	)
Ship Finance International Ltd.,
strike price $35, expires 11/24/08	(1,500	)	(22,500	)
Silver Standard Resources, Inc.,
strike price $35, expires 12/20/08	(1,250	)	(12,500	)
Silver Wheaton Corp., strike
price $20.50, expires 11/21/08	(25,000	)
Southwestern Energy Co., strike
price $40, expires 11/20/08	(40,000	)	(57,716	)
Southwestern Energy Co., strike
price $41, expires 11/21/08	(30,000	)	(38,064	)
Southwestern Energy Co., strike
price $45, expires 11/17/08	(400	)	(13,400	)
Southwestern Energy Co., strike
price $50, expires 12/22/08	(400	)	(29,000	)
StatoilHydro ASA, strike price
188.64 NOK, expires 11/04/08	(40,000	)
StatoilHydro ASA, strike price
205.70 NOK, expires 11/04/08	(80,000	)

See Notes to Financial Statements. — 28	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments (concluded)
(Percentages shown
are based on Net Assets)

Options Written			Value
Call Options Written(concluded)
Talisman Energy, Inc., strike
price $24, expires 11/17/08	(90,000	)	$ (1	)
Tenaris S.A. (ADR), strike price
$22.50, expires 12/22/08	(200	)	(49,500	)
Tenaris S.A. (ADR), strike price
$60, expires 11/20/08	(35,000	)	(4	)
Transocean, Inc., strike price
$170, expires 11/24/08	(500	)	(2,500	)
Transocean, Inc., strike price
$180, expires 11/24/08	(100	)	(1,000	)
Weatherford International Ltd.,
strike price $42.50, expires 11/24/08	(600	)	(3,000	)
Weatherford International Ltd.,
strike price $45.25, expires 11/21/08	(60,000	)	(102	)
Whiting Petroleum Corp., strike
price $120, expires 01/19/09	(100	)	(2,000	)
Whiting Petroleum Corp., strike
price $50, expires 12/22/08	(100	)	(78,500	)
Whiting Petroleum Corp., strike
price $60, expires 12/22/08	(100	)	(35,500	)
Whiting Petroleum Corp., strike
price $95, expires 12/22/08	(300	)	(7,500	)
Total Call
Options			(2,217,191	)
Put Options Written(0.0)%
Massey Energy Co., strike price
$15, expires 11/24/08	(1,280	)	(48,000	)
National Oilwell Varco, Inc.,
strike price $20, expires 11/24/08	(735	)	(33,075	)
National Oilwell Varco, Inc.,
strike price $25, expires 11/24/08	(735	)	(95,550	)
Total Put
Options			(176,625	)
Total Options
Written (Premium Received$30,075,096)(0.4)%			(2,393,816	)
Total
Investments Net of Options Written104.0%			641,117,770
Liabilities in
Excess of Other Assets(4.0)%			(24,638,424	)
Net
Assets100.0%			$ 616,479,346

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 72,229,854
Gross unrealized depreciation	(182,254,834	)
Net unrealized depreciation	$ (110,024,980	)

| (a) | Security, or a portion thereof,
pledged as collateral for outstanding options written. |
| --- | --- |
| (b) | Non-income producing security. |
| (c) | Restricted security as to resale
acquired 12/20/07. As of report date the Trust held 0.4% of its net assets,
with a current market value of $2,557,695 and an original cost of $3,500,003
in these securities. |
| (d) | Security, or a portion of
security, is on loan. |
| (e) | Represents current yield as of
report date. |
| (f) | Investments in companies
considered to be an affiliate of the Trust, for purposes of Section 2(a)(3)
of the Investment Company Act of 1940 were as follows: |

| | Affiliate — BlackRock Liquidity Series, LLC
Money Market Series |
| --- | --- |
| (g) | Security purchased with the cash
proceeds from securities loans. |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	29

Schedule of Investments October 31, 2008
(Percentages shown are based on Net Assets)

Common Stocks		Value
Australia2.1%
Commonwealth Bank of Australia	113,845	$ 3,112,041
Dexus Property Group (REIT)	761,448	379,463
Insurance Australia Group Ltd.	930,331	2,356,644
Macquarie Airports	894,897	1,272,700
Macquarie Infrastructure Group	195,800	256,642
National Australia Bank Ltd.	84,458	1,370,424
Wesfarmers Ltd.	92,905	1,335,189
		10,083,103
Austria0.1%
Voestalpine AG	16,603	405,187
Bermuda0.3%
Covidien Ltd.	37,675	1,668,626
Canada3.5%
Agnico-Eagles Mines Ltd.	23,900	659,516
Bank of Montreal	82,500	2,944,620
Bank of Nova Scotia	12,100	403,467
Canadian Imperial Bank of
Commerce	3,700	167,794
Canadian Natural Resources Ltd.	28,400	1,433,077
Canadian Oil Sands Trust	76,691	2,057,734
EnCana Corp.	55,900	2,839,755
Manulife Financial Corp.	9,500	190,110
PAN American Silver Corp. (a)	78,569	895,659
Penn West Energy Trust	10,046	179,116
Research In Motion Ltd. (a)	18,300	926,463
RioCan (REIT)	113,138	1,577,906
Royal Bank of Canada	31,100	1,208,599
Shaw Communications, Inc.	52,200	914,247
Toronto-Dominion Bank	7,300	344,741
		16,742,804
Denmark0.5%
TrygVesta AS	40,851	2,456,334
Finland1.0%
Fortum Oyj	65,366	1,606,439
Nokia Oyj	90,450	1,385,532
Orion Oyj	126,149	1,853,761
		4,845,732
France3.8%
Air Liquide	10,607	915,333
Alstom S.A.	26,641	1,320,427
AXA S.A.	99,012	1,891,531
Credit Agricole S.A.	201,756	2,918,808
Electricite de France S.A.	2,976	178,809
France Telecom S.A.	140,009	3,530,410
Lafarge S.A.	1,620	107,094
Renault S.A.	7,304	223,851
Sanofi-Aventis	29,748	1,884,749
Societe Television Francaise 1	117,377	1,504,935
Total S.A.	37,809	2,080,005
Vallourec	1,386	155,036
Vivendi	53,354	1,394,627
		18,105,615
Germany2.9%
Allianz SE	22,848	1,676,815
BASF AG	72,402	2,390,255
DaimlerChrysler AG	57,078	1,934,946
Deutsche Bank AG	3,148	117,600
Deutsche Lufthansa AG	146,531	2,029,473
Deutsche Post AG	13,868	152,057
Deutsche Telekom AG	67,279	987,055
E.ON AG	3,950	148,026
Metro AG	6,903	220,114
RWE AG	37,704	3,091,013
Siemens AG	18,874	1,109,898
Wincor Nixdorf AG	4,768	206,495
		14,063,747

Common Stocks		Value
Greece0.4%
OPAP S.A.	85,765	$ 1,872,651
Hong
Kong0.7%
BOC Hong Kong Holdings Ltd.	928,500	1,063,068
Hang Seng Bank Ltd.	170,616	2,128,859
Pacific Basin Shipping Ltd.	576,238	308,545
		3,500,472
Ireland0.1%
CRH Plc	13,439	295,281
Elan Corp. Plc (a)	21,327	160,906
		456,187
Italy2.0%
Enel S.p.A.	420,930	2,816,131
Eni S.p.A.	153,073	3,653,572
Mediaset S.p.A.	165,983	901,783
Terna Rete Elettrica Nazionale
S.p.A.	769,837	2,482,827
		9,854,313
Japan8.7%
Asahi Kasei Corp.	48,000	180,548
Astellas Pharma, Inc.	24,300	978,774
Canon, Inc.	27,200	951,773
Daiichi Sankyo Co. Ltd.	36,600	750,480
Daito Trust Construction Co.
Ltd.	59,200	2,497,352
Daiwa Securities Group, Inc.	225,000	1,272,043
Ebara Corp.	227,000	452,501
Eisai Co. Ltd.	23,200	752,718
Fast Retailing Co. Ltd	19,200	2,046,875
FUJIFILM Holdings Corp.	6,900	158,840
Fujitsu Ltd.	71,000	279,158
Hitachi Ltd.	90,000	422,555
Honda Motor Co. Ltd.	40,000	994,616
Japan Real Estate Investment
Corp. (REIT)	25	221,377
Japan Tobacco, Inc.	118	418,626
JFE Holdings, Inc.	49,700	1,268,114
Kansai Electric Power Co., Inc.
(The)	17,100	428,787
Kao Corp.	47,000	1,374,355
Kobe Steel Ltd.	180,000	291,967
Komatsu Ltd.	52,200	573,869
Konami Corp.	31,600	571,671
Konica Minolta Holdings, Inc.	17,000	111,644
Marui Co. Ltd.	58,800	359,434
Mitsubishi Chemical Holdings
Corp.	189,000	764,065
Mitsubishi Corp.	26,600	445,865
Mitsubishi Electric Corp.	37,000	229,375
Mitsubishi UFJ Financial Group,
Inc.	212,718	1,336,757
Mitsui & Co. Ltd.	90,000	872,056
Nidec Corp.	4,300	231,269
Nintendo Co. Ltd.	6,800	2,184,896
Nippon Building Fund, Inc.
(REIT)	100	960,899
Nippon Mining Holdings, Inc.	350,500	1,073,004
Nippon Steel Corp.	205,000	690,013
Nissan Motor Co. Ltd.	440,700	2,188,691
Nomura Holdings, Inc.	120,100	1,137,868
Oracle Corp.	19,400	843,397
OSG Corp.	64,200	464,300
Seven & I Holdings Co. Ltd.	58,100	1,631,330
Shin-Etsu Chemical Co. Ltd.	10,500	558,132
Shiseido Co. Ltd.	33,000	678,984
Sumitomo Metal Industries Ltd.	557,000	1,432,570
Sumitomo Metal Mining Co. Ltd.	42,000	314,972
Sumitomo Mitsui Financial Group,
Inc.	113	453,002
Takeda Pharmaceutical Co. Ltd.	30,000	1,490,556
Tokio Marine Holdings, Inc.	8,000	246,767
TonenGeneral Sekiyu KK	186,000	1,573,220
Toyota Motor Corp.	67,000	2,616,412
		41,776,477

See Notes to Financial Statements. — 30	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Common Stocks		Value
Luxembourg0.4%
ArcelorMittal (a)	49,313	$ 1,282,602
Oriflame Cosmetics S.A.	16,650	520,171
		1,802,773
Netherlands1.4%
Aegon N.V.	102,815	427,214
Akzo Nobel N.V.	3,178	132,097
InBev N.V.	25,945	1,046,444
ING Groep N.V.	41,668	390,861
Royal KPN N.V.	93,627	1,318,568
Unilever N.V.	141,901	3,419,742
		6,734,926
New
Zealand0.1%
Fletcher Building Ltd.	147,482	500,784
Norway0.2%
Norsk Hydro ASA	18,554	77,524
Petroleum Geo-Services ASA (a)	91,102	453,634
StatoilHydro ASA	16,002	321,858
		853,016
Portugal0.0%
Energias de Portugal S.A.	52,705	179,518
Singapore0.7%
ComfortDelgro Corp. Ltd.	401,000	328,918
Parkway Holdings Ltd.	1,035,874	1,110,635
SembCorp Industries Ltd.	85,000	142,859
Singapore Telecommunications
Ltd.	920,000	1,548,284
		3,130,696
Spain1.3%
Banco Santander S.A.	205,548	2,223,036
Iberia Lineas Aereas de Espana	491,164	1,158,745
Telefonica S.A.	146,458	2,711,663
		6,093,444
Sweden1.1%
Hennes & Mauritz AB	68,225	2,446,509
Skanska AB, B Shares	235,400	2,067,531
Swedbank AB	100,100	827,218
Volvo AB, B Shares	22,411	117,112
		5,458,370
Switzerland3.2%
ABB Ltd. (a)	161,719	2,121,932
Credit Suisse Group AG	82,715	3,093,034
Nestle S.A.	71,299	2,772,604
Novartis AG	49,017	2,488,006
Roche Holding AG	1,734	265,175
SGS S.A.	757	745,296
Swiss Reinsurance	30,601	1,276,174
Syngenta AG	6,574	1,228,899
Synthes, Inc.	2,334	301,185
Zurich Financial Services AG	6,314	1,280,970
		15,573,275
United
Kingdom8.8%
Anglo American Plc	100,114	2,511,984
AstraZeneca Plc	18,597	788,112
Aviva Plc	30,152	179,857
Barclays Plc	605,793	1,736,554
BP Plc	535,876	4,368,180
British American Tobacco Plc	145,729	3,997,241
BT Group Plc	173,984	326,924
Diageo Plc	33,290	508,022
Electrocomponents Plc	320,279	734,549
GKN Plc	27,255	52,262
GlaxoSmithKline Plc	280,721	5,396,563
HSBC Holdings Plc	499,957	5,921,594

Common Stocks		Value
United
Kingdom(concluded)
Imperial Tobacco Group Plc	12,291	$ 329,417
Lloyds TSB Group Plc	124,516	402,449
Mondi Plc	158,519	575,323
Royal Dutch Shell Plc	122,798	3,349,237
Severn Trent Plc	23,231	513,481
Tate & Lyle Plc	342,468	2,035,965
Tomkins Plc	1,507,130	2,766,331
United Utilities Group Plc	243,369	2,748,120
Vodafone Group Plc	1,568,393	3,017,139
		42,259,304
United
States45.5%
3M Co. (b)	59,500	3,825,850
Abbott Laboratories (b)	76,600	4,224,490
Allied Capital Corp.	89,500	653,350
Allstate Corp. (The)	32,800	865,592
Altria Group, Inc. (c)	184,600	3,542,474
American International Group,
Inc.	62,800	119,948
Apache Corp. (b)	8,200	675,106
Apple, Inc. (a)(b)	41,400	4,454,226
Applied Materials, Inc. (b)	14,300	184,613
Arch Coal, Inc.	60,600	1,297,446
AT&T Inc. (b)	83,500	2,235,295
Autodesk, Inc. (a)(b)	69,300	1,476,783
Baker Hughes, Inc.	7,900	276,105
Bank of America Corp. (b)	228,800	5,530,096
BB&T Corp. (b)	136,500	4,893,525
Bristol-Myers Squibb Co. (b)	191,900	3,943,545
Carnival Corp. (b)	86,900	2,207,260
CBS Corp., Class B (b)	50,600	491,326
Chevron Corp. (b)	87,200	6,505,120
Cisco Systems, Inc. (a)(b)	132,500	2,354,525
Coca-Cola Co. (The) (b)	52,000	2,291,120
ConocoPhillips (c)	83,800	4,359,276
Consolidated Edison, Inc. (b)	84,700	3,669,204
Corning, Inc. (b)	43,300	468,939
Cummins, Inc. (c)	11,100	286,935
Developers Diversified Realty
Corp. (REIT)	109,300	1,439,481
Devon Energy Corp. (b)	10,500	849,030
Dominion Resources, Inc.	15,800	573,224
Dow Chemical Co. (The) (b)	37,600	1,002,792
Duke Energy Corp.	44,300	725,634
Duke Realty Corp. (REIT)	52,900	746,419
E.I. du Pont de Nemours &
Co. (b)	50,000	1,600,000
Eastman Kodak Co.	170,600	1,566,108
eBay, Inc. (a)(b)	149,900	2,288,973
Electronic Arts, Inc. (a)	63,800	1,453,364
Eli Lilly & Co.	43,300	1,464,406
Embarq Corp.	87,700	2,631,000
EMC Corp. (a)	71,000	836,380
Emerson Electric Co. (b)	54,000	1,767,420
Exxon Mobil Corp. (b)	112,200	8,316,264
First Solar, Inc. (a)(b)	7,800	1,120,860
FirstEnergy Corp.	10,700	558,112
Flowserve Corp.	19,700	1,121,324
Freeport-McMoRan Copper &
Gold, Inc. (b)	39,000	1,134,900
General Electric Co. (b)	350,800	6,844,108
Gilead Sciences, Inc. (a)	26,600	1,219,610
Google, Inc., Class A (a)(b)	10,140	3,643,910
Hewlett-Packard Co.	21,100	807,708
Home Depot, Inc.	137,100	3,234,189
Intel Corp. (b)	143,100	2,289,600
International Business Machines
Corp.	8,700	808,839
International Paper Co.	23,300	401,226
Johnson & Johnson (b)	124,400	7,630,696
Joy Global, Inc. (b)	15,200	440,496

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	31

Schedule of Investments (concluded)
(Percentages shown are based on Net Assets)

Common Stocks		Value
United
States(concluded)
JPMorgan Chase & Co. (b)	121,000	$ 4,991,250
Kraft Foods, Inc.	111,170	3,239,494
Lam Research Corp. (a)	21,800	487,448
Leggett & Platt, Inc. (c)	155,200	2,694,272
Lincoln National Corp.	15,700	270,668
Linear Technology Corp.	74,900	1,698,732
Masco Corp.	185,500	1,882,825
Massey Energy Co.	8,200	189,338
Mattel, Inc.	128,500	1,930,070
McDonalds Corp. (b)	78,400	4,541,712
Medco Health Solutions, Inc. (a)	20,400	774,180
Merck & Co., Inc.	61,300	1,897,235
Microchip Technology, Inc.	102,600	2,527,038
Microsoft Corp.	202,600	4,524,058
Monsanto Co. (b)	23,300	2,073,234
Motorola, Inc.	118,100	634,197
National Oilwell Varco, Inc. (a)	12,300	367,647
New York Community Bancorp, Inc.
(b)	238,100	3,728,646
Nucor Corp.	56,000	2,268,560
Oracle Corp. (a)(b)	108,100	1,977,149
Peabody Energy Corp.	7,200	248,472
PepsiCo, Inc.	13,400	763,934
Pfizer, Inc. (c)	327,200	5,794,712
Procter & Gamble Co. (b)	92,700	5,982,858
Progress Energy, Inc.	18,600	732,282
Qualcomm, Inc. (b)	21,900	837,894
Reynolds American, Inc. (c)	59,400	2,908,224
Salesforce.com, Inc. (a)	13,700	424,152
Sara Lee Corp.	69,400	775,892
Schlumberger Ltd.	29,200	1,508,180
Smith International, Inc. (b)	48,183	1,661,350
Southern Co.	124,100	4,261,594
Spectra Energy Corp. (b)	166,500	3,218,445
Sprint Nextel Corp.	146,100	457,293
SunTrust Banks, Inc.	24,400	979,416
SYSCO Corp. (b)	39,100	1,024,420
Texas Instruments, Inc. (b)	25,500	498,780
Thermo Fisher Scientific, Inc.
(a)	14,400	584,640
Transocean, Inc. (a)	6,607	543,954
Travelers Cos., Inc. (The) (b)	20,700	880,785
Tyco Electronics Ltd.	16,675	324,162
U.S. Bancorp (b)	147,100	4,385,051
United Parcel Service, Inc.,
Class B (b)	48,400	2,554,552
Verizon Communications, Inc. (b)	80,500	2,388,435
VF Corp.	52,700	2,903,770
Wal-Mart Stores, Inc.	27,000	1,506,870
Waste Management, Inc.	30,700	958,761
Wells Fargo & Co.	124,800	4,249,440
Weyerhauser Co.	51,800	1,979,796
Wyeth	27,000	868,860
Yahoo! Inc. (a)	7,900	101,278
		218,354,227
Total Long-Term
Investments (Cost$631,836,655)88.8%		426,771,581
Short-Term
Securities
Fidelity Institutional Money Market Prime Portfolio, 2.44% (d)	35,550,390	35,550,390
Total
Short-Term Securities (Cost$35,550,390)7.4%		35,550,390
Total Investments Before Options
Written (Cost$667,387,045*)96.2%		462,321,971

Options Written			Value
Call Options
Written(2.7)%
Dow Jones Euro Stoxx, strike
price 2,650 EUR, expires 12/19/08	(275	)	$ (577,802	)
Dow Jones Euro Stoxx, strike
price 2,850 EUR, expires 12/19/08	(1,085	)	(1,111,150	)
FTSE 100 Index, strike price
4,325 GBP, expires 12/19/08	(95	)	(537,783	)
FTSE 100 Index, strike price
4,775 GBP, expires 12/19/08	(360	)	(809,663	)
Nikkei, strike price 10,500 JPY,
expires 12/12/08	(220	)	(463,405	)
Nikkei, strike price 9,000 JPY,
expires 12/12/08	(120	)	(831,388	)
S&P 500, strike price $965,
expires 12/22/08	(590	)	(4,277,500	)
S&P 500, strike price
$1,005, expires 12/22/08	(695	)	(3,554,924	)
S&P 500, strike price
$1,070, expires 12/22/08	(400	)	(994,000	)
Total Options
Written (Premium Received$9,618,280)(2.7)%			(13,157,615	)
Total
Investments Net of Options Written93.5%			449,164,356
Other Assets in
Excess of Liabilities6.5%			31,240,827
Net
Assets100.0%			$ 480,405,183

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

| Aggregate
cost | $ | |
| --- | --- | --- |
| Gross unrealized appreciation | $ | |
| Gross unrealized depreciation | (208,451,946 | ) |
| Net unrealized depreciation | $ (208,451,946 | ) |

(a)	Non-income producing security.
(b)	Security, or a portion thereof,
pledged as collateral for outstanding options written.
(c)	All or a portion of a security
has been pledged as collateral in connection with open financial futures
contracts.
(d)	Represents current yield as of
report date.
	Financial futures contracts
purchased as of October 31, 2008 were as follows:

Contracts — 363	Issue — Dow Jones Euro Stoxx	Expiration Date — December 2008	$ 11,992,200	$ (1,745,365	)
149	FTSE 100 Index	December 2008	$ 10,499,324	(1,248,842	)
182	Nikkei	December 2008	$ 8,124,505	(2,188,608	)
536	S&P 500	December 2008	$ 25,923,640	610,260
Total				$ (4,572,555)

See Notes to Financial Statements. — 32	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments October 31, 2008 BlackRock Global Opportunities Equity Trust (BOE) (Percentages shown are based on Net Assets)

Common Stocks		Value
Australia1.0%
BHP Billiton Ltd. (ADR)	7,000	$ 272,160
Fosters Group Ltd.	332,400	1,270,696
Sims Group Ltd.	63,500	608,943
		2,151,799
Belgium0.8%
Belgacom S.A.	56,100	1,919,439
Bermuda0.8%
Arch Capital Group Ltd. (a)	7,300	509,175
Covidien Ltd.	27,100	1,200,259
		1,709,434
Brazil1.6%
Banco Bradesco S.A. (ADR)	14,800	173,160
Banco Itau Holding Financeira S.A. (ADR)	14,900	164,794
BM&FBOVESPA S.A.	81,644	216,687
Cia Energetica de Minas Gerais (ADR)	107,634	1,637,113
Petroleo Brasileiro S.A. (ADR)	50,400	1,355,256
		3,547,010
Canada3.9%
Barrick Gold Corp. (b)	97,400	2,212,928
Bombardier, Inc., Class B	250,000	964,490
Canadian National Railway Co.	34,000	1,470,840
Husky Energy, Inc.	35,511	1,066,538
Potash Corp. of Saskatchewan	8,000	682,080
Research In Motion Ltd. (a)	11,300	569,859
Royal Bank of Canada	13,000	505,202
Ultra Petroleum Corp. (a)	31,900	1,484,945
		8,956,882
China1.0%
China Construction Bank Corp., Class H	2,257,100	1,119,700
Industrial & Commercial Bank of China	2,635,100	1,239,869
		2,359,569
Finland0.8%
Fortum Oyj	40,598	997,739
Wartsila Oyj, B Shares	30,300	767,690
		1,765,429
France3.2%
Alstom S.A.	23,000	1,139,965
AXA S.A.	17,200	328,590
BNP Paribas	6,300	454,868
Compagnie Generale des Etablissements Michelin, Class B	25,100	1,291,924
PPR	9,500	605,440
Total S.A.	38,800	2,134,523
Unibail-Rodamco (REIT)	1,400	209,979
Vivendi	41,300	1,079,546
		7,244,835
Germany3.5%
Adidas AG	32,700	1,135,879
Beiersdorf AG	15,400	803,645
E.ON AG	32,535	1,219,245
Fresenius Medical Care AG & Co. KGaA	36,200	1,603,755
Hannover Rueckversicherung AG	17,100	423,322
K+S AG	26,500	1,026,503
Linde AG	21,900	1,812,052
		8,024,401
Hong
Kong1.4%
ASM Pacific Technology Ltd.	388,000	1,296,283
China Mobile Ltd.	65,200	573,976
Esprit Holdings Ltd.	65,200	370,473
Industrial and Commercial Bank of China Asia Ltd.	207,500	218,653
New World Development Co. Ltd.	729,000	606,845
		3,066,230

Common Stocks		Value
Israel1.4%
Partner Communications (ADR) (b)	166,300	$ 3,106,484
Italy1.6%
AEM S.p.A.	424,746	774,152
Assicurazioni Generali S.p.A.	15,100	381,333
Eni S.p.A.	55,000	1,312,749
Intesa Sanpaolo S.p.A.	104,200	309,280
Parmalat S.p.A.	534,000	937,585
		3,715,099
Japan3.8%
Canon, Inc.	32,400	1,133,729
ITOCHU Corp.	206,300	1,090,244
Konica Minolta Holdings, Inc.	109,000	715,836
Mizuho Financial Group, Inc.	120	293,016
Nintendo Co. Ltd.	8,000	2,570,466
Shizuoka Bank Ltd. (The)	80,200	708,307
Sumitomo Corp.	134,000	1,178,938
Toyota Motor Corp. (ADR)	11,400	867,426
		8,557,962
Luxembourg0.7%
ArcelorMittal (b)	31,400	824,250
Tenaris S.A. (ADR)	35,600	733,004
		1,557,254
Mexico0.6%
Fomento Economico Mexicano SAB de CV (ADR)	57,900	1,464,291
Netherlands0.1%
Corio N.V. (REIT)	3,900	208,415
Norway1.3%
Fred Olsen Energy ASA	33,200	1,097,616
Orkla ASA	158,000	1,051,840
Yara International ASA	43,000	898,365
		3,047,821
Philippines0.5%
Philippine Long Distance Telephone Co. (ADR)	30,100	1,231,090
Russia0.8%
Gazprom OAO (ADR)	47,300	941,889
LUKOIL (ADR)	22,700	871,476
		1,813,365
Singapore1.9%
Singapore Airlines Ltd.	183,000	1,402,057
Singapore Telecommunications Ltd.	827,520	1,392,648
United Overseas Bank Ltd.	179,296	1,620,971
		4,415,676
South
Korea0.8%
Hyundai Motor Co.	15,800	730,100
Samsung Electronics Co. Ltd.	2,700	1,138,330
		1,868,430
Spain0.5%
Banco Bilbao Vizcaya Argentaria S.A.	29,600	343,547
Banco Santander S.A.	81,200	878,192
		1,221,739
Sweden0.1%
Nordea Bank AB	29,600	237,248
Switzerland4.7%
ACE Ltd.	11,000	630,960
Alcon, Inc.	11,200	986,944
Credit Suisse Group AG	10,100	377,678
Julius Baer Holding AG	14,500	567,098
Nestle S.A.	67,000	2,605,429
Novartis AG (ADR)	31,300	1,595,987
Roche Holding AG	13,300	2,033,927

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2008 33

Schedule of Investments October 31, 2008 BlackRock Global Opportunities Equity Trust (BOE) (Percentages shown are based on Net Assets)

Common Stocks		Value
Switzerland(concluded)
Syngenta AG	5,800	$ 1,084,213
UBS AG (a)	27,900	473,387
Zurich Financial Services AG	2,100	426,043
		10,781,666
Taiwan0.6%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)	151,303	1,249,763
United
Kingdom5.3%
AstraZeneca Plc	29,300	1,241,689
Barclays Plc	91,300	261,719
De La Rue Plc	165,066	2,381,209
HSBC Holdings Plc	135,000	1,598,968
Imperial Tobacco Group Plc	68,700	1,841,263
National Express Group Plc	100,000	921,193
Rio Tinto Plc (ADR)	1,200	223,044
Standard Chartered Plc	34,300	566,876
Unilever Plc	84,600	1,900,608
Vodafone Group Plc (ADR) (b)	54,800	1,055,996
		11,992,565
United
States45.9%
Allstate Corp. (The) (b)	10,600	279,734
Altera Corp.	72,000	1,249,200
Altria Group, Inc. (b)	130,300	2,500,457
Amgen, Inc. (a)(b)	66,300	3,970,707
Aon Corp.	40,100	1,696,230
Apple, Inc. (a)(b)	9,700	1,043,623
AvalonBay Communities, Inc. (REIT)	7,400	525,548
Bank of America Corp.	44,900	1,085,233
Baxter International, Inc.	44,400	2,685,756
BB&T Corp.	46,500	1,667,025
Becton Dickinson & Co. (b)	56,400	3,914,160
Broadcom Corp. (a)	60,000	1,024,800
Campbell Soup Co.	32,200	1,221,990
Charles Schwab Corp. (The)	36,900	705,528
Chesapeake Energy Corp. (b)	62,900	1,381,913
Chevron Corp. (b)	39,000	2,909,400
Cisco Systems, Inc. (a)(b)	22,400	398,048
Citigroup, Inc.	106,100	1,448,265
Colgate-Palmolive Co.	13,500	847,260
Comcast Corp., Class A	81,200	1,279,712
ConocoPhillips (b)	34,100	1,773,882
CVS Caremark Corp. (b)	13,300	407,645
Diamond Offshore Drilling, Inc. (b)	19,000	1,687,200
Dow Chemical Co. (The)	44,400	1,184,148
Eagle Bulk Shipping, Inc.	13,800	137,586
EOG Resources, Inc.	21,500	1,739,780
Exxon Mobil Corp. (b)	40,500	3,001,860
FPL Group, Inc.	35,400	1,672,296
Freeport-McMoRan Copper & Gold, Inc.	23,000	669,300
Genentech, Inc. (a)	35,600	2,952,664
General Electric Co.	59,000	1,151,090
Genzyme Corp. (a)	19,800	1,443,024
Google, Inc., Class A(a)	3,900	1,401,504
Greenhill & Co., Inc. (c)	17,300	1,141,281
H.J. Heinz Co. (b)	28,000	1,226,960
Halliburton Co.	22,200	439,338
Hudson City Bancorp, Inc.	17,600	331,056
Intel Corp.	72,000	1,152,000
IntercontinentalExchange, Inc. (a)	9,000	770,040
International Business Machines Corp. (b)	21,300	1,980,261
Johnson & Johnson (b)	47,100	2,889,114
JPMorgan Chase & Co.	30,200	1,245,750
Kellogg Co. (b)	28,100	1,416,802
KeyCorp	49,400	604,162
Kohls Corp. (a)	24,600	864,198

Common Stocks		Value
United
States(concluded)
Linear Technology Corp.	52,500	$ 1,190,700
McDonalds Corp. (b)	34,000	1,969,620
Medco Health Solutions, Inc. (a)	28,300	1,073,985
Medtronic, Inc.	68,800	2,774,704
Microsoft Corp. (b)	73,700	1,645,721
Molson Coors Brewing Co., Class B	27,500	1,027,400
Motorola, Inc.	70,000	375,900
NASDAQ OMX Group (The) (a)	29,500	957,570
Newmont Mining Corp.	34,000	895,560
Nike, Inc.	41,500	2,391,645
Norfolk Southern Corp.	35,600	2,133,864
Occidental Petroleum Corp. (b)	69,200	3,843,368
Pfizer, Inc.	159,700	2,828,287
Pioneer Natural Resources Co.	39,400	1,096,502
Procter & Gamble Co.	29,500	1,903,930
Public Service Enterprise Group, Inc.	26,200	737,530
Qualcomm, Inc.	28,900	1,105,714
Regions Financial Corp.	51,100	566,699
Simon Property Group, Inc. (REIT)	5,300	355,259
T. Rowe Price Group, Inc.	15,200	601,008
Target Corp.	25,600	1,027,072
Torchmark Corp.	8,300	346,691
U.S. Bancorp	32,900	980,749
UMB Financial Corp.	16,700	757,011
Wal-Mart Stores, Inc.	24,300	1,356,183
Walt Disney Co. (The)	53,300	1,380,470
Wells Fargo & Co.	59,900	2,039,595
Weyerhauser Co.	23,300	890,526
Yum! Brands, Inc.	43,000	1,247,430
		104,618,223
Total Common Stocks88.6%		201,832,119

Exchange-Traded Funds
United
States7.7%
Financial Select Sector SPDR Fund	93,400	1,450,502
iShares Dow Jones Euro Stoxx Banks	78,700	1,848,661
iShares Dow Jones Stoxx 600 Banks	106,400	2,708,176
iShares Dow Jones U.S. Real Estate Index Fund	37,900	1,608,476
SPDR KBW Insurance	65,200	1,615,656
Lyxor Dow Jones Stoxx 600 Financial Services	30,700	885,874
Lyxor Dow Jones Stoxx 600 Insurance	25,500	422,839
SPDR Trust Series 1	73,000	7,068,590
Total Exchange-Traded Funds7.7%		17,608,774
Total Long-Term Investments (Cost$298,120,823)96.3%		219,440,893

Short-Term Securities
Money
Market Funds2.0%
BlackRock
Liquidity Series, LLC Money Market Series, 1.57% (d)(e)(f)	1,130,500	1,130,500
Fidelity
Institutional Money Market Prime Portfolio, 2.44% (d)	3,384,302	3,384,302
Total Money Market Funds		4,514,802

| See Notes
to Financial Statements. — 34 | ANNUAL REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

| Schedule of Investments
(continued) |
| --- |
| (Percentages
shown are based on Net Assets) |

Short-Term Securities	Principal Amount	Value
U.S. Government and Agency Discount
Notes4.0%
Federal National Mortgage Association Discount Notes,
2.08%, 11/04/08 (g)	$ 9,100,000	$ 9,098,430
Total Short-Term Securities (Cost$13,613,232)6.0%		13,613,232

Options Purchased
Call Options Purchased0.0%
American Electric Power Co., Inc., strike price $45,
expires 11/21/08	26,000	460
Archer Daniels Midland Co., strike price $45, expires
12/22/08	439	3,293
BHP Billiton Ltd. (ADR), strike price $95, expires
11/24/08	70	350
Citigroup, Inc., strike price $28.25, expires 11/03/08	145
CVS Caremark Corp., strike price $42.50, expires 11/24/08	340	2,550
Dime Community Bancshares, strike price $20, expires
11/07/08	70,000	553
EOG Resources, Inc., strike price $145, expires 11/21/08	7,000	155
Financial Select Sector SPDR Fund, strike price $27,
expires 12/22/08	238	595
Google, Inc., Class A, strike price $640, expires 12/22/08	10	150
Legal & General Group Plc, strike price 1.14 GBP,
expires 11/04/08	745,200	12
Oriflame Cosmetics S.A., strike price 410 SEK, expires
11/07/08	18,476
Research In Motion Ltd., strike price $160, expires
12/22/08	55	220
TELUS Corp., strike price 48 CAD, expires 11/24/08	340	11,989
Ultra Petroleum Corp., strike price $115, expires 12/22/08	58	726
Yara International ASA, strike price 330 NOK, expires
11/04/08	14,500
Total Options Purchased (Cost$247,024)0.0%		21,053
Total Investments Before Options Written (Cost$311,981,079*)102.3%		233,075,178

Options Written
Call Options Written(0.8)%
ACE Ltd., strike price $55, expires 11/24/08	(110	)	(61,050	)
Adidas AG, strike price 44 EUR, expires 12/19/08	(80	)	(1,630	)
Adidas AG, strike price 47.48 EUR, expires 11/04/08	(18,000	)
AEM S.p.A., strike price 2.50 EUR, expires 11/04/08	(235,000	)	(3	)
Alcon, Inc., strike price $100, expires 11/24/08	(25	)	(17,543	)
Alcon, Inc., strike price $165, expires 11/24/08	(75	)	(1,125	)
Allstate Corp. (The), strike price $47.50, expires
01/19/09	(60	)	(600	)
Alstom S.A., strike price 82 EUR, expires 11/06/08	(13,000	)
Altera Corp., strike price $23, expires 11/07/08	(75	)
Altera Corp., strike price $23.41, expires 11/18/08	(32,100	)	(3	)
Altria Group, Inc., strike price $22.25, expires 11/21/08	(52,000	)	(3,536	)
Altria Group, Inc., strike price $22.50, expires 12/20/08	(195	)	(5,948	)
American Electric Power Co., Inc., strike price $45,
expires 11/24/08	(130	)	(1,300	)
American Electric Power Co., Inc., strike price $47.50,
expires 11/24/08	(130	)	(1,300	)
Amgen, Inc., strike price $65, expires 01/19/09	(200	)	(57,400	)
Amgen, Inc., strike price $65, expires 12/22/08	(165	)	(32,340	)
Aon Corp., strike price $47.75, expires 11/07/08	(120	)	(56	)

Options Written			Value
Call Options Written(continued)
Aon Corp., strike price $51, expires 11/21/08	(10,000	)	$ (189	)
Apple, Inc., strike price $200, expires 01/19/09	(47	)	(517	)
ArcelorMittal, strike price $95, expires 12/20/08	(144	)	(2,880	)
ArcelorMittal, strike price $110, expires 12/22/08	(65	)	(975	)
Arch Capital Group Ltd., strike price $70, expires
12/22/08	(40	)	(17,600	)
Archer Daniels Midland Co., strike price $46, expires
11/03/08	(26,900	)
ASM Pacific Technology Ltd., strike price 67.32 HKD,
expires 11/05/08	(213,400	)
Assicurazioni Generali S.p.A., strike price 22.04 EUR,
expires 12/09/08	(5,000	)	(2,768	)
AstraZeneca Plc, strike price 24.50 GBP, expires 12/02/08	(16,200	)	(49,610	)
AvalonBay Communities, Inc. (REIT), strike price $105,
expires 11/11/08	(30	)
AvalonBay Communities, Inc. (REIT), strike price $110,
expires 01/19/09	(15	)	(1,050	)
AXA S.A., strike price 26 EUR, expires 11/21/08	(100	)	(1,020	)
Banco Bradesco S.A. (ADR), strike price $15, expires
01/19/09	(30	)	(3,675	)
Banco Bradesco S.A. (ADR), strike price $22.50, expires
12/22/08	(70	)	(350	)
Banco Itau Holding Financeira S.A. (ADR), strike price
$11, expires 11/10/08	(79	)	(8,604	)
Banco Itau Holding Financeira S.A. (ADR), strike price
$22.50, expires 12/22/08	(70	)	(700	)
Banco Santander S.A., strike price 12.41 EUR, expires
11/07/08	(30,000	)
Bank of America Corp., strike price $37.50, expires
11/10/08	(7,600	)	(3	)
Bank of America Corp., strike price $40, expires 11/24/08	(170	)	(425	)
Barrick Gold Corp., strike price $51, expires 11/21/08	(25,000	)
Barrick Gold Corp., strike price $52, expires 11/03/08	(250	)
Baxter International, Inc., strike price $65, expires
11/22/08	(100	)	(8,500	)
Baxter International, Inc., strike price $67.50, expires
11/24/08	(100	)	(3,500	)
Baxter International, Inc., strike price $70, expires
11/24/08	(50	)	(625	)
BB&T Corp., strike price $35, expires 12/22/08	(160	)	(61,600	)
BB&T Corp., strike price $45, expires 11/24/08	(50	)	(500	)
BB&T Corp., strike price $45, expires 12/22/08	(100	)	(2,750	)
Becton Dickinson & Co., strike price $75, expires
12/22/08	(50	)	(9,250	)
Becton Dickinson & Co., strike price $85, expires
12/22/08	(145	)	(3,988	)
Becton Dickinson & Co., strike price $90.05, expires
11/21/08	(11,500	)	(49	)
Beiersdorf AG, strike price 43.04 EUR, expires 11/11/08	(8,500	)	(10,277	)
Belgacom S.A., strike price 27.24 EUR, expires 12/02/08	(15,000	)	(18,520	)
BHP Billiton Ltd. (ADR), strike price $47.18, expires
12/15/08	(1,750	)	(2,263	)
BNP Paribas, strike price 69 EUR, expires 11/07/08	(3,100	)	(12	)
Bombardier, Inc., Class B, strike price 9 CAD, expires
01/19/09	(750	)	(4,045	)
Bombardier, Inc., Class B, strike price 9 CAD, expires 11/23/08	(500	)	(4,148	)
Broadcom Corp., strike price $30, expires 11/24/08	(330	)	(1,650	)
Campbell Soup Co., strike price $40, expires 11/24/08	(322	)	(15,295	)
Canadian National Railway Co., strike price $51.59,
expires 11/21/08	(17,000	)	(1,639	)
Canon, Inc., strike price 5,900 JPY, expires 11/05/08	(17,800	)
Charles Schwab Corp. (The), strike price $25, expires
12/22/08	(55	)	(1,375	)

