BlackRock Enhanced Global Dividend Trust

Regulatory Filings • Jan 6, 2011

N-CSR 1 c63739_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: Anne F. Ackerley, Chief Executive Officer, BlackRock Global Opportunities Equity Trust, 55 East 52 nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2010

Date of reporting period: 10/31/2010

Item 1 – Report to Stockholders

October 31, 2010

Annual Report

| ► | 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
Energy and Resources Trust (BGR) |
| ► | 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) |

Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents

	Page
Dear Shareholder	3
Annual Report:
Trust Summaries	4
Derivative Financial Instruments	14
Financial
Statements:
Schedules of Investments	15
Statements of Assets and Liabilities	62
Statements of Operations	64
Statements of Changes in Net Assets	66
Financial Highlights	70
Notes to Financial Statements	80
Report of Independent Registered Public Accounting Firm	88
Disclosure of Investment Advisory Agreements and
Sub-Advisory Agreements	89
Automatic Dividend Reinvestment Plans	92
Important Tax Information	93
Officers and Trustees	94
Additional Information	97

Section 19(b) Disclosure

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 Energy and Resources Trust (BGR), BlackRock Global Opportunities Equity Trust (BOE), BlackRock Health Sciences Trust (BME), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF) and BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) (collectively, the “Trusts”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees (the “Board”), each have adopted a plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a quarterly basis:

| Exchange
Symbol | Amount Per
Common Share |
| --- | --- |
| BDV | $0.162500 |
| BDJ | $0.245000 |
| BDT | $0.162500 |
| BQR | $0.300000 |
| BGR | $0.405000 |
| BOE | $0.568750 |
| BME | $0.384375 |
| BGY | $0.340000 |
| BCF | $0.271800 |
| BQY | $0.250000 |

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a quarterly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each quarterly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Trusts to comply with the distribution requirements imposed by the Code.

Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance on net asset value is presented in its financial highlights table.

The Board may amend, suspend or terminate a Trust’s Plan without prior notice if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Trust’s prospectus for a more complete description of its risks.

Please refer to the Additional Information for a cumulative summary of the Section 19(a) notices for each Trust’s current fiscal period. Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website www.blackrock.com.

2 ANNUAL REPORT OCTOBER 31, 2010

A Letter to Shareholders

D ear Shareholder:

The global economic recovery that began in 2009 has continued on its choppy course this year, delivering mixed but slowly improving economic data and gradual if uneven improvement of investor sentiment. The risks of a double-dip recession continue to recede, but the economy remains mired in a slow-growth environment. In the United States, the National Bureau of Economic Research declared that the “Great Recession” ended in June 2009. Spanning December 2007 to June 2009, this marked the longest reported recession since the Great Depression. Structural problems of ongoing deleveraging and weak spending among businesses and households weigh heavily on the pace of economic growth. The unemployment rate remains stubbornly high in the face of sluggish job gains in the private sector. The US dollar, along with other developed market currencies, has experienced devaluation resulting from aggressively easy monetary and fiscal policies. Given these long-standing conditions, the Federal Reserve Board has announced that additional policy action will be taken to combat deflation and unemployment and promote economic growth.

The high levels of volatility experienced in global equity markets throughout 2009 continued into 2010 as mixed economic data and lingering credit issues caused stocks to trade in both directions, but by the end of the first quarter, most markets had managed to post gains. The second quarter, in contrast, brought higher levels of volatility and a “flight to quality” as investor sentiment was dominated by fears of a double-dip recession. Global equity markets saw negative quarterly returns — and for many markets, the first significant downturn since the bull market began in March 2009. In the third quarter, economic data turned less negative and strong corporate earnings reports became increasingly consistent. These factors, along with attractive valuations and expectations for additional quantitative easing, drove equity markets higher, with most markets recapturing their second quarter losses. Stocks continued their rally into the beginning of the fourth quarter, closing out the 12-month period in positive territory. International equities posted gains on both a six- and 12-month basis. In the United States, both large and small cap equities posted robust gains for the 12-month period, while on a six-month basis, large cap stocks remained relatively flat and small caps turned slightly negative.

In fixed income markets, yields fluctuated but declined significantly over the past 12 months amid heightened uncertainty. Weak economic data, lingering credit problems and, near the end of the period, the expectation of additional quantitative easing drove interest rates lower and bond prices higher. Treasuries rallied over the period, modestly outperforming the credit spread sectors of the market. Corporate credit spreads benefited from the low interest rate environment and high yield fixed income became increasingly attractive due to declining default rates and better-than-expected results on European bank stress tests. Tax-exempt municipal bonds performed well over the 12-month period, driven primarily by technical factors including favorable supply-and-demand dynamics.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Against this backdrop, the major market averages posted the following returns:

| Total
Returns as of October 31, 2010 — US large cap
equities (S&P 500 Index) | 0.74 | % | 16.52 % |
| --- | --- | --- | --- |
| US small cap
equities (Russell 2000 Index) | (1.24 | ) | 26.58 |
| International
equities (MSCI Europe, Australasia, Far East Index) | 5.74 | | 8.36 |
| 3-month Treasury
bill (BofA Merrill Lynch 3-Month Treasury Bill Index) | 0.08 | | 0.12 |
| US Treasury
securities (BofA Merrill Lynch 10-Year US Treasury Index) | 10.63 | | 10.03 |
| US investment grade
bonds (Barclays Capital US Aggregate Bond Index) | 5.33 | | 8.01 |
| Tax-exempt
municipal bonds (Barclays Capital Municipal Bond Index) | 3.95 | | 7.78 |
| US high yield bonds
(Barclays Capital US Corporate High Yield 2% Issuer Capped Index) | 6.73 | | 19.10 |

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

As global economic conditions continue to improve, investors across the world continue to face uncertainty about the future of economic growth. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine , where you’ll find the most recent issue of our award-winning Shareholder ® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives . As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT OCTOBER 31, 2010 3

T rust Summary as of October 31, 2010 BlackRock Dividend Achievers TM Trust

| Trust Overview |
| --- |
| BlackRock
Dividend Achievers TM Trust’s (BDV) (the “Trust”) investment objective is to
provide total return through a combination of current income, capital gains
and long-term capital appreciation. The Trust seeks to achieve its investment
objective by investing, under normal market conditions, at least 80% of its
assets in common stocks included in the universe of common stocks of issuers which
Indxis (formerly Mergent), a recognized provider of financial information,
has determined are Dividend Achievers™. Each issuer in the Dividend
Achievers™ universe has been identified as a U.S. publicly traded company
that has consistently increased its regular annual dividend payments for at
least each of the last ten years. The Trust may invest directly in such
securities or synthetically through the use of derivatives. The Trust
utilizes an option writing (selling) strategy to enhance current gains. |
| No assurance can be given that
the Trust’s investment objective will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 28.15% based on market price and
17.36% based on net asset value (“NAV”). For the same period, the benchmark
Indxis Broad Dividend Achievers Index (“Dividend Achievers Index”) (formerly
Mergent Broad Dividend Achievers Index) returned 18.27% and the broader
market, as measured by the Russell 1000 Index and the Russell 1000 Value
Index, returned 17.67% and 15.71%, respectively. All returns reflect
reinvestment of dividends. The Trust’s discount to NAV, which narrowed during
the period, accounts for the difference between performance based on price
and performance based on NAV. The following discussion relates to performance
based on NAV. Detracting from performance for the period was security
selection in the industrials sector as well as consumer staples and health
care, where the Trust’s holdings in more defensive names weighed on performance.
The Trust’s cash weighting, though minimal, detracted marginally as markets
appreciated. Contributing to performance was stock selection in materials and
in the more stable-yielding utilities sector. An underweight allocation to
financials proved beneficial as the strong price appreciation seen in the
sector early in 2010 trailed off during the year due to significant
headwinds, including increased regulation and a tightening competitive
environment. In addition, earnings generated through the Trust’s option
writing strategy enhanced performance for the 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 (“NYSE”) | BDV |
| --- | --- |
| Initial Offering
Date | December 23, 2003 |
| Yield based on
Closing Market Price as of October 31, 2010 ($9.88) 1 | 6.58% |
| Current Quarterly
Distribution per Common Share 2 | $0.1625 |
| Current Annualized
Distribution per Common Share 2 | $0.6500 |

| 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 rate 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 Trust’s market price and net asset value per
share: | 10/31/10 | 10/31/09 | Change | High | Low |
| --- | --- | --- | --- | --- | --- |
| Market Price | $ 9.88 | $ 8.27 | 19.47 % | $ 9.98 | $ 5.88 |
| Net Asset Value | $ 10.00 | $ 9.14 | 9.41 % | $ 10.11 | $ 8.86 |
| The following
charts show the ten largest holdings and sector allocations of the Trust’s
long-term investments: | | | | | |

Ten Largest Holdings
		10/31/10
International
Business Machines Corp.		5 %
Chevron Corp.		4
Exxon Mobil Corp.		3
Caterpillar, Inc.		3
Johnson &
Johnson		3
McDonald’s Corp.		3
AT&T Inc.		3
Abbott
Laboratories		3
Procter &
Gamble Co. (The)		3
Altria Group, Inc.		3
Sector Allocations
	10/31/10	10/31/09
Consumer Staples	21 %	22 %
Industrials	14	15
Health Care	12	15
Energy	11	9
Utilities	9	4
Consumer
Discretionary	8	8
Financials	7	13
Information
Technology	6	6
Materials	6	3
Telecommunication
Services	6	5
For Trust compliance purposes, the Trust’s 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 Trust 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, 2010

Trust Summary as of October 31, 2010 BlackRock Enhanced Dividend Achievers TM Trust

| Trust Overview |
| --- |
| BlackRock Enhanced
Dividend Achievers TM Trust’s (BDJ) (the “Trust”) primary
investment objective is to provide current income and current gains, with a
secondary investment objective of long-term capital appreciation. The Trust
seeks to achieve its investment objectives by investing in common stocks that
pay above average dividends and have the potential for capital appreciation
and by utilizing an option writing (selling) strategy to enhance current
gains. The Trust invests, under normal market conditions, at least 80% of its
assets in common stocks that are included in the universe of common stocks of
issuers which Indxis (formerly Mergent) has determined are Dividend
Achievers™ and options with exposure to such stocks. Each issuer in the
Dividend Achievers™ universe has been identified as a U.S. publicly traded
company that has consistently increased its regular annual dividend payments
for at least each of the last ten years. The Trust may invest directly in
such securities or synthetically through the use of derivatives. |
| No assurance can be given that
the Trust’s investment objectives will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 28.30% based on market price and
15.23% based on NAV. For the same period, the benchmark Dividend Achievers
Index returned 18.27% and the broader market, as measured by the Russell 1000
Index and the Russell 1000 Value Index, returned 17.67% and 15.71%,
respectively. All returns reflect reinvestment of dividends. The Trust moved
from a discount to NAV to a premium by period-end, which accounts for the
difference between performance based on price and performance based on NAV.
The following discussion relates to performance based on NAV. Stock selection
in the industrials sector was the primary cause of the Trust’s
underperformance relative to the benchmark. The Trust’s cash position
hindered relative performance as markets appreciated over the period. Also
detracting was stock selection in consumer staples and health care, where the
Trust’s holdings in more defensive names weighed on performance. Contributing
positively to performance was security selection based on fundamental
analyses in materials, utilities, and telecommunication services; the Trust’s
holdings in these sectors performed as anticipated and generated meaningful
dividend income in an environment where investors avidly sought yield and
income. In addition, earnings generated through the Trust’s option writing
strategy enhanced performance for the 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 NYSE	BDJ
Initial Offering
Date	August 31, 2005
Yield based on
Closing Market Price as of October 31, 2010 ($8.99) 1	10.90%
Current Quarterly
Distribution per Common Share 2	$0.245
Current Annualized
Distribution per Common Share 2	$0.980

| 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 Trust’s market price and net asset value per share: | 10/31/10 | 10/31/09 | Change | High | Low |
| --- | --- | --- | --- | --- | --- |
| Market Price | $ 8.99 | $ 7.89 | 13.94 % | $ 9.28 | $ 7.29 |
| Net Asset Value | $ 8.32 | $ 8.13 | 2.34 % | $ 8.64 | $ 7.61 |
| The following
charts show the ten largest holdings and sector allocations of the Trust’s
long-term investments: | | | | | |

Ten Largest Holdings
		10/31/10
International
Business Machines Corp.		5 %
Chevron Corp.		4
Exxon Mobil Corp.		4
Johnson &
Johnson		3
Caterpillar, Inc.		3
McDonald’s Corp.		3
Procter &
Gamble Co. (The)		3
Abbott
Laboratories		3
AT&T Inc.		3
Coca-Cola Co.
(The)		3
Sector Allocations
	10/31/10	10/31/09
Consumer Staples	21 %	22 %
Industrials	14	14
Health Care	12	16
Energy	11	9
Utilities	9	4
Consumer
Discretionary	8	8
Financials	7	12
Information
Technology	6	6
Materials	6	3
Telecommunication
Services	6	6
For Trust compliance purposes, the Trust’s 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 Trust management. This definition may not apply
for purposes of this report, which may combine sector sub-classifications for
reporting ease.

ANNUAL REPORT OCTOBER 31, 2010 5

Trust Summary as of October 31, 2010 BlackRock Strategic Dividend Achievers TM Trust

| Trust Overview |
| --- |
| BlackRock Strategic Dividend Achievers TM Trust’s (BDT) (the “Trust”) investment
objective is to provide total return through a combination of current income,
current gains and long-term capital appreciation. The Trust seeks to achieve
its investment objective by investing primarily in common stocks of small to
mid-capitalization issuers that pay above average dividends and have the potential
for capital appreciation. The Trust invests, under normal market conditions,
at least 80% of its assets in common stocks included in the universe of
common stocks of issuers which Indxis (formerly Mergent), a recognized
provider of financial information, has determined are Dividend Achievers™.
Each issuer in the Dividend Achievers™ universe has been identified as a U.S.
publicly traded company that has consistently increased its regular annual
dividend payments for at least each of the last ten years. The Trust may
invest directly in such securities or synthetically through the use of
derivatives. The Trust utilizes an option writing (selling) strategy to
enhance current gains. |
| No assurance can be
given that the Trust’s investment objective will be achieved. |
| Performance |
| For the 12 months ended October 31, 2010,
the Trust returned 27.67% based on market price and 21.94% based on NAV. For
the same period, the benchmark Dividend Achievers Index returned 18.27% and
the broader market, as measured by the Russell 1000 Index and the Russell
1000 Value Index, returned 17.67% and 15.71%, respectively. All returns
reflect reinvestment of dividends. The Trust’s discount to NAV, which
narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates
to performance based on NAV. Stock selection in the financials sector drove
the Trust’s outperformance relative to the benchmark as many of the Trust’s
holdings in lower-capitalized financial names delivered strong performance
toward the end of 2009 and the first half of 2010. A modestly underweight
allocation to health care proved beneficial as did positive stock selection
within the sector. A strategic overweight in utilities provided additional
outperformance. Detracting from performance was stock selection in materials,
where the Trust’s largest holding within the sector turned out to be the
worst performing materials stock. Stock selection in consumer staples also
had a negative impact. The Trust’s cash position hindered relative
performance as markets appreciated over the period. In addition, earnings
generated through the Trust’s option writing strategy enhanced performance
for the 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 NYSE	BDT
Initial Offering Date	March 30, 2004
Yield based on Closing Market Price as of
October 31, 2010 ($9.98) 1	6.51%
Current Quarterly Distribution per Common
Share 2	$0.1625
Current Annualized Distribution per Common
Share 2	$0.6500

| 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
rate 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 Trust’s market price and net asset value per share: | 10/31/10 | 10/31/09 | Change | High | Low |
| --- | --- | --- | --- | --- | --- |
| Market Price | $ 9.98 | $ 8.37 | 19.24 % | $ 10.43 | $ 6.50 |
| Net Asset Value | $ 11.07 | $ 9.72 | 13.89 % | $ 11.65 | $ 9.69 |
| The following charts show the ten largest
holdings and sector allocations of the Trust’s long-term investments: | | | | | |

Ten Largest Holdings
	10/31/10
Stanley Black & Decker, Inc.	2 %
Hormel Foods Corp.	2
NSTAR	2
Cincinnati Financial Corp.	2
Aqua America, Inc.	2
Northeast Utilities	2
Cullen/Frost Bankers, Inc.	2
New Jersey Resources Corp.	2
Roper Industries, Inc.	2
Pentair, Inc.	2

Sector Allocations	10/31/10	10/31/09
Financials	29 %	33 %
Utilities	23	13
Industrials	17	20
Consumer Staples	9	9
Consumer Discretionary	9	11
Materials	6	6
Information Technology	3	3
Health Care	2	3
Telecommunication Services	1	1
Energy	1	1
For Trust
compliance purposes, the Trust’s 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 Trust
management. This definition may not apply for purposes of this report, which
may combine sector sub-classifications for reporting ease.

6 ANNUAL REPORT OCTOBER 31, 2010

Trust Summary as of October 31, 2010 BlackRock EcoSolutions Investment Trust

| Trust Overview |
| --- |
| BlackRock EcoSolutions Investment Trust’s
(BQR) (the “Trust”) investment
objective is to provide total return through a combination of current income,
current gains and long-term capital appreciation. The Trust seeks to achieve
its investment objective by investing, under normal market conditions, at
least 80% of its assets in equity securities issued by companies that are
engaged in one or more of New Energy (e.g., products, technologies and
services connected to the efficient use of energy or the provision or
manufacture of alternative forms of energy), Water Resources and Agriculture
business segments. The Trust may invest directly in such securities or
synthetically through the use of derivatives. The Trust utilizes an option
writing (selling) strategy to enhance current gains. |
| No assurance can be
given that the Trust’s investment objective will be achieved. |
| Performance |
| For the 12 months ended October 31, 2010,
the Trust returned 28.08% based on market price and 13.04% based on NAV. For
the same period, the closed-end Lipper Sector Equity Funds category posted an
average return of 28.58% based on market price and 28.74% based on NAV. All
returns reflect reinvestment of dividends. The Trust moved from a discount to
NAV to a premium by period end, which accounts for the difference between
performance based on price and performance based on NAV. The following
discussion relates to performance based on NAV. The Trust’s investments in
new energy detracted from performance during the period. Wind power companies
were the poorest performers due to a loss of momentum in the progression of
supportive legislation. Conversely, the Trust derived positive performance
from its agriculture investments. Fertilizer companies were the strongest
performers as they benefited from improved farming margins due to a rally in
grain prices in the latter part of the period. The Trust’s holdings in grain
and crop producers also benefited from the strength in grain prices. In
addition, earnings generated through the Trust’s option writing strategy
enhanced performance for the 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 NYSE	BQR
Initial Offering Date	September 28, 2007
Yield based on Closing Market Price as of
October 31, 2010 ($11.69) 1	10.27%
Current Quarterly Distribution per Common
Share 2	$0.30
Current Annualized Distribution per Common
Share 2	$1.20

| 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 Trust’s market price and net asset value per share: | 10/31/10 | 10/31/09 | Change | High | Low |
| --- | --- | --- | --- | --- | --- |
| Market Price | $ 11.69 | $ 10.23 | 14.27 % | $ 12.02 | $ 9.06 |
| Net Asset Value | $ 10.65 | $ 10.56 | 0.85 % | $ 11.67 | $ 9.10 |
| The following charts show the ten largest
holdings and industry allocations of the Trust’s long-term investments: | | | | | |

Ten Largest Holdings
	10/31/10
Agrium, Inc.	3 %
Syngenta AG	2
Potash Corp. of Saskatchewan, Inc.	2
BrasilAgro - Companhia Brasileira de Propriedades Agricolas	2
Johnson Matthey Plc	2
Mosaic Co. (The)	2
Monsanto Co.	2
Aqua America, Inc.	2
Severn Trent Plc	2
Cia de Saneamento de Minas Gerias-COPASA	2

Industry Allocations	10/31/10	10/31/09
Chemicals	27 %	26 %
Water
Utilities	23	21
Food
Products	14	11
Machinery	8	8
Electrical
Equipment	6	9
Electric
Utilities	3	3
Real
Estate Investment Trusts (REITs)	3	3
Electronic
Equipment, Instruments & Components	3	3
Commercial
Services & Supplies	2	3
Oil,
Gas & Consumable Fuels	2	2
Independent
Power Producers & Energy Traders	2	3
Multi-Utilities	2	3
Construction
& Engineering	2	2
Other 3	3	3

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

ANNUAL REPORT OCTOBER 31, 2010 7

Trust Summary as of October 31, 2010 BlackRock Energy and Resources Trust

| Trust Overview |
| --- |
| BlackRock
Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to
provide total return through a combination of current income, current gains
and long-term capital appreciation. The Trust seeks to achieve its investment
objective by investing, under normal market conditions, at least 80% of its
total assets in equity securities of energy and natural resources companies
and equity derivatives with exposure to the energy and natural resources
industry. The Trust may invest directly in such securities or synthetically
through the use of derivatives. The Trust utilizes an option writing
(selling) strategy to enhance current gains. |
| No assurance can be given that the Trust’s investment
objective will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 21.95% based on market price and
15.89% based on NAV. For the same period, the closed-end Lipper Sector Equity
Funds category returned 28.58% based on market price and 28.74% based on NAV.
All returns reflect reinvestment of dividends. The Trust’s discount to NAV,
which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates
to performance based on NAV. The Trust’s investments in the oil & gas
drilling sub-industry detracted from performance for the period. Holdings of
Transocean Ltd., Noble Corp. and Diamond Offshore Drilling, Inc. were notable
weak performers in this group. Conversely, the Trust’s investments in the oil
& gas storage & transportation sub-industry contributed positively to
returns, as did holdings within coal & consumable fuels, oil & gas
exploration & production and oil & gas equipment & services. In
addition, earnings generated through the Trust’s option writing strategy
enhanced performance for the 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 NYSE	BGR
Initial Offering
Date	December 29, 2004
Yield based on
Closing Market Price as of October 31, 2010 ($25.36) 1	6.39%
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 Trust’s market price and net asset value per
share: | |

	10/31/10	10/31/09		High	Low
Market Price	$ 25.36	$ 22.18	14.34 %	$ 27.43	$ 20.50
Net Asset Value	$ 25.87	$ 23.81	8.65 %	$ 27.97	$ 22.65

The following charts show the ten largest holdings and industry allocations of the Trust’s long-term investments:

Ten Largest Holdings

	10/31/10
Whiting Petroleum
Corp.	6 %
Petrohawk Energy
Corp.	5
Massey Energy Co.	4
EOG Resources,
Inc.	4
Occidental
Petroleum Corp.	4
Alpha Natural
Resources, Inc.	3
Peabody Energy
Corp.	3
Petroleo
Brasileiro SA - ADR	3
Anadarko Petroleum
Corp.	3
Brigham
Exploration Co.	3

Industry Allocations

	10/31/10	10/31/09
Oil, Gas &
Consumable Fuels	74 %	70 %
Energy Equipment
& Services	17	20
Metals &
Mining	4	4
Gas Utilities	2	4
Pipelines	1	—
Transportation	1	—
Construction &
Engineering	1	1
Chemicals	—	1

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

8 ANNUAL REPORT OCTOBER 31, 2010

Trust Summary as of October 31, 2010 BlackRock Global Opportunities Equity Trust

| Trust Overview |
| --- |
| BlackRock
Global Opportunities Equity Trust’s (BOE) (the “Trust”) primary investment objective is
to provide current income and current gains, with a secondary investment
objective of long-term capital appreciation. The Trust seeks to achieve its
investment objectives by investing primarily in equity securities issued by
companies located in countries throughout the world and utilizing an option
writing (selling) strategy to enhance current gains. The Trust invests, under
normal market conditions, at least 80% of its assets in equity securities or
options on equity securities or indices or sectors of equity securities.
Under normal circumstances, the Trust invests a substantial amount of its
total assets in foreign issuers, issuers that primarily trade in a market
located outside the United States or issuers that do a substantial amount of
business outside the United States. The Trust may invest directly in such
securities or synthetically through the use of derivatives. |
| No assurance can be given that the Trust’s investment
objectives will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 17.58% based on market price and
13.76% based on NAV. For the same period, the benchmark MSCI All Country
World Index posted a return of 14.10%. All returns reflect reinvestment of
dividends. The Trust moved from a discount to NAV to a premium by period end,
which accounts for the difference between performance based on price and
performance based on NAV. The following discussion relates to performance
based on NAV. Stock selection within consumer staples, information technology
(IT) and telecommunication services negatively impacted relative performance,
as did an underweight position in telecommunication services. Conversely,
positioning across materials, energy and consumer discretionary aided
returns. Approximately half of the portfolio was overwritten during the
period. In addition, earnings generated through the Trust’s option writing
strategy enhanced performance for the 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 NYSE	BOE
Initial Offering
Date	May 31, 2005
Yield based on
Closing Market Price as of October 31, 2010 ($19.06) 1	11.94%
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 Trust’s market price and net asset value per
share: | |

	10/31/10	10/31/09		High	Low
Market Price	$ 19.06	$ 18.40	3.59 %	$ 20.61	$ 11.29
Net Asset Value	$ 18.68	$ 18.64	0.21 %	$ 19.97	$ 16.51

| The following
charts show the ten largest holdings and geographic allocations of the
Trust’s long-term investments: |
| --- |
| Ten Largest Holdings |

	10/31/10
Royal Dutch Shell
Plc - ADR	2 %
Yara International
ASA	1
Apple, Inc.	1
ConocoPhillips	1
Pfizer, Inc.	1
Volkswagen AG,
Preference Shares	1
Newmont Mining
Corp.	1
ITOCHU Corp.	1
Mosaic Co. (The)	1
PepsiCo, Inc.	1

Geographic Allocations

	10/31/10	10/31/09
United States	44 %	46 %
United Kingdom	9	7
Germany	7	3
Japan	6	6
Canada	4	4
Hong Kong	3	2
Brazil	3	1
Switzerland	2	5
France	2	5
Spain	2	2
South Korea	2	2
China	2	1
Singapore	—	2
Other 3	14	14

3 Other includes a 1% holding in each of the following countries; for 10/31/10, Norway, Mexico, Netherlands, Thailand, Sweden, South Africa, Ireland, Indonesia, Denmark, Finland, Belgium, Taiwan, India and Malaysia and for 10/31/09, Italy, Netherlands, Taiwan, India, Bermuda, South Africa, Russia, Israel, Belgium, Mexico, Sweden, New Zealand, Luxembourg and Finland.

ANNUAL REPORT OCTOBER 31, 2010 9

Trust Summary as of October 31, 2010 BlackRock Health Sciences Trust

| Trust Overview |
| --- |
| BlackRock
Health Sciences Trust’s (BME) (the “Trust”) investment objective is to provide
total return through a combination of current income, current gains and
long-term capital appreciation. The Trust seeks to achieve its investment
objective by investing, under normal market conditions, at least 80% of its
assets in equity securities of companies engaged in the health sciences and
related industries and equity derivatives with exposure to the health
sciences industry. The Trust utilizes an option writing (selling) strategy to
enhance current gains. |
| No assurance can be given that the Trust’s investment
objective will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 27.33% based on market price and
13.69% based on NAV. For the same period, the benchmark Russell 3000
Healthcare Index returned 14.69%. All returns reflect reinvestment of
dividends. The Trust’s discount to NAV, which narrowed during the period,
accounts for the difference between performance based on price and
performance based on NAV. The following discussion relates to performance
based on NAV. The Trust’s underweight relative to the benchmark and stock
selection in pharmaceuticals detracted from performance for the period, as
did an overweight in the health care providers & services industry.
Holding cash on reserve to cover written put exposures detracted modestly
from the Trust’s performance as markets generally advanced over the period.
Despite underperforming the benchmark during the period, overall stock
selection did contribute positively to relative performance. Positioning
within the biotechnology, life sciences tools & services, health care
services, health care equipment and health care supplies sub-industries all
helped contribute to this outcome. Approximately 35% of the portfolio was
overwritten during the period. In addition, earnings generated through the
Trust’s option writing strategy enhanced performance for the 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 NYSE	BME
Initial Offering
Date	March 31, 2005
Yield based on
Closing Market Price as of October 31, 2010 ($27.14) 1	5.67%
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 Trust’s market price and net asset value per
share: | |

	10/31/10	10/31/09		High	Low
Market Price	$ 27.14	$ 22.61	20.04 %	$ 27.54	$ 22.29
Net Asset Value	$ 27.19	$ 25.37	7.17 %	$ 28.74	$ 24.80

| The following
charts show the ten largest holdings and industry allocations of the Trust’s
long-term investments: |
| --- |
| Ten Largest Holdings |

	10/31/10
Pfizer, Inc.	6 %
Celgene Corp.	4
UnitedHealth
Group, Inc.	4
Johnson & Johnson	4
Fresenius Medical
Care AG & Co. KGaA	4
Abbott
Laboratories	3
Gilead Sciences,
Inc.	3
DaVita, Inc.	3
AmerisourceBergen
Corp.	3
WellPoint, Inc.	3

Industry Allocations

	10/31/10	10/31/09
Health Care Providers & Services	27 %	14 %
Pharmaceuticals	23	28
Health Care Equipment & Supplies	19	28
Biotechnology	16	13
Life Sciences Tools & Services	9	11
Health Care Technology	5	2
Chemicals	1	—
Food & Staples Retailing	—	3
Industrial Conglomerates	—	1

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

10 ANNUAL REPORT OCTOBER 31, 2010

Trust Summary as of October 31, 2010 BlackRock International Growth and Income Trust

| Trust Overview |
| --- |
| BlackRock
International Growth and Income Trust’s (BGY) (the “Trust”) primary investment objective is to
provide current income and current gains, with a secondary objective of
long-term capital appreciation. The Trust seeks to achieve its investment
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. The
Trust invests, under normal market conditions, at least 80% of its assets in
equity securities issued by non-U.S. companies of any market capitalization
located in countries throughout the world. The Trust may invest directly in
such securities or synthetically through the use of derivatives. |
| No assurance can be given that
the Trust’s investment objectives will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 12.49% based on market price and
12.06% based on NAV. For the same period, the benchmark MSCI All Country
World Index ex-US returned 12.62%. All returns reflect reinvestment of
dividends. The Trust began the period with neither a discount nor a premium
to NAV, and ended the period with a premium to NAV, which accounts for the
difference between performance based on price and performance based on NAV.
The following discussion relates to performance based on NAV. Stock selection
in financials detracted from relative performance as did the Trust’s
positions in consumer staples and materials. The Trust’s cash balance also
hindered returns as markets advanced during the period. On an absolute basis,
positive performance was led by holdings in the materials, industrials and
consumer discretionary sectors, which performed well during the period.
Relative to the benchmark, the Trust’s underweight position in financials and
overweights and stock selection within industrials and consumer discretionary
contributed positively to performance. Approximately 60% of the portfolio was
overwritten during the period. The option writing strategy had an overall
positive impact on performance due to earnings generated over the period. In
addition, earnings generated through the Trust’s option writing strategy
enhanced performance for the 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 NYSE	BGY
Initial Offering
Date	May 30, 2007
Yield based on
Closing Market Price as of October 31, 2010 ($10.56) 1	12.88%
Current Quarterly
Distribution per Common Share 2	$0.34
Current Annualized
Distribution per Common Share 2	$1.36

| 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 Trust’s market price and net asset value per share: | |

Market Price	10/31/10 — $ 10.56	10/31/09 — $ 10.92	(3.30	)%	High — $ 12.67	Low — $ 8.48
Net Asset Value	$ 10.52	$ 10.92	(3.66	)%	$ 11.67	$ 9.22

| The following
charts show the ten largest holdings and geographic allocations of the
Trust’s long-term investments: |
| --- |
| Ten Largest Holdings |

	10/31/10
Royal Dutch Shell
Plc - ADR	2 %
Yara International
ASA	2
HSBC Holdings Plc	1
Nestle SA	1
Imperial Tobacco
Group Plc	1
Antofagasta Plc	1
Adaro Energy PT	1
WPP Plc	1
Bumiputra-Commerce
Holdings Bhd	1
NSK Ltd.	1

Geographic Allocations

	10/31/10	10/31/09
United Kingdom	20 %	17 %
Japan	12	12
Canada	10	11
Germany	9	7
Switzerland	7	8
Hong Kong	5	4
Brazil	4	1
Spain	3	2
France	3	9
Taiwan	2	2
China	2	2
South Korea	2	2
Netherlands	2	2
Denmark	2	1
Singapore	2	3
Sweden	2	1
Mexico	2	1
Italy	1	2
Australia	1	3
Russia	—	2
Other 3	9	8

3 Other includes a 1% holding in each of the following countries; for 10/31/10, Norway, Indonesia, South Africa, United States, Thailand, Malaysia, Belgium, Ireland and Finland and for 10/31/09, Luxembourg, Norway, Malaysia, United States, Belgium, Israel, Greece and India.

ANNUAL REPORT OCTOBER 31, 2010 11

Trust Summary as of October 31, 2010 BlackRock Real Asset Equity Trust

| Trust Overview |
| --- |
| BlackRock
Real Asset Equity Trust’s (BCF) (the “Trust”) investment objective is to provide
total return through a combination of current income, current gains and
long-term capital appreciation. The Trust seeks to achieve its investment
objective by investing, under normal market conditions, at least 80% of its
assets in equity securities of energy, natural resources and basic materials
companies and equity derivatives with exposure to companies in the energy,
natural resources and basic materials industries. The Trust may invest
directly in such securities or synthetically through the use of derivatives.
The Trust utilizes an option writing (selling) strategy to enhance current
gains. |
| No assurance can be given that the Trust’s investment
objective will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 28.08% based on market price and
24.65% based on NAV. For the same period, the closed-end Lipper Sector Equity
Funds category returned 28.58% based on market price and 28.74% based on NAV.
All returns reflect reinvestment of dividends. The Trust moved from a
discount to NAV to a premium by period end, which accounts for the difference
between performance based on price and performance based on NAV. The
following discussion relates to performance based on NAV. The Trust’s
investments in the materials sector, particularly in the diversified metals &
mining and precious metals & minerals sub-industries, detracted from
performance for the period. Conversely, the Trust’s investments in energy
contributed positively to returns, particularly within the oil & gas
exploration & production sub-industry. Holdings in the coal &
consumable fuels, oil & gas equipment & services and integrated oil
& gas sub-industries also had a positive impact on performance. In
addition, earnings generated through the Trust’s option writing strategy
enhanced performance for the 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 NYSE	BCF
Initial Offering
Date	September 29, 2006
Yield based on
Closing Market Price as of October 31, 2010 ($13.46) 1	8.08%
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 Trust’s market price and net asset value per
share: | |

	10/31/10	10/31/09		High	Low
Market Price	$ 13.46	$ 11.45	17.55 %	$ 14.05	$ 9.92
Net Asset Value	$ 13.42	$ 11.73	14.41 %	$ 13.66	$ 11.10

The following charts show the ten largest holdings and industry allocations of the Trust’s long-term investments:

Ten Largest Holdings
	10/31/10
Rio Tinto Plc	4 %
BHP Billiton Plc	4
Vale SA - ADR	4
Xstrata Plc	3
E. I. du Pont de
Nemours & Co.	3
Caterpillar, Inc.	3
Praxair, Inc.	2
Industrias Penoles
SAB de CV	2
Impala Platinum
Holdings Ltd.	2
Vedanta Resources
Plc	2

Industry Allocations	10/31/10	10/31/09
Metals &
Mining	45 %	43 %
Oil, Gas &
Consumable Fuels	28	26
Chemicals	11	10
Paper & Forest
Products	5	6
Energy Equipment
& Services	5	9
Machinery	4	3
Containers &
Packaging	1	1
Gas Utilities	1	2
For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Trust management. This definition may not apply
for purposes of this report, which may combine industry sub-classifications
for reporting ease.

12 ANNUAL REPORT OCTOBER 31, 2010

Trust Summary as of October 31, 2010 BlackRock S&P Quality Rankings Global Equity Managed Trust

| Trust Overview |
| --- |
| BlackRock
S&P Quality Rankings Global Equity Managed Trust’s (BQY) (the “Trust”) investment objective is to provide
total return through a combination of current income, current gains and
long-term capital appreciation. The Trust seeks to achieve its investment
objective by investing primarily in equity securities of issuers that pay
above-average dividends and have the potential for capital appreciation. The
Trust invests, under normal market conditions, at least 80% of its assets in
equity securities included in the S&P Quality Rankings that are ranked at
least B+ by S&P at the time of investment. Under normal circumstances, the
Trust invests a substantial amount of its total assets in foreign issuers,
issuers that primarily trade in a market located outside the United States or
issuers that do a substantial amount of business outside the United States.
The Trust may invest directly in such securities or synthetically through the
use of derivatives. The Trust utilizes an option writing (selling) strategy
to enhance current gains. |
| No assurance can be given that the Trust’s investment
objectives will be achieved. |
| Performance |
| For the 12 months
ended October 31, 2010, the Trust returned 24.67% based on market price and
14.08% based on NAV. For the same period, the benchmark MSCI World Value
Index returned 9.62%. All returns reflect reinvestment of dividends. The Trust’s
discount to NAV, which narrowed during the period, accounts for the
difference between performance based on price and performance based on NAV.
The following discussion relates to performance based on NAV. The Trust’s
underweight allocation to financials combined with strong stock selection
within the sector drove the Trust’s outperformance relative to the benchmark.
Stock selection in the industrials and consumer staples sectors made a
significant impact, while selection within materials and utilities was also
beneficial. Detracting from performance was stock selection within the
consumer discretionary sector. The Trust’s cash position hindered relative
performance as markets appreciated over the period. An underweight allocation
to telecommunication services hurt relative performance, as did stock
selection within the energy sector. In addition, earnings generated through
the Trust’s option writing strategy enhanced performance for the 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 NYSE
Amex | BQY |
| --- | --- |
| Initial Offering
Date | May 28, 2004 |
| Yield based on
Closing Market Price as of October 31, 2010 ($13.44) 1 | 7.44% |
| Current Quarterly
Distribution per Common Share 2 | $0.25 |
| Current Annualized
Distribution per Common Share 2 | $1.00 |

| 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 Trust’s market price and net asset value per
share: | |

	10/31/10	10/31/09		High	Low
Market Price	$ 13.44	$ 11.54	16.46 %	$ 13.49	$ 10.39
Net Asset Value	$ 14.26	$ 13.38	6.58 %	$ 14.62	$ 12.32

The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:

Ten Largest Holdings
	10/31/10
Exxon Mobil Corp.	3 %
AT&T Inc.	3
Emerson Electric
Co.	2
Chevron Corp.	2
Royal Bank of
Canada	2
International
Business Machines Corp.	2
Bank of Montreal	2
HSBC Holdings Plc	2
Altria Group, Inc.	2
Bristol-Myers
Squibb Co.	2

Geographic Allocations	10/31/10	10/31/09
United States	50 %	46 %
United Kingdom	8	11
Canada	7	6
Australia	5	5
Japan	5	6
France	5	5
Sweden	4	4
Germany	4	3
Hong Kong	2	3
Spain	2	3
Italy	2	2
Singapore	2	1
Other 3	4	5

3 Other includes a 1% holding in each of the following countries; for 10/31/10, Belgium, Switzerland, Portugal and Finland and for 10/31/09, Greece, Switzerland, Finland, Netherlands and Portugal.

ANNUAL REPORT OCTOBER 31, 2010 13

D erivative Financial Instruments

The Trusts may invest in various derivative instruments, including foreign currency exchange contracts and options, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market, equity and/or foreign currency exchange rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument.

The Trusts’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower dividends paid to shareholders or may cause a Trust to hold an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

14 ANNUAL REPORT OCTOBER 31, 2010

| S chedule of Investments October 31,
2010 |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks		Value
Aerospace
& Defense—5.2%
General Dynamics Corp.	172,800	$ 11,771,136
Raytheon Co. (a)	128,400	5,916,672
United Technologies Corp. (a)	144,800	10,826,696
		28,514,504
Beverages—6.4%
Brown-Forman Corp., Class B	119,200	7,248,552
Coca-Cola Co. (The)	243,000	14,900,760
PepsiCo, Inc.	195,075	12,738,398
		34,887,710
Capital
Markets—0.6%
T. Rowe Price Group, Inc. (a)	62,100	3,432,267
Chemicals—3.9%
Air Products & Chemicals, Inc. (a)	26,800	2,277,196
E.I. du Pont de Nemours & Co.	183,800	8,690,064
PPG Industries, Inc. (a)	60,600	4,648,020
RPM International, Inc.	195,800	4,055,018
Valspar Corp.	54,500	1,749,450
		21,419,748
Commercial
Banks—1.8%
Bank of Hawaii Corp.	56,500	2,440,235
Cullen/Frost Bankers, Inc.	47,100	2,469,924
Toronto-Dominion Bank (The) (a)	35,900	2,591,980
U.S. Bancorp (a)	104,400	2,524,392
		10,026,531
Commercial
Services & Supplies—0.5%
Pitney Bowes, Inc. (a)	131,854	2,892,877
Computers
& Peripherals—5.0%
International Business Machines Corp. (a)	191,800	27,542,480
Diversified
Financial Services—1.8%
JPMorgan Chase & Co. (a)	255,600	9,618,228
Diversified
Telecommunication—5.7%
AT&T Inc. (a)	611,500	17,427,750
CenturyLink, Inc. (a)	328,800	13,605,744
		31,033,494
Electric
Utilities—4.9%
NextEra Energy, Inc.	168,800	9,290,752
Northeast Utilities	248,500	7,773,080
PPL Corp. (a)	77,100	2,073,990
Progress Energy, Inc. (a)	165,000	7,425,000
		26,562,822
Electrical
Equipment—2.2%
Emerson Electric Co. (a)	216,500	11,885,850
Energy
Equipment & Services—0.7%
Halliburton Co.	119,200	3,797,712
Food
& Staples Retailing—1.7%
Sysco Corp. (a)	93,875	2,765,557
Wal-Mart Stores, Inc.	119,075	6,450,293
		9,215,850

Common Stocks		Value
Food
Products—1.4%
General Mills, Inc.	131,000	$ 4,917,740
Kraft Food, Inc. (a)	89,100	2,875,257
		7,792,997
Gas
Utilities—2.3%
Atmos Energy Corp.	116,200	3,422,090
National Fuel Gas Co. (a)	49,500	2,731,410
Questar Corp. (a)	189,500	3,215,815
UGI Corp. (a)	101,300	3,048,117
		12,417,432
Health
Care Equipment & Supplies—1.9%
Becton, Dickinson and Co. (a)	40,200	3,035,904
Medtronic, Inc. (a)	213,200	7,506,772
		10,542,676
Hotels
Restaurants & Leisure—3.3%
McDonald’s Corp.	230,200	17,902,654
Household
Products—6.3%
Clorox Co. (a)	89,000	5,922,950
Colgate-Palmolive Co.	61,100	4,712,032
Kimberly-Clark Corp.	104,750	6,634,865
Procter & Gamble Co. (The)	265,475	16,876,246
		34,146,093
Industrial
Conglomerates—2.6%
3M Co. (a)	132,100	11,125,462
General Electric Co. (a)	186,400	2,986,128
		14,111,590
Insurance—2.8%
Chubb Corp.	109,100	6,329,982
Travelers Cos., Inc. (The)	161,300	8,903,760
		15,233,742
IT
Services—0.7%
Automatic Data Processing, Inc. (a)	54,800	2,434,216
Paychex, Inc. (a)	50,900	1,409,930
		3,844,146
Machinery—3.7%
Caterpillar, Inc. (a)	235,900	18,541,740
Pentair, Inc. (a)	42,600	1,394,298
		19,936,038
Media—0.3%
McGraw-Hill Cos., Inc. (The) (a)	40,600	1,528,590
Metals
& Mining—1.9%
BHP Billiton Ltd. - ADR (a)	89,700	7,408,323
Nucor Corp. (a)	73,500	2,809,170
		10,217,493
Multi-Utilities—0.9%
NSTAR	73,800	3,078,198
Vectren Corp.	66,900	1,831,722
		4,909,920

| Portfolio
Abbreviations |
| --- |
| To simplify the listings of the
portfolio holdings in the Trusts Schedule of Investments, the names and
descriptions of many securities have been abbreviated according to the following
list: |

ADR	American Depositary Receipt
AUD	Australian Dollar
BRL	Brazil Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
HKD	Hong Kong Dollar
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PEN	Peruvian Neuvo Sol
PHP	Philippine Peso
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan Dollar
USD	US Dollar
ZAR	South African Rand

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 15

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

Common Stocks		Value
Multiline Retail—1.4%
Family Dollar Stores, Inc. (a)	28,600	$ 1,320,462
Target Corp. (a)	119,650	6,214,621
		7,535,083
Oil, Gas &
Consumable Fuels—10.5%
Chevron Corp. (a)	248,150	20,499,671
Exxon Mobil Corp. (a)	280,100	18,618,247
Marathon Oil Corp. (a)	140,600	5,001,142
Murphy Oil Corp.	198,300	12,921,228
		57,040,288
Personal
Products—0.7%
Avon Products, Inc. (a)	124,300	3,784,935
Pharmaceuticals—9.3%
Abbott Laboratories	335,400	17,212,728
Eli Lilly & Co.	147,900	5,206,080
Johnson & Johnson (a)	290,500	18,496,135
Merck & Co., Inc.	157,100	5,699,588
Pfizer, Inc. (a)	237,500	4,132,500
		50,747,031
Semiconductors &
Semiconductor Equipment—0.5%
Linear Technology Corp. (a)	86,200	2,778,226
Specialty Retail—2.1%
Lowe’s Cos., Inc.	272,100	5,803,893
Sherwin-Williams Co. (The) (a)	20,800	1,517,776
TJX Cos., Inc.	89,800	4,120,922
		11,442,591
Textiles, Apparel
& Luxury Goods—1.0%
VF Corp. (a)	66,700	5,552,108
Tobacco—3.7%
Altria Group, Inc.	594,000	15,099,480
Philip Morris International, Inc. (a)	48,900	2,860,650
Universal Corp.	60,800	2,519,552
		20,479,682
Water Utilities—0.9%
Aqua America, Inc.	150,800	3,246,724
California Water Service Group	41,800	1,560,812
		4,807,536
Total Long-Term Investments (Cost—$505,914,239)—98.6%		537,580,924
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (b)(c)	6,437,531	6,437,531
Total Short-Term Securities (Cost—$6,437,531)—1.2%		6,437,531
Total Investments Before Outstanding
Options Written (Cost—$512,351,770*)—99.8%		544,018,455

Options Written
Exchange-Traded Call Options Written—(0.3)%
3M Co.,
Strike Price USD 90, Expires 11/22/10	260	(6,630	)
Air
Products & Chemicals, Inc., Strike Price USD 85, Expires 12/20/10	54	(15,255	)
AT&T
Inc., Strike Price USD 29, Expires 11/22/10	535	(11,770	)
Automatic
Data Processing, Inc., Strike Price USD 43, Expires 11/22/10	110	(18,975	)
Avon
Products, Inc., Strike Price USD 34, Expires 11/22/10	248	(11,160	)
Becton,
Dickinson and Co., Strike Price USD 75, Expires 11/22/10	80	(14,400	)

Options Written		Value
Exchange-Traded Call Options Written (concluded)
BHP
Billiton Ltd. - ADR, Strike Price USD 85, Expires 12/20/10	180	$ (49,770	)
Caterpillar,
Inc., Strike Price USD 80, Expires 12/20/10	225	(58,500	)
CenturyLink,
Inc., Strike Price USD 41, Expires 12/20/10	660	(64,350	)
Chevron
Corp., Strike Price USD 85, Expires 12/20/10	500	(57,250	)
Clorox Co.,
Strike Price USD 67.05, Expires 12/09/10	180	(14,663	)
Emerson
Electric Co., Strike Price USD 52.50, Expires 12/20/10	400	(114,194	)
Exxon Mobil
Corp., Strike Price USD 62.50, Expires 11/22/10	280	(113,400	)
Family
Dollar Stores, Inc., Strike Price USD 46, Expires 11/22/10	57	(5,985	)
General
Electric Co., Strike Price USD 16.45, Expires 11/29/10	80	(1,825	)
International
Business Machines Corp., Strike Price USD 135, Expires 11/22/10	180	(157,050	)
Johnson
& Johnson, Strike Price USD 60, Expires 11/05/10	580	(216,920	)
JPMorgan
Chase & Co., Strike Price USD 38, Expires 12/20/10	255	(36,338	)
JPMorgan
Chase & Co., Strike Price USD 39, Expires 12/20/10	255	(25,245	)
Kraft
Foods, Inc., Strike Price USD 32.50, Expires 12/08/10	180	(11,880	)
Linear
Technology Corp., Strike Price USD 32, Expires 11/22/10	190	(15,200	)
Marathon
Oil Corp., Strike Price USD 36, Expires 11/22/10	280	(18,900	)
McGraw-Hill
Cos., Inc. (The), Strike Price USD 36, Expires 12/20/10	80	(18,600	)
McGraw-Hill
Cos., Inc. (The), Strike Price USD 37.50, Expires 11/22/10	44	(4,290	)
Medtronic,
Inc., Strike Price USD 34, Expires 11/22/10	425	(69,700	)
National
Fuel Gas Co., Strike Price USD 55, Expires 12/20/10	100	(23,000	)
Nucor
Corp., Strike Price USD 39, Expires 11/22/10	145	(10,512	)
Paychex,
Inc., Strike Price USD 27.50, Expires 12/20/10	100	(9,000	)
Pentair,
Inc., Strike Price USD 33, Expires 11/22/10	85	(4,865	)
Pfizer,
Inc., Strike Price USD 18, Expires 12/20/10	240	(6,240	)
Philip
Morris International, Inc., Strike Price USD 60, Expires 12/20/10	98	(8,330	)
Pitney
Bowes, Inc., Strike Price USD 22, Expires 11/22/10	260	(11,700	)
PPG
Industries, Inc., Strike Price USD 75, Expires 11/22/10	120	(29,100	)
PPL Corp.,
Strike Price USD 27, Expires 12/20/10	95	(5,462	)
Progress
Energy, Inc., Strike Price USD 45, Expires 1/24/11	330	(35,475	)
Questar
Corp., Strike Price USD 18, Expires 11/22/10	380	(3,800	)
Raytheon
Co., Strike Price USD 46, Expires 11/22/10	130	(12,480	)
Raytheon
Co., Strike Price USD 47.50, Expires 11/29/10	125	(5,741	)
Sherwin-Williams
Co. (The), Strike Price USD 75, Expires 12/20/10	42	(5,670	)
Sysco Corp.,
Strike Price USD 30, Expires 12/20/10	190	(10,450	)
T. Rowe
Price Group, Inc., Strike Price USD 55, Expires 12/20/10	124	(29,450	)
Target
Corp., Strike Price USD 52.50, Expires 11/22/10	143	(12,941	)
Toronto-Dominion
Bank (The), Strike Price USD 75, Expires 12/20/10	72	(7,020	)
U.S.
Bancorp, Strike Price USD 25, Expires 12/20/10	210	(11,655	)
UGI Corp.,
Strike Price USD 30, Expires 12/20/10	202	(16,665	)
United
Technologies Corp., Strike Price USD 72.50, Expires 11/22/10	290	(80,330	)
VF Corp.,
Strike Price USD 80, Expires 11/22/10	135	(55,350	)
Total Exchange-Traded Call Options Written		(1,527,486	)
Over-the-Counter Call Options Written—(0.2)%
Altria
Group, Inc., Strike Price USD 25.47, Expires 11/29/10, Broker Morgan Stanley & Co., Inc.	119,000	(32,011	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 11/30/10, Broker JPMorgan Chase Securities	10,000	(13,627	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/02/10, Broker JPMorgan Chase Securities	10,000	(13,886	)

See Notes to Financial Statements.

