Edgar Filing: BlackRock Real Asset Equity Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21931

Name of Fund: BlackRock Real Asset Equity Trust (BCF)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Real Asset 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: 04/30/2010

Item 1 – Report to Stockholders



	Semi-Annual Report





	APRIL 30, 2010 \| (UNAUDITED)

BlackRock Dividend Achievers^TMTrust (BDV)

BlackRock Enhanced Dividend Achievers^TMTrust (BDJ)

BlackRock Strategic Dividend Achievers^TMTrust (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
MAY LOSE VALUE
NO BANK GUARANTEE




Table of Contents

		Page
Section 19(b) Disclosure		2
Dear Shareholder		3
Semi-Annual Report:
Trust Summaries		4
Derivative Financial Instruments		14
Financial Statements:
Schedules of Investments		15
Statements of Assets and Liabilities		60
Statements of Operations		62
Statements of Changes in Net Assets		64
Financial Highlights		68
Notes to Financial Statements		78
Officers and Trustees		86
Additional Information		87


Section 19(b) Disclosure

BlackRock Dividend Achievers^TMTrust (BDV), BlackRock Enhanced Dividend Achievers^TMTrust (BDJ), BlackRock Strategic Dividend Achievers^TMTrust (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 Directors/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 (“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		$0.187500

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		SEMI-ANNUAL REPORT		APRIL 30, 2010




Dear Shareholder

Although overall global economic and financial conditions have generally improved over the past year, the period ended with high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe, concerns over the strength of the economic recovery and uncertainty surrounding the future of interest rate policies. Additionally, as the period drew to a close, the increasing likelihood of more stringent financial market regulations added to the overall sense of investment uncertainty. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode.

Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. There have been several corrections along the way and volatility levels have remained elevated—reflections of mixed economic data, lingering deflation issues (especially in Europe) and uncertainty surrounding financial regulations. On balance, however, improving corporate revenues and profits and a positive macro backdrop helped push stock prices higher over the last twelve and six months. From a geographic perspective, US equities have outpaced their international counterparts in recent months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down.

Within fixed income markets, yields have been moving unevenly as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, Treasury yields were falling as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. Over the course of the last twelve and six months, however, Treasuries underperformed other areas of the bond market, particularly the high yield sector, which has been benefiting from increased investor demand. Meanwhile, municipal bonds slightly outperformed taxable sectors over both the six- and twelve-month periods thanks to continued high demand levels, but have continued to face the headwinds of ongoing state and local budget problems. As in the taxable arena, high yield municipals have been outperforming the rest of the market.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”

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


Total Returns as of April 30, 2010	6-month		12-month

US equities (S&P 500 Index)	15.66	%	38.84	%

Small cap US equities (Russell 2000 Index)	28.17		48.95

International equities (MSCI Europe, Australasia, Far East Index)	2.48		34.43

3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.04		0.15

US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	(0.54	)	(1.32	)

Taxable fixed income (Barclays Capital US Aggregate Bond Index)	2.54		8.30

Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	3.68		8.85

High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	11.60		42.53

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

Global financial markets continue to show signs of improvement, but questions about the strength and sustainability of the recovery abound. 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,

-s- Rob Kapito

Rob Kapito

President, BlackRock Advisors, LLC


		THIS PAGE NOT PART OF YOUR FUND REPORT			3





Trust Summary as of April 30, 2010	BlackRock Dividend Achievers^TMTrust


Investment Objective

	BlackRock Dividend Achievers^TMTrust (BDV) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing in common stocks that pay above average dividends and have the potential for capital appreciation. The Trust utilizes an option writing (selling) strategy to help enhance current gains.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 16.39% based on market price and 12.78% based on net asset value (“NAV”). For the same period, the Mergent Broad Dividend Achievers Index (“Dividend Achievers Index”) returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, 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 biggest individual contributor to Trust performance relative to the Dividend Achievers Index was a combination of security selection and an underweight in the utilities sector. Despite the overall underweight to the utilities sector, the allocation to the electric utilities sub-sector provided the largest amount of relative return. Stock selection within materials also contributed to performance, with securities in the chemicals industry providing the most support. While the Trust carried a neutral weight in the telecommunication services sector versus the benchmark, security selection was beneficial, especially in diversified telecommunication services. The largest detractor from performance was the Trust’s overweight in the health care sector. Security selection in the pharmaceuticals industry also detracted from relative performance, along with weaker stock selection in the information technology and consumer staples sectors. The Trust’s cash weighting, though minimal, detracted marginally as markets appreciated, as did the covered call option strategy.

Trust Information


Symbol on New York Stock Exchange (“NYSE”)	BDV
Initial Offering Date	December 23, 2003
Yield based on Closing Market Price as of April 30, 2010 ($9.30)¹	6.99%
Current Quarterly Distribution per Common Share²	$0.1625
Current Annualized Distribution per Common Share²	$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:


	4/30/10		10/31/09		Change		High		Low

Market Price	$	9.30	$	8.27	12.45	%	$	9.63	$	8.15
Net Asset Value	$	9.96	$	9.14	8.97	%	$	10.11	$	9.14


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


Ten Largest Holdings

			4/30/10

International Business Machines Corp.			4	%
Chevron Corp.			4
Exxon Mobil Corp.			4
Johnson & Johnson			3
Abbott Laboratories			3
McDonald’s Corp.			3
Procter & Gamble Co. (The)			3
AT&T Inc.			3
General Dynamics Corp.			2
Coca-Cola Co. (The)			2


Sector Allocations

	4/30/10		10/31/09

Consumer Staples	20	%	22	%
Industrials	15		15
Health Care	12		15
Energy	11		9
Utilities	10		4
Consumer Discretionary	8		8
Financials	7		13
Information Technology	7		6
Materials	6		3
Telecommunication Services	4		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		SEMI-ANNUAL REPORT		APRIL 30, 2010




Trust Summary as of April 30, 2010	BlackRock Enhanced Dividend Achievers^TMTrust


Investment Objective

	BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (the “Trust”) seeks to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in common stocks that pay above average dividends and have the potential for capital appreciation and by utilizing an option writing (selling) strategy to enhance distributions paid to the Trust’s shareholders.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 18.13% based on market price and 11.13% based on NAV. For the same period, the Dividend Achievers Index returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, 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 Trust’s covered call option strategy was the largest detractor from returns relative to the Dividend Achievers Index, followed by the combination of an underweight and stock selection in the health care sector. Stock selection in the information technology sector, specifically within the computers & peripherals industry, also detracted from relative performance. Weaker stock selection in industrials was largely offset by an overweight in that sector, but the aggregate effect was still negative. Finally, an underweight in the financials sector detracted. Strong individual stock selection in the utilities sector was the largest contributor to relative performance, specifically within the electric and gas segments of the market. The Trust’s underweight in utilities also aided performance. Stock selection within the telecommunication services and materials sectors also enhanced relative returns during the period, helped mostly by holdings within the diversified telecommunication and chemicals industries, respectively.