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	35

Schedule of Investments (continued)
(Percentages
shown are based on Net Assets)

Options Written			Value
Call Options Written(continued)
Charles
Schwab Corp. (The), strike price $25.50, expires 11/10/08	(12,200	)	$ (12	)
Chesapeake
Energy Corp., strike price $55.05, expires 12/19/08	(30,000	)	(4,281	)
Chesapeake
Energy Corp., strike price $57, expires 11/03/08	(170	)
Chevron
Corp., strike price $80, expires 01/19/09	(100	)	(52,000	)
China
Construction Bank Corp., Class H, strike price 7.11 HKD, expires 11/05/08	(1,128,000	)	(2	)
China
Mobile Ltd., strike price 110.61 HKD, expires 11/05/08	(36,000	)
China
Mobile Ltd., strike price 98.16 HKD, expires 11/05/08	(29,000	)
Cia
Energetica de Minas Gerais (ADR), strike price $25, expires 12/22/08	(160	)	(5,600	)
Cisco
Systems, Inc., strike price $29.50, expires 11/07/08	(180	)
Citigroup,
Inc., strike price $21.50, expires 11/10/08	(19,300	)	(17	)
Citigroup,
Inc., strike price $25, expires 01/19/09	(70	)	(840	)
Citigroup,
Inc., strike price $25, expires 12/22/08	(320	)	(1,920	)
Citigroup,
Inc., strike price $28.50, expires 11/03/08	(145	)
Colgate-Palmolive
Co., strike price $75, expires 11/24/08	(120	)	(1,200	)
Comcast
Corp., Class A, strike price $22.50, expires 01/19/09	(420	)	(6,300	)
Compagnie
Generale des Etablissements Michelin, Class B, strike price 50.09 EUR,
expires 11/13/08	(13,800	)	(5,091	)
ConocoPhillips,
strike price $60, expires 01/19/09	(80	)	(25,800	)
Covidien
Ltd., strike price $55, expires 11/24/08	(135	)	(1,350	)
CVS
Caremark Corp., strike price $44, expires 11/21/08	(34,000	)	(10	)
CVS
Caremark Corp., strike price $45, expires 11/24/08	(65	)	(325	)
De La Rue
Plc, strike price 9.69 GBP, expires 11/04/08	(111,000	)	(2,773	)
Diamond
Offshore Drilling, Inc., strike price $141, expires 11/21/08	(10,000	)	(24	)
Dime
Community Bancshares, strike price $20.52, expires 11/07/08	(70,000	)	(224	)
Dow
Chemical Co. (The), strike price $25.80, expires 12/24/08	(22,000	)	(60,564	)
E.ON AG,
strike price 40.82 EUR, expires 11/13/08	(8,000	)	(8	)
Eni S.p.A.,
strike price 22.37 EUR, expires 11/13/08	(55,000	)	(8,038	)
EOG
Resources, Inc., strike price $95, expires 12/19/08	(10,000	)	(34,922	)
EOG
Resources, Inc., strike price $150, expires 11/03/08	(95	)
Esprit
Holdings Ltd., strike price 99.10 HKD, expires 11/05/08	(18,000	)
Esprit
Holdings Ltd., strike price 107.07 HKD, expires 11/05/08	(47,200	)
Exxon Mobil
Corp., strike price $85, expires 12/22/08	(225	)	(50,963	)
Financial
Select Sector SPDR Fund, strike price $26, expires 01/19/09	(750	)	(3,000	)
Financial
Select Sector SPDR Fund, strike price $27.05, expires 11/21/08	(23,800	)	(193	)
Fomento
Economico Mexicano SAB de CV (ADR), strike price $48, expires 11/03/08	(419	)
Fomento
Economico Mexicana SAB de CV (ADR), strike price $49, expires 11/07/08	(16,000	)
Fortum Oyj,
strike price 27.86 EUR, expires 11/04/08	(22,300	)
Fosters
Group Ltd., strike price 5.88 AUD, expires 11/05/08	(183,000	)	(9,151	)
FPL Group,
Inc., strike price $70, expires 12/22/08	(95	)	(475	)
FPL Group,
Inc., strike price $71, expires 11/21/08	(10,000	)	(213	)
Fred Olsen
Energy ASA, strike price 334.40 NOK, expires 11/04/08	(4,000	)
Fresenius
Medical Care AG & Co. KGaA, strike price 35.50 EUR, expires 11/04/08	(20,000	)	(16,064	)
Gazprom OAO
(ADR), strike price $64.68, expires 11/04/08	(16,500	)	(12	)
Genentech,
Inc., strike price $95, expires 12/22/08	(200	)	(31,500	)

Options Written			Value
Call Options Written(continued)
General
Electric Co., strike price $21, expires 12/22/08	(325	)	$ (35,263	)
Genzyme
Corp., strike price $75, expires 12/22/08	(85	)	(33,150	)
Google,
Inc., Class A, strike price $440, expires 01/19/09	(10	)	(8,550	)
Google,
Inc., Class A, strike price $600, expires 12/22/08	(10	)	(150	)
Google,
Inc., Class A, strike price $650, expires 12/22/08	(10	)	(100	)
Greenhill
& Co., Inc., strike price $70, expires 12/22/08	(85	)	(27,200	)
H.J. Heinz
Co., strike price $50.05, expires 11/21/08	(10,000	)	(1,582	)
H.J. Heinz
Co., strike price $52, expires 12/19/08	(18,000	)	(7,414	)
Halliburton
Co., strike price $52.29, expires 11/03/08	(12,000	)
Hannover
Rueckversicherung AG, strike price 34.22 EUR, expires 11/04/08	(9,400	)
HSBC
Holdings Plc, strike price 8.67 GBP, expires 11/07/08	(16,000	)	(209	)
HSBC
Holdings Plc, strike price 8.85 GBP, expires 12/02/08	(11,000	)	(1,878	)
HSBC
Holdings Plc, strike price 9.35 GBP, expires 11/07/08	(40,000	)	(7	)
Hudson City
Bancorp, Inc., strike price $19, expires 11/03/08	(8,800	)	(1,675	)
Husky
Energy, Inc., strike price 49 CAD, expires 11/20/08	(355	)	(2,356	)
Hyundai
Motor Co., strike price 70,980 KRW, expires 11/12/08	(8,700	)	(3,223	)
Industrial
and Commercial Bank of China Asia Ltd., strike price 20.69 HKD, expires
12/03/08	(103,000	)
Intel
Corp., strike price $23, expires 11/21/08	(40,000	)	(24	)
IntercontinentalExchange,
Inc., strike price $90, expires 11/24/08	(25	)	(14,750	)
IntercontinentalExchange,
Inc., strike price $100, expires 12/22/08	(48	)	(30,000	)
International
Business Machines Corp., strike price $135, expires 11/03/08	(25	)
iShares Dow
Jones U.S. Real Estate Index Fund, strike price $67, expires 11/03/08	(100	)
Johnson
& Johnson, strike price $68, expires 11/07/08	(100	)	(115	)
Johnson
& Johnson, strike price $70, expires 11/28/08	(160	)	(3,083	)
JPMorgan
Chase & Co., strike price $45, expires 12/22/08	(90	)	(17,415	)
JPMorgan
Chase & Co., strike price $47.50, expires 12/22/08	(60	)	(6,990	)
Julius Baer
Holding AG, strike price 67.50 CHF, expires 11/04/08	(4,800	)
K+S AG,
strike price 240 EUR, expires 12/19/08	(10	)	(1,003	)
K+S AG,
strike price 260 EUR, expires 12/19/08	(56	)	(21,983	)
Kellogg
Co., strike price $55, expires 12/22/08	(280	)	(25,900	)
KeyCorp,
strike price $11.25, expires 12/30/08	(270	)	(63,936	)
Kohls
Corp., strike price $50.29, expires 11/21/08	(13,500	)	(216	)
Konica
Minolta Holdings, Inc., strike price 1,572.64 JPY, expires 11/12/08	(27,000	)
Legal &
General Group Plc, strike price 1.15 GBP, expires 11/04/08	(482,200	)	(8	)
Legal &
General Group Plc, strike price 1.16 GBP, expires 11/04/08	(263,000	)	(4	)
Linde AG,
strike price 87.97 EUR, expires 11/07/08	(8,700	)	(26	)
Linde AG,
strike price 94 EUR, expires 11/23/08	(34	)	(3,068	)
Linear
Technology Corp., strike price $32.50, expires 01/19/09	(85	)	(1,063	)
McDonalds
Corp., strike price $61, expires 11/21/08	(17,000	)	(20,405	)
Medco
Health Solutions, Inc., strike price $40, expires 01/19/09	(40	)	(13,800	)
Medco
Health Solutions, Inc., strike price $50, expires 11/24/08	(115	)	(1,150	)
Medtronic,
Inc., strike price $55, expires 01/19/09	(100	)	(2,250	)
Mizuho
Financial Group, Inc., strike price 575,921.50 JPY, expires 11/05/08	(120	)
Motorola,
Inc., strike price $7.50, expires 01/19/09	(175	)	(3,063	)

See Notes to Financial Statements. — 36	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments (continued)
(Percentages
shown are based on Net Assets)

Options Written			Value
Call Options Written(continued)
NASDAQ OMX
Group (The), strike price $30, expires 12/22/08	(150	)	$ (78,750	)
National
Express Group Plc, strike price 9.08 GBP, expires 11/04/08	(25,000	)
Nestle
S.A., strike price 45 CHF, expires 11/04/08	(30,000	)	(25,000	)
Nestle
S.A., strike price 52.40 CHF, expires 11/07/08	(37,000	)	(99	)
New World
Development Co. Ltd., strike price 23.19 HKD, expires 11/05/08	(365,000	)	(1	)
Newmont
Mining Corp., strike price $60, expires 12/22/08	(70	)	(280	)
Nike, Inc.,
strike price $65.50, expires 12/19/08	(10,000	)	(15,888	)
Nike, Inc.,
strike price $71, expires 11/21/08	(13,000	)	(1,108	)
Nintendo
Co. Ltd., strike price 62,485.84 JPY, expires 11/05/08	(3,400	)
Nintendo
Co. Ltd., strike price 62,685 JPY, expires 11/05/08	(2,200	)
Nordea Bank
AB, strike price 104 SEK, expires 11/04/08	(15,000	)
Norfolk
Southern Corp., strike price $62.99, expires 11/03/08	(18,000	)	(3,422	)
Novartis AG
(ADR), strike price $60, expires 11/21/08	(17,000	)	(2,105	)
Occidental
Petroleum Corp., strike price $65, expires 01/19/09	(170	)	(71,400	)
Oriflame
Cosmetics S.A., strike price 415.86 SEK, expires 11/07/08	(18,476	)
Orkla ASA,
strike price 68.99 NOK, expires 11/04/08	(118,500	)
Parmalat
S.p.A., strike price 1.94 EUR, expires 11/11/08	(307,837	)	(4	)
Partner
Communications (ADR), strike price $24.03, expires 11/21/08	(67,000	)	(161	)
Partner
Communications (ADR), strike price $25, expires 11/24/08	(245	)	(3,675	)
Petroleo
Brasileiro S.A. (ADR), strike price $55, expires 11/24/08	(90	)	(450	)
Pfizer,
Inc., strike price $20, expires 01/19/09	(370	)	(27,010	)
Pfizer,
Inc., strike price $20, expires 12/22/08	(500	)	(21,250	)
Philippine
Long Distance Telephone Co. (ADR), strike price $65, expires 01/19/09	(165	)	(8,250	)
Pioneer
Natural Resources Co., strike price $65, expires 12/22/08	(314	)	(4,710	)
Pioneer
Natural Resources Co., strike price $75, expires 12/22/08	(80	)	(800	)
Potash
Corp. of Saskatchewan, strike price $120, expires 01/19/09	(15	)	(4,800	)
PPR, strike
price 82.29 EUR, expires 11/04/08	(5,200	)
Procter
& Gamble Co., strike price $68.50, expires 11/21/08	(15,000	)	(10,218	)
Public
Service Enterprise Group, Inc., strike price $45, expires 12/22/08	(105	)	(788	)
Qualcomm,
Inc., strike price $48.75, expires 11/03/08	(144	)
Qualcomm,
Inc., strike price $52.50, expires 01/19/09	(145	)	(4,858	)
Regions
Financial Corp., strike price $11.38, expires 12/30/08	(280	)	(41,126	)
Research In
Motion Ltd., strike price $170, expires 12/22/08	(55	)	(165	)
Rio Tinto
Plc (ADR), strike price $195, expires 12/22/08	(2	)	(4,840	)
Roche
Holding AG, strike price 190 CHF, expires 12/09/08	(3,300	)	(20,494	)
Royal Bank
of Canada, strike price 50 CAD, expires 01/19/09	(50	)	(11,844	)
Samsung
Electronics Co. Ltd., strike price 799,580.37 KRW, expires 11/05/08	(1,450	)
Shizuoka
Bank Ltd. (The), strike price 895.02 JPY, expires 01/06/09	(26,500	)	(26,450	)
Simon
Property Group, Inc. (REIT), strike price $95, expires 01/19/09	(26	)	(3,900	)

Options Written			Value
Call Options Written(concluded)
Sims Group
Ltd., strike price 34 AUD, expires 11/05/08	(28,600	)	$
Sims Group
Ltd., strike price 41.57 AUD, expires 11/05/08	(34,900	)
Singapore
Airlines Ltd., strike price 17.16 SGD, expires 11/05/08	(55,000	)
Singapore
Telecommunications Ltd., strike price 3.97 SGD, expires 11/05/08	(414,000	)	(3	)
SPDR KBW
Insurance, strike price $48, expires 12/22/08	(200	)	(7,000	)
SPDR KBW
Insurance, strike price $49.86, expires 11/21/08	(13,000	)	(1	)
Sumitomo
Corp., strike price 763.76 JPY, expires 01/06/09	(44,000	)	(78,423	)
Syngenta
AG, strike price 334.41 CHF, expires 11/04/08	(5,800	)
T. Rowe
Price Group, Inc., strike price $60, expires 11/24/08	(30	)	(300	)
T. Rowe
Price Group, Inc., strike price $62, expires 11/11/08	(5,000	)	(20	)
Taiwan
Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11, expires
11/14/08	(80,000	)	(48	)
Target
Corp., strike price $62.50, expires 01/19/09	(100	)	(6,850	)
TELUS
Corp., strike price 50 CAD, expires 11/24/08	(140	)	(2,207	)
TELUS
Corp., strike price 52 CAD, expires 11/22/08	(200	)	(1,825	)
Torchmark
Corp., strike price $65, expires 11/24/08	(40	)	(3,000	)
Total S.A.,
strike price 52.89 EUR, expires 11/04/08	(10,000	)	(4	)
Total S.A.,
strike price 58.29 EUR, expires 11/04/08	(5,000	)
Toyota
Motor Corp. (ADR), strike price $90, expires 01/19/09	(65	)	(23,400	)
U.S.
Bancorp, strike price $30, expires 11/03/08	(56	)	(2,752	)
U.S.
Bancorp, strike price $37.50, expires 12/22/08	(125	)	(1,875	)
Ultra
Petroleum Corp., strike price $60, expires 01/19/09	(80	)	(22,400	)
UMB
Financial Corp., strike price $56.50, expires 11/10/08	(5,400	)	(1,725	)
Unilever Plc,
strike price 16.60 GBP, expires 11/11/08	(46,500	)	(1,654	)
United
Overseas Bank Ltd., strike price 22.07 SGD, expires 11/05/08	(90,000	)	(1	)
Vivendi,
strike price 24.98 EUR, expires 11/13/08	(22,700	)	(4,554	)
Vodafone
Group Plc (ADR), strike price $35.25, expires 11/21/08	(28,000	)	(8	)
Wal-Mart
Stores, Inc., strike price $60, expires 12/22/08	(120	)	(24,540	)
Wal-Mart
Stores, Inc., strike price $65, expires 11/24/08	(120	)	(2,760	)
Walt Disney
Co. (The), strike price $33.39, expires 11/21/08	(19,500	)	(226	)
Walt Disney
Co. (The), strike price $35, expires 01/19/09	(100	)	(2,250	)
Wells Fargo
& Co., strike price $30, expires 11/03/08	(145	)	(59,288	)
Wells Fargo
& Co., strike price $40, expires 01/19/09	(90	)	(12,825	)
Wells Fargo
& Co., strike price $40, expires 11/24/08	(100	)	(2,250	)
Weyerhauser
Co., strike price $65, expires 01/19/09	(120	)	(1,800	)
Yara
International ASA, strike price 332.72 NOK, expires 11/04/08	(57,500	)
Yum!
Brands, Inc., strike price $40.50, expires 11/07/08	(22,000	)
Total Call Options Written			(1,757,902	)
Put Options Written(0.0)%
IntercontinentalExchange,
Inc., strike price $70, expires 11/24/08	(70	)	(19,775	)
Target
Corp., strike price $40, expires 11/24/08	(75	)	(27,000	)
Total Put Options			(46,775	)
Total Options Written (Premium Received$8,453,687)(0.8)%			(1,804,677	)
Total Investments Net of Options
Written101.5%			231,270,501
Liabilities in Excess of Other
Assets(1.5)%			(3,435,931	)
Net Assets100.0%			$ 227,834,570

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	37

Schedule of Investments (concluded) BlackRock Global Opportunities Equity Trust (BOE)

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 4,719,964
Gross unrealized depreciation	(83,466,936	)
Net unrealized depreciation	$ (78,746,972	)

(a)	Non-income producing security.
(b)	Security, or a portion thereof, pledged as collateral for
outstanding options written.
(c)	Security, or a portion of security, is on loan.
(d)	Represents current yield as of report date.
(e)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940 were as follows:

Affiliate		Income
BlackRock Liquidity Series, LLC Money Market Series	1,130,500	$ 51,605

| (f) | Security purchased with the cash proceeds from securities
loans. |
| --- | --- |
| (g) | Rate shown is the yield to maturity as of the date of
purchase. |
| | Foreign currency exchange contracts as of October 31, 2008
were as follows: |

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation
USD	43,798	JPY	4,256,000	11/04/08	$ 588
USD	12,216	CHF	14,000	11/03/08	144
Total					$ 732

See Notes to Financial Statements. — 38	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments October 31, 2008
(Percentages shown are based on Net Assets)

Common Stocks		Value
Biotechnology22.4%
3SBio, Inc. (ADR) (a)	5,800	$ 36,192
Alexion Pharmaceuticals, Inc. (a)(b)	93,100	3,793,825
Amgen, Inc. (a)(b)	187,900	11,253,331
ARYx Therapeutics, Inc. (a)	20,300	49,329
Biogen Idec, Inc. (a)(b)	61,800	2,629,590
Celera Corp. (a)	118,700	1,342,497
Genentech, Inc. (a)(b)	104,160	8,639,031
Genzyme Corp. (a)	97,230	7,086,122
Halozyme Therapeutics, Inc. (a)	12,200	58,438
Incyte Corp. Ltd. (a)	33,700	139,855
Integra LifeSciences Holdings Corp. (a)(c)	104,120	3,908,665
Nanosphere, Inc. (a)	13,200	65,736
Vertex Pharmaceuticals, Inc. (a)	44,890	1,176,567
		40,179,178
Commercial
Services0.6%
McKesson Corp.	28,610	1,052,562
Healthcare
Products26.5%
Alcon, Inc. (b)	43,200	3,806,784
Alphatec Holdings, Inc. (a)	70,900	278,637
Baxter International, Inc. (b)	154,950	9,372,925
Beckman Coulter, Inc.	53,580	2,674,714
Becton Dickinson & Co. (b)	30,000	2,082,000
Covidien Ltd.	70,960	3,142,818
Cyberonics, Inc. (a)	99,100	1,262,534
DiaSorin S.p.A.	32,200	591,688
Immucor, Inc. (a)	87,200	2,315,160
Johnson & Johnson (b)	123,670	7,585,918
Medtronic, Inc. (b)	229,090	9,239,200
Qiagen N.V. (a)	207,100	2,953,246
SenoRx, Inc. (a)	34,900	92,136
St. Jude Medical, Inc. (a)	58,100	2,209,543
		47,607,303
Healthcare
Services5.1%
Aetna, Inc. (b)	83,800	2,084,106
DaVita, Inc. (a)(b)	53,980	3,063,365
Fresenius Medical Care AG & Co. KGaA	60,200	2,667,018
UnitedHealth Group, Inc.	57,700	1,369,221
		9,183,710
Pharmaceuticals22.6%
Abbott Laboratories (b)	63,640	3,509,746
AmerisourceBergen Corp. (b)	82,590	2,582,589
AstraZeneca Plc	27,400	1,161,170
Auxilium Pharmaceuticals, Inc. (a)(b)	120,400	2,365,860
BioForm Medical, Inc. (a)	12,800	26,240
BioMarin Pharmaceutical, Inc. (a)(b)	99,028	1,814,193
Express Scripts, Inc. (a)	26,880	1,629,197
Gilead Sciences, Inc. (a)(b)	169,660	7,778,911
Medco Health Solutions, Inc. (a)(b)	101,710	3,859,894
Medivation, Inc. (a)(c)	23,000	431,710
Novartis AG (ADR) (b)	88,690	4,522,303
Poniard Pharmaceuticals, Inc. (a)	66,500	208,810
Rigel Pharmaceuticals, Inc. (a)	59,730	520,248
Roche Holding AG	27,150	4,151,964
Teva Pharmaceutical Industries Ltd. (ADR) (b)	66,950	2,870,816
United Therapeutics Corp. (a)	21,760	1,898,125
Wyeth	39,432	1,268,922
		40,600,698
Technology0.3%
CVS Caremark Corp. (b)	18,000	551,700
Software0.2%
MedAssets, Inc. (a)	25,240	364,213
Total Long-Term Investments (Cost$145,194,981)77.7%		139,539,364

Short-Term Securities		Value
BlackRock
Liquidity Series, LLC Money Market Series, 1.57% (d)(e)(f)	2,226,500	$ 2,226,500
Fidelity
Institutional Money Market Prime Portfolio, 2.44% (d)	35,994,746	35,994,746
Total Short-Term Securities (Cost$38,221,246)21.3%		38,221,246

Options Purchased
Call
Options Purchased0.1%
Alexion
Pharmaceuticals, Inc., strike price $35, expires 11/22/08	100	69,000
Celgene
Corp., strike price $71, expires 11/14/08	190	8,238
Celgene
Corp., strike price $75, expires 01/19/09	42	7,560
Charles
River Laboratories International, Inc., strike price $60, expires 11/24/08	226	5,085
Stryker
Corp., strike price $72, expires 11/07/08	20,500
Total Options Purchased (Cost$117,335)0.1%		89,883
Total Investments Before Options Written (Cost$183,533,562*)99.1%		177,850,493

Options Written
Call
Options Written(0.4)%
Abbott
Laboratories, strike price $60, expires 11/24/08	(470	)	(25,850	)
Aetna,
Inc., strike price $50, expires 01/19/09	(100	)	(750	)
Alcon,
Inc., strike price $100, expires 11/24/08	(150	)	(105,255	)
Alcon,
Inc., strike price $165, expires 11/26/08	(5,000	)	(47	)
Alcon, Inc.,
strike price $170, expires 11/24/08	(50	)	(750	)
Alcon,
Inc., strike price $175, expires 11/24/08	(50	)	(750	)
AmerisourceBergen
Corp., strike price $45, expires 11/24/08	(100	)	(1,500	)
Amgen,
Inc., strike price $62.50, expires 11/05/08	(30,000	)	(10,503	)
Amgen,
Inc., strike price $70, expires 01/19/09	(200	)	(25,900	)
AstraZeneca
Plc, strike price 24.50 GBP, expires 12/02/08	(7,800	)	(23,886	)
Auxilium
Pharmaceuticals, Inc., strike price $40, expires 12/22/08	(200	)	(18,000	)
Auxilium
Pharmaceuticals, Inc., strike price $42.50, expires 11/14/08	(235	)
Baxter
International, Inc., strike price $65, expires 11/22/08	(300	)	(25,500	)
Baxter
International, Inc., strike price $68, expires 11/03/08	(200	)	(2	)
Baxter
International, Inc., strike price $70, expires 11/24/08	(300	)	(3,750	)
Beckman
Coulter, Inc., strike price $75, expires 11/24/08	(50	)	(750	)
Beckman
Coulter, Inc., strike price $80, expires 11/24/08	(50	)	(250	)
Becton
Dickinson & Co., strike price $90, expires 12/22/08	(200	)	(7,000	)
Becton
Dickinson & Co., strike price $95, expires 12/22/08	(100	)	(2,500	)
Biogen
Idec, Inc., strike price $40, expires 12/22/08	(155	)	(80,600	)
Biogen
Idec, Inc., strike price $45, expires 12/22/08	(155	)	(39,913	)
Biogen
Idec, Inc., strike price $50, expires 11/24/08	(125	)	(4,688	)
BioMarin
Pharmaceutical, Inc., strike price $41, expires 11/21/08	(25,000	)
Celera
Corp., strike price $15, expires 11/24/08	(180	)	(2,700	)
Celgene
Corp., strike price $71.50, expires 11/14/08	(190	)	(7,089	)
Celgene
Corp., strike price $80, expires 01/19/09	(42	)	(3,570	)
Charles
River Laboratories International, Inc., strike price $65, expires 11/24/08	(200	)	(4,000	)
Charles
River Laboratories International, Inc., strike price $70, expires 11/24/08	(26	)	(520	)
Covidien
Ltd., strike price $55, expires 11/24/08	(150	)	(1,500	)

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	39

Schedule of Investments (concluded)
(Percentages shown are based on Net Assets)

Options Written			Value
Call
Options Written(continued)
DaVita,
Inc., strike price $60, expires 01/19/09	(70	)	$ (18,025	)
Express
Scripts, Inc., strike price $75, expires 12/22/08	(14	)	(1,540	)
Express
Scripts, Inc., strike price $80, expires 11/24/08	(50	)	(500	)
Fresenius
Medical Care AG & Co. KGaA, strike price 35.50 EUR, expires 11/04/08	(10,000	)	(8,032	)
Genentech,
Inc., strike price $90, expires 11/24/08	(220	)	(23,100	)
Genentech,
Inc., strike price $95, expires 12/22/08	(200	)	(31,500	)
Genzyme
Corp., strike price $85, expires 11/24/08	(200	)	(4,000	)
Gilead
Sciences, Inc., strike price $55, expires 01/19/09	(350	)	(37,625	)
Gilead
Sciences, Inc., strike price $57.50, expires 11/24/08	(150	)	(1,500	)
Gilead
Sciences, Inc., strike price $60, expires 11/24/08	(100	)	(1,500	)
Immucor,
Inc., strike price $30, expires 11/24/08	(50	)	(1,500	)
Immucor,
Inc., strike price $35, expires 12/22/08	(50	)	(1,250	)
Incyte
Corp. Ltd., strike price $12.50, expires 12/22/08	(50	)	(1,500	)
Integra
LifeSciences Holdings Corp., strike price $50, expires 01/19/09	(10	)	(725	)
Integra
LifeSciences Holdings Corp., strike price $50, expires 11/21/08	(10,000	)	(53	)
Integra
LifeSciences Holdings Corp., strike price $50, expires 11/24/08	(22	)	(440	)
Integra
LifeSciences Holdings Corp., strike price $50, expires 12/22/08	(135	)	(3,713	)
Johnson
& Johnson, strike price $70, expires 01/19/09	(100	)	(11,250	)
Johnson
& Johnson, strike price $70, expires 11/03/08	(150	)
Johnson
& Johnson, strike price $75, expires 01/19/09	(70	)	(2,800	)
McKesson
Corp., strike price $60, expires 11/24/08	(60	)	(600	)
Medco
Health Solutions, Inc., strike price $53, expires 11/07/08	(210	)
Medtronic,
Inc., strike price $52.50, expires 11/14/08	(200	)	(180	)
Medtronic,
Inc., strike price $55, expires 01/19/09	(50	)	(1,125	)
Medtronic,
Inc., strike price $55, expires 11/24/08	(138	)	(690	)
Medtronic,
Inc., strike price $57.50, expires 11/24/08	(200	)	(1,000	)
Novartis AG
(ADR), strike price $53, expires 11/03/08	(150	)	(2,447	)
Novartis AG
(ADR), strike price $60, expires 01/19/09	(100	)	(8,750	)
Poniard
Pharmaceuticals, Inc., strike price $5, expires 12/22/08	(100	)	(3,250	)
Qiagen
N.V., strike price $20, expires 01/19/09	(100	)	(2,500	)
Qiagen
N.V., strike price $22.50, expires 11/24/08	(400	)	(4,000	)
Rigel
Pharmaceuticals, Inc., strike price $25, expires 12/22/08	(75	)	(3,750	)
Rigel
Pharmaceuticals, Inc., strike price $30, expires 12/22/08	(25	)	(625	)
Roche
Holding AG, strike price 190 CHF, expires 11/07/08	(15,000	)	(17,917	)
St. Jude
Medical, Inc., strike price $45, expires 01/19/09	(130	)	(12,025	)
Stryker
Corp., strike price $72, expires 11/07/08	(205	)
Teva
Pharmaceutical Industries Ltd. (ADR), strike price $45, expires 12/22/08	(200	)	(26,000	)
Teva
Pharmaceutical Industries Ltd. (ADR), strike price $47.50, expires 12/22/08	(100	)	(4,750	)
United
Therapeutics Corp., strike price $115, expires 11/24/08	(100	)	(36,500	)
UnitedHealth
Group, Inc., strike price $27.50, expires 12/22/08	(80	)	(8,600	)
Vertex
Pharmaceuticals, Inc., strike price $40, expires 01/19/09	(50	)	(1,500	)
Total Call Options			(684,285	)
Put Options
Written(1.9)%
Abbott
Laboratories, strike price $55, expires 11/24/08	(320	)	(68,000	)
Aetna,
Inc., strike price $30, expires 11/24/08	(100	)	(55,500	)
Aetna,
Inc., strike price $38.50, expires 11/10/08	(21,300	)	(290,319	)
Amgen,
Inc., strike price $55, expires 11/24/08	(265	)	(31,403	)
Amgen,
Inc., strike price $61, expires 11/10/08	(242	)	(59,842	)
Baxter
International, Inc., strike price $57.50, expires 11/24/08	(300	)	(47,250	)

Options Written			Value
Put Options
Written(concluded)
Becton
Dickinson & Co., strike price $68, expires 12/01/08	(90,000	)	$ (257,660	)
Becton
Dickinson & Co., strike price $75, expires 11/24/08	(250	)	(166,250	)
Becton
Dickinson & Co., strike price $82.75, expires 11/05/08	(280	)	(373,800	)
Celera
Corp., strike price $12.50, expires 11/24/08	(278	)	(52,125	)
Celera
Corp., strike price $15, expires 11/10/08	(14,000	)	(52,007	)
CVS
Caremark Corp., strike price $35, expires 11/24/08	(50	)	(23,000	)
CVS
Caremark Corp., strike price $36, expires 11/05/08	(350	)	(187,250	)
CVS
Caremark Corp., strike price $36.50, expires 11/03/08	(955	)	(558,675	)
Genentech,
Inc., strike price $80, expires 11/24/08	(220	)	(63,250	)
Halozyme
Therapeutics, Inc., strike price $7, expires 11/03/08	(330	)	(72,930	)
Immucor,
Inc., strike price $22.50, expires 11/24/08	(185	)	(8,787	)
Johnson
& Johnson, strike price $65, expires 11/24/08	(95	)	(45,125	)
Johnson
& Johnson, strike price $70, expires 11/24/08	(100	)	(90,000	)
Medco
Health Solutions, Inc., strike price $45, expires 11/24/08	(50	)	(37,000	)
Medtronic,
Inc., strike price $45, expires 11/24/08	(48	)	(25,200	)
Medtronic,
Inc., strike price $50, expires 11/24/08	(50	)	(48,500	)
Merck &
Co., Inc., strike price $31.50, expires 11/10/08	(1,321	)	(195,032	)
Novartis AG
(ADR), strike price $50, expires 11/24/08	(50	)	(10,500	)
Pfizer,
Inc., strike price $18.75, expires 11/03/08	(1,745	)	(189,647	)
Roche
Holding AG, strike price 184 CHF, expires 11/03/08	(21,100	)	(138,173	)
United
Therapeutics Corp., strike price $85, expires 11/24/08	(20	)	(22,800	)
UnitedHealth
Group, Inc., strike price $20, expires 11/24/08	(185	)	(11,562	)
UnitedHealth
Group, Inc., strike price $21, expires 11/24/08	(185	)	(15,263	)
Vertex Pharmaceuticals,
Inc., strike price $25, expires 11/24/08	(40	)	(6,800	)
Vertex
Pharmaceuticals, Inc., strike price $29, expires 11/10/08	(263	)	(79,775	)
Total Put Options Written			(3,283,425	)
Total Options Written (Premium Received$5,552,545)(2.3)%			(3,967,710	)
Total Investments Net of Options
Written96.8%			173,882,783
Other Assets in Excess of
Liabilities3.2%			5,759,015
Net Assets100.0%			$ 179,641,798

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 8,515,841
Gross unrealized depreciation	(15,692,988	)
Net unrealized depreciation	$ (7,177,147	)

(a)	Non-income producing security.
(b)	Security, or a portion thereof, pledged as collateral for
outstanding options written.
(c)	Security, or a portion of security, is on loan.
(d)	Represents current yield as of report date.
(e)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940 were as follows:

| Affiliate — BlackRock
Liquidity Series, LLC Money Market Series | (949,100 | ) | Income — $ 64,833 |
| --- | --- | --- | --- |

(f) Security purchased with the cash proceeds from securities loans.

See Notes to Financial Statements. — 40	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments October 31, 2008
(Percentages shown are based on Net Assets)

Common Stocks		Value
Australia2.6%
BHP Billiton Ltd. (ADR) (a)	216,300	$ 8,409,744
OZ Minerals Ltd.	4,238,520	2,662,701
Santos Ltd.	656,000	5,939,327
Sims Group Ltd.	442,150	4,240,067
Woodside Petroleum Ltd.	280,000	7,911,424
		29,163,263
Belgium1.2%
Belgacom S.A.	304,100	10,404,662
Compagnie Maritime Belge S.A.	141,500	2,744,716
		13,149,378
Brazil2.6%
Aracruz Celulose S.A. (ADR)	207,700	2,762,410
BM&FBOVESPA S.A.	377,444	1,001,755
Cia Energetica de Minas Gerais (ADR) (a)	744,431	11,322,796
Petroleo Brasileiro S.A. (ADR) (a)	356,900	9,597,041
Unibanco - Uniao de Bancos Brasileiros S.A. (GDR)	71,900	4,535,452
		29,219,454
Canada8.7%
Barrick Gold Corp. (a)	509,300	11,571,296
Bombardier, Inc., Class B	1,400,000	5,401,145
Canadian National Railway Co.	186,000	8,046,360
Canadian Natural Resources Ltd.	196,200	9,900,344
EnCana Corp. (a)	155,300	7,906,323
Goldcorp, Inc.	307,700	5,754,217
Husky Energy, Inc. (a)	277,276	8,327,712
Kinross Gold Corp.	1,102,300	11,477,528
Potash Corp. of Saskatchewan	17,400	1,483,524
Shoppers Drug Mart Corp.	170,000	6,544,429
Suncor Energy, Inc.	234,000	5,597,280
Teck Cominco Ltd., Class B	34,765	341,045
TELUS Corp.	237,600	8,391,796
Toronto-Dominion Bank	110,000	5,194,723
		95,937,722
Chile1.0%
Banco Santander-Chile (ADR) (a)	291,200	10,424,960
China1.1%
China Construction Bank Corp., Class H	11,927,500	5,916,985
Industrial & Commercial Bank of China	13,925,700	6,552,329
		12,469,314
Denmark0.3%
TrygVesta AS	56,100	3,373,243
Finland0.4%
Wartsila Oyj, B Shares	159,100	4,031,007
France6.0%
Alstom S.A.	126,600	6,274,766
AXA S.A.	340,100	6,497,289
BNP Paribas	105,500	7,617,243
Cap Gemini S.A.	203,500	6,556,720
Casino Guichard Perrachon S.A.	78,800	5,508,353
France Telecom S.A.	291,900	7,360,432
Societe Generale	75,600	4,120,582
Total S.A.	192,000	10,562,588
Unibail-Rodamco (REIT)	7,200	1,079,891
Vivendi	416,100	10,876,490
		66,454,354
Germany7.0%
Adidas AG	268,900	9,340,605
BASF AG	249,000	8,220,402
DaimlerChrysler AG	130,200	4,413,784
Deutsche Post AG (a)	561,300	6,154,445
E.ON AG	223,206	8,364,614
Hannover Rueckversicherung AG	90,894	2,250,145

Common Stocks		Value
Germany(concluded)
Linde AG	179,800	$ 14,877,032
MAN AG	99,200	4,850,256
RWE AG	137,800	11,296,985
SAP AG	136,200	4,768,527
ThyssenKrupp AG	171,000	3,238,840
		77,775,635
Greece0.6%
OPAP S.A.	320,000	6,987,098
Hong
Kong3.5%
China Mobile Ltd.	691,700	6,089,254
Esprit Holdings Ltd.	938,700	5,333,785
Kerry Properties Ltd.	1,641,300	4,123,019
New World Development Co. Ltd.	4,073,000	3,390,504
Sun Hung Kai Properties Ltd.	619,200	5,424,875
Yue Yuen Industrial Holdings Ltd.	7,244,500	14,490,028
		38,851,465
Indonesia0.3%
Telekomunikasi Indonesia Tbk PT (ADR)	155,800	3,122,232
Israel1.2%
Cellcom Israel Ltd.	431,400	12,709,044
Italy2.0%
Assicurazioni Generali S.p.A.	126,800	3,202,190
Enel S.p.A.	2,265,690	15,158,055
Intesa Sanpaolo S.p.A.	1,388,600	4,121,548
		22,481,793
Japan11.5%
Bank of Yokohama Ltd. (The)	1,770,500	8,587,778
Canon, Inc.	179,600	6,284,499
Daito Trust Construction Co. Ltd.	209,500	8,837,757
Fanuc Ltd.	182,000	12,126,416
Honda Motor Co. Ltd.	529,400	13,163,740
ITOCHU Corp.	1,144,300	6,047,341
Japan Real Estate Investment Corp. (REIT)	380	3,364,938
Japan Tobacco, Inc.	2,380	8,443,466
Komatsu Ltd.	756,900	8,321,107
Konica Minolta Holdings, Inc.	989,000	6,495,066
Mizuho Financial Group, Inc.	1,320	3,223,178
Nintendo Co. Ltd.	60,100	19,310,628
Shizuoka Bank Ltd. (The)	584,300	5,160,393
Sumitomo Corp.	1,154,600	10,158,219
Toyo Suisan Kaisha Ltd.	314,500	8,108,941
		127,633,467
Luxembourg2.3%
ArcelorMittal	190,000	4,932,700
Oriflame Cosmetics S.A.	108,186	3,379,892
Reinet Investments SCA (b)	32,222	331,834
SES S.A.	724,490	13,033,277
Tenaris S.A. (ADR)	195,000	4,015,050
		25,692,753
Malaysia1.6%
IOI Corp. Bhd	144,725	114,722
Sime Darby Bhd	3,737,000	6,600,105
Telekom Malaysia Bhd	5,111,200	4,835,068
TM International Bhd (b)	5,111,200	6,541,291
		18,091,186
Netherlands1.7%
Corio N.V. (REIT)	20,400	1,090,172
Heineken N.V.	440,700	14,866,239
Koninklijke Ahold N.V. (a)	252,600	2,711,756
		18,668,167

| See Notes to Financial Statements. — ANNUAL
REPORT | OCTOBER 31, 2008 | 41 |
| --- | --- | --- |

| Schedule of Investments
(continued) |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks		Value
Norway2.1%
Fred Olsen Energy ASA	289,116	$ 9,558,382
Orkla ASA	156,000	1,038,526
StatoilHydro ASA	390,000	7,844,312
Yara International ASA	238,500	4,982,792
		23,424,012
Philippines0.6%
Philippine Long Distance Telephone Co. (ADR) (a)	149,600	6,118,640
Russia1.3%
Gazprom OAO (ADR)	257,900	5,135,583
NovaTek OAO (GDR)	143,700	5,682,741
Tatneft (GDR)	82,400	3,609,320
		14,427,644
Singapore4.3%
CapitaLand Ltd.	2,819,000	5,649,746
Singapore Airlines Ltd.	1,014,000	7,768,774
Singapore Technologies Engineering Ltd.	4,781,000	7,548,499
Singapore Telecommunications Ltd.	10,041,100	16,898,339
United Overseas Bank Ltd.	1,028,800	9,301,129
		47,166,487
South
Africa0.8%
Sasol Ltd. (ADR)	320,100	9,260,493
South
Korea0.6%
Samsung Electronics Co. Ltd.	14,900	6,281,895
Spain1.1%
Banco Bilbao Vizcaya Argentaria S.A.	460,700	5,347,034
Banco Popular Espanol S.A.	241,000	2,193,258
Banco Santander S.A.	450,000	4,866,825
		12,407,117
Sweden0.9%
Nordea Bank AB	518,700	4,157,451
SSAB Svenskt Stal AB, Series A	151,800	1,534,857
TeliaSonera AB	970,000	4,267,678
		9,959,986
Switzerland7.5%
ACE Ltd.	50,750	2,911,020
Compagnie Financiere Richemont S.A.	235,391	4,948,549
Credit Suisse Group AG	53,200	1,989,354
Nestle S.A.	392,000	15,243,701
Novartis AG	723,200	36,708,196
Swiss Life Holding AG (b)	17,900	1,612,900
Syngenta AG	65,000	12,150,663
UBS AG (b)	263,900	4,477,664
Zurich Financial Services AG	14,800	3,002,589
		83,044,636
Taiwan3.5%
Nan Ya Plastics Corp.	8,936,000	12,384,247
Taiwan Mobile Co. Ltd.	9,200,333	12,720,407
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)	1,298,513	10,725,717
Via Technologies, Inc. (b)	13,673,000	3,310,064
		39,140,435
Turkey0.5%
Turkcell Iletisim Hizmet AS (ADR) (a)	407,400	4,998,798
United
Kingdom17.5%
Arriva Plc (a)	736,500	7,125,215
AstraZeneca Plc	143,500	6,081,308
Aviva Plc	386,500	2,305,474
Barclays Plc	262,300	751,904
BP Plc	2,469,700	20,131,698
BP Plc (ADR)	92,000	4,572,400
British American Tobacco Plc	481,705	13,212,808
De La Rue Plc	958,773	13,831,068
Firstgroup Plc	1,075,200	7,095,353