16 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Over-the-Counter Call
Options Written (continued)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/06/10, Broker JPMorgan Chase Securities	10,000	$ (14,383	)
AT&T
Inc., Strike Price USD 28.85, Expires 11/02/10, Broker UBS Securities LLC	69,000	(3,149	)
Atmos
Energy Corp., Strike Price USD 29.39, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	11,400	(4,970	)
Atmos
Energy Corp., Strike Price USD 29.64, Expires 11/09/10, Broker UBS Securities LLC	11,800	(3,804	)
Bank of
Hawaii Corp., Strike Price USD 46.74, Expires 12/03/10, Broker Citigroup Global Markets, Inc.	11,500	(3,201	)
Brown-Forman
Corp., Strike Price USD 63.71, Expires 12/06/10, Broker Citigroup Global Markets, Inc.	23,800	(8,894	)
California
Water Service Group, Strike Price USD 36.90, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	2,800	(2,450	)
California
Water Service Group, Strike Price USD 37.27, Expires 11/09/10, Broker UBS Securities LLC	5,600	(3,770	)
Caterpillar,
Inc., Strike Price USD 81.71, Expires 12/03/10, Broker UBS Securities LLC	24,500	(33,741	)
Chubb
Corp., Strike Price USD 58.17, Expires 12/02/10, Broker Deutsche Bank Securities Corp.	10,000	(10,970	)
Coca-Cola
Co. (The), Strike Price USD 61.41, Expires 12/10/10, Broker Credit Suisse First Boston	48,500	(50,824	)
Cullen/Frost
Bankers, Inc., Strike Price USD 52.66, Expires 12/09/10, Broker Morgan Stanley & Co., Inc.	9,500	(9,054	)
E.I. du
Pont de Nemours & Co., Strike Price USD 45.27, Expires 12/06/10, Broker UBS Securities LLC	37,000	(97,970	)
Exxon Mobil
Corp., Strike Price USD 61.20, Expires 11/08/10, Broker UBS Securities LLC	28,000	(148,120	)
General Dynamics
Corp., Strike Price USD 68.21, Expires 11/29/10, Broker UBS Securities LLC	34,500	(49,335	)
General
Electric Co., Strike Price USD 16.50, Expires 1/05/11, Broker Deutsche Bank Securities Corp.	29,000	(11,890	)
General
Mills, Inc., Strike Price USD 36.60, Expires 11/15/10, Broker JPMorgan Chase Securities	26,000	(28,327	)
Kimberly-Clark
Corp., Strike Price USD 62.99, Expires 12/03/10, Broker Morgan Stanley & Co., Inc.	21,000	(23,490	)
Lowe’s
Cos., Inc., Strike Price USD 21.48, Expires 11/29/10, Broker Morgan Stanley & Co., Inc.	54,500	(31,828	)
McDonald’s
Corp., Strike Price USD 75.01, Expires 12/06/10, Broker Morgan Stanley & Co., Inc.	24,000	(73,984	)
McDonald’s
Corp., Strike Price USD 77.94, Expires 12/13/10, Broker Credit Suisse First Boston	22,000	(28,574	)
Merck &
Co., Inc., Strike Price USD 37.50, Expires 11/30/10, Broker UBS Securities LLC	31,000	(13,149	)
Murphy Oil
Corp., Strike Price USD 66.29, Expires 12/08/10, Broker Morgan Stanley & Co., Inc.	39,500	(72,206	)
NextEra
Energy, Inc., Strike Price USD 55.50, Expires 11/15/10, Broker Citigroup Global Markets, Inc.	24,000	(11,243	)
Nextera
Energy, Inc., Strike Price USD 57.01, Expires 11/08/10, Broker UBS Securities LLC	9,800	(483	)
Northeast Utilities,
Strike Price USD 30.06, Expires 11/05/10, Broker Citigroup Global Markets, Inc.	25,000	(30,500	)
Northeast
Utilities, Strike Price USD 31.22, Expires 12/09/10, Broker UBS Securities LLC	24,500	(15,940	)
NSTAR,
Strike Price USD 39.82, Expires 11/12/10, Broker UBS Securities LLC	14,800	(27,995	)
Pfizer,
Inc., Strike Price USD 16.30, Expires 11/08/10, Broker JPMorgan Chase Securities	23,900	(26,615	)
Procter
& Gamble Co. (The), Strike Price USD 60.30, Expires 11/30/10, Broker UBS Securities LLC	38,000	(125,766	)
Procter
& Gamble Co. (The), Strike Price USD 61.70, Expires 11/30/10, Broker UBS Securities LLC	15,000	(31,200	)
RPM
International, Inc., Strike Price USD 21.07, Expires 12/03/10, Broker Credit Suisse First Boston	39,000	(17,419	)
TJX Cos.,
Inc., Strike Price USD 46.40, Expires 12/13/10, Broker Citigroup Global Markets, Inc.	18,000	(22,410	)

Options Written		Value
Over-the-Counter Call Options Written (concluded)
Travelers
Cos., Inc. (The), Strike Price USD 53.16, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	32,300	$ (66,021	)
Universal
Corp., Strike Price USD 42.29, Expires 11/30/10, Broker UBS Securities LLC	12,100	(13,189	)
Valspar
Corp., Strike Price USD 32.35, Expires 11/29/10, Broker Morgan Stanley & Co., Inc.	11,000	(7,821	)
Vectren
Corp., Strike Price USD 26.48, Expires 12/06/10, Broker UBS Securities LLC	6,000	(7,033	)
Vectren
Corp., Strike Price USD 27.48, Expires 12/13/10, Broker Morgan Stanley & Co., Inc.	7,400	(2,553	)
Wal-Mart
Stores, Inc., Strike Price USD 54.07, Expires 11/02/10, Broker UBS Securities LLC	24,000	(9,136	)
Total Over-the-Counter Call Options
Written		(1,202,931	)
Total Options Written (Premiums Received $2,081,824)—(0.5)%		(2,730,417	)
Total Investments Net of Outstanding
Options Written—99.3%		541,288,038
Other Assets Less Liabilities—0.7%		3,840,671
Net Assets—100.0%		$ 545,128,709

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 40,044,307
Gross unrealized depreciation	(18,904,416	)
Net unrealized appreciation	$ 21,139,891

| (a) | Security, or a portion thereof, pledged/held as collateral
for outstanding options written. |
| --- | --- |
| (b) | 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, as amended, were as follows: |

| Affiliate — BlackRock
Liquidity Funds, TempFund, Institutional Class | 7,282,466 | (844,935 | ) | 6,437,531 | Income — $ 12,853 |
| --- | --- | --- | --- | --- | --- |

(c)	Represents current yield as of report date.
•	For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or defined by Trust management. This definition may not apply
for purposes of this report, which may combine industry sub-classifications
for reporting ease.
•	Fair Value Measurements—Various inputs are used in
determining the fair value of investments and derivatives, which are as
follows:
	•	Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities
	•	Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
	•	Level 3 - unobservable inputs based on the best
information available In the circumstances, to the extent observable inputs
are not available (including the Trust’s own assumptions used in determining
the fair value of investments and derivatives)

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 17

Schedule of Investments (concluded) BlackRock Dividend Achievers TM Trust (BDV)

| The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and other significant accounting policies, please
refer to Note 1 of the Notes to Financial Statements. |
| --- |
| The following tables summarize the inputs used as of
October 31, 2010 in determining the fair valuation of the Trust’s investments
and derivatives: |

| Valuation Inputs | Level
1 | | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments
in Securities: | | | | |
| Common
Stocks 1 | $ 537,580,924 | — | — | $ 537,580,924 |
| Short-Term
Securities | 6,437,531 | — | — | 6,437,531 |
| Total | $ 544,018,455 | — | — | $ 544,018,455 |

1 See above Schedule of Investments for values in each industry.

| Derivative
Financial Instruments 2 — Valuation Inputs | Level
1 | | Level
2 | Level
3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities: | | | | | | | |
| Equity
Contracts | $ (1,157,398 | ) | $ (1,573,019 | ) | — | $ (2,730,417 | ) |

2 Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

18 ANNUAL REPORT OCTOBER 31, 2010

Schedule of Investments October 31, 2010
(Percentages shown are based on Net Assets)

Common Stocks		Value
Aerospace
& Defense—4.9%
General Dynamics Corp.	184,800	$ 12,588,576
Raytheon Co. (a)	102,000	4,700,160
United Technologies Corp. (a)	153,400	11,469,718
		28,758,454
Beverages—6.4%
Brown-Forman Corp., Class B	132,200	8,039,082
Coca-Cola Co. (The)	259,400	15,906,408
PepsiCo, Inc.	216,600	14,143,980
		38,089,470
Capital
Markets—0.6%
T. Rowe Price Group, Inc. (a)	66,900	3,697,563
Chemicals—3.8%
Air Products & Chemicals, Inc. (a)	28,800	2,447,136
E.I. du Pont de Nemours & Co.	191,300	9,044,664
PPG Industries, Inc. (a)	63,650	4,881,955
RPM International, Inc. (a)	206,500	4,276,615
Valspar Corp.	59,600	1,913,160
		22,563,530
Commercial
Banks—1.8%
Bank of Hawaii Corp.	61,400	2,651,866
Cullen/Frost Bankers, Inc.	51,800	2,716,392
Toronto-Dominion Bank (The) (a)	40,000	2,888,000
U.S. Bancorp (a)	104,700	2,531,646
		10,787,904
Commercial
Services & Supplies—0.5%
Pitney Bowes, Inc. (a)	138,646	3,041,893
Computers
& Peripherals—4.7%
International Business Machines Corp.	192,800	27,686,080
Diversified
Financial Services—1.8%
JPMorgan Chase & Co. (a)	281,600	10,596,608
Diversified
Telecommunication—5.6%
AT&T Inc. (a)	650,700	18,544,950
CenturyLink, Inc. (a)	353,800	14,640,244
		33,185,194
Electric
Utilities—4.8%
NextEra Energy, Inc.	181,400	9,984,256
Northeast Utilities	263,900	8,254,792
PPL Corp. (a)	85,200	2,291,880
Progress Energy, Inc. (a)	179,000	8,055,000
		28,585,928
Electrical
Equipment—2.2%
Emerson Electric Co.	232,300	12,753,270
Energy
Equipment & Services—0.7%
Halliburton Co.	124,100	3,953,826
Food
& Staples Retailing—1.8%
Sysco Corp. (a)	101,500	2,990,190
Wal-Mart Stores, Inc. (a)	143,300	7,762,561
		10,752,751
Food
Products—1.4%
General Mills, Inc.	140,900	5,289,386
Kraft Food, Inc. (a)	97,000	3,130,190
		8,419,576
Gas
Utilities—2.2%
Atmos Energy Corp.	125,900	3,707,755
National Fuel Gas Co. (a)	52,500	2,896,950
Questar Corp. (a)	199,900	3,392,303
UGI Corp. (a)	109,000	3,279,810
		13,276,818

Common Stocks		Value
Health
Care Equipment & Supplies—1.9%
Becton, Dickinson and Co. (a)	43,600	$ 3,292,672
Medtronic, Inc. (a)	226,600	7,978,586
		11,271,258
Hotels
Restaurants & Leisure—3.2%
McDonald’s Corp.	243,600	18,944,772
Household
Products—6.4%
Clorox Co. (a)	97,100	6,462,005
Colgate-Palmolive Co.	68,600	5,290,432
Kimberly-Clark Corp.	114,300	7,239,762
Procter & Gamble Co. (The)	296,100	18,823,077
		37,815,276
Industrial
Conglomerates—2.6%
3M Co.	141,200	11,891,864
General Electric Co. (a)	203,700	3,263,274
		15,155,138
Insurance—2.8%
Chubb Corp.	118,100	6,852,162
Travelers Cos., Inc. (The)	176,600	9,748,320
		16,600,482
IT
Services—0.7%
Automatic Data Processing, Inc. (a)	60,060	2,667,865
Paychex, Inc.	57,500	1,592,750
		4,260,615
Machinery—3.6%
Caterpillar, Inc. (a)	251,800	19,791,480
Pentair, Inc. (a)	47,100	1,541,583
		21,333,063
Media—0.3%
McGraw-Hill Cos., Inc. (The) (a)	43,400	1,634,010
Metals
& Mining—1.9%
BHP Billiton Ltd. - ADR (a)	95,900	7,920,381
Nucor Corp. (a)	82,100	3,137,862
		11,058,243
Multi-Utilities—0.9%
NSTAR	80,000	3,336,800
Vectren Corp.	70,700	1,935,766
		5,272,566
Multiline
Retail—1.3%
Family Dollar Stores, Inc. (a)	27,700	1,278,909
Target Corp. (a)	129,200	6,710,648
		7,989,557
Oil,
Gas & Consumable Fuels—10.2%
Chevron Corp. (a)	257,700	21,288,597
Exxon Mobil Corp. (a)	306,300	20,359,761
Marathon Oil Corp.	149,600	5,321,272
Murphy Oil Corp.	207,400	13,514,184
		60,483,814
Personal
Products—0.7%
Avon Products, Inc.	134,600	4,098,570
Pharmaceuticals—9.4%
Abbott Laboratories	365,100	18,736,932
Eli Lilly & Co.	176,200	6,202,240
Johnson & Johnson (a)	314,400	20,017,848
Merck & Co., Inc.	170,400	6,182,112
Pfizer, Inc. (a)	252,100	4,386,540
		55,525,672
Semiconductors
& Semiconductor Equipment—0.5%
Linear Technology Corp. (a)	92,700	2,987,721

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 19

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

Common Stocks	Shares	Value
Specialty Retail—2.1%
Lowe’s
Cos., Inc.	295,900	$ 6,311,547
Sherwin-Williams
Co. (The) (a)	22,000	1,605,340
TJX Cos., Inc.	96,500	4,428,385
		12,345,272
Textiles, Apparel & Luxury
Goods—1.0%
VF Corp.
(a)	72,800	6,059,872
Tobacco—3.6%
Altria
Group, Inc.	614,200	15,612,964
Philip
Morris International, Inc. (a)	53,500	3,129,750
Universal
Corp.	67,000	2,776,480
		21,519,194
Water Utilities—0.9%
Aqua
America, Inc.	158,200	3,406,046
California
Water Service Group	45,900	1,713,906
		5,119,952
Total Long-Term Investments (Cost—$565,769,803)—97.2%		575,623,912
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (b)(c)	10,960,825	10,960,825
Total Short-Term Securities (Cost—$10,960,825)—1.8%		10,960,825
Total Investments Before Outstanding
Options Written (Cost—$576,730,628*)—99.0%		586,584,737
Options Written	Contracts
Exchange-Traded
Call Options Written—(0.4)%
Air
Products & Chemicals, Inc., Strike Price USD 85, Expires 12/20/10	158	(44,635	)
AT&T
Inc., Strike Price USD 29, Expires 12/20/10	600	(26,700	)
Automatic
Data Processing, Inc., Strike Price USD 43, Expires 11/22/10	330	(56,925	)
Becton,
Dickinson and Co., Strike Price USD 75, Expires 11/22/10	240	(43,200	)
BHP
Billiton Ltd. - ADR, Strike Price USD 85, Expires 12/20/10	528	(145,992	)
Caterpillar,
Inc., Strike Price USD 80, Expires 12/20/10	690	(179,400	)
CenturyLink,
Inc., Strike Price USD 41, Expires 12/20/10	1,945	(189,638	)
Chevron
Corp., Strike Price USD 85, Expires 12/20/10	1,420	(162,590	)
Clorox Co.,
Strike Price USD 67.05, Expires 12/09/10	535	(43,582	)
Exxon Mobil
Corp., Strike Price USD 67.50, Expires 12/20/10	840	(81,060	)
Family
Dollar Stores, Inc., Strike Price USD 46, Expires 11/22/10	152	(15,960	)
General Electric
Co., Strike Price USD 16.45, Expires 11/29/10	275	(6,273	)
JPMorgan
Chase & Co., Strike Price USD 38, Expires 12/20/10	775	(110,438	)
JPMorgan
Chase & Co., Strike Price USD 39, Expires 12/20/10	775	(76,725	)
Kraft
Foods, Inc., Strike Price USD 32.50, Expires 12/08/10	535	(35,310	)
Linear
Technology Corp., Strike Price USD 32, Expires 11/22/10	510	(40,800	)
McGraw-Hill
Cos., Inc. (The), Strike Price USD 36, Expires 12/20/10	238	(55,335	)
Medtronic,
Inc., Strike Price USD 37, Expires 12/20/10	1,240	(81,220	)
Options Written	Contracts	Value
Exchange-Traded Call Options Written
(concluded)
National
Fuel Gas Co., Strike Price USD 55, Expires 12/20/10	290	$ (66,700	)
Nucor
Corp., Strike Price USD 39, Expires 11/22/10	450	(32,625	)
Pentair,
Inc., Strike Price USD 33, Expires 11/22/10	260	(14,881	)
Pfizer,
Inc., Strike Price USD 18, Expires 12/20/10	690	(17,940	)
Philip
Morris International, Inc., Strike Price USD 60, Expires 12/20/10	295	(25,075	)
Pitney
Bowes, Inc., Strike Price USD 22, Expires 11/22/10	760	(34,200	)
PPG
Industries, Inc., Strike Price USD 75, Expires 11/22/10	350	(84,875	)
PPL Corp.,
Strike Price USD 27, Expires 12/20/10	287	(16,502	)
Progress
Energy, Inc., Strike Price USD 45, Expires 1/24/11	980	(105,350	)
Questar
Corp., Strike Price USD 18, Expires 11/22/10	1,100	(11,000	)
Raytheon
Co., Strike Price USD 47, Expires 12/20/10	385	(37,922	)
RPM
International, Inc., Strike Price USD 20, Expires 11/22/10	440	(45,100	)
Sherwin-Williams
Co. (The), Strike Price USD 75, Expires 12/20/10	120	(16,200	)
Sysco
Corp., Strike Price USD 30, Expires 12/20/10	560	(30,800	)
T. Rowe
Price Group, Inc., Strike Price USD 55, Expires 12/20/10	366	(86,925	)
Target
Corp., Strike Price USD 52.50, Expires 11/22/10	426	(38,553	)
Toronto-Dominion
Bank (The), Strike Price USD 75, Expires 12/20/10	220	(21,450	)
U.S.
Bancorp, Strike Price USD 25, Expires 12/20/10	575	(31,912	)
UGI Corp.,
Strike Price USD 30, Expires 12/20/10	600	(49,500	)
United
Technologies Corp., Strike Price USD 72.50, Expires 11/22/10	98	(27,146	)
VF Corp.,
Strike Price USD 80, Expires 11/22/10	400	(164,000	)
Wal-Mart
Stores, Inc., Strike Price USD 54.45, Expires 12/03/10	790	(51,350	)
Total Exchange-Traded Call Options Written		(2,405,789	)
Over-the-Counter Call Options
Written—(0.7)%
3M Co.,
Strike Price USD 89.99, Expires 12/15/10, Broker JPMorgan Chase Securities	30,000	(23,693	)
Altria
Group, Inc., Strike Price USD 25.47, Expires 11/29/10, Broker Morgan Stanley & Co., Inc.	337,500	(90,788	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 11/30/10, Broker JPMorgan Chase Securities	29,000	(39,518	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/02/10, Broker JPMorgan Chase Securities	29,000	(40,269	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/06/10, Broker JPMorgan Chase Securities	29,000	(41,711	)
Atmos
Energy Corp., Strike Price USD 29.39, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	35,000	(15,260	)
Atmos
Energy Corp., Strike Price USD 29.64, Expires 11/09/10, Broker UBS Securities LLC	34,300	(11,057	)
Bank of
Hawaii Corp., Strike Price USD 43.51, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	33,800	(28,392	)
Brown-Forman
Corp., Strike Price USD 63.71, Expires 12/06/10, Broker Citigroup Global Markets, Inc.	72,700	(27,167	)
California
Water Service Group, Strike Price USD 36.90, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	8,300	(7,262	)
California
Water Service Group, Strike Price USD 37.27, Expires 11/09/10, Broker UBS Securities LLC	17,000	(11,445	)
Caterpillar,
Inc., Strike Price USD 81.71, Expires 12/03/10, Broker UBS Securities LLC	69,500	(95,713	)
Chubb
Corp., Strike Price USD 58.17, Expires 12/02/10, Broker Deutsche Bank Securities Corp.	31,000	(34,008	)
Coca-Cola
Co. (The), Strike Price USD 61.41, Expires 12/10/10, Broker Credit Suisse First Boston	142,500	(149,327	)
Cullen/Frost
Bankers, Inc., Strike Price USD 52.66, Expires 12/09/10, Broker Morgan Stanley & Co., Inc.	28,500	(27,161	)
E.I. du
Pont de Nemours & Co., Strike Price USD 45.27, Expires 12/06/10, Broker UBS Securities LLC	105,000	(278,023	)

See Notes to Financial Statements.

20 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written	Contracts	Value
Over-the-Counter Call Options Written
(continued)
Emerson
Electric Co., Strike Price USD 52.70, Expires 11/10/10, Broker Morgan Stanley & Co., Inc.	128,000	$ (305,632	)
Exxon Mobil
Corp., Strike Price USD 61.20, Expires 11/08/10, Broker UBS Securities LLC	85,000	(449,650	)
General
Dynamics Corp., Strike Price USD 68.21, Expires 11/29/10, Broker UBS Securities LLC	101,500	(145,145	)
General
Electric Co., Strike Price USD 16.50, Expires 1/05/11, Broker Deutsche Bank Securities Corp.	84,000	(34,440	)
General
Mills, Inc., Strike Price USD 36.60, Expires 11/15/10, Broker JPMorgan Chase Securities	77,500	(84,436	)
International
Business Machines Corp., Strike Price USD 141, Expires 12/09/10, Broker UBS Securities LLC	50,000	(227,926	)
International
Business Machines Corp., Strike Price USD 144.02, Expires 1/05/11, Broker UBS Securities LLC	56,000	(187,600	)
Johnson
& Johnson, Strike Price USD 64.20, Expires 11/29/10, Broker Credit Suisse First Boston	173,000	(103,189	)
Kimberly-Clark
Corp., Strike Price USD 62.99, Expires 12/03/10, Broker Morgan Stanley & Co., Inc.	63,000	(70,471	)
Lowe’s
Cos., Inc., Strike Price USD 21.48, Expires 11/29/10, Broker Morgan Stanley & Co., Inc.	163,000	(95,192	)
Marathon
Oil Corp., Strike Price USD 35.52, Expires 12/09/10, Broker Credit Suisse First Boston	82,000	(95,565	)
McDonald’s
Corp., Strike Price USD 75.01, Expires 12/06/10, Broker Morgan Stanley & Co., Inc.	68,000	(209,620	)
McDonald’s
Corp., Strike Price USD 77.94, Expires 12/13/10, Broker Credit Suisse First Boston	66,000	(85,722	)
Merck &
Co., Inc., Strike Price USD 37.50, Expires 11/30/10, Broker UBS Securities LLC	94,000	(39,871	)
Murphy Oil
Corp., Strike Price USD 66.29, Expires 12/08/10, Broker Morgan Stanley & Co., Inc.	114,000	(208,392	)
NextEra
Energy, Inc., Strike Price USD 55.50, Expires 11/15/10, Broker Citigroup Global Markets, Inc.	99,800	(46,752	)
Northeast
Utilities, Strike Price USD 31.22, Expires 12/09/10, Broker UBS Securities LLC	72,500	(47,169	)
Northeast
Utilities, Strike Price USD 31.43, Expires 12/09/10, Broker UBS Securities LLC	72,500	(33,350	)
NSTAR,
Strike Price USD 39.82, Expires 11/12/10, Broker UBS Securities LLC	44,000	(83,229	)
Paychex,
Inc., Strike Price USD 26.64, Expires 11/10/10, Broker Morgan Stanley & Co., Inc.	31,600	(33,614	)
Pfizer,
Inc., Strike Price USD 17.40, Expires 11/24/10, Broker Citigroup Global Markets, Inc.	70,000	(28,140	)
Procter
& Gamble Co. (The), Strike Price USD 60.30, Expires 11/30/10, Broker UBS Securities LLC	67,000	(221,746	)
Procter
& Gamble Co. (The), Strike Price USD 61.70, Expires 11/30/10, Broker UBS Securities LLC	96,000	(199,680	)
RPM
International, Inc., Strike Price USD 20.68, Expires 12/03/10, Broker UBS Securities LLC	51,000	(31,915	)
RPM
International, Inc., Strike Price USD 21.07, Expires 12/03/10, Broker Credit Suisse First Boston	18,500	(8,263	)
TJX Cos.,
Inc., Strike Price USD 46.40, Expires 12/13/10, Broker Citigroup Global Markets, Inc.	53,000	(65,985	)
Travelers
Cos., Inc. (The), Strike Price USD 53.16, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	97,000	(198,268	)
United
Technologies Corp., Strike Price USD 74.44, Expires 12/15/10, Broker Credit Suisse First Boston	12,000	(25,715	)
United
Technologies Corp., Strike Price USD 74.89, Expires 12/15/10, Broker Citigroup Global Markets, Inc.	62,600	(110,804	)
Universal
Corp., Strike Price USD 42.29, Expires 11/30/10, Broker UBS Securities LLC	37,000	(40,330	)
Valspar
Corp., Strike Price USD 32.35, Expires 11/29/10, Broker Morgan Stanley & Co., Inc.	33,000	(23,463	)
Vectren
Corp., Strike Price USD 26.48, Expires 12/06/10, Broker UBS Securities LLC	19,200	(22,506	)
Options Written	Contracts	Value
Over-the-Counter Call Options Written
(concluded)
Vectren
Corp., Strike Price USD 27.48, Expires 12/13/10, Broker Morgan Stanley & Co., Inc.	19,700	$ (6,797	)
Total Over-the-Counter Call Options Written		(4,491,371	)
Total Options Written (Premiums Received $5,867,239)—(1.1)%		(6,897,160	)
Total Investments Net of Outstanding Options Written—97.9%		579,687,577
Other Assets Less Liabilities—2.1%		12,639,982
Net Assets—100.0%		$ 592,327,559

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 14,655,217
Gross unrealized depreciation	(33,831,786	)
Net unrealized depreciation	$ (19,176,569	)

| (a) | Security, or a portion thereof, pledged/held as collateral
for outstanding options written. |
| --- | --- |
| (b) | 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, as amended, were as follows: |

| Affiliate | Shares/ Beneficial Interest Held at October 31, 2009 | Net
Activity | | Shares/ Beneficial Interest Held at October 31, 2010 | Income |
| --- | --- | --- | --- | --- | --- |
| BlackRock Liquidity Funds, Temp Fund, Institutional Class | 16,074,127 | (5,113,302 | ) | 10,960,825 | $ 32,136 |
| BlackRock Liquidity Series, LLC Money Market Series | 1,991,000 | (1,991,000 | ) | — | $ 29,881 |

(c)	Represents current yield as of report date.
•	For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or defined by Trust management. This definition may not apply
for purposes of this report, which may combine industry sub-classifications
for reporting ease.
•	Fair Value Measurements—Various inputs are used in
determining the fair value of investments and derivatives, which are as
follows:
	•	Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities
	•	Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
	•	Level 3 - unobservable inputs based on the best
information available In the circumstances, to the extent observable inputs
are not available (including the Trust’s own assumptions used in determining
the fair value of investments and derivatives)
	The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and other significant accounting policies, please
refer to Note 1 of the Notes to Financial Statements.

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 21

Schedule of Investments (concluded) BlackRock Enhanced Dividend Achievers TM Trust (BDJ)

The following tables summarize the inputs used as of October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:

| Valuation Inputs | Level
1 | Level
2 | Level
3 | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments in Securities: | | | | |
| Common
Stocks 1 | $ 575,623,912 | — | — | $ 575,623,912 |
| Short-Term
Securities | 10,960,825 | — | — | 10,960,825 |
| Total | $ 586,584,737 | — | — | $ 586,584,737 |

1 See above Schedule of Investments for values in each industry.

| Derivative
Financial Instruments 2 — Valuation Inputs | Level
1 | | Level
2 | Level
3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities: | | | | | | | |
| Equity
contracts | $ (2,254,393 | ) | $ (4,642,767 | ) | — | $ (6,897,160 | ) |

2 Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

22 ANNUAL REPORT OCTOBER 31, 2010

| Schedule of
Investments October 31,
2010 |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks		Value
Building
Products—0.9%
Masco Corp.	249,200	$ 2,656,472
Capital
Markets—2.5%
Eaton Vance Corp. (a)	168,100	4,836,237
Federated Investors, Inc.	109,146	2,718,827
		7,555,064
Chemicals—1.7%
RPM International, Inc.	154,400	3,197,624
Stepan Co.	25,350	1,709,604
		4,907,228
Commercial
Banks—8.8%
BancFirst Corp.	28,799	1,183,639
BancorpSouth, Inc.	122,154	1,611,211
Bank of Hawaii Corp.	100,300	4,331,957
Bank of the Ozarks, Inc. (a)	46,159	1,754,503
Chemical Financial Corp.	56,145	1,138,620
Community Bank System, Inc.	69,100	1,614,867
Community Trust Bancorp, Inc.	41,415	1,131,044
Cullen/Frost Bankers, Inc. (a)	97,038	5,088,673
Iberiabank Corp.	24,585	1,279,649
S&T Bancorp, Inc. (a)	32,300	633,080
Trustmark Corp. (a)	61,208	1,352,085
United Bankshares, Inc. (a)	91,775	2,452,228
Valley National Bancorp	130,355	1,738,936
WesBanco, Inc.	60,700	1,008,227
		26,318,719
Commercial
Services & Supplies—4.7%
ABM Industries, Inc.	137,430	3,099,047
Avery Dennison Corp.	78,141	2,840,425
McGrath RentCorp	54,761	1,386,001
Mine Safety Appliances Co.	70,800	1,993,728
Pitney Bowes, Inc. (a)	214,275	4,701,193
		14,020,394
Computers
& Peripherals—0.9%
Diebold, Inc. (a)	88,830	2,722,640
Construction
Materials—2.2%
Martin Marietta Materials, Inc.	43,900	3,533,072
Vulcan Materials Co. (a)	82,800	3,023,028
		6,556,100
Containers
& Packaging—2.5%
Bemis Co., Inc.	96,062	3,050,929
Myers Industries, Inc.	118,448	1,045,896
Sonoco Products Co.	102,500	3,433,750
		7,530,575
Distributors—0.6%
Genuine Parts Co.	34,300	1,641,598
Diversified
Consumer Services—1.3%
H&R Block, Inc.	326,921	3,854,399
Diversified
Telecommunication—1.1%
CenturyLink, Inc. (a)	81,400	3,368,332
Electric
Utilities—2.3%
MGE Energy, Inc.	40,371	1,637,044
Northeast Utilities	168,200	5,261,296
		6,898,340
Electrical
Equipment—3.5%
AO Smith Corp.	36,100	2,022,683
Brady Corp.	113,600	3,493,200
Roper Industries, Inc.	71,600	4,971,188
		10,487,071
Energy
Equipment & Services—1.0%
Helmerich & Payne, Inc. (a)	68,100	2,913,318

Common Stocks		Value
Food
& Staples Retailing—1.8%
Casey’s General Stores, Inc. (a)	39,000	$ 1,616,940
SUPERVALU, Inc. (a)	333,500	3,598,465
		5,215,405
Food
Products—5.1%
Hormel Foods Corp. (a)	146,244	6,715,525
J.M. Smucker Co. (The) (a)	39,105	2,513,669
Lancaster Colony Corp.	48,400	2,414,192
McCormick & Co., Inc.	76,800	3,396,096
		15,039,482
Gas
Utilities—10.7%
Atmos Energy Corp.	95,062	2,799,576
Energen Corp. (a)	65,200	2,910,528
National Fuel Gas Co. (a)	68,000	3,752,240
New Jersey Resources Corp.	124,800	5,053,152
Northwest Natural Gas Co. (a)	81,200	4,002,348
Piedmont Natural Gas Co.	102,100	3,010,929
South Jersey Industries, Inc.	80,200	4,038,872
UGI Corp.	107,000	3,219,630
WGL Holdings, Inc.	80,585	3,106,552
		31,893,827
Health
Care Equipment & Supplies—2.3%
Beckman Coulter, Inc. (a)	45,391	2,416,617
Meridian Bioscience, Inc.	65,300	1,494,717
Teleflex, Inc. (a)	53,000	2,954,750
		6,866,084
Household
Durables—3.9%
Fortune Brands, Inc. (a)	30,000	1,621,500
Leggett & Platt, Inc. (a)	149,433	3,045,444
Stanley Black & Decker, Inc. (a)	111,748	6,925,024
		11,591,968
Industrial
Conglomerates—1.0%
Otter Tail Corp.	57,361	1,177,048
Raven Industries, Inc.	45,281	1,861,954
		3,039,002
Insurance—6.6%
Arthur J. Gallagher & Co.	110,000	3,097,600
Cincinnati Financial Corp.	189,042	5,565,396
Erie Indemnity Co., Class A	67,500	3,859,650
Harleysville Group, Inc.	48,800	1,675,304
Mercury General Corp.	58,800	2,497,824
Old Republic International Corp.	234,800	3,099,360
		19,795,134
Leisure
Equipment & Products—1.6%
Polaris Industries, Inc. (a)	66,700	4,741,703
Machinery—5.7%
Badger Meter, Inc.	60,000	2,491,800
Dover Corp. (a)	57,475	3,051,923
Graco, Inc.	45,400	1,562,214
NACCO Industries, Inc.	26,900	2,670,094
Pentair, Inc. (a)	151,700	4,965,141
Tennant Co.	62,702	2,103,652
		16,844,824
Media—0.5%
Meredith Corp.	43,693	1,483,377
Multi-Utilities—6.3%
Black Hills Corp.	58,500	1,862,640
Integrys Energy Group, Inc. (a)	78,200	4,159,458
MDU Resources Group, Inc.	192,000	3,826,560
NSTAR	142,800	5,956,188
Vectren Corp.	110,950	3,037,811
		18,842,657

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 23

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

Common Stocks	Shares	Value
Multiline
Retail—0.8%
Family Dollar Stores, Inc. (a)	54,500	$ 2,516,265
Real
Estate Investment Trusts (REITs)—10.3%
Federal Realty Investment Trust (a)	38,400	3,148,032
Getty Realty Corp. (a)	94,090	2,682,506
Home Properties, Inc.	88,700	4,829,715
Liberty Property Trust	64,500	2,158,170
National Retail Properties, Inc. (a)	90,741	2,459,081
Realty Income Corp. (a)	70,318	2,410,501
Sovran Self Storage, Inc. (a)	38,680	1,511,227
Tanger Factory Outlet Centers (a)	34,300	1,643,656
UDR, Inc.	148,800	3,345,024
Universal Health Realty Income Trust	54,325	2,018,174
Washington REIT (a)	64,200	2,056,326
Weingarten Realty Investors	96,500	2,328,545
		30,590,957
Semiconductors
& Semiconductor Equipment—1.7%
Linear Technology Corp. (a)	152,100	4,902,183
Tobacco—2.2%
Universal Corp. (a)	73,300	3,037,552
Vector Group Ltd.	194,145	3,630,512
		6,668,064
Trading
Companies & Distributors—0.7%
Fastenal Co.	41,192	2,120,564
Water
Utilities—3.4%
American States Water Co.	32,725	1,222,279
Aqua America, Inc.	245,400	5,283,462
California Water Service Group	33,159	1,238,157
Middlesex Water Co.	68,400	1,221,624
SJW Corp.	45,800	1,108,360
		10,073,882
Total Long-Term Investments (Cost—$290,989,404)—98.6%		293,655,628
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (b)(c)	5,854,617	5,854,617
Total Short-Term Securities (Cost—$5,854,617)—2.0%		5,854,617
Total Investments Before Outstanding
Options Written (Cost—$296,844,021*)—100.6%		299,510,245
Options Written	Contracts
Exchange-Traded
Call Options Written—(0.3)%
Bank of the
Ozarks, Inc., Strike Price USD 37.50, Expires 12/15/10	92	(17,082	)
Beckman
Coulter, Inc., Strike Price USD 47.50, Expires 11/22/10	90	(53,100	)
Casey’s
General Stores, Inc., Strike Price USD 40, Expires 11/22/10	78	(13,260	)
CenturyLink,
Inc., Strike Price USD 41, Expires 12/20/10	160	(15,600	)
Cullen/Frost
Bankers, Inc., Strike Price USD 55, Expires 11/22/10	195	(2,437	)
Diebold,
Inc., Strike Price USD 30, Expires 11/22/10	180	(33,300	)
Dover
Corp., Strike Price USD 55, Expires 12/20/10	115	(12,363	)
Eaton Vance
Corp., Strike Price USD 30.15, Expires 12/10/10	335	(16,287	)
Energen
Corp., Strike Price USD 45, Expires 1/24/11	130	(22,750	)
Family
Dollar Stores, Inc., Strike Price USD 46, Expires 11/22/10	110	(11,550	)

Options Written		Value
Exchange-Traded Call Options Written
(concluded)
Federal
Realty Investment Trust, Strike Price USD 80, Expires 11/22/10	76	$ (24,320	)
Fortune
Brands, Inc., Strike Price USD 50, Expires 11/22/10	60	(26,400	)
Getty
Realty Corp., Strike Price USD 26.75, Expires 12/20/10	190	(37,226	)
Helmerich
& Payne, Inc., Strike Price USD 45, Expires 11/22/10	135	(9,450	)
Hormel
Foods Corp., Strike Price USD 45, Expires 12/20/10	300	(48,000	)
Integrys
Energy Group, Inc., Strike Price USD 55, Expires 12/20/10	157	(9,420	)
J.M.
Smucker Co. (The), Strike Price USD 65, Expires 11/22/10	80	(8,200	)
Leggett
& Platt, Inc., Strike Price USD 20, Expires 12/20/10	300	(30,750	)
Linear Technology Corp., Strike Price USD 32, Expires 11/22/10	280	(22,400	)
National
Fuel Gas Co., Strike Price USD 55, Expires 12/20/10	135	(31,050	)
National
Retail Properties, Inc., Strike Price USD 26, Expires 12/20/10	180	(24,830	)
Northwest
Natural Gas Co., Strike Price USD 55, Expires 12/20/10	48	(1,680	)
Pentair,
Inc., Strike Price USD 33, Expires 11/22/10	300	(17,170	)
Pitney
Bowes, Inc., Strike Price USD 22, Expires 11/22/10	430	(19,350	)
Polaris
Industries, Inc., Strike Price USD 65, Expires 11/22/10	135	(89,775	)
Realty
Income Corp., Strike Price USD 35, Expires 11/22/10	140	(4,200	)
S&T
Bancorp, Inc., Strike Price USD 20, Expires 1/24/11	65	(8,288	)
S&T
Bancorp, Inc., Strike Price USD 20, Expires 12/20/10	20	(1,750	)
Sovran Self
Storage, Inc., Strike Price USD 40, Expires 11/22/10	77	(4,812	)
Stanley
Black & Decker, Inc., Strike Price USD 62.50, Expires 11/22/10	225	(29,813	)
SUPERVALU,
Inc., Strike Price USD 12, Expires 11/22/10	670	(5,025	)
Tanger
Factory Outlet Centers, Strike Price USD 50, Expires 11/22/10	68	(2,550	)
Teleflex,
Inc., Strike Price USD 60, Expires 12/20/10	106	(4,505	)
Trustmark
Corp., Strike Price USD 22.50, Expires 12/20/10	122	(8,845	)
United
Bankshares, Inc., Strike Price USD 25, Expires 11/22/10	185	(39,313	)
Universal
Corp., Strike Price USD 40, Expires 11/22/10	75	(15,750	)
Vulcan
Materials Co., Strike Price USD 41, Expires 11/22/10	165	(1,237	)
Washington
REIT, Strike Price USD 35, Expires 12/20/10	129	(2,902	)
Total Exchange-Traded Call Options Written		(726,740	)
Over-the-Counter Call Options
Written—(0.5)%
ABM
Industries, Inc., Strike Price USD 21.91, Expires 11/30/10, Broker UBS Securities LLC	27,500	(30,658	)
American
States Water Co., Strike Price USD 34.49, Expires 11/10/10, Broker Credit Suisse First Boston	6,500	(18,696	)
AO Smith
Corp., Strike Price USD 60.43, Expires 12/10/10, Broker Morgan Stanley & Co., Inc.	7,000	(11,412	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 11/30/10, Broker JPMorgan Chase Securities	16,000	(21,803	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/02/10, Broker JPMorgan Chase Securities	16,000	(22,218	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/06/10, Broker JPMorgan Chase Securities	17,000	(24,451	)
Arthur J.
Gallagher & Co., Strike Price USD 26.34, Expires 11/12/10, Broker JPMorgan Chase Securities	22,000	(45,684	)
Atmos
Energy Corp., Strike Price USD 29.39, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	9,100	(3,968	)
Atmos
Energy Corp., Strike Price USD 29.64, Expires 11/09/10, Broker UBS Securities LLC	9,900	(3,191	)
Avery
Dennison Corp., Strike Price USD 38.53, Expires 12/15/10, Broker UBS Securities LLC	15,600	(6,967	)

See Notes to Financial Statements.

24 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Over-the-Counter
Call Options Written (continued)
Badger
Meter, Inc., Strike Price USD 38.45, Expires 11/12/10, Broker Credit Suisse First Boston	12,000	$ (36,982	)
BancFirst
Corp., Strike Price USD 41.56, Expires 12/15/10, Broker JPMorgan Chase Securities	5,800	(8,789	)
BancorpSouth,
Inc., Strike Price USD 14.47, Expires 12/15/10, Broker JPMorgan Chase Securities	24,500	(2,402	)
Bank of
Hawaii Corp., Strike Price USD 46.74, Expires 12/03/10, Broker Citigroup Global Markets, Inc.	20,000	(5,567	)
Bemis Co.,
Inc., Strike Price USD 31.21, Expires 11/04/10, Broker Citigroup Global Markets, Inc.	19,000	(13,495	)
Black Hills
Corp., Strike Price USD 33.26, Expires 12/10/10, Broker Credit Suisse First Boston	12,000	(5,420	)
Brady Corp.,
Strike Price USD 28.86, Expires 11/10/10, Broker UBS Securities LLC	22,700	(43,660	)
California
Water Service Group, Strike Price USD 36.90, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	2,200	(1,925	)
California
Water Service Group, Strike Price USD 37.27, Expires 11/09/10, Broker UBS Securities LLC	4,400	(2,962	)
Chemical
Financial Corp., Strike Price USD 21.18, Expires 11/30/10, Broker UBS Securities LLC	11,200	(5,471	)
Cincinnati
Financial Corp., Strike Price USD 28.97, Expires 11/30/10, Broker Citigroup Global Markets, Inc.	38,000	(29,183	)
Community
Bank System, Inc., Strike Price USD 23.66, Expires 12/15/10, Broker Morgan Stanley & Co., Inc.	14,000	(14,698	)
Community
Trust Bancorp, Inc., Strike Price USD 27.03, Expires 11/15/10, Broker UBS Securities LLC	8,000	(7,143	)
Erie
Indemnity Co., Class A, Strike Price USD 58.04, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	13,500	(8,121	)
Fastnel
Co., Strike Price USD 53.35, Expires 11/30/10, Broker UBS Securities LLC	8,200	(6,413	)
Federated
Investors, Inc., Strike Price USD 24.33, Expires 11/30/10, Broker UBS Securities LLC	21,800	(16,536	)
Genuine
Parts Co., Strike Price USD 47.94, Expires 12/03/10, Broker Morgan Stanley & Co., Inc.	7,000	(5,644	)
Graco,
Inc., Strike Price USD 30.51, Expires 11/15/10, Broker JPMorgan Chase Securities	9,000	(35,202	)
Harleysville
Group, Inc., Strike Price USD 32.72, Expires 11/15/10, Broker Morgan Stanley & Co., Inc.	9,500	(15,295	)
Home
Properties, Inc., Strike Price USD 55.40, Expires 12/03/10, Broker Citigroup Global Markets, Inc.	18,000	(19,811	)
Iberiabank
Corp., Strike Price USD 55.20, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	5,000	(8,925	)
Lancaster
Colony Corp., Strike Price USD 48.61, Expires 12/01/10, Broker JPMorgan Chase Securities	9,500	(14,548	)
Liberty
Property Trust, Strike Price USD 32.55, Expires 11/30/10, Broker UBS Securities LLC	13,000	(18,684	)
Martin
Marietta Materials, Inc., Strike Price USD 80.62, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	8,700	(23,039	)
Masco
Corp., Strike Price USD 11.28, Expires 11/15/10, Broker JPMorgan Chase Securities	50,000	(7,641	)
McCormick
& Co., Inc., Strike Price USD 40.47, Expires 11/12/10, Broker Credit Suisse First Boston	15,000	(57,882	)
McGrath
Rentcorp, Strike Price USD 21.55, Expires 11/10/10, Broker Morgan Stanley & Co., Inc.	11,000	(41,360	)
MDU
Resources Group, Inc., Strike Price USD 19.96, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	40,000	(8,034	)
Mercury
General Corp., Strike Price USD 40.26, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	11,700	(26,009	)
Meredith
Corp., Strike Price USD 33.12, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	9,000	(8,074	)
Meridian
Bioscience, Inc., Strike Price USD 23.30, Expires 12/10/10, Broker Credit Suisse First Boston	13,000	(8,664	)
MGE Energy,
Inc., Strike Price USD 42.02, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	8,000	(2,605	)
Middlesex
Water Co., Strike Price USD 16.59, Expires 11/12/10, Broker UBS Securities LLC	14,000	(17,780	)

Options Written		Value
Over-the-Counter
Call Options Written (concluded)
Mine Safety
Appliances Co., Strike Price USD 27.53, Expires 11/30/10, Broker Credit Suisse First Boston	14,100	$ (11,484	)
Myers
Industries, Inc., Strike Price USD 6.49, Expires 11/12/10, Broker JPMorgan Chase Securities	24,000	(56,150	)
NACCO
Industries, Inc., Strike Price USD 98.66, Expires 11/15/10, Broker Credit Suisse First Boston	5,500	(35,289	)
New Jersey
Resources Corp., Strike Price USD 39.22, Expires 11/08/10, Broker Citigroup Global Markets, Inc.	14,900	(18,923	)
New Jersey
Resources Corp., Strike Price USD 41.37, Expires 12/15/10, Broker Citigroup Global Markets, Inc.	10,000	(3,459	)
Northeast
Utilities, Strike Price USD 30.06, Expires 11/05/10, Broker Citigroup Global Markets, Inc.	33,500	(40,870	)
Northwest
Natural Gas Co., Strike Price USD 46.57, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	11,500	(31,280	)
NSTAR,
Strike Price USD 38.22, Expires 11/12/10, Broker UBS Securities LLC	29,000	(101,210	)
Old
Republic International Corp., Strike Price USD 13.89, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	47,000	(15,892	)
Otter Tail
Corp., Strike Price USD 20.40, Expires 11/30/10, Broker Citigroup Global Markets, Inc.	11,500	(7,709	)
Piedmont
Natural Gas Co., Inc., Strike Price USD 28.82, Expires 11/08/10, Broker Citigroup Global Markets, Inc.	20,500	(14,528	)
Raven
Industries, Inc., Strike Price USD 34.16, Expires 11/10/10, Broker Citigroup Global Markets, Inc.	9,000	(62,640	)
Roper
Industries, Inc., Strike Price USD 70.95, Expires 12/10/10, Broker UBS Securities LLC	14,500	(18,995	)
RPM
International, Inc., Strike Price USD 21.07, Expires 12/03/10, Broker Credit Suisse First Boston	31,000	(13,846	)
SJW Corp.,
Strike Price USD 23.72, Expires 11/12/10, Broker Credit Suisse First Boston	9,000	(8,190	)
Sonoco
Products Co., Strike Price USD 33.09, Expires 11/10/10, Broker JPMorgan Chase Securities	20,500	(15,647	)
South
Jersey Industries, Inc., Strike Price USD 51.04, Expires 12/15/10, Broker UBS Securities LLC	16,000	(7,147	)
Stepan Co.,
Strike Price USD 59.93, Expires 11/10/10, Broker UBS Securities LLC	5,000	(37,690	)
Tennant
Co., Strike Price USD 33.72, Expires 11/08/10, Broker UBS Securities LLC	12,500	(13,506	)
UDR, Inc.,
Strike Price USD 22, Expires 12/15/10, Broker Morgan Stanley & Co., Inc.	29,800	(31,625	)
UGI Corp.,
Strike Price USD 29.66, Expires 12/10/10, Broker Credit Suisse First Boston	21,500	(17,373	)
Universal
Corp., Strike Price USD 42.29, Expires 11/30/10, Broker UBS Securities LLC	7,100	(7,739	)
Universal
Health Realty Income Trust, Strike Price USD 32.43, Expires 11/12/10, Broker UBS Securities LLC	11,000	(51,920	)
Valley
National Bancorp, Strike Price USD 13.20, Expires 11/12/10, Broker JPMorgan Chase Securities	26,000	(7,856	)
Vector Group
Ltd., Strike Price USD 18.79, Expires 12/15/10, Broker Credit Suisse First Boston	38,800	(12,165	)
Vectren
Corp., Strike Price USD 26.48, Expires 12/06/10, Broker UBS Securities LLC	8,800	(10,315	)
Vectren
Corp., Strike Price USD 27.48, Expires 12/13/10, Broker Morgan Stanley & Co., Inc.	13,400	(4,623	)
Weingarten
Realty Investors, Strike Price USD 23.83, Expires 12/15/10, Broker Citigroup Global Markets, Inc.	19,300	(19,159	)
WesBanco,
Inc., Strike Price USD 16.78, Expires 11/30/10, Broker UBS Securities LLC	12,000	(10,026	)
WGL
Holdings, Inc., Strike Price USD 38.89, Expires 12/15/10, Broker UBS Securities LLC	16,200	(6,873	)
Total Over-the-Counter Call Options Written		(1,411,141	)
Total Options Written (Premiums Received $1,666,095)—(0.8)%		(2,137,881	)
Total Investments Net of Outstanding Options Written—99.8%		297,372,364
Other Assets Less Liabilities—0.2%		496,988
Net Assets—100.0%		$ 297,869,352

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 25

Schedule of Investments (concluded) BlackRock Strategic Dividend Achievers TM Trust (BDT)

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 29,332,360
Gross unrealized depreciation	(29,448,083	)
Net unrealized depreciation	$ (115,723	)

| (a) | Security, or a portion thereof, pledged/held as collateral
for outstanding options written. |
| --- | --- |
| (b) | 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, as amended, were as follows: |

| Affiliate — BlackRock
Liquidity Funds, TempFund, Institutional Class | 3,951,206 | 1,903,411 | 5,854,617 | Income — $ 10,816 |
| --- | --- | --- | --- | --- |

(c)	Represents current yield as of report date.
•	For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or defined by Trust management. This definition may not apply
for purposes of this report, which may combine industry sub-classifications
for reporting ease.
•	Fair Value Measurements—Various inputs are used in
determining the fair value of investments and derivatives, which are as
follows:
	•	Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities
	•	Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
	•	Level 3 - unobservable inputs based on the best
information available In the circumstances, to the extent observable inputs
are not available (including the Trust’s own assumptions used in determining
the fair value of investments and derivatives)
	The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and other significant accounting policies, please
refer to Note 1 of the Notes to Financial Statements.
	The following tables summarize the inputs used as of
October 31, 2010 in determining the fair valuation of the Trust’s investments
and derivatives:

| Valuation Inputs | Level
1 | | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments in Securities: | | | | |
| Common
Stocks 1 | $ 293,655,628 | — | — | $ 293,655,628 |
| Short-Term
Securities | 5,854,617 | — | — | 5,854,617 |
| Total | $ 299,510,245 | — | — | $ 299,510,245 |

1 See above Schedule of Investments for values in each industry.

| Derivative
Financial Instruments 2 — Valuation Inputs | Level
1 | | Level
2 | Level
3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities: | | | | | | | |
| Equity
contracts | $ (614,145 | ) | $ (1,523,736 | ) | — | $ (2,137,881 | ) |

2 Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

26 ANNUAL REPORT OCTOBER 31, 2010

Schedule of Investments October 31, 2010
(Percentages shown
are based on Net Assets)

Common Stocks		Value
Auto
Components—0.9%
Johnson Controls, Inc. (a)	34,000	$ 1,194,080
Building
Products—0.1%
Kingspan Group Plc	23,600	196,292
Chemicals—26.0%
Agrium, Inc. (a)	38,100	3,372,231
CF Industries Holdings, Inc. (a)	14,450	1,770,559
Incitec Pivot Ltd.	325,300	1,191,144
Israel Chemicals Ltd.	90,000	1,373,577
Johnson Matthey Plc	100,000	3,066,693
K+S AG	23,300	1,620,971
Makhteshim-Agan Industries Ltd. (b)	190,000	958,687
Monsanto Co. (a)	50,100	2,976,942
Mosaic Co. (The) (a)	41,000	2,999,560
Nalco Holding Co. (a)	48,900	1,378,002
Novozymes A/S	10,400	1,385,625
Nufarm Ltd. (b)	90,360	402,762
Potash Corp. of Saskatchewan, Inc. (a)	21,400	3,104,926
Sinofert Holdings Ltd. (b)	3,143,500	1,670,427
Syngenta AG	11,300	3,128,818
Umicore	39,200	1,847,081
Wacker Chemie AG	8,800	1,814,773
		34,062,778
Commercial
Services & Supplies—2.2%
Tetra Tech, Inc. (b)	104,200	2,194,452
Tianjin Capital Environmental Protection Group Co. Ltd.	2,083,000	717,977
		2,912,429
Construction
& Engineering—1.7%
Insituform Technologies, Inc. (b)	18,300	395,280
Layne Christensen Co. (a)(b)	14,000	391,160
Quanta Services, Inc. (a)(b)	25,800	507,228
Shaw Group, Inc. (The) (a)(b)	29,200	892,352
		2,186,020
Electric
Utilities—3.1%
Acciona SA	5,450	479,809
Iberdrola SA	190,557	1,609,987
NextEra Energy, Inc. (a)	35,900	1,975,936
		4,065,732
Electrical
Equipment—5.5%
American Superconductor Corp. (a)(b)	50,600	1,702,690
First Solar, Inc. (a)(b)	5,700	784,776
Gamesa Corp. Tecnologica SA (b)	75,100	523,094
General Cable Corp. (a)(b)	12,800	357,632
Nordex SE (b)	18,100	174,353
Renewable Energy Corp. AS (b)	41,900	145,927
Roper Industries, Inc.	14,300	992,849
Solarworld AG	51,000	739,221
SunPower Corp., Class A (a)(b)	15,650	213,466
Suntech Power Holdings Co. Ltd. - ADR (a)(b)	15,700	133,293
Vestas Wind Systems A/S (b)	43,200	1,377,129
		7,144,430
Electronic
Equipment, Instruments & Components—2.6%
Itron, Inc. (a)(b)	38,600	2,345,722
Trimble Navigation Ltd. (b)	31,010	1,111,398
		3,457,120
Food
Products—13.2%
Agria Corp. - ADR (b)	100,000	192,000
Archer-Daniels-Midland Co. (a)	48,700	1,622,684
BrasilAgro
- Companhia Brasileira de Propriedades Agricolas (b)	525,200	3,091,956
Bunge Ltd. (a)	30,200	1,814,114
Cosan Ltd.	98,700	1,297,905
Cresud SACIF y A - ADR	53,000	1,042,510

Common Stocks		Value
Food
Products (concluded)
Illovo Sugar Ltd.	234,900	$ 874,884
IOI Corp. Bhd	533,333	998,960
Sao Martinho SA	200,000	2,398,400
SLC Agricola SA	150,000	1,852,614
SunOpta, Inc. (b)	83,300	538,118
Viterra, Inc. (a)(b)	116,746	1,118,353
Wilmar International Ltd.	102,000	506,825
		17,349,323
Independent
Power Producers & Energy Traders—2.0%
EDF Energies Nouvelles SA	17,100	742,526
Iberdrola Renovables SA	351,600	1,187,888
Ormat Technologies, Inc. (a)	22,300	635,773
		2,566,187
Industrial
Conglomerates—0.5%
Orkla ASA	67,700	656,107
Machinery—8.2%
AGCO Corp. (a)(b)	45,500	1,932,385
CNH Global NV (a)(b)	30,400	1,206,576
Deere & Co. (a)	25,700	1,973,760
Duoyuan Global Water, Inc. - ADR (a)(b)	6,900	86,319
IDEX Corp.	14,600	526,768
Kurita Water Industries Ltd.	70,700	1,831,332
Pentair, Inc. (a)	59,000	1,931,070
Watts Water Technologies, Inc.	36,000	1,266,120
		10,754,330
Multi-Utilities—1.9%
Hera SpA	486,500	1,029,662
Suez Environnement Co.	12,325	241,157
United Utilities Group Plc	91,181	892,710
Veolia Environnement	11,700	344,057
		2,507,586
Oil,
Gas & Consumable Fuels—2.1%
Cheniere Energy, Inc. (b)	12,500	41,000
D1 Oils Plc (b)	360,099	31,216
Rentech, Inc. (b)	500,000	595,000
Sasol Ltd.	33,500	1,508,583
Sasol Ltd. - ADR	12,400	561,100
		2,736,899
Paper
& Forest Products—0.8%
Fibria Celulose SA - ADR (a)(b)	29,000	520,840
Precious Woods Holding AG (b)	20,000	488,796
		1,009,636
Real
Estate Investment Trusts (REITs)—2.7%
Plum Creek Timber Co., Inc. (a)	66,100	2,435,124
Rayonier, Inc.	21,850	1,140,570
		3,575,694
Road
& Rail—1.0%
All American Latina Logistica SA	133,000	1,257,802
Semiconductors
& Semiconductor Equipment—0.2%
MEMC Electronic Materials, Inc. (a)(b)	21,200	271,784
Water
Utilities—22.2%
American States Water Co.	51,900	1,938,465
American Water Works Co., Inc	69,500	1,659,660
Aqua America, Inc.	125,000	2,691,250
Artesian Resources Corp., Class A	39,400	751,752
Athens Water Supply & Sewage Co. SA (The)	89,950	604,683
California Water Service Group	52,400	1,956,616
China Water Affairs Group Ltd.	4,556,000	1,742,284
Cia de Saneamento Basico do Estado de Sao Paulo	81,000	1,833,612
Cia de Saneamento de Minas Gerias-COPASA	160,000	2,453,214
Hyflux Ltd.	628,000	1,532,822
Inversiones Aguas Metropolitanas SA	1,500,000	2,330,573

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2010	27

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

Common Stocks	Shares	Value
Water
Utilities (concluded)
Manila Water Co., Inc.	5,610,000	$ 2,432,986
Northumbrian Water Group Plc	430,900	2,444,370
Pennon Group Plc	215,200	2,147,646
Severn Trent Plc	113,500	2,537,394
		29,057,327
Total Long-Term Investments (Cost—$151,446,355)—96.9%		126,961,556
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (c)(d)	5,825,217	5,825,217
Total Short-Term Securities (Cost—$5,825,217)—4.5%		5,825,217
Total Investments Before Outstanding
Options Written (Cost—$157,271,572*)—101.4%		132,786,773
Options Written	Contracts
Exchange-Traded
Call Options Written—(0.6)%
AGCO Corp.,
Strike Price USD 45, Expires 12/20/10	205	(25,112	)
Agrium,
Inc., Strike Price USD 90, Expires 12/20/10	170	(73,100	)
American
Superconductor Corp., Strike Price USD 31, Expires 11/22/10	130	(46,800	)
American
Superconductor Corp., Strike Price USD 36, Expires 11/22/10	30	(2,850	)
American
Superconductor Corp., Strike Price USD 37, Expires 11/22/10	68	(4,590	)
Bunge Ltd.,
Strike Price USD 65, Expires 12/20/10	135	(14,850	)
CF
Industries Holdings, Inc., Strike Price USD 125, Expires 11/22/10	65	(31,688	)
CNH Global
NV, Strike Price USD 45, Expires 11/22/10	20	(700	)
CNH Global
NV, Strike Price USD 45, Expires 12/20/10	120	(11,400	)
Deere &
Co., Strike Price USD 80, Expires 12/20/10	120	(25,200	)
Duoyuan
Global Water, Inc. - ADR, Strike Price USD 15, Expires 12/20/10	31	(2,015	)
Fibria
Celulose SA - ADR, Strike Price USD 17.50, Expires 11/22/10	130	(13,000	)
First
Solar, Inc., Strike Price USD 150, Expires 12/20/10	26	(7,865	)
General
Cable Corp., Strike Price USD 27, Expires 11/22/10	57	(10,687	)
Itron,
Inc., Strike Price USD 65, Expires 12/20/10	175	(25,375	)
Johnson
Controls, Inc., Strike Price USD 31, Expires 11/22/10	153	(64,260	)
Layne
Christensen Co., Strike Price USD 25.50, Expires 11/10/10	77	(20,690	)
MEMC
Electronic Materials, Inc., Strike Price USD 12, Expires 11/22/10	96	(11,808	)
Monsanto
Co., Strike Price USD 60, Expires 12/20/10	230	(70,150	)
Mosaic Co.
(The), Strike Price USD 70, Expires 12/20/10	190	(123,025	)
Nalco
Holding Co., Strike Price USD 27, Expires 12/20/10	220	(39,050	)
Ormat
Technologies, Inc., Strike Price USD 30, Expires 11/22/10	120	(2,700	)
Pentair,
Inc., Strike Price USD 33, Expires 11/22/10	265	(15,167	)
Plum Creek
Timber Co., Inc., Strike Price USD 36, Expires 11/22/10	297	(32,225	)
Potash
Corp. of Saskatchewan, Inc., Strike Price USD 150, Expires 12/20/10	97	(51,168	)
Quanta
Services, Inc., Strike Price USD 20, Expires 12/20/10	105	(8,400	)
Shaw Group,
Inc. (The), Strike Price USD 33, Expires 12/20/10	130	(6,825	)
SunPower
Corp., Strike Price USD 15, Expires 12/20/10	70	(3,360	)
Suntech
Power Holdings Co. Ltd. - ADR, Strike Price USD 10, Expires 12/20/10	70	(1,680	)
Viterra,
Inc., Strike Price CAD 10.00, Expires 12/20/10	260	(7,648	)
Total Exchange-Traded Call Options Written		(753,388	)