Trust Information


Symbol on NYSE	BDJ
Initial Offering Date	August 31, 2005
Yield based on Closing Market Price as of April 30, 2010 ($8.80)¹	11.14%
Current Quarterly Distribution per Common Share²	$0.245
Current Annualized Distribution per Common Share²	$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:


	4/30/10		10/31/09		Change		High		Low

Market Price	$	8.80	$	7.89	11.53	%	$	9.28	$	7.77
Net Asset Value	$	8.53	$	8.13	4.92	%	$	8.64	$	8.13


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


Ten Largest Holdings

			4/30/10

International Business Machines Corp.			4	%
Chevron Corp.			4
Exxon Mobil Corp.			4
Johnson & Johnson			3
Abbott Laboratories			3
Procter & Gamble Co. (The)			3
McDonald’s Corp.			3
AT&T Inc.			3
General Dynamics Corp.			3
Coca-Cola Co. (The)			3


Sector Allocations

	4/30/10		10/31/09

Consumer Staples	20	%	22	%
Industrials	14		14
Health Care	12		16
Energy	11		9
Utilities	10		4
Consumer Discretionary	8		8
Financials	8		12
Information Technology	7		6
Materials	6		3
Telecommunication Services	4		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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	5




Trust Summary as of April 30, 2010	BlackRock Strategic Dividend Achievers^TMTrust


Investment Objective

	BlackRock Strategic Dividend Achievers^TM Trust (BDT) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing primarily in common stocks of small to mid-capitalization companies that pay above average dividends and have potential for capital appreciation. The Trust utilizes an option writing (selling) strategy to help enhance current gains.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 25.93% based on market price and 21.00% based on NAV. For the same period, the Dividend Achievers Index returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, 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. Stock selection in the financials sector provided the biggest boost to Trust performance relative to the Dividend Achievers Index, specifically within the commercial banking and insurance industries. The next largest contributor overall was security selection in the industrials sector, especially within the commercial services & supplies industry. A Trust overweight in industrials was also beneficial. Lastly, stock selection in materials played a key role in performance for the period. The Trust had positive absolute total returns in all 10 economic sectors. The aggregate effect of the Trust’s option positions was the largest single detractor from relative performance. Elsewhere, stock selection in consumer staples and utilities weighed on relative returns. Stock selection in consumer discretionary detracted, although a small sector underweight contributed slightly to returns. A marginal overweight in information technology also hurt returns.

Trust Information


Symbol on NYSE	BDT
Initial Offering Date	March 30, 2004
Yield based on Closing Market Price as of April 30, 2010 ($10.19)¹	6.38%
Current Quarterly Distribution per Common Share²	$0.1625
Current Annualized Distribution per Common Share²	$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:


	4/30/10		10/31/09		Change		High		Low

Market Price	$	10.19	$	8.37	21.74	%	$	10.43	$	8.25
Net Asset Value	$	11.37	$	9.72	16.98	%	$	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

			4/30/10

Nordstrom, Inc.			3	%
Dover Corp.			2
Black & Decker, Inc.			2
M&T Bank Corp.			2
J.M. Smucker Co. (The)			2
Fastenal Co.			2
Masco Corp.			2
Linear Technology Corp.			2
Avery Dennison Corp.			2
Genuine Parts Co.			2


Sector Allocations

	4/30/10		10/31/09

Financials	34	%	33	%
Industrials	18		20
Consumer Discretionary	14		11
Utilities	12		13
Consumer Staples	8		9
Materials	6		6
Information Technology	3		3
Health Care	3		3
Energy	1		1
Telecommunication Services	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		SEMI-ANNUAL REPORT		APRIL 30, 2010




Trust Summary as of April 30, 2010	BlackRock EcoSolutions Investment Trust


Investment Objective

	BlackRock EcoSolutions Investment Trust (BQR) (the “Trust”) seeks to provide current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing substantially all of its assets in equity securities issued by companies that are engaged in one or more of the new energy, water resources and agriculture business segments and utilizing 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 six months ended April 30, 2010, the Trust returned 14.91% based on market price and 6.22% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 23.36% on a market price basis and 18.41% on a NAV basis. 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 agriculture sleeve of the portfolio was the strongest performer during the period. Fertilizer companies, such as Potash Corp. and Agrium, were key drivers of performance as they made gains on volume recovery. The dominant contributor in the water resources sleeve was the nearly 60% of net assets invested in water utilities, particularly the non-US-based utilities that had significant price appreciation. Also contributing in the water resources sleeve were names in the commercial services & supplies industry and in the chemicals industry. The new energy sleeve was the portfolio laggard as this segment struggled to keep pace with broader equity markets due to four factors: the availability/cost of debt; the timing of stimulus package support; weak power prices; and a perceived loss of legislative momentum. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market.

Trust Information


Symbol on NYSE		BQR
Initial Offering Date		September 28, 2007
Yield based on Closing Market Price as of April 30, 2010 ($11.14)¹		10.77%
Current Quarterly Distribution per Common Share²		$0.30
Current Annualized Distribution per Common Share²		$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:



	4/30/10		10/31/09		Change			High		Low

Market Price	$	11.14	$	10.23		8.90	%	$	12.02	$	9.90
Net Asset Value	$	10.63	$	10.56		0.66	%	$	11.67	$	10.26


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


Ten Largest Holdings

			4/30/10

Potash Corp. of Saskatchewan, Inc.			3	%
Itron, Inc.			3
Monsanto Co.			3
Agrium, Inc.			2
Syngenta AG			2
BrasilAgro - Companhia Brasileira de Propriedades Agricolas			2
Johnson Matthey Plc			2
Vestas Wind Systems A/S			2
Tetra Tech, Inc.			2
Aqua America, Inc.			2


Industry Allocations

	4/30/10		10/31/09

Chemicals	25	%	26	%
Water Utilities	22		21
Food Products	12		11
Machinery	8		8
Electrical Equipment	8		9
Electronic Equipment, Instruments & Components	4		3
Electric Utilities	3		3
Commercial Services & Supplies	3		3
Independent Power Producers & Energy Traders	2		3
Oil, Gas & Consumable Fuels	2		2
Real Estate Investment Trusts (REITs)	2		3
Construction & Engineering	2		2
Multi-Utilities	2		3
Other¹	5		3


¹	Other includes a 1% holding in each of the following industries; for 4/30/10, Paper & Forest Products, Road & Rail, Auto Components, Industrial Conglomerates and Diversified Financial Services and for 10/31/09, Paper & Forest Products, Road & Rail and Industrial Conglomerates.