Common Stocks		Value
United
Kingdom(concluded)
HSBC Holdings Plc	684,900	$ 8,112,096
Imperial Tobacco Group Plc	251,300	6,735,216
Intercontinental Hotels Group Plc	466,550	3,960,873
International Power Plc (a)	2,033,400	7,274,485
Meggitt Plc	1,696,800	3,717,204
National Express Group Plc (a)	618,200	5,694,816
Northumbrian Water Group Plc (a)	1,806,100	9,076,373
Prudential Plc	356,500	1,790,818
Rio Tinto Plc (ADR)	35,700	6,635,559
Royal Dutch Shell Plc, Class B	748,600	20,295,849
Smiths Group Plc	590,700	7,605,637
Standard Chartered Plc	254,900	4,212,736
Standard Life Plc	966,300	3,740,575
Unilever Plc	525,000	11,794,551
United Business Media Ltd.	801,100	5,212,932
Vodafone Group Plc	3,441,600	6,620,653
Willis Group Holdings Ltd. (a)	219,400	5,757,057
		193,344,658
Total Long-Term Investments (Cost$1,935,718,848)96.3%		1,065,810,336

| Short-Term Securities — Fidelity Institutional Money Market Prime Portfolio, 2.44%
(c) | 54,770,810 |
| --- | --- |
| Total Short-Term Securities (Cost$54,770,810)4.9% | 54,770,810 |
| Total Investments Before Options Written (Cost$1,990,489,658*)101.2% | 1,120,581,146 |

Options Written
Call
Options Written(1.6)%
ACE Ltd., strike price $50, expires 11/24/08	(144	)	(136,800	)
ACE Ltd., strike price $60, expires 12/22/08	(135	)	(53,325	)
Adidas AG, strike price 33.73 EUR, expires 12/09/08	(52,000	)	(58,711	)
Adidas AG, strike price 38 EUR, expires 11/21/08	(52,000	)	(5,736	)
Alstom S.A., strike price 82 EUR, expires 11/06/08	(70,000	)	(1	)
Aracruz Celulose S.A. (ADR), strike price $20, expires
12/22/08	(400	)	(48,000	)
ArcelorMittal, strike price 55.14 EUR, expires 11/04/08	(52,000	)	(1	)
Arriva Plc, strike price 6.47 GBP, expires 12/09/08	(245,000	)	(74,548	)
Assicurazioni Generali S.p.A., strike price 23.70 EUR,
expires 11/04/08	(64,000	)	(17	)
AstraZeneca Plc, strike price 24.50 GBP, expires 12/02/08	(79,000	)	(241,927	)
AXA S.A., strike price 21.99 EUR, expires 11/04/08	(102,000	)	(26	)
AXA S.A., strike price 23 EUR, expires 11/03/08	(50,000	)	(1	)
Banco Bilbao Vizcaya Argentaria S.A., strike price 10.34
EUR, expires 12/09/08	(230,500	)	(113,355	)
Banco Santander S.A., strike price 9.32 EUR, expires
12/12/08	(100,000	)	(54,806	)
Bank of Yokohama Ltd. (The), strike price 668.63 JPY,
expires 11/05/08	(1,103,500	)	(128	)
Barclays Plc, strike price 2.73 GBP, expires 12/09/08	(145,000	)	(7,508	)
Barrick Gold Corp., strike price $32.50, expires 12/22/08	(1,400	)	(77,000	)
BASF AG, strike price 24.50 EUR, expires 12/09/08	(35,000	)	(141,121	)
BASF AG, strike price 26.25 EUR, expires 12/09/08	(50,000	)	(144,489	)
Belgacom S.A., strike price 27.24 EUR, expires 12/02/08	(60,000	)	(74,078	)
Belgacom S.A., strike price 30 EUR, expires 11/21/08	(160	)	(2,514	)
BHP Billiton Ltd. (ADR), strike price $47.18, expires
12/15/08	(50,000	)	(64,655	)

See Notes to Financial Statements. — 42	ANNUAL REPORT	OCTOBER 31, 2008

| Schedule of Investments
(continued) |
| --- |
| (Percentages shown are based on Net Assets) |

Options Written			Value
Call
Options Written(continued)
BHP Billiton Ltd. (ADR), strike price $75, expires
11/24/08	(250	)	$ (1,250	)
BNP Paribas, strike price 70 EUR, expires 12/02/08	(37,200	)	(65,522	)
Bombardier, Inc., Class B, strike price 6 CAD, expires
12/22/08	(2,500	)	(37,335	)
BP Plc, strike price 5.38 GBP, expires 11/03/08	(1,479,700	)	(106,982	)
British American Tobacco Plc, strike price 16.67 GBP,
expires 11/24/08	(285,200	)	(596,534	)
British American Tobacco Plc, strike price 18.20 GBP,
expires 12/02/08	(52,600	)	(64,086	)
Canon, Inc., strike price 3,053.95 JPY, expires 01/06/09	(60,000	)	(405,104	)
Cap Gemini S.A., strike price 26.72 EUR, expires 12/09/08	(50,000	)	(111,563	)
CapitaLand Ltd., strike price 2.96 SGD, expires 01/06/09	(515,000	)	(114,547	)
CapitaLand Ltd., strike price 4.68 SGD, expires 11/12/08	(423,000	)	(3	)
Casino Guichard Perrachon S.A., strike price 57.31 EUR,
expires 12/09/08	(20,000	)	(72,015	)
Cellcom Israel Ltd., strike price $30.33, expires 12/19/08	(140,000	)	(123,046	)
China Construction Bank Corp., Class H, strike price 3.88
HKD, expires 01/06/09	(4,000,000	)	(298,874	)
China Mobile Ltd., strike price 97.76 HKD, expires
11/12/08	(380,000	)	(41	)
China Mobile Ltd., strike price 98.16 HKD, expires
11/05/08	(311,000	)
Cia Energetica de Minas Gera (ADR), strike price $17.57,
expires 12/19/08	(200,000	)	(160,300	)
DaimlerChrysler AG, strike price 29.58 EUR, expires
12/09/08	(30,000	)	(82,416	)
Daito Trust Construction Co. Ltd., strike price 4,588.13
JPY, expires 11/05/08	(100,000	)	(26,422	)
Daito Trust Construction Co. Ltd., strike price 4,694.96
JPY, expires 11/05/08	(109,500	)	(16,334	)
De La Rue Plc, strike price 8.90 GBP, expires 12/02/08	(200,000	)	(130,513	)
De La Rue Plc, strike price 8.90 GBP, expires 12/09/08	(200,000	)	(144,285	)
De La Rue Plc, strike price 9.31 GBP, expires 01/07/09	(125,000	)	(82,093	)
Deutsche Post AG, strike price 11.24 EUR, expires 12/09/08	(150,000	)	(27,838	)
E.ON AG, strike price 35.63 EUR, expires 12/09/08	(50,000	)	(14,134	)
EnCana Corp., strike price $50, expires 12/22/08	(425	)	(261,375	)
Enel S.p.A., strike price 5.40 EUR, expires 11/24/08	(2,265,690	)	(655,915	)
Esprit Holdings Ltd., strike price 42.98 HKD, expires
01/06/09	(188,000	)	(164,673	)
Esprit Holdings Ltd., strike price 84 HKD, expires
11/12/08	(328,000	)
Fanuc Ltd., strike price 6,839.94 JPY, expires 01/06/09	(60,000	)	(527,836	)
Firstgroup Plc, strike price 4.74 GBP, expires 12/09/08	(450,000	)	(101,618	)
France Telecom S.A., strike price 22 EUR, expires 12/09/08	(100,000	)	(99,204	)
Fred Olsen Energy ASA, strike price 216.12 NOK, expires
12/02/08	(95,400	)	(284,784	)
Fred Olsen Energy ASA, strike price 216.12 NOK, expires
12/09/08	(95,400	)	(304,353	)
Gazprom OAO (ADR), strike price $16.56, expires 12/09/08	(50,000	)	(256,804	)
Heineken N.V., strike price 26.63 EUR, expires 12/02/08	(100,000	)	(205,782	)
Honda Motor Co. Ltd., strike price 2,609.90 JPY, expires
01/06/09	(175,000	)	(514,092	)
HSBC Holdings Plc, strike price 8.72 GBP, expires 12/09/08	(155,000	)	(40,984	)
HSBC Holdings Plc, strike price 8.85 GBP, expires 12/02/08	(225,000	)	(38,415	)
Husky Energy, Inc., strike price 49 CAD, expires 11/20/08	(2,770	)	(18,385	)
Imperial Tobacco Group Plc, strike price 16.66 GBP,
expires 12/09/08	(70,000	)	(142,020	)

Options Written			Value
Call
Options Written(continued)
Imperial Tobacco Group Plc, strike price 16.68 GBP,
expires 12/02/08	(68,000	)	$ (124,438	)
Industrial & Commercial Bank of China, strike price
3.91 HKD, expires 01/06/09	(3,500,000	)	(181,028	)
Intercontinental Hotels Group Plc, strike price 7.78 GBP,
expires 11/04/08	(100,000	)	(2	)
International Power Plc, strike price 2.09 GBP, expires
12/09/08	(500,000	)	(166,727	)
Intesa Sanpaolo S.p.A., strike price 3.34 EUR, expires
11/03/08	(1,388,600	)	(18	)
IOI Corp. Bhd, strike price $5.15, expires 11/12/08	(1,600,000	)	(16	)
ITOCHU Corp., strike price 492.69 JPY, expires 01/06/09	(380,000	)	(348,327	)
Japan Real Estate Investment Corp. (REIT), strike price
844,868.75 JPY, expires 01/06/09	(200	)	(251,872	)
Japan Tobacco, Inc., strike price 490,000 JPY, expires
11/12/08	(1,700	)	(93	)
Kerry Properties Ltd., strike price 19.43 HKD, expires
01/06/09	(403,000	)	(159,591	)
Kerry Properties Ltd., strike price 36.69 HKD, expires
11/12/08	(500,000	)	(1	)
Kinross Gold Corp., strike price 18 CAD, expires 01/19/09	(2,500	)	(150,377	)
Komatsu Ltd., strike price 2,565.77 JPY, expires 11/05/08	(756,900	)
Konica Minolta Holdings, Inc., strike price 1,572.64 JPY,
expires 11/12/08	(450,000	)
Konica Minolta Holdings, Inc., strike price 702.33 JPY,
expires 01/06/09	(100,000	)	(88,396	)
Linde AG, strike price 69.94 EUR, expires 12/09/08	(26,000	)	(183,104	)
MAN AG, strike price 47.50 EUR, expires 12/02/08	(49,600	)	(91,389	)
Meggitt Plc, strike price 1.45 GBP, expires 11/24/08	(848,400	)	(72,744	)
Mizuho Financial Group, Inc., strike price 233,211.44 JPY,
expires 01/06/09	(570	)	(236,928	)
Mizuho Financial Group, Inc., strike price 487,664.24 JPY,
expires 11/12/08	(300	)
Nan Ya Plastics Corp., strike price $52.10, expires
11/12/08	(2,500,000	)	(25	)
National Express Group Plc, strike price 7.18 GBP, expires
12/09/08	(125,000	)	(6,992	)
Nestle S.A., strike price 45.05 CHF, expires 12/02/08	(65,000	)	(132,469	)
New World Development Co. Ltd., strike price 7.00 HKD,
expires 01/06/09	(1,400,000	)	(110,557	)
Nintendo Co. Ltd., strike price 55,955.03 JPY, expires
11/05/08	(26,000	)
Nordea Bank AB, strike price 79.09 SEK, expires 12/02/08	(263,000	)	(11,122	)
Nordea Bank AB, strike price 85 SEK, expires 11/21/08	(1,000	)	(2,363	)
Northumbrian Water Group Plc, strike price 2.96 GBP,
expires 01/07/09	(250,000	)	(109,630	)
Northumbrian Water Group Plc, strike price 3.01 GBP,
expires 12/02/08	(250,000	)	(73,663	)
Northumbrian Water Group Plc, strike price 3.01 GBP,
expires 12/09/08	(250,000	)	(78,299	)
Novartis AG, strike price 60 CHF, expires 12/09/08	(245,000	)	(598,251	)
Novartis AG, strike price 62 CHF, expires 12/12/08	(101,000	)	(187,199	)
Novartis AG, strike price 64 CHF, expires 11/21/08	(500	)	(35,184	)
Orkla ASA, strike price 47.28 NOK, expires 12/02/08	(39,000	)	(14,422	)
OZ Minerals Ltd., strike price 1.87 AUD, expires 11/12/08	(1,000,000	)	(7	)
Petroleo Brasileiro S.A. (ADR), strike price $40, expires
12/22/08	(1,000	)	(47,500	)
Philippine Long Distance Telephone Co. (ADR), strike price
$50, expires 12/22/08	(825	)	(43,312	)
Potash Corp. of Saskatchewan, strike price $90, expires
12/22/08	(35	)	(32,025	)
Prudential Plc, strike price 3.89 GBP, expires 12/12/08	(75,000	)	(16,598	)
Rio Tinto Plc (ADR), strike price $195, expires 12/22/08	(72	)	(174,240	)
Royal Dutch Shell Plc, Class B, strike price 16.02 GBP,
expires 12/09/08	(300,000	)	(896,017	)

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	43

| Schedule of Investments
(concluded) |
| --- |
| (Percentages shown are based on Net Assets) |

Options Written			Value
Call
Options Written(continued)
RWE AG, strike price 69.27 EUR, expires 12/09/08	(50,000	)	$ (370,030	)
Samsung Elctronics Co. Ltd., strike price 558,620 KRW,
expires 11/12/08	(8,000	)	(89,750	)
Samsung Elctronics Co. Ltd., strike price 567,525 KRW,
expires 01/06/09	(3,000	)	(102,557	)
Santos Ltd., strike price 13.54 AUD, expires 12/03/08	(165,000	)	(144,082	)
SAP AG, strike price 29.61 EUR, expires 12/09/08	(76,500	)	(173,346	)
SAP AG, strike price 41 EUR, expires 11/21/08	(194	)	(865	)
Sasol Ltd. (ADR), strike price $35, expires 12/22/08	(1,000	)	(125,000	)
SES S.A., strike price 14.88 EUR, expires 12/09/08	(250,000	)	(190,265	)
Shizuoka Bank Ltd. (The), strike price 895.02 JPY, expires
01/06/09	(350,000	)	(349,344	)
Sims Group Ltd., strike price 34 AUD, expires 11/05/08	(197,000	)	(1	)
Singapore Airlines Ltd., strike price 11.42 SGD, expires
01/06/09	(258,000	)	(137,737	)
Singapore Airlines Ltd., strike price 15.49 SGD, expires
11/12/08	(300,000	)	(2	)
Singapore Technologies Engineering Ltd., strike price 2.24
SGD, expires 01/06/09	(1,300,000	)	(211,281	)
Singapore Technologies Engineering Ltd., strike price 2.82
SGD, expires 11/12/08	(1,300,000	)	(1,452	)
Singapore Telecommunications Ltd., strike price 2.60 SGD,
expires 01/06/09	(3,300,000	)	(423,746	)
Smiths Group Plc, strike price 8.05 GBP, expires 12/02/08	(162,500	)	(130,436	)
Societe Generale, strike price 57.50 EUR, expires 12/02/08	(37,800	)	(40,300	)
SSAB Svenskt Stal AB, Series A, strike price 160.08 SEK,
expires 11/04/08	(151,800	)
Standard Chartered Plc, strike price 11.17 GBP, expires
12/12/08	(45,000	)	(65,057	)
Standard Life Plc, strike price 2.35 GBP, expires 12/02/08	(525,000	)	(202,077	)
StatoilHydro ASA, strike price 143.54 NOK, expires
12/12/08	(100,000	)	(152,584	)
Sumitomo Corp., strike price 763.76 JPY, expires 01/06/09	(380,000	)	(677,292	)
Sun Hung Kai Properties Ltd., strike price 112.71 HKD,
expires 11/12/08	(100,000	)
Sun Kung Kai Properties Ltd., strike price 74.50 HKD,
expires 01/06/09	(200,000	)	(146,086	)
Suncor Energy, Inc., strike price $35, expires 12/22/08	(650	)	(27,625	)
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike
price $8.75, expires 12/22/08	(250,000	)	(106,975	)
TELUS Corp., strike price 44 CAD, expires 12/22/08	(650	)	(119,991	)
ThyssenKrupp AG, strike price 36.11 EUR, expires 11/04/08	(171,000	)	(2	)
Toronto-Dominion Bank, strike price 62 CAD, expires
12/22/08	(275	)	(42,209	)
Toronto-Dominion Bank, strike price 64 CAD, expires
12/22/08	(330	)	(31,486	)
Total S.A., strike price 45 EUR, expires 12/19/08	(500	)	(211,918	)
Toyo Suisan Kaisha Ltd., strike price 2,849.73 JPY,
expires 01/06/09	(173,000	)	(267,180	)
TrygVesta AS, strike price 355 DKK, expires 12/09/08	(36,000	)	(120,055	)
Turkcell Iletisim Hizmet AS (ADR), strike price $18,
expires 12/22/08	(224,000	)	(41,082	)
Unibanco - Uniao de Bancos Brasileiros S.A. (GDR), strike
price $90, expires 12/22/08	(200	)	(42,000	)
Unilever Plc, strike price 15.40 GBP, expires 12/09/08	(288,000	)	(229,808	)
United Overseas Bank Ltd., strike price 14.33 SGD, expires
01/06/09	(103,000	)	(52,002	)
United Overseas Bank Ltd., strike price 19.42 SGD, expires
11/12/08	(465,000	)	(3	)

Options Written			Value
Call
Options Written(concluded)
Vivendi, strike price 22.35 EUR, expires 12/09/08	(100,000	)	$ (134,963	)
Vodafone Group Plc, strike price 1.47 GBP, expires
11/04/08	(1,000,000	)	(16	)
Wartsila Oyj, B Shares, strike price 22.81 EUR, expires
12/09/08	(40,000	)	(63,002	)
Willis Group Holdings Ltd., strike price $30, expires
12/22/08	(600	)	(48,000	)
Yara International ASA, strike price 328.05 NOK, expires
11/13/08	(57,500	)
Yue Yuen Industrial Holdings Ltd., strike price 16.77 HKD,
expires 01/06/09	(2,500,000	)	(271,513	)
Zurich Financial Services AG, strike price 233.88 CHF,
expires 12/09/08	(9,600	)	(189,203	)
Total Options Written (Premium Received$19,940,508)(1.6)%			(17,953,473	)
Total Investments Net of Options
Written99.6%			1,102,627,673
Other Assets in Excess of
Liabilities0.4%			3,888,341
Net Assets100.0%			$ 1,106,516,014

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$
Gross unrealized depreciation	(871,936,975	)
Net unrealized depreciation	$ (871,936,975	)

| (a) | Security, or a portion thereof, pledged as collateral for
outstanding options written. |
| --- | --- |
| (b) | Non-income producing security. |
| (c) | Represents current yield as of report date. |
| | Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940 were as follows: |

	Affiliate — BlackRock Liquidity Series, LLC Money Market Series
	Foreign currency exchange contracts as of October 31, 2008
were as follows:

| Currency
Purchased — USD | 2,009,859 | Currency
Sold — JPY | 195,305,000 | Settlement Date — 11/04/08 | Unrealized Appreciation (Depreciation) — $ 26,985 | |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 9,088 | NOK | 61,000 | 11/03/08 | 34 | |
| USD | 501,089 | SGD | 748,000 | 11/03/08 | (3,337 | ) |
| USD | 412,740 | CHF | 473,000 | 11/03/08 | 4,859 | |
| USD | 38,553 | EUR | 30,000 | 11/03/08 | 321 | |
| USD | 16,275 | GBP | 10,000 | 11/04/08 | 185 | |
| USD | 99,497 | NOK | 663,000 | 11/03/08 | 1,084 | |
| USD | 46,635 | GBP | 29,000 | 11/04/08 | (25 | ) |
| Total | | | | | $ 30,106 | |

Swap outstanding as of October 31, 2008 was as follows:

	Notional Amount	Unrealized Depreciation
Pay a floating rate based on 1-month LIBOR minus 300 basis
points and receive a fixed rate based on the return of the underlying equity
baskets.
Broker, Deutsche Bank Expires December 2008	$ 6,000,000	$ (1,061,948	)

See Notes to Financial Statements. — 44	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments October 31, 2008 BlackRock Real Asset Equity Trust (BCF) (Percentages shown are based on Net Assets)

Common Stocks		Value
Chemicals13.7%
Agrium, Inc.	65,000	$ 2,468,700
Air Products & Chemicals, Inc. (a)	110,400	6,417,552
Celanese Corp., Series A	132,100	1,830,906
Dow Chemical Co. (The)	231,025	6,161,437
E.I. du Pont de Nemours & Co.	548,479	17,551,328
Mosaic Co. (The)	23,900	941,899
Olin Corp.	229,000	4,158,640
Potash Corp. of Saskatchewan	82,000	6,991,320
Praxair, Inc.	183,100	11,928,965
Rohm & Haas Co.	210,600	14,815,710
		73,266,457
Coal5.0%
Arch Coal, Inc. (a)	165,300	3,539,073
Consol Energy, Inc. (a)	270,079	8,477,780
Massey Energy Co. (a)	325,500	7,515,795
Patriot Coal Corp. (b)	31,560	499,595
Peabody Energy Corp. (a)	187,400	6,467,174
		26,499,417
Forest Products & Paper7.0%
International Paper Co. (a)	556,000	9,574,320
MeadWestvaco Corp.	610,000	8,558,300
Mondi Ltd.	19,005	79,194
Mondi Plc	322,512	1,170,512
Temple-Inland, Inc.	434,183	2,574,705
Votorantim Celulose e Papel S.A. (ADR)	471,200	4,754,408
Weyerhauser Co.	286,100	10,934,742
		37,646,181
Iron & Steel1.0%
Allegheny Technologies, Inc.	50,800	1,348,232
Carpenter Technology Corp.	51,366	929,724
Cliffs Natural Resources, Inc.	40,000	1,079,600
United States Steel Corp.	49,500	1,825,560
		5,183,116
Machinery2.8%
Caterpillar, Inc.	313,625	11,971,066
Deere & Co.	70,966	2,736,449
		14,707,515
Metal0.2%
Jiangxi Copper Co. Ltd.	2,582,600	1,269,596
Mining26.9%
African Rainbow Minerals Ltd.	278,750	2,852,220
Agnico-Eagle Mines Ltd. (a)	150,000	4,147,500
Alamos Gold, Inc. (b)	1,000,000	4,123,455
Alcoa, Inc. (a)	331,550	3,816,140
Alumina Ltd.	1,951,400	2,777,117
Anglo American Plc	127,945	3,210,298
Anglo Platinum Ltd.	45,700	1,888,291
Barrick Gold Corp. (a)	107,100	2,433,312
BHP Billiton Plc	936,700	15,905,660
Cia de Minas Buenaventura S.A. (ADR)	275,400	3,481,056
Cia Vale do Rio Doce (ADR) (a)	980,000	12,857,600
Eramet	20,250	4,104,409
First Quantum Minerals Ltd.	200,000	4,214,718
Freeport-McMoRan Copper & Gold, Inc. (a)	96,800	2,816,880
Fresnillo Plc	500,000	992,780
Goldcorp, Inc. (a)	202,750	3,783,315
Harry Winston Diamond Corp.	197,750	1,927,788
Iluka Resources Ltd. (b)	2,046,786	4,949,277
Impala Platinum Holdings Ltd.	560,200	5,847,202
Industrias Penoles SA de CV	546,669	4,904,833
Kazakhmys Plc	251,400	1,178,686
Lihir Gold Ltd. (b)	1,357,650	1,694,043

Common Stocks		Value
Mining(concluded)
Minara Resources Ltd.	1,856,150	$ 1,280,453
Minsur S.A.	1,504,804	1,781,296
MMC Norilsk Nickel	19,250	1,864,026
MMC Norilsk Nickel (ADR)	27,000	270,963
Newmont Mining Corp. (a)	73,900	1,946,526
OZ Minerals Ltd.	7,827,357	4,917,261
Rio Tinto Plc	362,036	16,911,463
Southern Copper Corp.	102,900	1,498,224
Straits Resources Ltd.	804,450	701,265
Teck Cominco Ltd., Class B	390,300	3,885,838
Vedanta Resources Plc	432,700	5,992,416
Xstrata Plc	419,332	7,172,380
Zijin Mining Group Co. Ltd.	6,639,750	2,006,740
		144,135,431
Oil & Gas30.6%
Apache Corp.	90,700	7,467,331
BG Group Plc	375,000	5,513,976
Bill Barrett Corp. (a)(b)	217,100	4,428,840
Canadian Natural Resources Ltd.	87,200	4,405,344
Compton Petroleum Corp. (b)	429,100	890,027
ConocoPhillips	70,900	3,688,218
Crescent Point Energy Trust	242,800	5,622,292
Denbury Resources, Inc. (b)	289,100	3,674,461
Devon Energy Corp.	73,600	5,951,296
EnCana Corp.	101,550	5,169,911
ENSCO Intlernational, Inc. (a)	58,900	2,238,789
EOG Resources, Inc.	133,700	10,819,004
Forest Oil Corp. (b)	102,100	2,982,341
Galleon Energy, Inc. (b)	380,000	2,027,213
Gasco Energy, Inc. (b)	579,700	463,760
Helmerich & Payne, Inc. (a)	253,900	8,711,309
Heritage Oil Ltd. (b)	550,000	1,505,703
Hess Corp.	124,900	7,520,229
Murphy Oil Corp.	57,800	2,926,992
Nabors Industries Ltd. (b)	74,400	1,069,872
Newfield Exploration Co. (b)	157,200	3,612,456
Nexen, Inc.	173,900	2,761,516
Noble Corp.	87,500	2,818,375
Noble Energy, Inc.	72,900	3,777,678
Occidental Petroleum Corp.	109,600	6,087,184
OGX Petroleo e Gas Participacoes S.A. (b)	4,200	526,352
PetroChina Co. Ltd. (ADR)	15,600	1,163,448
Petroleo Brasileiro S.A. (ADR)	175,600	4,721,884
Pioneer Natural Resources Co.	65,200	1,814,516
Plains Exploration & Production Co. (b)	119,300	3,364,260
Pride International, Inc. (b)	101,300	1,903,427
Quicksilver Resources, Inc. (b)	181,200	1,897,164
Range Resources Corp.	185,500	7,831,810
Rex Energy Corp. (b)	144,600	980,388
Rowan Cos., Inc.	117,700	2,135,078
Seadrill Ltd.	200,900	1,934,265
Southwestern Energy Co. (b)	178,300	6,351,046
StatoilHydro ASA	174,336	3,506,528
StatoilHydro ASA (ADR)	35,300	709,530
Suncor Energy, Inc.	77,600	1,856,192
TriStar Oil & Gas Ltd. (b)	136,400	1,159,960
TXCO Resources, Inc. (b)(c)	130,200	682,248
Unit Corp. (b)	138,200	5,188,028
Warren Resources, Inc. (b)	191,710	1,014,146
Whiting Petroleum Corp. (b)	69,600	3,618,504
XTO Energy, Inc.	152,625	5,486,869
		163,979,760

| See
Notes to Financial Statements. — ANNUAL REPORT | OCTOBER 31, 2008 | 45 |
| --- | --- | --- |

Schedule of Investments (continued) BlackRock Real Asset Equity Trust (BCF) (Percentages shown are based on Net Assets)

Common Stocks		Value
Oil & Gas Services8.0%
Cameron International Corp. (b)	107,200	$ 2,600,672
Core Laboratories N.V.	85,200	6,279,240
Exterran Holdings, Inc. (b)(c)	97,902	2,193,984
FMC Technologies, Inc. (b)	146,378	5,121,766
Oceaneering International, Inc. (b)	52,500	1,478,925
Petrofac Ltd.	473,500	3,277,931
Schlumberger Ltd. (a)	129,200	6,673,180
Smith International, Inc. (a)	67,300	2,320,504
Transocean, Inc. (b)	72,600	5,977,158
Trican Well Service Ltd.	153,840	1,442,290
Weatherford International Ltd. (b)	332,400	5,610,912
		42,976,562
Pipelines1.6%
Equitable Resources, Inc.	105,200	3,651,492
Questar Corp. (a)	142,600	4,913,996
		8,565,488
Savings & Loan0.0%
Guaranty Financial Group, Inc. (b)	37,400	75,922
Total Long-Term Investments (Cost$808,902,480)96.8%		518,305,445

Short-Term Securities
Money Market Funds1.8%
BlackRock Liquidity Series, LLC Money Market Series, 1.57%
(d)(e)(f)	1,612,600	1,612,600
Fidelity Institutional Money Market Prime Portfolio, 2.44%
(d)	7,968,234	7,968,234
Total Money Market Funds		9,580,834

	Principal Amount
U.S. Government and Agency Discount
Notes4.2%
Federal National Mortgage Association Discount Notes,
2.08%, 11/04/2008 (g)	$ 22,300,000	22,296,153
Total Short-Term Securities (Cost$31,876,987)6.0%		31,876,987

Options Purchased	Contracts
Call Options Purchased0.0%
Agnico-Eagle Mines Ltd., strike price $85, expires 11/24/08	500	36,250
Alcoa, Inc., strike price $40, expires 11/03/08	150
Barrick Gold Corp., strike price $50, expires 11/21/08	15,000
Carpenter Technology Corp., strike price $70, expires
11/21/08	15,000
Chesapeake Energy Corp., strike price $45, expires
11/24/08	25	188
Cia de Minas Buenaventura S.A. (ADR), strike price $47.50,
expires 11/21/08	20,000
Cia Vale do Rio Doce (ADR), strike price $36, expires
12/22/08	1,000	3,000
Cia Vale do Rio Doce (ADR), strike price $40, expires
01/19/09	1,000	2,000
Cia Vale do Rio Doce (ADR), strike price $42, expires
11/21/08	100,000	20

Options Purchased
Call Options Purchased(concluded)
Compton Petroleum Corp., strike price 13 CAD, expires
11/07/08	62,500	$	1
Consol Energy, Inc., strike price $115, expires 01/19/09	100		1,750
Deere & Co., strike price $95, expires 12/22/08	200		1,500
Dow Chemical Co. (The), strike price $45, expires 01/19/09	250		1,875
EOG Resources, Inc., strike price $145, expires 11/21/08	25,000		555
Equitable Resources, Inc., strike price $66, expires
11/21/08	27,500		234
Equitable Resources, Inc., strike price $71, expires
11/21/08	10,000		29
Exterran Holdings, Inc., strike price $70, expires
11/24/08	100		1,250
Kazakhmys Plc, strike price 21 GBP, expires 11/07/08	22,000
Marathon Oil Corp., strike price $62.50, expires 11/03/08	350
Massey Energy Co., strike price $60.12, expires 11/03/08	30,000
Rio Tinto Plc, strike price 65 GBP, expires 11/07/08	22,500
Southern Copper Corp., strike price $45, expires 12/22/08	339		6,780
Valero Energy Corp., strike price $55, expires 12/22/08	150		450
Votorantim Celulose e Papel S.A. (ADR), strike price $30,
expires 11/26/08	1,250		214
Total Call Options Purchased			56,096
Put Option Purchased0.0%
Peabody Energy Corp., strike price $50, expires 01/19/09	100		170,500
Total Put Options Purchased			170,500
Total Options Purchased (Cost$1,518,016)0.0%			226,596
Total Investments Before Options Written (Cost$842,297,483*)102.8%			550,409,028
Options Written
Call Options Written(0.2)%
African Rainbow Minerals Ltd., strike price 258.93 ZAR,
expires 11/13/08	(92,000	)
Agnico-Eagle Mines Ltd., strike price $65, expires
11/24/08	(6	)	(60	)
Agnico-Eagle Mines Ltd., strike price $70, expires
01/19/09	(132	)	(1,650	)
Agnico-Eagle Mines Ltd., strike price $70, expires
11/24/08	(350	)	(3,500	)
Agnico-Eagle Mines Ltd., strike price $85, expires
11/21/08	(50,000	)	(15	)
Agrium, Inc., strike price $60, expires 11/24/08	(200	)	(2,500	)
Agrium, Inc., strike price $90, expires 11/07/08	(21,500	)
Air Products & Chemicals, Inc., strike price $95,
expires 12/22/08	(150	)	(3,000	)
Air Products & Chemicals, Inc., strike price $101,
expires 11/21/08	(15,000	)	(99	)
Air Products & Chemicals, Inc., strike price $106,
expires 11/21/08	(15,000	)	(54	)
Alcoa, Inc., strike price $45, expires 11/03/08	(300	)
Alcoa, Inc., strike price $45, expires 11/17/08	(25,000	)
Alcoa, Inc., strike price $45.05, expires 11/21/08	(16,500	)
Alumina Ltd., strike price 5.56 AUD, expires 11/05/08	(668,160	)	(4	)
Anglo American Plc, strike price 37.29 GBP, expires
11/04/08	(20,000	)

| See
Notes to Financial Statements. — 46 | ANNUAL REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

Schedule of Investments (continued) BlackRock Real Asset Equity Trust (BCF) (Percentages shown are based on Net Assets)

Options Written			Value
Call Options Written(continued)
Apache Corp., strike price $90, expires 12/22/08	(100	)	$ (60,000	)
Apache Corp., strike price $155.25, expires 11/17/08	(200	)	(230	)
Arch Coal, Inc., strike price $35, expires 12/22/08	(175	)	(6,125	)
Arch Coal, Inc., strike price $70, expires 11/03/08	(17,500	)
Arch Coal, Inc., strike price $75, expires 01/19/09	(100	)	(1,000	)
Barrick Gold Corp., strike price $40, expires 01/19/09	(150	)	(6,000	)
Barrick Gold Corp., strike price $42.50, expires 01/19/09	(300	)	(8,250	)
Barrick Gold Corp., strike price $51, expires 11/21/08	(15,000	)
BG Group Plc, strike price 14.12 GBP, expires 11/04/08	(114,000	)	(2	)
BHP Billiton Plc, strike price 16.51 GBP, expires 11/13/08	(150,000	)	(5,866	)
BHP Billiton Plc, strike price 20 GBP, expires 11/28/08	(50,000	)	(7,524	)
Bill Barrett Corp., strike price $55, expires 11/21/08	(20,000	)	(4	)
Cameron International Corp., strike price $51, expires
11/21/08	(25,000	)	(73	)
Cameron International Corp., strike price $56, expires
11/21/08	(10,000	)	(7	)
Cameron International Corp., strike price $60, expires
11/24/08	(150	)	(1,500	)
Canadian Natural Resources Ltd., strike price $65, expires
12/22/08	(250	)	(48,750	)
Canadian Natural Resources Ltd., strike price $95, expires
11/20/08	(15,000	)	(18	)
Carpenter Technology Corp., strike price $70.05, expires
11/21/08	(7,500	)
Carpenter Technology Corp., strike price $71, expires
11/21/08	(7,500	)
Caterpillar, Inc., strike price $65, expires 01/19/09	(100	)	(950	)
Caterpillar, Inc., strike price $85, expires 11/24/08	(585	)	(2,340	)
Celanese Corp., Series A, strike price $45.25, expires
11/21/08	(20,000	)
Celanese Corp., Series A, strike price $50, expires
11/03/08	(185	)
Celanese Corp., Series A, strike price $55, expires
12/22/08	(100	)	(1,500	)
Cia de Minas Buenaventura S.A. (ADR), strike price $30,
expires 12/22/08	(250	)	(5,000	)
Cia de Minas Buenaventura S.A. (ADR), strike price $48,
expires 11/21/08	(20,000	)
Cia Vale do Rio Doce (ADR), strike price $26, expires
11/24/08	(500	)	(1,500	)
Cia Vale do Rio Doce (ADR), strike price $29, expires
12/22/08	(500	)	(2,000	)
Cia Vale do Rio Doce (ADR), strike price $30, expires
12/22/08	(500	)	(1,500	)
Cia Vale do Rio Doce (ADR), strike price $41, expires
12/22/08	(2,000	)	(8,000	)
Cia Vale do Rio Doce (ADR), strike price $42.50, expires
01/19/09	(1,000	)	(2,000	)
Cia Vale do Rio Doce (ADR), strike price $42.75, expires
11/21/08	(100,000	)	(10	)
Cliffs Natural Resources, Inc., strike price $95, expires
11/24/08	(200	)	(1,000	)
Compton Petroleum Corp., strike price 13.50 CAD, expires
11/07/08	(62,500	)	(1	)
ConocoPhillips, strike price $95, expires 11/24/08	(100	)	(350	)
Consol Energy, Inc., strike price $45, expires 12/22/08	(250	)	(30,000	)
Consol Energy, Inc., strike price $50, expires 11/24/08	(250	)	(3,125	)
Consol Energy, Inc., strike price $90, expires 11/20/08	(25,000	)	(63	)
Consol Energy, Inc., strike price $120, expires 01/19/09	(100	)	(1,000	)
Core Laboratories N.V., strike price $136, expires
11/21/08	(10,000	)	(126	)
Core Laboratories N.V., strike price $140, expires
12/22/08	(50	)	(1,500	)