Options Written		Value
Over-the-Counter Call Options
Written—(1.4)%
Acciona SA,
Strike Price EUR 63.20, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	2,500	$ (4,584	)
All
American Latina Logistica SA, Strike Price BRL 15.54, Expires 12/14/10, Broker Deutsche Bank Securities Corp.	59,900	(51,457	)
American
States Water Co., Strike Price USD 34.49, Expires 11/10/10, Broker Credit Suisse First Boston	28,500	(81,975	)
American
Water Works Co., Inc., Strike Price USD 23.30, Expires 11/24/10, Broker UBS Securities LLC	24,500	(21,019	)
American
Water Works Co., Inc., Strike Price USD 23.94, Expires 11/24/10, Broker Citigroup Global Markets, Inc.	6,800	(3,211	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 11/30/10, Broker JPMorgan Chase Securities	18,800	(25,619	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/02/10, Broker JPMorgan Chase Securities	18,800	(26,106	)
Aqua
America, Inc., Strike Price USD 20.75, Expires 12/06/10, Broker JPMorgan Chase Securities	18,800	(27,040	)
Archer-Daniels-Midland
Co., Strike Price USD 33.08, Expires 11/10/10, Broker Credit Suisse First Boston	26,800	(22,185	)
Artesian
Resources Corp., Class A, Strike Price USD 18.87, Expires 11/15/10, Broker Morgan Stanley & Co., Inc.	17,800	(8,076	)
Athens
Water Supply & Sewage Co. SA (The), Strike Price EUR 5.04, Expires 11/11/10, Broker UBS Securities LLC	20,500	(645	)
BrasilAgro
- Companhia Brasileira de Propriedades Agricolas, Strike Price BRL 10, Expires 11/08/10, Broker UBS Securities LLC	118,200	(17,018	)
BrasilAgro
- Companhia Brasileira de Propriedades Agricolas, Strike Price BRL 10.81, Expires 12/14/10, Broker UBS Securities LLC	118,200	(15,806	)
California
Water Service Group, Strike Price USD 36.90, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	7,600	(6,649	)
California
Water Service Group, Strike Price USD 37.27, Expires 11/09/10, Broker UBS Securities LLC	16,000	(10,772	)
China Water
Affairs Group Ltd., Strike Price HKD 2.85, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	2,050,000	(40,214	)
Cia de
Saneamento Basico do Estado de Sao Paulo, Strike Price BRL 40.39, Expires 12/14/10, Broker UBS Securities LLC	36,500	(21,405	)
Cia de
Saneamento de Minas Gerais-COPASA, Strike Price BRL 27.32, Expires 12/14/10, Broker Goldman Sachs & Co.	72,000	(13,729	)
Cosan Ltd.,
Strike Price USD 13.11, Expires 12/10/10, Broker Morgan Stanley & Co., Inc.	44,500	(26,923	)
Cresud
SACIF y A - ADR, Strike Price USD 19.90, Expires 11/29/10, Broker UBS Securities LLC	23,900	(18,917	)
EDF
Energies Nouvelles SA, Strike Price EUR 29.30, Expires 11/16/10, Broker UBS Securities LLC	7,700	(21,997	)
Gamesa
Corp. Tecnologica SA, Strike Price EUR 5.43, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	33,800	(1,112	)
Hera SpA,
Strike Price EUR 1.41, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	219,000	(35,138	)
Hyflux
Ltd., Strike Price SGD 3.16, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	283,000	(8,924	)
Iberdrola
Renovables SA, Strike Price EUR 2.50, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	158,000	(692	)
Iberdrola
SA, Strike Price EUR 5.72, Expires 11/11/10, Broker Credit Suisse First Boston	85,800	(43,040	)
Idex Corp.,
Strike Price USD 37.02, Expires 12/10/10, Broker UBS Securities LLC	6,600	(4,526	)
Illovo
Sugar Ltd., Strike Price ZAR 24.90, Expires 11/11/10, Broker Credit Suisse First Boston	105,700	(19,013	)
Incitec
Pivot Ltd., Strike Price AUD 3.64, Expires 11/09/10, Broker Goldman Sachs & Co.	146,400	(23,932	)

See Notes to Financial Statements. — 28	ANNUAL REPORT	OCTOBER 31, 2010

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

| Options
Written | | Value | |
| --- | --- | --- | --- |
| Over-the-Counter Call Options Written
(continued) | | | |
| Insituform Technologies, Inc., Strike Price USD 22.13, Expires 12/10/10, Broker UBS Securities LLC | 8,300 | $ (5,602 | ) |
| Inversiones Aguas Metropolitanas SA, Strike Price CLP 757.50, Expires 12/14/10, Broker Credit Suisse First Boston | 675,000 | (39,164 | ) |
| IOI Corp. Bhd, Strike Price MYR 5.60, Expires 11/09/10, Broker Deutsche Bank Securities Corp. | 240,000 | (17,594 | ) |
| Israel Chemicals Ltd., Strike Price ILS 51.89, Expires 11/11/10, Broker Credit Suisse First Boston | 40,500 | (41,004 | ) |
| Johnson Matthey Plc, Strike Price GBP 17.94, Expires 11/11/10, Broker Citigroup Global Markets, Inc. | 45,000 | (87,986 | ) |
| K&S AG, Strike Price EUR 45.87, Expires 11/16/10, Broker Morgan Stanley & Co., Inc. | 10,500 | (61,493 | ) |
| Kingspan Group Plc, Strike Price EUR 5.83, Expires 11/11/10, Broker UBS Securities LLC | 10,600 | (3,512 | ) |
| Kurita Water Industries Ltd., Strike Price JPY 2,342.02, Expires 11/09/10, Broker JPMorgan Chase Securities | 32,000 | (42 | ) |
| Makhteshim-Agan Industries Ltd., Strike Price ILS 13.64, Expires 11/11/10, Broker Credit Suisse First Boston | 85,000 | (110,111 | ) |
| Manila Water Co., Inc., Strike Price PHP 19.05, Expires 11/09/10, Broker Morgan Stanley & Co., Inc. | 2,500,000 | (5,550 | ) |
| NextEra Energy, Inc., Strike Price USD 55.50, Expires 11/15/10, Broker Citigroup Global Markets, Inc. | 16,200 | (7,589 | ) |
| Nordex SE, Strike Price EUR 6.95, Expires 11/16/10, Broker UBS Securities LLC | 8,200 | (2,126 | ) |
| Northumbrian Water Group Plc, Strike Price GBP 3.42, Expires 11/11/10, Broker Citigroup Global Markets, Inc. | 194,000 | (40,084 | ) |
| Novozymes A/S, Strike Price DKK 718.62, Expires 11/11/10, Broker UBS Securities LLC | 4,700 | (11,321 | ) |
| Nufarm Ltd., Strike Price AUD 3.96, Expires 11/09/10, Broker UBS Securities LLC | 41,000 | (24,092 | ) |
| Orkla ASA, Strike Price NOK 54.94, Expires 11/16/10, Broker Citigroup Global Markets, Inc. | 30,500 | (11,265 | ) |
| Pennon Group Plc, Strike Price GBP 5.92, Expires 11/11/10, Broker Citigroup Global Markets, Inc. | 95,000 | (46,930 | ) |
| Rayonier, Inc., Strike Price USD 51.51, Expires 12/06/10, Broker Citigroup Global Markets, Inc. | 9,800 | (13,124 | ) |
| Renewable Energy Corp. ASA, Strike Price NOK 20.79, Expires 11/16/10, Broker UBS Securities LLC | 18,900 | (1,962 | ) |
| Roper Industries, Inc., Strike Price USD 70.95, Expires 12/10/10, Broker UBS Securities LLC | 6,500 | (8,515 | ) |
| Sao Martinho SA, Strike Price BRL 16.72, Expires 11/08/10, Broker Credit Suisse First Boston | 41,600 | (89,909 | ) |
| Sao Martinho SA, Strike Price BRL 21.01, Expires 12/14/10, Broker UBS Securities LLC | 48,400 | (14,882 | ) |
| Sasol Ltd. - ADR, Strike Price USD 43.49, Expires 11/10/10, Broker Morgan Stanley & Co., Inc. | 12,400 | (24,302 | ) |
| Severn Trent Plc, Strike Price GBP 13.41, Expires 11/11/10, Broker Citigroup Global Markets, Inc. | 51,000 | (44,786 | ) |
| Sinofert Holdings Ltd., Strike Price HKD 4.59, Expires 11/09/10, Broker JPMorgan Chase Securities | 1,414,000 | (1,008 | ) |
| SLC Agricola SA, Strike Price BRL 15.66, Expires 11/08/10, Broker Credit Suisse First Boston | 33,800 | (106,250 | ) |
| SLC Agricola SA, Strike Price BRL 22.06, Expires 12/14/10, Broker UBS Securities LLC | 33,700 | (13,679 | ) |
| Solarworld AG, Strike Price EUR 8.79, Expires 11/16/10, Broker UBS Securities LLC | 23,000 | (55,445 | ) |
| Suez Environnement Co., Strike Price EUR 14.10, Expires 11/16/10, Broker Morgan Stanley & Co., Inc. | 5,600 | (1,946 | ) |
| SunOpta, Inc., Strike Price USD 6.34, Expires 11/15/10, Broker UBS Securities LLC | 37,500 | (18,753 | ) |
| Syngenta AG, Strike Price CHF 252.96, Expires 11/16/10, Broker Citigroup Global Markets, Inc. | 5,100 | (104,462 | ) |
| Tetra Tech, Inc., Strike Price USD 21.87, Expires
12/10/10, Broker UBS Securities LLC | 47,000 | (23,697 | ) |

Options Written		Value
Over-the-Counter
Call Options Written (concluded)
Tianjin Capital Environmental Protection Group Co. Ltd., Strike Price HKD 2.71, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	938,000	$ (3,844	)
Trimble Navigation Ltd., Strike Price USD 35.89, Expires 11/15/10, Broker UBS Securities LLC	14,000	(13,336	)
Umicore, Strike Price EUR 33.16, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	17,700	(27,054	)
United Utilities Group Plc, Strike Price GBP 5.77, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	27,000	(14,647	)
United Utilities Group Plc, Strike Price GBP 5.79, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	14,000	(7,145	)
Veolia Environnement, Strike Price EUR 20.22, Expires 11/16/10, Broker Credit Suisse First Boston	5,300	(7,785	)
Vestas Wind Systems A/S, Strike Price DKK 205.65, Expires 11/16/10, Broker UBS Securities LLC	19,500	(4,814	)
Viterra, Inc., Strike Price CAD 9.13, Expires 11/19/10, Broker Morgan Stanley & Co., Inc.	26,800	(18,605	)
Wacker Chemie AG, Strike Price EUR 132.33, Expires 11/11/10, Broker UBS Securities LLC	4,000	(91,078	)
Watts Industries, Inc., Strike Price USD 34.43, Expires 11/15/10, Broker UBS Securities LLC	16,200	(18,918	)
Wilmar International Ltd., Strike Price SGD 6.17, Expires 11/09/10, Broker Credit Suisse First Boston	46,000	(9,786	)
Total Over-the-Counter Call Options
Written		(1,856,921	)
Total Options Written (Premiums Received $1,877,185)—(2.0)%		(2,610,309	)
Total Investments Net of Outstanding
Options Written—99.4%		130,176,464
Other Assets Less Liabilities—0.6%		825,978
Net Assets—100.0%		$ 131,002,442

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 29

Schedule of Investments (concluded) BlackRock EcoSolutions Investment Trust (BQR)

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 3,344,462
Gross unrealized
depreciation	(41,242,131	)
Net unrealized
depreciation	$ (37,897,669	)

| (a) | Security, or a
portion thereof, pledged/held as collateral for outstanding options written. |
| --- | --- |
| (b) | Non-income producing security. |
| (c) | 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, as amended, were as follows: |

Affiliate — BlackRock Liquidity Funds, TempFund, Institutional Class	7,177,667	(1,352,450	)	5,825,217	Income — $ 10,495
BlackRock Liquidity Series, LLC Money Market Series	2,141,500	(2,141,500	)	—	$ 7,819

| (d) | Represents current
yield as of report date. | |
| --- | --- | --- |
| • | For Trust compliance
purposes, the Trust’s industry classifications refer to any one or more of
the industry sub-classifications used by one or more widely recognized market
indexes or ratings group indexes, and/or defined by Trust management. This
definition may not apply for purposes of this report, which may combine
industry sub-classifications for reporting ease. | |
| • | Fair Value
Measurements—Various inputs are used in determining the fair value of
investments and derivatives, which are as follows: | |
| | • | Level 1 - price
quotations in active markets/exchanges for identical assets and liabilities |
| | • | Level 2 - other
observable inputs (including, but not limited to: quoted prices for similar
assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other
than quoted prices that are observable for the assets or liabilities (such as
interest rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks and default rates) or other market-corroborated
inputs) |
| | • | Level 3 -
unobservable inputs based on the best information available In the
circumstances, to the extent observable inputs are not available (including
the Trust’s own assumptions used in determining the fair value of investments
and derivatives) |
| | The inputs or
methodologies used for valuing securities are not necessarily an indication
of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other
significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements. | |
| | The following
tables summarize the inputs used as of October 31, 2010 in determining the
fair valuation of the Trust’s investments and derivatives: | |

| Valuation
Inputs | Level 1 | Level 2 | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments in
Securities: | | | | |
| Common Stocks: | | | | |
| Auto Components | $ 1,194,080 | — | — | $ 1,194,080 |
| Building Products | 196,292 | — | — | 196,292 |
| Chemicals | 15,602,220 | $ 18,460,558 | — | 34,062,778 |
| Commercial Services & Supplies | 2,194,452 | 717,977 | — | 2,912,429 |
| Construction & Engineering | 2,186,020 | — | — | 2,186,020 |
| Electric Utilities | 1,975,936 | 2,089,796 | — | 4,065,732 |
| Electrical Equipment | 4,184,706 | 2,959,724 | — | 7,144,430 |
| Electronic Equipment, Instruments & Components | 3,457,120 | — | — | 3,457,120 |
| Food Products | 14,968,654 | 2,380,669 | — | 17,349,323 |
| Independent Power Producers & Energy Traders | 635,773 | 1,930,414 | — | 2,566,187 |
| Industrial Conglomerates | — | 656,107 | — | 656,107 |
| Machinery | 8,922,998 | 1,831,332 | — | 10,754,330 |
| Multi-Utilities | — | 2,507,586 | — | 2,507,586 |
| Oil, Gas & Consumable Fuels | 1,228,316 | 1,508,583 | — | 2,736,899 |
| Paper & Forest Products | 1,009,636 | — | — | 1,009,636 |
| Real Estate Investment Trusts (REITs) | 3,575,694 | — | — | 3,575,694 |
| Road & Rail | 1,257,802 | — | — | 1,257,802 |
| Semiconductors & Semiconductor Equipment | 271,784 | — | — | 271,784 |
| Water Utilities | 16,219,825 | 12,837,502 | — | 29,057,327 |
| Short-Term Securities | 5,825,217 | — | — | 5,825,217 |
| Total | $ 84,906,525 | $ 47,880,248 | — | $ 132,786,773 |

| Derivative Financial Instruments 1 — Valuation
Inputs | Level 1 | | Level 2 | Level 3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities: | | | | | | | |
| Equity contracts | $ (717,531 | ) | $ (1,892,778 | ) | — | $ (2,610,309 | ) |

1 Derivative financial instruments are options which are shown at value.

See Notes to Financial Statements.

30 ANNUAL REPORT OCTOBER 31, 2010

Schedule of Investments October 31, 2010
(Percentages
shown are based on Net Assets)

| Common
Stocks | | Value |
| --- | --- | --- |
| Construction & Engineering—0.5% | | |
| MYR Group, Inc.
(a)(b) | 269,231 | $ 4,197,311 |
| Energy
Equipment & Services—17.7% | | |
| Cameron International Corp. (a)(c) | 475,300 | 20,794,375 |
| Core Laboratories NV | 86,100 | 6,695,997 |
| Halliburton Co. (c) | 555,300 | 17,691,858 |
| National Oilwell Varco, Inc. (c) | 429,700 | 23,100,672 |
| Noble Corp. (c) | 496,100 | 17,130,333 |
| Schlumberger Ltd. (c) | 144,400 | 10,092,116 |
| Technip SA | 207,900 | 17,514,244 |
| Transocean Ltd. (a)(c) | 239,000 | 15,143,040 |
| Weatherford International Ltd. (a)(c) | 483,900 | 8,134,359 |
| | | 136,296,994 |
| Gas
Utilities—2.4% | | |
| EQT Corp. | 486,000 | 18,195,840 |
| Metals
& Mining—4.1% | | |
| BHP Billiton Ltd. - ADR (c) | 177,800 | 14,684,502 |
| Goldcorp, Inc. | 94,900 | 4,231,591 |
| Silver Wheaton Corp. (a) | 431,100 | 12,394,125 |
| | | 31,310,218 |
| Oil,
Gas & Consumable Fuels—75.2% | | |
| Alpha Natural Resources, Inc. (a)(c) | 594,600 | 26,858,082 |
| AltaGas Ltd. | 451,400 | 9,015,608 |
| Anadarko Petroleum Corp. (c) | 385,000 | 23,704,450 |
| Apache Corp. | 187,000 | 18,890,740 |
| Arch Coal, Inc. | 553,600 | 13,613,024 |
| Brigham Exploration Co. (a) | 1,102,800 | 23,258,052 |
| Cabot Oil & Gas Corp. (c) | 360,400 | 10,444,392 |
| Cimarex Energy Co. (c) | 104,600 | 8,028,050 |
| Consol Energy, Inc. | 480,221 | 17,652,924 |
| Crescent Point Energy Corp. (c) | 309,700 | 12,267,752 |
| Enbridge Energy Partners LP | 73,200 | 4,501,068 |
| Energy XXI Bermuda Ltd. (a)(c) | 440,200 | 9,569,948 |
| Enterprise Products Partners LP | 391,005 | 16,754,564 |
| EOG Resources, Inc. (c) | 305,700 | 29,261,604 |
| EXCO Resources, Inc. (c) | 1,161,200 | 17,220,596 |
| Keyera Facilities Income Fund | 619,867 | 19,235,994 |
| Magnum Hunter Resources Corp. (a)(c) | 828,500 | 3,960,230 |
| MarkWest Energy Partners LP | 197,700 | 7,536,324 |
| Massey Energy Co. (c) | 716,500 | 30,143,155 |
| Occidental Petroleum Corp. (c) | 367,000 | 28,857,210 |
| ONEOK Partners LP | 144,200 | 11,295,186 |
| Peabody Energy Corp. | 499,900 | 26,444,710 |
| Pembina Pipeline Corp. | 265,500 | 5,740,048 |
| Penn Virginia Corp. | 836,500 | 12,396,930 |
| Petrohawk Energy Corp. (a)(c) | 2,312,400 | 39,333,924 |
| Petroleo Brasileiro SA - ADR | 772,800 | 24,103,632 |
| Petroleum Development Corp. (a) | 175,900 | 5,489,839 |
| Plains All American Pipeline LP (c) | 164,800 | 10,398,880 |
| QEP Resources, Inc. | 208,300 | 6,880,149 |
| Range Resources Corp. | 385,700 | 14,421,323 |
| Ship Finance International Ltd. (c) | 468,500 | 9,421,535 |
| SM Energy Co. (c) | 88,200 | 3,676,176 |
| Southwestern Energy Co. (a)(c) | 445,000 | 15,063,250 |
| Targa Resources Partners LP | 129,500 | 3,838,380 |
| Ultra Petroleum Corp. (a)(c) | 122,400 | 5,036,760 |
| Whiting Petroleum Corp. (a) | 437,920 | 43,984,685 |
| Williams Partners LP | 245,200 | 10,813,320 |
| | | 579,112,494 |
| Pipelines—0.9% | | |
| Magellan Midstream Partners LP | 134,200 | 7,245,458 |
| Transportation—0.9% | | |
| Nordic American Tanker Shipping | 266,400 | 6,934,393 |

| Total
Long-Term Investments (Cost—$693,258,125)—101.7% | $ | 783,292,708 | |
| --- | --- | --- | --- |
| Options Purchased | Contracts | | |
| Over-The-Counter
Put Options Purchased—0.0% | | | |
| Energy XXI Bermuda Ltd., Strike Price USD 18, Expires 11/02/10, Broker UBS Securities LLC | 60,000 | 5 | |
| Total
Options Purchased (Cost—$7,200)—0.0% | | 5 | |
| Total
Investments Before Outstanding Options Written (Cost—$693,265,325*)—101.7% | | 783,292,713 | |
| Options Written | | | |
| Exchange-Traded
Call Options Written—(1.0)% | | | |
| Alpha Natural Resources, Inc., Strike Price USD 43, Expires 11/22/10 | 500 | (160,000 | ) |
| Alpha Natural Resources, Inc., Strike Price USD 44, Expires 11/22/10 | 150 | (38,025 | ) |
| Anadarko Petroleum Corp., Strike Price USD 49, Expires 11/22/10 | 600 | (778,500 | ) |
| Anadarko Petroleum Corp., Strike Price USD 50, Expires 11/22/10 | 100 | (118,500 | ) |
| Anadarko Petroleum Corp., Strike Price USD 62.50, Expires 11/22/10 | 100 | (22,400 | ) |
| BHP Billiton Ltd. - ADR, Strike Price USD 70, Expires 11/22/10 | 400 | (514,000 | ) |
| BHP Billiton Ltd. - ADR, Strike Price USD 75, Expires 11/22/10 | 100 | (81,750 | ) |
| BHP Billiton Ltd. - ADR, Strike Price USD 80, Expires 11/22/10 | 200 | (82,500 | ) |
| Cabot Oil & Gas Corp., Strike Price USD 32, Expires 11/22/10 | 200 | (5,000 | ) |
| Cameron International Corp., Strike Price USD 37.50, Expires 11/22/10 | 290 | (194,300 | ) |
| Cameron International Corp., Strike Price USD 39, Expires 11/22/10 | 290 | (158,050 | ) |
| Cameron International Corp., Strike Price USD 40, Expires 11/22/10 | 200 | (89,000 | ) |
| Cameron International Corp., Strike Price USD 41, Expires 11/22/10 | 530 | (193,450 | ) |
| Cameron International Corp., Strike Price USD 45, Expires 11/20/10 | 350 | (47,250 | ) |
| Cimarex Energy Co., Strike Price USD 70, Expires 12/20/10 | 350 | (288,750 | ) |
| Crescent Point Energy Corp., Strike Price CAD 42, Expires 1/24/11, | 310 | (17,477 | ) |
| Energy XXI Bermuda Ltd., Strike Price USD 25, Expires 12/18/10 | 123 | (11,377 | ) |
| Energy XXI Bermuda Ltd., Strike Price USD 30, Expires 11/22/10 | 140 | (1,050 | ) |
| EOG Resources, Inc., Strike Price USD 105, Expires 11/22/10 | 200 | (14,900 | ) |
| EXCO Resources, Inc., Strike Price USD 16, Expires 12/20/10 | 1,000 | (42,500 | ) |
| Halliburton Co., Strike Price USD 34, Expires 11/22/10 | 500 | (24,250 | ) |
| Magnum Hunter Resources Corp., Strike Price USD 5, Expires 11/22/10 | 400 | (6,000 | ) |
| Massey Energy Co., Strike Price USD 33, Expires 11/22/10 | 500 | (458,750 | ) |
| Massey Energy Co., Strike Price USD 34, Expires 11/22/10 | 200 | (163,500 | ) |
| Massey Energy Co., Strike Price USD 38, Expires 11/22/10 | 1,000 | (467,500 | ) |
| Massey Energy Co., Strike Price USD 39, Expires 11/22/10 | 500 | (193,750 | ) |
| Massey Energy Co., Strike Price USD 40, Expires 11/22/10 | 500 | (158,750 | ) |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2010	31

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

| Options
Written | | Value | |
| --- | --- | --- | --- |
| Exchange-Traded
Call Options Written (concluded) | | | |
| National-Oilwell Varco, Inc., Strike Price USD 39, Expires 11/22/10 | 300 | $ (450,750 | ) |
| National-Oilwell Varco, Inc., Strike Price USD 40, Expires 11/22/10 | 300 | (420,750 | ) |
| National-Oilwell Varco, Inc., Strike Price USD 42, Expires 11/22/10 | 600 | (720,000 | ) |
| National-Oilwell Varco, Inc., Strike Price USD 43, Expires 11/22/10 | 200 | (217,000 | ) |
| National-Oilwell Varco, Inc., Strike Price USD 45, Expires 11/22/10 | 200 | (178,000 | ) |
| Noble Corp., Strike Price USD 34, Expires 12/20/10 | 350 | (75,950 | ) |
| Occidental Petroleum Corp., Strike Price USD 80, Expires 11/22/10 | 840 | (120,120 | ) |
| Occidental Petroleum Corp., Strike Price USD 81, Expires 11/02/10 | 200 | (2,900 | ) |
| Occidental Petroleum Corp., Strike Price USD 82, Expires 11/22/10 | 400 | (33,782 | ) |
| Occidental Petroleum Corp., Strike Price USD 95, Expires 11/22/10 | 200 | (1,200 | ) |
| Petrohawk Energy Corp., Strike Price USD 18, Expires 11/22/10 | 1,000 | (36,500 | ) |
| Petrohawk Energy Corp., Strike Price USD 18, Expires 12/20/10 | 500 | (34,750 | ) |
| Plains All American Pipeline LP, Strike Price USD 63.50, Expires 1/24/11 | 706 | (51,111 | ) |
| Schlumberger Ltd., Strike Price USD 60, Expires 11/22/10 | 500 | (503,750 | ) |
| Schlumberger Ltd., Strike Price USD 62.50, Expires 11/22/10 | 250 | (192,500 | ) |
| Schlumberger Ltd., Strike Price USD 65, Expires 11/22/10 | 250 | (136,250 | ) |
| Schlumberger Ltd., Strike Price USD 67.50, Expires 11/22/10 | 100 | (35,000 | ) |
| Ship Finance International Ltd., Strike Price USD 20, Expires 11/22/10 | 250 | (13,750 | ) |
| SM Energy Co., Strike Price USD 40, Expires 11/22/10 | 250 | (65,625 | ) |
| Southwestern Energy Co., Strike Price USD 35.50, Expires 11/05/10 | 200 | (1,966 | ) |
| Transocean Ltd., Strike Price USD 62.50, Expires 11/22/10 | 950 | (292,125 | ) |
| Ultra Petroleum Corp., Strike Price USD 43, Expires 11/22/10 | 300 | (19,500 | ) |
| Ultra Petroleum Corp., Strike Price USD 45, Expires 12/20/10 | 100 | (7,500 | ) |
| Weatherford International Ltd., Strike Price USD 18, Expires 11/22/10 | 2,250 | (38,250 | ) |
| Total Exchange-Traded Call Options
Written | | (7,980,308 | ) |
| Over-the-Counter
Call Options Written—(1.1)% | | | |
| Alpha Natural Resources, Inc., Strike Price USD 42, Expires 11/04/10, Broker Morgan Stanley & Co., Inc. | 153,000 | (500,674 | ) |
| Alpha Natural Resources, Inc., Strike Price USD 42.55, Expires 11/02/10, Broker Deutsche Bank Securities Corp. | 25,000 | (67,708 | ) |
| Anadarko Petroleum Corp., Strike Price USD 51, Expires 11/19/10, Broker UBS Securities LLC | 82,000 | (877,565 | ) |
| Apache Corp., Strike Price USD 90.26, Expires 11/02/10, Broker UBS Securities LLC | 32,500 | (349,700 | ) |
| Apache Corp., Strike Price USD 94.85, Expires 11/05/10, Broker JPMorgan Chase Securities | 32,500 | (202,438 | ) |
| Apache Corp., Strike Price USD 95.77, Expires 11/02/10, Broker Deutsche Bank Securities Corp. | 10,000 | (52,822 | ) |
| Arch Coal, Inc., Strike Price USD 23.05, Expires 11/05/10, Broker Deutsche Bank Securities Corp. | 75,000 | (121,041 | ) |
| Arch Coal, Inc., Strike Price USD 23.39, Expires 11/02/10, Broker UBS Securities LLC | 50,000 | (62,542 | ) |
| Arch Coal, Inc., Strike Price USD 24.50, Expires 11/04/10, Broker Morgan Stanley & Co., Inc. | 45,000 | (24,210 | ) |

| Options
Written | | Value | |
| --- | --- | --- | --- |
| Over-the-Counter
Call Options Written (continued) | | | |
| Arch Coal, Inc., Strike Price USD 24.71, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 25,000 | $ (8,669 | ) |
| Arch Coal, Inc., Strike Price USD 25.06, Expires 11/02/10, Broker UBS Securities LLC | 25,000 | (5,364 | ) |
| Brigham Exploration Co., Strike Price USD 16.99, Expires 11/12/10, Broker Morgan Stanley & Co., Inc. | 385,000 | (1,584,256 | ) |
| Cabot Oil & Gas Corp., Strike Price USD 30.44, Expires 11/05/10, Broker UBS Securities LLC | 30,000 | (4,787 | ) |
| Cabot Oil & Gas Corp., Strike Price USD 32.98, Expires 11/12/10, Broker UBS Securities LLC | 24,000 | (1,073 | ) |
| Cabot Oil & Gas Corp., Strike Price USD 34.44, Expires 11/02/10, Broker JPMorgan Chase Securities | 20,000 | — | |
| Cabot Oil & Gas Corp., Strike Price USD 34.73, Expires 11/05/10, Broker Deutsche Bank Securities Corp. | 25,000 | (5 | ) |
| Consol Energy, Inc., Strike Price USD 38.91, Expires 11/02/10, Broker UBS Securities LLC | 25,000 | (757 | ) |
| Consol Energy, Inc., Strike Price USD 40.55, Expires 11/05/10, Broker JPMorgan Chase Securities | 50,000 | (1,257 | ) |
| Consol Energy, Inc., Strike Price USD 42.01, Expires 11/02/10, Broker UBS Securities LLC | 25,000 | (4 | ) |
| Consol Energy, Inc., Strike Price USD 42.14, Expires 11/05/10, Broker Credit Suisse First Boston | 25,000 | (79 | ) |
| Consol Energy, Inc., Strike Price USD 42.98, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 25,000 | (1 | ) |
| Core Laboratories NV, Strike Price USD 79.96, Expires 11/05/10, Broker Deutsche Bank Securities Corp. | 15,500 | (5,875 | ) |
| Core Laboratories NV, Strike Price USD 86.86, Expires 11/15/10, Broker Morgan Stanley & Co., Inc. | 14,500 | (442 | ) |
| Crescent Point Energy Corp., Strike Price CAD 37.91, Expires 11/02/10, Broker Deutsche Bank Securities Corp. | 31,000 | (75,745 | ) |
| Energy XXI Bermuda Ltd., Strike Price USD 22.50, Expires 11/02/10, Broker UBS Securities LLC | 55,000 | (17,084 | ) |
| EOG Resources, Inc., Strike Price USD 106.64, Expires 11/02/10, Broker Credit Suisse First Boston | 10,000 | (12 | ) |
| EOG Resources, Inc., Strike Price USD 111.64, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 20,000 | — | |
| EOG Resources, Inc., Strike Price USD 112.42, Expires 11/05/10, Broker Morgan Stanley & Co., Inc. | 50,000 | (306 | ) |
| EOG Resources, Inc., Strike Price USD 94.37, Expires 11/02/10, Broker Credit Suisse First Boston | 10,000 | (21,213 | ) |
| EQT Corp., Strike Price USD 38.44, Expires 11/05/10, Broker Morgan Stanley & Co., Inc. | 50,000 | (7,093 | ) |
| EQT Corp., Strike Price USD 39.80, Expires 11/12/10, Broker UBS Securities LLC | 25,000 | (1,817 | ) |
| EQT Corp., Strike Price USD 40, Expires 11/02/10, Broker UBS Securities LLC | 60,000 | (59 | ) |
| EXCO Resources, Inc., Strike Price USD 15.38, Expires 11/02/10, Broker Credit Suisse First Boston | 48,000 | (2,763 | ) |
| EXCO Resources, Inc., Strike Price USD 16.29, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 50,000 | (46 | ) |
| EXCO Resources, Inc., Strike Price USD 16.36, Expires 11/02/10, Broker JPMorgan Chase Securities | 50,000 | (61 | ) |
| EXCO Resources, Inc., Strike Price USD 16.72, Expires 11/05/10, Broker Deutsche Bank Securities Corp. | 50,000 | (79 | ) |
| Goldcorp, Inc., Strike Price USD 42.52, Expires 11/02/10, Broker Credit Suisse First Boston | 10,000 | (21,284 | ) |
| Goldcorp, Inc., Strike Price USD 45.01, Expires 11/02/10, Broker JPMorgan Chase Securities | 20,000 | (8,481 | ) |
| Goldcorp, Inc., Strike Price USD 46.48, Expires 11/05/10, Broker JPMorgan Chase Securities | 10,000 | (2,007 | ) |
| Halliburton Co., Strike Price USD 29.66, Expires 11/08/10, Broker UBS Securities LLC | 133,000 | (316,880 | ) |

See Notes to Financial Statements. — 32	ANNUAL REPORT	OCTOBER 31, 2010

Schedule of Investments (continued) BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

| Options
Written | | Value | |
| --- | --- | --- | --- |
| Over-the-Counter Call Options Written
(continued) | | | |
| Halliburton Co., Strike Price USD 32.61, Expires 11/02/10, Broker UBS Securities LLC | 25,000 | $ (7,174 | ) |
| Magnum Hunter Resources Corp., Strike Price USD 4.31, Expires 11/12/10, Broker UBS Securities LLC | 75,000 | (37,802 | ) |
| Magnum Hunter Resources Corp., Strike Price USD 5, Expires 11/29/10, Broker Morgan Stanley & Co., Inc. | 60,000 | (11,350 | ) |
| Noble Corp., Strike Price USD 35.11, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 25,381 | (4,505 | ) |
| Noble Corp., Strike Price USD 35.27, Expires 11/05/10, Broker Morgan Stanley & Co., Inc. | 76,144 | (18,614 | ) |
| Noble Corp., Strike Price USD 37.74, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 25,000 | (62 | ) |
| Nordic American Tanker Shipping, Strike Price USD 28.40, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 80,000 | (20 | ) |
| Nordic American Tanker Shipping, Strike Price USD 29.19, Expires 11/02/10, Broker JPMorgan Chase Securities | 10,000 | — | |
| ONEOK Partners LP, Strike Price USD 79, Expires 12/10/10, Broker UBS Securities LLC | 25,000 | (19,804 | ) |
| Peabody Energy Corp., Strike Price USD 47, Expires 11/04/10, Broker Morgan Stanley & Co., Inc. | 60,000 | (354,000 | ) |
| Peabody Energy Corp., Strike Price USD 47, Expires 11/05/10, Broker JPMorgan Chase Securities | 30,000 | (177,048 | ) |
| Peabody Energy Corp., Strike Price USD 48.12, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 90,000 | (429,840 | ) |
| Peabody Energy Corp., Strike Price USD 49.03, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 10,000 | (38,747 | ) |
| Penn Virginia Corp., Strike Price USD 20.61, Expires 11/02/10, Broker JPMorgan Chase Securities | 25,000 | — | |
| Penn Virginia Corp., Strike Price USD 20.82, Expires 11/05/10, Broker Deutsche Bank Securities Corp. | 50,000 | (1 | ) |
| Penn Virginia Corp., Strike Price USD 20.96, Expires 11/02/10, Broker Deutsche Bank Securities Corp. | 25,000 | — | |
| Petrohawk Energy Corp., Strike Price USD 18.40, Expires 11/05/10, Broker Morgan Stanley & Co., Inc. | 50,000 | (2,510 | ) |
| Petroleo Brasileiro SA - ADR, Strike Price USD 30.80, Expires 11/03/10, Broker Morgan Stanley & Co., Inc. | 85,000 | (61,291 | ) |
| Petroleo Brasileiro SA - ADR, Strike Price USD 31.70, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 66,000 | (16,584 | ) |
| Petroleo Brasileiro SA - ADR, Strike Price USD 33.37, Expires 11/02/10, Broker Goldman Sachs & Co. | 25,000 | (406 | ) |
| Petroleo Brasileiro SA - ADR, Strike Price USD 33.97, Expires 11/05/10, Broker Credit Suisse First Boston | 100,000 | (1,036 | ) |
| Petroleum Development Corp., Strike Price USD 29.72, Expires 11/02/10, Broker JPMorgan Chase Securities | 61,000 | (97,829 | ) |
| QEP Resources, Inc., Strike Price USD 30.80, Expires 11/02/10, Broker UBS Securities LLC | 36,500 | (81,395 | ) |
| QEP Resources, Inc., Strike Price USD 31.39, Expires 11/08/10, Broker UBS Securities LLC | 36,500 | (61,887 | ) |
| Range Resources Corp., Strike Price USD 35, Expires 11/05/10, Broker Citigroup Global Markets, Inc. | 65,000 | (160,129 | ) |
| Range Resources Corp., Strike Price USD 41.71, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 10,000 | (7 | ) |
| Range Resources Corp., Strike Price USD 44.10, Expires 11/05/10, Broker Deutsche Bank Securities Corp. | 60,000 | (8 | ) |
| Ship Finance International Ltd., Strike Price USD 19.86, Expires 11/02/10, Broker JPMorgan Chase Securities | 65,000 | (20,792 | ) |
| Ship Finance International Ltd., Strike Price USD 20.25, Expires 11/12/10, Broker JPMorgan Chase Securities | 65,000 | (16,665 | ) |
| Silver Wheaton Corp., Strike Price USD 20.02, Expires 11/05/10, Broker Deutsche Bank Securities Corp. | 50,000 | (465,000 | ) |
| Silver Wheaton Corp., Strike Price USD 21.86, Expires 11/02/10, Broker Credit Suisse First Boston | 100,000 | (688,962 | ) |
| Silver Wheaton Corp., Strike Price USD 24.04, Expires 11/05/10, Broker JPMorgan Chase Securities | 25,000 | (117,918 | ) |
| SM Energy Co., Strike Price USD 46.68, Expires 11/02/10, Broker UBS Securities LLC | 10,000 | (5 | ) |

| Options
Written | | Value | |
| --- | --- | --- | --- |
| Over-the-Counter
Call Options Written (concluded) | | | |
| Southwestern Energy Co., Strike Price USD 39.08, Expires 11/05/10, Broker Morgan Stanley & Co., Inc. | 75,000 | $ (7 | ) |
| Southwestern Energy Co., Strike Price USD 40.30, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 35,000 | — | |
| Southwestern Energy Co., Strike Price USD 42.13, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 25,000 | — | |
| Technip SA, Strike Price EUR 54.70, Expires 11/03/10, Broker Morgan Stanley & Co., Inc. | 72,800 | (590,623 | ) |
| Whiting Petroleum Corp., Strike Price USD 100.10, Expires 11/19/10, Broker JPMorgan Chase Securities | 45,000 | (153,091 | ) |
| Whiting Petroleum Corp., Strike Price USD 93.46, Expires 11/02/10, Broker Deutsche Bank Securities Corp. | 10,000 | (70,153 | ) |
| Whiting Petroleum Corp., Strike Price USD 96.41, Expires 11/05/10, Broker JPMorgan Chase Securities | 45,000 | (203,913 | ) |
| Whiting Petroleum Corp., Strike Price USD 96.56, Expires 11/02/10, Broker UBS Securities LLC | 40,000 | (163,834 | ) |
| Whiting Petroleum Corp., Strike Price USD 96.58, Expires 11/02/10, Broker Morgan Stanley & Co., Inc. | 10,000 | (41,080 | ) |
| Whiting Petroleum Corp., Strike Price USD 98.25, Expires 11/12/10, Broker JPMorgan Chase Securities | 45,000 | (173,292 | ) |
| Total Over-the-Counter Call Options
Written | | (8,633,583 | ) |
| Over-the-Counter
Put Option Written—(0.0)% | | | |
| Energy XXI Bermuda Ltd., Strike Price USD 17.50, Expires 11/02/10, Broker UBS Securities LLC | 60,000 | (22 | ) |
| Total
Options Written (Premiums Received $10,803,311)—(2.1)% | | (16,613,913 | ) |
| Total Investments Net of Outstanding
Options Written—99.6% | | 766,678,800 | |
| Other Assets Less Liabilities—0.4% | | 3,296,706 | |
| Net Assets—100.0% | | $ 769,975,506 | |

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 128,842,990
Gross unrealized
depreciation	(23,043,569	)
Net unrealized
appreciation	$ 105,799,421

| (a) | Non-income
producing security. |
| --- | --- |
| (b) | Restricted security
as to resale acquired 12/20/07. As of report date the Trust held 0.5% of its
net assets, with a current market value of $4,197,311 and an original cost of
$3,500,003 in these securities. |
| (c) | Security, or a
portion thereof, pledged/held as collateral for outstanding options written. |
| • | 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, as amended, were as follows: |

Affiliate — BlackRock Liquidity Funds, TempFund, Institutional Class	18,701,414	(18,701,414	)	—	Income — $ 28,260
BlackRock Liquidity Series, LLC Money Market Series	5,894,700	(5,894,700	)	—	$ 15,160

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2010	33

Schedule of Investments (concluded) BlackRock Energy and Resources Trust (BGR)

• Foreign currency exchange contracts as of October 31, 2010 were as follows:

Currency Purchased — USD	19,587	CAD 20,000	Morgan Stanley & Co., Inc.	11/01/10	Unrealized Depreciation — $ (22	)

| • | For Trust
compliance purposes, the Trust’s industry classifications refer to any one or
more of the industry sub-classifications used by one or more widely
recognized market indexes or ratings group indexes, and/or defined by Trust
management. This definition may not apply for purposes of this report, which
may combine industry sub-classifications for reporting ease. | |
| --- | --- | --- |
| • | Fair Value
Measurements—Various inputs are used in determining the fair value of
investments and derivatives, which are as follows: | |
| | • | Level 1 - price
quotations in active markets/exchanges for identical assets and liabilities |
| | • | Level 2 - other
observable inputs (including, but not limited to: quoted prices for similar
assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other
than quoted prices that are observable for the assets or liabilities (such as
interest rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks and default rates) or other market-corroborated
inputs) |
| | • | Level 3 -
unobservable inputs based on the best information available In the
circumstances, to the extent observable inputs are not available(including
the Trust’s own assumptions used in determining the fair value of investments
and derivatives) |

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of October 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:

| Valuation
Inputs | | Level 2 | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments in Securities: | | | | |
| Common Stocks 1 | $ 761,581,153 | $ 21,711,555 | — | $ 783,292,708 |

1 See above Schedule of Investments for values in each industry excluding Level 2, Construction & Engineering and Energy Equipment & Services, within the table.

| Derivative Financial Instruments 2 — Valuation
Inputs | Level 1 | | Level 2 | Level 3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | | |
| Equity contracts | — | | $ 5 | | — | $ 5 | |
| Liabilities: | | | | | | | |
| Equity contracts | $ (7,890,549 | ) | (8,723,364 | ) | — | (16,613,913 | ) |
| Foreign currency exchange contracts | — | | (22 | ) | — | (22 | ) |
| Total | $ (7,890,549 | ) | $ (8,723,381 | ) | — | $ (16,613,930 | ) |

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

See Notes to Financial Statements. — 34	ANNUAL REPORT	OCTOBER 31, 2010

| Schedule of
Investments October 31,
2010 |
| --- |
| (Percentages shown are based on Net Assets) |

Common Stocks		Value
Austria—0.3%
Erste Group Bank AG	90,600	$ 4,093,463
Belgium—0.7%
Anheuser-Busch InBev NV	139,600	8,767,428
Bermuda—0.4%
Bunge Ltd.	79,700	4,787,579
Brazil—2.5%
Banco Bradesco SA, Preference Shares	229,300	4,698,472
Banco Santander Brasil SA - ADR	191,800	2,761,920
BM&FBOVESPA SA	959,344	8,000,646
Cia de Concessoes Rodoviarias	138,500	3,746,986
Cia de Saneamento Basico do Estado de Sao Paulo - ADR	180,600	8,300,376
PDG Realty SA Empreendimentos e Participacoes	339,200	4,199,353
		31,707,753
Canada—4.2%
Agrium, Inc.	133,400	11,807,234
Canadian Natural Resources Ltd.	152,200	5,550,734
Crescent Point Energy Corp. (b)	133,100	5,272,321
Enbridge, Inc. (b)	99,000	5,475,625
Silver Wheaton Corp. (a)(b)	231,600	6,658,500
Toronto-Dominion Bank (The) (b)	65,500	4,717,105
TransCanada Corp.	277,800	10,260,541
Viterra, Inc. (a)(b)	419,700	4,020,462
		53,762,522
China—1.4%
China Construction Bank Corp., Class H	7,177,600	6,861,811
China Merchants Bank Co. Ltd., Class H	2,162,300	6,161,377
Want Want China Holdings Ltd.	5,581,500	5,158,874
		18,182,062
Denmark—0.8%
Carlsberg A/S	58,800	6,428,629
Pandora A/S (a)	85,900	4,168,269
		10,596,898
Finland—0.7%
Fortum Oyj	188,100	5,334,916
Nokia Oyj - ADR	351,000	3,748,680
		9,083,596
France—2.1%
AXA SA	170,900	3,116,707
BNP Paribas	77,880	5,696,604
Cie Generale des Etablissements Michelin, Class B	124,680	9,962,227
PPR	15,200	2,499,998
Unibail-Rodamco SE - REIT	26,500	5,529,161
		26,804,697
Germany—6.7%
Bayerische Motoren Werke AG	92,300	6,615,365
Deutsche Boerse AG	48,800	3,433,021
Deutsche Lufthansa AG (a)	482,000	10,303,968
Deutsche Post AG	443,100	8,259,615
Deutsche Telekom AG	509,800	7,385,176
Fresenius Medical Care AG & Co. KGaA (b)	87,700	5,581,527
Kabel Deutschland Holding AG (a)	156,300	7,038,493
Merck KGaA	30,600	2,547,720
Metro AG	94,900	6,650,216
SAP AG - ADR	164,100	8,488,893
Siemens AG	67,100	7,657,146
Volkswagen AG, Preference Shares	84,901	12,730,359
		86,691,499
Gibraltar—0.3%
PartyGaming Plc (a)	1,056,500	4,261,058
Hong
Kong—2.7%
AIA Group Ltd. (a)	1,958,400	5,823,721
Cheung Kong Holdings Ltd.	477,300	7,290,361

Common Stocks		Value
Hong
Kong (concluded)
China Resources Enterprise Ltd.	798,800	$ 3,386,138
CNOOC Ltd. - ADR (b)	30,100	6,288,492
Hong Kong Exchanges and Clearing Ltd.	176,700	3,900,414
Longtop Financial Technologies Ltd. - ADR (a)(b)	129,900	4,720,566
Wing Hang Bank Ltd.	283,100	3,316,258
		34,725,950
India—0.5%
Punjab National Bank Ltd.	232,500	6,773,097
Indonesia—0.9%
Adaro Energy PT	27,462,500	6,479,020
Bank Mandiri Tbk PT	6,135,800	4,823,437
		11,302,457
Ireland—0.9%
Accenture Plc, Class A (b)	110,500	4,940,455
Coviden Plc (b)	178,000	7,096,860
		12,037,315
Israel—0.1%
Teva Pharmaceutical Industries Ltd. - ADR (b)	20,000	1,038,000
Italy—0.4%
Intesa Sanpaolo SpA	1,491,400	5,245,496
Japan—5.5%
Canon, Inc.	177,800	8,184,717
Honda Motor Co. Ltd.	321,600	11,593,290
ITOCHU Corp.	1,420,200	12,447,035
Japan Tobacco, Inc.	2,650	8,232,713
JTEKT Corp.	738,300	7,397,042
Marubeni Corp.	1,339,300	8,413,373
Nomura Holdings, Inc.	387,900	1,993,335
Sumitomo Heavy Industries Ltd.	1,125,700	6,398,189
Tokio Marine Holdings, Inc.	203,200	5,713,140
		70,372,834
Malaysia—0.4%
Bumiputra-Commerce Holdings Bhd	2,148,800	5,738,362
Mexico—1.4%
Fomento Economico Mexicano SAB de CV - ADR (b)	96,700	5,309,797
Grupo Mexico SAB de CV, Series B	2,492,200	8,208,437
Grupo Modelo SAB de CV	692,200	3,879,190
		17,397,424
Netherlands—1.2%
Aegon NV (a)	609,100	3,860,356
Corio NV - REIT	44,100	3,241,536
ING Groep NV (a)	389,600	4,168,234
VimpelCom Ltd. - ADR (a)(b)	303,200	4,648,056
		15,918,182
Norway—1.4%
Yara International ASA	331,100	17,458,185
Singapore—0.3%
CapitaLand Ltd.	1,066,451	3,216,931
South
Africa—1.1%
Bidvest Group Ltd.	407,900	8,687,928
Naspers Ltd.	94,800	4,972,479
		13,660,407
South
Korea—1.6%
Hyundai Engineering & Construction Co. Ltd.	98,900	6,644,782
Kia Motors Corp.	128,100	5,125,471
KT Corp. - ADR	163,800	3,389,022
Samsung Electronics Co. Ltd.	9,200	6,103,518
		21,262,793
Spain—2.0%
Banco Santander SA	694,900	8,919,464
Inditex SA	62,600	5,228,409

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 35

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

Common Stocks		Value
Spain
(concluded)
Telefonica SA	441,300	$ 11,925,100
		26,072,973
Sweden—1.1%
Nordea Bank AB	560,800	6,174,777
Svenska Cellulosa AB, B Shares	515,900	7,997,983
		14,172,760
Switzerland—2.1%
ACE Ltd. (b)	65,100	3,868,242
Nestle SA	212,499	11,639,525
Novartis AG, Registered Shares (b)	152,100	8,813,090
Roche Holding AG (b)	21,800	3,201,421
		27,522,278
Taiwan—0.6%
Siliconware Precision Industries Co. - ADR	495,900	2,767,122
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	477,000	5,204,070
		7,971,192
Thailand—1.2%
Bangkok Bank PCL	849,700	4,388,458
Banpu PCL	440,900	11,415,056
		15,803,514
United
Kingdom—8.9%
Afren Plc (a)	3,500,934	7,259,008
Barclays Plc - ADR (b)	371,000	6,548,150
GlaxoSmithKline Plc	307,236	5,999,592
HSBC Holdings Plc	892,430	9,288,142
Intercontinental Hotels Group Plc	345,600	6,674,645
Invensys Plc	2,104,700	9,723,034
Kazakhmys Plc	410,500	8,649,771
Royal Dutch Shell Plc - ADR	345,200	22,413,836
Tullow Oil Plc	370,900	7,044,589
Unilever Plc	207,100	5,970,817
Vodafone Group Plc - ADR	396,700	10,913,217
WPP Plc	622,600	7,235,210
Xstrata Plc	383,600	7,431,630
		115,151,641
United
States—42.2%
Abbott Laboratories (b)	159,600	8,190,672
Aetna, Inc. (b)	55,500	1,657,230
Allergan, Inc. (b)	94,400	6,835,504
American Electric Power Co., Inc. (b)	259,900	9,730,656
Amerprise Financial, Inc. (b)	127,100	6,569,799
AMR Corp. (a)	667,800	5,262,264
Apple, Inc. (a)(b)	52,100	15,675,327
Applied Materials, Inc.	382,300	4,725,228
Arch Coal, Inc.	384,400	9,452,396
AT&T Inc. (b)	369,200	10,522,200
Avon Products, Inc. (b)	187,700	5,715,465
Baxter International, Inc. (b)	152,700	7,772,430
Becton, Dickinson and Co. (b)	60,500	4,568,960
Bemis Co., Inc.	199,100	6,323,416
Boston Scientific Corp. (a)	511,500	3,263,370
Bristol-Myers Squibb Co. (b)	232,600	6,256,940
CareFusion Corp. (a)(b)	102,600	2,476,764
Celgene Corp. (a)(b)	113,200	7,026,324
Cisco Systems, Inc. (a)	446,200	10,186,746
Citigroup, Inc. (a)	1,171,700	4,885,989
Colgate-Palmolive Co. (b)	130,400	10,056,448
Comerica, Inc. (b)	161,000	5,760,580
ConAgra Foods, Inc. (b)	271,200	6,099,288
ConocoPhillips (b)	257,200	15,277,680
Corning, Inc. (b)	340,700	6,227,996
CVS Caremark Corp. (b)	134,100	4,039,092
Darden Restaurants, Inc. (b)	141,700	6,477,107

Common Stocks		Value
United
States (concluded)
Delta Air Lines, Inc. (a)(b)	418,000	$ 5,806,020
eBay, Inc. (a)(b)	232,000	6,915,920
Edison International	215,900	7,966,710
EMC Corp. (a)(b)	420,700	8,838,907
Entergy Corp. (b)	89,900	6,700,247
Federal Realty Investment Trust - REIT (b)	82,000	6,722,360
Freeport-McMoRan Copper & Gold, Inc. (b)	52,300	4,951,764
Genzyme Corp. (a)(b)	62,600	4,515,338
Goldman Sachs Group, Inc. (The) (b)	39,600	6,373,620
Goodrich Corp. (b)	124,600	10,225,922
Google, Inc., Class A (a)(b)	15,800	9,685,242
Henry Schein, Inc. (a)(b)	76,600	4,301,090
Hewlett-Packard Co. (b)	128,200	5,392,092
Huntsman Corp.	691,400	9,575,890
Intel Corp. (b)	230,700	4,630,149
International Business Machines Corp. (b)	79,500	11,416,200
JetBlue Airways Corp. (a)	794,000	5,542,120
Johnson & Johnson (b)	151,300	9,633,271
JPMorgan Chase & Co. (b)	191,400	7,202,382
KeyCorp (b)	450,700	3,691,233
Kohl’s Corp. (a)	106,800	5,468,160
Liberty Global, Inc., Class A (a)	223,700	8,453,623
Lincoln National Corp.	156,600	3,833,568
Microsoft Corp. (b)	377,700	10,061,928
Mosaic Co. (The) (b)	163,600	11,968,976
Newmont Mining Corp.	209,100	12,727,917
News Corp., Class A	456,500	6,600,990
NII Holdings, Inc. (a)	109,600	4,582,376
Nike, Inc. (b)	84,800	6,906,112
Occidental Petroleum Corp. (b)	91,000	7,155,330
Oracle Corp. (b)	255,800	7,520,520
Peabody Energy Corp. (b)	200,700	10,617,030
PepsiCo, Inc.	183,200	11,962,960
Pfizer, Inc. (b)	843,600	14,678,640
PPL Corp. (b)	219,200	5,896,480
Quest Diagnostics, Inc.	63,000	3,095,820
Qwest Communications International, Inc. (b)	894,900	5,906,340
Sonoco Products Co.	189,900	6,361,650
Sprint Nextel Corp. (a)(b)	820,000	3,378,400
Stanley Black & Decker, Inc. (b)	102,900	6,376,713
Stryker Corp.	38,100	1,885,569
T. Rowe Price Group, Inc.	52,900	2,923,783
Target Corp. (b)	97,100	5,043,374
Texas Instruments, Inc. (b)	220,500	6,520,185
Thermo Fisher Scientific, Inc. (a)	84,500	4,344,990
U.S. Bancorp (b)	259,100	6,265,038
United Parcel Service, Inc., Class B	131,200	8,835,008
UnitedHealth Group, Inc. (b)	126,200	4,549,510
Urban Outfitters, Inc. (a)	93,700	2,883,149
WellPoint, Inc. (a)	45,200	2,456,168
Wells Fargo & Co. (b)	244,500	6,376,560
Yum! Brands, Inc. (b)	161,800	8,018,808
		544,778,023
Total Long-Term Investments (Cost—$1,153,511,108)—96.6%		1,246,358,369
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (c)(d)	42,426,566	42,426,566
Total Short-Term Securities (Cost—$42,426,566)—3.3%		42,426,566
Total Investments Before Outstanding
Options Written (Cost—$1,195,937,674*)—99.9%		1,288,784,935

See Notes to Financial Statements.