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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	7




Trust Summary as of April 30, 2010	BlackRock Energy and Resources Trust


Investment Objective

	BlackRock Energy and Resources Trust (BGR) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 18.52% based on market price and 15.73% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 23.36% on a market price basis and 18.41% on a NAV basis. 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. During the reporting period, coal stocks overall rallied sharply amidst a global economic rebound and increased steel demand in China. Notably, metallurgical coal (the high-quality cooking coal used in steel production) prices in Asia rallied over the six months due to the increased Chinese steel demand. Precious metals also performed well. Conversely, oil & gas drilling was a relatively weak sub-sector for the fund, with Transocean declining notably toward the end of the period on the heels of the BP oil spill in the Gulf of Mexico. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market.

Trust Information


Symbol on NYSE		BGR
Initial Offering Date		December 29, 2004
Yield based on Closing Market Price as of April 30, 2010 ($25.50)¹		6.35%
Current Quarterly Distribution per Common Share²		$0.405
Current Annualized Distribution per Common Share²		$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:



	4/30/10		10/31/09		Change			High		Low

Market Price	$	25.50	$	22.18		14.97	%	$	27.43	$	22.01
Net Asset Value	$	26.73	$	23.81		12.26	%	$	27.97	$	23.81


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


Ten Largest Holdings

			4/30/10

Petrohawk Energy Corp.			6	%
Whiting Petroleum Corp.			6
EOG Resources, Inc.			4
Occidental Petroleum Corp.			4
Massey Energy Co.			3
Penn Virginia Corp.			3
Transocean Ltd.			3
Peabody Energy Corp.			3
Schlumberger Ltd.			3
Enterprise Products Partners LP			3


Industry Allocations

	4/30/10		10/31/09

Oil, Gas & Consumable Fuels	71	%	70	%
Energy Equipment & Services	19		20
Gas Utilities	4		4
Metals & Mining	3		4
Transportation	1		—
Pipelines	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		SEMI-ANNUAL REPORT		APRIL 30, 2010




Trust Summary as of April 30, 2010	BlackRock Global Opportunities Equity Trust


Investment Objective

	BlackRock Global Opportunities Equity Trust (BOE) (the “Trust”) seeks current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 15.44% based on market price and 9.00% based on NAV. For the same period, the benchmark MSCI All Country World Index posted a return of 9.78%. 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. On an absolute return basis, holdings within industrials and consumer discretionary led all sector returns, with each appreciating nearly 20% in US dollar terms over the trailing six months. Overall stock selection effects were positive and led by positioning across energy, industrials and utilities, where we favored more defensive, regulated players. With approximately half the portfolio overwritten during the time period, the impact of individual stock options was negative in instances where overwritten securities were called away below their market values. Outside of covered call writing, other negative effects came from stock selection in information technology and an underweight in materials. Cash held by the Trust at period-end was 6%. The performance impact of the Trust holding such cash in a positive market was negative.

Trust Information


Symbol on NYSE		BOE
Initial Offering Date		May 31, 2005
Yield based on Closing Market Price as of April 30, 2010 ($20.00)¹		11.38%
Current Quarterly Distribution per Common Share²		$0.56875
Current Annualized Distribution per Common Share²		$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:



	4/30/10		10/31/09		Change			High		Low

Market Price	$	20.00	$	18.40		8.70	%	$	20.61	$	17.71
Net Asset Value	$	19.13	$	18.64		2.63	%	$	19.97	$	17.84


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


Ten Largest Holdings

			4/30/10

General Electric Co.			2	%
Microsoft Corp.			2
United Parcel Service, Inc., Class B			1
Apple, Inc.			1
JTEKT Corp.			1
Exxon Mobil Corp.			1
Deere & Co.			1
Honda Motor Co. Ltd.			1
Siemens AG			1
PepsiCo, Inc.			1


Geographic Allocations

	4/30/10		10/31/09

United States	50	%	46	%
Japan	11		6
Germany	6		3
United Kingdom	5		7
Canada	4		4
France	3		5
Switzerland	2		5
Spain	2		2
Brazil	2		1
Netherlands	2		1
Singapore	1		2
Hong Kong	1		2
South Korea	1		2
Other³	10		14


³	Other includes a 1% holding in each of the following countries; for 4/30/10, Sweden, China, Mexico, Australia, Finland, Thailand, India, Belgium, Taiwan and Ireland and for 10/31/09, Italy, Taiwan, India, China, Bermuda, South Africa, Russia, Israel, Belgium, Mexico, Sweden, New Zealand, Luxembourg and Finland.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	9




Trust Summary as of April 30, 2010	BlackRock Health Sciences Trust

Investment Objective


	BlackRock Health Sciences Trust (BME) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation. The Trust seeks to achieve this objective by investing primarily in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 24.73% based on market price and 14.00% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned 13.63%. 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. Stock selection was the main driver of performance, in addition to the premium income collected from written options. Positive relative returns were achieved primarily by positioning within the biotechnology, life sciences tools & services, and health care equipment sub-industries. Factors that detracted from results included an underweight positioning in health care services and stock selection within pharmaceuticals. The impact of individual stock options was negative in instances where overwritten securities were called away below their market values.

Trust Information


Symbol on NYSE		BME
Initial Offering Date		March 31, 2005
Yield based on Closing Market Price as of April 30, 2010 ($27.41)¹		5.61%
Current Quarterly Distribution per Common Share²		$0.384375
Current Annualized Distribution per Common Share²		$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:


	4/30/10		10/31/09		Change			High		Low
Market Price	$	27.41	$	22.61		21.23	%	$	27.54	$	22.29
Net Asset Value	$	28.11	$	25.37		10.80	%	$	28.74	$	25.37


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


Ten Largest Holdings

			4/30/10
Amgen, Inc.			3	%
Novartis AG			3
Johnson & Johnson			3
Stryker Corp.			3
Thermo Fisher Scientific, Inc.			3
Bristol-Myers Squibb Co.			2
AmerisourceBergen Corp.			2
Genzyme Corp.			2
Express Scripts, Inc.			2
McKesson Corp.			2

Industry Allocations

	4/30/10		10/31/09
Health Care Equipment & Supplies	28	%	28	%
Pharmaceuticals	22		28
Health Care Providers & Services	20		14
Biotechnology	11		13
Life Sciences Tools & Services	8		11
Health Care Technology	7		2
Electronic Equipment, Instruments & Components	2		—
Industrial Conglomerates	2		1
Food & Staples Retailing	—		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.