Options Written			Value
Call Options Written(continued)
Crescent Point Engery Trust, strike price 39.45 CAD,
expires 11/10/08	(40,000	)	$ (212	)
Deere & Co., strike price $55, expires 11/24/08	(100	)	(1,000	)
Deere & Co., strike price $70, expires 12/22/08	(100	)	(1,000	)
Deere & Co., strike price $96, expires 11/21/08	(20,000	)
Denbury Resources, Inc., strike price $35.05, expires
11/21/08	(20,000	)	(28	)
Denbury Resources, Inc., strike price $40.05, expires
11/21/08	(20,000	)	(6	)
Devon Energy Corp., strike price $85, expires 11/24/08	(200	)	(89,000	)
Devon Energy Corp., strike price $116, expires 11/21/08	(10,000	)	(5,354	)
Devon Energy Corp., strike price $120, expires 01/19/09	(100	)	(12,250	)
Dow Chemical Co. (The), strike price $28.75, expires
12/24/08	(500	)	(57,345	)
Dow Chemical Co. (The), strike price $45, expires 12/22/08	(250	)	(1,250	)
E.I. du Pont de Nemours & Co., strike price $50.05,
expires 11/21/08	(50,000	)	(1	)
E.I. du Pont de Nemours & Co., strike price $53,
expires 11/21/08	(25,000	)	(7	)
E.I. du Pont de Nemours & Co., strike price $55,
expires 01/19/09	(250	)	(2,500	)
EnCana Corp., strike price $85, expires 11/20/08	(10,000	)	(3	)
EnCana Corp., strike price $90, expires 11/20/08	(12,000	)
ENSCO International, Inc., strike price $66, expires
11/21/08	(10,000	)	(19	)
ENSCO International, Inc., strike price $90, expires
12/22/08	(100	)	(1,000	)
EOG Resources, Inc., strike price $108.35, expires
11/11/08	(22,000	)	(222	)
EOG Resources, Inc., strike price $110, expires 11/24/08	(220	)	(7,700	)
Equitable Resources, Inc., strike price $67, expires
11/21/08	(12,500	)	(86	)
Eramet, strike price 344.49 EUR, expires 11/13/08	(6,700	)
Exterran Holdings, Inc., strike price $80, expires
11/24/08	(100	)	(1,000	)
FMC Technologies, Inc., strike price $71, expires 11/21/08	(42,000	)
Forest Oil Corp., strike price $76, expires 11/20/08	(25,000	)	(10	)
Freeport-McMoRan Copper & Gold, Inc., strike price
$55, expires 11/24/08	(150	)	(1,575	)
Freeport-McMoRan Copper & Gold, Inc., strike price
$115, expires 11/24/08	(150	)	(750	)
Galleon Energy, Inc., strike price 19.05 CAD, expires
11/21/08	(75,000	)	(1	)
Galleon Energy, Inc., strike price 20 CAD, expires
11/24/08	(460	)	(5,725	)
Goldcorp, Inc., strike price $49, expires 11/07/08	(350	)
Helmerich & Payne, Inc., strike price $57.50, expires
11/21/08	(25,000	)	(2,873	)
Helmerich & Payne, Inc., strike price $60.05, expires
12/19/08	(58,800	)	(41,354	)
Helmerich & Payne, Inc., strike price $77.50, expires
11/03/08	(30,000	)
Hess Corp., strike price $115, expires 11/24/08	(200	)	(2,000	)
Hess Corp., strike price $125, expires 11/20/08	(20,000	)	(590	)
Iluka Resources Ltd., strike price 4.95 AUD, expires
11/12/08	(500,000	)	(199	)
Jiangxi Copper Co. Ltd., strike price 4.29 HKD, expires
01/06/09	(430,000	)	(26,219	)
Kazakhmys Plc, strike price 21.05 GBP, expires 11/07/08	(22,000	)
Lihir Gold Ltd., strike price 3.50 AUD, expires 11/05/08	(448,000	)	(3	)
Marathon Oil Corp., strike price $63, expires 11/03/08	(350	)

| See
Notes to Financial Statements. — ANNUAL REPORT | OCTOBER 31, 2008 | 47 |
| --- | --- | --- |

Schedule of Investments (continued)
(Percentages shown are based on Net
Assets)

| Options
Written | | | Value | |
| --- | --- | --- | --- | --- |
| Call Options Written(continued) | | | | |
| Massey Energy Co., strike price $35, expires
11/24/08 | (300 | ) | $ (4,500 | ) |
| Massey Energy Co., strike price $75, expires
11/04/08 | (60,000 | ) | (1 | ) |
| MeadWestvaco Corp., strike price $28.50, expires
11/03/08 | (25,000 | ) | | |
| MeadWestvaco Corp., strike price $30, expires
12/22/08 | (250 | ) | (7,500 | ) |
| Murphy Oil Corp., strike price $65, expires
11/24/08 | (100 | ) | (2,750 | ) |
| Murphy Oil Corp., strike price $90.50, expires
11/07/08 | (10,000 | ) | | |
| Murphy Oil Corp., strike price $91, expires
11/21/08 | (10,000 | ) | (296 | ) |
| Nabors Industries Ltd., strike price $47.50, expires
12/22/08 | (100 | ) | (1,000 | ) |
| Nabors Industries Ltd., strike price $50, expires
12/22/08 | (100 | ) | (1,000 | ) |
| Newfield Exploration Co., strike price $50, expires
12/22/08 | (100 | ) | (1,500 | ) |
| Newfield Exploration Co., strike price $61, expires
11/21/08 | (10,000 | ) | (1 | ) |
| Newmont Mining Corp., strike price $50, expires
12/22/08 | (100 | ) | (950 | ) |
| Newmont Mining Corp., strike price $56.94, expires
11/21/08 | (21,000 | ) | (2 | ) |
| Nexen, Inc., strike price 39 CAD, expires
11/24/08 | (250 | ) | (3,111 | ) |
| Nexen, Inc., strike price 40 CAD, expires
11/24/08 | (250 | ) | (3,111 | ) |
| Noble Corp., strike price $57.55, expires
11/21/08 | (16,000 | ) | (18 | ) |
| Noble Corp., strike price $70, expires 12/22/08 | (160 | ) | (1,600 | ) |
| Noble Energy Inc., Strike Price $50, Expires 12/22/08,
strike price $50, expires 12/22/08 | (240 | ) | (174,000 | ) |
| Occidental Petroleum Corp., strike price $87, expires
11/03/08 | (125 | ) | | |
| Occidental Petroleum Corp., strike price $88, expires
11/21/08 | (12,500 | ) | (2,898 | ) |
| Occidental Petroleum Corp., strike price $90, expires
11/24/08 | (100 | ) | (500 | ) |
| Oceaneering International, Inc., strike price $70, expires
11/24/08 | (100 | ) | (500 | ) |
| Olin Corp., strike price $27, expires 11/03/08 | (750 | ) | (1 | ) |
| Olin Corp., strike price $30, expires 11/24/08 | (250 | ) | (2,500 | ) |
| OZ Minerals Ltd., strike price 3.40 AUD, expires
11/05/08 | (723,000 | ) | (5 | ) |
| OZ Minerals Ltd., strike price 3.57 AUD, expires
11/05/08 | (957,930 | ) | (6 | ) |
| Patriot Coal Corp., strike price $42.50, expires
11/03/08 | (10,000 | ) | | |
| Peabody Energy Corp., strike price $40, expires
11/24/08 | (200 | ) | (26,500 | ) |
| Peabody Energy Corp., strike price $45, expires
11/24/08 | (344 | ) | (15,480 | ) |
| Petrofac Ltd., strike price 6.43 GBP, expires
11/13/08 | (150,000 | ) | (97 | ) |
| Petroleo Brasileiro S.A. (ADR), strike price $70.50,
expires 11/21/08 | (30,000 | ) | (90 | ) |
| Pioneer Natural Resources Co., strike price $75, expires
12/22/08 | (100 | ) | (1,000 | ) |
| Plains Exploration & Production Co., strike price $85,
expires 11/24/08 | (100 | ) | (1,000 | ) |
| Potash Corp. of Saskatchewan, strike price $181, expires
11/21/08 | (17,500 | ) | (816 | ) |
| Potash Corp. of Saskatchewan, strike price $210, expires
11/03/08 | (10,000 | ) | | |
| Praxair, Inc., strike price $95, expires
11/03/08 | (20,000 | ) | | |
| Praxair, Inc., strike price $96, expires
11/21/08 | (25,000 | ) | (850 | ) |
| Praxair, Inc., strike price $100, expires
01/19/09 | (50 | ) | (750 | ) |
| Pride International, Inc., strike price $45.05, expires
11/21/08 | (20,000 | ) | (74 | ) |
| Pride International, Inc., strike price $46.50, expires
11/03/08 | (13,400 | ) | | |
| Questar Corp., strike price $61, expires
11/07/08 | (25,000 | ) | (5 | ) |
| Questar Corp., strike price $61, expires
11/21/08 | (25,000 | ) | (1,713 | ) |

| Options
Written | | | Value | |
| --- | --- | --- | --- | --- |
| Call Options Written(continued) | | | | |
| Quicksilver Resources, Inc., strike price $39, expires
11/21/08 | (25,000 | ) | $ | |
| Quicksilver Resources, Inc., strike price $43, expires
11/21/08 | (25,000 | ) | | |
| Range Resources Corp., strike price $55, expires
01/19/09 | (100 | ) | (25,000 | ) |
| Range Resources Corp., strike price $55, expires
12/22/08 | (100 | ) | (14,750 | ) |
| Range Resources Corp., strike price $70, expires
01/19/09 | (100 | ) | (4,250 | ) |
| Range Resources Corp., strike price $71, expires
11/21/08 | (42,800 | ) | (77 | ) |
| Rex Energy Corp.,
strike price $25, expires 12/22/08 | (150 | ) | (1,500 | ) |
| Rio Tinto Plc,
strike price 71.50 GBP, expires 11/07/08 | (55,000 | ) | (1 | ) |
| Rohm & Haas
Co., strike price $60, expires 11/21/08 | (20,000 | ) | (209,732 | ) |
| Rowan Cos., Inc.,
strike price $47.50, expires 01/19/09 | (150 | ) | (1,500 | ) |
| Rowan Cos., Inc.,
strike price $50, expires 11/20/08 | (15,000 | ) | | |
| Schlumberger Ltd.,
strike price $60, expires 12/22/08 | (225 | ) | (54,563 | ) |
| Schlumberger Ltd.,
strike price $95, expires 11/24/08 | (200 | ) | (1,000 | ) |
| Seadrill Ltd.,
strike price 79.16 NOK, expires 12/09/08 | (35,000 | ) | (19,962 | ) |
| Smith International, Inc., strike price $77.50, expires
11/21/08 | (20,000 | ) | (26 | ) |
| Southern Copper Corp., strike price $48.35, expires
11/21/08 | (33,900 | ) | | |
| Southwestern Energy Co., strike price $40, expires
11/20/08 | (20,000 | ) | (28,858 | ) |
| Southwestern Energy Co., strike price $41, expires
11/21/08 | (6,000 | ) | (7,613 | ) |
| Southwestern Energy Co., strike price $42.50, expires
01/19/09 | (170 | ) | (56,950 | ) |
| Southwestern Energy Co., strike price $45, expires
11/17/08 | (400 | ) | (13,400 | ) |
| Southwestern Energy Co., strike price $50, expires
12/22/08 | (60 | ) | (4,350 | ) |
| Straits Resources Ltd., strike price 8.26 AUD, expires
11/05/08 | (265,500 | ) | (2 | ) |
| Suncor Energy, Inc., strike price $55.03, expires
11/21/08 | (25,000 | ) | (32 | ) |
| Teck Cominco Ltd., Class B, strike price 51 CAD, expires
11/24/08 | (1,000 | ) | (12,445 | ) |
| Teck Cominco Ltd., Class B, strike price 52 CAD, expires
11/22/08 | (300 | ) | (3,734 | ) |
| Temple-Inland,
Inc., strike price $22.50, expires 01/19/09 | (300 | ) | (3,000 | ) |
| Trican Well Service Ltd., strike price 26 CAD, expires
11/24/08 | (300 | ) | (1,991 | ) |
| Trican Well Service Ltd., strike price 27 CAD, expires
02/23/09 | (100 | ) | (664 | ) |
| TXCO Resources,
Inc., strike price $16, expires 11/21/08 | (20,000 | ) | (4 | ) |
| Unit Corp., strike
price $70.05, expires 11/21/08 | (25,000 | ) | (103 | ) |
| Unit Corp., strike
price $80, expires 12/22/08 | (250 | ) | (2,500 | ) |
| United States Steel Corp., strike price $55, expires
12/22/08 | (180 | ) | (15,300 | ) |
| United States Steel Corp., strike price $110, expires
11/24/08 | (120 | ) | (600 | ) |
| Valero Energy
Corp., strike price $60, expires 12/22/08 | (150 | ) | (450 | ) |
| Votorantim Celulose e Papel S.A. (ADR), strike price
$35.25, expires 11/17/08 | (250 | ) | | |
| Votorantim Celulose e Papel S.A. (ADR), strike price
$35.50, expires 12/19/08 | (30,000 | ) | (402 | ) |
| Votorantim Celulose e Papel S.A. (ADR), strike price
$32.55, expires 11/21/08 | (100,000 | ) | (10 | ) |
| Warren Resources, Inc., strike price $15.50, expires
11/21/08 | (33,250 | ) | (3 | ) |
| Weatherford International Ltd., strike price $45.25,
expires 11/21/08 | (25,000 | ) | (42 | ) |

| See
Notes to Financial Statements. — 48 | ANNUAL REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

Schedule of Investments (concluded)
(Percentages shown are based on Net
Assets)

| Options
Written | | | Value | |
| --- | --- | --- | --- | --- |
| Call Options Written(concluded) | | | | |
| Weatherford International Ltd., strike price $42.50,
expires 11/24/08 | (250 | ) | $ (1,250 | ) |
| Weyerhauser Co.,
strike price $45, expires 12/22/08 | (250 | ) | (39,375 | ) |
| Xstrata Plc, strike
price 42.88 GBP, expires 11/07/08 | (35,000 | ) | (1 | ) |
| XTO Energy, Inc.,
strike price $72.50, expires 11/03/08 | (58,500 | ) | (1 | ) |
| Zijin Mining Group Co. Ltd., strike price 8.53 HKD,
expires 11/05/08 | (1,300,000 | ) | (2 | ) |
| Total
Call Options Written | | | (1,261,046 | ) |
| Put Options Written(0.3)% | | | | |
| Deere & Co.,
strike price $76, expires 11/03/08 | (250 | ) | (936,000 | ) |
| Noble Energy, Inc.,
strike price $45, expires 11/24/08 | (100 | ) | (20,000 | ) |
| Occidental Petroleum Corp., strike price $40, expires
11/24/08 | (100 | ) | (6,500 | ) |
| Peabody Energy
Corp., strike price $45, expires 01/19/09 | (100 | ) | (130,500 | ) |
| Plains Exploration & Production Co., strike price
$17.50, expires 11/24/08 | (100 | ) | (4,250 | ) |
| Rowan Cos., Inc.,
strike price $40, expires 11/20/08 | (15,000 | ) | (327,900 | ) |
| Total
Put Options Written | | | (1,425,150 | ) |
| Total
Options Written (Premium Received$20,028,393)(0.5)% | | | (2,686,196 | ) |
| Total
Investments Net of Options Written102.3% | | | 547,722,832 | |
| Liabilities
in Excess of Other Assets(2.3)% | | | (12,465,406 | ) |
| Net
Assets100.0% | | | $ 535,257,426 | |

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 13,236,762
Gross unrealized
depreciation	(307,036,657	)
Net unrealized
depreciation	$ (293,799,895	)

| (a) | Security, or a
portion thereof, pledged as collateral for outstanding options written. |
| --- | --- |
| (b) | Non-income
producing security. |
| (c) | Security, or a
portion of security, is on loan. |
| (d) | Represents current
yield as of report date. |
| (e) | Investments in
companies considered to be an affiliate of the Trust, for purposes of Section
2(a)(3) of the Investment Company Act of 1940 were as follows: |

Affiliate		Income
BlackRock Liquidity Series, LLC Money Market
Series	1,612,600	$ 71,134

| (f) | Security purchased
with the cash proceeds from securities loans. |
| --- | --- |
| (g) | Rate shown is the
yield to maturity as of the date of purchase. |

| See
Notes to Financial Statements. — ANNUAL REPORT | OCTOBER 31, 2008 | 49 |
| --- | --- | --- |

| Schedule of Investments October
31, 2008 |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks		Value
Australia4.8%
Fosters Group Ltd.	117,200	$ 448,031
National Australia Bank Ltd.	64,700	1,049,829
Santos Ltd.	126,100	1,141,691
TABCORP Holdings Ltd.	84,400	386,942
Wesfarmers Ltd.	37,350	536,777
		3,563,270
Austria1.8%
Boehler-Uddeholm AG (a)	14,000	1,312,584
Canada4.8%
Bank of Montreal	25,500	910,155
Bank of Nova Scotia	14,100	470,156
Enbridge, Inc.	16,000	555,679
National Bank of Canada	7,700	288,822
Royal Bank of Canada	30,600	1,189,168
Suncor Energy, Inc.	4,600	110,487
Teck Cominco Ltd., Class B	8,700	86,617
		3,611,084
Denmark0.6%
Danske Bank A/S	32,400	479,627
Finland1.2%
Kesko Oyj, B Shares	19,200	449,438
Nokia Oyj	27,000	413,592
		863,030
France3.9%
AXA S.A.	15,000	286,561
Bouygues	11,700	498,190
Schneider Electric S.A.	4,500	269,719
Societe Generale	5,300	288,877
Total S.A.	17,200	946,232
Vinci S.A.	18,200	654,970
		2,944,549
Germany1.9%
Allianz SE	2,900	212,831
BASF AG	11,000	363,150
SAP AG	15,200	532,171
Siemens AG	5,000	294,028
		1,402,180
Hong Kong3.2%
Esprit Holdings Ltd.	71,000	403,429
Hang Seng Bank Ltd.	22,600	281,991
HongKong Electric Holdings	204,500	1,102,231
Hopewell Holdings	191,000	593,835
		2,381,486
Italy1.8%
Eni S.p.A.	42,400	1,012,010
Intesa Sanpaolo S.p.A.	83,000	303,771
		1,315,781
Japan4.8%
Canon, Inc.	11,700	409,402
Mitsui & Co. Ltd.	53,000	513,544
Mitsui Mining & Smelting Co. Ltd.	150,000	274,333
Nintendo Co. Ltd.	600	192,785
Oracle Corp.	15,000	652,111
Ricoh Co. Ltd.	53,000	570,387
Sharp Corp.	42,000	299,765
Toyota Motor Corp.	17,300	675,581
		3,587,908
Netherlands0.5%
Royal KPN N.V.	29,100	409,821
Portugal0.4%
Portugal Telecom SGPS S.A.	44,000	289,389

Common Stocks		Value
Singapore0.7%
Jaya Holdings Ltd.	615,000	$ 229,605
Singapore Petroleum Co. Ltd.	212,000	302,341
		531,946
Spain2.2%
Banco Santander S.A.	26,000	281,194
Banco Santander S.A. (a)	18,433	202,541
Endesa S.A.	15,000	497,418
Indra Sistemas S.A.	32,600	633,452
		1,614,605
Sweden3.3%
Axfood AB	16,000	308,373
Hennes & Mauritz AB	15,300	548,649
Ratos AB, B Shares	27,300	481,886
Scania AB, B Shares	108,000	887,620
TeliaSonera AB	63,000	277,179
		2,503,707
Switzerland0.8%
Nestle S.A.	16,000	622,192
United Kingdom9.9%
AstraZeneca Plc	18,000	762,812
Barclays Plc	141,100	404,474
BP Plc	73,000	595,058
British American Tobacco Plc	17,300	474,527
GlaxoSmithKline Plc	64,100	1,232,255
HSBC Holdings Plc	71,200	843,307
Rentokil Initial Plc	193,500	140,634
Rio Tinto Plc	5,700	266,259
Royal Dutch Shell Plc, A Shares	46,300	1,283,296
Scottish & Southern Energy Plc	69,183	1,356,104
		7,358,726
United States51.6%
3M Co.	7,100	456,530
Abbott Laboratories	14,625	806,569
Agree Realty Corp. (REIT)	16,500	331,155
Altria Group, Inc.	32,300	619,837
Ameren Corp.	28,000	908,600
AT&T Inc.	110,480	2,957,550
Automatic Data Processing, Inc.	12,400	433,380
Bank of America Corp.	47,200	1,140,824
Bristol-Myers Squibb Co.	49,500	1,017,225
Chevron Corp.	12,800	954,880
Citigroup, Inc.	11,500	156,975
Coca-Cola Co. (The)	17,000	749,020
Consolidated Edison, Inc.	24,600	1,065,672
Eli Lilly & Co.	18,800	635,816
Emerson Electric Co.	45,200	1,479,396
Equity Residential (REIT)	14,400	502,992
Exxon Mobil Corp.	35,800	2,653,496
General Electric Co.	76,100	1,484,711
Harley-Davidson, Inc.	8,500	208,080
Health Care REIT, Inc.	37,600	1,673,576
Hewlett-Packard Co.	27,900	1,068,012
Home Depot, Inc.	10,400	245,336
Hospitality Properties Trust (REIT)	12,700	128,905
Intel Corp.	56,300	900,800
International Business Machines Corp.	16,400	1,524,708
Johnson & Johnson	9,300	570,462
Kimco Realty Corp. (REIT)	25,000	564,500
Kraft Foods, Inc.	16,108	469,387
Liberty Properties Trust (REIT)	10,800	257,580
McDonalds Corp.	23,000	1,332,390
Merck & Co., Inc.	25,000	773,750
Microchip Technology, Inc.	25,500	628,065
Microsoft Corp.	79,700	1,779,701
Nationwide Health Properties, Inc. (REIT)	34,400	1,026,496

See Notes to Financial Statements. — 50	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments (concluded)
(Percentages shown are based on Net Assets)

Common Stocks		Value
United
States(concluded)
PepsiCo, Inc.	7,900	$ 450,379
Pfizer, Inc.	38,300	678,293
Philip Morris International, Inc.	32,300	1,404,081
Rohm & Haas Co.	8,500	597,975
United Technologies Corp.	13,800	758,448
UST, Inc.	21,900	1,480,221
Wal-Mart Stores, Inc.	12,100	675,301
Wells Fargo & Co.	30,100	1,024,905
		38,575,979
Total Long-Term Investments (Cost$81,772,786)98.2%		73,367,864

| Short-Term Securities — Fidelity Institutional Money Market Prime Portfolio,
2.44% (b) | 1,323,166 | 1,323,166 |
| --- | --- | --- |
| Total Short-Term Securities (Cost$1,323,166)1.8% | | 73,367,864 |
| Total Investments100.0%
(Cost$83,095,952*) | | 74,691,030 |
| Other Assets in Excess of
Liabilities0.0% | | 25,397 |
| Net Assets100.0% | $ | 74,716,427 |

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

	Aggregate cost — Gross unrealized appreciation	$ — $ 10,046,177
	Gross unrealized depreciation	(18,495,045	)
	Net unrealized depreciation	$ (8,448,868	)
(a)	Non-income producing security.
(b)	Represents current yield as of report date.
	Foreign currency exchange contracts as of October 31,
2008 were as follows:

Currency Purchased	Currency Sold	Settlement Date	Unrealized Depreciation
USD 4,911	CAD 6,000	11/03/08	$ (67	)

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	51

| Schedule of
Investments October
31, 2008 |
| --- |
| (Percentages shown are based on Net
Assets) |

| Common
Stocks | | Value |
| --- | --- | --- |
| Australia1.0% | | |
| BHP Billiton Ltd.
(ADR) | 17,300 | $ 672,624 |
| Fosters Group Ltd. | 834,800 | 3,191,265 |
| Sims Group Ltd. | 156,500 | 1,500,781 |
| | | 5,364,670 |
| Belgium0.9% | | |
| Belgacom S.A. | 140,300 | 4,800,309 |
| Bermuda0.8% | | |
| Arch Capital Group
Ltd. (a) | 18,100 | 1,262,475 |
| Covidien Ltd. | 68,000 | 3,011,720 |
| | | 4,274,195 |
| Brazil1.7% | | |
| Banco Bradesco S.A.
(ADR) | 36,600 | 428,220 |
| Banco Itau Holding
Financeira S.A. (ADR) | 36,800 | 407,008 |
| BM&FBOVESPA
S.A. | 172,692 | 458,333 |
| Cia Energetica de
Minas Gerais (ADR) | 272,298 | 4,141,653 |
| Petroleo Brasileiro
S.A. (ADR) | 160,400 | 4,313,156 |
| | | 9,748,370 |
| Canada4.0% | | |
| Barrick Gold Corp.
(b) | 246,000 | 5,607,723 |
| Bombardier, Inc.,
Class B | 650,000 | 2,507,674 |
| Canadian National
Railway Co. | 85,000 | 3,677,100 |
| Husky Energy, Inc. | 87,213 | 2,619,357 |
| Potash Corp. of
Saskatchewan | 18,700 | 1,594,362 |
| Research In Motion
Ltd. (a) | 27,500 | 1,386,825 |
| Royal Bank of
Canada | 32,800 | 1,274,664 |
| Ultra Petroleum
Corp. (a) | 78,800 | 3,668,140 |
| | | 22,335,845 |
| China1.0% | | |
| China Construction
Bank Corp., Class H | 5,554,100 | 2,755,274 |
| Industrial &
Commercial Bank of China | 6,484,700 | 3,051,185 |
| | | 5,806,459 |
| Finland0.8% | | |
| Fortum Oyj | 100,027 | 2,458,270 |
| Wartsila Oyj, B
Shares | 75,800 | 1,920,492 |
| | | 4,378,762 |
| France3.1% | | |
| Alstom S.A. | 57,200 | 2,835,044 |
| AXA S.A. | 42,500 | 811,922 |
| BNP Paribas | 15,500 | 1,119,121 |
| Compagnie Generale
des Etablissements Michelin, Class B | 63,200 | 3,252,972 |
| PPR | 23,300 | 1,484,921 |
| Total S.A. | 98,200 | 5,402,324 |
| Vivendi | 103,600 | 2,708,013 |
| | | 17,614,317 |
| Germany4.0% | | |
| Adidas AG | 81,500 | 2,831,013 |
| Beiersdorf AG | 38,600 | 2,014,330 |
| Deutsche Boerse AG | 13,300 | 1,040,137 |
| E.ON AG | 80,163 | 3,004,097 |
| Fresenius Medical
Care AG & Co. KGaA | 90,900 | 4,027,109 |
| Hannover Rueckversicherung
AG | 96,000 | 2,376,548 |
| K+S AG | 65,000 | 2,517,838 |
| Linde AG | 56,300 | 4,658,381 |
| | | 22,469,453 |
| Hong
Kong1.4% | | |
| China Mobile Ltd. | 362,400 | 3,190,322 |
| Esprit Holdings
Ltd. | 169,300 | 961,979 |
| Industrial and
Commercial Bank of China Asia Ltd. | 511,600 | 539,099 |
| Kerry Properties
Ltd. | 698,600 | 1,754,915 |
| New World
Development Co. Ltd. | 1,927,800 | 1,604,766 |
| | | 8,051,081 |

| Common
Stocks | | Value |
| --- | --- | --- |
| Israel1.4% | | |
| Partner
Communications (ADR) (b) | 418,500 | $ 7,817,580 |
| Italy1.7% | | |
| AEM S.p.A. | 1,046,488 | 1,907,354 |
| Assicurazioni
Generali S.p.A. | 37,300 | 941,969 |
| Eni S.p.A. | 140,000 | 3,341,543 |
| Intesa Sanpaolo
S.p.A. | 261,900 | 777,354 |
| Parmalat S.p.A. | 1,341,200 | 2,354,848 |
| | | 9,323,068 |
| Japan3.9% | | |
| Canon, Inc. | 79,600 | 2,785,335 |
| ITOCHU Corp. | 519,100 | 2,743,314 |
| Konica Minolta
Holdings, Inc. | 270,000 | 1,773,173 |
| Mizuho Financial
Group, Inc. | 300 | 732,540 |
| Nintendo Co. Ltd. | 20,700 | 6,651,082 |
| Shizuoka Bank Ltd.
(The) | 201,400 | 1,778,715 |
| Sumitomo Corp. | 336,000 | 2,956,142 |
| Toyota Motor Corp.
(ADR) | 28,600 | 2,176,174 |
| | | 21,596,475 |
| Luxembourg0.8% | | |
| ArcelorMittal (b) | 93,600 | 2,457,000 |
| Tenaris S.A. (ADR) | 88,500 | 1,822,215 |
| | | 4,279,215 |
| Mexico0.6% | | |
| Fomento Economico
Mexicano SAB de CV (ADR) | 142,000 | 3,591,180 |
| Norway1.2% | | |
| Fred Olsen Energy
ASA | 83,600 | 2,763,876 |
| Orkla ASA | 256,000 | 1,704,247 |
| Yara International
ASA | 105,000 | 2,193,682 |
| | | 6,661,805 |
| Philippines0.5% | | |
| Philippine Long
Distance Telephone Co. (ADR) | 74,100 | 3,030,690 |
| Russia0.8% | | |
| Gazprom OAO (ADR) | 116,500 | 2,319,874 |
| LUKOIL (ADR) | 55,800 | 2,142,219 |
| | | 4,462,093 |
| Singapore2.3% | | |
| CapitaLand Ltd. | 887,699 | 1,779,097 |
| Singapore Airlines
Ltd. | 461,000 | 3,531,957 |
| Singapore
Telecommunications Ltd. | 2,182,035 | 3,672,184 |
| United Overseas
Bank Ltd. | 452,538 | 4,091,285 |
| | | 13,074,523 |
| South
Korea0.8% | | |
| Hyundai Motor Co. | 39,700 | 1,834,492 |
| Samsung Electronics
Co. Ltd. | 6,700 | 2,824,744 |
| | | 4,659,236 |
| Spain0.5% | | |
| Banco Bilbao
Vizcaya Argentaria S.A. | 72,900 | 846,101 |
| Banco Santander
S.A. | 199,500 | 2,157,626 |
| | | 3,003,727 |
| Sweden0.1% | | |
| Nordea Bank AB | 73,000 | 585,105 |
| Switzerland4.3% | | |
| ACE Ltd. | 27,500 | 1,577,400 |
| Alcon, Inc. | 27,800 | 2,449,736 |
| Julius Baer Holding
AG | 36,400 | 1,423,612 |
| Nestle S.A. | 154,000 | 5,988,597 |
| Novartis AG (ADR) | 77,700 | 3,961,923 |
| Roche Holding AG | 32,800 | 5,016,001 |
| Syngenta AG | 15,200 | 2,841,386 |
| Zurich Financial
Services AG | 5,100 | 1,034,676 |
| | | 24,293,331 |

See Notes to Financial Statements. — 52	ANNUAL REPORT	OCTOBER 31, 2008

| Schedule of
Investments (continued) |
| --- |
| (Percentages shown are based on Net
Assets) |

| Common
Stocks | | Value |
| --- | --- | --- |
| Taiwan0.6% | | |
| Taiwan
Semiconductor Manufacturing Co. Ltd. (ADR) | 379,509 | $ 3,134,744 |
| United
Kingdom5.1% | | |
| AstraZeneca Plc | 71,400 | 3,025,822 |
| Barclays Plc | 224,400 | 643,261 |
| De La Rue Plc | 180,253 | 2,600,294 |
| HSBC Holdings Plc | 331,800 | 3,929,907 |
| Imperial Tobacco
Group Plc | 169,200 | 4,534,813 |
| Legal & General
Group Plc | 2,000,000 | 2,300,182 |
| National Express
Group Plc | 205,100 | 1,889,367 |
| Rio Tinto Plc (ADR) | 3,000 | 557,610 |
| Standard Chartered
Plc | 98,300 | 1,624,605 |
| Unilever Plc | 212,600 | 4,776,232 |
| Vodafone Group Plc
(ADR) | 135,200 | 2,605,304 |
| | | 28,487,397 |
| United
States46.5% | | |
| Allstate Corp.
(The) | 26,200 | 691,418 |
| Altera Corp. | 178,000 | 3,088,300 |
| Altria Group, Inc.
(b) | 299,800 | 5,753,162 |
| Amgen, Inc. (a) | 163,500 | 9,792,015 |
| Aon Corp. (b) | 101,500 | 4,293,450 |
| Apple, Inc. (a)(b) | 23,800 | 2,560,642 |
| AvalonBay
Communities, Inc. (REIT) | 18,600 | 1,320,972 |
| Bank of America
Corp. | 113,100 | 2,733,627 |
| Baxter
International, Inc. (b) | 112,500 | 6,805,125 |
| BB&T Corp. | 116,900 | 4,190,865 |
| Becton Dickinson
& Co. (b) | 139,200 | 9,660,480 |
| Broadcom Corp. (a) | 150,000 | 2,562,000 |
| Campbell Soup Co. | 79,000 | 2,998,050 |
| Charles Schwab
Corp. (The) | 92,700 | 1,772,424 |
| Chesapeake Energy
Corp. | 156,600 | 3,440,502 |
| Chevron Corp. (b) | 95,000 | 7,087,000 |
| Cisco Systems, Inc.
(a)(b) | 56,200 | 998,674 |
| Citigroup, Inc. (b) | 265,400 | 3,622,710 |
| Colgate-Palmolive
Co. | 33,900 | 2,127,564 |
| Comcast Corp.,
Class A | 204,000 | 3,215,040 |
| ConocoPhillips (b) | 88,100 | 4,582,962 |
| CVS Caremark Corp.
(b) | 103,900 | 3,184,535 |
| Diamond Offshore
Drilling, Inc. (b) | 48,000 | 4,262,400 |
| Dow Chemical Co.
(The) | 110,100 | 2,936,367 |
| Eagle Bulk
Shipping, Inc. | 33,900 | 337,983 |
| EOG Resources, Inc.
(b) | 53,000 | 4,288,760 |
| Exxon Mobil Corp.
(b) | 77,500 | 5,744,300 |
| FPL Group, Inc. (b) | 87,900 | 4,152,396 |
| Freeport-McMoRan
Copper & Gold, Inc. | 56,400 | 1,641,240 |
| Genentech, Inc. (a) | 87,500 | 7,257,250 |
| General Electric
Co. | 144,000 | 2,809,440 |
| Genzyme Corp. (a) | 48,400 | 3,527,392 |
| Google, Inc., Class
A(a)(b) | 9,900 | 3,557,664 |
| Greenhill &
Co., Inc. (c) | 42,500 | 2,803,725 |
| H.J. Heinz Co. (b) | 70,000 | 3,067,400 |
| Halliburton Co. | 57,500 | 1,137,925 |
| Hudson City
Bancorp, Inc. | 43,500 | 818,235 |
| Intel Corp. | 178,000 | 2,848,000 |
| IntercontinentalExchange,
Inc. (a) | 22,400 | 1,916,544 |
| International
Business Machines Corp. | 52,700 | 4,899,519 |
| Johnson &
Johnson (b) | 116,100 | 7,121,574 |
| JPMorgan Chase
& Co. | 74,600 | 3,077,250 |
| Kellogg Co. (b) | 70,500 | 3,554,610 |
| KeyCorp | 121,800 | 1,489,614 |
| Kohls Corp. (a) | 60,500 | 2,125,365 |
| Linear Technology
Corp. | 136,200 | 3,089,016 |
| McDonalds Corp.
(b) | 86,000 | 4,981,980 |
| Medco Health
Solutions, Inc. (a) | 71,200 | 2,702,040 |
| Medtronic, Inc. | 169,300 | 6,827,869 |
| Microsoft Corp. (b) | 184,600 | 4,122,118 |

| Common
Stocks | Shares | Value |
| --- | --- | --- |
| United
States(concluded) | | |
| Molson Coors
Brewing Co., Class B | 68,000 | $ 2,540,480 |
| Motorola, Inc. | 180,000 | 966,600 |
| NASDAQ OMX Group
(The) (a) | 72,700 | 2,359,842 |
| Newmont Mining
Corp. | 86,000 | 2,265,240 |
| Nike, Inc. | 104,100 | 5,999,283 |
| Norfolk Southern
Corp. | 88,000 | 5,274,720 |
| Occidental
Petroleum Corp. | 173,800 | 9,652,852 |
| Pfizer, Inc. | 391,300 | 6,929,923 |
| Pioneer Natural
Resources Co. | 96,800 | 2,693,944 |
| Procter &
Gamble Co. | 72,700 | 4,692,058 |
| Public Service
Enterprise Group, Inc. | 67,800 | 1,908,570 |
| Qualcomm, Inc. | 68,800 | 2,632,288 |
| Regions Financial
Corp. | 125,900 | 1,396,231 |
| Simon Property
Group, Inc. (REIT) | 13,200 | 884,796 |
| T. Rowe Price
Group, Inc. | 38,300 | 1,514,382 |
| Target Corp. | 62,800 | 2,519,536 |
| Torchmark Corp. | 20,400 | 852,108 |
| U.S. Bancorp | 82,200 | 2,450,382 |
| UMB Financial Corp. | 41,900 | 1,899,327 |
| Wal-Mart Stores,
Inc. | 60,100 | 3,354,181 |
| Walt Disney Co.
(The) | 133,800 | 3,465,420 |
| Wells Fargo &
Co. | 150,700 | 5,131,335 |
| Weyerhauser Co. | 57,300 | 2,190,006 |
| Yum! Brands, Inc.
(b) | 109,000 | 3,162,090 |
| | | 260,315,087 |
| Total
Common Stocks89.8% | | 503,158,717 |
| Exchange-Traded
Funds | | |
| United
States7.1% | | |
| Financial Select
Sector SPDR Fund | 334,400 | 5,193,232 |
| iShares Dow Jones
Euro Stoxx Banks | 104,800 | 2,461,749 |
| iShares Dow Jones
Stoxx 600 Banks | 280,000 | 7,126,780 |
| iShares Dow Jones
U.S. Real Estate Index Fund | 94,200 | 3,997,848 |
| SPDR KBW Insurance | 71,900 | 1,781,682 |
| Lyxor Dow Jones
Stoxx 600 Financial Services | 30,500 | 880,103 |
| PowerShares Dynamic
Insurance Portfolio | 52,900 | 697,222 |
| SPDR Trust Series 1 | 180,000 | 17,429,400 |
| Total
Exchange-Traded Funds7.1% | | 39,568,016 |
| Total
Long-Term Investments (Cost$742,088,145)96.9% | | 542,726,733 |
| Short-Term
Securities | Beneficial Interest/Shares | |
| Money
Market Funds0.6% | | |
| BlackRock Liquidity Series, LLC Money Market Series, 1.57%(d)(e)(f) | 2,812,950 | 2,812,950 |
| Fidelity Institutional Money Market Prime Portfolio, 2.44%(d) | 823,521 | 823,521 |
| Total Money Market Funds | | 3,636,471 |
| | Principal Amount | |
| U.S. Government and Agency Discount
Notes4.8% | | |
| Federal National Mortgage Association Discount Notes, 2.08%, 11/04/2008 (g) | $ 26,700,000 | 26,695,394 |
| Total
Short-Term Securities (Cost$30,331,865)5.4% | | 30,331,865 |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	53

| Schedule of
Investments (continued) |
| --- |
| (Percentages shown are based on Net
Assets) |

| Options
Purchased | | Value |
| --- | --- | --- |
| Call
Options Purchased0.0% | | |
| American Electric
Power Co., Inc., strike price $45, expires 11/21/08 | 64,000 | $ 1,133 |
| Archer Daniels
Midland Co., strike price $45, expires 12/22/08 | 1,471 | 11,032 |
| BHP Billiton Ltd.
(ADR), strike price $95, expires 11/24/08 | 173 | 865 |
| Citigroup, Inc.,
strike price $28.25, expires 11/03/08 | 352 | |
| EOG Resources,
Inc., strike price $145, expires 11/21/08 | 18,000 | 400 |
| Financial Select
Sector SPDR Fund, strike price $27, expires 12/22/08 | 754 | 1,885 |
| Google, Inc., Class
A, strike price $640, expires 12/22/08 | 25 | 375 |
| Oriflame Cosmetics
S.A., strike price 410 SEK, expires 11/07/08 | 44,118 | |
| Research In Motion
Ltd., strike price $160, expires 12/22/08 | 150 | 600 |
| TELUS Corp., strike
price 48 CAD, expires 11/24/08 | 850 | 29,972 |
| Ultra Petroleum
Corp., strike price $115, expires 12/22/08 | 142 | 1,776 |
| Yara International
ASA, strike price 330 NOK, expires 11/04/08 | 83,400 | |
| Total
Options Purchased (Cost$585,209)0.0% | | 48,038 |
| Total
Investments Before Options Written (Cost$773,005,219*)102.3% | | 573,106,636 |