36 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Exchange-Traded
Call Options Written—(0.9)%
Abbott
Laboratories, Strike Price USD 52.50, Expires 11/22/10	880	$ (31,680	)
Accenture
Plc, Strike Price USD 45, Expires 11/22/10	610	(42,700	)
ACE Ltd.,
Strike Price USD 55, Expires 11/22/10	475	(216,125	)
Aetna,
Inc., Strike Price USD 32, Expires 11/22/10	555	(14,985	)
Allergan,
Inc., Strike Price USD 70, Expires 11/22/10	520	(179,400	)
American
Electric Power Co., Inc., Strike Price USD 36, Expires 11/22/10	480	(70,800	)
American
Electric Power Co., Inc., Strike Price USD 37.45, Expires 12/13/10	495	(24,750	)
Ameriprise
Financial, Inc., Strike Price USD 48, Expires 11/22/10	920	(363,400	)
Apple,
Inc., Strike Price USD 250, Expires 11/22/10	285	(1,466,382	)
AT&T
Inc., Strike Price USD 29, Expires 11/22/10	460	(10,120	)
Avon
Products, Inc., Strike Price USD 34, Expires 11/22/10	1,030	(46,350	)
Barclays
Plc - ADR, Strike Price USD 20, Expires 11/22/10	2,040	(15,300	)
Baxter
International, Inc., Strike Price USD 49, Expires 11/22/10	400	(92,200	)
Baxter
International, Inc., Strike Price USD 50, Expires 11/22/10	400	(62,000	)
Becton,
Dickinson and Co., Strike Price USD 75, Expires 11/22/10	235	(42,300	)
Bristol-Myers
Squibb Co., Strike Price USD 28, Expires 11/22/10	70	(525	)
CareFusion
Corp., Strike Price USD 25, Expires 11/22/10	565	(24,012	)
Celgene
Corp., Strike Price USD 56, Expires 11/02/10	625	(379,477	)
CNOOC Ltd.
- ADR, Strike Price USD 170, Expires 11/22/10	165	(642,180	)
Colgate-Palmolive
Co., Strike Price USD 80, Expires 11/22/10	715	(26,813	)
Comerica,
Inc., Strike Price USD 38, Expires 11/22/10	900	(25,200	)
ConAgra
Foods, Inc., Strike Price USD 22.15, Expires 11/04/10	1,060	(43,565	)
ConocoPhillips,
Strike Price USD 55, Expires 11/22/10	2	(930	)
ConocoPhillips,
Strike Price USD 57.50, Expires 11/22/10	267	(67,818	)
ConocoPhillips,
Strike Price USD 61.45, Expires 12/10/10	1,265	(108,485	)
Corning,
Inc., Strike Price USD 18, Expires 11/22/10	1,250	(105,625	)
Corning,
Inc., Strike Price USD 19, Expires 11/22/10	1,500	(58,500	)
Coviden
Plc, Strike Price USD 40, Expires 11/22/10	340	(34,000	)
Crescent
Point Energy Corp., Strike Price CAD 42, Expires 1/24/11	340	(19,169	)
CVS
Caremark Corp., Strike Price USD 30, Expires 11/22/10	735	(69,458	)
Darden
Restaurants, Inc., Strike Price USD 47, Expires 12/20/10	390	(48,750	)
Darden
Restaurants, Inc., Strike Price USD 48, Expires 12/20/10	390	(34,125	)
Delta Air
Lines, Inc., Strike Price USD 13, Expires 12/20/10	1,150	(164,450	)
eBay, Inc.,
Strike Price USD 25, Expires 11/15/10	1,935	(937,709	)
EMC Corp.,
Strike Price USD 22, Expires 11/22/10	400	(9,200	)
Enbridge,
Inc., Strike Price CAD 56, Expires 12/20/10	320	(37,965	)
Entergy
Corp., Strike Price USD 80, Expires 12/20/10	500	(7,500	)
Federal
Realty Investment Trust - REIT, Strike Price USD 80, Expires 11/22/10	450	(144,000	)
Fomento
Economico Mexicano SAB de CV - ADR, Strike Price USD 52, Expires 11/08/10	110	(32,923	)
Freeport-McMoRan
Copper & Gold, Inc., Strike Price USD 72.50, Expires 11/22/10	220	(493,350	)
Freeport-McMoRan
Copper & Gold, Inc., Strike Price USD 80, Expires 11/22/10	125	(190,000	)
Fresenius
Medical Care AG & Co. KGaA, Strike Price EUR 45, Expires 11/19/10	185	(33,576	)
Genzyme
Corp., Strike Price USD 72.10, Expires 11/22/10	345	(40,138	)
Goldman
Sachs Group, Inc. (The), Strike Price USD 165, Expires 1/24/11	220	(136,950	)
Goodrich
Corp., Strike Price USD 75, Expires 11/22/10	685	(496,625	)
Google,
Inc., Strike Price USD 490, Expires 11/02/10	25	(309,285	)
Google,
Inc., Strike Price USD 500, Expires 11/02/10	62	(704,940	)

Options Written		Value
Exchange-Traded Call Options Written
(concluded)
Henry Schein,
Inc., Strike Price USD 60, Expires 11/22/10	420	$ (12,600	)
Hewlett-Packard
Co., Strike Price USD 40, Expires 11/22/10	705	(169,200	)
Intel
Corp., Strike Price USD 19.25, Expires 11/22/10	1,270	(119,807	)
International
Business Machines Corp., Strike Price USD 135, Expires 11/22/10	230	(200,675	)
Johnson
& Johnson, Strike Price USD 60, Expires 11/05/10	450	(168,300	)
Johnson
& Johnson, Strike Price USD 62.50, Expires 11/22/10	380	(61,370	)
JPMorgan
Chase & Co., Strike Price USD 41, Expires 11/22/10	525	(4,462	)
JPMorgan
Chase & Co., Strike Price USD 42, Expires 11/22/10	525	(1,837	)
KeyCorp,
Strike Price USD 9, Expires 11/22/10	2,470	(14,820	)
Longtop
Financial Technologies Ltd. - ADR, Strike Price USD 40, Expires 11/22/10	715	(25,025	)
Microsoft
Corp., Strike Price USD 26, Expires 11/22/10	1,670	(159,485	)
Mosaic Co.
(The), Strike Price USD 62.50, Expires 11/22/10	320	(353,600	)
Mosaic Co.
(The), Strike Price USD 65, Expires 11/22/10	320	(281,600	)
Nike, Inc.,
Strike Price USD 80, Expires 11/22/10	460	(107,180	)
Novartis
AG, Strike Price CHF 56, Expires 11/19/10	360	(60,302	)
Occidental
Petroleum Corp., Strike Price USD 80, Expires 11/22/10	500	(71,500	)
Oracle
Corp., Strike Price USD 28, Expires 11/22/10	150	(24,150	)
Peabody
Energy Corp., Strike Price USD 55, Expires 11/22/10	235	(18,917	)
Pfizer,
Inc., Strike Price USD 18, Expires 11/22/10	1,070	(13,375	)
PPL Corp.,
Strike Price USD 27.50, Expires 11/02/10	1,200	(4,128	)
Qwest
Communications International, Inc., Strike Price USD 5.50, Expires 11/18/10	6,567	(722,370	)
Roche
Holding AG, Strike Price CHF 150, Expires 11/19/10	120	(9,777	)
Silver
Wheaton Corp., Strike Price USD 26, Expires 11/22/10	400	(126,000	)
Silver
Wheaton Corp., Strike Price USD 27, Expires 11/22/10	405	(97,200	)
Sprint
Nextel Corp., Strike Price USD 5, Expires 11/22/10	8,200	(28,700	)
Stanley
Black & Decker, Inc., Strike Price USD 62.50, Expires 11/22/10	565	(74,863	)
Target
Corp., Strike Price USD 52.50, Expires 11/22/10	320	(28,960	)
Teva
Pharmaceutical Industries Ltd. - ADR, Strike Price USD 55, Expires 11/22/10	190	(3,800	)
Texas
Instruments, Inc., Strike Price USD 26, Expires 11/22/10	12	(4,350	)
Texas
Instruments, Inc., Strike Price USD 30, Expires 12/20/10	1,200	(107,400	)
Toronto-Dominion
Bank (The), Strike Price CAD 76, Expires 11/22/10	360	(6,883	)
U.S.
Bancorp, Strike Price USD 23, Expires 11/22/10	1,425	(200,925	)
UnitedHealth
Group, Inc., Strike Price USD 37, Expires 11/22/10	250	(14,750	)
VimpelCom
Ltd. - ADR, Strike Price USD 15, Expires 11/22/10	1,660	(112,050	)
Viterra,
Inc., Strike Price CAD 9, Expires 11/22/10	2,300	(186,048	)
Wells Fargo
& Co., Strike Price USD 27, Expires 11/22/10	1,350	(48,600	)
Yum!
Brands, Inc., Strike Price USD 47, Expires 11/22/10	1,070	(297,995	)
Total Exchange-Traded Call Options Written		(12,048,739	)
Exchange-Traded Put Options
Written—(0.0)%
Petroleo
Brasileiro SA - ADR, Strike Price USD 34, Expires 11/22/10	1,760	(211,200	)
Qwest
Communications International, Inc., Strike Price USD 5, Expires 11/18/10	6,567	(6	)
Sprint
Nextel Corp., Strike Price USD 4, Expires 11/22/10	8,200	(73,800	)
Xstrata
Plc, Strike Price GBP 11, Expires 11/19/10	90	(27,420	)
Total Exchange-Traded Put Options Written		(312,426	)
Over-the-Counter Call Options
Written—(2.0)%
Aegon NV,
Strike Price EUR 4.62, Expires 11/16/10, Broker Credit Suisse First Boston	336,000	(32,858	)
Afren Plc,
Strike Price GBP 1.18, Expires 11/16/10, Broker Credit Suisse First Boston	999,700	(193,731	)

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 37

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

Options Written		Value
Over-the-Counter
Call Options Written (continued)
Afren Plc,
Strike Price GBP 1.19, Expires 12/01/10, Broker Credit Suisse First Boston	999,700	$ (206,883	)
Agrium,
Inc., Strike Price USD 74.79, Expires 11/02/10, Broker JPMorgan Chase Securities	73,000	(1,001,626	)
American
Electric Power Co., Inc., Strike Price USD 36.08, Expires 11/15/10, Broker Morgan Stanley & Co., Inc.	45,500	(61,880	)
AMR Corp.,
Strike Price USD 6.63, Expires 11/08/10, Broker JPMorgan Chase Securities	367,000	(462,971	)
Anheuser-Busch
InBev NV, Strike Price EUR 42.84, Expires 11/11/10, Broker UBS Securities LLC	76,700	(258,976	)
Applied
Materials, Inc., Strike Price USD 10.99, Expires 11/08/10, Broker JPMorgan Chase Securities	210,000	(286,923	)
Arch Coal,
Inc., Strike Price USD 24.50, Expires 11/04/10, Broker Morgan Stanley & Co., Inc.	93,000	(50,035	)
Arch Coal,
Inc., Strike Price USD 25.06, Expires 11/02/10, Broker UBS Securities LLC	30,000	(6,437	)
Arch Coal,
Inc., Strike Price USD 27.78, Expires 11/04/10, Broker UBS Securities LLC	98,000	(161	)
AT&T
Inc., Strike Price USD 28.85, Expires 11/02/10, Broker UBS Securities LLC	157,000	(7,165	)
AXA SA,
Strike Price EUR 12.88, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	82,700	(45,562	)
AXA SA,
Strike Price EUR 13.52, Expires 11/04/10, Broker Credit Suisse First Boston	11,300	(1,555	)
Banco
Bradesco SA, Preference Shares, Strike Price BRL 32.75, Expires 12/02/10, Broker Morgan Stanley & Co., Inc.	126,000	(180,756	)
Banco
Santander Brasil SA - ADR, Strike Price USD 13.19, Expires 11/02/10, Broker JPMorgan Chase Securities	51,000	(61,588	)
Banco
Santander Brasil SA - ADR, Strike Price USD 13.39, Expires 11/02/10, Broker JPMorgan Chase Securities	55,000	(55,706	)
Banco
Santander SA, Strike Price EUR 10.34, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	382,200	(3,084	)
Bank
Mandiri Tbk PT, Strike Price IDR 7,202.89, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	3,374,500	(34,757	)
Bayerische
Motoren Werke AG, Strike Price EUR 48.18, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	57,900	(281,591	)
Becton,
Dickinson and Co., Strike Price USD 75.24, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	23,000	(38,638	)
Becton, Dickinson
and Co., Strike Price USD 76.89, Expires 12/01/10, Broker JPMorgan Chase Securities	14,000	(13,672	)
Bemis Co.,
Inc., Strike Price USD 31.21, Expires 11/04/10, Broker Citigroup Global Markets, Inc.	109,000	(77,418	)
Bidvest
Group Ltd., Strike Price ZAR 148.06, Expires 12/01/10, Broker Deutsche Bank Securities Corp.	224,000	(129,421	)
BM&FBovespa
SA, Strike Price BRL 14.28, Expires 12/02/10, Broker Credit Suisse First Boston	217,400	(63,900	)
BM&FBovespa
SA, Strike Price BRL 14.64, Expires 11/08/10, Broker Credit Suisse First Boston	114,000	(8,454	)
BM&FBovespa
SA, Strike Price BRL 14.76, Expires 12/02/10, Broker Citigroup Global Markets, Inc.	81,000	(15,013	)
BM&FBovespa
SA, Strike Price BRL 15.72, Expires 12/02/10, Broker Goldman Sachs & Co.	115,000	(7,138	)
BNP
Paribas, Strike Price EUR 54.84, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	42,900	(38,503	)
Bristol-Myers
Squibb Co., Strike Price USD 26.93, Expires 11/02/10, Broker JPMorgan Chase Securities	40,000	(8,992	)
Bristol-Myers
Squibb Co., Strike Price USD 27, Expires 11/02/10, Broker UBS Securities LLC	161,000	(21,139	)
Bunge Ltd.,
Strike Price USD 58.89, Expires 11/10/10, Broker Morgan Stanley & Co., Inc.	43,900	(92,878	)
Canadian
Natural Resources Ltd., Strike Price USD 32.98, Expires 11/02/10, Broker UBS Securities LLC	80,000	(279,200	)
Canadian
Natural Resources Ltd., Strike Price USD 33.97, Expires 11/02/10, Broker Credit Suisse First Boston	47,000	(117,969	)

Options Written		Value
Over-the-Counter Call Options Written
(continued)
Canon,
Inc., Strike Price JPY 3,962.10, Expires 12/01/10, Broker JPMorgan Chase Securities	97,800	$ (60,981	)
CapitaLand
Ltd., Strike Price SGD 4.14, Expires 11/09/10, Broker Deutsche Bank Securities Corp.	587,000	(136	)
Carlsberg
A/S, Strike Price DKK 573.43, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	35,000	(145,407	)
Cheung Kong
Holdings Ltd., Strike Price HKD 123.91, Expires 12/01/10, Broker JPMorgan Chase Securities	263,000	(66,860	)
China
Construction Bank Corp., Strike Price HKD 6.87, Expires 11/09/10, Broker Credit Suisse First Boston	3,948,000	(277,983	)
China
Merchants Bank Co. Ltd., Strike Price HKD 23.46, Expires 12/01/10, Broker Goldman Sachs & Co.	1,189,500	(41,820	)
Cia de
Concessoes Rodoviarias, Strike Price BRL 47.46, Expires 12/03/10, Broker Morgan Stanley & Co., Inc.	76,200	(59,911	)
Cia de
Saneamento Basico do Estado de Sao Paulo - ADR, Strike Price USD 44.55, Expires 12/02/10, Broker Morgan Stanley & Co., Inc.	100,000	(217,132	)
Cie
Generale des Etablissements Michelin, Strike Price EUR 57.86, Expires 11/16/10, Broker Morgan Stanley & Co., Inc.	60,028	(97,519	)
CIMB Group
Holdings Bhd, Strike Price MYR 8.30, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	1,611,000	(41,080	)
Cisco
Systems, Inc., Strike Price USD 22.95, Expires 11/05/10, Broker Morgan Stanley & Co., Inc.	245,500	(67,822	)
Citigroup,
Inc., Strike Price USD 3.82, Expires 11/12/10, Broker JPMorgan Chase Securities	295,000	(104,091	)
Citigroup,
Inc., Strike Price USD 4, Expires 11/12/10, Broker JPMorgan Chase Securities	175,000	(34,807	)
Citigroup,
Inc., Strike Price USD 4.11, Expires 11/04/10, Broker JPMorgan Chase Securities	174,500	(16,267	)
CNOOC Ltd.
- ADR, Strike Price USD 216.80, Expires 11/19/10, Broker JPMorgan Chase Securities	13,600	(45,685	)
ConAgra
Foods, Inc., Strike Price USD 22.05, Expires 11/12/10, Broker UBS Securities LLC	43,000	(24,176	)
Corio NV -
REIT, Strike Price EUR 47.44, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	24,300	(183,042	)
Coviden
Ltd., Strike Price USD 41.72, Expires 11/24/10, Broker Credit Suisse First Boston	52,000	(23,044	)
Crescent
Point Energy Corp., Strike Price CAD 37.91, Expires 11/02/10, Broker Deutsche Bank Securities Corp.	39,000	(95,292	)
Delta Air
Lines, Inc., Strike Price USD 11.68, Expires 11/15/10, Broker JPMorgan Chase Securities	115,000	(255,630	)
Deutsche
Boerse AG, Strike Price EUR 52.25, Expires 11/11/10, Broker UBS Securities LLC	26,900	(12,600	)
Deutsche
Lufthansa AG, Strike Price EUR 13.60, Expires 11/11/10, Broker UBS Securities LLC	141,500	(355,658	)
Deutsche
Lufthansa AG, Strike Price EUR 13.68, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	128,800	(309,470	)
Deutsche
Post AG, Strike Price EUR 12.93, Expires 11/11/10, Broker Credit Suisse First Boston	243,700	(178,163	)
Deutsche
Telekom AG, Strike Price EUR 10.25, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	280,000	(86,728	)
Edison
International, Strike Price USD 35, Expires 11/02/10, Broker JPMorgan Chase Securities	120,000	(228,000	)
EMC Corp.,
Strike Price USD 19.13, Expires 11/08/10, Broker JPMorgan Chase Securities	190,000	(359,609	)
Enbridge,
Inc., Strike Price CAD 54.62, Expires 11/19/10, Broker Deutsche Bank Securities Corp.	22,400	(41,669	)
Erste Group
Bank AG, Strike Price EUR 29.45, Expires 11/11/10, Broker Credit Suisse First Boston	49,800	(209,327	)
Fomento
Economico Mexicano SAB de CV - ADR, Strike Price USD 50.43, Expires 11/08/10, Broker Goldman Sachs & Co.	21,000	(94,290	)
Fomento
Economico Mexicano SAB de CV - ADR, Strike Price USD 52, Expires 11/05/10, Broker Credit Suisse First Boston	21,000	(61,859	)

See Notes to Financial Statements.

38 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Over-the-Counter Call Options Written
(continued)
Fortum Oyj,
Strike Price EUR 19.54, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	103,500	$ (122,421	)
Fresenius
Medical Care AG & Co. KGaA, Strike Price EUR 45.78, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	30,300	(17,957	)
GlaxoSmithKline
Plc, Strike Price GBP 13.08, Expires 11/02/10, Broker Citigroup Global Markets, Inc.	152,000	(89	)
Grupo
Mexico SAB de CV, Strike Price MXN 40.46, Expires 12/14/10, Broker UBS Securities LLC	1,370,700	(182,960	)
Grupo
Modelo SAB de CV, Strike Price MXN 69.69, Expires 12/03/10, Broker Citigroup Global Markets, Inc.	190,400	(26,221	)
Grupo
Modelo SAB de CV, Strike Price MXN 70.04, Expires 12/14/10, Broker Citigroup Global Markets, Inc.	190,400	(28,506	)
Honda Motor
Co. Ltd., Strike Price JPY 3,081.63, Expires 11/09/10, Broker Goldman Sachs & Co.	183,400	(15,043	)
Hong Kong
Exchanges and Clearing Ltd., Strike Price HKD 175.44, Expires 12/01/10, Broker JPMorgan Chase Securities	97,200	(66,429	)
HSBC Holdings
Plc, Strike Price GBP 6.74, Expires 11/30/10, Broker Credit Suisse First Boston	128,000	(15,388	)
HSBC
Holdings Plc, Strike Price GBP 6.90, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	363,000	(5,627	)
Huntsman
Corp., Strike Price USD 11.95, Expires 11/30/10, Broker JPMorgan Chase Securities	380,000	(783,400	)
Hyundai
Engineering & Construction Co. Ltd., Strike Price KRW 75,739.30, Expires 12/01/10, Broker Deutsche Bank Securities Corp.	54,400	(122,774	)
Inditex SA,
Strike Price EUR 59.18, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	34,500	(71,601	)
ING Groep
NV, Strike Price EUR 7.68, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	214,300	(60,908	)
Intercontinental
Hotels Group Plc, Strike Price GBP 10.64, Expires 11/03/10, Broker Credit Suisse First Boston	190,000	(431,648	)
International
Business Machines Corp., Strike Price USD 141, Expires 12/09/10, Broker UBS Securities LLC	21,000	(95,729	)
Intesa
Sanpaolo SpA, Strike Price EUR 2.44, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	687,500	(105,947	)
Intesa
Sanpaolo SpA, Strike Price EUR 2.49, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	132,800	(13,528	)
Invensys
Plc, Strike Price GBP 3.04, Expires 12/01/10, Broker UBS Securities LLC	1,150,000	(92,264	)
ITOCHU
Corp., Strike Price JPY 762.84, Expires 11/09/10, Broker Goldman Sachs & Co.	781,100	(9,767	)
Japan
Tobacco, Inc., Strike Price JPY 254,015.62, Expires 12/01/10, Broker JPMorgan Chase Securities	1,460	(117,888	)
JetBlue
Airways Corp., Strike Price USD 6.88, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	437,000	(130,825	)
JTEKT
Corp., Strike Price JPY 745.59, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	406,000	(308,399	)
Kabel
Deutschland Holding AG, Strike Price EUR 29.32, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	31,500	(133,466	)
Kabel
Deutschland Holding AG, Strike Price EUR 29.47, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	31,500	(129,723	)
Kabel
Deutschland Holding AG, Strike Price EUR 30.30, Expires 12/07/10, Broker UBS Securities LLC	23,000	(72,346	)
Kazakhmys
Plc, Strike Price GBP 14.31, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	225,800	(24,175	)
Kohl’s
Corp., Strike Price USD 48.06, Expires 11/02/10, Broker JPMorgan Chase Securities	56,000	(176,431	)
KT Corp. -
ADR, Strike Price USD 21.75, Expires 11/30/10, Broker Citigroup Global Markets, Inc.	45,000	(10,384	)
Liberty
Global, Inc., Strike Price USD 31.20, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	123,000	(817,732	)
Lincoln
National Corp., Strike Price USD 22.53, Expires 11/02/10, Broker Citigroup Global Markets, Inc.	81,000	(158,912	)

Options Written		Value
Over-the-Counter Call Options Written
(continued)
Marubeni
Corp., Strike Price JPY 483.89, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	737,000	$ (227,036	)
Merck KGaA,
Strike Price EUR 71.16, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	16,900	—
Metro AG,
Strike Price EUR 48.39, Expires 11/16/10, Broker Credit Suisse First Boston	66,500	(187,022	)
Microsoft
Corp., Strike Price USD 25.78, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	40,000	(37,733	)
Mosaic Co.
(The), Strike Price USD 61.55, Expires 11/09/10, Broker UBS Securities LLC	65,500	(761,880	)
Naspers
Ltd., Strike Price ZAR 324.31, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	68,500	(425,284	)
Nestle SA,
Strike Price CHF 54.97, Expires 11/03/10, Broker UBS Securities LLC	116,900	(4,326	)
Newmont
Mining Corp., Strike Price USD 59.67, Expires 11/04/10, Broker JPMorgan Chase Securities	115,000	(193,959	)
News Corp.,
Strike Price USD 13.37, Expires 11/15/10, Broker Citigroup Global Markets, Inc.	125,500	(142,367	)
News Corp.,
Strike Price USD 13.44, Expires 11/15/10, Broker Citigroup Global Markets, Inc.	125,500	(134,411	)
NII
Holdings, Inc., Strike Price USD 43.16, Expires 11/10/10, Broker Morgan Stanley & Co., Inc.	60,000	(33,209	)
Nokia Oyj -
ADR, Strike Price USD 9.18, Expires 11/02/10, Broker UBS Securities LLC	255,000	(382,500	)
Nordea Bank
AB, Strike Price SEK 70.42, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	308,500	(154,691	)
Novartis
AG, Strike Price CHF 57.32, Expires 11/16/10, Broker UBS Securities LLC	48,200	(31,185	)
Oracle
Corp., Strike Price USD 23.28, Expires 11/02/10, Broker Credit Suisse First Boston	70,000	(428,260	)
Oracle
Corp., Strike Price USD 23.66, Expires 11/05/10, Broker Credit Suisse First Boston	75,000	(430,500	)
PartyGaming
Plc, Strike Price GBP 2.99, Expires 11/11/10, Broker Deutsche Bank Securities Corp.	581,000	(3,216	)
PDG Realty
SA Empreendimentos e Participacoes, Strike Price BRL 21.56, Expires 12/02/10, Broker Deutsche Bank Securities Corp.	118,400	(44,321	)
PDG Realty
SA Empreendimentos e Participacoes, Strike Price BRL 22.37, Expires 12/02/10, Broker Goldman Sachs & Co.	68,200	(15,039	)
Peabody Energy
Corp., Strike Price USD 49.57, Expires 11/05/10, Broker JPMorgan Chase Securities	87,000	(293,689	)
PepsiCo,
Inc., Strike Price USD 66.50, Expires 11/02/10, Broker Citigroup Global Markets, Inc.	100,000	(5,071	)
Pfizer,
Inc., Strike Price USD 16.30, Expires 11/08/10, Broker JPMorgan Chase Securities	54,500	(60,691	)
Pfizer,
Inc., Strike Price USD 17.50, Expires 11/05/10, Broker Morgan Stanley & Co., Inc.	308,000	(51,652	)
Quest
Diagnostics, Inc., Strike Price USD 51.51, Expires 11/24/10, Broker Credit Suisse First Boston	34,500	(27,465	)
Royal Dutch
Shell Plc - ADR, Strike Price USD 56.86, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	152,000	(1,226,032	)
Royal Dutch
Shell Plc - ADR, Strike Price USD 61.36, Expires 11/30/10, Broker UBS Securities LLC	38,000	(135,660	)
Samsung
Electronics Co. Ltd., Strike Price KRW 763,466.99, Expires 12/01/10, Broker JPMorgan Chase Securities	5,000	(53,087	)
SAP AG -
ADR, Strike Price USD 46, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	90,000	(515,700	)
Siemens AG,
Strike Price EUR 77.85, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	36,900	(239,952	)
Siliconware
Precision Industries Co. - ADR, Strike Price USD 5.47, Expires 11/05/10, Broker Morgan Stanley & Co., Inc.	100,000	(17,724	)

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 39

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

Options Written		Value
Over-the-Counter Call Options Written
(concluded)
Siliconware
Precision Industries Co. - ADR, Strike Price USD 5.65, Expires 12/06/10, Broker Morgan Stanley & Co., Inc.	173,000	$ (39,659	)
Silver Wheaton
Corp., Strike Price USD 21.86, Expires 11/02/10, Broker Credit Suisse First Boston	150,000	(1,033,443	)
Sonoco Products
Co., Strike Price USD 33.09, Expires 11/10/10, Broker JPMorgan Chase Securities	55,000	(41,979	)
Sonoco Products
Co., Strike Price USD 33.48, Expires 11/24/10, Broker UBS Securities LLC	49,500	(33,358	)
Sumitomo Heavy
Industries Ltd., Strike Price JPY 458.73, Expires 11/09/10, Broker Goldman Sachs & Co.	620,000	(97,670	)
Svenska Cellulosa
AB, Strike Price SEK 104.03, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	283,800	(69,596	)
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 10.46, Expires 11/30/10, Broker UBS Securities LLC	286,000	(160,661	)
Telefonica SA,
Strike Price EUR 18.32, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	193,500	(295,191	)
Telefonica SA,
Strike Price EUR 19.75, Expires 11/29/10, Broker Credit Suisse First Boston	50,000	(19,823	)
Thermo Fisher
Scientific, Inc., Strike Price USD 44.98, Expires 11/04/10, Broker JPMorgan Chase Securities	46,500	(299,462	)
Tokio Marine
Holdings, Inc., Strike Price JPY 2,475.30, Expires 12/01/10, Broker Goldman Sachs & Co.	111,800	(17,971	)
TransCanada Corp.,
Strike Price CAD 38.49, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	76,500	(7,760	)
Tullow Oil Plc,
Strike Price GBP 12.96, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	111,800	(9,584	)
Tullow Oil Plc,
Strike Price GBP 13.19, Expires 11/11/10, Broker Credit Suisse First Boston	215,000	(5,902	)
Unibail-Rodamco SE
- REIT, Strike Price EUR 141.92, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	22,674	(265,352	)
Unilever Plc,
Strike Price GBP 18.21, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	130,000	(40,282	)
United Parcel
Service, Inc., Strike Price USD 65, Expires 11/16/10, Broker Goldman Sachs & Co.	30,000	(79,328	)
United Parcel
Service, Inc., Strike Price USD 66.71, Expires 11/09/10, Broker JPMorgan Chase Securities	42,000	(53,030	)
Urban Outfitters,
Inc., Strike Price USD 34.95, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	51,500	(958	)
Vodafone Group Plc
- ADR, Strike Price USD 24.15, Expires 11/02/10, Broker JPMorgan Chase Securities	220,000	(738,408	)
Volkswagen AG,
Preference Shares, Strike Price EUR 90.49, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	46,700	(1,156,649	)
Want Want China
Holdings Ltd., Strike Price HKD 7.42, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	3,070,000	(19,716	)
WellPoint, Inc.,
Strike Price USD 50.88, Expires 11/02/10, Broker JPMorgan Chase Securities	25,000	(87,124	)
Wing Hang Bank
Ltd., Strike Price HKD 94.87, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	155,500	(12,931	)
WPP Plc, Strike
Price GBP 7.18, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	342,400	(95,707	)
Xstrata Plc,
Strike Price GBP 12.05, Expires 11/11/10, Broker UBS Securities LLC	190,000	(130,775	)
Xstrata Plc,
Strike Price GBP 13.28, Expires 12/07/10, Broker Morgan Stanley & Co., Inc.	19,000	(7,507	)
Yara International
ASA, Strike Price NOK 266.30, Expires 11/03/10, Broker Deutsche Bank Securities Corp.	182,000	(1,322,201	)
Total Over-the-Counter Call Options Written		(24,696,815	)

Options Written		Value
Over-the-Counter Put Options
Written—(0.0)%
KT Corp. -
ADR, Strike Price USD 20.75, Expires 11/30/10, Broker Citigroup Global Markets, Inc.	45,000	$ (34,224	)
Total Options Written (Premiums Received $21,784,193)—(2.9)%		(37,092,204	)
Total Investments Net of Outstanding Options Written—97.0%		1,251,692,731
Other Assets Less Liabilities—3.0%		38,412,107
Net Assets—100.0%		$ 1,290,104,838

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 104,656,186
Gross unrealized depreciation	(25,180,971	)
Net unrealized appreciation	$ 79,475,215

(a)	Non-income producing security.
(b)	Security, or a portion thereof, pledged/held as collateral
for outstanding options written.
(c)	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, as amended, were as follows:

| Affiliate | Shares/ Beneficial Interest Held at October 31, 2009 | Net
Activity | Shares/ Beneficial Interest Held at October 31, 2010 | Income |
| --- | --- | --- | --- | --- |
| BlackRock
Liquidity Funds, TempFund, Institutional Class | 5,139,633 | 37,286,933 | 42,426,566 | $ 80,312 |
| BlackRock
Liquidity Series, LLC Money Market Series | 7,602,800 | (7,602,800) | — | $ 6,566 |

(d) Represents current yield as of report date.

See Notes to Financial Statements.

40 ANNUAL REPORT OCTOBER 31, 2010

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

• Foreign currency exchange contracts as of October 31, 2010 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
HKD	4,889,000	USD	630,432	Citigroup Global Markets	11/02/10	$ 305
USD	21,546	CAD	22,000	Citigroup Global Markets	11/01/10	(25	)
USD	130,333	CHF	128,000	Citigroup Global Markets	11/01/10	258
USD	36,302	SGD	47,000	Citigroup Global Markets	11/02/10	(11	)
Total						$ 527

•
•	Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities
•	Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
•	Level 3 - unobservable inputs based on the best
information available In the circumstances, to the extent observable inputs
are not available (including the Trust’s own assumptions used in determining
the fair value of investments and derivatives)
The inputs or methodologies used for
valuing securities are not necessarily an indication of the risk associated
with investing in those securities. For information about the Trust’s policy
regarding valuation of investments and other significant accounting policies,
please refer to Note 1 of the Notes to Financial Statements.
The
following tables summarize the inputs used as of October 31, 2010 in
determining the fair valuation of the Trust’s investments and derivatives:

| Valuation Inputs | Level
1 | Level
2 | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments in Securities: | | | | |
| Common
Stocks: | | | | |
| Austria | — | $ 4,093,463 | — | $ 4,093,463 |
| Belgium | — | 8,767,428 | — | 8,767,428 |
| Bermuda | $ 4,787,579 | — | — | 4,787,579 |
| Brazil | 31,707,753 | — | — | 31,707,753 |
| Canada | 53,762,522 | — | — | 53,762,522 |
| China | — | 18,182,062 | — | 18,182,062 |
| Denmark | 4,168,269 | 6,428,629 | — | 10,596,898 |
| Finland | 3,748,680 | 5,334,916 | — | 9,083,596 |
| France | — | 26,804,697 | — | 26,804,697 |
| Germany | 15,527,386 | 71,164,113 | — | 86,691,499 |
| Gibraltar | — | 4,261,058 | — | 4,261,058 |
| Hong Kong | 16,832,779 | 17,893,171 | — | 34,725,950 |
| India | — | 6,773,097 | — | 6,773,097 |
| Indonesia | — | 11,302,457 | — | 11,302,457 |
| Ireland | 12,037,315 | — | — | 12,037,315 |
| Israel | 1,038,000 | — | — | 1,038,000 |
| Italy | — | 5,245,496 | — | 5,245,496 |
| Japan | — | 70,372,834 | — | 70,372,834 |
| Malaysia | — | 5,738,362 | — | 5,738,362 |
| Mexico | 17,397,424 | — | — | 17,397,424 |
| Netherlands | 4,648,056 | 11,270,126 | — | 15,918,182 |
| Norway | — | 17,458,185 | — | 17,458,185 |
| Singapore | — | 3,216,931 | — | 3,216,931 |
| South
Africa | — | 13,660,407 | — | 13,660,407 |
| South Korea | 3,389,022 | 17,873,771 | — | 21,262,793 |
| Spain | — | 26,072,973 | — | 26,072,973 |
| Sweden | — | 14,172,760 | — | 14,172,760 |
| Switzerland | 3,868,242 | 23,654,036 | — | 27,522,278 |
| Taiwan | 7,971,192 | — | — | 7,971,192 |
| Thailand | — | 15,803,514 | — | 15,803,514 |
| United
Kingdom | 39,875,203 | 75,276,438 | — | 115,151,641 |
| United
States | 544,778,023 | — | — | 544,778,023 |
| Short-Term Securities | 42,426,566 | — | — | 42,426,566 |
| Total | $ 807,964,011 | $ 480,820,924 | — | $ 1,288,784,935 |

| Valuation Inputs | Derivative
Financial Instruments 1 — Level
1 | | Level
2 | Level
3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | | |
| Foreign
currency exchange contracts | — | | $ 563 | | — | $ 563 | |
| Liabilities: | | | | | | | |
| Equity
contracts | $ (6,525,645 | ) | (30,566,559 | ) | — | (37,092,204 | ) |
| Foreign
currency exchange contracts | — | | (36 | ) | — | (36 | ) |
| Total | $ (6,525,645 | ) | $ (30,566,032 | ) | — | $ (37,091,677 | ) |

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

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 41

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

Common Stocks		Value
Biotechnology—14.7%
3SBio, Inc.
- ADR (a)	35,200	$ 529,760
Alexion
Pharmaceuticals, Inc. (a)(b)	7,600	519,080
Amgen, Inc.
(a)(b)	60,300	3,448,557
Ariad
Pharmaceuticals, Inc. (a)	39,300	144,624
Arqule,
Inc. (a)	5,100	28,152
BioMarin
Pharmaceutical, Inc. (a)(b)	93,400	2,443,344
Celgene Corp.
(a)(b)	124,500	7,727,715
Cepheid,
Inc. (a)	24,600	517,584
Cubist
Pharmaceuticals, Inc. (a)(b)	28,700	668,136
Gilead
Sciences, Inc. (a)(b)	164,360	6,520,161
Human
Genome Sciences, Inc. (a)(b)	39,400	1,059,072
Incyte
Corp. Ltd. (a)(b)	59,600	992,936
Ironwood
Pharmaceuticals, Inc. (a)(b)	29,300	327,867
Myriad
Genetics, Inc. (a)	30,200	601,886
United
Therapeutics Corp. (a)(b)	39,500	2,370,000
Vertex
Pharmaceuticals, Inc. (a)(b)	64,200	2,460,786
		30,359,660
Chemicals—0.8%
Sigma-Aldrich
Corp. (b)	25,200	1,598,184
Health Care Equipment &
Supplies—17.6%
Alcon, Inc.
(b)	15,600	2,616,432
Alere, Inc.
(a)(b)	30,800	910,140
Baxter
International, Inc. (b)	89,900	4,575,910
Becton,
Dickinson and Co. (b)	12,200	921,344
Boston
Scientific Corp. (a)	244,800	1,561,824
CareFusion
Corp. (a)(b)	96,400	2,327,096
China
Medical Technologies, Inc. - ADR (a)(b)	23,500	283,880
Cooper
Cos., Inc. (The) (b)	44,900	2,215,366
Coviden Plc
(b)	94,600	3,771,702
Edwards
Lifesciences Corp. (a)	15,600	996,996
Gen-Probe,
Inc. (a)(b)	81,400	3,942,202
Hill-Rom
Holdings, Inc. (b)	78,300	3,034,125
Hologic,
Inc. (a)(b)	214,100	3,429,882
Hospira,
Inc. (a)	17,600	1,046,848
Masimo
Corp. (b)	29,100	877,947
Medtronic,
Inc. (b)	17,290	608,781
Nobel
Biocare Holding AG	2,400	39,679
Sirona
Dental Systems, Inc. (a)(b)	19,800	745,470
Stryker
Corp. (b)	34,100	1,687,609
Varian
Medical Systems, Inc. (a)(b)	11,800	745,996
		36,339,229
Health Care Providers &
Services—24.7%
Aetna, Inc.
(b)	165,200	4,932,872
AmerisourceBergen
Corp. (b)	154,400	5,067,408
CIGNA Corp.
(b)	49,000	1,724,310
Community
Health Systems, Inc. (a)(b)	35,000	1,052,800
DaVita,
Inc. (a)	86,800	6,227,900
Express
Scripts, Inc. (a)(b)	31,060	1,507,031
Fresenius
Medical Care AG & Co. KGaA (b)	108,900	6,930,768
Health
Management Associates, Inc. (a)	95,000	760,950
Henry
Schein, Inc. (a)(b)	61,000	3,425,150
Laboratory
Corp. of America Holdings (a)	6,600	536,712
Medco
Health Solutions, Inc. (a)(b)	33,210	1,744,521
Mednax,
Inc. (a)(b)	10,000	592,100
PSS World
Medical, Inc. (a)(b)	33,000	779,790
Quest
Diagnostics, Inc.	39,800	1,955,772
Sinopharm
Group Co.	177,400	698,482
Tenet
Healthcare Corp. (a)(b)	136,100	593,396
UnitedHealth
Group, Inc. (b)	204,600	7,375,830
WellPoint,
Inc. (a)	91,700	4,982,978
		50,888,770
Health Care Technology—4.7%
Allscripts-Misys
Healthcare Solutions, Inc. (a)(b)	116,900	2,231,621
Biogen Idec,
Inc. (a)(b)	54,300	3,405,153

Common Stocks	Shares	Value
Health Care Technology (concluded)
Genzyme
Corp. (a)(b)	28,000	$ 2,019,640
St. Jude
Medical, Inc. (a)(b)	53,400	2,045,220
		9,701,634
Life Sciences Tools & Services—8.4%
Covance,
Inc. (a)(b)	35,400	1,663,446
Dionex
Corp. (a)(b)	37,400	3,337,202
Life
Technologies Corp. (a)	15,000	752,700
Lonza Group
AG (b)	12,800	1,120,547
Mettler-Toledo
International, Inc. (a)(b)	35,100	4,582,656
ShangPharma
Corp. - ADR (a)	24,000	310,080
Tecan Group
AG	18,800	1,308,673
Thermo
Fisher Scientific, Inc. (a)	84,000	4,319,280
		17,394,584
Pharmaceuticals—21.7%
Abbott
Laboratories (b)	128,500	6,594,620
Allergan,
Inc. (b)	50,300	3,642,223
Bristol-Myers
Squibb Co. (b)	166,000	4,465,400
GlaxoSmithKline
Plc	25,500	497,955
Glenmark
Pharmaceuticals Ltd.	81,300	621,165
H Lundbeck
A/S	10,300	205,818
Impax
Laboratories, Inc. (a)(b)	54,100	1,019,244
Johnson
& Johnson	112,970	7,192,800
Merck &
Co., Inc. (b)	54,900	1,991,772
Mylan, Inc.
(a)(b)	128,400	2,609,088
Novartis
AG, Registered Shares (b)	47,900	2,775,457
Pfizer,
Inc. (b)	642,100	11,172,540
Roche
Holding AG	7,700	1,130,777
Sihuan
Pharmaceutical Holdings Group Ltd. (a)	240,000	174,320
Teva
Pharmaceutical Industries Ltd. - ADR	13,950	724,005
		44,817,184
Total Long-Term Investments (Cost—$166,525,633)—92.6%		191,099,245
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (c)(d)	14,067,561	14,067,561
Total Short-Term Securities (Cost—$14,067,561)—6.8%		14,067,561
Total investments before outstanding
options written (Cost—$180,593,194*)—99.4%		205,166,806
Options Written	Contracts
Exchange-Traded Call Options
Written—(1.1)%
Abbott
Laboratories, Strike Price USD 52.50, Expires 1/24/11	325	(36,238	)
Abbott
Laboratories, Strike Price USD 52.50, Expires 11/22/10	100	(3,600	)
Aetna,
Inc., Strike Price USD 32, Expires 11/22/10	665	(17,955	)
Alcon,
Inc., Strike Price USD 160, Expires 11/22/10	10	(8,775	)
Alcon,
Inc., Strike Price USD 170, Expires 11/22/10	45	(7,785	)
Alere,
Inc., Strike Price USD 30, Expires 11/22/10	150	(12,750	)
Alere,
Inc., Strike Price USD 31, Expires 11/22/10	75	(3,750	)
Alere,
Inc., Strike Price USD 32, Expires 11/22/10	75	(2,250	)
Alexion
Pharmaceuticals, Inc., Strike Price USD 60, Expires 11/22/10	50	(42,750	)
Allergan,
Inc., Strike Price USD 66, Expires 11/22/10	150	(97,196	)
Allscripts
Healthcare Solutions, Inc., Strike Price USD 18.50, Expires 11/08/10	250	(18,575	)

See Notes to Financial Statements.

42 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Exchange-Traded Call Options Written
(continued)
Allscripts
Healthcare Solutions, Inc., Strike Price USD 19, Expires 12/20/10	100	$ (10,000	)
AmerisourceBergen
Corp., Strike Price USD 30, Expires 11/22/10	250	(76,875	)
AmerisourceBergen
Corp., Strike Price USD 33, Expires 11/22/10	250	(23,750	)
Amgen,
Inc., Strike Price USD 55, Expires 1/24/11	100	(45,000	)
Amgen,
Inc., Strike Price USD 57.50, Expires 11/22/10	100	(12,650	)
Baxter
International, Inc., Strike Price USD 47.50, Expires 11/22/10	50	(18,000	)
Baxter
International, Inc., Strike Price USD 49, Expires 11/22/10	200	(46,100	)
Baxter
International, Inc., Strike Price USD 50, Expires 11/22/10	25	(3,875	)
Becton,
Dickinson and Co., Strike Price USD 74, Expires 11/02/10	100	(16,350	)
Biogen
Idec, Inc., Strike Price USD 60, Expires 1/24/11	100	(52,000	)
Biogen
Idec, Inc., Strike Price USD 60, Expires 11/22/10	100	(36,500	)
BioMarin
Pharmaceutical, Inc., Strike Price USD 22.50, Expires 11/22/10	250	(90,000	)
BioMarin
Pharmaceutical, Inc., Strike Price USD 23, Expires 11/29/10	260	(83,631	)
Bristol-Myers
Squibb Co., Strike Price USD 28, Expires 11/22/10	570	(4,275	)
CareFusion
Corp., Strike Price USD 25, Expires 11/22/10	300	(12,750	)
Celgene
Corp, Strike Price USD 56, Expires 11/02/10	500	(307,912	)
China
Medical Technologies, Inc. - ADR, Strike Price USD 12, Expires 11/22/10	50	(3,750	)
CIGNA
Corp., Strike Price USD 37, Expires 11/22/10	350	(14,525	)
Community
Health Systems, Inc., Strike Price USD 33, Expires 11/22/10	200	(4,500	)
Cooper
Cos., Inc. (The), Strike Price USD 45, Expires 11/22/10	150	(69,000	)
Covance,
Inc., Strike Price USD 45, Expires 11/22/10	100	(29,000	)
Coviden
Plc, Strike Price USD 40, Expires 11/22/10	80	(8,000	)
Cubist
Pharmaceuticals, Inc., Strike Price USD 25, Expires 11/22/10	85	(1,912	)
Express
Scripts, Inc., Strike Price USD 50, Expires 11/22/10	210	(13,965	)
Express
Scripts, Inc., Strike Price USD 57.50, Expires 11/22/10	100	(400	)
Fresenius
Medical Care AG & Co. KGaA, Strike Price EUR 45, Expires 11/19/10	225	(40,835	)
Gen-Probe,
Inc., Strike Price USD 50, Expires 11/22/10	230	(10,925	)
Genzyme
Corp., Strike Price USD 71, Expires 11/02/10	60	(7,478	)
Genzyme
Corp., Strike Price USD 72.50, Expires 11/22/10	30	(1,950	)
Gilead
Sciences, Inc., Strike Price USD 36, Expires 11/22/10	100	(38,750	)
Gilead
Sciences, Inc., Strike Price USD 37, Expires 11/22/10	550	(162,525	)
Henry
Schein, Inc., Strike Price USD 60, Expires 11/22/10	65	(1,950	)
Hill-Rom
Holdings, Inc., Strike Price USD 35, Expires 12/20/10	150	(59,250	)
Hill-Rom
Holdings, Inc., Strike Price USD 37, Expires 11/29/10	100	(21,724	)
Hologic,
Inc., Strike Price USD 17.50, Expires 12/20/10	200	(8,500	)
Human
Genome Sciences, Inc., Strike Price USD 30, Expires 11/22/10	170	(23,460	)
Impax
Laboratories, Inc., Strike Price USD 20, Expires 11/22/10	180	(7,200	)
Incyte
Corp. Ltd., Strike Price USD 15, Expires 11/22/10	100	(21,500	)
Incyte
Corp. Ltd., Strike Price USD 17.50, Expires 12/20/10	100	(13,000	)
Ironwood
Pharmaceuticals, Inc., Strike Price USD 17.50, Expires 11/22/10	100	(1,000	)
Lonza Group
AG, Strike Price CHF 92, Expires 11/19/10	45	(1,436	)
Masimo
Corp., Strike Price USD 30, Expires 11/22/10	95	(11,875	)
Medco
Health Solutions, Inc., Strike Price USD 50, Expires 11/22/10	140	(44,800	)

Options Written		Value
Exchange-Traded Call Options Written
(concluded)
Mednax,
Inc., Strike Price USD 50, Expires 11/22/10	100	$ (91,500	)
Medtronic,
Inc., Strike Price USD 34, Expires 11/22/10	90	(14,760	)
Merck &
Co., Inc., Strike Price USD 38, Expires 11/22/10	285	(4,275	)
Mettler-Toledo
International, Inc., Strike Price USD 117, Expires 11/16/10	100	(136,169	)
Mylan,
Inc., Strike Price USD 19, Expires 11/22/10	180	(27,090	)
Mylan,
Inc., Strike Price USD 20, Expires 12/20/10	85	(8,713	)
Mylan,
Inc., Strike Price USD 21, Expires 12/20/10	85	(4,462	)
Novartis
AG, Strike Price CHF 56, Expires 11/19/10	150	(25,126	)
Pfizer,
Inc., Strike Price USD 18, Expires 11/22/10	500	(6,250	)
PSS World
Medical, Inc., Strike Price USD 22.50, Expires 11/22/10	80	(13,800	)
Sigma-Aldrich
Corp., Strike Price USD 60, Expires 11/22/10	70	(26,600	)
Sirona
Dental Systems, Inc., Strike Price USD 40, Expires 12/20/10	150	(18,000	)
St. Jude
Medical, Inc., Strike Price USD 40, Expires 11/02/10	100	(286	)
St. Jude
Medical, Inc., Strike Price USD 40, Expires 11/22/10	200	(6,000	)
Stryker
Corp., Strike Price USD 50, Expires 11/22/10	235	(22,325	)
Tenet
Healthcare Corp., Strike Price USD 5, Expires 11/22/10	500	(2,500	)
United
Therapeutics Corp., Strike Price USD 60, Expires 11/22/10	120	(19,800	)
UnitedHealth
Group, Inc., Strike Price USD 33.10, Expires 11/22/10	120	(36,575	)
UnitedHealth
Group, Inc., Strike Price USD 34, Expires 12/20/10	350	(93,625	)
UnitedHealth
Group, Inc., Strike Price USD 37, Expires 11/22/10	200	(11,800	)
Varian Medical
Systems, Inc., Strike Price USD 60, Expires 11/22/10	110	(41,250	)
Vertex
Pharmaceuticals, Inc., Strike Price USD 38, Expires 11/22/10	100	(16,000	)
Vertex
Pharmaceuticals, Inc., Strike Price USD 39, Expires 11/22/10	100	(10,250	)
Total Exchange-Traded Call Options Written		(2,351,658	)
Exchange-Traded Put Options
Written—(0.1)%
Allscripts
Healthcare Solutions, Inc., Strike Price USD 17, Expires 11/22/10	50	(500	)
China
Medical Technologies, Inc. - ADR, Strike Price USD 11, Expires 11/22/10	50	(1,625	)
DaVita,
Inc., Strike Price USD 65, Expires 11/22/10	40	(1,100	)
Gilead
Sciences, Inc., Strike Price USD 38, Expires 11/22/10	555	(22,755	)
Life
Technologies Corp., Strike Price USD 50, Expires 12/20/10	475	(80,750	)
Medtronic,
Inc., Strike Price USD 34, Expires 11/22/10	157	(6,437	)
Nuvasive,
Inc., Strike Price USD 35, Expires 11/22/10	82	(72,570	)
Pfizer,
Inc., Strike Price USD 16, Expires 11/22/10	140	(1,120	)
Tenet
Healthcare Corp., Strike Price USD 4.50, Expires 11/20/10	300	(8,920	)
Total Exchange-Traded Put Options Written		(195,777	)
Over-the-Counter Call Options
Written—(0.6)%
BioMarin
Pharmaceutical, Inc., Strike Price USD 22.59, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	10,000	(35,757	)
BioMarin
Pharmaceutical, Inc., Strike Price USD 23.75, Expires 11/15/10, Broker JPMorgan Chase Securities	10,000	(25,597	)
Bristol-Myers
Squibb Co., Strike Price USD 26, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	10,000	(9,129	)
Bristol-Myers
Squibb Co., Strike Price USD 27, Expires 11/02/10, Broker UBS Securities LLC	59,000	(7,747	)
Bristol-Myers
Squibb Co., Strike Price USD 27.09, Expires 11/02/10, Broker UBS Securities LLC	40,000	(6,298	)
Community
Health Systems, Inc., Strike Price USD 31.52, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	15,000	(555	)
Coviden
Ltd., Strike Price USD 41.72, Expires 11/24/10, Broker Credit Suisse First Boston	14,000	(6,204	)

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 43

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

Options Written		Value
Over-the-Counter Call Options Written
(concluded)
DaVita,
Inc., Strike Price USD 65.00, Expires 11/02/10, Broker UBS Securities LLC	23,000	$ (155,310	)
DaVita,
Inc., Strike Price USD 67.09, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	10,000	(46,832	)
Dionex
Corp., Strike Price USD 75.31, Expires 11/02/10, Broker Bank of New York (The)	12,000	(167,104	)
Fresenius
Medical Care AG & Co. KGaA, Strike Price EUR 46.14, Expires 11/16/10, Broker UBS Securities LLC	15,600	(12,412	)
GlaxoSmithKline
Plc, Strike Price GBP 13.08, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	25,500	(15	)
Health
Management Associates, Inc., Strike Price USD 7.77, Expires 11/30/10, Broker Morgan Stanley & Co., Inc.	31,500	(17,435	)
Henry
Schein, Inc., Strike Price USD 57.50, Expires 11/02/10, Broker UBS Securities LLC	13,500	(3,424	)
Hologic,
Inc., Strike Price USD 16.85, Expires 11/12/10, Broker Credit Suisse First Boston	50,000	(10,051	)
Johnson
& Johnson, Strike Price USD 61, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	30,000	(82,200	)
Life
Technologies Corp., Strike Price USD 50, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	15,000	(8,495	)
Novartis
AG, Strike Price CHF 54.28, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	11,300	(31,408	)
Pfizer,
Inc., Strike Price USD 15.29, Expires 11/02/10, Broker Credit Suisse First Boston	156,000	(329,472	)
Pfizer,
Inc., Strike Price USD 16, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	40,000	(56,000	)
Pfizer,
Inc., Strike Price USD 17.50, Expires 11/02/10, Broker UBS Securities LLC	49,000	(5,652	)
Pfizer,
Inc., Strike Price USD 17.62, Expires 11/24/10, Broker JPMorgan Chase Securities	40,000	(12,276	)
Quest
Diagnostics, Inc., Strike Price USD 50.39, Expires 12/02/10, Broker Morgan Stanley & Co., Inc.	13,500	(11,147	)
Quest
Diagnostics, Inc., Strike Price USD 51.51, Expires 11/24/10, Broker Credit Suisse First Boston	3,000	(2,388	)
Roche
Holding AG, Strike Price CHF 136.70, Expires 11/11/10, Broker UBS Securities LLC	1,900	(15,111	)
St. Jude
Medical, Inc., Strike Price USD 39, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	10,000	(1,693	)
Tecan Group
AG, Strike Price CHF 62.94, Expires 11/03/10, Broker UBS Securities LLC	7,800	(44,110	)
Tenet
Healthcare Corp., Strike Price USD 5, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	70,000	(69	)
Teva
Pharmaceutical Industries Ltd. - ADR, Strike Price USD 54, Expires 11/02/10, Broker Citigroup Global Markets, Inc.	13,900	(285	)
Thermo
Fisher Scientific, Inc., Strike Price USD 48.62, Expires 11/15/10, Broker JPMorgan Chase Securities	28,000	(82,750	)
WellPoint,
Inc., Strike Price USD 55, Expires 11/02/10, Broker UBS Securities LLC	35,000	(18,996	)
Total Over-the-Counter Call Options Written		(1,205,922	)
Over-the-Counter Put Options
Written—(0.2)%
Alere,
Inc., Strike Price USD 31.25, Expires 11/22/10, Broker UBS Securities LLC	52,100	(106,586	)
Arqule,
Inc., Strike Price USD 5.25, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	6,700	(1,518	)
Celgene
Corp., Strike Price USD 59, Expires 11/08/10, Broker UBS Securities LLC	30,000	(4,580	)
Community
Health Systems, Inc., Strike Price USD 31.74, Expires 11/22/10, Broker Citigroup Global Markets, Inc.	70,000	(151,122	)
Gilead
Sciences, Inc., Strike Price USD 36.75, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	25,000	(1,190	)
Medco
Health Solutions, Inc., Strike Price USD 54, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	10,000	(18,892	)
Quest
Diagnostics, Inc., Strike Price USD 48.50, Expires 11/22/10, Broker Citigroup Global Markets, Inc.	13,200	(11,240	)

Options Written		Value
Over-the-Counter Put Options Written
(concluded)
Tenet
Healthcare Corp., Strike Price USD 4.50, Expires 11/22/10, Broker UBS Securities LLC	283,000	$ (71,302	)
Total Over-the-Counter Put Options Written		(366,430	)
Total Options Written (Premiums Received $3,035,525)—(2.0)%		(4,119,787	)
Total investments net of outstanding options written—97.4%		201,047,019
Other Assets Less Liabilities—2.6%		5,344,714
Net Assets—100.0%		$ 206,391,733

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 23,240,613
Gross unrealized depreciation	(1,084,316	)
Net unrealized appreciation	$ 22,156,297

(a)	Non-income producing security.
(b)	Security, or a portion thereof, pledged/held as collateral
for outstanding options written.
(c)	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, as amended, were as follows:

| Affiliate — BlackRock
Liquidity Funds, TempFund, Institutional Class | 9,732,338 | 4,335,223 | | 14,067,561 | Income — $ 15,805 |
| --- | --- | --- | --- | --- | --- |
| BlackRock
Liquidity Series, LLC Money Market Series | 2,152,000 | (2,152,000 | ) | — | $ 756 |

(d) Represents current yield as of report date.

See Notes to Financial Statements.