10		SEMI-ANNUAL REPORT		APRIL 30, 2010




Trust Summary as of April 30, 2010	BlackRock International Growth and Income Trust

Investment Objective


	BlackRock International Growth and Income Trust (BGY) (the “Trust”) seeks current income and current gains, and secondarily long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 9.54% based on market price and 5.17% based on NAV. For the same period, the benchmark MSCI All Country World Index ex-US returned 5.76%. 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. On an absolute basis, contribution to performance was led by industrials and information technology holdings, which appreciated meaningfully during the past six months. From a relative perspective, stock selection within industrials was strongest, led by our exposure to Japanese exporters;holding an underweight in financials also helped. With approximately half the portfolio overwritten during the time period, the impact of individual stock options was negative in instances where overwritten securities were called away below their market values. Outside of covered call writing, other negative effects came from our stock selection decisions within the financials and materials sectors.

Trust Information


Symbol on NYSE		BGY
Initial Offering Date		May 30, 2007
Yield based on Closing Market Price as of April 30, 2010 ($11.03)¹		16.50%
Current Quarterly Distribution per Common Share²		$0.4551
Current Annualized Distribution per Common Share²		$1.8204


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
	²	The Quarterly Distribution per Common Share, declared on June 1, 2010, was decreased to $0.3400 per share. The yield on Closing Market Price, Current Quarterly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. 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:


	4/30/10		10/31/09		Change			High		Low
Market Price	$	11.03	$	10.92		1.01	%	$	12.67	$	9.87
Net Asset Value	$	10.59	$	10.92		(3.02	)%	$	11.67	$	10.27


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


Ten Largest Holdings

			4/30/10
Singapore Telecommunications Ltd.			2	%
HSBC Holdings Plc			1
Royal Dutch Shell Plc - ADR			1
RWE AG			1
Total SA			1
Novartis AG			1
NSK Ltd.			1
Nestle SA			1
Honda Motor Co. Ltd.			1
Imperial Tobacco Group Plc			1

Geographic Allocations

	4/30/10		10/31/09
United Kingdom	17	%	17	%
Japan	14		12
Germany	9		7
Canada	9		11
Switzerland	8		8
France	6		9
Singapore	4		3
Hong Kong	3		4
Brazil	3		1
Taiwan	3		2
Australia	2		3
Spain	2		2
Netherlands	2		2
Italy	2		2
South Korea	2		2
China	2		2
Russia	—		2
Other³	12		11


	³	Other includes a 1% holding in each of the following countries; for 4/30/10, Denmark, Sweden, Mexico, Malaysia, Thailand, Belgium, South Africa, India, Cayman Islands, United States, Finland and Indonesia and for 10/31/09, Luxembourg, Norway, Malaysia, Denmark, Sweden, United States, Belgium, Israel, Greece, India and Mexico.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	11




Trust Summary as of April 30, 2010	BlackRock Real Asset Equity Trust

Investment Objective


	BlackRock Real Asset Equity Trust (BCF) (the “Trust”) seeks to provide total return through a combination of current income, current gains and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of companies engaged in energy, natural resources and basic materials businesses and companies in associated businesses and equity derivatives with exposure to those companies.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 18.61% based on market price and 16.49% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 23.36% on a market price basis and 18.41% on a NAV basis. 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. On the whole, commodity prices rallied amidst an economic recovery in 2009. Oil &gas exploration &production and diversified metals &mining stocks contributed the most to fund performance over the six months. While almost every sub-sector performed well during the period, oil &gas drillers lagged on a relative basis.The Trust’s investments in the energy sector, particularly in the drilling industry, contributed to underperformance relative to its Lipper group, which includes funds whose investments are focused in equity sectors that had higher returns. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market.

Trust Information


Symbol on NYSE		BCF
Initial Offering Date		September 29, 2006
Yield based on Closing Market Price as of April 30, 2010 ($13.04)¹		8.34%
Current Quarterly Distribution per Common Share²		$0.2718
Current Annualized Distribution per Common Share²		$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:


	4/30/10		10/31/09		Change			High		Low
Market Price	$	13.04	$	11.45		13.89	%	$	14.05	$	10.57
Net Asset Value	$	13.12	$	11.73		11.85	%	$	13.66	$	11.70


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


Ten Largest Holdings

			4/30/10
BHP Billiton Plc			4	%
Rio Tinto Plc			4
Vale SA - ADR			4
E.I. du Pont de Nemours & Co.			3
Xstrata Plc			3
Caterpillar, Inc.			3
Vedanta Resources Plc			2
Praxair, Inc.			2
Impala Platinum Holdings Ltd.			2
Alamos Gold, Inc.			2

Industry Allocations

	4/30/10		10/31/09
Metals & Mining	42	%	43	%
Oil, Gas & Consumable Fuels	28		26
Chemicals	10		10
Energy Equipment & Services	7		9
Paper & Forest Products	6		6
Machinery	3		3
Gas Utilities	2		2
Containers & Packaging	1		1
Oil &Gas Services	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.


12		SEMI-ANNUAL REPORT		APRIL 30, 2010




Trust Summary as of April 30, 2010	BlackRock S&P Quality Rankings Global Equity Managed Trust

Investment Objective


	BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing primarily in equity securities of issuers that pay above average dividends and have the potential for capital appreciation. The Trust utilizes an option writing (selling) strategy to help enhance current gains.

	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

	For the six months ended April 30, 2010, the Trust returned 12.24% based on market price and 8.83% based on NAV. For the same period, the MSCI World Value Index returned 8.31%. 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. Trust performance relative to the MSCI World Value Index was generated through stock selection in the financials sector, specifically within the commercial banking and capital markets industries. Strong security selection in the integrated utilities sub-sector also contributed to relative performance. Finally, an overweight position in the information technology sector helped bolster Trust performance. The Trust’s option writing strategy was a notable detractor from relative performance during the period, given the rising market. Stock selection in the consumer discretionary sector also hurt performance, as the Trust’s selections in the household durables and specialty retail industries performed more poorly than their index counterparts. In addition, stock selection in the weaker-performing oil, gas & consumable fuels industry, housed within the energy sector, hurt relative performance. Lastly, the Trust’s relative underweight in the materials sector weighed on performance.