| Options
Written | | | | |
| --- | --- | --- | --- | --- |
| Call
Options Written(0.8)% | | | | |
| ACE Ltd., strike
price $55, expires 11/24/08 | (275 | ) | (152,625 | ) |
| Adidas AG, strike
price 44 EUR, expires 12/19/08 | (200 | ) | (4,074 | ) |
| Adidas AG, strike
price 47.48 EUR, expires 11/04/08 | (44,800 | ) | (1 | ) |
| AEM S.p.A., strike
price 2.50 EUR, expires 11/04/08 | (576,000 | ) | (7 | ) |
| Alcon, Inc., strike
price $100, expires 11/24/08 | (60 | ) | (42,102 | ) |
| Alcon, Inc., strike
price $165, expires 11/24/08 | (190 | ) | (2,850 | ) |
| Allstate Corp.
(The), strike price $47.50, expires 01/19/09 | (140 | ) | (1,400 | ) |
| Alstom S.A., strike
price 82 EUR, expires 11/06/08 | (32,000 | ) | | |
| Altera Corp.,
strike price $23, expires 11/07/08 | (175 | ) | | |
| Altera Corp.,
strike price $23.41, expires 11/18/08 | (80,400 | ) | (8 | ) |
| Altria Group, Inc.,
strike price $22.25, expires 11/21/08 | (128,000 | ) | (8,704 | ) |
| Altria Group, Inc.,
strike price $22.50, expires 12/20/08 | (485 | ) | (14,793 | ) |
| American Electric
Power Co., Inc., strike price $45, expires 11/24/08 | (320 | ) | (3,200 | ) |
| American Electric
Power Co., Inc., strike price $47.50, expires 11/24/08 | (320 | ) | (3,200 | ) |
| Amgen, Inc., strike
price $65, expires 01/19/09 | (500 | ) | (143,500 | ) |
| Amgen, Inc., strike
price $65, expires 12/22/08 | (385 | ) | (75,460 | ) |
| Aon Corp., strike
price $47.75, expires 11/07/08 | (240 | ) | (113 | ) |
| Aon Corp., strike
price $51, expires 11/21/08 | (26,000 | ) | (491 | ) |
| Apple, Inc., strike
price $200, expires 01/19/09 | (118 | ) | (1,298 | ) |
| ArcelorMittal,
strike price $95, expires 12/20/08 | (426 | ) | (8,520 | ) |
| Arch Capital Group
Ltd., strike price $70, expires 12/22/08 | (100 | ) | (44,000 | ) |
| Archer Daniels
Midland Co., strike price $46, expires 11/03/08 | (92,100 | ) | (1 | ) |
| Assicurazioni
Generali S.p.A., strike price 22.04 EUR, expires 12/09/08 | (10,000 | ) | (5,537 | ) |
| AstraZeneca Plc,
strike price 24.50 GBP, expires 12/02/08 | (39,000 | ) | (119,432 | ) |
| AvalonBay
Communities, Inc. (REIT), strike price $105, expires 11/11/08 | (74 | ) | | |
| AvalonBay
Communities, Inc. (REIT), strike price $110, expires 01/19/09 | (35 | ) | (2,450 | ) |

| Options
Written | | | Value | |
| --- | --- | --- | --- | --- |
| Call
Options Written(continued) | | | | |
| AXA S.A., strike
price 26 EUR, expires 11/21/08 | (230 | ) | $ (2,345 | ) |
| Banco Bradesco S.A.
(ADR), strike price $15, expires 01/19/09 | (70 | ) | (8,575 | ) |
| Banco Bradesco S.A.
(ADR), strike price $22.50, expires 12/22/08 | (180 | ) | (900 | ) |
| Banco Itau Holding
Financeira S.A. (ADR), strike price $11, expires 11/10/08 | (188 | ) | (20,475 | ) |
| Banco Itau Holding
Financeira S.A. (ADR), strike price $22.50, expires 12/22/08 | (180 | ) | (1,800 | ) |
| Banco Santander
S.A., strike price 12.41 EUR, expires 11/07/08 | (74,000 | ) | (1 | ) |
| Bank of America
Corp., strike price $37.50, expires 11/10/08 | (19,000 | ) | (8 | ) |
| Bank of America
Corp., strike price $40, expires 11/24/08 | (430 | ) | (1,075 | ) |
| Barrick Gold Corp.,
strike price $52, expires 11/03/08 | (150 | ) | | |
| Baxter
International, Inc., strike price $65, expires 11/22/08 | (250 | ) | (21,250 | ) |
| Baxter
International, Inc., strike price $67.50, expires 11/24/08 | (250 | ) | (8,750 | ) |
| Baxter
International, Inc., strike price $70, expires 11/24/08 | (125 | ) | (1,562 | ) |
| BB&T Corp.,
strike price $35, expires 12/22/08 | (385 | ) | (148,225 | ) |
| BB&T Corp.,
strike price $45, expires 11/24/08 | (100 | ) | (1,000 | ) |
| BB&T Corp.,
strike price $45, expires 12/22/08 | (260 | ) | (7,150 | ) |
| Becton Dickinson
& Co., strike price $75, expires 12/22/08 | (90 | ) | (16,650 | ) |
| Becton Dickinson
& Co., strike price $85, expires 12/22/08 | (355 | ) | (9,763 | ) |
| Becton Dickinson
& Co., strike price $90.05, expires 11/21/08 | (32,000 | ) | (138 | ) |
| Beiersdorf AG,
strike price 43.04 EUR, expires 11/11/08 | (21,200 | ) | (25,633 | ) |
| Belgacom S.A.,
strike price 27.24 EUR, expires 12/02/08 | (35,000 | ) | (43,212 | ) |
| BHP Billiton Ltd.
(ADR), strike price $47.18, expires 12/15/08 | (4,250 | ) | (5,496 | ) |
| BNP Paribas, strike
price 69 EUR, expires 11/07/08 | (7,700 | ) | (30 | ) |
| Bombardier, Inc.,
Class B, strike price 9 CAD, expires 01/19/09 | (1,950 | ) | (10,516 | ) |
| Bombardier, Inc.,
Class B, strike price 9 CAD, expires 11/23/08 | (1,300 | ) | (10,786 | ) |
| Broadcom Corp.,
strike price $30, expires 11/24/08 | (825 | ) | (4,125 | ) |
| Campbell Soup Co.,
strike price $40, expires 11/24/08 | (790 | ) | (37,525 | ) |
| Canadian National
Railway Co., strike price $51.59, expires 11/21/08 | (43,000 | ) | (4,145 | ) |
| Canon, Inc., strike
price 5,900 JPY, expires 11/05/08 | (43,800 | ) | | |
| CapitaLand Ltd.,
strike price 4.68 SGD, expires 11/12/08 | (242,000 | ) | (2 | ) |
| Charles Schwab
Corp. (The), strike price $25, expires 12/22/08 | (145 | ) | (3,625 | ) |
| Charles Schwab
Corp. (The), strike price $25.50, expires 11/10/08 | (30,600 | ) | (31 | ) |
| Chesapeake Energy
Corp., strike price $55.05, expires 12/19/08 | (77,500 | ) | (11,059 | ) |
| Chesapeake Energy
Corp., strike price $57, expires 11/03/08 | (400 | ) | | |
| Chevron Corp.,
strike price $80, expires 01/19/09 | (250 | ) | (130,000 | ) |
| China Construction
Bank Corp., Class H, strike price 7.11 HKD, expires 11/05/08 | (2,777,000 | ) | (4 | ) |
| China Mobile Ltd.,
strike price 98.16 HKD, expires 11/05/08 | (162,000 | ) | | |
| China Mobile Ltd.,
strike price 144.82 HKD, expires 11/05/08 | (200,000 | ) | | |
| Cia Energetica de
Minas Gerais (ADR), strike price $25, expires 12/22/08 | (400 | ) | (14,000 | ) |
| Cisco Systems,
Inc., strike price $29.50, expires 11/07/08 | (370 | ) | | |
| Citigroup, Inc.,
strike price $21.50, expires 11/10/08 | (48,300 | ) | (43 | ) |
| Citigroup, Inc.,
strike price $25, expires 01/19/09 | (180 | ) | (2,160 | ) |

See Notes to Financial Statements. — 54	ANNUAL REPORT	OCTOBER 31, 2008

| Schedule of Investments
(continued) |
| --- |
| (Percentages shown are based on Net
Assets) |

Options Written			Value
Call Options Written(continued)
Citigroup,
Inc., strike price $25, expires 12/22/08	(780	)	$ (4,680	)
Citigroup,
Inc., strike price $28.50, expires 11/03/08	(352	)
Colgate-Palmolive
Co., strike price $75, expires 11/24/08	(295	)	(2,950	)
Comcast
Corp., Class A, strike price $22.50, expires 01/19/09	(1,080	)	(16,200	)
Compagnie
Generale des Etablissements Michelin, Class B, strike price 50.09 EUR,
expires 11/13/08	(34,800	)	(12,838	)
ConocoPhillips,
strike price $60, expires 01/19/09	(220	)	(70,950	)
Covidien
Ltd., strike price $55, expires 11/24/08	(340	)	(3,400	)
CVS
Caremark Corp., strike price $44, expires 11/21/08	(86,000	)	(26	)
CVS
Caremark Corp., strike price $45, expires 11/24/08	(160	)	(800	)
De La Rue
Plc, strike price 8.90 GBP, expires 12/02/08	(50,000	)	(32,628	)
De La Rue
Plc, strike price 8.90 GBP, expires 12/09/08	(50,000	)	(36,071	)
Diamond
Offshore Drilling, Inc., strike price $141, expires 11/21/08	(27,000	)	(65	)
Dow
Chemical Co. (The), strike price $25.80, expires 12/24/08	(55,000	)	(151,410	)
E.ON AG,
strike price 40.82 EUR, expires 11/13/08	(20,000	)	(21	)
Eni S.p.A.,
strike price 22.37 EUR, expires 11/13/08	(140,000	)	(20,460	)
EOG
Resources, Inc., strike price $95, expires 12/19/08	(37,000	)	(129,211	)
EOG
Resources, Inc., strike price $150, expires 11/03/08	(240	)
Esprit
Holdings Ltd., strike price 99.10 HKD, expires 11/05/08	(47,000	)
Esprit
Holdings Ltd., strike price 107.07 HKD, expires 11/05/08	(122,300	)
Exxon Mobil
Corp., strike price $85, expires 12/22/08	(425	)	(96,263	)
Financial
Select Sector SPDR Fund, strike price $26, expires 01/19/09	(2,300	)	(9,200	)
Financial
Select Sector SPDR Fund, strike price $27.05, expires 11/21/08	(75,400	)	(611	)
Fomento
Economico Mexicano SAB de CV (ADR), strike price $48, expires 11/03/08	(1,020	)	(1	)
Fomento
Economico Mexicana SAB de CV (ADR), strike price $49, expires 11/07/08	(40,000	)
Fortum Oyj,
strike price 27.86 EUR, expires 11/04/08	(55,000	)	(1	)
Fosters
Group Ltd., strike price 5.88 AUD, expires 11/05/08	(459,000	)	(22,952	)
FPL Group,
Inc., strike price $71, expires 11/21/08	(26,000	)	(554	)
Fred Olsen
Energy ASA, strike price 334.40 NOK, expires 11/04/08	(8,000	)
Fresenius
Medical Care AG & Co. KGaA, strike price 35.50 EUR, expires 11/04/08	(50,000	)	(40,161	)
Gazprom OAO
(ADR), strike price $64.68, expires 11/04/08	(40,800	)	(29	)
Genentech,
Inc., strike price $95, expires 12/22/08	(480	)	(75,600	)
General
Electric Co., strike price $21, expires 12/22/08	(800	)	(86,800	)
Genzyme
Corp., strike price $75, expires 12/22/08	(215	)	(83,850	)
Google,
Inc., Class A, strike price $440, expires 01/19/09	(25	)	(21,375	)
Google,
Inc., Class A, strike price $600, expires 12/22/08	(25	)	(375	)
Google,
Inc., Class A, strike price $650, expires 12/22/08	(25	)	(250	)
Greenhill
& Co., Inc., strike price $70, expires 12/22/08	(234	)	(74,880	)
H.J. Heinz
Co., strike price $50.05, expires 11/21/08	(25,000	)	(3,955	)
H.J. Heinz
Co., strike price $52, expires 12/19/08	(45,000	)	(18,536	)
Halliburton
Co., strike price $27.50, expires 01/19/09	(120	)	(7,860	)
Hannover
Rueckversicherung AG, strike price 34.22 EUR, expires 11/04/08	(52,800	)	(1	)
HSBC
Holdings Plc, strike price 8.67 GBP, expires 11/07/08	(39,000	)	(510	)
HSBC
Holdings Plc, strike price 8.85 GBP, expires 12/02/08	(27,000	)	(4,610	)
HSBC
Holdings Plc, strike price 9.35 GBP, expires 11/07/08	(99,000	)	(16	)
Hudson City
Bancorp, Inc., strike price $19, expires 11/03/08	(21,800	)	(4,149	)

Options Written			Value
Call Options Written(continued)
Husky
Energy, Inc., strike price 49 CAD, expires 11/20/08	(870	)	$ (5,775	)
Hyundai
Motor Co., strike price 70,980 KRW, expires 11/12/08	(21,800	)	(8,075	)
Industrial
and Commercial Bank of China Asia Ltd., strike price 20.69 HKD, expires
12/03/08	(255,000	)
Intel
Corp., strike price $23, expires 11/21/08	(98,000	)	(59	)
IntercontinentalExchange,
Inc., strike price $90, expires 11/24/08	(75	)	(44,250	)
IntercontinentalExchange,
Inc., strike price $100, expires 12/22/08	(92	)	(57,500	)
International
Business Machines Corp., strike price $135, expires 11/03/08	(50	)
iShares Dow
Jones U.S. Real Estate Index Fund, strike price $67, expires 11/03/08	(250	)
Johnson
& Johnson, strike price $68, expires 11/07/08	(250	)	(287	)
Johnson
& Johnson, strike price $70, expires 11/28/08	(390	)	(7,515	)
JPMorgan
Chase & Co., strike price $45, expires 12/22/08	(220	)	(42,570	)
JPMorgan
Chase & Co., strike price $47.50, expires 12/22/08	(150	)	(17,475	)
Julius Baer
Holding AG, strike price 67.50 CHF, expires 11/04/08	(12,000	)
K+S AG,
strike price 60 EUR, expires 12/19/08	(18	)	(1,806	)
K+S AG,
strike price 65 EUR, expires 12/19/08	(144	)	(56,529	)
Kellogg
Co., strike price $55, expires 12/22/08	(700	)	(64,750	)
Kerry
Properties Ltd., strike price 61.46 HKD, expires 11/05/08	(350,000	)
KeyCorp,
strike price $11.25, expires 12/30/08	(670	)	(158,656	)
Kohls
Corp., strike price $50.29, expires 11/21/08	(33,500	)	(536	)
Konica
Minolta Holdings, Inc., strike price 1,572.64 JPY, expires 11/12/08	(67,000	)
Legal &
General Group Plc, strike price 1.15 GBP, expires 11/04/08	(2,000,000	)	(32	)
Linde AG,
strike price 87.97 EUR, expires 11/07/08	(22,100	)	(65	)
Linde AG,
strike price 94 EUR, expires 11/23/08	(89	)	(8,031	)
Linear
Technology Corp., strike price $32.50, expires 01/19/09	(225	)	(2,813	)
McDonalds
Corp., strike price $61, expires 11/21/08	(43,000	)	(51,613	)
Medco
Health Solutions, Inc., strike price $40, expires 01/19/09	(110	)	(37,950	)
Medco
Health Solutions, Inc., strike price $50, expires 11/24/08	(285	)	(2,850	)
Medtronic,
Inc., strike price $55, expires 01/19/09	(250	)	(5,625	)
Mizuho
Financial Group, Inc., strike price 575,921.50 JPY, expires 11/05/08	(300	)
Motorola,
Inc., strike price $7.50, expires 01/19/09	(450	)	(7,875	)
NASDAQ OMX
Group (The), strike price $30, expires 12/22/08	(370	)	(194,250	)
National
Express Group Plc, strike price 9.08 GBP, expires 11/04/08	(50,000	)	(1	)
Nestle
S.A., strike price 45 CHF, expires 11/04/08	(69,000	)	(57,499	)
Nestle
S.A., strike price 52.40 CHF, expires 11/07/08	(85,000	)	(227	)
New World
Development Co. Ltd., strike price 23.19 HKD, expires 11/05/08	(964,000	)	(1	)
Newmont
Mining Corp., strike price $60, expires 12/22/08	(170	)	(680	)
Nike, Inc.,
strike price $65.50, expires 12/19/08	(25,000	)	(39,720	)
Nike, Inc.,
strike price $71, expires 11/21/08	(32,000	)	(2,726	)
Nintendo
Co. Ltd., strike price 62,485.84 JPY, expires 11/05/08	(8,200	)
Nintendo
Co. Ltd., strike price 62,685 JPY, expires 11/05/08	(5,800	)
Nordea Bank
AB, strike price 104 SEK, expires 11/04/08	(37,000	)
Norfolk
Southern Corp., strike price $62.99, expires 11/03/08	(44,000	)	(8,364	)
Novartis AG
(ADR), strike price $60, expires 11/21/08	(42,000	)	(5,200	)

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	55

| Schedule of Investments
(continued) |
| --- |
| (Percentages shown are based on Net
Assets) |

Options Written			Value
Call Options Written(continued)
Occidental
Petroleum Corp., strike price $65, expires 01/19/09	(430	)	$ (180,600	)
Oriflame
Cosmetics S.A., strike price 415.86 SEK, expires 11/07/08	(44,118	)
Orkla ASA,
strike price 68.99 NOK, expires 11/04/08	(192,000	)
Parmalat
S.p.A., strike price 1.94 EUR, expires 11/11/08	(772,734	)	(10	)
Partner
Communications (ADR), strike price $24.03, expires 11/21/08	(168,000	)	(403	)
Partner
Communications (ADR), strike price $25, expires 11/24/08	(625	)	(9,375	)
Petroleo
Brasileiro S.A. (ADR), strike price $55, expires 11/24/08	(280	)	(1,400	)
Pfizer,
Inc., strike price $20, expires 01/19/09	(930	)	(67,890	)
Pfizer,
Inc., strike price $20, expires 12/22/08	(1,200	)	(51,000	)
Philippine
Long Distance Telephone Co. (ADR), strike price $65, expires 01/19/09	(405	)	(20,250	)
Pioneer
Natural Resources Co., strike price $65, expires 12/22/08	(778	)	(11,670	)
Pioneer
Natural Resources Co., strike price $75, expires 12/22/08	(190	)	(1,900	)
Potash
Corp. of Saskatchewan, strike price $120, expires 01/19/09	(45	)	(14,400	)
PowerShares
Dynamic Insurance Portfolio, strike price $16.94, expires 11/03/08	(26,000	)
PPR, strike
price 82.29 EUR, expires 11/04/08	(12,800	)
Procter
& Gamble Co., strike price $68.50, expires 11/21/08	(36,500	)	(24,864	)
Public
Service Enterprise Group, Inc., strike price $45, expires 12/22/08	(275	)	(2,063	)
Qualcomm,
Inc., strike price $48.75, expires 11/03/08	(358	)
Qualcomm,
Inc., strike price $57.50, expires 01/19/09	(330	)	(3,465	)
Regions
Financial Corp., strike price $11.38, expires 12/30/08	(690	)	(101,347	)
Research In
Motion Ltd., strike price $170, expires 12/22/08	(150	)	(450	)
Rio Tinto
Plc (ADR), strike price $195, expires 12/22/08	(6	)	(14,520	)
Roche
Holding AG, strike price 190 CHF, expires 12/09/08	(8,200	)	(50,925	)
Royal Bank
of Canada, strike price 50 CAD, expires 01/19/09	(110	)	(26,056	)
Samsung
Electronics Co. Ltd., strike price 799,580.37 KRW, expires 11/05/08	(3,250	)
Shizuoka
Bank Ltd. (The), strike price 895.02 JPY, expires 01/06/09	(66,500	)	(66,375	)
Simon
Property Group, Inc. (REIT), strike price $95, expires 01/19/09	(66	)	(9,900	)
Sims Group
Ltd., strike price 34 AUD, expires 11/05/08	(70,500	)
Sims Group
Ltd., strike price 41.57 AUD, expires 11/05/08	(86,000	)	(1	)
Singapore
Airlines Ltd., strike price 17.16 SGD, expires 11/05/08	(138,000	)	(1	)
Singapore
Telecommunications Ltd., strike price 3.97 SGD, expires 11/05/08	(1,100,000	)	(7	)
SPDR KBW
Insurance, strike price $48,expires 12/22/08	(215	)	(7,525	)
SPDR KBW
Insurance, strike price $49.86, expires 11/21/08	(14,500	)	(1	)

Options Written			Value
Call Options Written(concluded)
Sumitomo
Corp., strike price 763.76 JPY, expires 01/06/09	(111,000	)	$ (197,841	)
Syngenta
AG, strike price 334.41 CHF, expires 11/04/08	(15,200	)
T. Rowe
Price Group, Inc., strike price $60, expires 11/24/08	(70	)	(700	)
T. Rowe
Price Group, Inc., strike price $62, expires 11/11/08	(12,500	)	(49	)
Taiwan
Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11, expires
11/14/08	(220,000	)	(132	)
Target
Corp., strike price $62.50, expires 01/19/09	(250	)	(17,125	)
TELUS
Corp., strike price 50 CAD, expires 11/24/08	(350	)	(5,517	)
TELUS
Corp., strike price 52 CAD, expires 11/22/08	(500	)	(4,563	)
Torchmark
Corp., strike price $65, expires 11/24/08	(100	)	(7,500	)
Total S.A.,
strike price 52.89 EUR, expires 11/04/08	(24,000	)	(10	)
Total S.A.,
strike price 58.29 EUR, expires 11/04/08	(16,000	)
Toyota
Motor Corp. (ADR), strike price $90, expires 01/19/09	(160	)	(57,600	)
U.S.
Bancorp, strike price $30, expires 11/03/08	(144	)	(7,076	)
U.S.
Bancorp, strike price $37.50, expires 12/22/08	(305	)	(4,575	)
Ultra
Petroleum Corp., strike price $60, expires 01/19/09	(200	)	(56,000	)
UMB
Financial Corp., strike price $56.50, expires 11/10/08	(13,600	)	(4,345	)
Unilever
Plc, strike price 16.60 GBP, expires 11/11/08	(117,000	)	(4,162	)
United
Overseas Bank Ltd., strike price 22.07 SGD, expires 11/05/08	(226,300	)	(2	)
Vivendi,
strike price 24.98 EUR, expires 11/13/08	(57,000	)	(11,436	)
Vodafone
Group Plc (ADR), strike price $35.25, expires 11/21/08	(72,000	)	(22	)
Wal-Mart
Stores, Inc., strike price $60, expires 12/22/08	(300	)	(61,350	)
Wal-Mart
Stores, Inc., strike price $65, expires 11/24/08	(300	)	(6,900	)
Walt Disney
Co. (The), strike price $33.39, expires 11/21/08	(48,500	)	(563	)
Walt Disney
Co. (The), strike price $35, expires 01/19/09	(260	)	(5,850	)
Wells Fargo
& Co., strike price $30, expires 11/03/08	(355	)	(145,152	)
Wells Fargo
& Co., strike price $40, expires 01/19/09	(240	)	(34,200	)
Wells Fargo
& Co., strike price $40, expires 11/24/08	(250	)	(5,625	)
Weyerhauser
Co., strike price $65, expires 01/19/09	(290	)	(4,350	)
Yara
International ASA, strike price 332.72 NOK, expires 11/04/08	(188,400	)
Yum!
Brands, Inc., strike price $40.50, expires 11/07/08	(57,000	)	(1	)
Total Call Options Written			(4,420,423	)
Put Options Written(0.0)%
IntercontinentalExchange,
Inc., strike price $70, expires 11/24/08	(170	)	(48,026	)
Target
Corp., strike price $40, expires 11/24/08	(175	)	(63,000	)
Total Put Options Written			(111,026	)
Total Options Written (Premium Received$20,375,800)(0.8)%			(4,531,449	)
Total Investments Net of Options
Written101.5%			568,575,187
Liabilities in Excess of Other
Assets(1.5)%			(8,214,716	)
Net Assets100.0%			$ 560,360,471

See Notes to Financial Statements. — 56	ANNUAL REPORT	OCTOBER 31, 2008

Schedule of Investments (concluded) BlackRock World Investment Trust (BWC)

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 6,660,120
Gross unrealized depreciation	(208,783,810	)
Net unrealized depreciation	$ (202,123,690	)

(a)	Non-income producing security.
(b)	Security, or a portion thereof, pledged as collateral for
outstanding options written.
(c)	Security, or a portion of security, is on loan.
(d)	Represents current yield as of report date.
(e)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940 were as follows:

Affiliate		Income
BlackRock Liquidity Series, LLC Money Market Series	2,812,950	$ 147,177

| (f) | Security purchased with the cash proceeds from securities
loans. |
| --- | --- |
| (g) | Rate shown is the yield to maturity as of date of
purchase. |
| | Foreign currency exchange contracts as of October 31, 2008
were as follows: |

| Currency
Purchased | | Currency
Sold | | Settlement Date | Unrealized Appreciation |
| --- | --- | --- | --- | --- | --- |
| USD | 110,298 | JPY | 10,718,000 | 11/04/08 | $ 1,481 |
| USD | 29,668 | CHF | 34,000 | 11/03/08 | 349 |
| Total | | | | | $ 1,830 |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	57

Statements of Assets and Liabilities

October 31, 2008	BlackRock Dividend Achievers Trust (BDV)
Assets
Investments
at value - unaffiliated 1,2	$ 562,405,162	$	675,088,898	$	287,135,769	$	122,219,065	$	617,974,336
Investments
at value - affiliated 3			21,574,000				1,694,500		25,537,250
Cash
Foreign
currency at value 4							32,696		66,696
Investments
sold receivable			2,422,181				41,172		1,185,036
Margin
variation receivable
Unrealized
appreciation on foreign currency exchange contracts							558
Dividends
and interest receivable	1,401,177		1,647,214		522,932		207,965		1,668,371
Securities
lending income receivable - affiliated			81,974				13,154		64,871
Other
assets	178,468		178,955		78,821		38,344		305,626
	563,984,807		700,993,222		287,737,522		124,247,454		646,802,186
Liabilities
Collateral
at value - securities loaned			21,574,000				1,694,500		25,537,250
Bank overdraft							1,099,988
Investments
purchased payable			2,178,999				84,014		979,948
Options
written at value 5			6,916,961				798,468		2,393,816
Margin
variation payable
Unrealized
depreciation on swaps contracts
Foreign
currency at value 4
Unrealized
depreciation on foreign currency exchange contracts
Investment
advisory fees payable	313,700		569,502		183,579		127,462		617,929
Officers
and Trustees fees payable	73,717		54,825		30,881				73,274
Licensing
fee payable	211,325		248,649		108,483
Other
liabilities							21,562		372,869
Other
accrued expenses payable	356,013		481,302		273,583		139,868		347,754
	954,755		32,024,238		596,526		3,965,862		30,322,840
Net Assets	$ 563,030,052	$	668,968,984	$	287,140,996	$	120,281,592	$	616,479,346
Net Assets Consist of
$0.001 par
value	$ 54,518	$	69,778	$	26,908	$	11,757	$	29,766
Paid-in
capital in excess of par	715,034,009		956,559,889		359,767,925		224,076,255		709,335,050
Undistributed
(distributions in excess of) net investment income	84,691		281,977		535,250		131,452		8,357,111
Accumulated
net realized gain (loss)	(52,785,280	)	(54,587,942	)	(9,636,521	)	925,176		(5,154,476	)
Net
unrealized appreciation/depreciation	(99,357,886	)	(233,354,718	)	(63,552,566	)	(104,863,048	)	(96,088,105	)
Net Assets	$ 563,030,052	$	668,968,984	$	287,140,996	$	120,281,592	$	616,479,346
Net asset
value 6	$ 10.33	$	9.59	$	10.67	$	10.23	$	20.71
1 Investments at cost - unaffiliated	$ 661,763,048	$	913,107,648	$	350,688,335	$	228,091,138	$	741,747,313
2 Securities on loan at value	$	$	21,820,760	$		$	1,664,499	$	25,067,125
3 Investments at cost - affiliated	$	$	21,574,000	$		$	1,694,500	$	25,537,250
4 Foreign currency at cost	$	$		$		$	32,978	$	67,788
5 Premiums received	$	$	11,580,993	$		$	1,835,551	$	30,075,096
6 Shares Outstanding	54,518,315		69,778,138		26,908,028		11,756,964		29,766,217

See Notes to Financial Statements.

58 ANNUAL REPORT OCTOBER 31, 2008

October 31, 2008	BlackRock Global Equity Income Trust (BFD)
Assets
Investments
at value - unaffiliated 1,2	$ 462,321,971	$	231,944,678	$	175,623,993	$	1,120,581,146
Investments
at value - affiliated 3			1,130,500		2,226,500
Cash	11,773						57,505
Foreign
currency at value 4	27,955,529		14,306		434,639
Investments
sold receivable	627,868		151,889		9,210,384		3,566,826
Margin
variation receivable	1,694,917
Unrealized
appreciation on foreign currency exchange contracts			732				33,468
Dividends
and interest receivable	2,021,296		530,173		282,099		4,821,644
Securities
lending income receivable - affiliated			11,566		3,971		1,943
Other
assets	132,465		62,025		37,885		268,631
	494,765,819		233,845,869		187,819,471		1,129,331,163
Liabilities
Collateral
at value - securities loaned			1,130,500		2,226,500
Bank
overdraft
Investments
purchased payable	84,495		2,619,954		1,518,275		945
Options
written at value 5	13,157,615		1,804,677		3,967,710		17,953,473
Margin
variation payable	246,967
Unrealized
depreciation on swaps contracts							1,061,948
Foreign
currency at value 4							283,617
Unrealized
depreciation on foreign currency exchange contracts							3,362
Investment
advisory fees payable	418,572		200,812		157,868		974,462
Officers
and Trustees fees payable	30,412		17,107		8,974		75,850
Licensing
fee payable							4,387
Other
liabilities					161,605		1,758,788
Other
accrued expenses payable	422,575		238,249		136,741		698,317
	14,360,636		6,011,299		8,177,673		22,815,149
Net Assets	$ 480,405,183	$	227,834,570	$	179,641,798	$	1,106,516,014
Net Assets Consist of
$0.001 par
value	$ 44,995	$	12,634	$	7,592	$	106,306
Paid-in
capital in excess of par	764,227,682		301,552,572		181,149,149		1,976,704,371
Undistributed
(distributions in excess of) net investment income	(14,254	)	21,527		247,494		952,653
Accumulated
net realized gain (loss)	(69,442,442	)	(1,497,798	)	2,325,602		(2,053,403	)
Net
unrealized appreciation/depreciation	(214,410,798	)	(72,254,365	)	(4,088,039	)	(869,193,913	)
Net Assets	$ 480,405,183	$	227,834,570	$	179,641,798	$	1,106,516,014
Net asset
value 6	$ 10.68	$	18.03	$	23.66	$	10.41
1 Investments at cost - unaffiliated	$ 667,387,045	$	310,850,579	$	181,307,062	$	1,990,489,658
2 Securities on loan at value	$	$	1,121,490	$	2,226,122	$
3 Investments at cost - affiliated	$	$	1,130,500	$	2,226,500	$
4 Foreign currency at cost	$ 29,113,835	$	14,442	$	422,926	$	(282,773	)
5 Premiums received	$ 9,618,280	$	8,453,687	$	5,552,545	$	19,940,508
6 Shares Outstanding	44,995,192		12,634,026		7,591,500		106,306,178

October 31, 2008	BlackRock Real Asset Equity Trust (BCF)		BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
Assets
Investments
at value - unaffiliated 1,2	$ 548,796,428		$ 74,691,030	$	570,293,686
Investments
at value - affiliated 3	1,612,600				2,812,950
Cash
Foreign
currency at value 4			6,788		36,977
Investments
sold receivable	685,543				352,705
Margin
variation receivable
Unrealized
appreciation on foreign currency exchange contracts					1,830
Dividends
and interest receivable	826,516		226,512		1,377,295
Securities
lending income receivable - affiliated	5,831				30,658
Other
assets	286,828		21,220		162,082
	552,213,746		74,945,550		575,068,183
Liabilities
Collateral
at value - securities loaned	1,612,600				2,812,950
Bank
overdraft
Investments
purchased payable	11,618,685				6,382,110
Options
written at value 5	2,686,196				4,531,449
Margin
variation payable
Unrealized
depreciation on swaps contracts
Foreign
currency at value 4	1,627
Unrealized
depreciation on foreign currency exchange contracts			67
Investment
advisory fees payable	579,635		49,111		492,211
Officers
and Trustees fees payable	53,747		7,300		47,612
Licensing
fee payable			46,556
Other
liabilities
Other
accrued expenses payable	403,830		126,089		441,380
	16,956,320		229,123		14,707,712
Net Assets	$ 535,257,426		$ 74,716,427	$	560,360,471
Net Assets Consist of
$0.001 par
value	$ 56,708		$ 6,033	$	52,163
Paid-in
capital in excess of par	811,015,946		83,384,353		746,486,768
Undistributed
(distributions in excess of) net investment income	1,465,037		157,407		1,258,770
Accumulated
net realized gain (loss)	(2,743,951	)	(430,343	)	(3,387,164	)
Net
unrealized appreciation/depreciation	(274,536,314	)	(8,401,023	)	(184,050,066	)
Net Assets	$ 535,257,426		$ 74,716,427	$	560,360,471
Net asset
value 6	$ 9.44		$ 12.38	$	10.74
1 Investments at cost - unaffiliated	$ 840,684,883		$ 83,095,952	$	770,192,269
2 Securities on loan at value	$ 1,623,368		$	$	2,790,531
3 Investments at cost - affiliated	$ 1,612,600		$	$	2,812,950
4 Foreign currency at cost	$ (1,571	)	$ 6,828	$	37,300
5 Premiums received	$ 20,028,393		$	$	20,375,800
6 Shares Outstanding	56,708,028		6,033,028		52,162,868

ANNUAL REPORT OCTOBER 31, 2008 59

S tatements of Operations

Year Ended October 31, 2008	BlackRock Dividend Achievers Trust (BDV)		BlackRock Enhanced Dividend Achievers Trust (BDJ)		BlackRock Strategic Dividend Achievers Trust (BDT)		BlackRock EcoSolutions Investment Trust (BQR)		BlackRock Global Energy and Resources Trust (BGR)
Investment Income
Dividends	$ 29,830,769		$ 34,717,192		$ 15,172,564		$ 3,148,066		$ 24,658,692
Interest	226,892		874,612		171,546		684,811		1,248,115
Securities
lending income - affiliated			353,731				78,088		463,647
Foreign
taxes withheld							(194,879	)	(689,343	)
Total
income	30,057,661		35,945,535		15,344,110		3,716,086		25,681,111
Expenses
Investment
advisory	4,555,776		8,205,304		2,653,021		2,568,378		12,600,258
License	700,889		820,530		353,736
Printing	170,631		191,308		85,960		52,938		176,959
Professional	135,097		153,213		97,660		80,593		162,592
Custodian	131,211		128,143		58,834		110,068		217,160
Officer and
Trustees	66,695		90,667		18,500		19,815		108,343
Insurance	37,742		43,959		18,305		10,667		50,015
Transfer
agent	13,349		14,734		13,973		11,849		13,833
Registration	6,082		19,613		2,330		31,576		2,072
Miscellaneous	7,986		7,871		7,246		15,116		8,694
Total
expenses	5,825,458		9,675,342		3,309,565		2,901,000		13,339,926
Less fees
waived by advisor									(2,100,043	)
Less fees
paid indirectly			(1,183	)			(3,475	)	(779	)
Total
expenses after fees waived and paid indirectly	5,825,458		9,674,159		3,309,565		2,897,525		11,239,104
Net
investment income	24,232,203		26,271,376		12,034,545		818,561		14,442,007
Realized and Unrealized Gain (Loss)
Net
realized gain (loss) from:
Investments	(54,852,838	)	(95,751,719	)	(11,706,289	)	7,271,817		52,153,470
Foreign
currency							(354,603	)	950,030
Futures
Options
written			48,767,386				12,048,852		(9,626,069	)
Swaps
	(54,852,838	)	(46,984,333	)	(11,706,289	)	18,966,066		43,477,431
Net change
in unrealized appreciation/depreciation on:
Investments	(201,915,360	)	(220,104,231	)	(98,616,276	)	(121,800,163	)	(475,557,407	)
Foreign
currency							(39,687	)	(107,039	)
Futures
Options
written			4,219,083				2,417,148		33,156,001
Swaps									(15,831,971	)
	(201,915,360	)	(215,885,148	)	(98,616,276	)	(119,422,702	)	(458,340,416	)
Total
realized and unrealized loss	(256,768,198	)	(262,869,481	)	(110,322,565	)	(100,456,636	)	(414,862,985	)
Net Decrease in
Net Assets Resulting from Operations	$ (232,535,995	)	$ (236,598,105	)	$ (98,288,020	)	$ (99,638,075	)	$ (400,420,978	)

See Notes to Financial Statements. — 60	ANNUAL REPORT	OCTOBER 31, 2008

Year Ended October 31, 2008	BlackRock Global Equity Income Trust (BFD)		BlackRock Global Opportunities Equity Trust (BOE)		BlackRock Health Sciences Trust (BME)		BlackRock International Growth and Income Trust (BGY)
Investment Income
Dividends	$ 27,190,695		$ 8,751,778		$ 2,076,564		$ 63,011,008
Interest	1,179,432		767,629		755,099		4,213,658
Securities
lending income - affiliated			51,605		64,833		2,633
Foreign
taxes withheld	(1,403,893	)	(527,018	)	(57,931	)	(5,829,540	)
Total
income	26,966,234		9,043,994		2,838,565		61,397,759
Expenses
Investment
advisory	7,151,577		3,304,776		2,124,115		17,817,570
License							3,082
Printing	157,954		63,817		60,368		222,298
Professional	147,099		95,298		85,339		227,561
Custodian	294,572		200,538		82,359		1,003,081
Officer and
Trustees	93,109		23,496		15,221		245,581
Insurance	39,508		17,416		10,287		95,556
Transfer
agent	10,843		13,754		13,734		10,971
Registration	18,958		1,699		7,163		22,510
Miscellaneous	16,382		43,819		11,453		88,865
Total
expenses	7,930,002		3,764,613		2,410,039		19,737,075
Less fees
waived by advisor
Less fees
paid indirectly	(1,942	)	(224	)	(184	)	(1,668	)
Total
expenses after fees waived and paid indirectly	7,928,060		3,764,389		2,409,855		19,735,407
Net
investment income	19,038,174		5,279,605		428,710		41,662,352
Realized and Unrealized Gain (Loss)
Net
realized gain (loss) from:
Investments	(97,682,952	)	3,815,970		8,723,435		(39,717,457	)
Foreign
currency	(546,527	)	(334,493	)	(25,971	)	(2,515,137	)
Futures	(16,948,409	)
Options
written	45,937,146		20,373,804		2,959,905		134,873,275
Swaps							(11,246,240	)
	(69,240,742	)	23,855,281		11,657,369		81,394,441
Net change
in unrealized appreciation/depreciation on:
Investments	(256,289,182	)	(170,715,701	)	(47,375,024	)	(1,002,790,543	)
Foreign
currency	(2,351,679	)	(36,466	)	7,921		(563,399	)
Futures	(5,329,862	)
Options
written	(4,140,287	)	15,656,508		728,119		26,745,368
Swaps					(354,737	)	(1,061,948	)
	(268,111,010	)	(155,095,659	)	(46,993,721	)	(977,670,522	)
Total
realized and unrealized loss	(337,351,752	)	(131,240,378	)	(35,336,352	)	(896,276,081	)
Net Decrease in
Net Assets Resulting from Operations	$ (318,313,578	)	$ (125,960,773	)	$ (34,907,642	)	$ (854,613,729	)

Year Ended October 31, 2008	BlackRock Real Asset Equity Trust (BCF)		BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)		BlackRock World Investment Trust (BWC)
Investment Income
Dividends	$ 21,561,678		$ 4,441,047		$ 21,349,768
Interest	2,111,941		40,294		1,882,122
Securities
lending income - affiliated	71,134				147,177
Foreign
taxes withheld	(371,686	)	(200,097	)	(1,363,029	)
Total
income	23,373,067		4,281,244		22,016,038
Expenses
Investment
advisory	12,569,283		788,644		8,194,636
License			42,408
Printing	162,175		28,149		165,111
Professional	144,494		62,557		152,943
Custodian	407,075		53,959		334,541
Officer and
Trustees	119,123		6,825		95,488
Insurance	52,690		5,661		43,380
Transfer
agent	9,970		13,855		14,489
Registration	14,503		1,593		14,434
Miscellaneous	29,525		7,244		14,530
Total
expenses	13,508,838		1,010,895		9,029,552
Less fees
waived by advisor	(2,094,880	)
Less fees
paid indirectly	(1,712	)	(1	)	(382	)
Total
expenses after fees waived and paid indirectly	11,412,246		1,010,894		9,029,170
Net
investment income	11,960,821		3,270,350		12,986,868
Realized and Unrealized Gain (Loss)
Net
realized gain (loss) from:
Investments	38,708,317		(502,068	)	8,402,472
Foreign
currency	(1,085,478	)	19,718		(532,517	)
Futures
Options
written	10,875,562				49,684,859
Swaps
	48,498,401		(482,350	)	57,554,814
Net change
in unrealized appreciation/depreciation on:
Investments	(653,222,883	)	(49,323,042	)	(429,377,536	)
Foreign
currency	(85,405	)	(24,626	)	(76,851	)
Futures
Options
written	27,537,518				48,562,174
Swaps
	(625,770,770	)	(49,347,668	)	(380,892,213	)
Total
realized and unrealized loss	(577,272,369	)	(49,830,018	)	(323,337,399	)
Net Decrease in
Net Assets Resulting from Operations	$ (565,311,548	)	$ (46,559,668	)	$ (310,350,531	)