44 ANNUAL REPORT OCTOBER 31, 2010

Schedule of Investments (concluded) BlackRock Health Sciences Trust (BME)

• Foreign currency exchange contracts as of October 31, 2010 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	101,588	DKK	544,000	Deutsche Bank Securities	11/02/10	$ 60
USD	100,151	DKK	537,000	Citigroup Global Markets	11/03/10	(68	)
Total						$ (8	)

| • | For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or defined by Trust management. This definition may not apply
for purposes of this report, which may combine industry sub-classifications
for reporting ease. | |
| --- | --- | --- |
| • | Fair Value Measurements—Various inputs are used in
determining the fair value of investments and derivatives, which are as
follows: | |
| | • | Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities |
| | • | Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable
for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs) |
| | • | Level 3 - unobservable inputs based on the best information
available In the circumstances, to the extent observable inputs are not
available (including the Trust’s own assumptions used in determining the fair
value of investments and derivatives) |
| | The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and other significant accounting policies, please
refer to Note 1 of the Notes to Financial Statements. | |
| | The following tables summarize the inputs used as of
October 31, 2010 in determining the fair valuation of the Trust’s investments
and derivatives: | |

| Valuation Inputs | Level
1 | | Level
2 | | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | | |
| Investments in Securities: | | | | | | | |
| Common
Stocks: | | | | | | | |
| Biotechnology | $ 30,359,660 | | — | | — | $ 30,359,660 | |
| Chemicals | 1,598,184 | | — | | — | 1,598,184 | |
| Health Care Equipment & Supplies | 36,299,550 | | $ 39,679 | | — | 36,339,229 | |
| Health Care Providers & Services | 43,259,520 | | 7,629,250 | | — | 50,888,770 | |
| Health Care Technology | 9,701,634 | | — | | — | 9,701,634 | |
| Life
Sciences Tools & Services | 16,274,037 | | 1,120,547 | | — | 17,394,584 | |
| Pharmaceuticals | 39,586,012 | | 5,231,172 | | — | 44,817,184 | |
| Short-Term
Securities | 14,067,561 | | — | | — | 14,067,561 | |
| Total | $ 191,146,158 | | $ 14,020,648 | | — | $ 205,166,806 | |
| Derivative Financial
Instruments 1 | | | | | | | |
| Valuation Inputs | Level
1 | | Level
2 | Level
3 | | Total | |
| Assets: | | | | | | | |
| Foreign
currency exchange contracts | — | | $ 60 | | — | $ 60 | |
| Liabilities: | | | | | | | |
| Equity
contracts | $ (1,745,222 | ) | (2,374,565 | ) | — | (4,119,787 | ) |
| Foreign
currency exchange contracts | — | | (68 | ) | — | (68 | ) |
| Total | $ (1,745,222 | ) | $ (2,374,573 | ) | — | $ (4,119,795 | ) |

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

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 45

Schedule of Investments October 31, 2010
(Percentages
shown are based on Net Assets)

Common Stocks	Shares	Value
Australia—0.5%
OZ Minerals Ltd.	4,082,600	$ 6,296,585
Austria—0.3%
Erste Group Bank AG	80,700	3,646,164
Belgium—0.7%
Anheuser-Busch InBev NV	127,600	8,013,781
Brazil—3.5%
Banco Bradesco SA, Preference Shares	203,300	4,165,719
Banco Santander Brasil SA - ADR	178,800	2,574,720
BM&FBOVESPA SA	856,344	7,141,656
Cia Energetica de Minas Gerais - ADR (a)	293,820	5,241,749
Gol Linhas Aereas Inteligentes SA, Preference Shares	312,700	5,408,756
Hypermarcas SA (b)	421,600	6,967,570
PDG Realty SA Empreendimentos e Participacoes	304,100	3,764,809
Tractebel Energia SA	313,000	4,712,580
		39,977,559
Canada—9.4%
Agrium, Inc.	122,200	10,815,922
Barrick Gold Corp. (a)	185,400	8,915,886
Baytext Energy Trust	122,500	4,564,173
Canadian National Railway Co. (a)	128,700	8,337,186
Canadian Natural Resources Ltd. (a)	129,500	4,722,865
Crescent Point Energy Corp. (a)	112,200	4,444,436
Eldorado Gold Corp. (a)	402,100	6,808,772
Enbridge, Inc. (a)	87,500	4,839,568
Goldcorp, Inc.	130,000	5,804,687
Magna International, Inc., Class A (a)	62,200	5,631,588
Niko Resources Ltd. (a)	47,200	4,502,951
Pacific Rubiales Energy Corp. (a)(b)	175,200	5,584,618
Pan American Silver Corp.	169,600	5,413,632
Royal Bank of Canada	97,100	5,178,222
Silver Wheaton Corp. (a)(b)	164,400	4,726,500
Toronto-Dominion Bank (The) (a)	74,000	5,329,248
TransCanada Corp.	246,700	9,111,863
Viterra, Inc. (a)(b)	373,400	3,576,937
		108,309,054
China—2.1%
China Construction Bank Corp., Class H	5,917,800	5,657,438
China Merchants Bank Co. Ltd., Class H	2,088,000	5,949,663
Mecox Lane Ltd. - ADR (b)	48,300	788,739
Sinopharm Group Co.	266,400	1,048,903
Tencent Holdings Ltd.	266,000	6,114,642
Want Want China Holdings Ltd.	4,879,400	4,509,937
		24,069,322
Denmark—1.6%
Carlsberg A/S	52,900	5,783,580
FLSmidth & Co. A/S (a)	80,000	5,916,852
Pandora A/S (b)	76,500	3,712,137
Tryg AS	65,500	3,300,364
		18,712,933
Finland—0.6%
Fortum Oyj	233,900	6,633,901
France—2.5%
AXA SA	170,400	3,107,589
BNP Paribas	79,240	5,796,082
Cap Gemini SA	95,300	4,864,923
GDF Suez	203,260	8,121,696
Societe Generale	19,600	1,175,312
Unibail-Rodamco SE - REIT	25,300	5,278,784
		28,344,386
Germany—8.2%
BASF SE (a)	33,400	2,428,575
Bayerische Motoren Werke AG	82,500	5,912,975
Common Stocks	Shares	Value
Germany
(concluded)
Deutsche Lufthansa AG (b)	426,500	$ 9,117,516
Deutsche Post AG	522,800	9,745,265
Deutsche Telekom AG	435,600	6,310,284
E.ON AG	263,600	8,250,800
Fresenius Medical Care AG & Co. KGaA	151,300	9,629,248
Kabel Deutschland Holding AG (b)	140,200	6,313,478
Merck KGaA	68,000	5,661,599
Metro AG	84,700	5,935,440
SAP AG - ADR	137,900	7,133,567
Siemens AG	63,200	7,212,096
Software AG	23,600	3,305,617
Volkswagen AG, Preference Shares	53,644	8,043,573
		95,000,033
Gibraltar—0.3%
PartyGaming Plc (b)	938,500	3,785,142
Hong
Kong—4.7%
AIA Group Ltd. (b)	1,763,400	5,243,847
Cathay Pacific Airways Ltd.	3,191,000	8,597,445
Cheung Kong Holdings Ltd.	581,000	8,874,293
China Merchants Holdings International Co. Ltd.	1,764,000	6,203,239
China Mobile Ltd.	603,500	6,163,131
China Resources Enterprise Ltd.	712,100	3,018,614
CNOOC Ltd. - ADR	25,300	5,285,676
Hong Kong Exchanges and Clearing Ltd.	158,800	3,505,295
Melco Crown Entertainment Ltd. - ADR (b)	411,900	2,582,613
New World Development Ltd.	2,396,900	4,750,462
		54,224,615
India—0.3%
Infosys Technologies Ltd. - ADR (a)	49,200	3,318,048
Indonesia—1.4%
Adaro Energy PT	49,857,900	11,762,598
Bank Mandiri Tbk PT	5,440,500	4,276,852
		16,039,450
Ireland—0.6%
Coviden Plc (a)	188,000	7,495,560
Israel—0.1%
Teva Pharmaceutical Industries Ltd. - ADR (a)	19,000	986,100
Italy—1.5%
Fondiaria-Sai SpA	264,300	3,140,702
Intesa Sanpaolo SpA	1,807,300	6,356,567
Paramalat SpA	1,494,600	4,108,572
UniCredit SpA	1,269,165	3,308,799
		16,914,640
Japan—10.8%
Bank of Yokohama Ltd. (The)	452,500	2,218,640
Bridgestone Corp.	307,700	5,508,230
Canon, Inc.	121,000	5,570,027
Chiba Bank Ltd.	556,900	3,438,213
Honda Motor Co. Ltd.	287,400	10,360,421
Hoya Corp.	219,700	5,131,933
ITOCHU Corp.	1,260,500	11,047,379
Japan Tobacco, Inc.	2,238	6,952,759
JSR Corp.	414,900	7,156,636
KDDI Corp.	710	3,827,488
Konica Minolta Holdings, Inc.	485,700	4,693,292
Kubota Corp.	692,000	6,136,700
Marubeni Corp.	1,183,400	7,434,022
Matsui Securities Co. Ltd.	555,800	3,143,600
Nikon Corp.	195,600	3,694,059
Nomura Holdings, Inc.	345,300	1,774,423
NSK Ltd.	1,473,000	11,136,537
NTT Data Corp.	1,680	5,165,687
Panasonic Corp.	313,300	4,567,064

See Notes to Financial Statements. — 46	ANNUAL REPORT	OCTOBER 31, 2010

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

Common Stocks	Shares	Value
Japan
(concluded)
Sumitomo Heavy Industries Ltd.	977,100	$ 5,553,585
Sumitomo Mitsui Financial Group, Inc.	171,800	5,127,843
Tokio Marine Holdings, Inc.	203,400	5,718,764
		125,357,302
Malaysia—1.0%
Bumiputra-Commerce Holdings Bhd	4,231,200	11,299,404
Mexico—1.5%
Fomento Economico Mexicano SAB de CV - ADR	120,600	6,622,146
Grupo Mexico SAB de CV, Series B	2,185,300	7,197,615
Grupo Modelo SAB de CV	623,300	3,493,065
		17,312,826
Netherlands—1.8%
Aegon NV (b)	603,200	3,822,963
Corio NV - REIT	16,700	1,227,520
ING Groep NV (b)	370,500	3,963,889
Koninklijke (Royal) KPN NV	333,800	5,574,893
Koninklijke (Royal) Philips Electronics NV	86,400	2,635,416
VimpelCom Ltd. - ADR (a)(b)	265,800	4,074,714
		21,299,395
Norway—1.4%
Yara International ASA	309,000	16,292,900
Philippines—0.3%
Cebu Air, Inc. (b)	1,345,300	3,893,302
Singapore—1.6%
CapitaLand Ltd.	1,032,771	3,115,336
Singapore Telecommunications Ltd.	3,390,100	8,122,694
Straits Asia Resources Ltd.	4,147,200	7,379,241
		18,617,271
South
Africa—1.4%
AngloGold Ashanti Ltd. - ADR (a)	127,500	6,006,525
MTN Group Ltd.	288,000	5,181,108
Naspers Ltd.	85,400	4,479,427
		15,667,060
South
Korea—1.9%
Hyundai Engineering & Construction Co. Ltd.	89,000	5,979,632
Kia Motors Corp.	114,500	4,581,314
KT Corp. - ADR	147,800	3,057,982
Samsung Electronics Co. Ltd.	8,300	5,506,435
Samsung Securities Co. Ltd.	50,000	2,863,843
		21,989,206
Spain—2.6%
Banco Bilbao Vizcaya Argentaria SA	392,500	5,170,991
Banco Santander SA	729,950	9,369,352
Inditex SA	55,600	4,643,763
Telefonica SA	397,200	10,733,401
		29,917,507
Sweden—1.6%
Nordea Bank AB	492,624	5,424,114
Svenska Cellulosa AB, B Shares	466,000	7,224,385
Volvo AB, B Shares (b)	405,500	5,489,782
		18,138,281
Switzerland—6.1%
Alcon, Inc. (a)	25,500	4,276,860
Credit Suisse Group AG	114,900	4,756,701
GAM Holding Ltd. (b)	108,500	1,714,183
Givaudan SA	5,400	5,564,165
Julius Baer Group Ltd.	147,600	6,228,605
Nestle SA	280,800	15,380,678
Nobel Biocare Holding AG (a)	75,700	1,251,548
Novartis AG, Registered Shares	164,700	9,543,168
Roche Holding AG (a)	40,200	5,903,538
Common Stocks	Shares	Value
Switzerland
(concluded)
Swiss Reinsurance Co. Ltd.	92,600	$ 4,449,164
Tyco Electronics Ltd.	150,500	4,767,840
UBS AG (b)	222,900	3,786,523
Zurich Financial Services AG	13,300	3,254,742
		70,877,715
Taiwan—2.1%
AU Optronics Corp. - ADR (b)	527,900	5,294,837
Hon Hai Precision Industry Co. Ltd.	1,547,632	5,853,202
Mega Financial Holding Co. Ltd.	7,811,100	5,415,415
Siliconware Precision Industries Co. - ADR	595,400	3,322,332
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	424,684	4,633,302
		24,519,088
Thailand—1.0%
Bangkok Bank PCL	800,500	4,134,354
Banpu PCL	302,700	7,837,009
		11,971,363
United
Kingdom—18.6%
Aegis Group Plc	2,166,000	4,365,780
Anglo American Plc	115,300	5,372,196
Antofagasta Plc	569,900	12,063,238
Barclays Plc - ADR (a)	328,300	5,794,495
British Airways Plc (b)	2,023,100	8,766,956
Britvic Plc	1,051,000	8,123,584
Cairn Energy Plc (b)	617,400	3,815,850
FirstGroup Plc	1,271,900	8,317,331
GKN Plc	2,091,900	5,943,674
GlaxoSmithKline Plc	475,600	9,287,343
HSBC Holdings Plc	1,482,500	15,429,412
Imperial Tobacco Group Plc	395,000	12,650,795
Inchcape Plc (b)	1,025,920	5,733,124
Intercontinental Hotels Group Plc	441,650	8,529,678
Kazakhmys Plc	468,100	9,863,479
National Grid Plc	872,200	8,247,964
Next Plc	130,800	4,789,166
Royal Bank of Scotland Group Plc (b)	5,849,600	4,185,424
Royal Dutch Shell Plc - ADR	386,200	25,075,966
Tesco Plc	1,048,900	7,178,311
Tullow Oil Plc	330,500	6,277,262
Unilever Plc	229,200	6,607,974
Vodafone Group Plc - ADR	391,000	10,756,410
WPP Plc	996,700	11,582,611
Xstrata Plc	329,700	6,387,404
		215,145,427
United
States—1.3%
Mosaic Co. (The) (a)	145,900	10,674,044
NII Holdings, Inc. (b)	94,600	3,955,226
		14,629,270
Total Long-Term Investments (Cost—$1,012,088,768)—93.3%		1,078,694,590
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (c)(d)	57,450,039	57,450,039
Total Short-Term Securities (Cost—$57,450,039)—5.0%		57,450,039
Total Investments Before Outstanding
Options Written (Cost—$1,069,538,807*)—98.3%		1,136,144,629

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 47

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

Options Written		Value
Exchange-Traded Call Options
Written—(0.2)%
Alcon,
Inc., Strike Price USD 170, Expires 11/22/10	155	$ (26,815	)
Anglogold
Ashanti Ltd. - ADR, Strike Price USD 47, Expires 11/22/10	345	(55,200	)
Barclays
Plc - ADR, Strike Price USD 20, Expires 11/22/10	1,970	(14,775	)
Barrick
Gold Corp., Strike Price USD 47, Expires 11/22/10	555	(114,608	)
Barrick
Gold Corp., Strike Price USD 48, Expires 11/22/10	555	(82,973	)
BASF SE,
Strike Price EUR 48, Expires 11/19/10	334	(205,751	)
Canadian
National Railway Co., Strike Price USD 65, Expires 11/22/10	550	(72,875	)
Canadian
National Railway Co., Strike Price USD 65, Expires 12/20/10	225	(46,687	)
Canadian
Natural Resources Ltd., Strike Price USD 37.50, Expires 12/20/10	157	(17,662	)
Coviden
Plc, Strike Price USD 40, Expires 11/22/10	375	(37,500	)
Crescent
Point Energy Corp., Strike Price CAD 42, Expires 1/24/11	670	(37,773	)
Eldorado
Gold Corp., Strike Price CAD 21, Expires 11/22/10	1,200	(4,706	)
Enbridge,
Inc., Strike Price CAD 56, Expires 12/20/10	525	(62,285	)
FLSmidth
& Co. A/S, Strike Price DKK 400, Expires 11/19/10	124	(25,699	)
Infosys
Technologies Ltd. - ADR, Strike Price USD 67.50, Expires 11/22/10	300	(54,000	)
Magna
International, Inc., Class A, Strike Price USD 90, Expires 12/20/10	400	(180,000	)
Mosaic Co.
(The), Strike Price USD 62.50, Expires 11/22/10	310	(342,550	)
Mosaic Co.
(The), Strike Price USD 65, Expires 11/22/10	310	(272,800	)
Niko
Resources Ltd., Strike Price CAD 105, Expires 11/22/10	285	(7,685	)
Nobel
Biocare Holding AG, Strike Price CHF 18, Expires 11/19/10	302	(6,163	)
Pacific
Rubiales Energy Corp., Strike Price CAD 30, Expires 11/22/10	1,050	(295,985	)
Roche
Holding AG, Strike Price CHF 150, Expires 11/19/10	50	(4,074	)
Silver Wheaton
Corp., Strike Price USD 26, Expires 11/22/10	675	(212,625	)
Silver
Wheaton Corp., Strike Price USD 27, Expires 11/22/10	670	(160,800	)
Teva
Pharmaceutical Industries Ltd. - ADR, Strike Price USD 55, Expires 11/22/10	190	(3,800	)
Toronto-Dominion
Bank (The), Strike Price CAD 76, Expires 11/22/10	445	(8,508	)
VimpelCom
Ltd. - ADR, Strike Price USD 15, Expires 11/22/10	1,590	(107,325	)
Viterra,
Inc., Strike Price CAD 9, Expires 11/22/10	2,240	(181,194	)
Total Exchange-Traded Call Options Written		(2,642,818	)
Exchange-Traded Put Options
Written—(0.0)%
Petroleo
Brasileiro SA - ADR, Strike Price USD 34, Expires 11/22/10	1,550	(186,000	)
Volkswagen
AG, Preference Shares, Strike Price EUR 78, Expires 11/19/10	75	(594	)
Xstrata
Plc, Strike Price GBP 11, Expires 11/19/10	90	(27,420	)
Total Exchange-Traded Put Options Written		(214,014	)
Over-the-Counter Call Options
Written—(2.4)%
Adaro
Energy Tbk PT, Strike Price IDR 2,070.50, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	8,860,000	(65,298	)
Adaro
Energy Tbk PT, Strike Price IDR 2,091, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	14,700,000	(149,205	)
Aegis Group
Plc, Strike Price GBP 1.23, Expires 11/11/10, Broker UBS Securities LLC	1,300,000	(78,703	)
Aegon NV,
Strike Price EUR 4.62, Expires 11/16/10, Broker Credit Suisse First Boston	361,500	(35,351	)
Agrium,
Inc., Strike Price USD 74.79, Expires 11/02/10, Broker JPMorgan Chase Securities	73,000	(1,001,626	)
Anglo
American Plc, Strike Price GBP 26.49, Expires 11/11/10, Broker UBS Securities LLC	115,300	(485,407	)
AngloGold
Ashanti Ltd. - ADR, Strike Price USD 44.51, Expires 11/12/10, Broker UBS Securities LLC	42,000	(122,186	)

Options Written		Value
Over-the-Counter Call Options Written
(continued)
Anheuser-Busch
InBev NV, Strike Price EUR 42.84, Expires 11/11/10, Broker UBS Securities LLC	76,600	$ (258,638	)
Antofagasta
Plc, Strike Price GBP 12.32, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	342,000	(554,079	)
AU
Optronics Corp. - ADR, Strike Price USD 10.29, Expires 12/09/10, Broker UBS Securities LLC	153,500	(37,299	)
AU
Optronics Corp. - ADR, Strike Price USD 9.79, Expires 11/10/10, Broker Morgan Stanley & Co., Inc.	163,000	(61,886	)
AXA SA,
Strike Price EUR 12.88, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	102,300	(56,360	)
Banco
Bilbao Vizcaya Argentaria SA, Strike Price EUR 10.14, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	235,000	(3,576	)
Banco
Bradesco SA, Preference Shares, Strike Price BRL 32.75, Expires 12/02/10, Broker Morgan Stanley & Co., Inc.	122,000	(175,018	)
Banco
Santander Brasil SA - ADR, Strike Price USD 13.19, Expires 11/02/10, Broker JPMorgan Chase Securities	51,000	(61,588	)
Banco
Santander Brasil SA - ADR, Strike Price USD 13.33, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	56,300	(60,410	)
Banco
Santander SA, Strike Price EUR 10.34, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	438,000	(3,534	)
Bank
Mandiri Tbk PT, Strike Price IDR 7,202.89, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	3,264,500	(33,624	)
Bank of
Yokohama Ltd. (The), Strike Price JPY 416.74, Expires 12/01/10, Broker JPMorgan Chase Securities	272,000	(9,974	)
Bayerische
Motoren Werke AG, Strike Price EUR 48.18, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	55,200	(268,460	)
Baytex
Energy Trust, Strike Price CAD 37.10, Expires 11/30/10, Broker Goldman Sachs & Co.	119,000	(152,125	)
BM&FBOVESPA
SA, Strike Price BRL 14.28, Expires 12/02/10, Broker Credit Suisse First Boston	226,500	(66,575	)
BM&FBOVESPA
SA, Strike Price BRL 14.64, Expires 11/08/10, Broker Credit Suisse First Boston	96,400	(7,149	)
BM&FBOVESPA
SA, Strike Price BRL 14.76, Expires 12/02/10, Broker Citigroup Global Markets, Inc.	78,000	(14,457	)
BM&FBOVESPA
SA, Strike Price BRL 15.72, Expires 12/02/10, Broker Goldman Sachs & Co.	113,000	(7,014	)
BNP
Paribas, Strike Price EUR 54.84, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	47,500	(42,631	)
Bridgestone
Corp., Strike Price JPY 1,598.86, Expires 11/09/10, Broker JPMorgan Chase Securities	184,700	(771	)
British
Airways Plc, Strike Price GBP 2.24, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	1,847,000	(1,362,743	)
Britvic
Plc, Strike Price GBP 4.87, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	630,000	(35,403	)
Cairn
Energy Plc, Strike Price GBP 4.58, Expires 11/11/10, Broker Credit Suisse First Boston	557,000	(4,773	)
Canadian
Natural Resources Ltd., Strike Price USD 33.97, Expires 11/02/10, Broker Credit Suisse First Boston	62,000	(155,619	)
Canon,
Inc., Strike Price JPY 3,962.10, Expires 12/01/10, Broker JPMorgan Chase Securities	72,600	(45,268	)
Cap Gemini
SA, Strike Price EUR 37.17, Expires 12/07/10, Broker Morgan Stanley & Co., Inc.	57,200	(87,248	)
CapitaLand
Ltd., Strike Price SGD 4.14, Expires 11/09/10, Broker Deutsche Bank Securities Corp.	620,000	(144	)
Carlsberg
A/S, Strike Price DKK 573.43, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	35,000	(145,407	)
Cathay
Pacific Airways Ltd., Strike Price HKD 21.72, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	1,915,000	(40,324	)
Cheung Kong
Holdings Ltd., Strike Price HKD 123.91, Expires 12/01/10, Broker JPMorgan Chase Securities	349,000	(88,723	)
Chiba Bank
Ltd., Strike Price JPY 528.48, Expires 12/01/10, Broker Goldman Sachs & Co.	334,000	(16,051	)
China
Construction Bank Corp., Strike Price HKD 6.87, Expires 11/09/10, Broker Credit Suisse First Boston	3,551,000	(250,030	)

See Notes to Financial Statements.

48 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Over-the-Counter
Call Options Written (continued)
China
Merchants Bank Co. Ltd., Strike Price HKD 20.17, Expires 11/09/10, Broker JPMorgan Chase Securities	1,253,000	$ (310,476	)
China
Merchants Holdings International Co. Ltd., Strike Price HKD 28.96, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	1,059,000	(9,051	)
China
Mobile Ltd., Strike Price HKD 82.06, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	362,000	(15,148	)
Cia
Energetica de Minas Gerais - ADR, Strike Price USD 16.94, Expires 11/08/10, Broker JPMorgan Chase Securities	176,300	(162,314	)
CIMB Group
Holdings Bhd, Strike Price MYR 8.30, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	3,172,000	(80,886	)
CNOOC Ltd.
- ADR, Strike Price USD 193.29, Expires 11/10/10, Broker UBS Securities LLC	14,000	(222,290	)
CNOOC Ltd.
- ADR, Strike Price USD 216.80, Expires 11/19/10, Broker JPMorgan Chase Securities	11,300	(37,959	)
Corio NV -
REIT, Strike Price EUR 54.41, Expires 12/07/10, Broker UBS Securities LLC	10,000	(9,192	)
Coviden
Ltd., Strike Price USD 41.72, Expires 11/24/10, Broker Credit Suisse First Boston	55,500	(24,595	)
Credit
Suisse Group AG, Strike Price CHF 41.95, Expires 12/07/10, Broker Credit Suisse First Boston	69,000	(62,835	)
Deutsche Lufthansa
AG, Strike Price EUR 13.60, Expires 11/11/10, Broker UBS Securities LLC	167,600	(421,259	)
Deutsche
Lufthansa AG, Strike Price EUR 13.68, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	105,000	(252,286	)
Deutsche
Post AG, Strike Price EUR 12.93, Expires 11/11/10, Broker Credit Suisse First Boston	135,700	(99,207	)
Deutsche
Post AG, Strike Price EUR 13.51, Expires 11/16/10, Broker Credit Suisse First Boston	178,000	(51,852	)
Deutsche
Telekom AG, Strike Price EUR 10.25, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	261,000	(80,843	)
E.ON AG,
Strike Price EUR 22.66, Expires 12/07/10, Broker Morgan Stanley & Co., Inc.	158,200	(81,842	)
Eldorado
Gold Corp., Strike Price CAD 19.99, Expires 11/19/10, Broker UBS Securities LLC	122,000	(7,109	)
Erste Group
Bank AG, Strike Price EUR 29.45, Expires 11/11/10, Broker Credit Suisse First Boston	48,500	(203,863	)
Firstgroup
Plc, Strike Price GBP 3.66, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	763,100	(518,580	)
FLSmidth
& Co. A/S, Strike Price DKK 403.11, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	71,600	(85,455	)
Fomento
Economico Mexicano SAB de CV - ADR, Strike Price USD 50.43, Expires 11/08/10, Broker Goldman Sachs & Co.	36,000	(161,640	)
Fomento
Economico Mexicano SAB de CV - ADR, Strike Price USD 52, Expires 11/05/10, Broker Credit Suisse First Boston	36,000	(106,045	)
Fondiaria-Sai
SpA, Strike Price EUR 7.60, Expires 11/11/10, Broker Credit Suisse First Boston	158,600	(208,250	)
Fortum Oyj,
Strike Price EUR 19.54, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	140,500	(166,641	)
Fresenius
Medical Care AG & Co. KGaA, Strike Price EUR 45.85, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	63,400	(89,277	)
Fresenius
Medical Care AG & Co. KGaA, Strike Price EUR 46.14, Expires 11/16/10, Broker UBS Securities LLC	27,500	(21,881	)
GAM Holding
AG, Strike Price CHF 14.09, Expires 11/11/10, Broker UBS Securities LLC	30,900	(46,422	)
GAM Holding
AG, Strike Price CHF 15.63, Expires 12/07/10, Broker UBS Securities LLC	50,500	(26,490	)
GDF Suez,
Strike Price EUR 25.84, Expires 11/11/10, Broker UBS Securities LLC	122,000	(488,414	)
Givaudan
SA, Strike Price CHF 1,022.63, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	3,300	(48,071	)

Options Written		Value
Over-the-Counter Call Options Written
(continued)
GKN Plc,
Strike Price GBP 1.66, Expires 11/16/10, Broker Credit Suisse First Boston	1,250,000	$ (251,634	)
GlaxoSmithKline
Plc, Strike Price GBP 12.78, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	156,000	(4,484	)
GlaxoSmithKline
Plc, Strike Price GBP 13.05, Expires 11/16/10, Broker Morgan Stanley & Co., Inc.	129,400	(735	)
Gol Linhas
Aereas Inteligentes SA, Preference Shares, Strike Price BRL 27.19, Expires 12/02/10, Broker Citigroup Global Markets, Inc.	189,300	(317,901	)
Goldcorp,
Inc., Strike Price CAD 46.74, Expires 12/15/10, Broker UBS Securities LLC	78,000	(92,691	)
Grupo
Mexico SAB de CV, Strike Price MXN 40.46, Expires 12/14/10, Broker UBS Securities LLC	1,311,200	(175,018	)
Grupo
Modelo SAB de CV, Strike Price MXN 69.69, Expires 12/03/10, Broker Citigroup Global Markets, Inc.	187,000	(25,753	)
Grupo
Modelo SAB de CV, Strike Price MXN 70.04, Expires 12/14/10, Broker Citigroup Global Markets, Inc.	187,000	(27,997	)
Hon Hai
Precision Industry Co. Ltd., Strike Price TWD 116.28, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	528,000	(71,660	)
Hon Hai
Precision Industry Co. Ltd., Strike Price TWD 118.97, Expires 11/09/10, Broker Credit Suisse First Boston	270,000	(11,642	)
Hon Hai
Precision Industry Co. Ltd., Strike Price TWD 120.03, Expires 11/09/10, Broker Credit Suisse First Boston	131,000	(4,364	)
Honda Motor
Co. Ltd., Strike Price JPY 3,081.63, Expires 11/09/10, Broker Goldman Sachs & Co.	175,800	(14,420	)
Hong Kong
Exchanges and Clearing Ltd., Strike Price HKD 175.44, Expires 12/01/10, Broker JPMorgan Chase Securities	95,300	(65,131	)
Hoya Corp.,
Strike Price JPY 2,051.64, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	132,000	(27,112	)
HSBC
Holdings Plc, Strike Price GBP 6.65, Expires 11/03/10, Broker UBS Securities LLC	889,500	(24,134	)
Hypermarcas
SA, Strike Price BRL 29.04, Expires 12/14/10, Broker Credit Suisse First Boston	253,000	(126,556	)
Hyundai
Engineering & Construction Co. Ltd., Strike Price KRW 75,739.30, Expires 12/01/10, Broker Deutsche Bank Securities Corp.	53,400	(120,517	)
Imperial
Tobacco Group Plc, Strike Price GBP 18.67, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	237,000	(502,848	)
Inchcape
Plc, Strike Price GBP 2.78, Expires 11/03/10, Broker UBS Securities LLC	610,000	(692,086	)
Inditex SA,
Strike Price EUR 59.18, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	33,400	(69,318	)
ING Groep
NV, Strike Price EUR 7.68, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	222,500	(63,239	)
Intercontinental
Hotels Group Plc, Strike Price GBP 10.64, Expires 11/03/10, Broker Credit Suisse First Boston	89,000	(202,193	)
Intercontinental
Hotels Group Plc, Strike Price GBP 11.53, Expires 11/16/10, Broker Credit Suisse First Boston	176,000	(175,471	)
Intesa
Sanpaolo SpA, Strike Price EUR 2.44, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	763,500	(117,659	)
Intesa
Sanpaolo SpA, Strike Price EUR 2.49, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	321,000	(32,700	)
ITOCHU Corp.,
Strike Price JPY 762.84, Expires 11/09/10, Broker Goldman Sachs & Co.	756,300	(9,457	)
Japan
Tobacco, Inc., Strike Price JPY 254,015.62, Expires 12/01/10, Broker JPMorgan Chase Securities	1,340	(108,198	)
JSR Corp.,
Strike Price JPY 1,429.47, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	83,300	(50,476	)
JSR Corp.,
Strike Price JPY 1,437.43, Expires 11/09/10, Broker Goldman Sachs & Co.	165,700	(41,348	)
Julius Baer
Group Ltd., Strike Price CHF 37.77, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	88,600	(338,219	)
Kabel
Deutschland Holding AG, Strike Price EUR 29.32, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	30,600	(129,653	)

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 49

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

Options Written		Value
Over-the-Counter
Call Options Written (continued)
Kabel
Deutschland Holding AG, Strike Price EUR 29.47, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	30,600	$ (126,017	)
Kabel
Deutschland Holding AG, Strike Price EUR 30.30, Expires 12/07/10, Broker UBS Securities LLC	23,000	(72,346	)
Kazakhmys
Plc, Strike Price GBP 12.73, Expires 11/03/10, Broker Credit Suisse First Boston	65,000	(53,315	)
Kazakhmys
Plc, Strike Price GBP 14.04, Expires 11/11/10, Broker UBS Securities LLC	53,800	(9,614	)
Kazakhmys
Plc, Strike Price GBP 14.05, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	30,000	(16,586	)
Kazakhmys
Plc, Strike Price GBP 14.31, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	132,000	(14,132	)
KDDI Corp.,
Strike Price JPY 408,975, Expires 12/01/10, Broker Goldman Sachs & Co.	425	(155,177	)
Konica
Minolta Holdings, Inc., Strike Price JPY 892.61, Expires 12/01/10, Broker JPMorgan Chase Securities	292,000	(18,964	)
Koninklijke
KPN NV, Strike Price EUR 11.94, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	200,000	(68,305	)
Koninklijke
Philips Electronics NV, Strike Price EUR 23.10, Expires 11/03/10, Broker UBS Securities LLC	34,500	(619	)
Koninklijke
Philips Electronics NV, Strike Price EUR 23.38, Expires 11/03/10, Broker Credit Suisse First Boston	51,900	(216	)
KT Corp. -
ADR, Strike Price USD 21.75, Expires 11/30/10, Broker Citigroup Global Markets, Inc.	40,000	(9,230	)
Kubota
Corp., Strike Price JPY 781.20, Expires 12/01/10, Broker JPMorgan Chase Securities	416,000	(28,705	)
Marubeni
Corp., Strike Price JPY 483.89, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	710,000	(218,718	)
Matsui
Securities Co. Ltd., Strike Price JPY 489.69, Expires 11/09/10, Broker Goldman Sachs & Co.	179,800	(2,839	)
Matsui
Securities Co. Ltd., Strike Price JPY 490.52, Expires 11/09/10, Broker Goldman Sachs & Co.	153,200	(2,273	)
Mega
Financial Holding Co. Ltd., Strike Price TWD 21.44, Expires 11/09/10, Broker Credit Suisse First Boston	4,687,000	(41,902	)
Melco Crown
Entertainment Ltd. - ADR, Strike Price USD 5.77, Expires 11/29/10, Broker UBS Securities LLC	247,000	(161,291	)
Merck KGaA,
Strike Price EUR 63.66, Expires 11/16/10, Broker UBS Securities LLC	37,000	(1,819	)
Metro AG,
Strike Price EUR 48.39, Expires 11/16/10, Broker Credit Suisse First Boston	64,000	(179,991	)
Mosaic Co.
(The), Strike Price USD 61.55, Expires 11/09/10, Broker UBS Securities LLC	67,500	(785,144	)
MTN Group
Ltd., Strike Price ZAR 127.53, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	173,000	(21,755	)
Naspers
Ltd., Strike Price ZAR 311.10, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	63,000	(506,755	)
National
Grid Plc, Strike Price GBP 5.60, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	520,000	(251,557	)
Nestle SA,
Strike Price CHF 53.43, Expires 11/16/10, Broker Credit Suisse First Boston	43,300	(34,585	)
Nestle SA,
Strike Price CHF 53.68, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	125,200	(121,515	)
New World
Development Ltd., Strike Price HKD 15.30, Expires 11/09/10, Broker JPMorgan Chase Securities	1,438,000	(68,507	)
Next Plc,
Strike Price GBP 20.69, Expires 11/03/10, Broker Credit Suisse First Boston	78,500	(271,781	)
NII
Holdings, Inc., Strike Price USD 43.16, Expires 11/10/10, Broker Morgan Stanley & Co., Inc.	57,000	(31,549	)
Nikon
Corp., Strike Price JPY 1,645.85, Expires 12/01/10, Broker JPMorgan Chase Securities	118,000	(23,456	)
Nobel
Biocare Holding AG, Strike Price CHF 16.28, Expires 11/03/10, Broker UBS Securities LLC	45,500	(15,642	)
Nordea Bank
AB, Strike Price SEK 70.42, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	295,600	(148,222	)
Novartis
AG, Strike Price CHF 57.32, Expires 11/16/10, Broker UBS Securities LLC	88,600	(57,323	)

Options Written		Value
Over-the-Counter Call Options Written
(continued)
NSK Ltd.,
Strike Price JPY 635.68, Expires 12/01/10, Broker JPMorgan Chase Securities	884,000	$ (173,603	)
NTT Data
Corp., Strike Price JPY 257,829.53, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	770	(55,675	)
NTT Data
Corp., Strike Price JPY 280,184.72, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	240	(370	)
OZ Minerals
Ltd., Strike Price AUD 1.51, Expires 11/09/10, Broker JPMorgan Chase Securities	2,450,000	(188,479	)
Pan
American Silver Corp., Strike Price USD 31.53, Expires 12/15/10, Broker Morgan Stanley & Co., Inc.	74,000	(154,950	)
Pan
American Silver Corp., Strike Price USD 32.25, Expires 12/15/10, Broker UBS Securities LLC	42,000	(77,149	)
Panasonic
Corp., Strike Price JPY 1,175.81, Expires 11/09/10, Broker Goldman Sachs & Co.	188,000	(55,967	)
Parmalat
SpA, Strike Price EUR 1.99, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	897,000	(42,175	)
PartyGaming
Plc, Strike Price GBP 2.74, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	148,000	(2,754	)
PartyGaming
Plc, Strike Price GBP 2.99, Expires 11/11/10, Broker Deutsche Bank Securities Corp.	267,000	(1,478	)
PartyGaming
Plc, Strike Price GBP 3, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	148,000	(740	)
PDG Realty
SA Empreendimentos e Participacoes, Strike Price BRL 21.56, Expires 12/02/10, Broker Deutsche Bank Securities Corp.	114,600	(42,898	)
PDG Realty
SA Empreendimentos e Participacoes, Strike Price BRL 22.37, Expires 12/02/10, Broker Goldman Sachs & Co.	67,900	(14,973	)
Roche
Holding AG, Strike Price CHF 136.70, Expires 11/11/10, Broker UBS Securities LLC	19,100	(151,902	)
Royal Bank
of Canada, Strike Price CAD 54.52, Expires 11/10/10, Broker Goldman Sachs & Co.	58,000	(31,932	)
Royal Bank
of Scotland Group Plc, Strike Price GBP 0.47, Expires 11/03/10, Broker UBS Securities LLC	5,200,000	(27,560	)
Royal Dutch
Shell Plc - ADR, Strike Price USD 56.86, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	199,000	(1,605,134	)
Royal Dutch
Shell Plc - ADR, Strike Price USD 61.36, Expires 11/30/10, Broker UBS Securities LLC	33,000	(117,810	)
Samsung
Electronics Co. Ltd., Strike Price KRW 763,466.99, Expires 12/01/10, Broker JPMorgan Chase Securities	5,000	(53,087	)
Samsung
Securities Co. Ltd., Strike Price KRW 68,164.25, Expires 12/01/10, Broker JPMorgan Chase Securities	30,000	(17,340	)
SAP AG -
ADR, Strike Price USD 49.08, Expires 11/02/10, Broker JPMorgan Chase Securities	82,000	(216,956	)
Siemens AG,
Strike Price EUR 77.85, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	37,900	(246,455	)
Siliconware
Precision Industries Co. - ADR, Strike Price USD 5.47, Expires 11/05/10, Broker Morgan Stanley & Co., Inc.	150,000	(26,586	)
Siliconware
Precision Industries Co. - ADR, Strike Price USD 5.65, Expires 12/06/10, Broker Morgan Stanley & Co., Inc.	207,000	(47,453	)
Singapore
Telecommunications Ltd., Strike Price SGD 3.17, Expires 11/09/10, Broker Deutsche Bank Securities Corp.	2,034,000	(9,419	)
Societe
Generale, Strike Price EUR 44.46, Expires 12/07/10, Broker Credit Suisse First Boston	11,800	(22,908	)
Software
AG, Strike Price EUR 88.44, Expires 11/11/10, Broker Deutsche Bank Securities Corp.	14,200	(240,684	)
Straits
Asia Resources Ltd., Strike Price SGD 2.31, Expires 11/09/10, Broker Credit Suisse First Boston	2,488,000	(85,892	)
Sumitomo
Heavy Industries Ltd., Strike Price JPY 458.73, Expires 11/09/10, Broker Goldman Sachs & Co.	586,000	(92,314	)
Sumitomo
Mitsui Financial Group, Inc., Strike Price JPY 2,517.61, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	103,000	(30,083	)

See Notes to Financial Statements.

50 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Over-the-Counter
Call Options Written (continued)
Svenska
Cellulosa AB, Strike Price SEK 104.03, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	279,600	$ (68,566	)
Swiss
Reinsurance Co. Ltd., Strike Price CHF 44.01, Expires 11/11/10, Broker UBS Securities LLC	55,600	(184,757	)
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 10.46, Expires 11/30/10, Broker UBS Securities LLC	255,000	(143,246	)
Telefonica
SA, Strike Price EUR 18.32, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	186,400	(284,360	)
Telefonica
SA, Strike Price EUR 19.75, Expires 11/29/10, Broker Credit Suisse First Boston	50,000	(19,823	)
Tencent
Holdings Ltd., Strike Price HKD 161.40, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	159,600	(351,998	)
Tesco Plc,
Strike Price GBP 4.28, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	629,400	(49,771	)
Tokio
Marine Holdings, Inc., Strike Price JPY 2,475.30, Expires 12/01/10, Broker Goldman Sachs & Co.	122,000	(19,611	)
Tractebel
Energia SA, Strike Price BRL 24.36, Expires 12/02/10, Broker Deutsche Bank Securities Corp.	187,000	(197,941	)
TransCanada
Corp., Strike Price CAD 38.49, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	74,000	(7,507	)
Tryg AS,
Strike Price DKK 279.96, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	39,300	(17,674	)
Tullow Oil
Plc, Strike Price GBP 12.96, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	107,600	(9,224	)
Tullow Oil
Plc, Strike Price GBP 13.19, Expires 11/11/10, Broker Credit Suisse First Boston	210,000	(5,764	)
Tyco
Electronics Ltd., Strike Price USD 27.48, Expires 11/09/10, Broker Citigroup Global Markets, Inc.	21,500	(90,300	)
Tyco
Electronics Ltd., Strike Price USD 28.50, Expires 11/09/10, Broker Goldman Sachs & Co.	69,000	(219,420	)
UBS AG,
Strike Price CHF 17.15, Expires 12/07/10, Broker Credit Suisse First Boston	133,800	(59,160	)
Unibail-Rodamco
SE - REIT, Strike Price EUR 141.92, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	21,648	(253,345	)
UniCredit
SpA, Strike Price EUR 1.92, Expires 12/07/10, Broker Citigroup Global Markets, Inc.	761,500	(65,745	)
Unilever
Plc, Strike Price GBP 18.21, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	156,600	(48,525	)
Vodafone
Group Plc - ADR, Strike Price USD 25.79, Expires 11/02/10, Broker JPMorgan Chase Securities	234,000	(402,878	)
Volkswagen
AG, Preference Shares, Strike Price EUR 90.49, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	32,100	(795,041	)
Volvo AB, B
Shares, Strike Price SEK 94.13, Expires 12/07/10, Broker Morgan Stanley & Co., Inc.	300,000	(80,390	)
Want Want
China Holdings Ltd., Strike Price HKD 7.42, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	2,928,000	(18,804	)
WPP Plc,
Strike Price GBP 7.24, Expires 11/11/10, Broker UBS Securities LLC	299,000	(66,223	)
WPP Plc,
Strike Price GBP 7.24, Expires 11/16/10, Broker UBS Securities LLC	299,000	(78,700	)
Xstrata
Plc, Strike Price GBP 12.05, Expires 11/11/10, Broker UBS Securities LLC	164,000	(112,880	)
Xstrata
Plc, Strike Price GBP 13.28, Expires 12/07/10, Broker Morgan Stanley & Co., Inc.	33,000	(13,039	)
Yara
International ASA, Strike Price NOK 266.30, Expires 11/03/10, Broker Deutsche Bank Securities Corp.	185,000	(1,343,996	)

Options Written		Value
Over-the-Counter Call Options Written
(concluded)
Zurich
Financial Services AG, Strike Price CHF 235.98, Expires 11/16/10, Broker UBS Securities LLC	8,000	$ (54,566	)
Total Over-the-Counter Call Options Written		(26,457,294	)
Over-the-Counter Put Options
Written—(0.0)%
Deutsche
Lufthansa AG, Strike Price EUR 12.50, Expires 11/02/10, Broker Citigroup Global Markets, Inc.	148,000	(2	)
KT Corp. -
ADR, Strike Price USD 20.75, Expires 11/30/10, Broker Citigroup Global Markets, Inc.	40,000	(30,421	)
Total Over-the-Counter Put Options Written		(30,423	)
Total Options Written (Premiums Received $20,442,255)—(2.6)%		(29,344,549	)
Total Investments Net of Outstanding Options Written—95.7%		1,106,800,080
Other Assets Less Liabilities—4.3%		49,782,440
Net Assets—100.0%		$ 1,156,582,520

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 94,810,100
Gross unrealized depreciation	(42,838,736	)
Net unrealized appreciation	$ 51,971,364

| (a) | Security, or a portion thereof, pledged/held as collateral
for outstanding options written. |
| --- | --- |
| (b) | Non-income producing security. |
| (c) | 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, as amended, were as follows: |

| Affiliate — BlackRock
Liquidity Funds, TempFund, Institutional Class | 73,117,275 | (15,667,236 | ) | 57,450,039 | Income — $ 82,923 |
| --- | --- | --- | --- | --- | --- |
| BlackRock
Liquidity Series, LLC Money Market Series | 4,855,000 | (4,855,000 | ) | — | $ 5,181 |

(d) Represents current yield as of report date.

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 51

Schedule of Investments (concluded) BlackRock International Growth and Income Trust (BGY)

• Foreign currency exchange contracts as of October 31, 2010 were as follows:

| Currency Purchased — CAD | 2,101,000 | Currency Sold — USD | 2,058,018 | Counterparty — Citigroup
Global Markets | Settlement Date — 11/02/10 | $ 1,987 | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| HKD | 4,356,000 | USD | 561,702 | Citigroup
Global Markets | 11/02/10 | 272 | |
| USD | 2,083,206 | CAD | 2,140,000 | Deutsche
Bank Securities | 11/01/10 | (15,039 | ) |
| USD | 950,150 | DKK | 5,088,000 | Deutsche
Bank Securities | 11/02/10 | 560 | |
| USD | 44,798 | SGD | 58,000 | Citigroup
Global Markets | 11/02/10 | (14 | ) |
| Tota l | | | | | | $ (12,234 | ) |

•
•	Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities
•	Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
•	Level 3 - unobservable inputs based on the best
information available In the circumstances, to the extent observable inputs
are not available (including the Trust’s own assumptions used in determining
the fair value of investments and derivatives)
The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and other significant accounting policies, please
refer to Note 1 of the Notes to Financial Statements.
The following tables summarize the inputs used as of
October 31, 2010 in determining the fair valuation of the Trust’s investments
and derivatives:

| Valuation Inputs | Level
1 | Level
2 | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments in Securities: | | | | |
| Common
Stocks: | | | | |
| Australia | — | $ 6,296,585 | — | $ 6,296,585 |
| Austria | — | 3,646,164 | — | 3,646,164 |
| Belgium | — | 8,013,781 | — | 8,013,781 |
| Brazil | $ 39,977,559 | — | — | 39,977,559 |
| Canada | 108,309,054 | — | — | 108,309,054 |
| China | 788,739 | 23,280,583 | — | 24,069,322 |
| Denmark | 3,712,137 | 15,000,796 | — | 18,712,933 |
| Finland | — | 6,633,901 | — | 6,633,901 |
| France | — | 28,344,386 | — | 28,344,386 |
| Germany | 13,447,045 | 81,552,988 | — | 95,000,033 |
| Gibraltar | — | 3,785,142 | — | 3,785,142 |
| Hong Kong | 13,112,136 | 41,112,479 | — | 54,224,615 |
| India | 3,318,048 | — | — | 3,318,048 |
| Indonesia | — | 16,039,450 | — | 16,039,450 |
| Ireland | 7,495,560 | — | — | 7,495,560 |
| Israel | 986,100 | — | — | 986,100 |
| Italy | — | 16,914,640 | — | 16,914,640 |
| Japan | — | 125,357,302 | — | 125,357,302 |
| Malaysia | — | 11,299,404 | — | 11,299,404 |
| Mexico | 17,312,826 | — | — | 17,312,826 |
| Netherlands | 4,074,714 | 17,224,681 | — | 21,299,395 |
| Norway | — | 16,292,900 | — | 16,292,900 |
| Philippines | 3,893,302 | — | — | 3,893,302 |
| Singapore | — | 18,617,271 | — | 18,617,271 |
| South
Africa | 6,006,525 | 9,660,535 | — | 15,667,060 |
| South Korea | 3,057,982 | 18,931,224 | — | 21,989,206 |
| Spain | — | 29,917,507 | — | 29,917,507 |
| Sweden | — | 18,138,281 | — | 18,138,281 |
| Switzerland | 9,044,700 | 61,833,015 | — | 70,877,715 |
| Taiwan | 13,250,471 | 11,268,617 | — | 24,519,088 |
| Thailand | — | 11,971,363 | — | 11,971,363 |
| United
Kingdom | 41,626,871 | 173,518,556 | — | 215,145,427 |
| United
States | 14,629,270 | — | — | 14,629,270 |
| Short-Term Securities | 57,450,039 | — | — | 57,450,039 |
| Total | $ 361,493,078 | $ 774,651,551 | — | $ 1,136,144,629 |

| Valuation Inputs | Derivative
Financial Instruments 1 — Level
1 | | Level
2 | | Level
3 | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | | |
| Foreign
currency exchange contracts | — | | $ 2,819 | | — | $ 2,819 | |
| Liabilities: | | | | | | | |
| Equity
contracts | $ (2,587,131 | ) | (26,757,418 | ) | — | (29,344,549 | ) |
| Foreign
currency exchange contracts | — | | (15,053 | ) | — | (15,053 | ) |
| Total | $ (2,587,131 | ) | $ (26,769,652 | ) | — | $ (29,356,783 | ) |

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

See Notes to Financial Statements.

52 ANNUAL REPORT OCTOBER 31, 2010

| Schedule of
Investments October 31, 2010 |
| --- |
| (Percentages shown
are based on Net Assets) |

Common Stocks		Value
Chemicals—10.8%
Agrium, Inc. (a)	83,800	$ 7,417,138
Air Products & Chemicals, Inc.	97,600	8,293,072
Celanese Corp., Series A	110,400	3,935,760
Dow Chemical (The) (a)	189,825	5,852,305
E.I. du Pont de Nemours & Co. (a)	462,979	21,889,647
Monsanto Co. (a)	78,000	4,634,760
Mosaic Co. (The) (a)	20,900	1,529,044
Olin Corp. (a)	199,900	3,996,001
Potash Corp. of Saskatchewan, Inc. (a)	67,500	9,793,575
Praxair, Inc.	168,700	15,409,058
		82,750,360
Containers
& Packaging—0.9%
Temple-Inland, Inc. (a)	347,183	7,193,632
Energy
Equipment & Services—4.9%
Basic Energy Services, Inc. (b)	58,300	644,798
Calfrac Well Services Ltd.	18,000	452,515
Core Laboratories NV	132,272	10,286,793
Halliburton Co.	198,400	6,321,024
Key Energy Services, Inc. (a)(b)	294,800	2,903,780
Noble Corp. (a)	54,900	1,895,697
Schlumberger Ltd. (a)	134,428	9,395,173
Seadrill Ltd.	103,700	3,147,909
Technip SA	29,700	2,502,035
		37,549,724
Gas
Utilities—0.8%
EQT Corp. (a)	161,100	6,031,584
Machinery—3.6%
Caterpillar, Inc. (a)	265,825	20,893,845
Deere & Co. (a)	82,700	6,351,360
		27,245,205
Metals
& Mining—45.3%
African Rainbow Minerals Ltd.	278,750	7,098,241
Agnico-Eagle Mines Ltd. (a)	113,650	8,818,103
Alamos Gold, Inc.	915,000	14,165,948
Alcoa, Inc.	319,150	4,190,440
Allegheny Technologies, Inc. (a)	43,100	2,270,939
Alumina, Ltd.	1,575,866	3,148,898
Anglo American Plc	97,945	4,563,571
Anglo Platinum Ltd. (b)	50,444	4,983,769
Barrick Gold Corp.	102,800	4,943,652
BHP Billiton Plc	878,600	31,124,565
Carpenter Technology Corp. (a)	44,966	1,603,488
Cia de Minas Buenaventura SA - ADR (a)	219,500	11,642,280
Cliffs Natural Resources, Inc.	30,200	1,969,040
Eramet	16,250	5,641,186
First Quantum Minerals Ltd.	130,000	11,383,763
Freeport-McMoRan Copper & Gold, Inc. (a)	75,300	7,129,404
Fresnillo Plc	500,000	10,011,857
Goldcorp, Inc.	190,150	8,478,788
Harry Winston Diamond Corp. (a)(b)	159,700	2,040,289
Iluka Resources Ltd. (b)	1,712,586	11,335,106
Impala Platinum Holdings Ltd.	510,200	14,404,035
Industrias Penoles SAB de CV	513,569	14,555,281
Jiangxi Copper Co. Ltd.	1,679,500	4,700,881
Kazakhmys Plc	251,400	5,297,326
Minara Resources Ltd. (b)	1,673,050	1,245,559
Minsur SA	1,504,804	5,135,207
MMC Norilsk Nickel	17,866	3,161,119
MMC Norilsk Nickel - ADR	17,323	322,386
Newcrest Mining Ltd.	138,585	5,453,838
Newmont Mining Corp.	69,150	4,209,161
OZ Minerals Ltd.	5,643,057	8,703,275
Rio Tinto Plc	517,104	33,586,222
Southern Copper Corp. (a)	85,500	3,659,400

Common Stocks		Value
Metals
& Mining (concluded)
Straits Resources Ltd.	723,850	$ 1,326,974
Teck Resources Ltd., Class B (a)	308,800	13,806,530
United States Steel Corp.	42,100	1,801,459
Vale SA - ADR (a)	849,600	27,306,144
Vedanta Resources Plc	432,700	14,389,256
Xstrata Plc	1,177,996	22,821,768
Zijin Mining Group Co. Ltd.	4,273,750	4,040,055
		346,469,203
Oil
& Gas Services—0.2%
Trican Well Service Ltd. (a)	114,300	1,981,394
Oil,
Gas & Consumable Fuels—27.7%
Alpha Natural Resources, Inc. (a)(b)	119,400	5,393,298
Apache Corp.	100,300	10,132,306
Arch Coal, Inc.	90,800	2,232,772
Bill Barrett Corp. (a)(b)	77,300	2,918,075
Cenovus Energy, Inc.	133,700	3,719,534
Chevron Corp.	18,500	1,528,285
ConocoPhillips (a)	23,900	1,419,660
Consol Energy, Inc. (a)	245,279	9,016,456
Crescent Point Energy Corp. (a)	168,800	6,686,459
Denbury Resources, Inc. (a)(b)	385,900	6,568,018
EnCana Corp. (a)	158,850	4,482,747
Energy XXI Bermuda Ltd. (a)(b)	137,600	2,991,424
EOG Resources, Inc. (a)	107,300	10,270,756
Exxon Mobil Corp.	117,000	7,776,990
Forest Oil Corp. (a)(b)	150,100	4,612,573
Galleon Energy, Inc. (b)	322,900	1,234,739
Gasco Energy, Inc. (b)	579,700	197,098
Hess Corp. (a)	59,800	3,769,194
Massey Energy Co. (a)	291,500	12,263,405
Murphy Oil Corp. (a)	34,300	2,234,988
Newfield Exploration Co. (b)	142,900	8,519,698
Noble Energy, Inc. (a)	81,300	6,624,324
Occidental Petroleum Corp. (a)	121,100	9,522,093
OGX Petroleo e Gas Participacoes SA (b)	610,000	7,975,240
Patriot Coal Corp. (a)(b)	18,960	255,770
Peabody Energy Corp.	190,000	10,051,000
Penn West Energy Trust (a)	391,000	8,914,800
PetroBakken Energy Ltd.	38,710	854,740
PetroChina Co. Ltd. - ADR (a)	15,200	1,868,840
Plains Exploration & Production Co. (a)(b)	191,500	5,337,105
Premier Oil Plc (b)	112,700	3,035,658
QEP Resources, Inc.	122,500	4,046,175
Quicksilver Resources, Inc. (a)(b)(c)	357,400	5,350,278
Range Resources Corp.	116,200	4,344,718
Southwestern Energy Co. (a)(b)	154,300	5,223,055
StatoilHydro ASA	204,700	4,471,025
Suncor Energy, Inc. (a)	155,900	4,990,359
Talisman Energy, Inc.	340,200	6,171,228
Ultra Petroleum Corp. (b)	65,300	2,687,095
Whiting Petroleum Corp. (a)(b)	124,000	12,454,560
		212,146,538
Paper
& Forest Products—5.4%
Fibria Celulose SA - ADR (b)	332,200	5,966,312
International Paper Co.	446,400	11,284,992
MeadWestvaco Corp.	490,700	12,625,711
Mondi Ltd. (b)	19,005	142,519
Mondi Plc	322,512	2,685,381
Weyerhauser Co.	515,473	8,360,971
		41,065,886
Total Long-Term Investments (Cost—$652,134,748)—99.6%		762,433,526

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 53

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

Short-Term Securities	Shares/Beneficial Interest	Value
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (d)(e)	22,448,837	$ 22,448,837
BlackRock
Liquidity Series, LLC, Money Market Series, 0.39% (d)(e)(f)	2,250,000	2,250,000
Total Short-Term Securities (Cost—$24,698,837)—3.3%		24,698,837
Options Purchased	Contracts
Over-The-Counter Put Options
Purchased—0.0%
Energy XXI
Bermuda Ltd., Strike Price USD 18, Expires 11/02/10, Broker UBS Securities LLC	17,500	2
Total Options Purchased (Cost—$2,100)—0.0%		2
Total Investments Before Outstanding
Options Written (Cost—$676,835,685*)—102.9%		787,132,365
Options Written
Exchange-Traded Call Options
Written—(1.0)%
Agnico-Eagle
Mines Ltd., Strike Price USD 65, Expires 11/22/10	300	(389,250	)
Agnico-Eagle
Mines Ltd., Strike Price USD 70, Expires 11/22/10	150	(122,625	)
Agrium,
Inc., Strike Price USD 72, Expires 11/05/10	250	(412,786	)
Agrium,
Inc., Strike Price USD 75, Expires 11/02/10	65	(87,821	)
Allegheny
Technologies, Inc., Strike Price USD 45, Expires 11/02/10	150	(115,350	)
Alpha
Natural Resources, Inc., Strike Price USD 43, Expires 11/22/10	250	(80,000	)
Alpha
Natural Resources, Inc., Strike Price USD 43, Expires 12/20/10	130	(52,650	)
Bill
Barrett Corp., Strike Price USD 35.75, Expires 11/08/10	60	(13,357	)
Carpenter
Technology Corp., Strike Price USD 35, Expires 11/22/10	158	(29,625	)
Caterpillar,
Inc., Strike Price USD 72.50, Expires 11/22/10	997	(650,543	)
Cia de
Minas Buenaventura SA - ADR, Strike Price USD 40, Expires 11/05/10	408	(532,032	)
ConocoPhillips,
Strike Price USD 61.45, Expires 12/10/10	85	(7,290	)
Consol
Energy, Inc., Strike Price USD 39, Expires 11/22/10	350	(14,700	)
Crescent
Point Energy Corp., Strike Price CAD 42, Expires 1/24/11	300	(16,913	)
Deere &
Co., Strike Price USD 70, Expires 12/20/10	310	(250,325	)
Denbury
Resources, Inc., Strike Price USD 16, Expires 12/20/10	835	(129,425	)
Dow
Chemical Co. (The), Strike Price USD 28, Expires 11/22/10	400	(124,000	)
E.I. du
Pont de Nemours & Co., Strike Price USD 43, Expires 11/04/10	110	(47,080	)
EnCana
Corp., Strike Price USD 30, Expires 11/22/10	150	(5,250	)
Energy XXI
Bermuda Ltd., Strike Price USD 25, Expires 12/18/10	37	(3,422	)
Energy XXI
Bermuda Ltd., Strike Price USD 30, Expires 11/22/10	40	(300	)
EOG
Resources, Inc., Strike Price USD 105, Expires 11/22/10	250	(18,625	)
EQT Corp.,
Strike Price USD 35, Expires 11/22/10	300	(78,000	)
Forest Oil
Corp., Strike Price USD 31, Expires 11/22/10	500	(52,500	)
Freeport-McMoRan
Copper & Gold, Inc.,
Strike
Price USD 75, Expires 11/22/10	282	(564,000	)
Harry
Winston Diamond Corp., Strike Price CAD 13, Expires 11/22/10	260	(11,089	)
Hess Corp.,
Strike Price USD 55, Expires 11/22/10	200	(163,500	)

Options Written		Value
Exchange-Traded Call Options Written
(concluded)
Key Energy
Services, Inc., Strike Price USD 10, Expires 12/20/10	980	$ (56,350	)
Monsanto
Co., Strike Price USD 57.50, Expires 12/20/10	255	(110,925	)
Mosaic Co.
(The), Strike Price USD 65, Expires 12/20/10	79	(77,815	)
Murphy Oil
Corp., Strike Price USD 66, Expires 11/30/10	150	(26,419	)
Noble
Corp., Strike Price USD 34, Expires 12/20/10	75	(16,275	)
Noble
Energy, Inc., Strike Price USD 70, Expires 11/22/10	100	(116,000	)
Noble
Energy, Inc., Strike Price USD 80, Expires 11/22/10	250	(70,000	)
Occidental
Petroleum Corp., Strike Price USD 80, Expires 11/22/10	430	(61,490	)
Olin Corp.,
Strike Price USD 20, Expires 11/22/10	635	(33,337	)
Patriot
Coal Corp., Strike Price USD 14, Expires 12/20/10	63	(5,229	)
Penn West
Energy Trust, Strike Price USD 22.50, Expires 12/20/10	247	(22,847	)
PetroChina
Co. Ltd. - ADR, Strike Price USD 115, Expires 12/20/10	57	(55,860	)
Plains
Exploration & Production Co., Strike Price USD 25, Expires 11/22/10	405	(129,600	)
Plains
Exploration & Production Co., Strike Price USD 28, Expires 11/22/10	300	(38,400	)
Potash Corp
of Saskatchewan, Inc., Strike Price USD 150, Expires 11/02/10	55	(2,472	)
Quicksilver
Resources, Inc., Strike Price USD 13, Expires 11/22/10	400	(84,000	)
Schlumberger
Ltd., Strike Price USD 60, Expires 11/22/10	380	(382,850	)
Schlumberger
Ltd., Strike Price USD 62.50, Expires 11/22/10	100	(77,000	)
Schlumberger
Ltd., Strike Price USD 66, Expires 12/15/10	115	(60,996	)
Southern
Copper Corp., Strike Price USD 30, Expires 11/08/10	280	(358,400	)
Southwestern
Energy Co., Strike Price USD 34, Expires 11/22/10	390	(37,245	)
Suncor
Energy, Inc., Strike Price USD 32.50, Expires 11/05/10	400	(15,480	)
Suncor
Energy, Inc., Strike Price USD 34, Expires 11/22/10	100	(3,650	)
Suncor
Energy, Inc., Strike Price USD 35, Expires 11/22/10	100	(2,100	)
Teck
Resources Ltd., Strike Price CAD 35, Expires 11/22/10	575	(603,245	)
Teck
Resources Ltd., Strike Price CAD 36, Expires 11/22/10	575	(544,048	)
Temple-Inland,
Inc., Strike Price USD 19, Expires 11/22/10	800	(164,000	)
Temple-Inland,
Inc., Strike Price USD 20, Expires 11/22/10	500	(66,250	)
Trican Well
Service Ltd., Strike Price CAD 16, Expires 11/22/10	430	(74,836	)
Vale SA -
ADR, Strike Price USD 30, Expires 11/22/10	200	(50,000	)
Vale SA -
ADR, Strike Price USD 34, Expires 11/22/10	200	(7,000	)
Total Exchange-Traded Call Options Written		(7,326,577	)
Exchange-Traded Put Options
Written—(0.0)%
Basic
Energy Services, Inc., Strike Price USD 11, Expires 11/08/10	100	(4,269	)
Denbury
Resources, Inc., Strike Price USD 16, Expires 11/22/10	90	(2,250	)
Total Exchange-Traded Put Options Written		(6,519	)
Over-the-Counter Call Options Written—(2.2)%
African Rainbow
Minerals Ltd., Strike Price ZAR 166.86, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	52,000	(87,115	)

See Notes to Financial Statements.