Trust Information


Symbol on NYSE Amex		BQY
Initial Offering Date		May 28, 2004
Yield based on Closing Market Price as of April 30, 2010 ($12.56)¹		5.97%
Current Quarterly Distribution per Common Share²		$0.1875
Current Annualized Distribution per Common Share²		$0.7500


	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:


	4/30/10		10/31/09		Change			High		Low
Market Price	$	12.56	$	11.54		8.84	%	$	12.95	$	11.24
Net Asset Value	$	14.12	$	13.38		5.53	%	$	14.62	$	13.06


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


Ten Largest Holdings

			4/30/10
Exxon Mobil Corp.			3	%
AT&T Inc.			2
Chevron Corp.			2
Royal Bank of Canada			2
Emerson Electric Co.			2
BP Plc			2
Bank of Montreal			2
Microsoft Corp.			2
International Business Machines Corp.			2
HSBC Holdings Plc			2

Geographic Allocations

	4/30/10		10/31/09
United States	48	%	46	%
United Kingdom	9		11
Canada	7		6
Japan	7		6
Australia	5		5
France	5		5
Sweden	4		4
Germany	3		3
Hong Kong	3		3
Spain	2		3
Singapore	2		1
Italy	1		2
Other³	4		5


	³	Other includes a 1% holding in each of the following countries; for 4/30/10, Finland, Belgium, Switzerland and Greece and for 10/31/09, Greece, Switzerland, Finland, Netherlands and Portugal.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	13




Derivative 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 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 the Trusts to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation the Trusts can realize on an investment or may cause the Trusts to hold a security that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.


14		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock Dividend Achievers^TMTrust (BDV)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Aerospace & Defense—5.9%
General Dynamics Corp.		176,400	$	13,469,904
Raytheon Co.		129,700		7,561,510
United Technologies Corp.		147,200		11,032,640

				32,064,054

Beverages—6.1%
Brown-Forman Corp., Class B		119,700		6,964,146
Coca-Cola Co. (The)		249,550		13,338,447
PepsiCo, Inc.		195,875		12,774,968

				33,077,561

Capital Markets—0.7%
T. Rowe Price Group, Inc.		63,600		3,657,636

Chemicals—3.7%
Air Products & Chemicals, Inc.		27,400		2,103,772
E.I. du Pont de Nemours & Co.		191,200		7,617,408
PPG Industries, Inc.		62,200		4,377,014
RPM International, Inc.		202,800		4,477,824
Valspar Corp.		55,300		1,731,996

				20,308,014

Commercial Banks—2.1%
Bank of Hawaii Corp.		56,500		2,987,720
Cullen/Frost Bankers, Inc.		47,700		2,831,472
Toronto-Dominion Bank (The)		35,900		2,673,114
U.S. Bancorp		105,600		2,826,912

				11,319,218

Commercial Services & Supplies—0.6%
Pitney Bowes, Inc.		134,754		3,422,752

Computers & Peripherals—4.7%
Hewlett-Packard Co.		51,500		2,676,455
International Business Machines Corp.		177,300		22,871,700

				25,548,155

Diversified Financial Services—2.0%
JPMorgan Chase & Co.		257,700		10,972,866

Diversified Telecommunication—4.3%
AT&T Inc.		627,600		16,355,256
CenturyTel, Inc.		209,000		7,128,990

				23,484,246

Electric Utilities—4.5%
FPL Group, Inc.		172,100		8,957,805
Northeast Utilities		253,900		7,055,881
PPL Corp.		77,600		1,921,376
Progress Energy, Inc.		167,500		6,686,600

				24,621,662

Electrical Equipment—2.1%
Emerson Electric Co.		220,500		11,516,715

Energy Equipment & Services—0.7%
Halliburton Co.		124,100		3,803,665


Common Stocks	Shares		Value

Food & Staples Retailing—1.7%
Sysco Corp.		94,875	$	2,992,357
Wal-Mart Stores, Inc.		119,575		6,415,199

				9,407,556

Food Products—1.4%
General Mills, Inc.		66,200		4,712,116
Kraft Food, Inc.		90,600		2,681,760

				7,393,876

Gas Utilities—3.4%
Atmos Energy Corp.		117,000		3,460,860
National Fuel Gas Co.		51,200		2,663,424
Questar Corp.		195,800		9,388,610
UGI Corp.		103,600		2,847,964

				18,360,858

Health Care Equipment & Supplies—2.3%
Becton Dickinson & Co.		40,900		3,123,533
Medtronic, Inc.		213,200		9,314,708

				12,438,241

Hotels Restaurants & Leisure—3.1%
McDonald’s Corp.		235,500		16,623,945

Household Products—6.3%
Clorox Co.		89,700		5,803,590
Colgate-Palmolive Co.		61,600		5,180,560
Kimberly-Clark Corp.		105,950		6,490,497
Procter & Gamble Co. (The)		265,575		16,508,142

				33,982,789

Industrial Conglomerates—2.9%
3M Co.		135,000		11,970,450
General Electric Co.		188,400		3,553,224

				15,523,674

Insurance—2.6%
Chubb Corp.		111,400		5,889,718
Travelers Cos., Inc. (The)		163,400		8,290,916

				14,180,634

IT Services—0.7%
Automatic Data Processing, Inc.		55,500		2,406,480
Paychex, Inc.		51,500		1,575,900

				3,982,380

Machinery—3.6%
Caterpillar, Inc.		131,200		8,933,408
Deere & Co.		155,100		9,278,082
Pentair, Inc.		43,000		1,554,880

				19,766,370

Media—0.3%
McGraw-Hill Cos., Inc. (The)		41,700		1,406,124

Metals & Mining—1.8%
BHP Billiton Ltd. - ADR		92,100		6,703,959
Nucor Corp.		73,600		3,335,552

				10,039,511

Portfolio Abbreviations

To simplify the listings of the portfolio holdings in the Schedules 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
HKD	Hong Kong Dollar
ILS	Israeli Shekel
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	15




Schedule of Investments (continued)	BlackRock Dividend Achievers^TMTrust (BDV)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Multi-Utilities—0.8%
NSTAR		75,300	$	2,755,980
Vectren Corp.		68,700		1,718,187