ANNUAL REPORT OCTOBER 31, 2008 61

Statements of Changes in Net Assets

	BlackRock Dividend Achievers Trust (BDV)
	Year
Ended October 31,			Year
Ended October 31,
Increase (Decrease) in Net Assets:	2008	2007		2008		2007
Operations
Net investment
income	$ 24,232,203	$	25,229,409	$	26,271,376	$	28,437,040
Net realized gain
(loss)	(54,852,838	)	20,019,931		(46,984,333	)	59,786,766
Net change in
unrealized appreciation/depreciation	(201,915,360	)	(21,252,973	)	(215,885,148	)	(57,684,009	)
Net increase
(decrease) in net assets resulting from operations	(232,535,995	)	23,996,367		(236,598,105	)	30,539,797
Dividends
and Distributions to Shareholders From
Net investment
income	(23,269,463	)	(24,156,155	)	(36,568,327	)	(29,664,644	)
Net realized
gains			(20,789,577	)			(55,532,595	)
Tax return of
capital	(25,797,022	)	(4,120,753	)	(41,626,799	)
Decrease in net
assets resulting from dividends and distributions to shareholders	(49,066,485	)	(49,066,485	)	(78,195,126	)	(85,197,239	)
Capital
Share Transactions
Net proceeds from
the issuance of shares
Net proceeds from
the underwriters over-allotment option exercised
Reinvestment of
dividends							5,292,836
Net increase in
net assets derived from share transactions							5,292,836
Net
Assets
Total increase
(decrease) in net assets	(281,602,480	)	(25,070,118	)	(314,793,231	)	(49,364,606	)
Beginning of
period	844,632,532		869,702,650		983,762,215		1,033,126,821
End of period	$ 563,030,052	$	844,632,532	$	668,968,984	$	983,762,215
End of period
undistributed (distributions in excess of) net investment income	$ 84,691	$	1,189,535	$	281,977	$	12,796,179

1 Commencement of investment operations for BlackRock EcoSolutions Investment Trust and BlackRock Global Equity Income Trust was September 28, 2007 and March 30, 2007, respectively. This information includes the initial investment by BlackRock Funding, Inc.

| See Notes
to Financial Statements. — 62 | ANNUAL REPORT | OCTOBER
31, 2008 |
| --- | --- | --- |

	BlackRock Strategic Dividend Achievers Trust (BDT)
	Year
Ended October 31,			Period
Ended October 31,
Increase (Decrease) in Net Assets:	2008	2007		2008		2007 1
Operations
Net investment income	$ 12,034,545	$	12,057,071	$	818,561	$	205,295
Net realized gain (loss)	(11,706,289	)	9,048,370		18,966,066		(140,152	)
Net change in unrealized appreciation/depreciation	(98,616,276	)	(21,179,657	)	(119,422,702	)	14,559,654
Net increase (decrease) in net assets resulting from
operations	(98,288,020	)	(74,216	)	(99,638,075	)	14,624,797
Dividends and Distributions to
Shareholders From
Net investment income	(10,691,257	)	(10,698,807	)	(197,349	)
Net realized gains			(10,317,564	)	(18,613,793	)
Tax return of capital	(13,525,968	)	(3,200,857	)
Decrease in net assets resulting from dividends and
distributions to shareholders	(24,217,225	)	(24,217,228	)	(18,811,142	)
Capital Share Transactions
Net proceeds from the issuance of shares							224,106,012
Net proceeds from the underwriters over-allotment
option exercised
Reinvestment of dividends
Net increase in net assets derived from share
transactions							224,106,012
Net Assets
Total increase (decrease) in net assets	(122,505,245	)	(24,291,444	)	(118,449,217	)	238,730,809
Beginning of period	409,646,241		433,937,685		238,730,809
End of period	$ 287,140,996	$	409,646,241	$	120,281,592	$	238,730,809
End of period undistributed (distributions in excess
of) net investment income	$ 535,250	$	1,261,732	$	131,452	$	27,998

	BlackRock Global Energy and Resources Trust (BGR)
	Year
Ended October 31,			Period
Ended October 31,
Increase (Decrease) in Net Assets:	2008	2007		2008			2007 1
Operations
Net investment income	$ 14,442,007	$	16,146,812	$	19,038,174		$ 10,595,977
Net realized gain (loss)	43,477,431		57,549,320		(69,240,742	)	4,771,359
Net change in unrealized appreciation/depreciation	(458,340,416	)	217,159,445		(268,111,010	)	53,700,212
Net increase (decrease) in net assets resulting from
operations	(400,420,978	)	290,855,577		(318,313,578	)	69,067,548
Dividends and Distributions to
Shareholders From
Net investment income	(28,642,573	)	(20,878,607	)	(18,288,211	)	(12,557,245	)
Net realized gains	(73,767,114	)	(33,770,708	)			(3,791,008	)
Tax return of capital					(67,202,654	)	(26,364,301	)
Decrease in net assets resulting from dividends and
distributions to shareholders	(102,409,687	)	(54,649,315	)	(85,490,865	)	(42,712,554	)
Capital Share Transactions
Net proceeds from the issuance of shares							762,561,051
Net proceeds from the underwriters over-allotment
option exercised							93,938,305
Reinvestment of dividends							1,355,276
Net increase in net assets derived from share
transactions							857,854,632
Net Assets
Total increase (decrease) in net assets	(502,830,665	)	236,206,262		(403,804,443	)	884,209,626
Beginning of period	1,119,310,011		883,103,749		884,209,626
End of period	$ 616,479,346	$	1,119,310,011	$	480,405,183		$ 884,209,626
End of period undistributed (distributions in excess
of) net investment income	$ 8,357,111	$	1,661,984	$	(14,254	)	$ (50,772	)

ANNUAL REPORT OCTOBER 31, 2008 63

Statements of Changes in Net Assets (concluded)

	BlackRock Global Opportunities Equity Trust (BOE)
	Year
Ended October 31,			Year
Ended October 31,
Increase (Decrease) in Net Assets:	2008	2007		2008		2007
Operations
Net
investment income	$ 5,279,605	$	6,580,595	$	428,710	$	318,564
Net
realized gain (loss)	23,855,281		26,942,471		11,657,369		15,680,803
Net change
in unrealized appreciation/depreciation	(155,095,659	)	52,641,050		(46,993,721	)	20,607,289
Net
increase (decrease) in net assets resulting from operations	(125,960,773	)	86,164,116		(34,907,642	)	36,606,656
Dividends and
Distributions to
Shareholders From
Net
investment income	(7,049,171	)	(4,563,384	)	(706,588	)	(120,119	)
Net
realized gains	(31,369,148	)	(26,867,198	)	(15,024,124	)	(16,711,918	)
Tax return
of capital	(305,125	)
Decrease in
net assets resulting from dividends and distributions to shareholders	(38,723,444	)	(31,430,582	)	(15,730,712	)	(16,832,037	)
Capital Share
Transactions
Net
proceeds from the issuance of shares
Net
proceeds from the underwriters over-allotment option exercised
Reinvestment
of dividends	2,777,501		3,263,566				2,354,235
Net
increase in net assets derived from share transactions	2,777,501		3,263,566				2,354,235
Net
Assets
Total
increase (decrease) in net assets	(161,906,716	)	57,997,100		(50,638,354	)	22,128,854
Beginning
of period	389,741,286		331,744,186		230,280,152		208,151,298
End of
period	$ 227,834,570	$	389,741,286	$	179,641,798	$	230,280,152
End of
period undistributed (distributions in excess of) net investment income	$ 21,527	$	2,167,026	$	247,494	$	196,606

1 Commencement of investment operations for BlackRock International Growth and Income Trust was May 30, 2007. This information includes the initial investment by BlackRock Funding, Inc.

See Notes to Financial Statements. — 64	ANNUAL REPORT	OCTOBER 31, 2008

	BlackRock International Growth and Income Trust (BGY)
	Period
Ended October 31,			Year
Ended October 31,
Increase (Decrease) in Net Assets:	2008	2007 1		2008		2007
Operations
Net
investment income	$ 41,662,352	$	14,699,939	$	11,960,821	$	13,224,594
Net
realized gain (loss)	81,394,441		50,836,289		48,498,401		62,766,392
Net change
in unrealized appreciation/depreciation	(977,670,522	)	108,476,609		(625,770,770	)	298,625,818
Net increase
(decrease) in net assets resulting from operations	(854,613,729	)	174,012,837		(565,311,548	)	374,616,804
Dividends and
Distributions to
Shareholders From
Net
investment income	(31,621,671	)	(11,099,329	)	(9,394,325	)	(16,196,422	)
Net
realized gains	(93,583,511	)	(53,407,260	)	(69,123,611	)	(45,456,547	)
Tax return
of capital	(52,187,938	)
Decrease in
net assets resulting from dividends and distributions to shareholders	(177,393,120	)	(64,506,589	)	(78,517,936	)	(61,652,969	)
Capital Share
Transactions
Net
proceeds from the issuance of shares			1,880,036,615
Net
proceeds from the underwriters over-allotment option exercised			148,980,000				45,840,000
Reinvestment
of dividends
Net
increase in net assets derived from share transactions			2,029,016,615				45,840,000
Net
Assets
Total
increase (decrease) in net assets	(1,032,006,849	)	2,138,522,863		(643,829,484	)	358,803,835
Beginning
of period	2,138,522,863				1,179,086,910		820,283,075
End of
period	$ 1,106,516,014	$	2,138,522,863	$	535,257,426	$	1,179,086,910
End of
period undistributed (distributions in excess of) net investment income	$ 952,653	$	4,673,349	$	1,465,037	$	(15,981	)

	BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
	Year
Ended October 31,			Year
Ended October 31,
Increase (Decrease) in Net Assets:	2008	2007		2008		2007
Operations
Net
investment income	$ 3,270,350	$	2,911,572	$	12,986,868	$	14,414,824
Net
realized gain (loss)	(482,350	)	2,242,795		57,554,814		75,834,432
Net change
in unrealized appreciation/depreciation	(49,347,668	)	15,055,973		(380,892,213	)	120,020,903
Net
increase (decrease) in net assets resulting from operations	(46,559,668	)	20,210,340		(310,350,531	)	210,270,159
Dividends and
Distributions to
Shareholders From
Net
investment income	(3,107,404	)	(2,627,580	)	(12,477,040	)	(12,835,490	)
Net
realized gains			(2,408,434	)	(89,138,804	)	(78,213,020	)
Tax return
of capital	(2,322,321	)	(393,713	)
Decrease in
net assets resulting from dividends and distributions to shareholders	(5,429,725	)	(5,429,727	)	(101,615,844	)	(91,048,510	)
Capital Share
Transactions
Net
proceeds from the issuance of shares
Net
proceeds from the underwriters over-allotment option exercised
Reinvestment
of dividends					1,506,138		1,652,473
Net
increase in net assets derived from share transactions					1,506,138		1,652,473
Net
Assets
Total
increase (decrease) in net assets	(51,989,393	)	14,780,613		(410,460,237	)	120,874,122
Beginning
of period	126,705,820		111,925,207		970,820,708		849,946,586
End of
period	$ 74,716,427	$	126,705,820	$	560,360,471	$	970,820,708
End of
period undistributed (distributions in excess of) net investment income	$ 157,407	$	259,359	$	1,258,770	$	872,508

ANNUAL REPORT OCTOBER 31, 2008 65

Financial Highlights BlackRock Dividend Achievers TM Trust (BDV)


	Year
Ended October 31,
	2008	2007		2006		2005
Per Share Operating Performance
Net asset value, beginning of period	$ 15.49	$	15.95	$	14.21	$	14.67	$	14.33	2
Net investment income	0.41		0.45		0.42		0.43		0.37
Net realized and unrealized gain (loss)	(4.67	)	(0.01	)	2.21		0.01		0.66
Net increase (decrease) from investment operations	(4.26	)	0.44		2.63		0.44		1.03
Dividends and distributions from:
Net
investment income	(0.43	)	(0.44	)	(0.41	)	(0.43	)	(0.38	)
Net
realized gain			(0.38	)	(0.32	)	(0.28	)
Tax return
of capital	(0.47	)	(0.08	)	(0.16	)	(0.19	)	(0.29	)
Total dividends and distributions	(0.90	)	(0.90	)	(0.89	)	(0.90	)	(0.67	)
Offering costs resulting from the issuance of shares									(0.02	)
Net asset value, end of period	$ 10.33	$	15.49	$	15.95	$	14.21	$	14.67
Market price, end of period	$ 9.20	$	13.64	$	14.86	$	12.77	$	14.98
Total Investment
Returns 3
Based on net asset value	(27.56	)%	3.15	%	19.89	%	3.11	%	7.28	% 4
Based on market price	(26.73	)%	(2.50	)%	24.31	%	(9.25	)%	4.62	% 4
Ratios to Average
Net Assets
Total expenses	0.83	%	0.82	%	0.84	%	0.84	%	0.83	% 5
Net investment income	3.46	%	2.87	%	2.90	%	2.93	%	3.00	% 5
Supplemental
Data
Net assets, end of period (000)	$ 563,030	$	844,633	$	869,703	$	774,691	$	800,200
Portfolio turnover	23	%	12	%	11	%	27	%	6	%

| 1 | Commencement of investment operations. This information
includes the initial investment by BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value, beginning of period, reflects a deduction
of $0.675 per share sales charge from the initial offering price of $15.00
per share. |
| 3 | Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges. |
| 4 | Aggregate total investment return. |
| 5 | Annualized. |

| See Notes
to Financial Statements. — 66 | ANNUAL REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

Financial Highlights (continued) BlackRock Enhanced Dividend Achievers TM Trust (BDJ)


	Year
Ended October 31,
	2008	2007		2006
Per Share
Operating Performance
Net asset value, beginning of period	$ 14.10	$	14.88	$	14.01	$	14.33	2
Net investment income	0.34		0.39		0.37		0.06
Net realized and unrealized gain (loss)	(3.73	)	0.06		1.71		(0.26	)
Net increase (decrease) from investment operations	(3.39	)	0.45		2.08		(0.20	)
Dividends and distributions from:
Net
investment income	(0.52	)	(0.43	)	(0.15	)	(0.06	)
Net
realized gain	(0.60	)	(0.80	)	(1.06	)	(0.04	)
Total dividends and distributions	(1.12	)	(1.23	)	(1.21	)	(0.10	)
Offering costs resulting from the issuance of shares							(0.02	)
Net asset value, end of period	$ 9.59	$	14.10	$	14.88	$	14.01
Market price, end of period	$ 8.47	$	12.68	$	14.92	$	13.79
Total Investment
Return 3
Based on net asset value	(24.35	)%	3.21	%	15.72	%	(1.42	)% 4
Based on market price	(25.70	)%	(7.43	)%	17.97	%	(7.40	)% 4
Ratios to Average
Net Assets
Total expenses	1.18	%	1.17	%	1.19	%	1.25	% 5
Net investment income	3.20	%	2.76	%	2.73	%	2.44	% 5
Supplemental
Data
Net assets, end of period (000)	$ 668,969	$	983,762	$	1,033,127	$	968,245
Portfolio turnover	86	%	91	%	138	%	5	%

| See Notes
to Financial Statements. — ANNUAL REPORT | OCTOBER 31, 2008 | 67 |
| --- | --- | --- |

Financial Highlights (continued) BlackRock Strategic Dividend Achievers TM Trust (BDT)


	Year
Ended October 31,
	2008	2007		2006		2005
Per Share Operating
Performance
Net asset
value, beginning of period	$ 15.22	$	16.13	$	15.14	$	14.96	$	14.33	2
Net
investment income	0.37		0.40		0.37		0.46		0.18
Net
realized and unrealized gain (loss)	(4.02	)	(0.41	)	1.52		0.62		0.92
Net
increase (decrease) from investment operations	(3.65	)	(0.01	)	1.89		1.08		1.10
Dividends
and distributions from:
Net
investment income	(0.40	)	(0.40	)	(0.35	)	(0.46	)	(0.17	)
Net
realized gain			(0.38	)	(0.55	)	(0.42	)
Tax return
of capital	(0.50	)	(0.12	)			(0.02	)	(0.28	)
Total
dividends and distributions	(0.90	)	(0.90	)	(0.90	)	(0.90	)	(0.45	)
Offering
costs resulting from the issuance of shares									(0.02	)
Net asset
value, end of period	$ 10.67	$	15.22	$	16.13	$	15.14	$	14.96
Market
price, end of period	$ 9.01	$	13.19	$	14.53	$	13.20	$	14.54
Total Investment
Return 3
Based on
net asset value	(23.93	)%	0.24	%	13.65	%	7.62	%	7.75	% 4
Based on
market price	(25.88	)%	(3.56	)%	17.43	%	(3.46	)%	0.01	% 4
Ratios to Average Net
Assets
Total
expenses	0.94	%	0.95	%	0.96	%	0.96	%	0.99	% 5
Net
investment income	3.40	%	2.75	%	2.57	%	3.01	%	2.18	% 5
Supplemental
Data
Net assets,
end of period (000)	$ 287,141	$	409,646	$	433,938	$	407,366	$	402.570
Portfolio
turnover	20	%	18	%	18	%	24	%	1	%

| See Notes to Financial Statements. — 68 | ANNUAL
REPORT | OCTOBER
31, 2008 |
| --- | --- | --- |

Financial Highlights (continued) BlackRock EcoSolutions Investment Trust (BQR)

	Year Ended October 31, 2008
Per Share Operating
Performance
Net asset
value, beginning of period	$ 20.31	$	19.10	2
Net
investment income	0.03
Net
realized and unrealized gain (loss)	(8.51	)	1.25
Net
increase (decrease) from investment operations	(8.48	)	1.25
Dividends
and distributions from:
Net
investment income	(0.02	)
Net
realized gain	(1.58	)
Total dividends
and distributions	(1.60	)
Offering
costs resulting from the issuance of shares			(0.04	)
Net asset
value, end of period	$ 10.23	$	20.31
Market
price, end of period	$ 9.20	$	19.75
Total Investment
Return 3
Based on
net asset value	(43.99	)%	6.28	% 4
Based on
market price	(48.20	)%	(1.25	)% 4
Ratios to Average Net
Assets
Total
expenses after fees paid indirectly	1.35	%	1.68	% 5
Total
expenses	1.36	%	1.70	% 5
Net
investment income	0.38	%	0.97	% 5
Supplemental
Data
Net assets,
end of period (000)	$ 120,282	$	238,731
Portfolio
turnover	45	%	4	%

| 1 | Commencement of investment operations. This information
includes the initial investment by BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value, beginning of period, reflects a deduction
of $0.8975 per share sales charge from the initial offering price of $20.00
per share. |
| 3 | Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges. |
| 4 | Aggregate total investment return. |
| 5 | Annualized. |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	69

Financial Highlights (continued) BlackRock Global Energy and Resources Trust (BGR)


	Year Ended October 31,
	2008	2007		2006
Per Share Operating
Performance
Net asset value,
beginning of period	$ 37.60	$	29.67	$	28.12	$	23.88	2
Net investment
income	1.18		0.49		0.75		0.56
Net realized and
unrealized gain (loss)	(14.63	)	9.27		3.65		4.85
Net increase
(decrease) from investment operations	(13.45	)	9.76		4.40		5.41
Dividends and
distributions from:
Net investment income	(0.96	)	(0.70	)	(0.49	)	(0.54	)
Net realized gain	(2.48	)	(1.13	)	(2.36	)	(0.59	)
Total dividends and
distributions	(3.44	)	(1.83	)	(2.85	)	(1.13	)
Offering costs
resulting from the issuance of shares							(0.04	)
Net asset value,
end of period	$ 20.71	$	37.60	$	29.67	$	28.12
Market price, end
of period	$ 17.99	$	32.14	$	26.73	$	25.16
Total Investment
Return 3
Based on net asset
value	(38.15	)%	34.98	%	17.30	%	22.99	% 4
Based on market
price	(37.14	)%	28.07	%	18.11	%	5.10	% 4
Ratios to Average Net
Assets
Total expenses
after fees waived and paid indirectly	1.07	%	1.07	%	1.08	%	1.10	% 5
Total expenses	1.27	%	1.27	%	1.28	%	1.30	% 5
Net investment
income	1.38	%	1.69	%	2.47	%	2.59	% 5
Supplemental Data
Net assets, end of
period (000)	$ 616,479	$	1,119,310	$	883,104	$	836,924
Portfolio turnover	54	%	47	%	40	%	64	%

| 1 | Commencement of
investment operations. This information includes the initial investment by
BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value,
beginning of period, reflects a deduction of $1.12 per share sales charge
from the initial offering price of $25.00 per share. |
| 3 | Total investment
returns based on market value, which can be significantly greater or lesser
than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges. |
| 4 | Aggregate total
investment return. |
| 5 | Annualized. |

| See
Notes to Financial Statements. — 70 | ANNUAL REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

Financial Highlights (continued) BlackRock Global Equity Income Trust (BFD)


Per Share Operating
Performance
Net asset value,
beginning of period	$ 19.65	$	19.10	2
Net investment
income	0.41		0.28
Net realized and
unrealized gain (loss)	(7.48	)	1.25
Net increase
(decrease) from investment operations	(7.07	)	1.53
Dividends and
distributions from:
Net investment income	(0.41	)	(0.28	)
Net realized gain			(0.08	)
Tax return of capital	(1.49	)	(0.59	)
Total dividends and
distributions	(1.90	)	(0.95	)
Offering costs
resulting from the issuance of shares			(0.03	)
Net asset value,
end of period	$ 10.68	$	19.65
Market price, end
of period	$ 9.13	$	17.93
Total Investment
Return 3
Based on net asset
value	(38.56	)%	8.09	% 4
Based on market
price	(42.44	)%	(5.81	)% 4
Ratios to Average Net
Assets
Total expenses	1.11	%	1.11	% 5
Net investment
income	2.66	%	2.12	% 5
Supplemental Data
Net assets, end of
period (000)	$ 480,405	$	884,210
Portfolio turnover	72	%	39	%

| 1 | Commencement of
investment operations. This information includes the initial investment by
BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value,
beginning of period, reflects a deduction of $0.8975 per share sales charge
from the initial offering price of $20.00 per share. |
| 3 | Total investment
returns based on market value, which can be significantly greater or lesser
than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges. |
| 4 | Aggregate total investment
return. |
| 5 | Annualized. |

| See
Notes to Financial Statements. — ANNUAL REPORT | OCTOBER 31, 2008 | 71 |
| --- | --- | --- |

Financial Highlights (continued) BlackRock Global Opportunities Equity Trust (BOE)


	Year Ended October 31,
	2008	2007		2006
Per Share Operating
Performance
Net asset value,
beginning of period	$ 31.09	$	26.72	$	23.77	$	23.88	2
Net investment
income	0.39		0.55		0.58		0.37
Net realized and
unrealized gain (loss)	(10.39	)	6.32		4.64		0.13
Net increase
(decrease) from investment operations	(10.00	)	6.87		5.22		0.50
Dividends and
distributions from:
Net investment income	(0.56	)	(0.36	)	(0.59	)	(0.23	)
Net realized gain	(2.48	)	(2.14	)	(1.68	)	(0.33	)
Tax return of capital	(0.02	)
Total dividends and
distributions	(3.06	)	(2.50	)	(2.27	)	(0.56	)
Offering costs
resulting from the issuance of shares							(0.05	)
Net asset value,
end of period	$ 18.03	$	31.09	$	26.72	$	23.77
Market price, end
of period	$ 15.89	$	28.76	$	27.61	$	23.88
Total Investment
Return 3
Based on net asset
value	(35.08	)%	27.47	%	24.48	%	0.81	% 4
Based on market
price	(38.15	)%	14.11	%	26.64	%	(2.21	)% 4
Ratios to Average Net
Assets
Total expenses	1.14	%	1.15	%	1.16	%	1.19	% 5
Net investment
income	1.60	%	1.87	%	2.45	%	3.66	% 5
Supplemental Data
Net assets, end of
period (000)	$ 227,835	$	389,741	$	331,744	$	294,195
Portfolio turnover	120	%	111	%	184	%	55	%

| 1 | Commencement of
investment operations. This information includes the initial investment by
BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value,
beginning of period, reflects a deduction of $1.12 per share sales charge
from the initial offering price of $25.00 per share. |
| 3 | Total investment
returns based on market value, which can be significantly greater or lesser than
the net asset value, may result in substantially different returns. Total
investment returns exclude the effects of sales charges. |
| 4 | Aggregate total
investment return. |
| 5 | Annualized. |

| See
Notes to Financial Statements. — 72 | ANNUAL REPORT | OCTOBER 31, 2008 |
| --- | --- | --- |

Financial Highlights (continued) BlackRock Health Sciences Trust (BME)


	Year
Ended October 31,
	2008	2007		2006
Per Share Operating Performance
Net asset
value, beginning of period	$ 30.33	$	27.74	$	26.38	$	23.88	2
Net
investment income	0.10		0.05		0.00	3	(0.03	)
Net
realized and unrealized gain (loss)	(4.70	)	4.76		3.28		3.34
Net
increase (decrease) from investment operations	(4.60	)	4.81		3.28		3.31
Dividends
and distributions from:
Net
investment income	(0.09	)	(0.02	)
Net
realized gain	(1.98	)	(2.20	)	(1.92	)	(0.77	)
Total
dividends and distributions	(2.07	)	(2.22	)	(1.92	)	(0.77	)
Offering
costs resulting from the issuance of shares							(0.04	)
Net asset
value, end of period	$ 23.66	$	30.33	$	27.74	$	26.38
Market
price, end of period	$ 21.62	$	27.05	$	27.32	$	25.19
Total Investment Return 4
Based on
net asset value	(15.55	)%	18.62	%	13.00	%	13.88	% 5
Based on
market price	(13.47	)%	7.42	%	16.59	%	3.81	% 5
Ratios to Average Net Assets
Total
expenses	1.13	%	1.13	%	1.15	%	1.18	% 6
Net
investment income	0.20	%	0.15	%	(0.11	)%	(0.19	)% 6
Supplemental Data
Net assets,
end of period (000)	$ 179,642	$	230,280	$	208,151	$	198,005
Portfolio
turnover	121	%	89	%	181	%	104	%

| 1 | Commencement of investment operations. This information
includes the initial investment by BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value, beginning of period, reflects a deduction
of $0.675 per share sales charge from the initial offering price of $15.00
per share. |
| 3 | Amounted to less than $0.01 per share outstanding. |
| 4 | Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges. |
| 5 | Aggregate total investment return. |
| 6 | Annualized. |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	73

Financial Highlights (continued) BlackRock International Growth and Income Trust (BGY)

| | Year
Ended October 31, 2008 | | | |
| --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | |
| Net asset
value, beginning of period | $ 20.12 | $ | 19.10 | 2 |
| Net
investment income | 0.27 | | 0.14 | |
| Net
realized and unrealized gain (loss) | (8.31 | ) | 1.50 | |
| Net
increase (decrease) from investment operations | (8.04 | ) | 1.64 | |
| Dividends
and distributions from: | | | | |
| Net investment
income | (0.30 | ) | (0.10 | ) |
| Net
realized gain | (0.88 | ) | (0.50 | ) |
| Tax return
of capital | (0.49 | ) | | |
| Total
dividends and distributions | (1.67 | ) | (0.60 | ) |
| Offering
costs resulting from the issuance of shares | | | (0.02 | ) |
| Net asset
value, end of period | $ 10.41 | $ | 20.12 | |
| Market
price, end of period | $ 9.09 | $ | 17.76 | |
| Total Investment Return 3 | | | | |
| Based on
net asset value | (41.76 | )% | 8.93 | % 4 |
| Based on
market price | (42.39 | )% | (8.17 | )% 4 |
| Ratios to Average Net Assets | | | | |
| Total
expenses | 1.11 | % | 1.07 | % 5 |
| Net
investment income | 2.34 | % | 1.75 | % 5 |
| Supplemental Data | | | | |
| Net assets,
end of period (000) | $ 1,106,516 | $ | 2,138,523 | |
| Portfolio
turnover | 123 | % | 46 | % |

| 1 | Commencement of investment operations. This information
includes the initial investment by BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value, beginning of period, reflects a deduction
of $0.8975 per share sales charge from the initial offering price of $20.00
per share. |
| 3 | Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges. |
| 4 | Aggregate total investment return. |
| 5 | Annualized. |

See Notes to Financial Statements. — 74	ANNUAL REPORT	OCTOBER 31, 2008

Financial Highlights (continued) BlackRock Real Asset Equity Trust (BCF)


	Year
Ended October 31,
	2008	2007
Per Share Operating Performance
Net asset
value, beginning of period	$ 20.79	$	15.33	$	14.33	2
Net
investment income	0.20		0.20		0.04
Net
realized and unrealized gain (loss)	(10.16	)	6.35		0.98
Net
increase (decrease) from investment operations	(9.96	)	6.55		1.02
Dividends
and distributions from:
Net
investment income	(0.17	)	(0.29	)
Net
realized gain	(1.22	)	(0.80	)
Total
dividends and distributions	(1.39	)	(1.09	)
Offering
costs resulting from the issuance of shares					(0.02	)
Net asset
value, end of period	$ 9.44	$	20.79	$	15.33
Market
price, end of period	$ 7.74	$	17.59	$	15.00
Total Investment Return 3
Based on
net asset value	(50.14	)%	45.34	%	6.98	% 4
Based on
market price	(51.69	)%	25.67	%		% 4
Ratios to Average Net Assets
Total
expenses after fees waived and paid indirectly	1.09	%	1.08	%	1.22	% 5
Total
expenses	1.29	%	1.21	%	1.42	% 5
Net investment
income	1.14	%	1.37	%	2.63	% 5
Supplemental Data
Net assets,
end of period (000)	$ 535,257	$	1,179,087	$	820,283
Portfolio
turnover	29	%	61	%		%

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	75

Financial Highlights (continued) BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)


	Year
Ended October 31,
	2008	2007		2006		2005
Per Share Operating Performance
Net asset
value, beginning of period	$ 21.00	$	18.55	$	15.98	$	15.29	$	14.33	2
Net
investment income	0.50		0.46		0.39		0.56		0.21
Net
realized and unrealized gain (loss)	(8.22	)	2.90		3.22		0.88		0.96
Net
increase (decrease) from investment operations	(7.72	)	3.36		3.61		1.44		1.17
Dividends
and distributions from:
Net
investment income	(0.52	)	(0.44	)	(0.49	)	(0.37	)	(0.17	)
Net
realized gain			(0.40	)	(0.55	)	(0.38	)
Tax return
of capital	(0.38	)	(0.07	)	0.00	3			(0.02	)
Total dividends
and distributions	(0.90	)	(0.91	)	(1.04	)	(0.75	)	(0.19	)
Offering
costs resulting from the issuance of shares									(0.02	)
Net asset
value, end of period	$ 12.38	$	21.00	$	18.55	$	15.98	$	15.29
Market
price, end of period	$ 10.50	$	18.07	$	16.36	$	14.54	$	13.80
Total Investment Return 4
Based on net asset value	(37.53	)%	19.10	%	24.34	%	10.08	%	8.13	% 5
Based on market price	(38.42	)%	16.20	%	20.52	%	10.97	%	(6.80	)% 5
Ratios to Average Net Assets
Total expenses	0.96	%	1.20	%	1.13	%	1.14	%	1.23	% 6
Net investment income	3.11	%	2.45	%	2.45	%	3.35	%	3.27	% 6
Supplemental Data
Net assets, end of period (000)	$ 74,716	$	126,706	$	111,925	$	96,402	$	92,243
Portfolio turnover	10	%	12	%	10	%	38	%	4	%

| 1 | Commencement of investment operations. This information
includes the initial investment by BlackRock Funding, Inc. |
| --- | --- |
| 2 | Net asset value, beginning of period, reflects a deduction
of $0.675 per share sales charge from the initial offering price of $15.00
per share. |
| 3 | Amounted to less than $0.01 per share outstanding. |
| 4 | Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges. |
| 5 | Aggregate total investment return. |
| 6 | Annualized. |

See Notes to Financial Statements. — 76	ANNUAL REPORT	OCTOBER 31, 2008

Financial Highlights (concluded) BlackRock World Investment Trust (BWC)


	Year
Ended October 31,
	2008	2007		2006
Per Share Operating Performance
Net asset
value, beginning of period	$ 18.64	$	16.35	$	14.42	$	14.33	2
Net
investment income	0.25		0.30		0.30
Net
realized and unrealized gain (loss)	(6.20	)	3.74		2.88		0.11
Net
increase (decrease) from investment operations	(5.95	)	4.04		3.18		0.11
Dividends
and distributions from:
Net
investment income	(0.24	)	(0.25	)	(0.34	)
Net
realized gain	(1.71	)	(1.50	)	(0.91	)
Total
dividends and distributions	(1.95	)	(1.75	)	(1.25	)
Offering
costs resulting from the issuance of shares							(0.02	)
Net asset
value, end of period	$ 10.74	$	18.64	$	16.35	$	14.42
Market
price, end of period	$ 9.22	$	17.28	$	16.59	$	15.08
Total Investment Return 3
Based on
net asset value	(34.34	)%	26.48	%	22.47	%	0.80	% 4
Based on
market price	(39.20	)%	15.56	%	18.99	%	0.53	% 4
Ratios to Average Net Assets
Total
expenses	1.10	%	1.11	%	1.10	%	1.23	% 5
Net
investment income	1.58	%	1.62	%	2.04	%	2.59	% 5
Supplemental Data
Net assets,
end of period (000)	$ 560,360	$	970,821	$	849,947	$	672,981
Portfolio
turnover	123	%	110	%	153	%		%

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2008	77

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Dividend Achievers TM Trust (Dividend Achievers), BlackRock Enhanced Dividend Achievers TM Trust (Enhanced Dividend Achievers), BlackRock Strategic Dividend Achievers TM Trust (Strategic Dividend Achievers), BlackRock EcoSolutions Investment Trust (EcoSolutions), BlackRock Global Energy and Resources Trust (Global Energy and Resources), BlackRock Global Equity Income Trust (Global Equity Income), BlackRock Global Opportunities Equity Trust (Global Opportunities), BlackRock Health Sciences Trust (Health Sciences), BlackRock International Growth and Income Trust (International Growth), BlackRock Real Asset Equity Trust (Real Asset), BlackRock S&P Quality Rankings Global Equity Managed Trust (S&P Quality Rankings) and BlackRock World Investment Trust (World Investment) (collectively, the Trusts) are organized as Delaware statutory trusts. All Trusts, except EcoSolutions, Global Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the 1940 Act). EcoSolutions, Global Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset are registered as non-diversified, closed-end management investment companies under the 1940 Act. The Trusts 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 Trusts determine and make available for publication the net asset values of their shares on a daily basis.

Global Equity Income was organized on January 10, 2007, and had no transactions until February 22, 2007, when the Trust sold 6,021 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Global Equity Income commenced on March 30, 2007. The Trust incurred organization costs that were deferred from the organization date until the commencement of operations.

International Growth was organized on March 13, 2007, and had no transactions until April 18, 2007, when the Trust sold 6,178 common shares for $118,001 to BlackRock Funding, Inc. Investment operations for International Growth commenced on May 30, 2007. The Trust incurred organization costs that were deferred from the organization date until the commencement of operations.

EcoSolutions was organized on June 13, 2007, and had no transactions until July 16, 2007, when the Trust sold 6,964 common shares for $133,002 to BlackRock Funding, Inc. Investment operations for EcoSolutions commenced on September 28, 2007. The Trust incurred organization costs that were deferred from the organization date until the commencement of operations.

The following is a summary of significant accounting policies followed by the Trusts:

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. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior days price will be used, unless it is determined that such prior days price no longer reflects the fair value of the security. Investments in open-end investment companies are valued at net asset value each business day. Financial futures contracts traded on exchanges are valued at their last sale price. Foreign currency exchange rates will be determined as of the close of business on the NYSE. Swap agreements are valued utilizing quotes received daily by the Trusts pricing service or through brokers. Short-term securities are valued at amortized cost. The Trusts value their investments in the BlackRock Liquidity Series, LLC Money Market Series at fair value, which is ordinarily based upon their pro-rata ownership in the net assets of the underlying fund.

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. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior days price will be used, unless it is determined that such prior days price no longer reflects the fair value of the option. Over-the-counter options are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors.

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 each Trust might reasonably expect to receive from the current sale of that asset in an arms-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 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 assets of the Trusts 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 Trusts net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such securities, those securities will be valued at their fair value as determined in good faith by the Board or by the investment advisor using a pricing service and/or procedures approved by the Board.

78 ANNUAL REPORT OCTOBER 31, 2008

Notes to Financial Statements (continued)

Derivative Financial Instruments: The Trusts may engage in various portfolio investment strategies both to increase the return of the Trusts and to hedge, or protect, their 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.

| | Financial
Futures Contracts Each Trust may purchase or sell financial futures
contracts and options on financial futures contracts for investment purposes
or to manage its interest rate risk. Futures are contracts for delayed
delivery of securities at a specific future date and at a specific price or
yield. Pursuant to the contract, the Trust 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 margin variation and are recognized by
the Trust as unrealized gains or losses. When the contract is closed, the
Trust 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. The use of futures transactions involves the risk of an imperfect
correlation in the movements in the price of futures contracts, interest
rates and the underlying assets, and the possible inability of counterparties
to meet the terms of their contracts. |
| --- | --- |
| | Forward Currency
Contracts A forward currency contract is an agreement
between two parties to buy and sell a currency at a set exchange rate on a
future date. Each Trust may enter into foreign currency exchange contracts as
a hedge against either specific transactions or portfolio positions. Foreign
currency exchange contracts, when used by the Trust, help to manage the
overall exposure to the foreign currency backing some of the investments held
by the Trust. The contract is marked-to-market daily and the change in market
value is recorded by the Trust as an unrealized gain or loss. When the
contract is closed, the Trust 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. The use of forward foreign currency contracts involves
the risk that counterparties may not meet the terms of the agreement and
market risk of unanticipated movements in the value of a foreign currency
relative to the U.S. dollar. |
| | Options The
Trusts may purchase and write call and put options. 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. |
| | When the Trusts purchase (write)
an option, an amount equal to the premium paid (received) by the Trusts is
reflected as an asset and an equivalent liability. The amount of the asset
(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 Trusts
enter into a closing transaction), the Trusts realize 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). When the Trust writes a call option, such option is covered, meaning
that the Trust holds the underlying security subject to being called by the
option counterparty, or cash in an amount sufficient to cover the obligation.
When the Trust writes a put option, such option is covered by cash or liquid
securities in an amount sufficient to cover the obligation. Certain call
options are written as part of an arrangement where the counterparty to the
transaction borrows the underlying security from the Trust in a securities
lending transaction. |
| | In purchasing and writing
options, the Trusts bear the market risk of an unfavorable change in the
price of the underlying security. Exercise of a written option could result
in the Trusts purchasing a security at a price different from the current
market value. The Trust may execute transactions in both listed and
over-the-counter options. Transactions in certain over-the-counter options
may expose the Trust to the risk of default by the counterparty to the
transaction. |
| | Total Return
Swaps The Trusts may enter into total return swaps for
investment purposes or to manage its interest rate risk. Total return swaps
are agreements in which one party commits to pay interest in exchange for a
market-linked return. To the extent the total return of the security or index
underlying the transaction exceeds or falls short of the offsetting interest
rate obligation, the Trusts will receive a payment from or make a payment to
the counterparty. These periodic payments received or made by the Trusts are
recorded in the accompanying Statements of Operations as realized gains or
losses, respectively. Swaps are marked-to-market daily and changes in value
are recorded as unrealized appreciation (depreciation). When the swap is
terminated, the Trusts will record a realized gain or loss equal to the
difference between the proceeds from (or cost of) the closing transaction and
the Trusts basis in the contract, if any. Swap transactions involve, to
varying degrees, elements of credit and market risk in excess of the amounts
recognized on the Statement of Assets and Liabilities. Such risks involve the
possibility that there will be no liquid market for these agreements, that
the counterparty to the agreements may default on its obligation to perform
or disagree as to the meaning of the contractual terms in the agreements, and
that there may be unfavorable changes in interest rates and/or market values
associated with these transactions. |

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.

Each Trust 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.

ANNUAL REPORT OCTOBER 31, 2008 79

Notes to Financial Statements (continued)

Segregation and Collateralization : In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (SEC) require that each Trust segregate assets in connection with certain investments (e.g., options, swaps, forward currency contracts or financial futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on their books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each Trust may also be required to deliver or deposit securities as collateral for certain investments (e.g., financial futures contracts, swaps and written options).