54 ANNUAL REPORT OCTOBER 31, 2010

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

Options Written		Value
Over-the-Counter Call Options Written
(continued)
African
Rainbow Minerals Ltd., Strike Price ZAR 172.53, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	52,500	$ (56,416	)
Air
Products & Chemicals, Inc., Strike Price USD 77.30, Expires 11/05/10, Broker UBS Securities LLC	36,600	(280,722	)
Alcoa,
Inc., Strike Price USD 10.53, Expires 11/04/10, Broker JPMorgan Chase Securities	119,700	(310,873	)
Alpha
Natural Resources, Inc., Strike Price USD 42, Expires 11/04/10, Broker Morgan Stanley & Co., Inc.	30,000	(98,171	)
Alumina
Ltd., Strike Price AUD 2.08, Expires 12/01/10, Broker JPMorgan Chase Securities	520,000	(39,405	)
Anglo
American Plc, Strike Price GBP 26.52, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	36,800	(151,056	)
Anglo
Platinum Ltd., Strike Price ZAR 746.20, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	18,900	(558	)
Apache
Corp., Strike Price USD 90.26, Expires 11/02/10, Broker UBS Securities LLC	17,500	(188,300	)
Apache
Corp., Strike Price USD 94.85, Expires 11/05/10, Broker JPMorgan Chase Securities	17,500	(109,005	)
Arch Coal,
Inc., Strike Price USD 24.50, Expires 11/04/10, Broker Morgan Stanley & Co., Inc.	31,000	(16,678	)
Arch Coal,
Inc., Strike Price USD 25.06, Expires 11/02/10, Broker UBS Securities LLC	30,000	(6,437	)
Barrick
Gold Corp., Strike Price USD 45.28, Expires 11/04/10, Broker JPMorgan Chase Securities	29,000	(83,108	)
Barrick
Gold Corp., Strike Price USD 45.50, Expires 11/02/10, Broker UBS Securities LLC	10,000	(26,168	)
BHP
Billiton Plc, Strike Price GBP 20.59, Expires 11/03/10, Broker UBS Securities LLC	329,500	(801,290	)
Bill
Barrett Corp., Strike Price USD 34.71, Expires 11/08/10, Broker UBS Securities LLC	21,000	(65,629	)
Calfrac
Well Services Ltd., Strike Price CAD 25.86, Expires 12/15/10, Broker Morgan Stanley & Co., Inc.	6,000	(5,735	)
Celanese
Corp., Strike Price USD 27.51, Expires 11/05/10, Broker Citigroup Global Markets, Inc.	13,000	(105,820	)
Celanese
Corp., Strike Price USD 32.68, Expires 11/05/10, Broker JPMorgan Chase Securities	25,700	(76,840	)
Cenovus
Energy, Inc., Strike Price USD 28.22, Expires 11/10/10, Broker JPMorgan Chase Securities	46,800	(17,910	)
Chevron
Corp., Strike Price USD 77.41, Expires 11/02/10, Broker JPMorgan Chase Securities	6,500	(33,836	)
Cia de
Minas Buenaventura SA - ADR, Strike Price USD 37.54, Expires 11/04/10, Broker UBS Securities LLC	41,500	(643,250	)
Cliff
Natural Resources, Inc., Strike Price USD 63.44, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	12,500	(36,383	)
Consol
Energy, Inc., Strike Price USD 37.10, Expires 11/02/10, Broker Credit Suisse First Boston	25,000	(9,625	)
Consol
Energy, Inc., Strike Price USD 42.14, Expires 11/05/10, Broker Credit Suisse First Boston	10,000	(32	)
Consol
Energy, Inc., Strike Price USD 42.98, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	10,000	—
Core
Laboratories NV, Strike Price USD 79.96, Expires 11/05/10, Broker Deutsche Bank Securities Corp.	15,000	(5,685	)
Core
Laboratories NV, Strike Price USD 86.86, Expires 11/15/10, Broker Morgan Stanley & Co., Inc.	34,500	(1,052	)
Crescent
Point Energy Corp., Strike Price CAD 37.91, Expires 11/02/10, Broker Deutsche Bank Securities Corp.	30,000	(73,301	)
Denbury
Resources, Inc., Strike Price USD 15.47, Expires 11/04/10, Broker JPMorgan Chase Securities	57,500	(90,184	)
Dow
Chemical Co. (The), Strike Price USD 24.93, Expires 11/04/10, Broker JPMorgan Chase Securities	30,200	(178,231	)
E.I. du
Pont de Nemours & Co., Strike Price USD 44.95, Expires 11/04/10, Broker JPMorgan Chase Securities	162,000	(379,197	)

Options Written		Value
Over-the-Counter Call Options Written
(continued)
EnCana
Corp., Strike Price USD 29.51, Expires 11/05/10, Broker Credit Suisse First Boston	30,000	$ (2,194	)
Energy XXI
Bermuda Ltd., Strike Price USD 22.50, Expires 11/02/10, Broker UBS Securities LLC	16,000	(4,970	)
EOG
Resources, Inc., Strike Price USD 94.37, Expires 11/02/10, Broker Credit Suisse First Boston	10,000	(21,213	)
EQT Corp.,
Strike Price USD 38.44, Expires 11/05/10, Broker Morgan Stanley & Co., Inc.	10,000	(1,418	)
EQT Corp.,
Strike Price USD 39.80, Expires 11/12/10, Broker UBS Securities LLC	10,000	(727	)
Eramet,
Strike Price EUR 218.40, Expires 11/03/10, Broker Credit Suisse First Boston	3,300	(142,770	)
Eramet,
Strike Price EUR 232.61, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	2,800	(65,611	)
Exxon Mobil
Corp., Strike Price USD 62.27, Expires 11/08/10, Broker UBS Securities LLC	41,000	(172,200	)
Fibria
Celulose SA - ADR, Strike Price USD 17.43, Expires 11/08/10, Broker UBS Securities LLC	124,500	(100,799	)
First
Quantum Minerals Ltd., Strike Price CAD 60.16, Expires 11/04/10, Broker UBS Securities LLC	48,000	(1,371,899	)
Fresnillo
Plc, Strike Price GBP 11.26, Expires 11/03/10, Broker Credit Suisse First Boston	187,500	(376,221	)
Galleon
Energy, Inc., Strike Price CAD 3.67, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	26,500	(6,830	)
Galleon
Energy, Inc., Strike Price CAD 3.68, Expires 11/04/10, Broker Goldman Sachs & Co.	80,000	(18,296	)
Goldcorp,
Inc., Strike Price USD 42.47, Expires 11/04/10, Broker Morgan Stanley & Co., Inc.	36,000	(80,189	)
Goldcorp,
Inc., Strike Price USD 45.21, Expires 12/15/10, Broker UBS Securities LLC	26,500	(46,902	)
Halliburton
Co., Strike Price USD 29.66, Expires 11/08/10, Broker UBS Securities LLC	69,500	(165,588	)
Harry
Winston Diamond Corp., Strike Price CAD 11.59, Expires 11/04/10, Broker UBS Securities LLC	30,000	(42,459	)
Iluka
Resources Ltd., Strike Price AUD 6.95, Expires 12/01/10, Broker Citigroup Global Markets, Inc.	565,200	(102,210	)
Impala
Platinum Holdings Ltd., Strike Price ZAR 208.92, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	191,500	(7,041	)
Industrias
Penoles SAB de CV, Strike Price MXN 274.76, Expires 11/08/10, Broker Credit Suisse First Boston	200,000	(1,223,825	)
Industrias
Penoles SAB de CV, Strike Price MXN 285.61, Expires 11/16/10, Broker Morgan Stanley & Co., Inc.	41,500	(218,547	)
International
Paper Co., Strike Price USD 21.57, Expires 11/04/10, Broker Morgan Stanley & Co., Inc.	167,400	(621,054	)
Jiangxi
Copper Co. Ltd., Strike Price HKD 22.39, Expires 12/01/10, Broker Deutsche Bank Securities Corp.	555,000	(49,153	)
Kazakhmys
Plc, Strike Price GBP 12.98, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	94,300	(52,061	)
Massey
Energy Co., Strike Price USD 33.18, Expires 11/05/10, Broker Citigroup Global Markets, Inc.	100,000	(889,000	)
MeadWestvaco
Corp., Strike Price USD 21.82, Expires 11/04/10, Broker Credit Suisse First Boston	92,000	(360,143	)
MeadWestvaco
Corp., Strike Price USD 24.35, Expires 11/12/10, Broker Citigroup Global Markets, Inc.	92,000	(132,654	)
Minara
Resources Ltd., Strike Price AUD 0.83, Expires 12/01/10, Broker Citigroup Global Markets, Inc.	552,100	(5,530	)
Minsur SA,
Strike Price PEN 6.86, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	250,000	(240,430	)
Minsur SA,
Strike Price PEN 6.87, Expires 11/08/10, Broker Citigroup Global Markets, Inc.	250,000	(239,500	)
MMC Norilsk
Nickel - ADR, Strike Price USD 17.60, Expires 11/03/10, Broker Credit Suisse First Boston	17,300	(18,182	)
Mondi Plc,
Strike Price GBP 4.76, Expires 11/03/10, Broker UBS Securities LLC	121,000	(85,608	)

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 55

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

Options Written		Value
Over-the-Counter Call Options Written
(continued)
Newcrest
Mining Ltd., Strike Price AUD 42.03, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	45,800	$ (27,103	)
Newfield
Exploration Co., Strike Price USD 52, Expires 11/05/10, Broker UBS Securities LLC	53,500	(407,911	)
Newmont
Mining Corp., Strike Price USD 59.67, Expires 11/04/10, Broker JPMorgan Chase Securities	26,000	(43,852	)
Noble
Corp., Strike Price USD 35.27, Expires 11/05/10, Broker Morgan Stanley & Co., Inc.	13,198	(3,226	)
OGX
Petroleo e Gas Participacoes SA, Strike Price BRL 20.49, Expires 11/08/10, Broker Citigroup Global Markets, Inc.	200,000	(207,706	)
OZ Minerals
Ltd., Strike Price AUD 1.65, Expires 12/01/10, Broker JPMorgan Chase Securities	1,862,200	(74,539	)
Peabody
Energy Corp., Strike Price USD 47, Expires 11/04/10, Broker Morgan Stanley & Co., Inc.	44,000	(259,600	)
Peabody
Energy Corp., Strike Price USD 48.12, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	27,500	(131,340	)
Penn West
Energy Trust, Strike Price USD 19.34, Expires 11/05/10, Broker UBS Securities LLC	55,000	(190,300	)
Penn West
Energy Trust, Strike Price USD 20.01, Expires 11/05/10, Broker Morgan Stanley & Co., Inc.	66,800	(186,372	)
PetroBakken
Energy Ltd., Strike Price CAD 20.44, Expires 11/04/10, Broker Goldman Sachs & Co.	14,500	(29,572	)
Potash Corp
of Saskatchewan, Inc., Strike Price USD 156.35, Expires 11/05/10, Broker UBS Securities LLC	19,800	(2,674	)
Praxair,
Inc., Strike Price USD 90.80, Expires 11/05/10, Broker JPMorgan Chase Securities	63,500	(85,096	)
Premier Oil
Plc, Strike Price GBP 15.79, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	42,200	(69,751	)
QEP
Resources, Inc., Strike Price USD 30.80, Expires 11/02/10, Broker UBS Securities LLC	21,500	(47,945	)
QEP
Resources, Inc., Strike Price USD 31.39, Expires 11/08/10, Broker UBS Securities LLC	21,500	(36,454	)
Quicksilver
Resources, Inc., Strike Price USD 12.59, Expires 11/04/10, Broker JPMorgan Chase Securities	85,000	(202,453	)
Range
Resources Corp., Strike Price USD 35, Expires 11/05/10, Broker Citigroup Global Markets, Inc.	43,500	(107,163	)
Range
Resources Corp., Strike Price USD 41.71, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	10,000	(7	)
Rio Tinto
Plc, Strike Price GBP 34.97, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	194,000	(1,730,311	)
Seadrill
Ltd., Strike Price NOK 147.60, Expires 11/03/10, Broker Credit Suisse First Boston	35,000	(180,396	)
Southwestern
Energy Co., Strike Price USD 40.30, Expires 11/02/10, Broker Morgan Stanley & Co., Inc.	15,000	—
Statoil
ASA, Strike Price NOK 128.26, Expires 11/11/10, Broker Deutsche Bank Securities Corp.	76,700	(23,276	)
Straits
Resources Ltd., Strike Price AUD 1.92, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	238,900	(11,421	)
Talisman
Energy, Inc., Strike Price USD 17.56, Expires 11/05/10, Broker UBS Securities LLC	120,000	(82,289	)
Technip SA,
Strike Price EUR 54.70, Expires 11/03/10, Broker Morgan Stanley & Co., Inc.	11,200	(90,865	)
Ultra
Petroleum Corp., Strike Price USD 40.64, Expires 11/05/10, Broker Goldman Sachs & Co.	23,000	(23,900	)
United
States Steel Corp., Strike Price USD 48.80, Expires 11/05/10, Broker UBS Securities LLC	15,800	(175	)
Vale SA -
ADR, Strike Price USD 29.09, Expires 11/04/10, Broker UBS Securities LLC	296,000	(902,800	)
Vedanta
Resources Plc, Strike Price GBP 26.33, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	162,300	(5	)
Weyerhaeuser
Co., Strike Price USD 16.80, Expires 11/05/10, Broker JPMorgan Chase Securities	89,500	(7,203	)
Weyerhaeuser
Co., Strike Price USD 17.05, Expires 11/02/10, Broker JPMorgan Chase Securities	65,000	(1,025	)

Options Written		Value
Over-the-Counter
Call Options Written (concluded)
Weyerhaeuser
Co., Strike Price USD 17.15, Expires 11/02/10, Broker JPMorgan Chase Securities	50,000	$ (508	)
Whiting
Petroleum Corp., Strike Price USD 100.10, Expires 11/19/10, Broker JPMorgan Chase Securities	16,000	(54,432	)
Whiting
Petroleum Corp., Strike Price USD 96.41, Expires 11/05/10, Broker JPMorgan Chase Securities	16,000	(72,502	)
Whiting
Petroleum Corp., Strike Price USD 98.25, Expires 11/12/10, Broker JPMorgan Chase Securities	16,000	(61,615	)
Xstrata
Plc, Strike Price GBP 11.06, Expires 11/03/10, Broker Credit Suisse First Boston	440,000	(739,428	)
Zijin
Mining Group Co. Ltd., Strike Price HKD 8.19, Expires 12/01/10, Broker Deutsche Bank Securities Corp.	1,410,000	(31,078	)
Total Over-the-Counter Call Options Written		(16,969,529	)
Over-the-Counter Put Option
Written—(0.0)%
Energy XXI
Bermuda Ltd., Strike Price USD 17.50, Expires 11/02/10, Broker UBS Securities LLC	17,500	(7	)
Total Options Written (Premiums Received—$11,589,432)—(3.2)%		(24,302,632	)
Total Investments Net of Outstanding Options Written—99.7%		762,829,733
Other Assets Less Liabilities—0.3%		2,633,471
Net Assets—100.0%		$ 765,463,204

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 149,273,254
Gross unrealized depreciation	(76,303,823	)
Net unrealized appreciation	$ 72,969,431

| (a) | Security, or a portion thereof, pledged/held as collateral
for outstanding options written. |
| --- | --- |
| (b) | Non-income producing security. |
| (c) | Security, or a portion of security, is on loan. |
| (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, as amended, were as follows: |

| Affiliate | Shares/ Beneficial Interest Held at October 31, 2009 | Net
Activity | | Shares/ Beneficial Interest Held at October 31, 2010 | Income |
| --- | --- | --- | --- | --- | --- |
| BlackRock Liquidity Funds, TempFund, Institutional Class | 35,341,819 | (12,892,982 | ) | 22,448,837 | $ 47,952 |
| BlackRock Liquidity Series, LLC Money Market Series | 1,360,000 | 890,000 | | 2,250,000 | $ 3,911 |

(e)	Represents current yield as of report date.
(f)	Security purchased with the cash collateral from
securities loans.

See Notes to Financial Statements.

56 ANNUAL REPORT OCTOBER 31, 2010

Schedule of Investments (concluded) BlackRock Real Asset Equity Trust (BCF)

• Foreign currency exchange contracts as of October 31, 2010 were as follows:

Currency Purchased	Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
USD 19,587	CAD	20,000	Citigroup Global Markets	11/01/10	$ (22	)

| • | For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or defined by Trust management. This definition may not apply
for purposes of this report, which may combine industry sub-classifications
for reporting ease. | |
| --- | --- | --- |
| • | Fair Value Measurements—Various inputs are used in
determining the fair value of investments and derivatives, which are as
follows: | |
| | • | Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities |
| | • | Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
| | • | Level 3 - unobservable inputs based on the best
information available In the circumstances, to the extent observable inputs
are not available (including the Trust’s own assumptions used in determining
the fair value of investments and derivatives) |
| | The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and other significant accounting policies, please
refer to Note 1 of the Notes to Financial Statements. | |
| | The following tables summarize the inputs used as of
October 31, 2010 in determining the fair valuation of the Trust’s investments
and derivatives: | |

| Valuation Inputs | Level
1 | Level
2 | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments
in Securities: | | | | |
| Common
Stocks: | | | | |
| Chemicals | $ 82,750,360 | — | — | $ 82,750,360 |
| Containers
& Packaging | 7,193,632 | — | — | 7,193,632 |
| Energy
Equipment & Services | 31,899,780 | $ 5,649,944 | — | 37,549,724 |
| Gas
Utilities | 6,031,584 | — | — | 6,031,584 |
| Machinery | 27,245,205 | — | — | 27,245,205 |
| Metals
& Mining | 149,109,316 | 197,359,887 | — | 346,469,203 |
| Oil &
Gas Services | 1,981,394 | — | — | 1,981,394 |
| Oil, Gas
& Consumable Fuels | 204,639,855 | 7,506,683 | — | 212,146,538 |
| Paper &
Forest Products | 38,380,505 | 2,685,381 | — | 41,065,886 |
| Short-Term Securities | 22,448,837 | 2,250,000 | — | 24,698,837 |
| Total | $ 571,680,468 | $ 215,451,895 | — | $ 787,132,363 |

| Derivative
Financial Instruments 1 — Valuation Inputs | Level
1 | | Level
2 | Level
3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | | |
| Equity
contracts | — | | $ 2 | | — | $ 2 | |
| Liabilities: | | | | | | | |
| Equity
contracts | $ (5,649,344 | ) | (18,653,288 | ) | — | (24,302,632 | ) |
| Foreign
currency exchange contracts | — | | (22 | ) | — | (22 | ) |
| Total | $ (5,649,344 | ) | $ (18,653,308 | ) | — | $ (24,302,652 | ) |

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

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 57

Schedule of Investments October 31, 2010
(Percentages shown are based on Net Assets)

Common Stocks		Value
Australia—4.8%
Australia & New Zealand Banking Group Ltd.	22,700	$ 553,804
BHP Billiton Ltd.	17,825	736,550
Foster’s Group Ltd.	113,300	649,600
National Australia Bank Ltd.	43,800	1,096,240
Santos Ltd.	90,800	1,122,727
		4,158,921
Belgium—0.9%
Mobistar SA	5,120	338,943
Solvay SA	4,100	434,479
		773,422
Canada—6.4%
Bank of Montreal (a)	22,800	1,346,450
Bank of Nova Scotia (a)	13,500	723,644
Enbridge, Inc. (a)	14,950	826,875
National Bank of Canada (a)	6,800	447,577
Royal Bank of Canada	28,800	1,535,868
Suncor Energy, Inc. (a)	4,450	142,589
TransCanada Corp.	12,300	454,300
		5,477,303
Finland—0.6%
Kesko Oyj, B Shares	10,500	521,055
France—4.4%
Bouygues SA	10,700	473,245
PPR (a)	1,800	296,052
Sanofi-Aventis SA (a)	4,600	322,285
Schneider Electric SA	5,470	777,187
Societe Generale	4,400	263,846
Total SA	17,000	925,382
Vinci SA (a)	13,700	734,615
		3,792,612
Germany—3.5%
Allianz SE	5,600	701,276
BASF SE	14,200	1,032,508
RWE AG	4,300	308,138
SAP AG	7,850	408,979
Siemens AG	4,700	536,342
		2,987,243
Hong
Kong—2.4%
Esprit Holdings Ltd.	67,460	364,096
Hang Seng Bank Ltd.	21,200	310,633
Hongkong Electric Holdings Ltd.	130,100	827,083
Hopewell Holdings Ltd.	178,000	560,752
		2,062,564
Italy—1.7%
Enel SpA (a)	66,300	378,714
ENI SpA (a)	48,300	1,087,594
		1,466,308
Japan—4.6%
Canon, Inc.	11,200	515,573
Hitachi Koki Co. Ltd.	38,400	325,743
Mitsui & Co. Ltd.	50,400	792,661
Oracle Corp. Japan	13,900	630,514
Ricoh Co. Ltd.	49,000	685,442
Sharp Corp.	37,000	365,500
Takeda Pharmaceutical Co. Ltd.	14,000	656,268
		3,971,701
Netherlands—0.5%
Koninklijke (Royal) KPN NV	27,500	459,286
Portugal—0.7%
Portugal Telecom SGPS SA	39,600	572,314

Common Stocks		Value
Singapore—1.6%
K-Green Trust (b)	14,200	$ 11,849
Keppel Corp. Ltd.	71,000	549,151
Singapore Technologies Engineering Ltd.	166,000	425,617
United Overseas Bank Ltd.	26,400	381,055
		1,367,672
Spain—1.9%
ACS Actividades de Construccion y Servicios SA	7,900	414,726
Banco Santander SA	43,700	560,916
Iberdrola SA	40,600	343,023
Indra Sistemas SA	15,900	311,555
		1,630,220
Sweden—4.2%
Axfood AB	9,200	322,763
Hennes & Mauritz AB	27,200	958,009
Ratos AB, B Shares	23,700	844,993
Scania AB, B Shares	46,500	988,702
TeliaSonera AB	58,800	491,155
		3,605,622
Switzerland—0.9%
Nestle SA	6,900	377,944
Zurich Financial Services AG	1,544	377,844
		755,788
United
Kingdom—7.8%
AstraZeneca Plc	17,700	890,348
Barclays Plc	53,300	234,225
BHP Billiton Plc	14,150	501,266
British American Tobacco Plc	17,300	659,069
GlaxoSmithKline Plc	32,425	633,184
HSBC Holdings Plc	128,100	1,333,226
Man Group Plc	76,400	319,324
Royal Dutch Shell Plc, A Shares (a)	16,700	541,703
Scottish & Southern Energy Plc	35,000	646,816
Standard Chartered Plc	33,550	970,434
		6,729,595
United
States—47.5%
3M Co. (a)	6,400	539,008
Abbott Laboratories	13,700	703,084
Aflac, Inc. (a)	8,950	500,216
Altria Group, Inc. (a)	51,700	1,314,214
Ameren Corp. (a)	26,400	765,072
American Express Co. (a)	11,200	464,352
AT&T Inc. (a)	78,250	2,230,125
Automatic Data Processing, Inc. (a)	11,700	519,714
Bank of America Corp. (a)	23,475	268,554
Bristol-Myers Squibb Co. (a)	47,300	1,272,370
Caterpillar, Inc. (a)	14,150	1,112,190
CenturyLink, Inc.	15,900	657,942
Chevron Corp. (a)	21,425	1,769,919
Chubb Corp. (a)	7,700	446,754
Cincinnati Financial Corp.	15,000	441,600
Coca-Cola Co. (The) (a)	13,300	815,556
Consolidated Edison, Inc. (a)	18,400	914,848
Dominion Resources, Inc. (a)	10,800	469,368
Eaton Vance Corp. (a)	13,700	394,149
Emerson Electric Co. (a)	32,300	1,773,270
Equity Residential - REIT (a)	13,200	641,916
Exxon Mobil Corp. (a)	35,400	2,353,038
General Electric Co. (a)	68,900	1,103,778
Genuine Parts Co. (a)	7,900	378,094
Goldman Sachs Group, Inc. (The) (a)	3,650	587,468
HCP, Inc. - REIT (a)	14,025	505,040
Health Care REIT, Inc. (a)	13,200	674,520
Hewlett-Packard Co. (a)	8,000	336,480

See Notes to Financial Statements. — 58	ANNUAL REPORT	OCTOBER 31, 2010

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

Common Stocks	Shares	Value
United
States (concluded)
Home Depot, Inc. (a)	14,700	$ 453,936
Hudson City Bancorp, Inc. (a)	30,625	356,781
Intel Corp. (a)	52,800	1,059,696
International Business Machines Corp. (a)	10,025	1,439,590
Johnson & Johnson (a)	8,900	566,663
Kraft Food, Inc. (a)	15,208	490,762
Liberty Property Trust - REIT	9,800	327,908
M&T Bank Corp. (a)	5,900	441,025
McDonald’s Corp. (a)	16,100	1,252,097
Merck & Co., Inc. (a)	22,600	819,928
MetLife, Inc. (a)	10,300	415,399
Microchip Technology, Inc. (a)	23,900	769,102
Microsoft Corp.	45,500	1,212,120
Nationwide Health Properties, Inc. - REIT (a)	18,025	735,961
PepsiCo, Inc. (a)	9,800	639,940
Pfizer, Inc.	36,400	633,360
Philip Morris International, Inc. (a)	14,600	854,100
PPG Industries, Inc. (a)	9,325	715,227
Reynolds American, Inc. (a)	8,300	538,670
Southern Co. (a)	11,500	435,505
T. Rowe Price Group, Inc. (a)	8,300	458,741
United Technologies Corp. (a)	12,700	949,579
Wal-Mart Stores, Inc. (a)	11,700	633,789
Wells Fargo & Co. (a)	27,700	722,416
		40,874,934
Total Common Stocks—94.4%		81,206,560
Rights—0.0%
United
Kingdom—0.0%
Standard Chartered Plc (b)	4,193	35,307
Total Long-Term Investments (Cost—$77,991,315)—94.4%		81,241,867
Short-Term Securities
BlackRock
Liquidity Funds, TempFund, Institutional Class, 0.21% (c)(d)	5,624,436	5,624,436
Total Short-Term Securities (Cost—$5,624,436)—6.5%		5,624,436
Total Investments Before Outstanding
Options Written (Cost—$83,615,751*)—100.9%		86,866,303
Options Written	Contracts
Exchange-Traded
Call Options Written—(0.5)%
3M Co., Strike Price USD 90, Expires 11/22/10	25	(637	)
Aflac, Inc., Strike Price USD 49, Expires 11/22/10	35	(24,413	)
Altria Group, Inc., Strike Price USD 25, Expires 12/20/10	100	(7,950	)
American Express Co., Strike Price USD 44, Expires
11/22/10	45	(945	)
AT&T Inc., Strike Price USD 28.25, Expires 11/02/10	75	(2,475	)
AT&T Inc., Strike Price USD 29, Expires 11/22/10	240	(5,280	)
Automatic
Data Processing, Inc., Strike Price USD 42, Expires 11/22/10	50	(13,000	)
Bank of America Corp., Strike Price USD 14, Expires
11/22/10	92	(138	)
Bank of Montreal, Strike Price CAD 60, Expires 12/20/10	90	(16,987	)
Bank of Nova Scotia, Strike Price CAD 54, Expires 11/22/10	54	(6,142	)
Bristol-Myers Squibb Co., Strike Price USD 28, Expires
11/22/10	50	(375	)
Caterpillar, Inc., Strike Price USD 80, Expires 11/22/10	60	(8,730	)
Chevron Corp., Strike Price USD 85, Expires 11/22/10	85	(4,675	)

Options Written		Value
Exchange-Traded
Call Options Written (concluded)
Chubb
Corp., Strike Price USD 60, Expires 11/22/10	20	$ (590	)
Coca-Cola
Co. (The), Strike Price USD 60, Expires 11/22/10	55	(9,433	)
Consolidated
Edison, Inc., Strike Price USD 49, Expires 11/22/10	75	(7,313	)
Dominion
Resources, Inc., Strike Price USD 45, Expires 11/22/10	43	(860	)
Eaton Vance
Corp., Strike Price USD 30, Expires 11/22/10	55	(1,650	)
Emerson
Electric Co., Strike Price USD 52.50, Expires 12/20/10	120	(34,258	)
Enbridge,
Inc., Strike Price CAD 54, Expires 11/22/10	7	(1,754	)
Enbridge,
Inc., Strike Price CAD 56, Expires 11/22/10	53	(4,781	)
Enel SpA,
Strike Price EUR 4, Expires 11/19/10	53	(5,241	)
ENI SpA,
Strike Price EUR 16.50, Expires 11/19/10	38	(4,404	)
Equity
Residential - REIT, Strike Price USD 50, Expires 11/22/10	55	(3,438	)
Exxon Mobil
Corp., Strike Price USD 62.50, Expires 11/22/10	70	(28,350	)
General
Electric Co., Strike Price USD 16.50, Expires 11/02/10	55	(148	)
General
Electric Co., Strike Price USD 17, Expires 11/22/10	220	(1,430	)
Genuine
Parts Co., Strike Price USD 45, Expires 11/22/10	32	(9,680	)
Goldman
Sachs Group, Inc. (The), Strike Price USD 155, Expires 11/22/10	15	(11,738	)
HCP, Inc. -
REIT, Strike Price USD 37, Expires 11/02/10	56	(521	)
Health Care
REIT, Inc., Strike Price USD 51, Expires 11/24/10	53	(4,865	)
Hewlett-Packard
Co., Strike Price USD 40, Expires 11/22/10	15	(3,600	)
Hewlett-Packard
Co., Strike Price USD 41, Expires 11/22/10	20	(3,280	)
Home Depot,
Inc., Strike Price USD 31, Expires 11/22/10	58	(4,118	)
Hudson City
Bancorp, Inc., Strike Price USD 12.35, Expires 11/22/10	120	(364	)
Intel
Corp., Strike Price USD 19.25, Expires 11/22/10	110	(10,377	)
Intel
Corp., Strike Price USD 20, Expires 11/22/10	110	(5,005	)
International
Business Machines Corp., Strike Price USD 135, Expires 11/22/10	20	(17,450	)
Johnson
& Johnson, Strike Price USD 65, Expires 12/20/10	35	(1,907	)
Kraft
Foods, Inc., Strike Price USD 31.50, Expires 11/02/10	60	(4,704	)
M&T
Bank Corp., Strike Price USD 80, Expires 11/22/10	12	(300	)
M&T
Bank Corp., Strike Price USD 95, Expires 11/22/10	12	(60	)
Merck &
Co., Inc., Strike Price USD 37, Expires 11/22/10	90	(3,735	)
MetLife,
Inc., Strike Price USD 39, Expires 11/22/10	40	(6,600	)
Microchip
Technology, Inc., Strike Price USD 32, Expires 11/22/10	100	(8,750	)
National
Bank of Canada, Strike Price CAD 68, Expires 11/22/10	30	(1,750	)
Philip
Morris International, Inc., Strike Price USD 57.50, Expires 11/22/10	60	(9,540	)
PPG
Industries, Inc., Strike Price USD 73, Expires 11/22/10	37	(14,628	)
PPR, Strike
Price EUR 120, Expires 11/19/10	7	(2,205	)
Reynolds
American, Inc., Strike Price USD 60, Expires 11/22/10	33	(16,665	)
Royal Dutch
Shell Plc, Strike Price EUR 23, Expires 11/19/10	67	(4,345	)
Sanofi-Aventis
SA, Strike Price EUR 50, Expires 11/19/10	19	(3,333	)
Southern
Co., Strike Price USD 38, Expires 12/20/10	45	(3,037	)
Suncor
Energy, Inc., Strike Price CAD 34, Expires 11/22/10	18	(653	)
T. Rowe
Price Group, Inc., Strike Price USD 50, Expires 11/22/10	33	(18,480	)
United
Technologies Corp., Strike Price USD 70, Expires 11/22/10	26	(12,870	)
United
Technologies Corp., Strike Price USD 72.50, Expires 11/22/10	25	(6,925	)
Vinci SA,
Strike Price EUR 38, Expires 11/19/10	54	(9,613	)
Wal-Mart
Stores, Inc., Strike Price USD 53.25, Expires 11/02/10	47	(4,612	)
Total Exchange-Traded Call Options Written		(401,107	)
Over-the-Counter Call Options
Written—(0.5)%
Abbott
Laboratories, Strike Price USD 53.10, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	5,500	(348	)

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2010	59

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

Options Written		Value
Over-the-Counter
Call Options Written (continued)
ACS
Actividades de Construccion y Servicios SA, Strike Price EUR 37.03, Expires 11/11/10, Broker Credit Suisse First Boston	3,200	$ (4,187	)
Allianz SE,
Strike Price EUR 85.80, Expires 11/16/10, Broker Credit Suisse First Boston	2,300	(13,407	)
Altria
Group, Inc., Strike Price USD 24.50, Expires 11/08/10, Broker JPMorgan Chase Securities	10,000	(9,200	)
Ameren
Corp., Strike Price USD 29.25, Expires 11/08/10, Broker Morgan Stanley & Co., Inc.	10,600	(2,518	)
AstraZeneca
Plc, Strike Price GBP 33.51, Expires 11/03/10, Broker Credit Suisse First Boston	7,000	—
Australia
& New Zealand Banking Group Ltd., Strike Price AUD 24.31, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	9,000	(7,721	)
Axfood AB,
Strike Price SEK 224.52, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	3,700	(5,447	)
Banco
Santander SA, Strike Price EUR 10.34, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	24,900	(201	)
Barclays
Plc, Strike Price GBP 3.12, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	21,400	(5	)
BASF SE,
Strike Price EUR 43.85, Expires 11/03/10, Broker Citigroup Global Markets, Inc.	5,700	(68,030	)
BHP
Billiton Ltd., Strike Price AUD 41.94, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	7,100	(8,472	)
BHP
Billiton Plc, Strike Price GBP 20.59, Expires 11/03/10, Broker UBS Securities LLC	5,700	(13,862	)
Bouygues
SA, Strike Price EUR 32.54, Expires 11/16/10, Broker Citigroup Global Markets, Inc.	4,300	(2,759	)
Bristol-Myers
Squibb Co., Strike Price USD 27.09, Expires 11/02/10, Broker UBS Securities LLC	14,000	(2,204	)
British
American Tobacco Plc, Strike Price GBP 24.10, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	6,900	(1,695	)
Canon,
Inc., Strike Price JPY 3,927, Expires 12/01/10, Broker Goldman Sachs & Co.	4,500	(3,272	)
CenturyLink,
Inc., Strike Price USD 40.25, Expires 11/08/10, Broker Goldman Sachs & Co.	6,000	(6,780	)
Chubb
Corp., Strike Price USD 57.53, Expires 12/02/10, Broker JPMorgan Chase Securities	1,000	(1,362	)
Cincinnati
Financial Corp., Strike Price USD 28.97, Expires 11/30/10, Broker Citigroup Global Markets, Inc.	6,000	(4,608	)
Esprit
Holdings Ltd., Strike Price HKD 44.22, Expires 12/01/10, Broker JPMorgan Chase Securities	27,000	(2,023	)
Exxon Mobil
Corp., Strike Price USD 61.20, Expires 11/08/10, Broker UBS Securities LLC	7,000	(37,030	)
Foster’s
Group Ltd., Strike Price AUD 6.13, Expires 12/01/10, Broker JPMorgan Chase Securities	45,300	(1,611	)
GlaxoSmithKline
Plc, Strike Price GBP 13.08, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	13,000	(8	)
Hang Seng
Bank Ltd., Strike Price HKD 118.47, Expires 12/01/10, Broker Deutsche Bank Securities Corp.	8,500	(443	)
Hennes
& Mauritz AB, Strike Price SEK 249.08, Expires 11/16/10, Broker Credit Suisse First Boston	10,900	(492	)
Hitachi
Koki Co. Ltd., Strike Price JPY 700.77, Expires 12/01/10, Broker Goldman Sachs & Co.	15,300	(3,250	)
Hongkong
Electric Holdings Ltd., Strike Price HKD 48.68, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	52,000	(6,513	)
Hopewell
Holdings Ltd., Strike Price HKD 25.15, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	71,000	(1,294	)
HSBC
Holdings Plc, Strike Price GBP 6.90, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	51,300	(795	)
Iberdrola
SA, Strike Price EUR 5.88, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	16,300	(5,142	)
Indra
Sistemas SA, Strike Price EUR 14.13, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	6,400	(1,787	)

Options Written		Value
Over-the-Counter
Call Options Written (continued)
International
Business Machines Corp., Strike Price USD 138, Expires 11/08/10, Broker Citigroup Global Markets, Inc.	2,000	$ (11,348	)
Keppel Corp
Ltd., Strike Price SGD 9.64, Expires 12/01/10, Broker JPMorgan Chase Securities	29,000	(9,793	)
Kesko Oyj,
Strike Price EUR 33.77, Expires 11/11/10, Broker Morgan Stanley & Co., Inc.	4,200	(11,610	)
Koninklijke
KPN NV, Strike Price EUR 11.56, Expires 11/03/10, Broker UBS Securities LLC	11,000	(6,792	)
Liberty
Property Trust - REIT, Strike Price USD 32.55, Expires 11/30/10, Broker UBS Securities LLC	4,000	(5,749	)
Man Group
Plc, Strike Price GBP 2.21, Expires 11/03/10, Broker UBS Securities LLC	31,000	(19,882	)
McDonald’s
Corp., Strike Price USD 75.73, Expires 12/06/10, Broker Morgan Stanley & Co., Inc.	6,500	(16,733	)
Microsoft
Corp., Strike Price USD 25.78, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	18,000	(16,980	)
Mitsui
& Co. Ltd., Strike Price JPY 1,374.96, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	20,200	(2,630	)
Mobistar
SA, Strike Price EUR 46.01, Expires 11/16/10, Broker UBS Securities LLC	2,100	(4,695	)
National
Australia Bank Ltd., Strike Price AUD 26.29, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	17,500	(4,889	)
Nationwide
Health Properties, Inc. - REIT, Strike Price USD 41.10, Expires 11/24/10, Broker JPMorgan Chase Securities	7,200	(5,700	)
Nestle SA,
Strike Price CHF 54.97, Expires 11/03/10, Broker UBS Securities LLC	2,800	(104	)
Oracle
Corp. Japan, Strike Price JPY 3,698.32, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	5,600	(6,505	)
PepsiCo,
Inc., Strike Price USD 66.50, Expires 11/02/10, Broker Citigroup Global Markets, Inc.	4,000	(203	)
Pfizer,
Inc., Strike Price USD 16.30, Expires 11/08/10, Broker JPMorgan Chase Securities	5,600	(6,236	)
Pfizer,
Inc., Strike Price USD 17.50, Expires 11/02/10, Broker UBS Securities LLC	7,000	(807	)
Pfizer,
Inc., Strike Price USD 17.62, Expires 11/24/10, Broker JPMorgan Chase Securities	2,000	(614	)
Portugal
Telecom SGPS SA, Strike Price EUR 9.85, Expires 11/16/10, Broker UBS Securities LLC	15,900	(11,900	)
Ratos AB,
Strike Price SEK 234.61, Expires 11/16/10, Broker UBS Securities LLC	9,500	(10,830	)
Ricoh Co.
Ltd., Strike Price JPY 1,208.17, Expires 11/09/10, Broker UBS Securities LLC	20,000	(908	)
Royal Bank
of Canada, Strike Price CAD 54.52, Expires 11/10/10, Broker Goldman Sachs & Co.	11,500	(6,331	)
RWE AG,
Strike Price EUR 50.35, Expires 11/11/10, Broker UBS Securities LLC	1,700	(3,239	)
Santos
Ltd., Strike Price AUD 13.11, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	36,400	(6,159	)
SAP AG,
Strike Price EUR 36.09, Expires 11/03/10, Broker Credit Suisse First Boston	3,200	(5,382	)
Scania AB,
Strike Price SEK 146.96, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	18,600	(2,466	)
Schneider
Electric SA, Strike Price EUR 95.92, Expires 11/16/10, Broker Credit Suisse First Boston	2,200	(20,976	)
Scottish
& Southern Energy Plc, Strike Price GBP 11.43, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	14,000	(4,146	)
Sharp
Corp., Strike Price JPY 868.02, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	14,000	(1,169	)
Siemens AG,
Strike Price EUR 79.36, Expires 11/11/10, Broker Credit Suisse First Boston	1,900	(9,067	)
Singapore
Technologies Engineering Ltd., Strike Price SGD 3.29, Expires 12/01/10, Broker JPMorgan Chase Securities	66,000	(3,729	)

See Notes to Financial Statements. — 60	ANNUAL REPORT	OCTOBER 31, 2010

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

Options Written		Value
Over-the-Counter
Call Options Written (concluded)
Societe
Generale, Strike Price EUR 45.36, Expires 11/16/10, Broker Credit Suisse First Boston	1,800	$ (1,468	)
Solvay SA,
Strike Price EUR 80.09, Expires 11/16/10, Broker UBS Securities LLC	1,700	(398	)
Standard
Chartered Plc, Strike Price GBP 18.45, Expires 11/11/10, Broker Credit Suisse First Boston	13,909	(5,454	)
Takeda
Pharmaceutical Co. Ltd., Strike Price JPY 3,923.85, Expires 12/01/10, Broker Morgan Stanley & Co., Inc.	5,600	(922	)
TeliaSonera
AB, Strike Price SEK 55.59, Expires 11/16/10, Broker UBS Securities LLC	23,500	(2,652	)
Total SA,
Strike Price EUR 38.27, Expires 11/11/10, Broker Citigroup Global Markets, Inc.	6,800	(9,620	)
TransCanada
Corp., Strike Price CAD 38.49, Expires 11/09/10, Broker Morgan Stanley & Co., Inc.	2,500	(254	)
United
Overseas Bank Ltd., Strike Price SGD 18.55, Expires 12/01/10, Broker JPMorgan Chase Securities	10,000	(2,783	)
Wells Fargo
& Co., Strike Price USD 26.25, Expires 11/05/10, Broker UBS Securities LLC	11,000	(3,910	)
Zurich
Financial Services AG, Strike Price CHF 235.98, Expires 11/16/10, Broker UBS Securities LLC	620	(4,229	)
Total Over-the-Counter Call Options Written		(465,728	)
Total Options Written (Premiums Received $783,029)—(1.0)%		(866,835	)
Total Investments Net of Outstanding Options Written—99.9%		85,999,468
Other Assets Less Liabilities—0.1%		47,239
Net Assets—100.0%		$ 86,046,707

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 7,553,042
Gross unrealized depreciation	(5,569,985	)
Net unrealized appreciation	$ 1,983,057

| (a) | Security, or a portion thereof, pledged/held as collateral
for outstanding options written. |
| --- | --- |
| (b) | Non-income producing security. |
| (c) | 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, as amended, were as follows: |

| Affiliate — BlackRock
Liquidity Funds, TempFund, Institutional Class | 2,037,764 | 3,586,672 | 5,624,436 | Income — $ 4,356 |
| --- | --- | --- | --- | --- |

(d)	Represents current yield as of report date.
•	Foreign currency exchange contracts as of October 31, 2010
were as follows:

| Currency Purchased — USD | 10,708 | CAD | 11,000 | Counterparty — Deutsche Bank
Securities | Settlement Date — 11/01/10 | $(77 | ) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 3,862 | SGD | 5,000 | Citigroup Global
Markets | 11/02/10 | (1 | ) |
| Total | | | | | | $(78 | ) |

| • | For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or defined by Trust management. This definition may not apply
for purposes of this report, which may combine industry sub-classifications
for reporting ease. | |
| --- | --- | --- |
| • | Fair Value Measurements—Various inputs are used in
determining the fair value of investments and derivatives, which are as
follows: | |
| | • | Level 1 - price quotations in active markets/exchanges for
identical assets and liabilities |
| | • | Level 2 - other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market- corroborated inputs) |
| | • | Level 3 - unobservable inputs based on the best
information available. In the circumstances, to the extent observable inputs
are not available (including the Trust’s own assumptions used in determining
the fair value of investments and derivatives) |
| | The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and other significant accounting policies, please
refer to Note 1 of the Notes to Financial Statements. | |
| | The following tables summarize the inputs used as of
October 31, 2010 in determining the fair valuation of the Trust’s investments
and derivatives: | |

| Valuation Inputs | Level
1 | Level
2 | | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments
in Securities: | | | | |
| Common
Stocks: | | | | |
| Australia | — | $ 4,158,921 | — | $ 4,158,921 |
| Belgium | — | 773,422 | — | 773,422 |
| Canada | $ 5,477,303 | — | — | 5,477,303 |
| Finland | — | 521,055 | — | 521,055 |
| France | — | 3,792,612 | — | 3,792,612 |
| Germany | — | 2,987,243 | — | 2,987,243 |
| Hong Kong | — | 2,062,564 | — | 2,062,564 |
| Italy | — | 1,466,308 | — | 1,466,308 |
| Japan | — | 3,971,701 | — | 3,971,701 |
| Netherlands | — | 459,286 | — | 459,286 |
| Portugal | — | 572,314 | — | 572,314 |
| Singapore | 11,849 | 1,355,823 | — | 1,367,672 |
| Spain | — | 1,630,220 | — | 1,630,220 |
| Sweden | — | 3,605,622 | — | 3,605,622 |
| Switzerland | — | 755,788 | — | 755,788 |
| United
Kingdom | — | 6,729,595 | — | 6,729,595 |
| United
States | 40,874,934 | — | — | 40,874,934 |
| Rights: | | | | |
| United
Kingdom | 35,307 | — | — | 35,307 |
| Short-Term Securities | 5,624,436 | — | — | 5,624,436 |
| Total | $ 52,023,829 | $ 34,842,474 | — | $ 86,866,303 |

| Valuation Inputs | Derivative
Financial Instruments 1 — Level
1 | | Level
2 | Level
3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities: | | | | | | | |
| Equity
contracts | $ (295,014 | ) | $ (571,821 | ) | — | $ (866,835 | ) |
| Foreign
currency exchange contracts | — | | (78 | ) | — | (78 | ) |
| Total | $ (295,014 | ) | $ (571,899 | ) | — | $ (866,913 | ) |

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

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2010	61

S tatements of Assets and Liabilities

| October
31, 2010 | BlackRock Dividend Achievers™ Trust (BDV) | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | | | |
| Investments at value - unaffiliated 1,2 | $ 537,580,924 | $ | 575,623,912 | $ | 293,655,628 | $ | 126,961,556 | $ | 783,292,713 | |
| Investments at value - affiliated 3 | 6,437,531 | | 10,960,825 | | 5,854,617 | | 5,825,217 | | — | |
| Cash | 42,079 | | 123,633 | | 6,698 | | 26,258 | | — | |
| Foreign currency at value 4 | — | | — | | — | | 101,424 | | 22,425 | |
| Investments sold receivable | 24,971,353 | | 105,036,899 | | 1,958,474 | | 410,421 | | — | |
| Cash collateral pledged for options written | 2,633,158 | | 7,880,904 | | 1,377,677 | | 2,290,000 | | 8,992,000 | |
| Unrealized appreciation on foreign currency exchange
contracts | — | | — | | — | | — | | — | |
| Dividend and interest receivable | 1,163,078 | | 1,167,395 | | 425,249 | | 138,154 | | 861,603 | |
| Securities lending income receivable - affiliated | — | | — | | — | | — | | 37 | |
| Other assets | 215,390 | | 233,615 | | 64,074 | | 15,540 | | 312,494 | |
| Total assets | 573,043,513 | | 701,027,183 | | 303,342,417 | | 135,768,570 | | 793,481,272 | |
| Liabilities | | | | | | | | | | |
| Collateral at value - securities loaned | — | | — | | — | | — | | — | |
| Investments purchased payable | 24,455,674 | | 100,803,235 | | 2,929,188 | | 1,883,105 | | 1,585,608 | |
| Options written at value 5 | 2,730,417 | | 6,897,160 | | 2,137,881 | | 2,610,309 | | 16,613,913 | |
| Unrealized depreciation on foreign currency exchange
contracts | — | | — | | — | | — | | 22 | |
| Bank overdraft | — | | — | | — | | — | | 4,135,675 | |
| Investment advisory fees payable | 298,487 | | 499,584 | | 188,287 | | 132,207 | | 737,324 | |
| Officer’s and Trustees’ fees payable | 170,107 | | 161,717 | | 43,110 | | — | | 194,970 | |
| Licensing fee payable | 45,559 | | 49,539 | | 24,927 | | — | | — | |
| Other accrued expenses payable | 214,560 | | 288,389 | | 149,672 | | 140,507 | | 238,254 | |
| Total liabilities | 27,914,804 | | 108,699,624 | | 5,473,065 | | 4,766,128 | | 23,505,766 | |
| Net Assets | $ 545,128,709 | $ | 592,327,559 | $ | 297,869,352 | $ | 131,002,442 | $ | 769,975,506 | |
| Net Assets Consist of | | | | | | | | | | |
| Paid-in capital | $ 673,249,895 | $ | 847,247,962 | $ | 340,653,058 | $ | 199,843,388 | $ | 680,602,964 | |
| Undistributed (distributions in excess of) net investment
income | (170,108 | ) | (161,718 | ) | 180,124 | | 592 | | 9,441,928 | |
| Accumulated net realized gain (loss) | (158,969,170 | ) | (263,597,470 | ) | (45,158,269 | ) | (43,634,070 | ) | (4,287,353 | ) |
| Net unrealized appreciation/depreciation | 31,018,092 | | 8,838,785 | | 2,194,439 | | (25,207,468 | ) | 84,217,967 | |
| Net Assets | $ 545,128,709 | $ | 592,327,559 | $ | 297,869,352 | $ | 131,002,442 | $ | 769,975,506 | |
| Net asset value 6 | $ 10.00 | $ | 8.32 | $ | 11.07 | $ | 10.65 | $ | 25.87 | |
| 1 Investments
at cost - unaffiliated | $ 505,914,239 | $ | 565,769,803 | $ | 290,989,404 | $ | 151,446,355 | $ | 693,265,325 | |
| 2 Securities
on loan at value | $ — | $ | — | $ | — | $ | — | $ | — | |
| 3 Investments
at cost - affiliated | $ 6,437,531 | $ | 10,960,825 | $ | 5,854,617 | $ | 5,825,217 | $ | — | |
| 4 Foreign
currency at cost | $ — | $ | — | $ | — | $ | 95,405 | $ | 22,338 | |
| 5 Premiums
received | $ 2,081,824 | $ | 5,867,239 | $ | 1,666,095 | $ | 1,877,185 | $ | 10,803,311 | |
| 6 Shares
outstanding, unlimited number of shares authorized, $0.001 par value | 54,518,315 | | 71,203,239 | | 26,908,028 | | 12,303,864 | | 29,766,217 | |