				4,474,167

Multiline Retail—1.5%
Family Dollar Stores, Inc.		30,100		1,190,756
Target Corp.		120,750		6,867,052

				8,057,808

Oil, Gas & Consumable Fuels—10.4%
Chevron Corp.		253,050		20,608,392
Exxon Mobil Corp.		280,100		19,004,785
Marathon Oil Corp.		144,400		4,642,460
Murphy Oil Corp.		206,100		12,396,915

				56,652,552

Personal Products—0.8%
Avon Products, Inc.		126,400		4,086,512

Pharmaceuticals—9.4%
Abbott Laboratories		338,800		17,333,008
Eli Lilly & Co.		150,700		5,269,979
Johnson & Johnson		290,500		18,679,150
Merck & Co., Inc.		160,000		5,606,400
Pfizer, Inc.		243,000		4,062,960

				50,951,497

Semiconductors & Semiconductor Equipment—1.2%
Intel Corp.		176,200		4,022,646
Linear Technology Corp.		87,000		2,615,220

				6,637,866

Specialty Retail—2.5%
Lowe’s Cos., Inc.		273,200		7,409,184
Sherwin-Williams Co. (The)		21,100		1,647,277
TJX Cos., Inc.		92,000		4,263,280

				13,319,741

Textiles, Apparel & Luxury Goods—1.1%
VF Corp.		67,500		5,833,350

Tobacco—3.5%
Altria Group, Inc.		617,700		13,089,063
Philip Morris International, Inc.		50,200		2,463,816
Universal Corp.		61,300		3,174,114

				18,726,993

Water Utilities—0.8%
Aqua America, Inc.		155,800		2,855,814
California Water Service Group		42,500		1,646,025

				4,501,839

Total Long-Term Investments (Cost—$505,050,526)—99.5%				540,144,827




Short-Term Securities

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (a)(b)	4,740,064	4,740,064

Total Short-Term Securities (Cost—$4,740,064)—0.9%		4,740,064

Total Investments Before Outstanding Options Written (Cost—$509,790,590*)—100.4%		544,884,891


Options Written	Contracts		Value

Exchange-Traded Call Options Written—(0.1)%
Altria Group, Inc., Strike Price USD 21, Expires 6/21/10		9	$	(517	)
Becton Dickinson & Co., Strike Price USD 80, Expires 5/24/10		81		(1,822	)
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10		230		(93,150	)
Chubb Corp., Strike Price USD 53.50, Expires 5/28/10		92		(7,536	)
Clorox Co., Strike Price USD 65, Expires 5/24/10		180		(17,550	)
Coca-Cola Co. (The), Strike Price USD 55, Expires 5/24/10		500		(16,750	)
Eli Lilly & Co., Strike Price USD 36.55, Expires 5/20/10		300		(3,420	)
Family Dollar Stores, Inc., Strike Price USD 39, Expires 5/24/10		60		(7,350	)
FPL Group, Inc., Strike Price USD 50, Expires 5/24/10		100		(23,250	)
General Electric Co., Strike Price USD 20, Expires 5/24/10		34		(561	)
International Business Machines Corp., Strike Price USD 130, Expires 6/21/10		15		(3,968	)
Kimberly-Clark Corp., Strike Price USD 63.50, Expires 5/24/10		110		(1,390	)
Medtronic, Inc., Strike Price USD 46, Expires 5/24/10		425		(14,875	)
Paychex, Inc., Strike Price USD 32.50, Expires 5/24/10		100		(1,000	)
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10		390		(6,435	)
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10		1,100		(6,050	)
Philip Morris International, Inc., Strike Price USD 52.50, Expires 5/24/10		318		(3,339	)
Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10		270		(20,250	)
Progress Energy, Inc., Strike Price USD 40, Expires 6/21/10		335		(25,963	)
RPM International, Inc., Strike Price USD 20.25, Expires 5/07/10		420		(76,860	)
Sherwin-Williams Co. (The), Strike Price USD 75, Expires 6/21/10		42		(18,690	)
U.S. Bancorp, Strike Price USD 27, Expires 5/24/10		540		(35,370	)
United Technologies Corp., Strike Price USD 77.25, Expires 6/01/10		40		(3,890	)

Total Exchange-Traded Call Options Written				(389,986	)

Over-the-Counter Call Options Written—(0.4)%
3M Co., Strike Price USD 82.02, Expires 5/10/10, Broker Credit Suisse First Boston		28,000		(187,718	)
Abbott Laboratories, Strike Price USD 53.18, Expires 5/14/10, Broker UBS Securities LLC		62,000		(5,599	)
Abbott Laboratories, Strike Price USD 53.37, Expires 5/10/10, Broker UBS Securities LLC		6,000		(216	)
Air Products & Chemicals, Inc., Strike Price USD 73.91, Expires 5/10/10, Broker UBS Securities LLC		6,000		(18,110	)
Altria Group, Inc., Strike Price USD 20.78, Expires 5/10/10, Broker UBS Securities LLC		11,000		(4,852	)
Altria Group, Inc., Strike Price USD 21.58, Expires 6/09/10, Broker UBS Securities LLC		111,600		(35,712	)
Aqua America, Inc., Strike Price USD 17.72, Expires 5/17/10, Broker Credit Suisse First Boston		32,000		(21,562	)
AT&T Inc., Strike Price USD 25.97, Expires 5/21/10, Broker UBS Securities LLC		72,000		(29,634	)
AT&T Inc., Strike Price USD 26.72, Expires 5/28/10, Broker Morgan Stanley & Co., Inc.		72,000		(8,929	)
Atmos Energy Corp., Strike Price USD 29.82, Expires 5/13/10, Broker JPMorgan Chase Securities		23,500		(38,145	)
Automatic Data Processing, Inc., Strike Price USD 44.72, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		11,000		(555	)
Avon Products, Inc., Strike Price USD 34.17, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		25,000		(2,213	)
Bank of Hawaii Corp., Strike Price USD 51.20, Expires 6/25/10, Broker UBS Securities LLC		11,000		(29,949	)
BHP Billiton Ltd. - ADR, Strike Price USD 80.86, Expires 5/10/10, Broker Credit Suisse First Boston		19,000		(538	)
Brown-Forman Corp., Class B, Strike Price USD 59.53, Expires 5/17/10, Broker Morgan Stanley & Co., Inc.		24,000		(7,742	)
California Water Service Group, Strike Price USD 38.08, Expires 5/14/10, Broker Credit Suisse First Boston		4,300		(3,748	)
California Water Service Group, Strike Price USD 38.08, Expires 5/28/10, Broker Credit Suisse First Boston		4,300		(5,000	)

See Notes to Financial Statements.