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 investment 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 Trust has determined the ex-dividend date. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis. The Trusts amortize all premiums and discounts on debt securities. Upon commencement of operations, organization costs associated with the establishment of the Trusts were expensed by the Trusts and reimbursed by the Advisor. Offering costs are amortized over a twelve month period beginning with the commencement of operations.

Dividends and Distributions: All Trusts declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend dates.

Securities Lending: The Trusts may lend securities to financial institutions that provide cash or securities issued or guaranteed by the United States 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 Trusts and any additional required collateral is delivered to the Trusts on the next business day. The Trusts typically receive the income on the loaned securities but do not receive the income on the collateral. Where the Trusts receive cash collateral, it may invest such collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. The Trusts may receive a flat fee for their loans. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Trusts may pay reasonable lending agent, administrative and custodial fees in connection with their loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Trusts could experience delays and costs in gaining access to the collateral. The Trusts also could suffer a loss where the value of the invested collateral falls below the market value of the borrowed securities either in the event of borrower default or in the event of losses on investments made with cash collateral. For the year ended October 31, 2008, the Trusts received only cash collateral for any securities loaned.

Income Taxes: It is the Trusts policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provisions are 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, each Trust except EcoSolutions, Global Equity Income and International Growth implemented Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109 (FIN 48). Effective October 31, 2007, EcoSolutions, Global Equity Income and International Growth implemented 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 Trusts, and has determined that the adoption of FIN 48 does not have a material impact on the Trusts financial statements. The Trusts file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences, Real Asset, S&P Quality Rankings and World Investments U.S. federal tax returns remains open for the years ended October 31, 2005 through October 31, 2007. The statute of limitations on EcoSolutions, Global Equity Income and International Growths U.S. federal tax returns remains open for the year ended October 31, 2007. The statute of limitations on the Trusts state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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 on the Trusts financial statement disclosures, if any, is currently being assessed.

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. 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 entitys results of operations and financial position. In September 2008, FASB Staff Position No. 133-1 and FASB Interpretation No. 45-4 (the FSP), Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and

80 ANNUAL REPORT OCTOBER 31, 2008

Notes to Financial Statements (continued)

FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 was issued and is effective for fiscal years and interim periods ending after November 15, 2008. The FSP amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. The FSP also clarifies the effective date of FAS 161, whereby disclosures required by FAS 161 are effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Trusts financial statement disclosures, if any, is currently being assessed.

Bank Overdraft : EcoSolutions recorded a bank overdraft resulting from an incorrect posting by the custodian.

Dividend Achievers Universe: Dividend Achievers, Enhanced Dividend Achievers and Strategic Dividend Achievers have been granted a revocable license by Mergent ® , Inc. (Mergent) to use the Dividend Achievers TM universe of common stocks. If Mergent revokes each Trusts license to use the Dividend Achievers TM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. Mergent and Dividend Achievers TM are trademarks of Mergent and have been licensed for use by Dividend Achievers TM , Enhanced Dividend Achievers TM and Strategic Dividend Achievers TM . The products are not sponsored, endorsed, sold or promoted by Mergent and Mergent makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown on their Statement of Operations.

S&P Quality Rankings: S&P Quality Rankings has been granted a license by Standard & Poors ® , (S&P) to use the S&P Quality Rankings and the S&P International Quality Rankings. If S&P terminates the license to use either the S&P Quality Rankings or the S&P International Quality Rankings, the Board may need to adopt a new investment strategy and/or new investment polices. There is no assurance that the Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. Standard & Poors, S&P, Standard & Poors Earnings and Dividend Rankings, S&P Earnings and Dividend Rankings, Standard & Poors Quality Rankings, Standard & Poors International Quality Rankings, S&P International Quality Rankings and S&P Quality Rankings are trademarks of Standard & Poors and have been licensed for use by the Trust. The Trust is not sponsored, managed, advised, sold or promoted by Standard & Poors. The Trust is required to pay a quarterly licensing fee, which is shown on its Statement of Operations.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trusts Board, non-interested Trustees (Independent Trustees) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in the other BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover the Trusts deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income from affiliates on the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the Advisor), a wholly owned subsidiary of BlackRock, Inc., to provide investment advisory 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 each Trusts portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Trusts. For such services, the Trusts pay the Advisor a monthly fee at the following annual rates of the average daily value of each Trusts net assets: 0.65% for Dividend Achievers, 1.00% for Enhanced Dividend Achievers, 0.75% for Strategic Dividend Achievers, 1.20% for EcoSolutions, 1.20% for Global Energy and Resources, 1.00% for Global Equity Income, 1.00% for Global Opportunities, 1.00% for Health Sciences, 1.00% for International Growth, 1.20% for Real Asset, 0.75% for S&P Quality Rankings and 1.00% for World Investment. The Advisor has voluntarily agreed to waive a portion of the investment advisory fees on Global Energy and Resources and Real Asset as a percentage of their average weekly net assets as follows: 0.20% for the first five years of the Trusts operations (2004 through 2009 for Global Energy and Resources and 2006 through 2011 for Real Asset), 0.15% in 2010 for Global Energy and Resources and in 2012 for Real Asset, 0.10% in 2011 for Global Energy and Resources and in 2013 for Real Asset and 0.05% in 2012 for Global Energy and Resources and in 2014 for Real Asset.

The Advisor has entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. (BFM) for Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, S&P Quality Rankings and World Investment, State Street Research & Management Company (SSRM) for Global Energy and Resources, BlackRock Investment Management, LLC (BIM) and BlackRock Investment Management International Limited (BII) for Real Asset and EcoSolutions, BlackRock Capital Management, Inc. (BCM) and BIM for Global Equity Income, each an affiliate of the Advisor. The Advisor pays each sub-advisor for services they provide, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.

ANNUAL REPORT OCTOBER 31, 2008 81

Notes to Financial Statements (continued)

During the year ended October 31, 2008, Merrill Lynch, through its affiliated broker-dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), earned commissions on transactions of securities as follows:

	Commission Amount
Dividend Achievers	$ 26,946
Enhanced Dividend Achievers	122,543
Strategic Dividend Achievers	15,196
EcoSolutions	12,630
Global Energy and Resources	23,929
Global Equity Income	2,162,421
Global Opportunities	37,392
Health Sciences	12,753
International Growth	79,626
Real Asset	46,853
World Investment	101,590

The Trusts have received an exemptive order from the SEC permitting it to lend portfolio securities to MLPF&S, a wholly owned subsidiary of Merrill Lynch, or its affiliates. As of October 31, 2008, EcoSolutions, Health Sciences and World Investment loaned securities with a value of $497,500, $2,017,500, and $931,000, respectively, to MLPF&S or its affiliates. Pursuant to that order, the Trusts have 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 Trusts, invest cash collateral received by the Trusts 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 year ended October 31, 2008, BIM received $298,923 in securities lending agent fees.

The Trusts may also receive earnings credits related to cash balances with The Bank of New York Mellon which are shown on the Statements of Operations as fees paid indirectly.

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock, Inc. or its affiliates. The Trusts reimburse the Advisor for compensation paid to the Trusts Chief Compliance Officer.

3. Investments:

Purchases and sales of investment securities, other than short-term investments for the year ended October 31, 2008, were as follows:

	Purchases	Sales
Dividend Achievers	$ 160,075,606	$ 181,507,221
Enhanced Dividend Achievers	698,987,407	702,240,415
Strategic Dividend Achievers	70,352,397	81,434,107
EcoSolutions	122,928,505	88,625,101
Global Energy and Resources	557,491,432	560,831,228
Global Equity Income	482,014,775	539,915,113
Global Opportunities	374,770,136	382,661,258
Health Sciences	224,301,027	245,442,911
International Growth	2,172,724,785	2,055,720,847
Real Asset	325,445,707	293,586,522
S&P Quality Rankings	10,679,686	12,752,264
World Investment	957,737,753	972,419,760

Transactions in options written during the year ended October 31, 2008 were as follows:

Contracts		Premiums		Contracts		Premiums
Enhanced Dividend Achievers
Options
outstanding at beginning of year	4,778,513	$	13,869,236			$
Options
written	20,102,211		65,986,798		3,855		556,662
Options
expired	(14,553,582	)	(38,287,801	)	(1,590	)	(123,330	)
Options
exercised	(3,976,437	)	(15,906,675	)	(1,315	)	(151,934	)
Options
closed	(4,047,967	)	(14,080,565	)	(950	)	(281,398	)
Options
outstanding at end of year	2,302,738	$	11,580,993			$
EcoSolutions
Options
outstanding at beginning of year	4,384,092	$	2,617,220		2,389,478	$	639,605
Options
written	28,060,926		16,309,725		2,578,730		1,587,663
Options
expired	(25,449,595	)	(10,168,924	)	(2,710,328	)	(1,572,749	)
Options
exercised	(2,011,146	)	(3,548,847	)	(2,215,547	)	(559,855	)
Options
closed	(3,992,530	)	(3,415,725	)	(12,090	)	(52,562	)
Options
outstanding at end of year	991,747	$	1,793,449		30,243	$	42,102
Global Energy and Resources
Options
outstanding at beginning of year	3,019,825	$	14,163,603		26,414	$	172,615
Options
written	8,843,664		71,271,888		842,401		4,964,904
Options
expired	(2,373,306	)	(12,746,488	)	(105,938	)	(1,442,838	)
Options exercised	(201,827	)	(2,941,683	)	(751,417	)	(1,571,214	)
Options
closed	(6,469,245	)	(40,363,219	)	(8,710	)	(1,432,472	)
Options
outstanding at end of year	2,819,111	$	29,384,101		2,750	$	690,995
Global Equity Income
Options
outstanding at beginning of year	3,613	$	5,435,857
Options
written	76,175		101,715,731
Options
expired	(11,322	)	(20,508,291	)
Options
exercised	(900	)	(263,731	)
Options
closed	(63,726	)	(76,761,286	)
Options
outstanding at end of year	3,840	$	9,618,280
Global Opportunities
Options
outstanding at beginning of year	13,613,104	$	11,649,547		700	$	18,550
Options
written	29,305,704		33,629,388		910,590		2,174,873
Options
expired	(17,792,969	)	(16,350,679	)	(318,114	)	(905,482	)
Options
exercised	(6,239,501	)	(5,109,198	)	(531,717	)	(881,993	)
Options
closed	(12,983,009	)	(15,424,426	)	(61,314	)	(346,893	)
Options
outstanding at end of year	5,903,329	$	8,394,632		145	$	59,055
Health Sciences
Options
outstanding at beginning of year	441,958	$	3,075,960		26,361	$	388,544
Options
written	749,353		9,178,315		238,156		5,254,327
Options
expired	(377,759	)	(2,991,932	)	(40,111	)	(798,786	)
Options
exercised	(58,213	)	(762,847	)	(27,110	)	(371,162	)
Options
closed	(643,897	)	(5,986,090	)	(42,619	)	(1,433,784	)
Options
outstanding at end of year	111,442	$	2,513,406		154,677	$	3,039,139

82 ANNUAL REPORT OCTOBER 31, 2008

Notes to Financial Statements (continued)

Contracts		Premiums		Contracts		Premiums
International Growth
Options
outstanding at beginning of year	103,958,110	$	35,874,512		5,580	$	450,528
Options
written	370,832,718		189,813,600		19,348,657		18,838,950
Options
expired	(291,565,092	)	(134,071,158	)	(5,995,158	)	(7,202,397	)
Options
exercised	(22,574,476	)	(22,943,507	)	(10,637,493	)	(8,476,104	)
Options
closed	(112,578,085	)	(48,732,939	)	(2,721,586	)	(3,610,977	)
Options
outstanding at end of year	48,073,175	$	19,940,508			$
Real Asset
Options
outstanding at beginning of year	8,699,629	$	16,981,947		555,954	$	1,370,219
Options
written	30,115,807		68,175,057		3,096,660		8,965,175
Options
expired	(14,372,428	)	(27,888,491	)	(889,046	)	(4,219,210	)
Options
exercised	(8,927,529	)	(5,371,077	)	(2,739,509	)	(3,961,398	)
Options
closed	(7,561,052	)	(32,189,901	)	(8,409	)	(1,833,928	)
Options
outstanding at end of year	7,954,427	$	19,707,535		15,650	$	320,858
World Investment
Options
outstanding at beginning of year	30,945,501	$	25,789,594		1,800	$	47,699
Options
written	67,220,885		83,856,721		4,841,784		5,327,717
Options
expired	(40,318,277	)	(40,408,879	)	(918,879	)	(2,139,440	)
Options
exercised	(13,731,423	)	(12,673,440	)	(3,771,357	)	(2,382,605	)
Options
closed	(29,315,817	)	(36,330,099	)	(153,003	)	(711,468	)
Options
outstanding at end of year	14,800,869	$	20,233,897		345	$	141,903

As of October 31, 2008, the value of portfolio securities subject to covered call options written were as follows:

	Value
Enhanced Dividend Achievers	$ 285,759,162
EcoSolutions	26,640,739
Global Energy and Resources	160,141,531
Global Opportunities	106,546,682
Health Sciences	43,509,067
International Growth	384,932,884
Real Asset	125,519,050
World Investment	262,702,586

4. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net asserts or on net asset values per share. The following permanent differences as of October 31, 2008 attributable to the difference between book/tax accounting for Real Estate Investment Trusts, the classification of income recognition from partnership interests, accounting for swap agreements, the sale of stock of passive foreign investment companies and foreign currency transactions were reclassified to the following accounts:

Dividend Achievers	Decrease Paid-in Capital — $	$	(2,067,584	)	Increase (Decrease) Accumulated Net Realized Gain (Loss) — $ 2,067,584
Enhanced Dividend Achievers			(2,217,251	)	2,217,251
Strategic Dividend Achievers			(2,069,770	)	2,069,770
EcoSolutions			(517,758	)	517,758
Global Energy and Resources			20,895,693		(20,895,693	)
Global Equity Income			(713,445	)	713,445
Global Opportunities	(25,121	)	(375,933	)	401,054
Health Sciences			328,766		(328,766	)
International Growth			(13,761,377	)	13,761,377
Real Asset			(1,085,478	)	1,085,478
S&P Quality Rankings			(264,898	)	264,898
World Investment	(74,899	)	(123,566	)	198,465

The tax character of distributions paid during the fiscal years ended October 31, 2008 and October 31, 2007, were as follows:

| | Ordinary Income | Long-Term Capital Gains | Tax
Return of Capital | Total |
| --- | --- | --- | --- | --- |
| Dividend Achievers | | | | |
| 10/31/08 | $ 23,269,463 | $ | $ 25,797,022 | $ 49,066,485 |
| 10/31/07 | 24,327,327 | 20,618,405 | 4,120,753 | 49,066,485 |
| Enhanced Dividend Achievers | | | | |
| 10/31/08 | 36,568,327 | | 41,626,799 | 78,195,126 |
| 10/31/07 | 71,739,757 | 13,457,482 | | 85,197,239 |
| Strategic Dividend Achievers | | | | |
| 10/31/08 | 10,691,257 | | 13,525,968 | 24,217,225 |
| 10/31/07 | 10,698,892 | 10,317,479 | 3,200,857 | 24,217,228 |
| EcoSolutions | | | | |
| 10/31/08 | 18,811,142 | | | 18,811,142 |
| Global Energy and Resources | | | | |
| 10/31/08 | 28,642,573 | 73,767,114 | | 102,409,687 |
| 10/31/07 | 54,649,315 | | | 54,649,315 |
| Global Equity Income | | | | |
| 10/31/08 | 18,288,211 | | 67,202,654 | 85,490,865 |
| 10/31/07 | 16,348,253 | | 26,364,301 | 42,712,554 |
| Global Opportunities | | | | |
| 10/31/08 | 21,251,376 | 17,166,943 | 305,125 | 38,723,444 |
| 10/31/07 | 24,303,443 | 7,127,139 | | 31,430,582 |
| Health Sciences | | | | |
| 10/31/08 | 6,224,792 | 9,505,920 | | 15,730,712 |
| 10/31/07 | 16,832,037 | | | 16,832,037 |
| International Growth | | | | |
| 10/31/08 | 125,205,182 | | 52,187,938 | 177,393,120 |
| 10/31/07 | 64,506,589 | | | 64,506,589 |
| Real Asset | | | | |
| 10/31/08 | 58,332,922 | 20,185,014 | | 78,517,936 |
| 10/31/07 | 58,762,586 | 2,890,383 | | 61,652,969 |
| S&P Quality Rankings | | | | |
| 10/31/08 | 3,107.404 | | 2,322,321 | 5,429,725 |
| 10/31/07 | 2,627,579 | 2,408,434 | 393,714 | 5,429,727 |
| World Investment | | | | |
| 10/31/08 | 42,436,170 | 59,179,674 | | 101,615,844 |
| 10/31/07 | 85,360,467 | 5,688,043 | | 91,048,510 |

ANNUAL REPORT OCTOBER 31, 2008 83

Notes to Financial Statements (continued)

As of October 31, 2008, the components of accumulated earnings (losses) on a tax basis were as follows:

| Dividend Achievers | Undistributed Ordinary Income — $ | Capital
Loss Carryforward — $ (52,785,280 | ) | Undistributed Long-Term Capital Gains — $ | Net Unrealized Gains (Losses)* — $ (99,273,195 | ) | Total Accumulated Net Earnings (Losses) — $ (152,058,475 | ) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Enhanced Dividend Achievers | | (29,702,025 | ) | | (257,958,658 | ) | (287,660,683 | ) |
| Strategic Dividend Achievers | | (9,636,519 | ) | | (63,017,318 | ) | (72,653,837 | ) |
| EcoSolutions | 1,032,348 | | | | (104,838,768 | ) | (103,806,420 | ) |
| Global Energy and Resources | 3,018,504 | | | | (95,903,974 | ) | (92,885,470 | ) |
| Global Equity Income | | (67,573,002 | ) | | (216,294,492 | ) | (283,867,494 | ) |
| Global Opportunities | | | | | (73,730,636 | ) | (73,730,636 | ) |
| Health Sciences | 313,339 | | | 3,777,435 | (5,605,717 | ) | (1,514,943 | ) |
| International Growth | | | | | (870,294,663 | ) | (870,294,663 | ) |
| Real Asset | 1,164,674 | | | | (276,979,902 | ) | (275,815,228 | ) |
| S&P Quality Rankings | | (217,452 | ) | | (8,456,507 | ) | (8,673,959 | ) |
| World Investment | 1,120,865 | | | | (187,299,325 | ) | (186,178,460 | ) |

The difference between book-basis and tax basis net unrealized gains/(losses) is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of losses on straddles, the realization for tax purposes of unrealized gains/(losses) on certain futures, options and foreign currency contracts, the timing of income recognition on partnership interests, accounting for swap agreements, deferred compensation to trustees, the difference between the book and tax treatment of securities on loan, accounting for investments in Real Estate Investment Trusts and other book/tax temporary differences.

As of October 31, 2008, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

| | Expiring
October 31, 2016 |
| --- | --- |
| Dividend Achievers | $ 52,785,280 |
| Enhanced Dividend Achievers | 29,702,025 |
| Strategic Dividend Achievers | 9,636,519 |
| Global Equity Income | 67,573,002 |
| S&P Quality Rankings | 217,452 |

5. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. At October 31, 2008, the shares owned by an affiliate of the Advisor of the Trusts were as follows:

	Common Shares Owned
Dividend Achievers	8,028
Enhanced Dividend Achievers	8,028
Strategic Dividend Achievers	8,028
EcoSolutions	6,964
Global Energy and Resources	4,817
Global Equity Income	6,021
Global Opportunities	4,817
Health Sciences	4,817
International Growth	6,178
Real Asset	8,028
S&P Quality Rankings	8,028
World Investment	8,028

Transactions in shares were as follows:

	Reinvestment of Dividends and Distributions for the Year Ended October 31, 2008	Reinvestment of Dividends and Distributions for the Year Ended October 31, 2007
Enhanced Dividend Achievers		354,756
Global Equity Income		69,217
Global Opportunities	99,860	120,470
Health Sciences		86,683
World Investment	88,064	98,239

EcoSolutions	Commencement of Investment Operations — September 28, 2007	11,756,964
Global Equity Income	March 30, 2007	40,006,021	4,919,954
International Growth	May 30, 2007	98,506,178	7,800,000
Real Asset	September 29, 2006	53,508,028	3,200,000

Offering costs incurred in connection with the Trusts offering of common shares have been charged against the proceeds from the initial common share offering of the common shares for EcoSolutions, Global Equity Income, International Growth and Real Asset in the amount of $378,250, $1,287,151, $1,431,386 and $1,254,847, respectively.

84 ANNUAL REPORT OCTOBER 31, 2008

Notes to Financial Statements (concluded)

6. Concentration Risks:

The Trusts invest from time to time a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Trusts concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on investment performance. As of October 31, 2008, the Trusts listed below had the following geographic concentrations:

Country	EcoSolutions	Global Energy and Resources	Health Sciences	Real Asset
United States	42 %	76 %	82 %	60 %
Canada	5	14		12
United Kingdom	9	1	1	12
Switzerland	3		9
Brazil	5	2		4
Germany	5		2
Australia	2	2		3
Bermuda	1	1	2	1
Netherlands	1	1	2	1
Hong Kong	3	1
Spain	4
Israel	2		2
Denmark	3
Belgium	3
France	2			1
Norway	1	1		1
South Africa	1			2
Japan	2
Italy	1	1
China	1			1
Chile	1
Greece	1
Philippines	1
Singapore	1
Mexico				1
Peru				1

As of October 31, 2008, the Trusts listed below had the following sector classifications:

Sector	Global Equity Income	Global Oppor- tunities	S&P Quality Rankings	World Investment
Energy	19 %	16 %	20 %	16 %
Financial Institutions	18	15	15	15
Consumer Products	15	15	15	15
Health Care	11	15	9	15
Technology	9	8	11	8
Industrials	9	6	10	5
Telecommunications	6	5	7	6
Basic Materials	6	5	4	6
Exchange-Traded Funds		8		7
Real Estate	2	1	6	1
Automotive	2	1	1	1
Transportation	1	2		2
Media	1	2		2
Business Equipment & Services		1	1	1
Entertainment & Leisure	1
Aerospace & Defense			1

7. Subsequent Events:

Subsequent to October 31, 2008, the Board declared distributions per common share as follows:

Dividend Achievers	12/18/08	12/22/08	12/31/08	Distribution per Common Share — $ 0.162500
Enhanced Dividend Achievers	12/18/08	12/22/08	12/31/08	0.305625
Strategic Dividend Achievers	12/18/08	12/22/08	12/31/08	0.162500
EcoSolutions	12/18/08	12/22/08	12/31/08	0.400000
Global Energy and Resources	12/18/08	12/22/08	12/31/08	0.405000
Global Equity Income	11/12/08	11/14/08	11/28/08	0.475000
Global Opportunities	11/12/08	11/14/08	11/28/08	0.568750
Health Sciences	12/18/08	12/22/08	12/31/08	0.384375
International Growth	12/18/08	12/22/08	12/31/08	0.455100
Real Asset	12/18/08	12/22/08	12/31/08	0.271800
S&P Quality Rankings	11/12/08	11/14/08	11/28/08	0.225000
World Investment	12/18/08	12/22/08	12/31/08	0.341250

On December 5, 2008, the Board approved new sub-advisory agreements for Real Asset and EcoSolutions replacing BIM and BII, respectively, with BlackRock International Limited, an affiliate of the Advisor. It is proposed that the new sub-advisory agreements will become effective on or before December 31, 2008. This change will not result in any change to fees paid by the Trusts or to services performed by the respective sub-advisors.

On September 15, 2008, Bank of America Corporation announced that it has agreed to acquire Merrill Lynch, one of the principal owners of BlackRock, Inc. The purchase has been approved by the shareholders and directors of both companies and certain regulators. Subject to other regulatory approvals, the transaction is expected to close on or about December 31, 2008.

ANNUAL REPORT OCTOBER 31, 2008 85

Report of Independent Registered Public Accounting Firm

| To the Trustees
and Shareholders of: |
| --- |
| BlackRock Dividend Achievers TM Trust BlackRock Enhanced Dividend Achievers TM Trust BlackRock Strategic Dividend Achievers TM Trust BlackRock EcoSolutions Investment Trust BlackRock Global Energy and Resources Trust BlackRock Global Equity Income Trust BlackRock Global Opportunities Equity Trust BlackRock Health Sciences Trust BlackRock International Growth and Income Trust BlackRock Real Asset Equity Trust BlackRock S&P Quality Rankings Global Equity Managed Trust BlackRock World Investment Trust (Individually a Trust, and collectively the Trusts) |

We have audited the accompanying statements of assets and liabilities of the Trusts, including the schedules of investments, as of October 31, 2008, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2008, the results of their operations for the period then ended, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP New York, New York December 26, 2008

86 ANNUAL REPORT OCTOBER 31, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (collectively, the Board, the members of which are referred to as Trustees) of the BlackRock Dividend Achievers Trust (BDV), BlackRock Enhanced Dividend Achievers Trust (BDJ), BlackRock Global Energy and Resources Trust (BGR), BlackRock Global Equity Income Trust (BFD), BlackRock Global Opportunities Equity Trust (BOE), BlackRock Health Sciences Trust (BME), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF), BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY), BlackRock Strategic Dividend Achievers Trust (BDT) and BlackRock World Investment Trust (BWC, and together with BDV, BDJ, BGR, BFD, BOE, BME, BGY, BCF, BQY and BDT, the Funds) met in April and May 2008 to consider approving the continuation of each Funds investment advisory agreement (each, an Advisory Agreement) with BlackRock Advisors, LLC (the Advisor), each Funds investment advisor. The Board also considered the approval of each Funds subadvisory agreement (each, a Subadvisory Agreement and, together with the Advisory Agreement, the Agreements) between the Advisor and, as applicable, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC, BlackRock Investment Management International Limited, BlackRock Capital Management, Inc. and State Street Research & Management Company (collectively, the Subadvisor). The Advisor and the Subadvisor are collectively referred to herein as the Advisors and, together with BlackRock, Inc., BlackRock.

Activities and Composition of the Board

The Board of each Fund consists of thirteen individuals, eleven of whom are not interested persons of the Funds as defined in the Investment Company Act of 1940 (the 1940 Act) (the Independent Trustees). The Trustees are responsible for the oversight of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chairman of the Board is an Independent Trustee. The Board has established four standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee and a Performance Oversight Committee.

Advisory Agreement and Subadvisory Agreement

Upon the consummation of the combination of BlackRock, Inc.s investment management business with Merrill Lynch & Co., Inc.s investment management business, including Merrill Lynch Investment Managers, L.P., and certain affiliates, each Fund entered into an Advisory Agreement and a Subadvisory Agreement, each with an initial two-year term. Consistent with the 1940 Act, after the Advisory Agreements and Subadvisory Agreements respective initial two-year term, the Board is required to consider the continuation of each Funds Advisory Agreement and Subadvisory Agreement on an annual basis. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services provided to each Fund by the personnel of BlackRock and its affiliates, including investment advisory services, administrative services, secondary market support services, oversight of fund accounting and custody, and assistance in meeting legal and regulatory requirements. The Board also received and assessed information regarding the services provided to each Fund by certain unaffiliated service providers.

Throughout the year, the Board also considered a range of information in connection with its oversight of the services provided by BlackRock and its affiliates. Among the matters the Board considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, as well as senior management and portfolio managers analysis of the reasons for underperformance, if applicable; (b) fees, including advisory, administration and other fees paid to BlackRock and its affiliates by each Fund, as applicable; (c) Fund operating expenses paid to third parties; (d) the resources devoted to and compliance reports relating to each Funds investment objective, policies and restrictions; (e) each Funds compliance with its Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRocks and other service providers internal controls; (h) BlackRocks implementation of the proxy voting guidelines approved by the Board; (i) the use of brokerage commissions and spread and execution quality; (j) valuation and liquidity procedures; and (k) reviews of BlackRocks business, including BlackRocks response to the increasing scale of its business.

Board Considerations in Approving the Advisory Agreement and Subadvisory Agreement

To assist the Board in its evaluation of the Agreements, the Trustees received information from BlackRock in advance of the April 22, 2008 meeting which detailed, among other things, the organization, business lines and capabilities of the Advisors, including: (a) the responsibilities of various departments and key personnel and biographical information relating to key personnel; (b) financial statements for BlackRock; (c) the advisory and/or administrative fees paid by each Fund to the Advisors, including comparisons, compiled by Lipper Inc. (Lipper), an independent third party, with the management fees, which include advisory and administration fees, of funds with similar investment objectives (Peers); (d) the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; (e) the expenses of BlackRock in providing various services; (f) non-investment advisory reimbursements, if applicable, and fallout benefits to BlackRock; (g) economies of scale, if any, generated through the Advisors management of all of the BlackRock closed-end funds (the Fund Complex); (h) the expenses of each Fund, including comparisons of each such Funds expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; (i) an internal comparison of management fees classified by Lipper, if applicable; and (j) each Funds performance for the past one-, three- and five-year periods, as applicable, as well as each Funds performance compared to its Peers.

The Board also considered other matters it deemed important to the approval process, where applicable, such as payments made to BlackRock or its affiliates relating to the distribution of Fund shares, services related to the valuation and pricing of Fund portfolio holdings, allocation of Fund brokerage fees (including the related benefits to BlackRock of soft dollars) and direct and indirect benefits to BlackRock and its affiliates from their relationship with the Funds.

ANNUAL REPORT OCTOBER 31, 2008 87

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Board under the 1940 Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisors fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and the factors to be considered by boards in voting on advisory agreements.

The Independent Trustees reviewed this information and discussed it with independent legal counsel prior to the meeting on April 22, 2008. At the Board meeting on April 22, 2008, BlackRock made a presentation to and responded to questions from the Board. Following the meeting on April 22, 2008, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written materials provided to the Trustees prior to the meetings on May 29 and 30, 2008. At the Board meetings on May 29 and 30, 2008, BlackRock responded to further questions from the Board. In connection with BlackRocks presentations, the Board considered each Agreement and, in consultation with independent legal counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission (SEC) statements relating to the renewal of the Agreements.

Matters Considered by the Board

In connection with its deliberations with respect to the Agreements, the Board considered all factors it believed relevant with respect to each Fund, including the following: the nature, extent and quality of the services provided by the Advisors; the investment performance of each Fund; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship with the Funds; the extent to which economies of scale would be realized as the Fund Complex grows; and whether BlackRock realizes other benefits from its relationship with the Funds.

A. Nature, Extent and Quality of the Services: In evaluating the nature, extent and quality of the Advisors services, the Board reviewed information concerning the types of services that the Advisors provide and are expected to provide to each Fund, narrative and statistical information concerning each Funds performance record and how such performance compares to each Funds Peers, information describing BlackRocks organization and its various departments, the experience and responsibilities of key personnel and available resources. The Board noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Board. The Board further considered the quality of the Advisors investment process in making portfolio management decisions.

In addition to advisory services, the Trustees considered the quality of the administrative and non-investment advisory services provided to the Funds. The Advisors and their affiliates provided each Fund with such administrative and other services, as applicable (in addition to any such services provided by others for the Funds), and officers and other personnel as are necessary for the operations of the respective Fund. In addition to investment management services, the Advisors and their affiliates provided each Fund with services such as: preparing shareholder reports and communications, including annual and semi-annual financial statements and the Funds websites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Fund administrative tasks necessary for the operation of the respective Fund (such as tax reporting and fulfilling regulatory filing requirements). The Board considered the Advisors policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: As previously noted, the Board received performance information regarding each Fund and its Peers. Among other things, the Board received materials reflecting each Funds historic performance and each Funds one-, three- and five-year total returns (as applicable) relative to its Peers (including the Peers median performance). The Board was provided with a description of the methodology used by Lipper to select each Funds Peers. The Board noted that it regularly reviews the performance of each Fund throughout the year. The Board reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper rankings.

The Board noted that in general BGY performed better than its Peers in that its performance was above the median of its Peers in the since inception period reported.

The Board noted that in general BCF, BOE, BME and BWC performed better than their respective Peers in that their performance was at or above the median of their respective Peers in both of the one-year and since inception periods reported.

The Board noted that in general BDV, BGR and BQY performed better than their respective Peers in that their performance was at or above the median of their respective Peers in at least two of the one-year, three-year and since inception periods reported.

The Board noted that BFDs performance was below the median of its Peers for the since inception period reported. The Board concluded that BlackRock was committed to providing the resources necessary to assist the portfolio managers and to continue improving BFDs performance. Based on its review, the Board generally was satisfied with BlackRocks efforts to manage BFD.

The Board noted that BDT performed below the median of its Peers in at least two of the one-year, three-year and since inception periods reported. The Board then discussed with representatives of BlackRock the reasons for BDTs underperformance during these periods compared with its Peers. The Board noted that BDTs underperformance was as a result of its bias towards higher yielding equities, creating a significant allocation of BDTs portfolio to financial companies.

88 ANNUAL REPORT OCTOBER 31, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

The Board noted that BDJ performed below the median of its Peers in both the one-year and since inception periods reported. The Board then discussed with representatives of BlackRock the reasons for BDJs underper-formance during these periods compared with its Peers. The Board noted that BDJs underperformance was as a result of its bias towards higher yielding equities, creating a significant allocation of BDJs portfolio to financial companies.

For each of BDT and BDJ, the Board concluded that BlackRock was committed to providing the resources necessary to assist the portfolio managers and to continue improving each Funds performance. Based on its review, the Board generally was satisfied with BlackRocks efforts to manage each of the Funds.

C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds: In evaluating the management fees and expenses that each Fund is expected to bear, the Board considered each Funds current management fee structure and each Funds expense ratios in absolute terms as well as relative to the fees and expense ratios of its applicable Peers. The Board, among other things, reviewed comparisons of each Funds gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of applicable Peers. The Board also reviewed a narrative analysis of the Peer rankings prepared by Lipper and summarized by BlackRock at the request of the Board. This summary placed the Peer rankings into context by analyzing various factors that affect these comparisons.

The Board noted that each of BDV, BDJ, BFD, BOE, BME, BGY, BQY, BDT and BWC paid contractual management fees lower than or equal to the median contractual fees paid by each Funds respective Peers. This comparison was made without giving effect to any expense reimbursements or fee waivers.

The Board noted that although BGR and BCF paid contractual management fees higher than the median of each Funds respective Peers, each Funds actual management fees were lower than or equal to the median of its respective Peers.

The Board also compared the management fees charged and services provided by the Advisors to closed-end funds in general versus other types of clients (such as open-end investment companies and separately managed institutional accounts) in similar investment categories. The Board noted certain differences in services provided and costs incurred by the Advisor with respect to closed-end funds compared to these other types of clients and the reasons for such differences.

In connection with the Boards consideration of the fees and expense information, the Board reviewed the considerable investment management experience of the Advisors and considered the high level of investment management, administrative and other services provided by the Advisors.

D. Profitability of BlackRock: The Board also considered BlackRocks profitability in conjunction with its review of fees. The Board reviewed BlackRocks profitability with respect to the Fund Complex and other fund complexes managed by the Advisors. In reviewing profitability, the Board recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Board also reviewed BlackRocks assumptions and methodology of allocating expenses, noting the inherent limitations in allocating costs among various advisory products. The Board also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

The Board recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Board considered BlackRocks operating margin compared to the operating margin estimated by BlackRock for a leading investment management firm whose operations consist primarily of advising closed-end funds. The comparison indicated that BlackRocks operating margin was approximately the same as the operating margin of such firm.

In evaluating the reasonableness of the Advisors compensation, the Board also considered any other revenues paid to the Advisors, including partial reimbursements paid to the Advisors for certain non-investment advisory services, if applicable. The Board noted that these payments were less than the Advisors costs for providing these services. The Board also considered indirect benefits (such as soft dollar arrangements) that the Advisors and their affiliates are expected to receive, which are attributable to their management of the Fund.

E. Economies of Scale: In reviewing each Funds fees and expenses, the Board examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Funds fee structure, for example through the use of breakpoints for the Fund or the Fund Complex. In this regard, the Board reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints because closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The Board noted that only three closed-end funds in the Fund Complex have breakpoints in their fee structures. Information provided by Lipper also revealed that only one closed-end fund complex used a complex-level breakpoint structure. The Board found, based on its review of comparable funds, that each Funds management fee is appropriate in light of the scale of the respective Fund.

F. Other Factors: In evaluating fees, the Board also considered indirect benefits or profits the Advisors or their affiliates may receive as a result of their relationships with the Funds (fall-out benefits). The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Funds, including potential benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Funds shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors and their affiliates, enhanced sales of

ANNUAL REPORT OCTOBER 31, 2008 89

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)

other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements with broker-dealers. The Board also considered the unquantifiable nature of these potential benefits.

Conclusion with Respect to the Agreements

In reviewing and approving the continuation of the Agreements, the Trustees did not identify any single factor discussed above as all-important or controlling, but considered all factors together, and different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination. The Trustees, including the Independent Trustees, unanimously determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Fund, was acceptable for each Fund and supported the Trustees conclusion that the terms of each Agreement were fair and reasonable, that each Funds fees are reasonable in light of the services provided to the respective Fund and that each Agreement should be approved.

Disclosure of Investment Advisory Agreement and Subadvisory Agreements for BlackRock EcoSolutions Investment Trust

The Board of Trustees (the Board, the members of which are referred to as Trustees) of the BlackRock EcoSolutions Investment Trust (the Trust) met on July 16, 2007 and August 16, 2007 to consider the approval of the Trusts investment advisory agreement (the Advisory Agreement) with BlackRock Advisors, LLC (the Advisor), the Trusts investment advisor. The Board also considered the approval of the Trusts subadvisory agreements (collectively, the Subadvisory Agreements and, together with the Advisory Agreement, the Agreements) among the Trust, the Advisor and BlackRock Investment Management, LLC (BIM) and among the Trust, the Advisor and BlackRock Investment Management International Limited (together with BIM, the Subadvisor). The Trust commenced operations in September 2007. The Advisor and the Subadvisor are collectively referred to herein as the Advisors and, together with BlackRock, Inc., BlackRock.

Activities and Composition of the Board

At the time the Agreements were considered for approval, the Board of the Trust consisted of six individuals, five of whom were not interested persons of the Trust as defined in the Investment Company Act of 1940 (the 1940 Act) (the Independent Trustees). These Trustees were responsible for the oversight of the operations of the Trust and performed the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees retained independent legal counsel to assist them in connection with their duties. The Chairman of the Board was an Independent Director. The Board had four standing committees: an Audit Committee, a Governance Committee, a Compliance Committee and a Portfolio Review Committee.

Advisory Agreement and Subadvisory Agreement

Throughout the year, in connection with their duties as trustees or directors of other funds in the Fund Complex, the Board considered a range of information in connection with its oversight of the services provided by BlackRock and its affiliates. Among the matters the Board considered were: (a) investment performance of funds in the Fund Complex; (b) fees, including advisory, administration and other fees paid to BlackRock and its affiliates by funds in the Fund Complex, as applicable; (c) fund operating expenses paid to third parties by funds in the Fund Complex; (d) the resources devoted to and compliance reports relating to investment objectives, policies and restrictions of funds in the Fund Complex; (e) compliance by funds in the Fund Complex with their Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRocks and other service providers internal controls; (h) BlackRocks implementation of the proxy voting guidelines approved by the Board; (i) the use of brokerage commissions and spread and execution quality; (j) valuation and liquidity procedures; and (k) reviews of BlackRocks business, including BlackRocks response to the increasing scale of its business.

Board Considerations in Approving the Advisory Agreement and Subadvisory Agreement

To assist the Board in its evaluation of the Agreements, in advance of the July 16, 2007 and August 16, 2007 meetings, the Trustees received from BlackRock information which detailed, among other things, the organization, business lines and capabilities of the Advisors, including: (a) the responsibilities of various departments and key personnel and biographical information relating to key personnel; (b) the advisory and/or administrative fees to be paid by the Trust to the Advisors, including comparisons with the management fees, which include advisory and administration fees, of its Peers; (c) fallout benefits to BlackRock; and (d) the estimated expenses of the Trust, including comparisons of the Trusts expense ratios with the expense ratios of its Peers.

The Board also considered other matters it deemed important to the approval process, where applicable, such as payments to be made to BlackRock or its affiliates relating to the distribution of Trust shares, services related to the valuation and pricing of Trust portfolio holdings, allocation of Trust brokerage fees (including the related benefits to BlackRock of soft dollars) and direct and indirect benefits to BlackRock and its affiliates from their relationship with the Trust.