See Notes to Financial Statements. — 62	ANNUAL REPORT	OCTOBER 31, 2010

| October
31, 2010 | BlackRock Global Opportunities Equity Trust (BOE) | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | | | |
| Investments at value - unaffiliated 1,2 | $ 1,246,358,369 | $ | 191,099,245 | $ | 1,078,694,590 | $ | 762,433,528 | $ | 81,241,867 | |
| Investments at value - affiliated 3 | 42,426,566 | | 14,067,561 | | 57,450,039 | | 24,698,837 | | 5,624,436 | |
| Cash | 68,024 | | — | | 256,574 | | — | | — | |
| Foreign currency at value 4 | 5,053,895 | | 3,125 | | 15,721,396 | | 74,613 | | 29,126 | |
| Investments sold receivable | 12,259,173 | | 1,828,476 | | 19,998,889 | | — | | 173,850 | |
| Cash collateral pledged for options written | 36,539,193 | | 6,783,241 | | 33,534,684 | | 16,831,700 | | — | |
| Unrealized appreciation on foreign currency exchange
contracts | 563 | | 60 | | 2,819 | | — | | — | |
| Dividend and interest receivable | 2,560,435 | | 309,036 | | 2,841,978 | | 641,186 | | 207,724 | |
| Securities lending income receivable - affiliated | — | | — | | — | | 525 | | — | |
| Other assets | 852,839 | | 26,389 | | 387,834 | | 543,729 | | 17,359 | |
| Total assets | 1,346,119,057 | | 214,117,133 | | 1,208,888,803 | | 805,224,118 | | 87,294,362 | |
| Liabilities | | | | | | | | | | |
| Collateral at value - securities loaned | — | | — | | — | | 2,250,000 | | — | |
| Investments purchased payable | 17,100,882 | | 3,287,765 | | 21,116,085 | | 610,050 | | 171,951 | |
| Options written at value 5 | 37,092,204 | | 4,119,787 | | 29,344,549 | | 24,302,632 | | 866,835 | |
| Unrealized depreciation on foreign currency exchange
contracts | 36 | | 68 | | 15,053 | | 22 | | 78 | |
| Bank overdraft | — | | — | | — | | 11,345,763 | | — | |
| Investment advisory fees payable | 1,084,019 | | 173,904 | | 974,599 | | 775,272 | | 54,355 | |
| Officer’s and Trustees’ fees payable | 295,436 | | 13,144 | | 264,543 | | 158,287 | | 10,941 | |
| Licensing fee payable | — | | — | | — | | — | | 41,166 | |
| Other accrued expenses payable | 441,642 | | 130,732 | | 591,454 | | 318,888 | | 102,329 | |
| Total liabilities | 56,014,219 | | 7,725,400 | | 52,306,283 | | 39,760,914 | | 1,247,655 | |
| Net Assets | $ 1,290,104,838 | $ | 206,391,733 | $ | 1,156,582,520 | $ | 765,463,204 | $ | 86,046,707 | |
| Net Assets Consist of | | | | | | | | | | |
| Paid-in capital | $ 1,446,686,456 | $ | 176,834,894 | $ | 1,695,250,427 | $ | 713,160,963 | $ | 82,951,843 | |
| Undistributed (distributions in excess of) net investment
income | (322,244 | ) | (13,144 | ) | (244,802 | ) | (5,355,947 | ) | 1,300,748 | |
| Accumulated net realized gain (loss) | (234,418,705 | ) | 6,076,967 | | (596,176,866 | ) | (40,040,968 | ) | (1,377,253 | ) |
| Net unrealized appreciation/depreciation | 78,159,331 | | 23,493,016 | | 57,753,761 | | 97,699,156 | | 3,171,369 | |
| Net Assets | $ 1,290,104,838 | $ | 206,391,733 | $ | 1,156,582,520 | $ | 765,463,204 | $ | 86,046,707 | |
| Net asset value 6 | $ 18.68 | $ | 27.19 | $ | 10.52 | $ | 13.42 | $ | 14.26 | |
| 1 Investments
at cost - unaffiliated | $ 1,153,511,108 | $ | 166,525,633 | $ | 1,012,088,768 | $ | 652,136,848 | $ | 77,991,315 | |
| 2 Securities
on loan at value | $ — | $ | — | $ | — | $ | 2,245,500 | $ | — | |
| 3 Investments
at cost - affiliated | $ 42,426,566 | $ | 14,067,561 | $ | 57,450,039 | $ | 24,698,837 | $ | 5,624,436 | |
| 4 Foreign
currency at cost | $ 5,022,598 | $ | 3,044 | $ | 15,620,764 | $ | 74,315 | $ | 29,086 | |
| 5 Premiums
received | $ 21,784,193 | $ | 3,035,525 | $ | 20,442,255 | $ | 11,589,432 | $ | 783,029 | |
| 6 Shares
outstanding, unlimited number of shares authorized, $0.001 par value | 69,056,527 | | 7,591,500 | | 109,989,277 | | 57,045,091 | | 6,033,028 | |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2010	63

S tatements of Operations

| Year
Ended October 31, 2010 | BlackRock Dividend Achievers™ Trust (BDV) | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment Income | | | | | | | | | | |
| Dividends | $ 17,049,129 | $ | 18,791,028 | $ | 10,495,534 | $ | 2,527,671 | $ | 16,733,419 | |
| Foreign taxes withheld | (9,619 | ) | (10,718 | ) | — | | (128,619 | ) | (581,302 | ) |
| Income-affiliated | 12,853 | | 32,136 | | 10,816 | | 10,495 | | 28,260 | |
| Securities lending income - affiliated | — | | 29,881 | | — | | 7,819 | | 15,160 | |
| Total income | 17,052,363 | | 18,842,327 | | 10,506,350 | | 2,417,366 | | 16,195,537 | |
| Expenses | | | | | | | | | | |
| Investment advisory | 3,402,427 | | 5,854,758 | | 2,137,093 | | 1,516,021 | | 9,030,801 | |
| Licensing | 523,450 | | 585,476 | | 284,946 | | — | | — | |
| Printing | 92,316 | | 79,409 | | 32,437 | | 41,965 | | 152,710 | |
| Professional | 55,209 | | 55,569 | | 50,169 | | 54,816 | | 54,820 | |
| Custodian | 68,248 | | 58,622 | | 88,089 | | 114,573 | | 82,488 | |
| Officer and Trustees | 64,166 | | 87,688 | | 14,720 | | 11,855 | | 117,137 | |
| Insurance | 40,077 | | 46,017 | | 21,079 | | 10,654 | | 57,747 | |
| Transfer agent | 11,839 | | 6,798 | | 10,519 | | 11,064 | | 12,084 | |
| Registration | 23,426 | | 23,305 | | 12,395 | | 7,756 | | 14,074 | |
| Miscellaneous | 2,507 | | 5,012 | | 5,014 | | 61,072 | | 7,519 | |
| Total expenses excluding interest expense | 4,283,665 | | 6,802,654 | | 2,656,461 | | 1,829,776 | | 9,529,380 | |
| Interest expense | — | | — | | — | | 780 | | 13,486 | |
| Total expenses | 4,283,665 | | 6,802,654 | | 2,656,461 | | 1,830,556 | | 9,542,866 | |
| Less fees waived by advisor | (5,424 | ) | (13,832 | ) | (4,420 | ) | (4,298 | ) | (1,204,178 | ) |
| Net expenses | 4,278,241 | | 6,788,822 | | 2,652,041 | | 1,826,258 | | 8,338,688 | |
| Net investment income | 12,774,122 | | 12,053,505 | | 7,854,309 | | 591,108 | | 7,856,849 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | |
| Investments | 11,672,141 | | (48,082,923 | ) | 11,282,453 | | (21,360,631 | ) | 15,248,091 | |
| Options written | 9,678,811 | | 29,458,399 | | 6,124,026 | | 4,881,385 | | 28,339,082 | |
| Foreign currency transactions | — | | — | | — | | (13,077 | ) | 13,277 | |
| | 21,350,952 | | (18,624,524 | ) | 17,406,479 | | (16,492,323 | ) | 43,600,450 | |
| Net change in unrealized appreciation/depreciation on: | | | | | | | | | | |
| Investments | 49,877,657 | | 92,596,347 | | 29,999,425 | | 32,884,211 | | 63,902,846 | |
| Options written | (1,611,409 | ) | (3,639,568 | ) | (1,372,290 | ) | (1,322,709 | ) | (5,756,493 | ) |
| Foreign currency transactions | — | | — | | — | | 15,253 | | 4,266 | |
| | 48,266,248 | | 88,956,779 | | 28,627,135 | | 31,576,755 | | 58,150,619 | |
| Total realized and unrealized gain | 69,617,200 | | 70,332,255 | | 46,033,614 | | 15,084,432 | | 101,751,069 | |
| Net Increase in Net Assets Resulting from
Operation | $ 82,391,322 | $ | 82,385,760 | $ | 53,887,923 | $ | 15,675,540 | $ | 109,607,918 | |

1 Net of $(12,624) and $(77,969) foreign capital gain tax for BME and BCF, respectively.

See Notes to Financial Statements. — 64	ANNUAL REPORT	OCTOBER 31, 2010

| Year
Ended October 31, 2010 | BlackRock Global Opportunities Equity Trust (BOE) | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment Income | | | | | | | | | | |
| Dividends | $ 28,506,494 | $ | 2,615,909 | $ | 31,570,605 | $ | 17,752,928 | $ | 3,130,393 | |
| Foreign taxes withheld | (1,631,767 | ) | (96,244 | ) | (2,923,477 | ) | (303,789 | ) | (152,564 | ) |
| Income-affiliated | 80,312 | | 15,805 | | 82,923 | | 47,952 | | 4,356 | |
| Securities lending income - affiliated | 6,566 | | 756 | | 5,181 | | 3,911 | | — | |
| Total income | 26,961,605 | | 2,536,226 | | 28,735,232 | | 17,501,002 | | 2,982,185 | |
| Expenses | | | | | | | | | | |
| Investment advisory | 12,619,628 | | 2,043,468 | | 11,396,546 | | 8,568,290 | | 617,018 | |
| Licensing | — | | — | | — | | — | | 123,403 | |
| Printing | 362,056 | | 47,212 | | 299,033 | | 159,237 | | 27,451 | |
| Professional | 81,648 | | 57,645 | | 101,453 | | 59,265 | | 59,557 | |
| Custodian | 515,973 | | 128,650 | | 625,467 | | 160,248 | | 113,739 | |
| Officer and Trustees | 177,733 | | 19,759 | | 217,950 | | 119,369 | | 8,047 | |
| Insurance | 82,112 | | 14,472 | | 97,310 | | 54,101 | | 6,414 | |
| Transfer agent | 13,282 | | 11,322 | | 11,644 | | 11,044 | | 11,272 | |
| Registration | 12,782 | | 8,957 | | 44,311 | | 28,225 | | 2,011 | |
| Miscellaneous | 103,101 | | 22,134 | | 65,697 | | 15,040 | | 39,405 | |
| Total expenses excluding interest expense | 13,968,315 | | 2,353,619 | | 12,859,411 | | 9,174,819 | | 1,008,317 | |
| Interest expense | — | | 5,845 | | 486 | | — | | — | |
| Total expenses | 13,968,315 | | 2,359,464 | | 12,859,897 | | 9,174,819 | | 1,008,317 | |
| Less fees waived by advisor | (32,372 | ) | (6,616 | ) | (33,268 | ) | (1,448,452 | ) | (1,606 | ) |
| Net expenses | 13,935,943 | | 2,352,848 | | 12,826,629 | | 7,726,367 | | 1,006,711 | |
| Net investment income | 13,025,662 | | 183,378 | | 15,908,603 | | 9,774,635 | | 1,975,474 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | |
| Investments | 24,254,278 | | 12,942,559 | | (102,450,521 | ) | (17,224,717 | ) | 2,103,820 | |
| Options written | 83,683,159 | | 6,755,028 | | 69,794,185 | | 30,019,890 | | 1,859,732 | |
| Foreign currency transactions | (1,052,991 | ) | (52,163 | ) | (2,126,742 | ) | 73,357 | | (24,296 | ) |
| | 106,884,446 | | 19,645,424 | | (34,783,078 | ) | 12,868,530 | | 3,939,256 | |
| Net change in unrealized appreciation/depreciation on: | | | | | | | | | | |
| Investments | 65,646,316 | | 7,122,059 | 1 | 167,157,860 | | 151,296,077 | 1 | 4,581,041 | |
| Options written | (25,873,932 | ) | (1,492,574 | ) | (19,371,859 | ) | (15,707,788 | ) | (274,055 | ) |
| Foreign currency transactions | (29,818 | ) | 3,587 | | (22,432 | ) | (12,360 | ) | 10,348 | |
| | 39,742,566 | | 5,633,072 | | 147,763,569 | | 135,575,929 | | 4,317,334 | |
| Total realized and unrealized gain | 146,627,012 | | 25,278,496 | | 112,980,491 | | 148,444,459 | | 8,256,590 | |
| Net Increase in Net Assets Resulting from
Operation | $ 159,652,674 | $ | 25,461,874 | $ | 128,889,094 | $ | 158,219,094 | $ | 10,232,064 | |

See Notes to Financial Statements. — ANNUAL REPORT	OCTOBER 31, 2010	65

S tatements of Changes in Net Assets

	BlackRock Dividend Achievers™ Trust (BDV)				BlackRock Enhanced Dividend Achievers™ Trust (BDJ)
	Year Ended October 31,				Year Ended October 31,
Increase
(Decrease) in Net Assets:	2010		2009		2010		2009
Operations
Net investment income	$ 12,774,122		$ 16,343,361		$ 12,053,505		$ 17,340,895
Net realized gain	21,350,952		(127,871,946	)	(18,624,524	)	(190,657,567	)
Net change in unrealized appreciation	48,266,248		82,109,730		88,956,779		153,236,724
Net increase in net assets resulting from operations	82,391,322		(29,418,855	)	82,385,760		(20,079,948	)
Dividends
and Distributions to Shareholders From
Net investment income	(35,436,905	)	(16,244,237	)	(12,098,232	)	(17,467,300	)
Net realized gains	—		—		—		—
Tax return of capital	—		(19,192,668	)	(57,140,851	)	(63,684,763	)
Decrease in net assets resulting from dividends and
distributions to shareholders	(35,436,905	)	(35,436,905	)	(69,239,083	)	(81,152,063	)
Capital
Share Transactions
Net proceeds from the issuance of shares due to
reorganization	—		—		—		—
Reinvestment of dividends	—		—		7,115,353		4,328,556
Net increase in net assets derived from share transactions	—		—		7,115,353		4,328,556
Net
Assets
Total increase (decrease) in net assets	46,954,417		(64,855,760	)	20,262,030		(96,903,455	)
Beginning of year	498,174,292		563,030,052		572,065,529		668,968,984
End of year	$ 545,128,709		$ 498,174,292		$ 592,327,559		$ 572,065,529
Undistributed (distributions in excess of) net investment
income	$ (170,108	)	$ (23,999	)	$ (161,718	)	$ (13,016	)

See Notes to Financial Statements.

66 ANNUAL REPORT OCTOBER 31, 2010

	BlackRock Strategic Dividend Achievers™ Trust (BDT)
	Year Ended October 31,			Year Ended October 31,				Year Ended October 31,				Year Ended October 31,
Increase
(Decrease) in Net Assets:	2010	2009		2010		2009		2010		2009		2010			2009
Operations
Net investment income	$ 7,854,309	$	9,100,829	$	591,108	$	770,652	$	7,856,849	$	10,362,915	$	13,025,662		$ 5,271,647
Net realized gain	17,406,479		(54,399,830	)	(16,492,323	)	(27,169,059	)	43,600,450		7,812,418		106,884,446		(31,644,052	)
Net change in unrealized appreciation	28,627,135		37,119,870		31,576,755		48,078,825		58,150,619		122,155,453		39,742,566		112,160,357
Net increase in net assets resulting from operations	53,887,923		(8,179,131	)	15,675,540		21,680,418		109,607,918		140,330,786		159,652,674		85,787,952
Dividends
and Distributions to Shareholders From
Net investment income	(17,490,218	)	(8,355,545	)	(582,037	)	(776,099	)	(5,141,482	)	(13,891,389	)	(99,018,419	)	(5,179,012	)
Net realized gains	—		—		—		(1,032,348	)	(43,079,790	)	(5,568,031	)	(16,795,876	)	—
Tax return of capital	—		(9,134,673	)	(13,928,324	)	(15,909,385	)	—		(28,761,852	)	(40,455,279	)	(55,376,808	)
Decrease in net assets resulting from dividends and
distributions to shareholders	(17,490,218	)	(17,490,218	)	(14,510,361	)	(17,717,832	)	(48,221,272	)	(48,221,272	)	(156,269,574	)	(60,555,820	)
Capital
Share Transactions
Net proceeds from the issuance of shares due to
reorganization	—		—		—		—		—		—		—		1,025,103,621
Reinvestment of dividends	—		—		2,811,900		2,781,185		—		—		8,551,415		—
Net increase in net assets derived from share transactions	—		—		2,811,900		2,781,185		—		—		8,551,415		1,025,103,621
Net
Assets
Total increase (decrease) in net assets	36,397,705		(25,669,349	)	3,977,079		6,743,771		61,386,646		92,109,514		11,934,515		1,050,335,753
Beginning of year	261,471,647		287,140,996		127,025,363		120,281,592		708,588,860		616,479,346		1,278,170,323		227,834,570
End of year	$ 297,869,352	$	261,471,647	$	131,002,442	$	127,025,363	$	769,975,506	$	708,588,860	$	1,290,104,838		$ 1,278,170,323
Undistributed (distributions in excess of) net investment
income	$ 180,124	$	313,497	$	592	$	16,122	$	9,441,928	$	6,618,029	$	(322,244	)	$ (157,624	)

ANNUAL REPORT OCTOBER 31, 2010 67

Statements of Changes in Net Assets (concluded)

	BlackRock Health Sciences Trust (BME)				BlackRock International Growth and Income Trust (BGY)
	Year Ended October 31,				Year Ended October 31,
Increase
(Decrease) in Net Assets:	2010		2009		2010		2009
Operations
Net investment income	$ 183,378		$ 662,563		$ 15,908,603		$ 28,958,213
Net realized gain	19,645,424		3,321,376		(34,783,078	)	(559,616,464	)
Net change in unrealized appreciation	5,633,072		21,947,983		147,763,569		779,184,105
Net increase in net assets resulting from operations	25,461,874		25,931,922		128,889,094		248,525,854
Dividends
and Distributions to Shareholders From
Net investment income	(136,268	)	(949,596	)	(13,597,240	)	(32,190,952	)
Net realized gains	(11,535,663	)	(7,700,487	)	—		—
Tax return of capital	—		(4,321,847	)	(159,367,997	)	(161,725,283	)
Decrease in net assets resulting from dividends and
distributions to shareholders	(11,671,931	)	(12,971,930	)	(172,965,237	)	(193,916,235	)
Capital
Share Transactions
Net proceeds from the issuance of shares due to
reorganization	—		—		—		—
Reinvestment of dividends	—		—		22,011,255		17,521,775
Net increase in net assets derived from share transactions	—		—		22,011,255		17,521,775
Net
Assets
Total increase (decrease) in net assets	13,789,943		12,959,992		(22,064,888	)	72,131,394
Beginning of year	192,601,790		179,641,798		1,178,647,408		1,106,516,014
End of year	$ 206,391,733		$ 192,601,790		$ 1,156,582,520		$ 1,178,647,408
Undistributed (distributions in excess of) net investment
income	$ (13,144	)	$ (8,091	)	$ (244,802	)	$ (429,423	)

See Notes to Financial Statements.

68 ANNUAL REPORT OCTOBER 31, 2010

	BlackRock Real Asset Equity Trust (BCF)				BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
	Year Ended October 31,				Year Ended October 31,
Increase
(Decrease) in Net Assets:	2010		2009		2010	2009
Operations
Net investment income	$ 9,774,635		$ 3,691,683		$ 1,975,474	$	2,403,578
Net realized gain	12,868,530		(49,027,390	)	3,939,256		1,092,426
Net change in unrealized appreciation	135,575,929		236,659,541		4,317,334		7,255,058
Net increase in net assets resulting from operations	158,219,094		191,323,834		10,232,064		10,751,062
Dividends and Distributions to
Shareholders From
Net investment income	(42,492,192	)	(6,325,350	)	(664,248	)	(2,343,114	)
Net realized gains	—		—		(4,237,588	)	(1,969,353	)
Tax return of capital	(19,209,691	)	(55,327,618	)	—		(438,543	)
Decrease in net assets resulting from dividends and
distributions to shareholders	(61,701,883	)	(61,652,968	)	(4,901,836	)	(4,751,010	)
Capital Share Transactions
Net proceeds from the issuance of shares due to
reorganization	—		—		—		—
Reinvestment of dividends	4,017,701		—		—		—
Net increase in net assets derived from share transactions	4,017,701		—		—		—
Net Assets
Total increase (decrease) in net assets	100,534,912		129,670,866		5,330,228		6,000,052
Beginning of year	664,928,292		535,257,426		80,716,479		74,716,427
End of year	$ 765,463,204		$ 664,928,292		$ 86,046,707	$	80,716,479
Undistributed (distributions in excess of) net investment
income	$ (5,355,947	)	$ (103,830	)	$ 1,300,748	$	3,339

ANNUAL REPORT OCTOBER 31, 2010 69

F inancial Highlights BlackRock Dividend Achievers TM Trust (BDV)

| | Year
Ended October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | | | | | | | |
| Net asset value, beginning of year | $ 9.14 | $ | 10.33 | $ | 15.49 | $ | 15.95 | $ | 14.21 | |
| Net investment income | 0.23 | | 0.30 | | 0.41 | | 0.45 | | 0.42 | |
| Net realized and unrealized gain (loss) | 1.28 | | (0.84 | ) | (4.67 | ) | (0.01 | ) | 2.21 | |
| Net increase (decrease) from investment operations | 1.51 | | (0.54 | ) | (4.26 | ) | 0.44 | | 2.63 | |
| Dividends and distributions from: | | | | | | | | | | |
| Net
investment income | (0.65 | ) | (0.30 | ) | (0.43 | ) | (0.44 | ) | (0.41 | ) |
| Net
realized gain | — | | — | | — | | (0.38 | ) | (0.32 | ) |
| Tax return
of capital | — | | (0.35 | ) | (0.47 | ) | (0.08 | ) | (0.16 | ) |
| Total dividends and distributions | (0.65 | ) | (0.65 | ) | (0.90 | ) | (0.90 | ) | (0.89 | ) |
| Net asset value, end of year | $ 10.00 | $ | 9.14 | $ | 10.33 | $ | 15.49 | $ | 15.95 | |
| Market price, end of year | $ 9.88 | $ | 8.27 | $ | 9.20 | $ | 13.64 | $ | 14.86 | |
| Total Investment Return 1 | | | | | | | | | | |
| Based on net asset value | 17.36 | % | (3.75 | )% | (27.56 | )% | 3.15 | % | 19.89 | % |
| Based on market price | 28.15 | % | (2.21 | )% | (26.73 | )% | (2.50 | )% | 24.31 | % |
| Ratios to Average Net Assets | | | | | | | | | | |
| Total expenses | 0.82 | % | 0.85 | % | 0.83 | % | 0.82 | % | 0.84 | % |
| Total expenses after fees waived | 0.82 | % | 0.85 | % | 0.83 | % | 0.82 | % | 0.84 | % |
| Net investment income | 2.44 | % | 3.46 | % | 3.46 | % | 2.87 | % | 2.90 | % |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of year (000) | $ 545,129 | $ | 498,174 | $ | 563,030 | $ | 844,633 | $ | 869,703 | |
| Portfolio turnover | 104 | % | 56 | % | 23 | % | 12 | % | 11 | % |

1 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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

70 ANNUAL REPORT OCTOBER 31, 2010

Financial Highlights BlackRock Enhanced Dividend Achievers TM Trust (BDJ)

| | Year
Ended October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | | | | | | | |
| Net asset value, beginning of year | $ 8.13 | $ | 9.59 | $ | 14.10 | $ | 14.88 | $ | 14.01 | |
| Net investment income | 0.17 | | 0.25 | | 0.34 | | 0.39 | | 0.37 | |
| Net realized and unrealized gain (loss) | 1.00 | | (0.55 | ) | (3.73 | ) | 0.06 | | 1.71 | |
| Net increase (decrease) from investment operations | 1.17 | | (0.30 | ) | (3.39 | ) | 0.45 | | 2.08 | |
| Dividends and distributions from: | | | | | | | | | | |
| Net
investment income | (0.17 | ) | (0.25 | ) | (0.52 | ) | (0.43 | ) | (0.15 | ) |
| Net realized
gain | — | | — | | — | | (0.80 | ) | (1.06 | ) |
| Tax return
of capital | (0.81 | ) | (0.91 | ) | (0.60 | ) | — | | — | |
| Total dividends and distributions | (0.98 | ) | (1.16 | ) | (1.12 | ) | (1.23 | ) | (1.21 | ) |
| Net asset value, end of year | $ 8.32 | $ | 8.13 | $ | 9.59 | $ | 14.10 | $ | 14.88 | |
| Market price, end of year | $ 8.99 | $ | 7.89 | $ | 8.47 | $ | 12.68 | $ | 14.92 | |
| Total Investment Return 1 | | | | | | | | | | |
| Based on net asset value | 15.23 | % | (1.63 | )% | (24.35 | )% | 3.21 | % | 15.72 | % |
| Based on market price | 28.30 | % | 8.08 | % | (25.70 | )% | (7.43 | )% | 17.97 | % |
| Ratios to Average Net Assets | | | | | | | | | | |
| Total expenses | 1.16 | % | 1.20 | % | 1.18 | % | 1.17 | % | 1.19 | % |
| Total expenses after fees waived | 1.16 | % | 1.20 | % | 1.18 | % | 1.17 | % | 1.19 | % |
| Net investment income | 2.06 | % | 3.11 | % | 3.20 | % | 2.76 | % | 2.73 | % |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of year (000) | $ 592,328 | $ | 572,066 | $ | 668,969 | $ | 983,762 | $ | 1,033,127 | |
| Portfolio turnover | 232 | % | 117 | % | 86 | % | 91 | % | 138 | % |

1 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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 71

Financial Highlights BlackRock Strategic Dividend Achievers TM Trust (BDT)

| | Year
Ended October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | | | | | | | |
| Net asset value, beginning of year | $ 9.72 | $ | 10.67 | $ | 15.22 | $ | 16.13 | $ | 15.14 | |
| Net investment income | 0.29 | | 0.30 | | 0.37 | | 0.40 | | 0.37 | |
| Net realized and unrealized gain (loss) | 1.71 | | (0.60 | ) | (4.02 | ) | (0.41 | ) | 1.52 | |
| Net increase (decrease) from investment operations | 2.00 | | (0.30 | ) | (3.65 | ) | (0.01 | ) | 1.89 | |
| Dividends and distributions from: | | | | | | | | | | |
| Net
investment income | (0.65 | ) | (0.31 | ) | (0.40 | ) | (0.40 | ) | (0.35 | ) |
| Net
realized gain | — | | — | | — | | (0.38 | ) | (0.55 | ) |
| Tax return
of capital | — | | (0.34 | ) | (0.50 | ) | (0.12 | ) | — | |
| Total dividends and distributions | (0.65 | ) | (0.65 | ) | (0.90 | ) | (0.90 | ) | (0.90 | ) |
| Net asset value, end of year | $ 11.07 | $ | 9.72 | $ | 10.67 | $ | 15.22 | $ | 16.13 | |
| Market price, end of year | $ 9.98 | $ | 8.37 | $ | 9.01 | $ | 13.19 | $ | 14.53 | |
| Total Investment Return 1 | | | | | | | | | | |
| Based on net asset value | 21.94 | % | (1.10 | )% | (23.93 | )% | 0.24 | % | 13.65 | % |
| Based on market price | 27.67 | % | 0.86 | % | (25.88 | )% | (3.56 | )% | 17.43 | % |
| Ratios to Average Net Assets | | | | | | | | | | |
| Total expenses | 0.93 | % | 0.97 | % | 0.94 | % | 0.95 | % | 0.96 | % |
| Total expenses after fees waived | 0.93 | % | 0.97 | % | 0.94 | % | 0.95 | % | 0.96 | % |
| Net investment income | 2.76 | % | 3.68 | % | 3.40 | % | 2.75 | % | 2.57 | % |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of year (000) | $ 297,869 | $ | 261,472 | $ | 287,141 | $ | 409,646 | $ | 433,938 | |
| Portfolio turnover | 71 | % | 66 | % | 20 | % | 18 | % | 18 | % |

1 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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

72 ANNUAL REPORT OCTOBER 31, 2010

Financial Highlights BlackRock EcoSolutions Investment Trust (BQR)

	Year
Ended October 31,
	2010	2009		2008
Per Share Operating Performance
Net asset
value, beginning of period	$ 10.56	$	10.23	$	20.31	$	19.10	2
Net
investment income	0.05		0.06		0.03		—
Net
realized and unrealized gain (loss)	1.24		1.78		(8.51	)	1.25
Net
increase (decrease) from investment operations	1.29		1.84		(8.48	)	1.25
Dividends
and distributions from:
Net
investment income	(0.05	)	(0.07	)	(0.02	)	—
Net
realized gain	—		(0.09	)	(1.58	)	—
Tax return
of capital	(1.15	)	(1.35	)	—		—
Total
dividends and distributions	(1.20	)	(1.51	)	(1.60	)	—
Offering
costs resulting from the issuance of shares	—		—		—		(0.04	)
Net asset
value, end of period	$ 10.65	$	10.56	$	10.23	$	20.31
Market
price, end of period	$ 11.69	$	10.23	$	9.20	$	19.75
Total Investment Return 3
Based on
net asset value	13.04	%	19.64	%	(43.99	)%	6.28	% 4
Based on
market price	28.08	%	28.88	%	(48.20	)%	(1.25	)% 4
Ratios to Average Net Assets
Total
expenses	1.45	%	1.51	%	1.36	%	1.70	% 5
Total
expenses after fees waived and paid indirectly	1.45	%	1.50	%	1.35	%	1.68	% 5
Net
investment income	0.47	%	0.65	%	0.38	%	0.97	% 5
Supplemental Data
Net assets,
end of period (000)	$ 131,002	$	127,025	$	120,282	$	238,731
Portfolio
turnover	124	%	62	%	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. Where applicable, total investment returns
exclude the effects of sales charges and include the reinvestment of
dividends and distributions. |
| 4 | Aggregate total investment return. |
| 5 | Annualized. |

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 73

Financial Highlights BlackRock Energy and Resources Trust (BGR)

| | Year
Ended October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | | | | | | | |
| Net asset value, beginning of period | $ 23.81 | $ | 20.71 | $ | 37.60 | $ | 29.67 | $ | 28.12 | |
| Net investment income | 0.26 | | 0.41 | | 1.18 | | 0.49 | | 0.75 | |
| Net realized and unrealized gain (loss) | 3.42 | | 4.32 | | (14.63 | ) | 9.27 | | 3.65 | |
| Net increase (decrease) from investment operations | 3.68 | | 4.73 | | (13.45 | ) | 9.76 | | 4.40 | |
| Dividends and distributions from: | | | | | | | | | | |
| Net
investment income | (0.17 | ) | (0.47 | ) | (0.96 | ) | (0.70 | ) | (0.49 | ) |
| Net
realized gain | (1.45 | ) | (0.19 | ) | (2.48 | ) | (1.13 | ) | (2.36 | ) |
| Tax return
of capital | — | | (0.97 | ) | — | | — | | — | |
| Total dividends and distributions | (1.62 | ) | (1.63 | ) | (3.44 | ) | (1.83 | ) | (2.85 | ) |
| Net asset value, end of period | $ 25.87 | $ | 23.81 | $ | 20.71 | $ | 37.60 | $ | 29.67 | |
| Market price, end of period | $ 25.36 | $ | 22.18 | $ | 17.99 | $ | 32.14 | $ | 26.73 | |
| Total Investment Return 1 | | | | | | | | | | |
| Based on net asset value | 15.89 | % | 25.54 | % | (38.15 | )% | 34.98 | % | 17.30 | % |
| Based on market price | 21.95 | % | 34.63 | % | (37.14 | )% | 28.07 | % | 18.11 | % |
| Ratios to Average Net Assets | | | | | | | | | | |
| Total expenses | 1.27 | % | 1.30 | % | 1.27 | % | 1.27 | % | 1.28 | % |
| Total expenses after fees waived and paid indirectly | 1.11 | % | 1.10 | % | 1.07 | % | 1.07 | % | 1.08 | % |
| Net investment income | 1.04 | % | 1.77 | % | 1.38 | % | 1.69 | % | 2.47 | % |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000) | $ 769,976 | $ | 708,589 | $ | 616,479 | $ | 1,119,310 | $ | 883,104 | |
| Portfolio turnover | 80 | % | 62 | % | 54 | % | 47 | % | 40 | % |

1 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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

74 ANNUAL REPORT OCTOBER 31, 2010

Financial Highlights BlackRock Global Opportunities Equity Trust (BOE)

| | Year
Ended October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | | | | | | | |
| Net asset value, beginning of period | $ 18.64 | $ | 18.03 | $ | 31.09 | $ | 26.72 | $ | 23.77 | |
| Net investment income | 0.19 | | 0.19 | | 0.39 | | 0.55 | | 0.58 | |
| Net realized and unrealized gain (loss) | 2.13 | | 2.70 | | (10.39 | ) | 6.32 | | 4.64 | |
| Net increase (decrease) from investment operations | 2.32 | | 2.89 | | (10.00 | ) | 6.87 | | 5.22 | |
| Dividends and distributions from: | | | | | | | | | | |
| Net
investment income | (1.44 | ) | (0.20 | ) | (0.56 | ) | (0.36 | ) | (0.59 | ) |
| Net
realized gain | (0.25 | ) | — | | (2.48 | ) | (2.14 | ) | (1.68 | ) |
| Tax return
of capital | (0.59 | ) | (2.08 | ) | (0.02 | ) | — | | — | |
| Total dividends and distributions | (2.28 | ) | (2.28 | ) | (3.06 | ) | (2.50 | ) | (2.27 | ) |
| Net asset value, end of period | $ 18.68 | $ | 18.64 | $ | 18.03 | $ | 31.09 | $ | 26.72 | |
| Market price, end of period | $ 19.06 | $ | 18.40 | $ | 15.89 | $ | 28.76 | $ | 27.61 | |
| Total Investment Return 1 | | | | | | | | | | |
| Based on net asset value | 13.76 | % | 20.50 | % | (35.08 | )% | 27.47 | % | 24.48 | % |
| Based on market price | 17.58 | % | 34.97 | % | (38.15 | )% | 14.11 | % | 26.64 | % |
| Ratios to Average Net Assets | | | | | | | | | | |
| Total expenses | 1.11 | % | 1.21 | % | 1.14 | % | 1.15 | % | 1.16 | % |
| Total expenses after fees waived | 1.10 | % | 1.20 | % | 1.14 | % | 1.15 | % | 1.16 | % |
| Net investment income | 1.03 | % | 1.05 | % | 1.60 | % | 1.87 | % | 2.45 | % |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000) | $ 1,290,105 | $ | 1,278,170 | $ | 227,835 | $ | 389,741 | $ | 331,744 | |
| Portfolio turnover | 264 | % | 300 | % | 120 | % | 111 | % | 184 | % |

1 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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 75

Financial Highlights BlackRock Health Sciences Trust (BME)

| | Year
Ended October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | | | | | | | |
| Net asset value, beginning of period | $ 25.37 | $ | 23.66 | $ | 30.33 | $ | 27.74 | $ | 26.38 | |
| Net investment income | 0.02 | | 0.10 | | 0.10 | | 0.05 | | 0.00 | 1 |
| Net realized and unrealized gain (loss) | 3.34 | | 3.32 | | (4.70 | ) | 4.76 | | 3.28 | |
| Net increase (decrease) from investment operations | 3.36 | | 3.42 | | (4.60 | ) | 4.81 | | 3.28 | |
| Dividends and distributions from: | | | | | | | | | | |
| Net
investment income | (0.02 | ) | (0.13 | ) | (0.09 | ) | (0.02 | ) | — | |
| Net
realized gain | (1.52 | ) | (1.01 | ) | (1.98 | ) | (2.20 | ) | (1.92 | ) |
| Tax return
of capital | — | | (0.57 | ) | — | | — | | — | |
| Total dividends and distributions | (1.54 | ) | (1.71 | ) | (2.07 | ) | (2.22 | ) | (1.92 | ) |
| Net asset value, end of period | $ 27.19 | $ | 25.37 | $ | 23.66 | $ | 30.33 | $ | 27.74 | |
| Market price, end of period | $ 27.14 | $ | 22.61 | $ | 21.62 | $ | 27.05 | $ | 27.32 | |
| Total Investment Return 2 | | | | | | | | | | |
| Based on net asset value | 13.69 | % | 16.31 | % | (15.55 | )% | 18.62 | % | 13.00 | % |
| Based on market price | 27.33 | % | 13.44 | % | (13.47 | )% | 7.42 | % | 16.59 | % |
| Ratios to Average Net Assets | | | | | | | | | | |
| Total expenses | 1.15 | % | 1.15 | % | 1.13 | % | 1.13 | % | 1.15 | % |
| Total expenses after fees waived | 1.15 | % | 1.15 | % | 1.13 | % | 1.13 | % | 1.15 | % |
| Net investment income | 0.09 | % | 0.37 | % | 0.20 | % | 0.15 | % | (0.11 | )% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000) | $ 206,392 | $ | 192,602 | $ | 179,642 | $ | 230,280 | $ | 208,151 | |
| Portfolio turnover | 239 | % | 167 | % | 121 | % | 89 | % | 181 | % |

1	Amounted to less than $0.01 per share outstanding.
2	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. Where applicable, total investment returns
exclude the effects of sales charges and include the reinvestment of
dividends and distributions.

See Notes to Financial Statements.

76 ANNUAL REPORT OCTOBER 31, 2010

Financial Highlights BlackRock International Growth and Income Trust (BGY)

	Year
Ended October 31,
	2010	2009		2008
Per Share Operating Performance
Net asset value, beginning of period	$ 10.92	$	10.41	$	20.12	$	19.10	2
Net investment income	0.14		0.29		0.27		0.14
Net realized and unrealized gain (loss)	1.05		2.04		(8.31	)	1.50
Net increase (decrease) from investment operations	1.19		2.33		(8.04	)	1.64
Dividends and distributions from:
Net
investment income	(0.12	)	(0.30	)	(0.30	)	(0.10	)
Net realized
gain	—		—		(0.88	)	(0.50	)
Tax return
of capital	(1.47	)	(1.52	)	(0.49	)	—
Total dividends and distributions	(1.59	)	(1.82	)	(1.67	)	(0.60	)
Offering costs resulting from the issuance of shares	—		—		—		(0.02	)
Net asset value, end of period	$ 10.52	$	10.92	$	10.41	$	20.12
Market price, end of period	$ 10.56	$	10.92	$	9.09	$	17.76
Total Investment Return 3
Based on net asset value	12.06	%	26.28	%	(41.76	)%	8.93	% 4
Based on market price	12.49	%	44.62	%	(42.39	)%	(8.17	)% 4
Ratios to Average Net Assets
Total expenses	1.13	%	1.12	%	1.11	%	1.07	% 5
Total expenses after fees waived	1.13	%	1.12	%	1.11	%	1.07	% 5
Net investment income	1.40	%	2.68	%	2.34	%	1.75	% 5
Supplemental Data
Net assets, end of period (000)	$ 1,156,583	$	1,178,647	$	1,106,516	$	2,138,523
Portfolio turnover	247	%	198	%	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. Where applicable, total investment returns
exclude the effects of sales charges and include the reinvestment of dividends
and distributions. |
| 4 | Aggregate total investment return. |
| 5 | Annualized. |

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 77

Financial Highlights BlackRock Real Asset Equity Trust (BCF)

	Year
Ended October 31,
	2010	2009		2008		2007
Per Share Operating Performance
Net asset value, beginning of period	$ 11.73	$	9.44	$	20.79	$	15.33	$	14.33	2
Net investment income	0.17		0.08		0.20		0.20		0.04
Net realized and unrealized gain (loss)	2.61		3.30		(10.16	)	6.35		0.98
Net increase (decrease) from investment operations	2.78		3.38		(9.96	)	6.55		1.02
Dividends and distributions from:
Net
investment income	(0.74	)	(0.11	)	(0.17	)	(0.29	)	—
Net
realized gain	—		—		(1.22	)	(0.80	)	—
Tax return
of capital	(0.35	)	(0.98	)	—		—		—
Total dividends and distributions	(1.09	)	(1.09	)	(1.39	)	(1.09	)	—
Offering costs resulting from the issuance of shares	—		—		—		—		(0.02	)
Net asset value, end of period	$ 13.42	$	11.73	$	9.44	$	20.79	$	15.33
Market price, end of period	$ 13.46	$	11.45	$	7.74	$	17.59	$	15.00
Total Investment Return 3
Based on net asset value	24.65	%	40.96	%	(50.14	)%	45.34	%	6.98	% 4
Based on market price	28.08	%	67.81	%	(51.69	)%	25.67	%	—	% 4
Ratios to Average Net Assets
Total expenses	1.28	%	1.32	%	1.29	%	1.21	%	1.42	% 5
Total expenses after fees waived and paid indirectly	1.08	%	1.12	%	1.09	%	1.08	%	1.22	% 5
Net investment income	1.37	%	0.68	%	1.14	%	1.37	%	2.63	% 5
Supplemental Data
Net assets, end of period (000)	$ 765,463	$	664,928	$	535,257	$	1,179,087	$	820,283
Portfolio turnover	71	%	58	%	29	%	61	%	—	%

| 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. Where applicable, total investment returns
exclude the effects of sales charges and include the reinvestment of
dividends and distributions. |
| 4 | Aggregate total investment return. |
| 5 | Annualized. |

See Notes to Financial Statements.

78 ANNUAL REPORT OCTOBER 31, 2010

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

| | Year
Ended October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Per Share Operating Performance | | | | | | | | | | |
| Net asset value, beginning of year | $ 13.38 | $ | 12.38 | $ | 21.00 | $ | 18.55 | $ | 15.98 | |
| Net investment income | 0.33 | | 0.36 | | 0.50 | | 0.46 | | 0.39 | |
| Net realized and unrealized gain (loss) | 1.36 | | 1.43 | | (8.22 | ) | 2.90 | | 3.22 | |
| Net increase (decrease) from investment operations | 1.69 | | 1.79 | | (7.72 | ) | 3.36 | | 3.61 | |
| Dividends and distributions from: | | | | | | | | | | |
| Net investment income | (0.11 | ) | (0.39 | ) | (0.52 | ) | (0.44 | ) | (0.49 | ) |
| Net realized gain | (0.70 | ) | (0.33 | ) | — | | (0.40 | ) | (0.55 | ) |
| Tax return of capital | — | | (0.07 | ) | (0.38 | ) | (0.07 | ) | 0.00 | 1 |
| Total dividends and distributions | (0.81 | ) | (0.79 | ) | (0.90 | ) | (0.91 | ) | (1.04 | ) |
| Net asset value, end of year | $ 14.26 | $ | 13.38 | $ | 12.38 | $ | 21.00 | $ | 18.55 | |
| Market price, end of year | $ 13.44 | $ | 11.54 | $ | 10.50 | $ | 18.07 | $ | 16.36 | |
| Total Investment Return 2 | | | | | | | | | | |
| Based on net asset value | 14.08 | % | 17.64 | % | (37.53 | )% | 19.10 | % | 24.34 | % |
| Based on market price | 24.67 | % | 19.63 | % | (38.42 | )% | 16.20 | % | 20.52 | % |
| Ratios
to Average Net Assets | | | | | | | | | | |
| Total expenses | 1.23 | % | 1.17 | % | 0.96 | % | 1.20 | % | 1.13 | % |
| Total expenses after fees waived | 1.22 | % | 1.16 | % | 0.96 | % | 1.20 | % | 1.13 | % |
| Net investment income | 2.40 | % | 3.39 | % | 3.11 | % | 2.45 | % | 2.45 | % |
| Supplemental
Data | | | | | | | | | | |
| Net assets, end of year (000) | $ 86,047 | $ | 80,716 | $ | 74,716 | $ | 126,706 | $ | 111,925 | |
| Portfolio turnover | 59 | % | 64 | % | 10 | % | 12 | % | 10 | % |

1	Amounted to less than $0.01 per share outstanding.
2	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. Where applicable, total investment returns
exclude the effects of sales charges and include the reinvestment of
dividends and distributions.

See Notes to Financial Statements.

ANNUAL REPORT OCTOBER 31, 2010 79

N otes to Financial Statements

1. Organization and Significant Accounting Policies:

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 Energy and Resources Trust (“BGR”), BlackRock Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”) and BlackRock S&P Quality Rankings Global Equity Managed Trust (“BQY”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except BQR, BGR, BME, BGY and BCF, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). BQR, BGR, BME, BGY and BCF 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 (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trusts determine and make available for publication the net asset values of their shares on a daily basis.

BOE Reorganization: The Board of Trustees (the “Board”) and the shareholders of each of BlackRock Global Equity Income Trust (“BFD”), BlackRock World Investment Trust (“BWC”) (the “Target Trusts”) and BOE approved the reorganization of each Target Trust into BOE (the “Reorganizations”). The Reorganizations were tax-free events and were effective as of the opening for business of the New York Stock Exchange (“NYSE”) on July 27, 2009.

Target Trusts	Acquiring Trust
BFD	BOE
BWC	BOE

Under the agreement and plan of reorganization between each Target Trust and BOE, the shares of each Target Trust (“Target Trust Shares”) were exchanged for BOE shares. The conversion ratios for Target Trust Shares were as follows:

BFD/BOE	0.55125638
BWC/BOE	0.59681881

The net assets of BOE before and after the Reorganizations and BOE shares issued and Target Trust Shares redeemed in connection with the Reorganizations were as follows:

| Acquiring Trust — BOE | Net
Assets After the Reorganizations — $ 1,256,641,195 | Net
Assets Prior to the Reorganizations — $ 231,537,574 | 55,935,668 | 97,158,060 |
| --- | --- | --- | --- | --- |

Included in the net assets acquired by BOE were the following components:

| Target Trusts | Paid-In Capital | Distributions
in Excess of Net Investment Income | | Realized Loss | | Net
Unrealized Appreciation (Depreciation) | | Net
Assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BFD | $ 707,107,343 | $ (46,391 | ) | $ (277,649,990 | ) | $ 25,155,884 | | $ 454,566,846 |
| BWC | $ 702,754,061 | $ (60,604 | ) | $ (105,511,570 | ) | $ (26,645,112 | ) | $ 570,536,775 |

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

Valuation: The Trusts fair value their financial instruments at market value using independent dealers or pricing services under policies approved by the Board. 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 day’s price will be used, unless it is determined that such prior day’s 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. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Trusts value their investments in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the Securities and Exchange Commission (“SEC”) under the 1940 Act. The Trusts may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close of business on the NYSE. Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

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 day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

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 or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the cur-

80 ANNUAL REPORT OCTOBER 31, 2010

Notes to Financial Statements (continued)

rent sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of each Trust’s 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 instruments, those instruments may be Fair Value Assets and be valued at their fair value, as determined in good faith by the investment advisor using a pricing service and/or policies approved by the Board. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency Transactions: Each Trust’s books and records are maintained in US dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the date the transactions are entered into. Generally, when the US dollar rises in value against a foreign currency, each Trust’s investments denominated in that currency will lose value because its currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.

Each Trust reports foreign currency related transactions as components of realized gain (loss) for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the SEC require that a Trust either delivers collateral or segregates assets in connection with certain investments (e.g., written options or foreign currency exchange contracts), each Trust will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its 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 party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, 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 a Trust has determined the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

Dividends and Distributions: Dividends and distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to each Trust’s level distribution plan, a Trust intends to make quarterly cash dividends and/or distributions to shareholders, which may consist of net investment income, net options premium and net realized and unrealized gains on investments. The portion of dividends and distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, may be treated as a tax return of capital. The character of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

Securities Lending: The Trusts may lend securities to financial institutions that provide cash 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. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Trusts are entitled to dividend and interest payments on the securities loaned. 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. 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 if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Income Taxes: It is the Trusts’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, 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.

The Trusts file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ US federal tax returns remains open for the year ended October 31, 2010 and the preceding three taxable years of the respective Trust, if applicable. The statute of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. There are no uncertain tax positions that require recognition of a tax liability.

Dividend Achievers Universe: BDV, BDJ and BDT have been granted a revocable license by Indxis, Inc. (“Indxis”) (formerly Mergent) to use the Dividend Achievers TM universe of common stocks. If Indxis revokes a Trust’s 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

ANNUAL REPORT OCTOBER 31, 2010 81

Notes to Financial Statements (continued)

investment policies or strategies. “Indxis” and “Dividend Achievers TM ” are trademarks of Indxis and have been licensed for use by BDV, BDJ and BDT. The products are not sponsored, endorsed, managed, sold or promoted by Indxis and Indxis 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 in the Statements of Operations as licensing.

S&P Quality Rankings: BQY has been granted a license by Standard & Poor’s® (“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 policies. 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 & Poor’s,” “S&P,” “Standard & Poor’s Earnings and Dividend Rankings,” “S&P Earnings and Dividend Rankings,” “Standard & Poor’s Quality Rankings,” “Standard & Poor’s International Quality Rankings,” “S&P International Quality Rankings” and “S&P Quality Rankings” are trademarks of S&P and have been licensed for use by the Trust. The Trust is not sponsored, endorsed, managed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the Trust. The Trust is required to pay a quarterly licensing fee, which is shown in the Statements of Operations as licensing.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) may 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 certain 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 certain other BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income - affiliated in 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. Derivative Financial Instruments:

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as equity risk or foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Trusts’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain netted against any collateral pledged by/posted to the counterparty. For OTC options purchased, the Trusts bear the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral received on the options should the counterparty fail to perform under the contracts. Options written by the Trusts do not give rise to counterparty credit risk, as options written obligate the Trusts to perform and not the counterparty. Counterparty risk related to exchange-traded financial futures contracts and options is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

The Trusts may mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement implemented between a Trust and each of its respective counterparties. The ISDA Master Agreement allows each Trust to offset with each separate counterparty certain derivative financial instrument’s payables and/or receivables with collateral held. The amount of collateral moved to/from applicable counterparties is generally based upon minimum transfer amounts of up to $500,000. To the extent amounts due to the Trusts from their counterparties are not fully collateralized contractually or otherwise, the Trusts bear the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. In addition, the Trusts manage counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trusts’ net assets decline by a stated percentage or the Trusts fail to meet the terms of its ISDA Master Agreements, which would cause the Trusts to accelerate payment of any net liability owed to the counterparty.

Foreign Currency Exchange Contracts: Certain Trusts enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Trust, help to manage the overall exposure to the currency backing some of the investments held by a Trust. The contract is marked-to-market daily and the change in market value is recorded by a Trust as an unrealized gain or loss. When the contract is closed, a 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 foreign cur-

82 ANNUAL REPORT OCTOBER 31, 2010

Notes to Financial Statements (continued)

rency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Options: The Trusts purchase and write call and put options to increase or decrease their exposure to underlying instruments (including equity risk) and/or, in the case of options written, to generate gains from options premiums. 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 instrument 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 instrument at the exercise price at any time or at a specified time during the option period. When a Trust purchases (writes) an option, an amount equal to the premium paid (received) by a Trust is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument 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 instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Trust enters into a closing transaction), a Trust realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premiums received or paid). When a Trust writes a call option, such option is “covered,” meaning that a Trust holds the underlying instrument subject to being called by the option counterparty. When a Trust writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Trust bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Trusts may not be able to enter into a closing transaction due to an illiquid market. Exercise of a option written could result in a Trust purchasing or selling a security at a price different from the current market value.

| Derivatives Instruments Categorized by
Risk Exposure: | | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fair
Values of Derivative Instruments as of October 31, 2010 | | | | | | | | | | | | | | | | | | | | | |
| Asset
Derivatives | | | | | | | | | | | | | | | | | | | | | |
| | Statements
of Assets and Liabilities Location | BGR | | BOE | | BME | | BGY | | BCF | | | | | | | | | | | |
| Equity contracts | Investments at value — unaffiliated | $ 5 | | — | | — | | — | | $ 2 | | | | | | | | | | | |
| Foreign currency exchange contracts | Unrealized appreciation on foreign currency exchange
contracts | — | | $ 563 | | $ 60 | | $ 2,819 | | — | | | | | | | | | | | |
| Total | | $ 5 | | $ 563 | | $ 60 | | $ 2,819 | | $ 2 | | | | | | | | | | | |
| Liabilities
Derivatives | | | | | | | | | | | | | | | | | | | | | |
| | Statements
of Assets and Liabilities Location | BDV | | BDJ | | BDT | | BQR | | BGR | | BOE | | BME | | BGY | | BCF | | BQY | |
| Equity contracts | Options written at value | $ 2,730,417 | | $ 6,897,160 | | $ 2,137,881 | | $ 2,610,309 | | $ 16,613,913 | | $ 37,092,204 | | $ 4,119,787 | | $ 29,344,549 | | $ 24,302,632 | | $ 866,835 | |
| Foreign currency exchange contracts | Unrealized depreciation on foreign currency exchange
contracts | — | | — | | — | | — | | 22 | | 36 | | 68 | | 15,053 | | 22 | | 78 | |
| Total | | $ 2,730,417 | | $ 6,897,160 | | $ 2,137,881 | | $ 2,610,309 | | $ 16,613,935 | | $ 37,092,240 | | $ 4,119,855 | | $ 29,359,602 | | $ 24,302,654 | | $ 866,913 | |
| * Includes options purchased at value as reported in the
Schedules of Investments. | | | | | | | | | | | | | | | | | | | | | |
| The
Effect of Derivative Instruments on the Statements of Operations Year Ended
October 31, 2010 | | | | | | | | | | | | | | | | | | | | | |
| Net
Realized Gain (Loss) from | | | | | | | | | | | | | | | | | | | | | |
| | | BDV | | BDJ | | BDT | | BQR | | BGR | | BOE | | BME | | BGY | | BCF | | BQY | |
| Foreign currency exchange contracts: | | | | | | | | | | | | | | | | | | | | | |
| Foreign
currency transactions | | — | | — | | — | | $ 25,123 | | $ (92,868 | ) | $ (586,940 | ) | $ 93,093 | | $ 1,070,354 | | $ (52,742 | ) | $ 514 | |
| Equity contracts: | | | | | | | | | | | | | | | | | | | | | |
| Options | | $ 9,678,255 | | $ 29,455,029 | | $ 6,123,474 | | 4,880,024 | | 28,314,032 | | 83,586,719 | | 6,743,669 | | 69,788,836 | | 30,010,690 | | 1,859,587 | |
| Total | | $ 9,678,255 | | $ 29,455,029 | | $ 6,123,474 | | $ 4,905,147 | | $ 28,221,164 | | $ 82,999,779 | | $ 6,836,762 | | $ 70,859,190 | | $ 29,957,948 | | $ 1,860,101 | |
| Net
Change in Unrealized Appreciation/Depreciation on | | | | | | | | | | | | | | | | | | | | | |
| | | BDV | | BDJ | | BDT | | BQR | | BGR | | BOE | | BME | | BGY | | BCF | | BQY | |
| Foreign currency exchange contracts: | | | | | | | | | | | | | | | | | | | | | |
| Foreign
currency transactions | | — | | — | | — | | — | | $ (22 | ) | $ 6,855 | | $ (15 | ) | $ (278,210 | ) | $ (67 | ) | $ 5,075 | |
| Equity contracts: | | | | | | | | | | | | | | | | | | | | | |
| Options* | | $ (1,611,409 | ) | $ (3,639,568 | ) | $ (1,372,290 | ) | $ (1,322,709 | ) | (5,756,493 | ) | (25,873,932 | ) | (1,492,574 | ) | (19,371,859 | ) | (15,707,788 | ) | (274,055 | ) |
| Total | | $ (1,611,409 | ) | $ (3,639,568 | ) | $ (1,372,290 | ) | $ (1,322,709 | ) | $ (5,756,515 | ) | $ (25,874,459 | ) | $ (1,492,582 | ) | $ (19,384,093 | ) | $ (15,707,810 | ) | $ (274,133 | ) |
| ** Options purchased are included in the net realized gain
(loss) from investments — unaffiliated and net change in unrealized
appreciation/depreciation on investments — unaffiliated. | | | | | | | | | | | | | | | | | | | | | |

ANNUAL REPORT OCTOBER 31, 2010 83

Notes to Financial Statements (continued)

For the year ended October 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

	BDV	BDJ	BDT	BQR	BGR	BOE	BME	BGY	BCF	BQY
Foreign currency transactions:
Average
number of contracts — US dollars purchased	—	—	—	1	1	4	3	6	1	2
Average
number of contracts — US dollars sold	—	—	—	1	1	4	2	8	1	1
Average US
dollar amounts purchased	—	—	—	$ 251,545	$ 5,643	$ 7,210,282	$ 586,485	$ 12,076,319	$ 16,216	$ 38,727
Average US
dollar amounts sold	—	—	—	$ 225,322	$ 3,298,565	$ 10,842,482	$ 340,310	$ 14,005,434	$ 46,252	$ 5,993
Options:
Average number of contracts purchased	—	—	—	—	15,000	38,775	2,500	—	4,375	—
Average
number of contracts written	2,396,675	7,000,000	1,886,771	11,436,737	5,714,581	44,067,592	2,099,375	95,888,042	14,346,150	1,150,792
Average
notional value of contracts purchased	—	—	—	—	$ 270,000	$ 1,046,925	$ 112,275	—	$ 78,750	—
Average
notional value of contracts written	$ 104,137,813	$ 308,238,491	$ 57,357,379	$ 55,416,860	$ 230,601,379	$ 631,302,200	$ 64,041,531	$ 634,566,603	$ 255,110,961	$ 27,886,739

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Trusts for 1940 Act purposes, but BAC and Barclays are not.