16		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock Dividend Achievers^TMTrust (BDV)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Caterpillar, Inc., Strike Price USD 63.73, Expires 5/10/10, Broker UBS Securities LLC		4,000	$	(18,217	)
CenturyTel, Inc., Strike Price USD 36.51, Expires 6/25/10, Broker Goldman Sachs & Co.		42,000		(3,927	)
Chevron Corp., Strike Price USD 81.13, Expires 6/02/10, Broker UBS Securities LLC		50,500		(103,666	)
Chubb Corp., Strike Price USD 52.67, Expires 5/10/10, Broker UBS Securities LLC		13,000		(9,957	)
Clorox Co., Strike Price USD 65.22, Expires 5/10/10, Broker Credit Suisse First Boston		10,000		(4,507	)
Colgate-Palmolive Co., Strike Price USD 85.73, Expires 5/17/10, Broker UBS Securities LLC		12,500		(5,532	)
Cullen/Frost Bankers, Inc., Strike Price USD 56.38, Expires 5/17/10, Broker Credit Suisse First Boston		10,000		(30,546	)
Deere & Co., Strike Price USD 61.49, Expires 5/10/10, Broker Credit Suisse First Boston		32,000		(25,276	)
E.I. du Pont de Nemours & Co., Strike Price USD 37.71, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		39,000		(83,968	)
Emerson Electric Co., Strike Price USD 49.25, Expires 5/21/10, Broker Credit Suisse First Boston		44,000		(136,683	)
Exxon Mobil Corp., Strike Price USD 69.03, Expires 6/10/10, Broker JPMorgan Chase Securities		56,000		(66,220	)
FPL Group, Inc., Strike Price USD 48.64, Expires 5/10/10, Broker Credit Suisse First Boston		24,000		(81,792	)
General Dynamics Corp., Strike Price USD 76.51, Expires 6/02/10, Broker UBS Securities LLC		10,000		(19,332	)
General Dynamics Corp., Strike Price USD 78.75, Expires 5/10/10, Broker Credit Suisse First Boston		25,000		(5,385	)
General Electric Co., Strike Price USD 19.18, Expires 6/11/10, Broker Credit Suisse First Boston		34,000		(19,330	)
General Mills, Inc., Strike Price USD 71.17, Expires 5/10/10, Broker Credit Suisse First Boston		14,000		(8,166	)
Halliburton Co., Strike Price USD 30, Expires 5/10/10, Broker Credit Suisse First Boston		25,000		(34,595	)
Hewlett-Packard Co., Strike Price USD 53.27, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		21,000		(9,025	)
Intel Corp., Strike Price USD 22.41, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		36,000		(21,779	)
International Business Machines Corp., Strike Price USD 131.91, Expires 6/08/10, Broker UBS Securities LLC		34,000		(55,780	)
Johnson & Johnson, Strike Price USD 65.70, Expires 6/14/10, Broker Citigroup Global Markets		58,000		(35,048	)
JPMorgan Chase & Co., Strike Price USD 44.88, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		52,000		(10,051	)
Kimberly-Clark Corp., Strike Price USD 62.69, Expires 6/10/10, Broker JPMorgan Chase Securities		10,000		(5,198	)
Kraft Food, Inc., Class A, Strike Price USD 30.65, Expires 5/10/10, Broker UBS Securities LLC		29,000		(1,565	)
Linear Technology Corp., Strike Price USD 29.44, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		17,500		(18,912	)
Lowe’s Cos., Inc., Strike Price USD 24.48, Expires 5/10/10, Broker Credit Suisse First Boston		12,000		(31,972	)
Lowe’s Cos., Inc., Strike Price USD 25.96, Expires 6/14/10, Broker Morgan Stanley & Co., Inc.		42,500		(73,999	)
Marathon Oil Corp., Strike Price USD 31.60, Expires 5/10/10, Broker UBS Securities LLC		29,000		(25,799	)
McDonald’s Corp., Strike Price USD 67.63, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		24,000		(71,173	)
McDonald’s Corp., Strike Price USD 71.03, Expires 6/25/10, Broker Credit Suisse First Boston		23,000		(33,928	)
McGraw-Hill Cos., Inc., Strike Price USD 35.96, Expires 5/17/10, Broker Credit Suisse First Boston		4,500		(445	)
McGraw-Hill Cos., Inc., Strike Price USD 36.16, Expires 5/05/10, Broker Credit Suisse First Boston		4,000		(10	)
Merck & Co., Inc., Strike Price USD 38.19, Expires 5/10/10, Broker Credit Suisse First Boston		32,000		(305	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
Murphy Oil Corp., Strike Price USD 56.70, Expires 5/17/10, Broker Credit Suisse First Boston		42,000	$	(164,424	)
National Fuel Gas Co., Strike Price USD 51.15, Expires 5/17/10, Broker UBS Securities LLC		10,000		(17,710	)
Northeast Utilities, Strike Price USD 28.26, Expires 5/14/10, Broker Credit Suisse First Boston		26,000		(7,973	)
Northeast Utilities, Strike Price USD 28.26, Expires 5/28/10, Broker Credit Suisse First Boston		26,000		(20,376	)
NSTAR, Strike Price USD 35.83, Expires 5/17/10, Broker Credit Suisse First Boston		15,000		(14,730	)
Nucor Corp., Strike Price USD 46.31, Expires 5/10/10, Broker UBS Securities LLC		15,000		(6,225	)
Pentair, Inc., Strike Price USD 35.03, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		9,000		(11,543	)
PPG Industries, Inc., Strike Price USD 66.94, Expires 5/14/10, Broker Goldman Sachs & Co.		12,500		(44,278	)
PPL Corp., Strike Price USD 28.02, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		16,000		(933	)
Procter & Gamble Co. (The), Strike Price USD 63.42, Expires 5/18/10, Broker Credit Suisse First Boston		38,000		(12,509	)
Procter & Gamble Co. (The), Strike Price USD 63.75, Expires 5/04/10, Broker Deutsche Bank Securities		15,000		(419	)
Questar Corp., Strike Price USD 43.47, Expires 5/17/10, Broker Credit Suisse First Boston		40,000		(179,934	)
Raytheon Co., Strike Price USD 57.88, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		27,000		(23,943	)
Sysco Corp., Strike Price USD 30.95, Expires 7/06/10, Broker Morgan Stanley & Co., Inc.		19,000		(25,128	)
T. Rowe Price Group, Inc., Strike Price USD 53.81, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		13,500		(50,355	)
Target Corp., Strike Price USD 54.34, Expires 6/04/10, Broker Citigroup Global Markets		24,000		(80,057	)
TJX Cos., Inc., Strike Price USD 43.24, Expires 5/10/10, Broker UBS Securities LLC		4,000		(12,545	)
TJX Cos., Inc., Strike Price USD 43.58, Expires 5/17/10, Broker Goldman Sachs & Co.		15,000		(43,163	)
Toronto-Dominion Bank (The), Strike Price USD 73.86, Expires 5/10/10, Broker Credit Suisse First Boston		7,000		(9,470	)
Travelers Cos., Inc. (The), Strike Price USD 54.97, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		33,000		(78	)
UGI Corp., Strike Price USD 26.83, Expires 5/17/10, Broker UBS Securities LLC		21,000		(20,221	)
United Technologies Corp., Strike Price USD 76.26, Expires 6/01/10, Broker Morgan Stanley & Co., Inc.		25,500		(31,724	)
Universal Corp., Strike Price USD 54.79, Expires 5/07/10, Broker Citigroup Global Markets		12,700		(2,358	)
Valspar Corp., Strike Price USD 29.48, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		11,000		(20,525	)
Vectren Corp., Strike Price USD 24.82, Expires 6/25/10, Broker Goldman Sachs & Co.		6,000		(3,307	)
Vectren Corp., Strike Price USD 25.22, Expires 6/08/10, Broker Citigroup Global Markets		8,000		(2,508	)
VF Corp., Strike Price USD 80.67, Expires 5/10/10, Broker Credit Suisse First Boston		10,000		(57,500	)
VF Corp., Strike Price USD 83.33, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		3,500		(12,565	)
Wal-Mart Stores, Inc., Strike Price USD 54.77, Expires 6/10/10, Broker Morgan Stanley & Co., Inc.		8,000		(4,907	)
Wal-Mart Stores, Inc., Strike Price USD 54.96, Expires 6/10/10, Broker Citigroup Global Markets		16,000		(8,885	)