90 ANNUAL REPORT OCTOBER 31, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreements for BlackRock EcoSolutions Investment Trust (continued)

requirements of the 1940 Act in such matters, an advisors fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and the factors to be considered by boards in voting on advisory agreements.

The Independent Trustees reviewed this information and discussed it with independent legal counsel prior to the meetings on July 16, 2007 and August 16, 2007. At the Board meetings on July 16, 2007 and August 16, 2007, BlackRock made a presentation to and responded to questions from the Board. In connection with BlackRocks presentations, the Board considered each Agreement and, in consultation with independent legal counsel, reviewed the factors set out in judicial decisions and SEC statements relating to the approval of the Agreements.

Matters Considered by the Board

In connection with its deliberations with respect to the Agreements, the Board considered all factors it believed relevant with respect to the Trust, including the following: the nature, extent and quality of the services to be provided by the Advisors; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship with the Trust; the extent to which economies of scale would be realized as the Fund Complex grows; and whether BlackRock will realize other benefits from its relationship with the Trust.

A. Nature, Extent and Quality of the Services: In evaluating the nature, extent and quality of the Advisors services, the Board reviewed information concerning the types of services that the Advisors provide and are expected to provide to the Trust, information describing BlackRocks organization and its various departments, the experience and responsibilities of key personnel and available resources. The Board noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Board. The Board further considered the quality of the Advisors investment process in making portfolio management decisions. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.

In addition to advisory services, throughout the year, the Trustees consider the quality of the administrative and non-investment advisory services provided to the Fund Complex, which would also be provided to the Trust. The Advisors and their affiliates provide the funds in the Fund Complex with such administrative and other services, as applicable (in addition to any such services provided by others to the funds), and officers and other personnel as are necessary for the operations of the funds. In addition to investment management services, the Advisors and their affiliates provide each fund in the Fund Complex with services such as: preparing shareholder reports and communications, including annual and semi-annual financial statements and the funds website; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other administrative tasks necessary for the operation of the respective fund (such as tax reporting and fulfilling regulatory filing requirements). The Board considered the Advisors policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Trust and BlackRock: The Board did not consider the performance history of the Trust because the Trust was newly organized; however, the Board considered the investment performance of BlackRock generally. The Board will monitor the Trusts performance.

C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Trust: In evaluating the management fees and expenses that the Trust is expected to bear, the Board considered the Trusts proposed management fee structure and the Trusts expense ratios in absolute terms as well as relative to the fees and expense ratios of its applicable Peers. The Board, among other things, reviewed comparisons of the Trusts gross management fees before and after any fee waivers and total expense ratios before and after any waivers with those of its Peers.

Because the Trust had not yet commenced operations, BlackRock did not provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Trust. BlackRock, however, will provide the Board with such information at future meetings when the Agreements are being considered for renewal.

Throughout the year, the Board considers the cost of the services provided to the funds in the Fund Complex by BlackRock, and BlackRocks and its affiliates profits relating to the management and, if applicable, distribution of such funds. As part of its analysis, the Board typically reviews BlackRocks methodology in allocating its costs to the management of the funds in the Fund Complex. The Board also generally considers whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to provide the high quality of services that are expected by the Board.

D. Economies of Scale: In reviewing the Trusts fees and expenses, the Board examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts fee structure, for example through the use of breakpoints for the Trust or the Fund Complex. The Board found, based on its review of comparable funds, that the Trusts management fee is appropriate in light of the scale of the Trust.

E. Other Factors: In evaluating fees, the Board also considered fall-out benefits. The Trustees, including the Independent Trustees, considered the intan-

ANNUAL REPORT OCTOBER 31, 2008 91

Disclosure of Investment Advisory Agreement and Subadvisory Agreements for BlackRock EcoSolutions Investment Trust (concluded)

gible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Trust, including potential benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Trusts shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors and their affiliates, enhanced sales of other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements with broker-dealers. The Board also considered the unquantifiable nature of these potential benefits.

During the Trustees deliberations in connection with its approval of the management fee, the Trustees were aware that BlackRock intended to pay compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of the Trusts common shares and of the anticipated amounts of such compensation and the general nature of the services to be rendered to BlackRock in consideration of such compensation. The Trustees also considered whether the management fee met applicable standards in light of the services provided by the Advisor, without regard to whether the Advisor ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion with Respect to the Agreements

In reviewing and approving the Agreements, the Trustees did not identify any single factor discussed above as all-important or controlling, but considered all factors together, and different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination. The Trustees, including the Independent Trustees, unanimously determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to the Trust, was acceptable for the Trust and supported the Trustees conclusion that the terms of each Agreement were fair and reasonable, that the Trusts fees are reasonable in light of the services to be provided to the Trust and that each Agreement should be approved.

Dividend Reinvestment Plans (unaudited)

Pursuant to each Trusts Dividend Reinvestment Plan (the Plan), common shareholders are automatically enrolled, to have all distributions of dividends and capital gains reinvested by The Bank of New York Mellon (the Plan Agent) in the respective Trusts shares pursuant to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.

After a Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (newly issued shares) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (NAV) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as market premium), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participants account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as market discount), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

The Plan Agents fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agents open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants who request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at The Bank of New York Mellon, Dividend Reinvestment Department, P.O. Box 1958, Newark, New Jersey 07101-9774; or by calling 1-866-216-0242.

92 ANNUAL REPORT OCTOBER 31, 2008

Important Tax Information (unaudited)

The information set forth below is provided with respect to the distributions paid during the fiscal year-ended October 31, 2008:

	Payable Date	Long-term Capital Gains 1	Non- Taxable Return of Capital	Qualifying Dividend Income for Individuals 1	Dividends Qualifying for the Dividends Received Deduction for Corporations 1	Short-Term Capital Gain Dividends for Non-U.S. Residents 2	Foreign Source Income	Foreign Taxes Paid*
Dividend Achievers TM Trust
(BDV)	12/31/07			49.01 %	49.01 %
	3/31/08 -
	9/30/08		70.10 %	29.90 %	29.90 %
Enhanced Dividend Achievers TM Trust (BDJ)	11/30/07			40.39 %	41.03 %
	12/31/07			51.77 %	52.20 %
	1/09/08			76.91 %	76.91 %
	2/29/08 -
	9/30/08		73.20 %	26.80 %	26.80 %
Strategic Dividend
Achievers TM Trust (BDT)	12/31/07			47.87 %	47.87 %
	3/31/08 -
	9/30/08		74.47 %	25.53 %	25.53 %
EcoSolutions Investment Trust
(BQR)	12/31/07			8.58 %	3.04 %	1.42 %	0.22 %	0.29 %
	3/31/08 -
	9/30/08			10.94 %	3.34 %	100 %	2.47 %	1.29 %
Global Energy and Resources Trust
(BGR)	12/31/07	76.50 %		9.46 %	0.96 %
	3/31/08			81.96 %	31.66 %
	6/30/08	86.64 %		10.95 %	4.23 %
	9/30/08	100 %
Global Equity Income Trust
(BFD)	11/30/07			18.04 %	8.83 %
	2/29/08 -
	8/29/08		100 %
Global Opportunities Equity Trust
(BOE)	11/30/07			23.47 %	10.48 %		12.56 %	1.27 %
	12/31/07	100 %
	2/29/08		1.42 %	34.17 %	14.07 %	98.58 %
	5/30/08	0.28 %	1.42 %	34.07 %	14.03 %	98.30 %
	8/29/08	98.58 %	1.42 %
Health Sciences Trust (BME)	12/31/07	94.43 %		1.04 %	0.89 %
	3/31/08			32.46 %	25.05 %	93.51 %
	6/30/08			32.76 %	25.60 %	95.60 %
	9/30/08	100 %
International Growth and Income Trust
(BGY)	11/30/07			10.23 %			11.44 %	1.14 %
	12/31/07 -
	1/09/08			6.28 %			4.47 %	0.79 %
	2/29/08 -
	9/30/08		40.48 %	22.71 %		59.52 %	30.16 %	4.14 %
Real Asset Equity Trust
(BCF)	11/30/07			16.51 %	5.53 %	100 %	12.97 %	0.30 %
	12/31/07			24.65 %	15.37 %	68.42 %	8.87 %	0.20 %
	1/09/08			42.30 %	36.70 %
	2/29/08 -
	5/30/08			52.05 %	27.45 %	100 %
	6/30/08	92.88 %		3.71 %	1.96 %	7.12 %
	9/30/08	100 %
S&P Quality Rankings Global Equity
Managed Trust (BQY)	11/30/07			41.96 %	24.88 %
	2/29/08 -
	8/29/08		57.03 %	42.97 %	32.74 %
World Investment Trust (BWC)	11/30/07			16.25 %	7.88 %	22.12 %	9.01 %	0.99 %
	12/31/07	86.00 %		1.65 %	1.11 %
	1/09/08			11.76 %	7.96 %
	2/29/08 -
	5/30/08			47.18 %	21.53 %	100 %
	6/30/08	84.24 %		7.44 %	3.39 %	15.77 %
	9/30/08	100 %

| * | The foreign taxes paid represent
taxes incurred by the Fund on interest received from foreign sources. Foreign
taxes paid may be included in taxable income with an offsetting deduction
from gross income or may be taken as a credit for taxes paid to foreign
governments. You should consult your tax advisor regarding the appropriate
treatment of foreign taxes paid. |
| --- | --- |
| 1 | The Trusts hereby designate the
percentages indicated above or the maximum amount allowable by law. |
| 2 | Represents the portion of the
taxable ordinary income dividends eligible for exemption from U.S. withholding
tax for nonresident aliens and foreign corporations. |

ANNUAL REPORT OCTOBER 31, 2008 93

Officers and Trustees

Name, Address and Year of Birth	Position(s) Held with Trusts	Length of Time Served as a Trustee 2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Funds and Portfolios Overseen	Public Directorships
Non-Interested Trustees 1
Richard E. Cavanagh 40 East 52nd Street New York, NY 10022 1946	Chairman of the Board and Trustee	Since 2003	Trustee, Aircraft Finance Trust since 1999; Director, The
Guardian Life Insurance Company of America since 1998; Trustee, Educational
Testing Service since 1997; Director, The Fremont Group since 1996; Formerly
President and Chief Executive Officer of The Conference Board, Inc. (global
business research organization) from 1995 to 2007.	113 Funds 110 Portfolios	Arch Chemical (chemical and allied products)
Karen P. Robards 40 East 52nd Street New York, NY 10022 1950	Vice Chair of the Board, Chair of the Audit Committee and Trustee	Since 2007	Partner of Robards & Company, LLC, (financial advisory
firm) since 1987; Co-founder and Director of the Cooke Center for Learning
and Development, (a not-for-profit organization) since 1987; Formerly
Director of Enable Medical Corp. from 1996 to 2005; Formerly an investment
banker at Morgan Stanley from 1976 to 1987.	113 Funds 110 Portfolios	AtriCure, Inc. (medical devices); Care Investment Trust,
Inc. (health care REIT)
G. Nicholas Beckwith, III 40 East 52nd Street New York, NY 10022 1945	Trustee	Since 2007	Chairman and Chief Executive Officer, Arch Street
Management, LLC (Beckwith Family Foundation) and various Beckwith property
companies since 2005; Chairman of the Board of Directors, University of
Pittsburgh Medical Center since 2002; Board of Directors, Shady Side Hospital
Foundation since 1977; Board of Directors, Beckwith Institute for Innovation
In Patient Care since 1991; Member, Advisory Council on Biology and Medicine,
Brown University since 2002; Trustee, Claude Worthington Benedum Foundation
(charitable foundation) since 1989; Board of Trustees, Chatham University
since 1981; Board of Trustees, University of Pittsburgh since 2002; Emeritus
Trustee, Shady Side Academy since 1977; Formerly Chairman and Manager, Penn
West Industrial Trucks LLC (sales, rental and servicing of material handling
equipment) from 2005 to 2007; Formerly Chairman, President and Chief
Executive Officer, Beckwith Machinery Company (sales, rental and servicing of
construction and equipment) from 1985 to 2005; Formerly Board of Directors,
National Retail Properties (REIT) from 2006 to 2007.	113 Funds 110 Portfolios	None
Kent Dixon 40 East 52nd Street New York, NY 10022 1937	Trustee and Member of the Audit Committee	Since 2003	Consultant/Investor since 1988.	113 Funds 110 Portfolios	None
Frank J. Fabozzi 40 East 52nd Street New York, NY 10022 1948	Trustee and Member of the Audit Committee	Since 2003	Consultant/Editor of The Journal of Portfolio Management
since 2006; Professor in the Practice of Finance and Becton Fellow, Yale
University, School of Management, since 2006; Formerly Adjunct Professor of
Finance and Becton Fellow, Yale University from 1994 to 2006.	113 Funds 110 Portfolios	None

94 ANNUAL REPORT OCTOBER 31, 2008

Officers and Trustees (continued)

Name, Address and Year of Birth	Position(s) Held with Trust	Length of Time Served as a Trustee	Principal Occupation(s) During Past Five Years
Non-Interested Trustees 1
Kathleen F. Feldstein 40 East 52nd Street New York, NY 10022 1941	Trustee	Since 2005	President of Economics Studies, Inc. (private economic
consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital from
2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the
Corporation of Partners Community Healthcare, Inc. since 2005; Member of the
Corporation of Partners HealthCare since 1995; Member of the Corporation of
Sherrill House (healthcare) since 1990; Trustee, Museum of Fine Arts, Boston
since 1992; Member of the Visiting Committee to the Harvard University Art
Museum since 2003; Trustee, The Committee for Economic Development (research
organization) since 1990; Member of the Advisory Board to the International
School of Business, Brandeis University since 2002.	113 Funds 110 Portfolios	The McClatchy Company (newspaper publishing)
James T. Flynn 40 East 52nd Street New York, NY 10022 1939	Trustee and Member of the Audit Committee	Since 2007	Formerly Chief Financial Officer of JP Morgan & Co.,
Inc. from 1990 to 1995.	113 Funds 110 Portfolios	None
Jerrold B. Harris 40 East 52nd Street New York, NY 10022 1942	Trustee	Since 2007	Trustee, Ursinus College since 2000; Director, Troemner
LLC (scientific equipment) since 2000.	113 Funds 110 Portfolios	BlackRock Kelso Capital Corp.
R. Glenn Hubbard 40 East 52nd Street New York, NY 10022 1958	Trustee	Since 2004	Dean of Columbia Business School since 2004; Columbia
faculty member since 1988; Formerly Co-Director of Columbia Business Schools
Entrepreneurship Program from 1997 to 2004; Visiting Professor at the John F.
Kennedy School of Government at Harvard University and the Harvard Business
School since 1985 and at the University of Chicago since 1994; Formerly
Chairman of the U.S. Council of Economic Advisers under the President of the
United States from 2001 to 2003.	113 Funds 110 Portfolios	ADP (data and information services), KKR Financial
Corporation (finance), Duke Realty (real estate), Metropolitan Life Insurance
Company (insurance), Information Services Group (media/technology)
W. Carl Kester 40 East 52nd Street New York, NY 10022 1951	Trustee and Member of the Audit Committee	Since 2007	Mizuho Financial Group Professor of Finance, Harvard
Business School. Deputy Dean for Academic Affairs since 2006; Unit Head,
Finance, Harvard Business School, from 2005 to 2006; Senior Associate Dean
and Chairman of the MBA Program of Harvard Business School, from 1999 to
2005; Member of the faculty of Harvard Business School since 1981;
Independent Consultant since 1978.	113 Funds 110 Portfolios	None
Robert S. Salomon, Jr. 40 East 52nd Street New York, NY 10022 1936	Trustee and Member of the Audit Committee	Since 2007	Formerly Principal of STI Management LLC (investment
adviser) from 1994 to 2005.	113 Funds 110 Portfolios	None

| 1 | Trustees serve until their
resignation, removal or death, or until December 31 of the year in which they
turn 72. |
| --- | --- |
| 2 | Following the combination of
Merrill Lynch Investment Managers, L.P. (MLIM) and BlackRock, Inc.
(BlackRock) in September 2006, the various legacy MLIM and legacy BlackRock
Fund boards were realigned and consolidated into three new Fund boards in
2007. As a result, although the chart shows certain trustees as joining the
Trusts board in 2007, each trustee first became a member of the board of
trustees of other legacy MLIM or legacy BlackRock Funds as follows: G.
Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Kent Dixon
since 1988; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005;
James T. Flynn since 1996; Jerrold B. Harris since 1999; R. Glenn Hubbard
since 2004; W. Carl Kester since 1998; Karen P. Robards since 1998 and Robert
S. Salomon, Jr. since 1996. |

ANNUAL REPORT OCTOBER 31, 2008 95

Officers and Trustees (concluded)

Name, Address and Year of Birth	Position(s) Held with Trusts	Length of Time Served as a Trustee	Principal Occupation(s) During Past Five Years
Interested Trustees 1
Richard S. Davis 40 East 52nd Street New York, NY 10022 1945	Trustee	Since 2007	Managing Director, BlackRock, Inc. since 2005; Formerly
Chief Executive Officer, State Street Research & Management Company from
2000 to 2005; Formerly Chairman of the Board of Trustees, State Street
Research Mutual Funds from 2000 to 2005; Formerly Chairman, SSR Realty from
2000 to 2004.	184 Funds 295 Portfolios	None
Henry Gabbay 40 East 52nd Street New York, NY 10022 1947	Trustee	Since 2007	Consultant, BlackRock, Inc. since 2007; Formerly Managing
Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative
Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President of
BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to
2007; Formerly Treasurer of certain closed-end funds in the BlackRock fund
complex from 1989 to 2006.	184 Funds 295 Portfolios	None
Trust Officers 2
Donald C. Burke 40 East 52nd Street New York, NY 10022 1960	Trust President and Chief Executive Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Formerly
Managing Director of Merrill Lynch Investment Managers, L.P. (MLIM) and
Fund Asset Management, L.P. (FAM) in 2006; First Vice President thereof
from 1997 to 2005; Treasurer thereof from 1999 to 2006 and Vice President
thereof from 1990 to 1997.
Anne F. Ackerley 40 East 52nd Street New York, NY 10022 1962	Vice President	Since 2003	Managing Director of BlackRock, Inc. since 2000; Chief
Operating Officer of BlackRocks U.S. Retail Group since 2006; Head of
BlackRocks Mutual Fund Group from 2000 to 2006; Merrill Lynch & Co., Inc.
from 1984 to 1986 and from 1988 to 2000, most recently as First Vice
President and Operating Officer of the Mergers and Acquisitions Group.
Neal J. Andrews 40 East 52nd Street New York, NY 10022 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Formerly
Senior Vice President and Line of Business Head of Fund Accounting and
Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC
Inc.) from 1992 to 2006.
Jay M. Fife 40 East 52nd Street New York, NY 10022 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and
Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM advised funds
from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Brian P. Kindelan 40 East 52nd Street New York, NY 10022 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised Funds
since 2007; Anti-Money Laundering Officer of the BlackRock-advised Funds
since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since
2005; Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to
2004 and Vice President and Senior Counsel thereof from 1998 to 2000;
Formerly Senior Counsel of The PNC Bank Corp. from 1995 to 1998.
Howard B. Surloff 40 East 52nd Street New York, NY 10022 1965	Secretary	Since 2007	Managing Director of BlackRock, Inc. and General Counsel
of U.S. Funds at BlackRock, Inc. since 2006; Formerly General Counsel
(U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.

| 1 | Mr. Davis is an interested
person, as defined in the Investment Company Act of 1940, of the Trusts
based on his positions with BlackRock, Inc. and its affiliates. Mr. Gabbay is
an interested person of the Trust due to his consulting arrangement with
BlackRock, Inc. as well as his ownership of BlackRock, Inc and PNC
securities. Trustees serve until their resignation, removal or death, or
until December 31 of the year in which they turn 72. |
| --- | --- |
| 2 | Officers of the Trusts serve at
the pleasure of the Board of Trustees. |

96 ANNUAL REPORT OCTOBER 31, 2008

Additional Information (unaudited)

The Joint Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008, to elect director or trustee nominees of each Trust. The Board is organized into three classes, one class of which is elected annually. Each Trustee serves a three-year term concurrent with the class into which he or she is elected.

Approved the Class I Directors/Trustees as follows:

	G. Nicholas Beckwith, III — Votes For	Votes Withheld	Kent Dixon — Votes For	Votes Withheld	R. Glenn Hubbard — Votes For	Votes Withheld
Dividend Achievers	46,365,015	1,968,149	46,457,793	1,925,371	46,352,822	2,030,342
Enhanced Dividend Achievers	60,602,134	1,208,757	60,598,960	1,211,931	60,589,655	1,221,236
Strategic Dividend Achievers	18,180,832	2,422,708	18,170,995	2,432,545	18,136,186	2,467,354
EcoSolutions	11,348,493	104,067	11,342,994	109,566	11,347,810	104,750
Global Energy and Resources	25,315,579	700,907	25,319,291	697,195	25,318,298	698,188
Global Equity Income	40,943,744	729,825	40,943,286	730,283	40,935,326	738,243
Global Opportunities	10,413,098	241,382	10,410,771	243,709	10,414,727	239,753
Health Sciences	7,003,061	26,812	7,001,731	28,142	7,002,141	27,732
International Growth	100,590,188	1,251,593	100,555,976	1,285,805	100,588,241	1,253,540
Real Asset	47,559,776	1,564,813	47,572,894	1,551,695	47,556,358	1,568,231
S&P Quality Rankings	4,813,236	361,015	4,811,411	362,840	4,813,086	361,165
World Investment	45,738,904	694,750	45,715,293	717,641	45,737,192	695,742
	W. Carl Kester		Robert S. Salomon, Jr.
	Votes For	Votes Withheld	Votes For	Votes Withheld
Dividend Achievers	46,487,619	1,895,545	46,453,813	1,929,351
Enhanced Dividend Achievers	60,610,102	1,200,789	60,585,083	1,225,808
Strategic Dividend Achievers	18,174,942	2,428,598	18,169,123	2,434,417
EcoSolutions	11,348,604	103,956	11,343,577	108,983
Global Energy and Resources	25,321,806	694,680	25,304,931	711,555
Global Equity Income	40,952,287	721,282	40,926,457	747,112
Global Opportunities	10,416,323	238,157	10,409,272	245,208
Health Sciences	7,002,649	27,224	7,001,409	28,464
International Growth	100,600,231	1,241,550	100,549,632	1,292,149
Real Asset	47,577,602	1,546,987	47,553,632	1,570,957
S&P Quality Rankings	4,814,511	359,740	4,807,396	366,855
World Investment	45,747,607	685,327	45,706,600	726,334
Approved the Class II
Directors/Trustees as follows:
	James T. Flynn		Karen P. Robards
	Votes For	Votes Withheld	Votes For	Votes Withheld
EcoSolutions	11,347,354	105,206	11,345,708	106,852
Approved the Class III
Directors/Trustees as follows:
	Richard E. Cavanagh		Jerrold B. Harris		Henry Gabbay
	Votes For	Votes Withheld	Votes For	Votes Withheld	Votes For	Votes Withheld
EcoSolutions	11,347,604	104,956	11,348,287	104,273	11,347,049	105,511

Custodian
The Bank of New York Mellon
New York, NY 10286
Trusts Address
BlackRock Closed-End Funds
100 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Shareowner Services
Pittsburgh, PA 15252
Accounting Agent
The Bank of New York Mellon
Brooklyn, NY 11217
Independent
Registered
Public
Accounting Firm
Deloitte & Touche LLP
New York, NY 10281
Legal Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
New York, NY 10036

ANNUAL REPORT OCTOBER 31, 2008 97

Additional Information (continued)

Fund Certification

The Trusts that are listed for trading on the New York Stock Exchange (NYSE) and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSEs listing standards. Each Trust filed with the SEC the certification of their chief executive officer and chief financial officer required by section 302 of the Sabanes-Oxley Act.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Trusts Forms N-Q are available on the SECs website at http://www.sec.gov and may also be reviewed and copied at the SECs Public Reference Room in Washington, DC.

Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trusts Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts shares are not continuously offered, which means that the Statements of Additional Information of the Trusts have not been updated after completion of the Trusts offering and the information contained in the Trusts Statements of Additional Information may have become outdated.

During the period, there were no material changes in the Trusts investment objectives or policies or to the Trusts charters or by-laws that were not approved by the shareholders or in the principal risk factors associated with the investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts portfolios. The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called householding and 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 Trusts at (800) 441-7762

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRocks website, which can be accessed at http://www.blackrock.com. This reference to BlackRocks website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRocks website into this report.

98 ANNUAL REPORT OCTOBER 31, 2008

| Additional
Information (concluded) |
| --- |
| Section 19 Notices |

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trusts investment experience during the year and may be subject to changes based on the tax regulations. The Trusts will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions for federal income tax purposes.

| | Total Cumulative
Distributions for the Fiscal Year to Date — Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Common Share | % Breakdown of the
Total Cumulative Distributions for the Fiscal Year to Date — Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Common Share |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Dividend Achievers | $ 0.410 | $ | $ 0.490 | $ 0.900 | 46 % | 0 % | 54 % | 100 % |
| Enhanced Dividend Achievers | $ 0.350 | $ | $ 0.771 | $ 1.121 | 31 % | 0 % | 69 % | 100 % |
| Strategic Dividend Achievers | $ 0.410 | $ | $ 0.490 | $ 0.900 | 46 % | 0 % | 54 % | 100 % |
| EcoSolutions | $ 0.070 | $ 1.530 | $ | $ 1.600 | 4 % | 96 % | 0 % | 100 % |
| Global Energy and Resources | $ 0.710 | $ 2.730 | $ | $ 3.440 | 21 % | 79 % | 0 % | 100 % |
| Global Equity Income | $ 0.370 | $ | $ 1.530 | $ 1.900 | 19 % | 0 % | 81 % | 100 % |
| Global Opportunities | $ 0.370 | $ 2.690 | $ | $ 3.060 | 12 % | 88 % | 0 % | 100 % |
| Health Sciences | $ 0.070 | $ 2.002 | $ | $ 2.072 | 3 % | 97 % | 0 % | 100 % |
| International Growth & Income | $ 0.296 | $ 0.840 | $ 0.533 | $ 1.669 | 18 % | 50 % | 32 % | 100 % |
| Real Asset | $ 0.250 | $ 1.135 | $ | $ 1.385 | 18 % | 82 % | 0 % | 100 % |
| S&P Quality Rankings | $ 0.440 | $ 0.040 | $ 0.420 | $ 0.900 | 49 % | 4 % | 47 % | 100 % |
| World Investment | $ 0.240 | $ 1.710 | $ | $ 1.950 | 12 % | 88 % | 0 % | 100 % |

The Fund estimates that it has distributed more than its income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to the shareholder. A return of capital does not necessarily reflect the Funds investment performance and should not be confused with yield or income.

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 nonpublic 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 nonpublic 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 nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated 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 nonpublic 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 nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

ANNUAL REPORT OCTOBER 31, 2008 99

[This Page Intentionally Left Blank]

This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 411-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commissions website at http://www.sec.gov. Information about how each Trust voted proxies relating to securities held in each Trusts portfolio 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 Securities and Exchange Commissions website at http://www.sec.gov.

CEF-ANN-7-1008

| Item 2 | Code of Ethics The registrant (or the Fund) has adopted a code of ethics, as of the end of the
period covered by this report, applicable to the registrants principal executive officer, principal
financial officer and principal accounting officer, or persons performing similar functions. During
the period covered by this report, there have been no amendments to or waivers granted under the
code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com. |
| --- | --- |
| Item 3 | Audit Committee Financial Expert The registrants board of directors or trustees, as applicable
(the board of directors) has determined that (i) the registrant has the following audit committee
financial experts serving on its audit committee and (ii) each audit committee financial expert is |
| | independent: |
| | Kent Dixon |
| | Frank J. Fabozzi |
| | James T. Flynn |
| | W. Carl Kester |
| | Karen P. Robards |
| | Robert S. Salomon, Jr. |
| | The registrants board of directors has determined that W. Carl Kester and Karen P. Robards qualify
as financial experts pursuant to Item 3(c)(4) of Form N-CSR. |
| | Prof. Kester has a thorough understanding of generally accepted accounting principles, financial
statements and internal control over financial reporting as well as audit committee functions. Prof.
Kester has been involved in providing valuation and other financial consulting services to corporate
clients since 1978. Prof. Kesters financial consulting services present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth and complexity of
issues that can reasonably be expected to be raised by the registrants financial statements. |
| | Ms. Robards has a thorough understanding of generally accepted accounting principles, financial
statements and internal control over financial reporting as well as audit committee functions. Ms.
Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms.
Robards was formerly an investment banker for more than 10 years where she was responsible for
evaluating and assessing the performance of companies based on their financial results. Ms.
Robards has over 30 years of experience analyzing financial statements. She also is a member of
the audit committee of one publicly held company and a non-profit organization. |
| | Under applicable securities laws, a person determined to be an audit committee financial expert will
not be deemed an expert for any purpose, including without limitation for the purposes of Section
11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee
financial expert. The designation or identification as an audit committee financial expert does not
impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and
liabilities imposed on such person as a member of the audit committee and board of directors in the
absence of such designation or identification. |

Item 4 Principal Accountant Fees and Services

	(a) Audit Fees — Current	Previous	(b) Audit-Related Fees 1 — Current	Previous	(c) Tax Fees 2 — Current	Previous	(d) All Other Fees 3 — Current	Previous
	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Entity Name	End	End	End	End	End	End	End	End
BlackRock Global
Opportunities Equity	$44,500	$42,000	$0	$0	$6,475	$6,100	$1,049	$1,049
Trust
1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The registrants audit committee (the Committee) has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the registrants affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SECs auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (general pre-approval). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operation or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the Committee oversees. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to one or more of its members the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates Aggregate Non-Audit Fees:

	Current Fiscal Year	Previous Fiscal Year
Entity Name	End	End
BlackRock Global
Opportunities Equity Trust	$295,024	$291,642

| | (h) The registrants audit committee has considered and determined that the provision of non-audit
services that were rendered to the registrants investment adviser (not including any non-affiliated
sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
the registrants investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the registrant that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountants independence. |
| --- | --- |
| | Regulation S-X Rule 2-01(c)(7)(ii) $287,500, 0% |
| Item 5 | Audit Committee of Listed Registrants The
following individuals are members of the registrants
separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)): |
| | Kent Dixon |
| | Frank J. Fabozzi |
| | James T. Flynn |
| | W. Carl Kester |
| | Karen P. Robards |
| | Robert S. Salomon, Jr. |
| Item 6 | Investments |
| | (a) The registrants 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 The board of directors has delegated the voting of proxies for the Fund securities to the
Funds investment advisor (Investment Adviser) pursuant to the Investment Advisers proxy
voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund
securities in the best interests of the Fund and its stockholders. From time to time, a vote may
present a conflict between the interests of the Funds stockholders, on the one hand, and those of the
Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In
such event, provided that the Investment Advisers Equity Investment Policy Oversight Committee,
or a sub-committee thereof (the Oversight Committee) is aware of the real or potential conflict or
material non-routine matter and if the Oversight Committee does not reasonably believe it is able to
follow its general voting guidelines (or if the particular proxy matter is not addressed in the
guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to
advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment
Advisers clients. If the Investment Adviser determines not to retain an independent fiduciary, or
does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall
determine how to vote the proxy after consulting with the Investment Advisers Portfolio
Management Group and/or the Investment Advisers Legal and Compliance Department and
concluding that the vote cast is in its clients best interest notwithstanding the conflict. A copy of the
Funds Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on
how the Fund voted proxies relating to portfolio securities during the most recent 12-month period |

| | ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SECs website
at http://www.sec.gov . |
| --- | --- |
| Item 8 | Portfolio Managers of Closed-End Management Investment
Companies as of October 31, 2008. |
| | (a)(1) BlackRock Global Opportunities Equity Trust is managed by a team of investment
professionals comprised of Thomas P. Callan, CFA, Managing Director at BlackRock, Jean M.
Rosenbaum, CFA, Managing Director at BlackRock, Kyle G. McClements, CFA, Director at
BlackRock and Michael D. Carey, CFA, Managing Director at BlackRock. Messrs. Callan, Carey and McClements and
Ms. Rosenbaum are the Funds portfolio managers and are responsible for the day-to-day
management of the Funds portfolio and the selection of its investments. Messrs. Callan, Carey
and McClements and Ms. Rosenbaum have been members of the Funds portfolio management team
since 2005. |
| | Thomas P. Callan, CFA, Managing Director and senior portfolio manager, is head of
BlackRocks Global Opportunities equity team. He is lead manager for all global small cap
portfolios and is chief strategist for all of the teams portfolios. Mr. Callan has been a portfolio
manager with BlackRock since 1998. |
| | Jean M. Rosenbaum, CFA, Managing Director and portfolio manager, is a member of
BlackRocks Global Opportunities equity team. She is a portfolio manager for the US
opportunities portfolios and a strategist for all of the teams products. Ms. Rosenbaum has been
a portfolio manager with BlackRock since 1998. |
| | Michael D. Carey, CFA, Managing Director and portfolio manager, is a member of BlackRocks
Global Opportunities equity team. He is a portfolio manager for international small cap equity
portfolios and a strategist for all of the teams products. Mr. Carey has been a portfolio manager
with BlackRock since 1998. |
| | Kyle G. McClements, CFA, Director and equity derivatives trader, is a member of the US equity
trading group. Prior to joining BlackRock in 2005, Mr. McClements was a Vice President and
senior derivatives strategist responsible for equity derivative strategy and trading in the
Quantitative Equity Group at State Street Research. Prior to joining State Street Research in
2004, Mr. McClements was a senior trader/analyst at Deutsche Asset Management, responsible
for derivatives, equity program, technology and energy sector, and foreign exchange trading. |
| | (a)(2) As of October 31, 2008: |

	Number of Other Accounts Managed			Number of Other Accounts and
	and Assets by Account Type			Assets for Which Advisory Fee is
					Performance-Based
	Other	Other Pooled		Other	Other Pooled
Name of	Registered	Investment	Other	Registered	Investment	Other
Portfolio Manager	Investment	Vehicles	Accounts	Investment	Vehicles	Accounts
	Companies			Companies
Thomas P. Callan	12	14	4	0	1	1
	$5.51 Billion	$951.3 Million	$211.9 Million	$0	$267.2 Million	$86.2 Million

Jean M. Rosenbaum	6	4	0	0	0	0
	$2.9 Billion	$133.3 Million	$0	$0	$0	$0
Michael D. Carey	6	1	1	0	0	0
	$3.14 Billion	$42.5 Million	$41.5 Million	$0	$0	$0
Kyle G. McClements	6	4	9	0	0	9
	$3.17 Billion	$196.6 Million	$3.29 Billion	$0	$0	$3.29 Billion

(iv) Potential Material Conflicts of Interest

BlackRock, Inc. and its affiliates (collectively, herein BlackRock) has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made for the Fund. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRocks (or its affiliates) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors or employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. In this regard, it should be noted that Messrs. Callan and McClements currently manage certain accounts that are subject to performance fees. In addition, a portfolio manager may assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

(a)(3) As of October 31, 2008:

Portfolio Manager Compensation Overview

BlackRocks financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-and, for certain portfolio managers, revenue-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan and Restricted Stock Program.

Base compensation. Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm. Senior portfolio managers who perform additional management functions within the portfolio management group or within BlackRock may receive additional compensation for serving in these other capacities.

Discretionary Incentive Compensation for Messrs. Callan and Carey and Ms. Rosenbaum

Discretionary incentive compensation is based on a formulaic compensation program. BlackRocks formulaic portfolio manager compensation program includes: pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods and a team revenue component. If a portfolio managers tenure is less than five years, performance periods will reflect time in position. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRocks Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to the portfolio managers, such benchmarks for the Fund include the following:

Portfolio Manager	Benchmarks Applicable to Each Manager
Thomas P. Callan	A combination of market-based indices (e.g., Standard & Poors 500
Index, Lipper Health/Biotechnology Funds Index, The Russell 3000
Healthcare Index, The S&P/Citigroup Extended Market Index U.S., The
S&P/Citigroup Global BMI, NYSE Arca Tech 100 Index, S&P
Citigroup Broad Market Index Global Ex-U.S., S&P/Citigroup Extended
Market Index Global Ex-U.S.), certain customized indices and certain
fund industry peer groups.
Jean M. Rosenbaum	A combination of market-based indices (e.g., The S&P/Citigroup
Extended Market Index U.S., NYSE Arca Tech 100 Index), certain
customized indices and certain fund industry peer groups.
Michael D. Carey	A combination of market-based indices (e.g., The S&P/Citigroup
Extended Market Ex-U.S. Index, The S&P/Citigroup Global BMI, The
S&P/Citigroup Broad Market Index Global Ex-U.S.), certain customized indices
and certain fund industry peer groups.

Portfolio managers who meet relative investment performance and financial management objectives during a specified performance time period are eligible to receive an additional bonus which may or may not be a large part of their overall compensation. A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate

reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.

Discretionary Incentive Compensation for Mr. McClements

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio managers group within BlackRock, the investment performance, including risk-adjusted returns, of the firms assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individuals seniority, role within the portfolio management team, teamwork and contribution to the overall performance of these portfolios and BlackRock. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRocks Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to Mr. McClements, such benchmarks for the Funds option strategy include the Lipper Options Arbitrage/Options Strategies Funds classification.

BlackRocks Chief Investment Officers make a subjective determination with respect to the portfolio managers compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks noted above. Performance is measured on a pre-tax basis over various time periods including 1, 3 and 5-year periods, as applicable.

Distribution of Discretionary Incentive Compensation

Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year at risk based on BlackRocks ability to sustain and improve its performance over future periods.

Long-Term Retention and Incentive Plan (LTIP)  The LTIP is a long-term incentive plan that seeks to reward certain key employees. Prior to 2006, the plan provided for the grant of awards that were expressed as an amount of cash that, if properly vested and subject to the attainment of certain performance goals, will be settled in cash and/or in BlackRock, Inc. common stock. Beginning in 2006, awards are granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly vested and subject to the attainment of certain performance goals, will be settled in BlackRock, Inc. common stock. Messrs. Callan, Carey and McClements and Ms. Rosenbaum have each received awards under the LTIP.

Deferred Compensation Program  A portion of the compensation paid to eligible BlackRock employees may be voluntarily deferred into an account that tracks the performance of certain of the firms investment products. Each participant in the deferred compensation program is permitted to allocate his deferred amounts among the various investment options. Messrs. Callan, Carey and McClements and Ms. Rosenbaum have each participated in the deferred compensation program.

Options and Restricted Stock Awards  A portion of the annual compensation of certain employees is mandatorily deferred into BlackRock restricted stock units. Prior to the mandatory deferral into restricted stock units, BlackRock granted stock options to key employees, including certain portfolio managers who may still hold unexercised or unvested options. BlackRock, Inc. also granted restricted stock awards designed to reward certain key employees as an incentive to contribute to the long-term success of BlackRock. These awards vest over a period of years. Messrs. Callan and Carey have each been granted stock options and/or restricted stock in prior years.

Other compensation benefits. In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans  BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay contributed to the plan capped at $4,000 per year, and a company retirement contribution equal to 3% of eligible compensation, plus an additional contribution of 2% for any year in which BlackRock has positive net operating income. The RSP offers a range of investment options, including registered investment companies managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent employee investment direction, are invested into a balanced portfolio. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of $25,000. Each portfolio manager is eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities. As of October 31, 2008, the dollar range of securities beneficially owned by each portfolio manager in the Fund is shown below:

Portfolio Manager	Dollar Range of Equity
	Securities Beneficially Owned
Thomas P. Callan	None
Jean M. Rosenbaum	$10,001 - $50,000
Michael D. Carey	None
Kyle G. McClements	$1 - $10,000

| Item 9 | Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers Not Applicable due to no such purchases during the period covered by this report. |
| --- | --- |
| Item 10 | Submission of Matters to a Vote of Security Holders The registrants Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee
should send nominations that include biographical information and set forth the qualifications of the
proposed nominee to the registrants Secretary. There have been no material changes to these
procedures. |
| Item 11 | Controls and Procedures |

| 11(a) | The registrants principal executive and principal financial officers or persons performing similar
functions have concluded that the registrants 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. |
| --- | --- |
| 11(b) | There were no changes in the registrants 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
registrants internal control over financial reporting. |
| Item 12 | Exhibits attached hereto |
| 12(a)(1) | Certifications Attached
hereto |
| 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 Opportunities Equity Trust
By:	/s/ Donald C.
Burke
	Donald C. Burke
	Chief Executive Officer of
	BlackRock Global Opportunities Equity Trust
Date: December 19, 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 Opportunities Equity Trust
Date: December 19, 2008
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Global Opportunities Equity Trust
Date: December 19, 2008

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