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Trust’s 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 Manager a monthly fee at the following annual rates of the average weekly value of each Trust’s net assets: 0.65% for BDV, 1.00% for BDJ, 0.75% for BDT, 1.20% for BQR, 1.20% for BGR, 1.00% for BOE, 1.00% for BME, 1.00% for BGY, 1.20% for BCF and 0.75% for BQY. The Manager has voluntarily agreed to waive a portion of the investment advisory fees on BGR and BCF as a percentage of their average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2006 through 2011 for BCF), 0.15% in 2010 for BGR and in 2012 for BCF, 0.10% in 2011 for BGR and in 2013 for BCF and 0.05% in 2012 for BGR and in 2014 for BCF.

The Manager entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. for BDV, BDJ, BDT and BQY, State Street Research & Management Company for BGR, BlackRock Investment Management, LLC (“BIM”) and BlackRock Capital Management, Inc. for BGY and BCF, and BlackRock International Limited for BQR and BCF, each an affiliate of the Manager. The Manager 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 Manager.

The Trusts have received an exemptive order from the SEC permitting them, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. 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 Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral are shown in the Statements of Assets and Liabilities as securities loaned and collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedules of Investments. The share of income earned by the Trusts on such investments is shown as securities lending — affiliated in the Statements of Operations. For the year ended October 31, 2010, BIM received $17,061 in securities lending agent fees related to securities lending activities for the Trusts.

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

4. Investments:

Purchases and sales of investment securities, excluding short-term securities for the year ended October 31, 2010, were as follows:

	Purchases	Sales
BDV	$ 532,048,326	$ 540,901,534
BDJ	$ 1,321,876,127	$ 1,326,666,666
BDT	$ 196,934,561	$ 199,752,088
BQR	$ 149,820,109	$ 151,812,450
BGR	$ 616,307,318	$ 586,086,549
BOE	$ 3,208,221,081	$ 3,254,815,182
BME	$ 459,139,063	$ 464,567,273
BGY	$ 2,650,807,784	$ 2,694,268,535
BCF	$ 495,366,652	$ 482,131,295
BQY	$ 47,134,262	$ 51,030,153

84 ANNUAL REPORT OCTOBER 31, 2010

Notes to Financial Statements (continued)

Transactions in options written for the year ended October 31, 2010, were as follows:

Contracts		Premiums Received		Contracts		Premiums Received
BDV
Options
outstanding at beginning of period	980,505	$	2,834,966
Options
written	10,220,425		18,847,314
Options
expired	(4,493,722	)	(8,303,180	)
Options
closed	(997,851	)	(3,263,574	)
Options
exercised	(4,650,733	)	(8,033,702	)
Options
outstanding at end of period	1,058,624	$	2,081,824
BDJ
Options
outstanding at beginning of period	3,073,157	$	8,463,610
Options
written	32,037,009		56,643,616
Options
expired	(13,753,215	)	(25,389,256	)
Options
closed	(2,711,084	)	(7,723,584	)
Options
exercised	(15,230,139	)	(26,127,147	)
Options
outstanding at end of period	3,415,728	$	5,867,239
BDT
Options
outstanding at beginning of period	1,022,895	$	1,745,202
Options
written	7,627,441		11,022,601
Options
expired	(3,623,382	)	(4,794,191	)
Options
closed	(1,195,434	)	(2,523,110	)
Options
exercised	(2,646,982	)	(3,784,407	)
Options
outstanding at end of period	1,184,538	$	1,666,095
BQR
Options
outstanding at beginning of period	10,345,421	$	1,871,244
Options
written	76,671,589		14,328,924
Options
expired	(31,364,493	)	(6,421,686	)
Options
closed	(32,769,538	)	(2,804,304	)
Options
exercised	(12,149,217	)	(5,096,993	)
Options
outstanding at end of period	10,733,762	$	1,877,185
BGR
Options
outstanding at beginning of period	3,663,582	$	11,556,677		182,350	$	336,126
Options
written	12,582,460		53,065,583		60,000		54,000
Options
expired	(5,627,240	)	(24,953,649	)	(182,350	)	(336,126	)
Options
closed	(2,186,261	)	(10,943,072	)	—		—
Options
exercised	(4,506,287	)	(17,976,228	)	—		—
Options
outstanding at end of period	3,926,254	$	10,749,311		60,000	$	54,000
BOE
Options
outstanding at beginning of period	46,910,987	$	30,037,519		183,933	$	352,704
Options
written	277,670,079		163,994,297		265,371		2,377,857
Options
expired	(125,771,731	)	(73,459,005	)	(130,315	)	(898,119	)
Options
closed	(84,691,286	)	(46,435,893	)	(43,165	)	(779,200	)
Options
exercised	(75,790,222	)	(53,055,768	)	(214,207	)	(350,199	)
Options
outstanding at end of period	38,327,827	$	21,081,150		61,617	$	703,043
Calls				Puts
Contracts		Premiums Received		Contracts		Premiums Received
BME
Options
outstanding at beginning of period	728,973	$	2,351,438		730	$	82,955
Options
written	3,671,273		12,978,998		500,071		1,501,235
Options
expired	(1,469,704	)	(5,506,086	)	(5,285	)	(552,760	)
Options
closed	(1,150,715	)	(3,969,049	)	(3,322	)	(287,112	)
Options
exercised	(903,202	)	(3,498,896	)	(345	)	(65,198	)
Options
outstanding at end of period	876,625	$	2,356,405		491,849	$	679,120
BGY
Options
outstanding at beginning of period	64,862,070	$	25,657,264		1,250	$	89,435
Options
written	606,335,304		158,411,538		6,661,541		4,804,395
Options
expired	(275,099,873	)	(73,420,270	)	(4,302,748	)	(2,496,392	)
Options
closed	(162,677,505	)	(40,280,914	)	(139,512	)	(1,044,499	)
Options
exercised	(138,168,116	)	(50,232,475	)	(2,030,816	)	(1,045,827	)
Options
outstanding at end of period	95,251,880	$	20,135,143		189,715	$	307,112
BCF
Options
outstanding at beginning of period	10,919,345	$	10,544,926		675	$	111,522
Options
written	76,101,195		63,375,445		105,447		618,568
Options
expired	(40,035,605	)	(30,893,497	)	(86,525	)	(478,390	)
Options
closed	(10,563,888	)	(16,087,652	)	(1,347	)	(125,394	)
Options
exercised	(24,479,096	)	(15,373,297	)	(560	)	(102,799	)
Options
outstanding at end of period	11,941,951	$	11,565,925		17,690	$	23,507
BQY
Options
outstanding at beginning of period	512,889	$	465,726
Options
written	5,597,699		4,694,428
Options
expired	(2,430,668	)	(1,950,908	)
Options
closed	(1,336,310	)	(1,262,754	)
Options
exercised	(1,385,402	)	(1,163,463	)
Options
outstanding at end of period	958,208	$	783,029

As of October 31, 2010, the value of portfolio securities subject to covered call options written were as follows:

	Value
BDV	$ 94,534,219
BDJ	$ 270,526,171
BDT	$ 58,013,309
BQR	$ 56,586,658
BGR	$ 242,358,791
BOE	$ 680,378,391
BME	$ 76,060,103
BGY	$ 649,746,366
BCF	$ 276,044,818
BQY	$ 32,538,888

ANNUAL REPORT OCTOBER 31, 2010 85

Notes to Financial Statements (continued)

5. Income Tax Information:

Reclassifications: US GAAP 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 assets or net asset values per share. The following permanent differences as of October 31, 2010 attributable to foreign currency transactions, the sale of stock of passive foreign investment companies, income recognized from pass-thru entities, distributions paid in excess of taxable income and the accounting for Real Estate Investment Trusts were reclassified to the following accounts:

| Paid-in
capital | BDV — $ (22,645,964 | ) | — | | BDT — $ (10,007,102 | ) | — | | BGR — — | | BOE — $ (86,859,628 | ) | — | | BGY — — | | BCF — $ (27,392,083 | ) | BQY — — | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Distributions
in excess of net investment income | $ 22,516,674 | $ | (103,975 | ) | $ 9,502,536 | $ | (24,601 | ) | $ 108,532 | | $ 85,828,137 | $ | (52,163 | ) | $ (2,126,742 | ) | $ 27,465,440 | | $ (13,817 | ) |
| Accumulated
net realized gain (loss) | $ 129,290 | $ | 103,975 | | $ 504,566 | $ | 24,601 | | $ (108,532 | ) | $ 1,031,491 | $ | 52,163 | | $ 2,126,742 | | $ (73,357 | ) | $ 13,817 | |

The tax character of distributions paid during the fiscal years ended October 31, 2010 and October 31, 2009, was as follows:

	BDV	BDJ	BDT	BQR	BGR	BOE	BME	BGY	BCF	BQY
Ordinary Income
10/31/2010	$ 35,436,905	$ 12,098,232	$ 17,490,218	$ 582,037	$ 48,221,272	$ 115,814,295	$ 2,917,983	$ 13,597,240	$ 42,492,192	$ 3,078,482
10/31/2009	16,244,237	17,467,300	8,355,545	1,808,447	19,459,420	5,179,012	4,872,648	32,190,952	6,325,350	3,102,756
Long-Term Capital Gains
10/31/2010	—	—	—	—	—	—	8,753,948	—	—	1,823,354
10/31/2009	—	—	—	—	—	—	3,777,435	—	—	1,209,711
Tax Return of Capital
10/31/2010	—	57,140,851	—	13,928,324	—	40,455,279	—	159,367,997	19,209,691	—
10/31/2009	19,192,668	63,684,763	9,134,673	15,909,385	28,761,852	55,376,808	4,321,847	161,725,283	55,327,618	438,543
Total Distributions
10/31/2010	$ 35,436,905	$ 69,239,083	$ 17,490,218	$ 14,510,361	$ 48,221,272	$ 156,269,574	$ 11,671,931	$ 172,965,237	$ 61,701,883	$ 4,901,836
10/31/2009	$ 35,436,905	$ 81,152,063	$ 17,490,218	$ 17,717,832	$ 48,221,272	$ 60,555,820	$ 12,971,930	$ 193,916,235	$ 61,652,968	$ 4,751,010

As of October 31, 2010, the tax components of accumulated net earnings (losses) were as follows:

| Undistributed
ordinary income | BDV — — | | BDJ — — | | — | | BQR — — | | BGR — $ 8,310,331 | BOE — — | | BME — $ 8,354,374 | BGY — — | | BCF — — | $ | 1,299,837 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Undistributed
long-term Capital
Gains | — | | — | | — | | — | | — | — | | 163,795 | — | | — | | — |
| Capital
loss carryforwards | $ (148,441,517 | ) | $ (234,562,716 | ) | $(42,127,622 | ) | $ (30,220,608 | ) | — | $ (220,519,360 | ) | — | $ (581,540,948 | ) | $ (7,772,360 | ) | — |
| Net
unrealized gains (losses)* | 20,320,331 | | (20,357,687 | ) | (656,084 | ) | (38,620,338 | ) | 81,062,211 | 63,937,742 | | 21,038,670 | 42,873,041 | | 60,074,601 | | 1,795,027 |
| Total | $ (128,121,186 | ) | $ (254,920,403 | ) | $(42,783,706 | ) | $ (68,840,946 | ) | $ 89,372,542 | $ (156,581,618 | ) | $ 29,556,839 | $ (538,667,907 | ) | $ 52,302,241 | $ | 3,094,864 |

• The differences between book-basis and tax-basis net unrealized gains were 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 foreign currency contracts, the timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the deferral of compensation to trustees and the accounting for Real Estate Investment Trusts.

As of October 31, 2010, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

Expires October 31,	BDV	BDJ	BDT	BQR	BOE	BGY	BCF
2015	—	—	—	—	$ 19,715,459	—	—
2016	$ 26,663,834	$ 29,702,025	—	—	162,655,860	—	—
2017	121,777,683	196,333,943	$ 42,127,622	$ 21,140,114	38,148,041	$ 525,935,486	$ 7,772,360
2018	—	8,526,748	—	9,080,494	—	55,605,462	—
Total	$ 148,441,517	$ 234,562,716	$ 42,127,622	$ 30,220,608	$ 220,519,360	$ 581,540,948	$ 7,772,360

86 ANNUAL REPORT OCTOBER 31, 2010

Notes to Financial Statements (concluded)

6. Concentration, Market and Credit Risk:

BOE, BGY and BQY invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When such 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 their investment performance. Please see the Schedules of Investments for concentrations in specific countries.

In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may default. Financial assets, which potentially expose the Trusts to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Trusts’ exposure to credit and counterparty risks with respect to these financial assets is generally approximated by their value recorded in the Trusts’ Statement of Assets and Liabilities, less any collateral held by the Trusts.

The Trusts listed below invest a significant portion of their assets in securities in the following sectors:

Consumer Staples	BDV, BDJ
Financials	BDT, BGY, BQY
Utilities	BDT, BQR
Materials	BQR, BCF
Industrials	BQR
Energy	BGR, BCF
Health Care	BME

Changes in economic conditions affecting these sectors would have a greater impact on these Trusts, and could affect the value, income and/or liquidity of positions in such securities.

As of October 31, 2010, the Trusts listed below had the following industry classifications:

Industry	BOE	BGY	BQY
Oil, Gas & Consumable Fuels	10 %	9 %	11 %
Commercial Banks	9	12	13
Chemicals	4	5	3
Pharmaceuticals	5	3	8
Metals & Mining	3	7	2
Diversified Telecommunication	4	4	5
Other*	65	60	58

• All other industries held were each less than 5% of long-term investments.

7. 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, 2010, the shares owned by an affiliate of the Manager of the Trusts were as follows:

	Common Shares Owned
BDV	8,028
BDJ	8,028
BDT	8,028
BQR	6,964
BGR	4,817
BOE	12,927
BME	4,817
BGY	6,178
BCF	8,028
BQY	8,028

Shares issued and outstanding during the years ended October 31, 2010 and October 31, 2009 increased by the following amounts as a result of dividend reinvestments:

| | Year
Ended October 31, 2010 | Year
Ended October 31, 2009 |
| --- | --- | --- |
| BDJ | 874,108 | 550,993 |
| BQR | 279,540 | 267,360 |
| BOE | 486,833 | — |
| BGY | 2,045,205 | 1,637,894 |
| BCF | 337,063 | — |

Shares issued and outstanding remained constant for BDV, BDT, BGR, BME and BQY for the years ended October 31, 2010 and October 31, 2009.

For the year ended October 31, 2009, shares issued and outstanding for BOE increased 55,935,668 as a result of a reorganization as discussed in Note 1 “BOE Reorganization”.

8. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

Subsequent to October 31, 2010, the Board declared distributions and special distributions per common share as follows:

	Ex-Date	Record Date	Payable Date	Distribution per Common Share
BDV	12/17/10	12/21/10	12/31/10	$ 0.162500
BDJ	12/17/10	12/21/10	12/31/10	$ 0.245000
BDT	12/17/10	12/21/10	12/31/10	$ 0.162500
BQR	12/17/10	12/21/10	12/31/10	$ 0.300000
BGR	12/17/10	12/21/10	12/31/10	$ 0.405000
BOE	11/10/10	11/15/10	11/30/10	$ 0.568750
BME*	12/17/10	12/21/10	12/31/10	$ 1.084375
BGY	12/17/10	12/21/10	12/31/10	$ 0.340000
BCF	12/17/10	12/21/10	12/31/10	$ 0.271800
BQY	11/10/10	11/15/10	11/30/10	$ 0.250000

• Includes onetime special distribution of $0.70.

ANNUAL REPORT OCTOBER 31, 2010 87

R eport of Independent Registered Public Accounting Firm

| To the Board of
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 Energy and Resources 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 |
| (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, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended 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, 2010, 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, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended 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 23, 2010

88 ANNUAL REPORT OCTOBER 31, 2010

D isclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Trustees (each, a “Board,” and, collectively, the “Boards,” and the members of which are referred to as “Board Members”) of each of BlackRock Dividend Achievers TM Trust (“BDV”), BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Dividend Achievers TM Trust (“BDJ”), 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,”) and BlackRock Strategic Dividend Achievers TM Trust (“BDT” and together with BDV, BQR, BGR, BDJ, BOE, BME, BGY, BCF and BQY, each a “Fund,” and, collectively, the “Funds”) met on April 8, 2010 and May 13-14, 2010 to consider the approval of each Fund’s investment advisory agreement (collectively, the “Advisory Agreements”) with BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Boards of BDV, BDJ, BDT, BQR, BGR, BGY, BCF and BQY also considered the approval of the sub-advisory agreement (collectively, the “Sub-Advisory Agreements”) between the Manager and one of the following sub-advisors, as the case may be: BlackRock Financial Management, Inc.; State Street Research & Management Company; BlackRock Investment Management, LLC; BlackRock International Limited; and BlackRock Capital Management, Inc. (each, a “Sub-Advisor”), with respect to their respective Funds. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

Activities and Composition of the Board

The Board of each Fund consists of ten individuals, eight of whom are not “interested persons” of the Funds as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of each Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chairman of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member) and is chaired by an Independent Board Member. Each Board also has one ad hoc committee, the Joint Product Pricing Committee, which consists of Independent Board Members and the directors/trustees of the boards of certain other BlackRock-managed funds, who are not “interested persons” of their respective funds.

The Agreements

Pursuant to the 1940 Act, the Boards are required to consider the continuation of the Agreements on an annual basis. In connection with this process, the Boards assessed, among other things, the nature, scope and quality of the services provided to the Funds by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.

From time to time throughout the year, the Boards, acting directly and through their committees, considered at each of their meetings factors that are relevant to their annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Funds and their shareholders. Among the matters the Boards considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management’s and portfolio managers’ analysis of the reasons for any over performance or underperformance against a Fund’s peers and/or benchmark, as applicable; (b) fees, including advisory and other amounts paid to BlackRock and its affiliates by each Fund for services such as call center and fund accounting; (c) each Fund’s operating expenses; (d) the resources devoted to and compliance reports relating to each Fund’s investment objective, policies and restrictions; (e) each Fund’s 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) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting policies approved by the Boards; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of contractual and actual management fees for products with similar investment objectives across the open-end fund, closed-end fund and institutional account product channels, as applicable; and (l) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 8, 2010 meeting, the Boards requested and each received materials specifically relating to the Agreements. The Boards are engaged in a process with BlackRock to periodically review the nature and scope of the information provided to better assist their deliberations. The materials provided in connection with the April meeting included (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on Fund fees and expenses, and the investment performance of each Fund as compared with a peer group of funds as determined by Lipper (collectively, “Peers”); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates and significant shareholders; (c) a general analysis provided by BlackRock concerning investment advisory fees charged to other clients, such as institutional clients and open-end funds, under similar investment mandates; (d) the impact of economies of scale; (e) a summary of aggregate amounts paid by each Fund to BlackRock and (f) if applicable, a comparison of management fees to similar BlackRock closed-end funds, as classified by Lipper.

At an in-person meeting held on April 8, 2010, the Boards reviewed materials relating to their consideration of the Agreements. As a result of the discussions that occurred during the April 8, 2010 meeting, the Boards presented BlackRock with questions and requests for additional information and BlackRock responded to these requests with additional written information in advance of the May 13-14, 2010 Board meeting.

At an in-person meeting held on May 13-14, 2010, each Board, including its Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its respective Fund for a one-year term ending June 30, 2011. The Board of each of BDV, BDJ, BDT, BQR, BGR, BGY, BCF and BQY, including its Independent Board Members, also unanimously approved the continuation of the Sub-Advisory Agreement

ANNUAL REPORT OCTOBER 31, 2010 89

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

between the Manager and the Sub-Advisor, with respect to its respective Fund, for a one-year term ending June 30, 2011. In approving the continuation of the Agreements, the Boards considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with each Fund; (d) economies of scale; and (e) other factors deemed relevant by the Board Members.

The Boards also considered other matters they deemed important to the approval process, such as services related to the valuation and pricing of each Fund’s portfolio holdings, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with each Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Boards’ review. The Boards noted the willingness of BlackRock personnel to engage in open, candid discussions with the Boards. The Boards did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Boards, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Boards compared each Fund’s performance to the performance of a comparable group of closed-end funds, and the performance of a relevant benchmark, if any. The Boards met with BlackRock’s senior management personnel responsible for investment operations, including the senior investment officers. The Boards also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance and each Fund’s investment objective, strategies and outlook.

The Boards considered, among other factors, the number, education and experience of BlackRock’s investment personnel generally and each Fund’s portfolio management team, investments by portfolio managers in the funds they manage, BlackRock’s portfolio trading capabilities, BlackRock’s use of technology, BlackRock’s commitment to compliance, BlackRock’s credit analysis capabilities, BlackRock’s risk analysis capabilities and BlackRock’s approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards also reviewed a general description of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Boards considered the quality of the administrative and non-investment advisory services provided to each Fund. BlackRock and its affiliates and significant shareholders provide each Fund with certain administrative and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In addition to investment advisory services, BlackRock and its affiliates provide each Fund with other services, including (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) assisting with daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; and (viii) performing other administrative functions necessary for the operation of each Fund, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Boards reviewed the structure and duties of BlackRock’s fund administration, accounting, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock

The Boards, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April 8, 2010 meeting, the Boards were provided with reports, independently prepared by Lipper, which included a comprehensive analysis of each Fund’s performance. The Boards also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper’s rankings. In connection with their reviews, the Boards received and reviewed information regarding the investment performance of each Fund as compared to a representative group of similar funds as determined by Lipper and to all funds in each Fund’s applicable Lipper category. The Boards were provided with a description of the methodology used by Lipper to select peer funds. The Boards regularly review the performance of each Fund throughout the year.

The Board of BGR noted that, in general, BGR performed better than its Peers in that BGR’s performance was at or above the median of its Lipper Performance Universe in each of the one-, three- and five-year periods reported.

The Boards of BOE, BME and BCF noted that, in general, BOE, BME and BCF performed better than their respective Peers in that each Fund’s performance was at or above the median of its Lipper Performance Universe in each of the one-year, three-year and since-inception periods reported.

The Boards of BQR and BGY noted that, in general, BQR and BGY performed better than their respective Peers in that each Fund’s performance was at or above the median of its Lipper Performance Universe in either the one-year or since-inception periods reported.

The Board of BQY noted that, in general, BQY performed better than its Peers in that BQY’s performance was at or above the median of its Lipper Performance Universe in two of the one-, three- and five-year periods reported. Additionally, working with the Board of BQY, BlackRock has restructured the investment process of BQY from an active quantitative, index-based investment approach to a fundamentally-based investment approach, thus allowing for greater portfolio management flexibility in picking individual equities and taking targeted sector and industry exposures.

The Boards of BDV and BDT noted that BDV and BDT performed below the median of their Lipper Peer Universe in each of the one-, three- and five-year periods reported. The Boards of BDV and BDT and BlackRock reviewed the reasons for each Fund’s underperformance during these periods compared with its Peers. The Boards of BDV and BDT were informed that, among other things, BDV and BDT are U.S. portfolios while many of their respective Peers appear to have invested globally. The non-U.S. markets outperformed the U.S. markets over the past five-years helping improve performance for those portfolios holding non-U.S. securities.

90 ANNUAL REPORT OCTOBER 31, 2010

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board of BDJ noted that BDJ performed below the median of its Lipper Peer Universe in each of the one-year, three-year and since-inception periods reported. The Board of BDJ and BlackRock reviewed the reasons for BDJ’s underperformance during these periods compared with its Peers. The Board of BDJ was informed that, among other things, BDJ is a U.S. portfolio while many of its Peers appear to have invested globally, including in emerging markets. These non-U.S. markets outperformed the U.S. markets over the past three-years helping improve performance for those portfolios holding non-U.S. securities.

The Boards of BDV, BDJ and BDT and BlackRock discussed BlackRock’s strategy for improving each Fund’s performance and BlackRock’s commitment to providing the resources necessary to assist each Fund’s portfolio managers and to improve each Fund’s performance. Additionally, working with the Boards of BDV, BDJ and BDT, BlackRock has restructured the investment process of BDV, BDJ and BDT from an active quantitative, index-based investment approach to a fundamentally-based investment approach, thus allowing for greater portfolio management flexibility in picking individual equities and taking targeted sector and industry exposures.

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

The Boards, including the Independent Board Members, reviewed each Fund’s contractual advisory fee rate compared with the other funds in its Lipper category. The Boards also compared each Fund’s total expenses, as well as actual management fees, to those of other funds in its Lipper category. The Boards considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s financial condition and profitability with respect to the services it provided each Fund. The Boards were also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Boards reviewed BlackRock’s profitability with respect to each Fund and other funds the Boards currently oversee for the year ended December 31, 2009 compared to available aggregate profitability data provided for the year ended December 31, 2008. The Boards reviewed BlackRock’s profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, expense allocations and business mix, and the difficulty of comparing profitability as a result of those factors.

The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Nevertheless, to the extent such information was available, the Boards considered BlackRock’s overall operating margin, in general, compared to the operating margin for leading investment management firms whose operations include advising closed-end funds, among other product types. That data indicates that operating margins for BlackRock with respect to its registered funds are generally consistent with margins earned by similarly situated publicly traded competitors. In addition, the Boards considered, among other things, certain third party data comparing BlackRock’s operating margin with that of other publicly-traded asset management firms. That third party data indicates that larger asset bases do not, in themselves, translate to higher profit margins.

In addition, the Boards considered the cost of the services provided to each Fund by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of each Fund and the other funds advised by BlackRock and its affiliates. As part of their analysis, the Boards reviewed BlackRock’s methodology in allocating its costs to the management of each Fund. The Boards also considered 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 continue to provide the high quality of services that is expected by the Boards.

The Boards of BDV, BDJ, BOE, BME, BGY, BQY and BDT noted that each of their respective Funds’ contractual management fee rate was lower than or equal to the median contractual management fee rate paid by the Fund’s Peers, in each case, before taking into account any expense reimbursements or fee waivers.

The Boards of BQR and BCF noted that each of their respective Funds’ contractual management fee rate was above the median contractual management fee rate paid by the Fund’s Peers, in each case, before taking into account any expense reimbursements or fee waivers. The Boards of BQR and BCF also noted, however, that each Fund’s contractual management fee rate was reasonable relative to the median contractual management fee rate paid by the Fund’s peers.

The Board of BGR noted that BGR’s contractual management fee rate was above the median contractual management fee rate paid by BGR’s Peers, in each case, before taking into account any expense reimbursements or fee waivers. The Board also noted, however, that BGR’s actual management fee rate, after giving effect to any expense reimbursements or fee waivers by BlackRock, was lower than or equal to the median actual management fee rate paid by BGR’s Peers, after giving effect to any expense reimbursements or fee waivers.

D. Economies of Scale

The Boards, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Boards also considered the extent to which each Fund benefits from such economies and whether there should be changes in the advisory fee rate or structure in order to enable each Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the asset level of each Fund.

The Boards noted that most closed-end fund complexes do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering and each fund is managed independently consistent with its own investment objectives. The Boards noted that only one closed-end fund in the Fund Complex has breakpoints in its fee structure. Information provided by Lipper also revealed that only one closed-end fund complex with total closed-end fund nets assets exceeding $10 billion, as of December 31, 2009, used a complex level breakpoint structure.

E. Other Factors Deemed Relevant by the Board Members

The Boards, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates

ANNUAL REPORT OCTOBER 31, 2010 91

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

and significant shareholders may derive from their respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates and significant shareholders as service providers to the Funds, including for administrative and distribution services. The Boards also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Boards also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain mutual fund transactions to assist in managing all or a number of its other client accounts. The Boards further noted that BlackRock completed the acquisition of a complex of exchange-traded funds (“ETFs”) on December 1, 2009, and that BlackRock’s funds may invest in such ETFs without any offset against the management fees payable by the funds to BlackRock.

In connection with its consideration of the Agreements, the Boards also received information regarding BlackRock’s brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their respective Fund shares in the secondary market if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

Each Board, including its Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its respective Fund for a one-year term ending June 30, 2011. The Board of each of BDV, BDJ, BDT, BQR, BGR, BGY, BCF and BQY, including its Independent Board Members, also unanimously approved the continuation of the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to its respective Fund, for a one-year term ending June 30, 2011. As part of its approval, each Board considered the discussions of BlackRock’s fee structure, as it applies to its respective Fund, being conducted by the ad hoc Joint Product Pricing Committee. Based upon its evaluation of all of the aforementioned factors in their totality, each Board, including its Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of its respective Fund and its shareholders. In arriving at a decision to approve the Agreements, none of the Boards identified any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for each Fund reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

A utomatic Dividend Reinvestment Plans

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Reinvestment Plan”), common shareholders are automatically enrolled, to have all distributions of dividends and capital gains reinvested by BNY Mellon Shareowner Services (the “Plan Agent”) in the respective Trust’s shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment 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, which serves as agent for the shareholders in administering the plan.

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 following circumstances, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market, on a Trust’s primary exchange or elsewhere (“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 participant’s 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. If the Plan Agent is unable to invest the full dividend amount in open market purchases, or if the market discount shifts to a market premium during the purchase period, the Plan Agent will invest any un-invested portion in newly issued shares.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the plan administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Plan Agent’s 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 Agent’s 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 Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at BNY Mellon Shareowner Services, P.O. Box 358035, Pittsburgh, PA 15252-8035; or by calling 1-866-216-0242.

92 ANNUAL REPORT OCTOBER 31, 2010

I mportant Tax Information (unaudited)

The following information is provided with respect to the distributions paid during the taxable period ended October 31, 2010.

| | | Long-term Capital Gains | Non-Taxable Return of Capital | Qualified Dividend Income for Individuals † | Dividends Qualifying for the Dividends Received Deduction for Corporations † | Short-Term Capital Gain Dividends for Non-U.S. Residents †† | Foreign
Source Income | Foreign
Taxes Paid* |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BDV | 12/31/09 | — | — | 54.75 % | 55.04 % | — | — | — |
| | 3/31/10 - 9/30/10 | — | — | 44.22 % | 44.03 % | — | — | — |
| BDJ | 12/31/09 | — | — | 33.20 % | 33.20 % | — | — | — |
| | 3/31/10 - 9/30/10 | — | 100 % | — | — | — | — | — |
| BDT | 12/31/09 | — | — | 55.45 % | 55.94 % | — | — | — |
| | 3/31/10 - 9/30/10 | — | — | 51.57 % | 51.80 % | — | — | — |
| BQR | 12/31/09 | — | — | 11.97 % | 5.15 % | — | — | — |
| | 3/31/10 - 9/30/10 | — | 100 % | — | — | — | — | — |
| BGR | 12/31/09 | — | — | 16.82 % | 9.39 % | — | — | — |
| | 3/31/10 - 9/30/10 | — | — | 13.05 % | 6.36 % | 100 % | — | — |
| BOE | 11/30/09 | — | — | 8.49 % | 5.17 % | — | — | — |
| | 2/26/10 - 8/31/10 | — | 34.50 % | 23.12 % | 10.66 % | 21.87 % | — | — |
| BME | 12/31/09 | — | — | 12.50 % | 10.94 % | — | — | — |
| | 3/31/10 - 9/30/10 | 100 % | — | — | — | — | — | — |
| BGY | 12/31/09 | — | — | 5.00 % | 0.21 % | — | 3.28 % | 0.69 % |
| | 3/31/10 - 9/30/10 | — | 100 % | — | — | — | — | — |
| BCF | 12/31/09 | — | — | 7.72 % | 5.90 % | — | — | — |
| | 3/31/10 - 9/30/10 | — | 41.50 % | 56.49 % | 37.58 % | — | — | — |
| BQY | 11/30/09 | — | — | 42.02 % | 23.95 % | — | — | — |
| | 2/26/10 - 8/31/10 | 48.36 % | — | 68.37 % | 29.88 % | 74.35 % | — | — |
| | | — | — | — | — | — | — | — |
| | | — | — | — | — | — | — | — |

| † | The Trusts hereby designate the
percentages indicated above or the maximum amount allowable by law. |
| --- | --- |
| †† | Represents the portion of the
dividends eligible for exemption from U.S. withholding tax for nonresident
aliens and foreign corporations. |
| * | 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. |

ANNUAL REPORT OCTOBER 31, 2010 93

O fficers and Trustees

Name, Address and Year of Birth	Position(s) Held with Trust	Length of Time Served as a Trustee 2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Trustees 1
Richard E. Cavanagh 55 East 52nd Street New York, NY 10055 1946	Chairman of the Board and Trustee	Since 2003	Trustee, Aircraft Finance Trust from 1999 to 2009;
Director, The Guardian Life Insurance Company of America since 1998; Trustee,
Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005
to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof
since 1996; Adjunct Lecturer, Harvard University since 2007; President and
Chief Executive Officer, The Conference Board, Inc. (global business
research organization) from 1995 to 2007.	99 RICs consisting of 97 Portfolios	Arch Chemical (chemical and allied products)
Karen P. Robards 55 East 52nd Street New York, NY 10055 1950	Vice Chair of the Board and 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; Director of Care
Investment Trust, Inc. (health care real estate investment trust) from 2007
to 2010; Director of Enable Medical Corp. from 1996 to 2005; Investment
Banker at Morgan Stanley from 1976 to 1987.	99 RICs consisting of 97 Portfolios	AtriCure, Inc. (medical devices).
Frank J. Fabozzi 55 East 52nd Street New York, NY 10055 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; Adjunct Professor of Finance
and Becton Fellow, Yale University from 1994 to 2006.	99 RICs consisting of 97 Portfolios	None
Kathleen F. Feldstein 55 East 52nd Street New York, NY 10055 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 Board of
Partners Community Healthcare, Inc. from 2005 to 2009; Member of the
Corporation of Partners HealthCare since 1995; Trustee, Museum of Fine Arts,
Boston since 1992; Member of the Visiting Committee to the Harvard University
Art Museum since 2003; Director, Catholic Charities of Boston since 2009.	99 RICs consisting of 97 Portfolios	The McClatchy Company (publishing) BellSouth
(telecommunications) Knight Ridder (publishing)
James T. Flynn 55 East 52nd Street New York, NY 10055 1939	Trustee and Member of the Audit Committee	Since 2007	Chief Financial Officer of JPMorgan & Co., Inc. from
1990 to 1995.	99 RICs consisting of 97 Portfolios	None
Jerrold B. Harris 55 East 52nd Street New York, NY 10055 1942	Trustee	Since 2007	Trustee, Ursinus College since 2000; Director, Troemner
LLC (scientific equipment) since 2000; Director of Delta Waterfowl
Foundation since 2001; President and Chief Executive Officer, VWR Scientific
Products Corporation from 1990 to 1999.	99 RICs consisting of 97 Portfolios	BlackRock Kelso Capital Corp. (business development
company)
R. Glenn Hubbard 55 East 52nd Street New York, NY 10055 1958	Trustee	Since 2004	Dean, Columbia Business School since 2004; Columbia
faculty member since 1988; Co-Director, Columbia Business School’s
Entrepreneurship Program from 1997 to 2004; Chairman, U.S. Council of
Economic Advisers under the President of the United States from 2001 to 2003;
Chairman, Economic Policy Committee of the OECD from 2001 to 2003.	99 RICs consisting of 97 Portfolios	ADP (data and information services), KKR Financial
Corporation (finance), Metropolitan Life Insurance Company (insurance).

94 ANNUAL REPORT OCTOBER 31, 2010

Officers and Trustees (continued)

Name, Address and Year of Birth	Position(s) Held with Trust	Length of Time Served as a Trustee 2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Trustees 1
W. Carl Kester 55 East 52nd Street New York, NY 10055 1951	Trustee and Member of the Audit Committee	Since 2007	George Fisher Baker Jr. Professor of Business
Administration, 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.	99 RICs consisting of 97 Portfolios	None
Interested Trustees 3
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Trustee	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief
Executive Officer, State Street Research & Management Company from 2000
to 2005; Chairman of the Board of Trustees, State Street Research Mutual
Funds from 2000 to 2005; Chairman, SSR Realty from 2000 to 2004.	169 RICs consisting of 290 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Trustee	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing
Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer,
BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and
BlackRock Bond Allocation Target Shares from 2005 to 2007; Treasurer of
certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	169 RICs consisting of 290 Portfolios	None

| 1 | Trustees serve until their
resignation, removal or death, or until December 31 of the year in which they
turn 72. |
| --- | --- |
| 2 | Date shown is the earliest date a
person has served for the Fund covered by this annual report. 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 Fund’s board in 2007, each trustee first became a member of
the board of other legacy MLIM or legacy BlackRock Funds as follows: Richard
E. Cavanagh, 1994; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James
T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl
Kester, 1995 and Karen P. Robards, 1998. |
| 3 | Mr. Davis is an “interested
person,” as defined in the Investment Company Act of 1940, of the Fund based
on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an
“interested person” of the Fund based on his former positions with BlackRock,
Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The
PNC Financial Services Group, Inc. securities. Directors serve until their
resignation, removal or death, or until December 31 of the year in which they
turn 72. |

ANNUAL REPORT OCTOBER 31, 2010 95

Officers and Trustees (concluded)

Name, Address and Year of Birth	Position(s) Held with the Trust	Length of Time Served	Principal Occupation(s) During Past Five Years
Trust Officers 1
Anne Ackerley 55 East 52nd Street New York, NY 10055 1962	President and Chief Executive Officer	Since 2009 2	Managing Director of BlackRock, Inc. since 2000; Vice
President of the BlackRock-advised funds from 2007 to 2009; Chief Operating
Officer of BlackRock’s Global Client Group (GCG) since 2009; Chief Operating
Officer of BlackRock’s U.S. Retail Group from 2006 to 2009; Head of
BlackRock’s Mutual Fund Group from 2000 to 2006.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director
of BlackRock, Inc. from 2008 to 2009; Head of Product Development and
Management for BlackRock’s U.S. Retail Group since 2009, Co-head thereof from
2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior
Vice President and Line of Business Head of Fund Accounting and
Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to
2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007; Director
of BlackRock, Inc. in 2006; Assistant Treasurer of the Merrill Lynch
Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised
funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to
2006.
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds
since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since
2005.
Howard Surloff 55 East 52nd Street New York, NY 10055 1965	Secretary	Since 2007	Managing Director and General Counsel of U.S. Funds at
BlackRock, Inc. since 2006; General Counsel (U.S.) of Goldman Sachs Asset
Management, L.P. from 1993 to 2006.

| 1 | Officers of the Trusts serve at
the pleasure of the Board. |
| --- | --- |
| 2 | Ms. Ackerley has been President
and Chief Executive Officer since 2009 and was Vice President from 2007 to
2009. |

96 ANNUAL REPORT OCTOBER 31, 2010

A dditional Information

Proxy Results

The Annual Meeting of Shareholders was held on September 2, 2010 for shareholders of record on July 6, 2010, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any non-routine matter for any of the Trusts.

Below are the results with respect to each nominee, who will continue to serve as Directors for each of the Trust’s:

Votes For	Votes Withheld	Abstain	Votes For	Votes Withheld	Abstain	Votes For	Votes Withheld	Abstain	Votes For	Votes Withheld	Abstain
BDV	45,558,453	1,446,129	0	45,396,496	1,608,086	0	45,520,144	1,484,438	0	45,508,790	1,495,792	0
BDJ	59,714,987	1,502,697	0	59,623,846	1,593,838	0	59,686,685	1,530,999	0	59,672,638	1,545,046	0
BDT	19,921,328	980,301	0	19,691,423	1,210,206	0	19,918,258	983,371	0	19,907,610	994,019	0
BQR	11,450,684	214,259	0	11,399,730	265,213	0	11,431,177	233,766	0	11,433,952	230,991	0
BGR	26,959,228	481,945	0	26,891,008	550,165	0	26,939,136	502,037	0	26,952,953	488,220	0
BOE	58,113,477	1,392,523	0	58,007,498	1,498,502	0	58,096,903	1,409,097	0	58,075,967	1,430,033	0
BME	7,232,442	77,204	0	7,217,038	92,608	0	7,228,679	80,967	0	7,225,737	83,909	0
BGY	101,288,538	1,708,689	0	101,162,374	1,834,853	0	101,233,653	1,763,574	0	101,271,218	1,726,009	0
BCF	50,363,470	1,343,036	0	50,305,421	1,401,085	0	50,454,047	1,252,459	0	50,374,824	1,331,682	0
BQY	4,848,109	360,292	0	4,846,175	362,226	0	4,828,492	379,909	0	4,845,540	362,861	0

For each Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard S. Davis, Frank J. Fabozzi, James T. Flynn, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards.

Trust Certification

All Trusts, except BQY, 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 NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Investment Advisor
BlackRock
Advisors, LLC
Wilmington,
DE 19809
Sub-Advisor
BlackRock
Financial
Management,
Inc. 1
New
York, NY 10022
Sub-Advisor
State
Street Research &
Management
Co. 2
One
Financial Center
Boston,
MA 02111
Sub-Advisor
BlackRock
Capital
Management,
Inc 3
Wilmington,
DE 19809
Sub-Advisor
BlackRock
Investment
Management, LLC 4
Plainsboro,
NJ 08536
Sub-Advisor
BlackRock
International Ltd. 4
Edinburgh,
Scotland
United
Kingdom EH38JB
Custodian
The
Bank of New York Mellon
New
York, NY 10286
Transfer Agent
BNY
Mellon Shareowner
Services
Jersey
City, NJ 07310
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
Address of the Trusts
100
Bellevue Parkway
Wilmington,
DE 19809

| 1 | For
BDV, BDJ, BDT and BQY. |
| --- | --- |
| 2 | For
BGR. |
| 3 | For
BGY and BCF. |
| 4 | For
BQR and BCF. |

| BDV,
BDJ, BDT and BQY are managed by a team of investment professionals. Effective
February 16, 2010, Robert Shearer, Kathleen Anderson and Kyle G. McClements
are the Trusts’ co-portfolio managers responsible for the day-to-day
management of each Trust’s portfolio and the selection of their investments.
Mr. McClements has been a member of the Trusts’ management team since 2005. |
| --- |
| Robert
Shearer is Managing Director of BlackRock, Inc. since 2006. |
| Kathleen
Anderson is Managing Director of BlackRock, Inc. since 2008 and Director
thereof 2006 to 2007. |
| Kyle
G. McClements is Managing Director of BlackRock, Inc. since 2010, Director
thereof from 2006 to 2009 and Vice President thereof from 2005 to 2006. |

ANNUAL REPORT OCTOBER 31, 2010 97

Additional Information (continued)

Section 19(a) Notices

These reported amounts and sources of distributions are estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

October 31, 2010
	Total
Cumulative Distributions for the Fiscal Year					% Breakdown of
the Total Cumulative Distributions for the Fiscal Year
	Net Investment Income	Net Realized Capital Gains (Short-Term)	Net Realized Capital Gains (Long-Term)	Return of Capital	Total Per Common Share	Net Investment Income	Net Realized Capital Gains (Short-Term)	Net Realized Capital Gains (Long-Term)	Return of Capital	Total Per Common Share
BDV	$ 0.218508	$ —	$ —	$ 0.431492	$ 0.650000	34 %	0 %	0 %	66 %	100 %
BDJ	$ 0.161502	$ —	$ —	$ 0.818498	$ 0.980000	16 %	0 %	0 %	84 %	100 %
BDT	$ 0.267171	$ —	$ —	$ 0.382829	$ 0.650000	41 %	0 %	0 %	59 %	100 %
BQR	$ 0.053484	$ —	$ —	$ 1.146516	$ 1.200000	4 %	0 %	0 %	96 %	100 %
BGR	$ 0.261529	$ 1.358471	$ —	$ —	$ 1.620000	16 %	84 %	0 %	0 %	100 %
BOE	$ 0.169689	$ —	$ —	$ 2.105311	$ 2.275000	7 %	0 %	0 %	93 %	100 %
BME	$ 0.044573	$ 1.492927	$ —	$ —	$ 1.537500	3 %	97 %	0 %	0 %	100 %
BGY	$ 0.136640	$ —	$ —	$ 1.453560	$ 1.590200	9 %	0 %	0 %	91 %	100 %
BCF	$ 0.172713	$ —	$ —	$ 0.914487	$ 1.087200	16 %	0 %	0 %	84 %	100 %
BQY	$ 0.282483	$ 0.117479	$ 0.059683	$ —	$ 0.459645	61 %	26 %	13 %	0 %	100 %

Each Trust, except BGR, BME and BQY, estimates that it has distributed more than the amount of earned 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 shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’

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 Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BDV’s, BDJ’s, BDT’s and BQY’s Boards each approved a change to the investment strategy employed by each Trust. The Trusts have previously utilized a quantitative, index-based investment style in selecting equity investments. Pursuant to the new investment strategy, effective February 16, 2010, the Trusts now utilize an investment style based on a fundamental analysis of individual securities that is not index-based. As a result, under the Trusts’ new investment strategy, the Trusts are particularly dependent on the analytical abilities of BlackRock. There have been no changes to the Trusts’ investment objectives, guidelines and/or policies apart from the method used to implement their investment strategies. Each Trust will continue to emphasize dividend-paying and/or quality equities, as described in its prospectus, and will continue to utilize an option-writing strategy to enhance current gains.

Other than the revisions to BDV’s, BDJ’s, BDT’s and BQY’s investment strategy discussed above, during the period there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or bylaws that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. Other than as disclosed on page 97, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ websites 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. Please note that not all investment advisors, banks or brokerages may offer this service.

Householding

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 other-

98 ANNUAL REPORT OCTOBER 31, 2010

Additional Information (concluded)
General Information (concluded)

wise. 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 BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.

Availability of Proxy Voting Policies and Procedures

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) 441-7762; (2) at http://www.blackrock.com; and (3) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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 Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Trust Updates

BlackRock will update performance data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Funds.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their 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 non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to 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, 2010 99

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.

CEF-ANN-BK10-1010

| Item 2 – | Code of
Ethics – The registrant (or the “Fund”)
has adopted a code of ethics, as of the end of the period covered by this
report, applicable to the registrant’s principal executive officer, principal
financial officer and principal accounting officer, or persons performing
similar functions. During the period covered by this report, there have been
no amendments to or waivers granted under the code of ethics. A copy of the
code of ethics is available without charge at www.blackrock.com. |
| --- | --- |
| Item 3 – | Audit
Committee Financial Expert – The registrant’s board of directors or trustees,
as applicable (the “board of directors”), has determined that (i) the
registrant has the following audit committee financial experts serving on its
audit committee and (ii) each audit committee financial expert is
independent: |
| | Kent Dixon
(retired effective December 31, 2009) |
| | Frank J.
Fabozzi |
| | James T.
Flynn |
| | W. Carl
Kester |
| | Karen P.
Robards |
| | The
registrant’s 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. Kester’s 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 registrant’s 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. The
designation or identification as an audit committee financial expert does not
affect the duties, obligations, or liability of any other member of the audit
committee or board of directors. |

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 Trust | $46,400 | $46,400 | $0 | $0 | $6,100 | $6,326 | $0 | $1,028 |

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

2 The nature of the services include tax compliance, tax advice and tax planning.

3 The nature of the services include a review of compliance procedures and attestation thereto.

| (e)(1) Audit
Committee Pre-Approval Policies and Procedures: |
| --- |
| The
registrant’s audit committee (the “Committee”) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related
and tax compliance services provided to the registrant on an annual basis
require specific pre-approval by the Committee. The Committee also must
approve other non-audit services provided to the registrant and those
non-audit services provided to the registrant’s affiliated service providers
that relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee believes
are a) consistent with the SEC’s auditor independence rules and b) routine
and recurring services that will not impair the independence of the
independent accountants may be approved by the Committee without
consideration on a specific case-by-case basis (“general pre-approval”). 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 per project. 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 the Committee Chairman 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 | $16,877 | $409,854 |

| | (h) The
registrant’s audit committee has considered and determined that the provision
of non-audit services that were rendered to the registrant’s investment
adviser (not including any non-affiliated sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by the
registrant’s investment adviser), and any entity controlling, controlled by,
or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the
principal accountant’s independence. |
| --- | --- |
| | Regulation
S-X Rule 2-01(c)(7)(ii) – $10,777, 0% |
| Item 5 – | Audit
Committee of Listed Registrants |
| | (a) The
following individuals are members of the registrant’s 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
(retired effective December 31, 2009) |
| | Frank J.
Fabozzi |
| | James T.
Flynn |
| | W. Carl
Kester |
| | Karen P.
Robards |
| | (b) Not
Applicable |
| Item 6 – | Investments |
| | (a) The
registrant’s Schedule of Investments is included as part of the Report to Stockholders
filed under Item 1 of this Form. |
| | (b) Not
Applicable due to no such divestments during the semi-annual period covered
since the previous Form N-CSR filing. |
| Item 7 – | Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies – The board of directors has delegated the voting of proxies for
the Fund securities to the Fund’s investment adviser (“Investment Adviser”)
pursuant to the Investment Adviser’s 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 Fund’s
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 Adviser’s 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 Adviser’s 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
Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal
and Compliance Department and concluding that the vote cast is in its
client’s best interest notwithstanding the conflict. A copy of the Fund’s 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
SEC’s website at http://www.sec.gov . |
| --- | --- |
| Item 8 – | Portfolio
Managers of Closed-End Management Investment Companies – as of October 31, 2010. |
| | (a)(1) The registrant (or “Fund”) is managed by a team
of investment professionals comprised of Thomas P. Callan, CFA, Managing
Director at BlackRock, Inc., Jean M. Rosenbaum, CFA, Managing Director at
BlackRock, Inc., Michael D. Carey, CFA, Managing Director at BlackRock, Inc. and
Kyle G. McClements, CFA, Managing Director at BlackRock, Inc. Messrs. Callan,
Carey and McClements and Ms. Rosenbaum are the Fund’s portfolio managers
responsible for the day-to-day management of the Fund’s portfolio and the
selection of its investments. Messrs. Callan, Carey and McClements and Ms.
Rosenbaum have been members of the Fund’s portfolio management team since
2005. |

Portfolio Manager	Biography
Thomas P. Callan, CFA	Managing Director of BlackRock, Inc. since 1998; Head of BlackRock’s Global Opportunities equity team; Member of BlackRock’s
Leadership Committee.
Jean M. Rosenbaum, CFA	Managing Director of BlackRock, Inc. since 2006; Director of BlackRock, Inc. from 2002 to 2005.
Michael D. Carey, CFA	Managing Director of BlackRock, Inc. since 2007; Director of BlackRock, Inc. from 2004 to 2006.
Kyle G. McClements, CFA	Managing Director of BlackRock since 2009; Director of BlackRock, Inc. since 2006; Vice President of BlackRock, Inc. in 2005; Vice
President of State Street Research & Management from 2004 to 2005.

(a)(2) As of October 31, 2010:

	(ii) Number of Other Accounts Managed			(iii) Number of Other Accounts and
	and Assets by Account Type			Assets for Which Advisory Fee is
				Performance-Based
	Other	Other Pooled		Other	Other Pooled
(i) Name of	Registered	Investment	Other	Registered	Investment	Other
Portfolio Manager	Investment	Vehicles	Accounts	Investment	Vehicles	Accounts
	Companies			Companies
Thomas P. Callan	12	11	11	0	1	3
	$10.02 Billion	$1.85 Billion	$1.79 Billion	$0	$577.7 Million	$1.05 Billion
Jean M. Rosenbaum	4	3	2	0	0	0
	$5.30 Billion	$596.1 Million	$321.6 Million	$0	$0	$0
Michael D. Carey	7	2	7	0	0	1
	$4.39 Billion	$182.6 Million	$1.34 Billion	$0	$0	$925.1 Million
Kyle G. McClements	9	3	1	0	0	0
	$4.47 Billion	$159.3 Million	$12.23 Million	$0	$0	$0

| (iv) Potential Material
Conflicts of Interest |
| --- |
| BlackRock,
Inc. (individually and together with its affiliates, “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 to the Fund. In addition,
BlackRock, its affiliates and significant shareholders 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 significant shareholders, 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 BlackRock’s (or
its affiliates’ or significant shareholders’) officers, directors or
employees are directors or officers, or companies as to which BlackRock or any
of its affiliates or significant shareholders or the officers, directors and
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 connection, it should be noted that Messrs. Callan and Carey
currently manage certain accounts that are subject to performance fees. In
addition, Mr. Callan 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, 2010: |
| Portfolio Manager Compensation Overview |
| BlackRock’s
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. |
| --- |
| 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. BlackRock’s 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 manager’s 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. BlackRock’s 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 Messrs.
Callan and Carey and Ms. Rosenbaum, such benchmarks include a combination of
Lipper Global Multi-Cap Core, Global Multi-Cap Growth, Health/Biotechnology,
Global Health/Biotechnology, International Multi-Cap Core, International
Mutli-Cap Growth, Mid-Cap Core and Mid-Cap Growth Funds
classifications. |
| 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 manager’s group within
BlackRock, the investment performance, including risk-adjusted returns, of the
firm’s assets under management or supervision by that portfolio manager
relative to predetermined benchmarks, and the individual’s 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. BlackRock’s 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 include a combination of market-based
indices (e.g., Mergent Dividend Achievers Index, The S&P/Citigroup |

| Global
Broad Market Index, Lipper Health/Biotechnology Funds Index, The Russell 3000
Healthcare Index, NYSE Arca Tech 100 Index, MSCI World Index) and yield
component. |
| --- |
| BlackRock’s
Chief Investment Officers make a subjective determination with respect to the
portfolio manager’s 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 BlackRock’s
ability to sustain and improve its performance over future periods. |
| Long-Term Retention and Incentive Plan
(“LTIP”) — From time to time long-term incentive
equity awards are granted to certain key employees to aid in retention, align
their interests with long-term shareholder interests and motivate performance.
Equity awards are generally granted in the form of BlackRock, Inc. restricted
stock units that, once vested, settle in BlackRock, Inc. common stock. Messrs.
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 firm’s 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. |
| 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 3-5% of eligible
compensation. 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, 2010. |

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

(b) Not Applicable

| 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 – On October 25, 2010, the Board of Trustees of the Fund amended
and restated in its entirety the bylaws of the Fund (the “Amended and Restated
Bylaws”). The Amended and Restated Bylaws were deemed effective as of October
28, 2010 and set forth, among other things, the processes and procedures that
shareholders of the Fund must follow, and specifies additional information that
shareholders of the Fund must provide, when proposing trustee nominations at
any annual meeting or special meeting in lieu of an annual meeting or other
business to be considered at an annual meeting or special meeting. |
| Item 11 – | Controls and
Procedures |
| 11(a) – | The
registrant’s principal executive and principal financial officers or persons
performing similar functions have concluded that the registrant’s disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date
within 90 days of the filing of this report based on the evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a -15(b) under the Securities Exchange Act of 1934, as amended. |
| 11(b) – | There were
no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second
fiscal quarter of the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the registrant’s internal
control over financial reporting. |
| Item 12 – | Exhibits
attached hereto |
| 12(a)(1) – | Code of
Ethics – See Item 2 |
| 12(a)(2) – | Certifications
– Attached hereto |
| 12(a)(3) – | Not
Applicable |
| 12(b) – | Certifications
– Attached hereto |

12(c) – Notices to the registrant’s common shareholders in accordance with 1940 Act Section 19(a) and Rule 19a-1 1

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

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/ Anne F.
Ackerley |
| | Anne F.
Ackerley |
| | Chief
Executive Officer (principal executive officer) of |
| | BlackRock
Global Opportunities Equity Trust |
| Date:
January 5, 2011 | |

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/ Anne F.
Ackerley |
| --- | --- |
| | Anne F.
Ackerley |
| | Chief
Executive Officer (principal executive officer) of |
| | BlackRock
Global Opportunities Equity Trust |
| Date:
January 5, 2011 | |
| By: | /s/ Neal J.
Andrews |
| | Neal J.
Andrews |
| | Chief
Financial Officer (principal financial officer) of |
| | BlackRock
Global Opportunities Equity Trust |
| Date:
January 5, 2011 | |