Total Over-the-Counter Call Options Written				(2,342,603	)

Total Options Written (Premiums Received $2,619,240)—(0.5)%				(2,732,589	)

Total Investments Net of Outstanding Options Written—99.9%				542,152,302
Other Assets Less Liabilities—0.1%				710,674

Net Assets—100.0%			$	542,862,976

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	17




Schedule of Investments (concluded)	BlackRock Dividend Achievers^TMTrust (BDV)


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	515,871,960

Gross unrealized appreciation	$	43,331,341
Gross unrealized depreciation		(14,318,410	)

Net unrealized appreciation	$	29,012,931


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



Affiliate	Shares Held at October 31, 2009		Net Activity			Shares Held at April 30, 2010		Income

BlackRock Liquidity Funds, TempFund, Institutional Class		7,282,466		(2,542,402	)		4,740,064	$	4,931


(b)	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, 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)

	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 April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1		Level 2		Level 3		Total

Assets:
Common Stocks¹	$	540,144,827		—		—	$	540,144,827
Short-Term Securities		4,740,064		—		—		4,740,064

Total	$	544,884,891		—		—	$	544,884,891


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


Other Financial Instruments²

Valuation Inputs	Level 1			Level 2			Level 3		Total

Liabilities:	$	(296,890	)	$	(2,435,699	)		—	$	(2,732,589	)

Total	$	(296,890	)	$	(2,435,699	)		—	$	(2,732,589	)


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

See Notes to Financial Statements.


18		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Aerospace & Defense—4.9%
General Dynamics Corp.		195,500	$	14,928,380
Raytheon Co.		144,900		8,447,670
United Technologies Corp.		84,000		6,295,800

				29,671,850

Beverages—6.1%
Brown-Forman Corp., Class B		133,700		7,778,666
Coca-Cola Co. (The)		278,700		14,896,515
PepsiCo, Inc.		219,000		14,283,180

				36,958,361

Capital Markets—0.7%
T. Rowe Price Group, Inc.		71,100		4,088,961

Chemicals—3.7%
Air Products & Chemicals, Inc.		30,500		2,341,790
E.I. du Pont de Nemours & Co.		213,600		8,509,824
PPG Industries, Inc.		68,450		4,816,826
RPM International, Inc.		219,400		4,844,352
Valspar Corp.		61,800		1,935,576

				22,448,368

Commercial Banks—2.0%
Bank of Hawaii Corp.		61,400		3,246,832
Cullen/Frost Bankers, Inc.		53,300		3,163,888
Toronto-Dominion Bank (The)		40,000		2,978,400
U.S. Bancorp		108,400		2,901,868

				12,290,988

Commercial Services & Supplies—0.6%
Pitney Bowes, Inc.		147,146		3,737,508

Computers & Peripherals—4.7%
Hewlett-Packard Co.		57,800		3,003,866
International Business Machines Corp.		197,600		25,490,400

				28,494,266

Diversified Financial Services—2.0%
JPMorgan Chase & Co.		287,900		12,258,782

Diversified Telecommunication—4.3%
AT&T Inc.		701,200		18,273,272
CenturyTel, Inc.		231,000		7,879,410

				26,152,682

Electric Utilities—4.6%
FPL Group, Inc.		190,900		9,936,345
Northeast Utilities		283,700		7,884,023
PPL Corp.		86,700		2,146,692
Progress Energy, Inc.		186,300		7,437,096

				27,404,156

Electrical Equipment—2.1%
Emerson Electric Co.		246,300		12,864,249

Energy Equipment & Services—0.7%
Halliburton Co.		138,700		4,251,155

Food & Staples Retailing—1.8%
Sysco Corp.		104,300		3,289,622
Wal-Mart Stores, Inc.		145,400		7,800,710

				11,090,332

Food Products—1.4%
General Mills, Inc.		74,000		5,267,320
Kraft Food, Inc.		101,500		3,004,400

				8,271,720

Gas Utilities—3.4%
Atmos Energy Corp.		127,900		3,783,282
National Fuel Gas Co.		57,200		2,975,544
Questar Corp.		218,700		10,486,665
UGI Corp.		115,700		3,180,593

				20,426,084


Common Stocks	Shares		Value

Health Care Equipment & Supplies—2.3%
Becton Dickinson & Co.		45,600	$	3,482,472
Medtronic, Inc.		236,700		10,341,423

				13,823,895

Hotels Restaurants & Leisure—3.0%
McDonald’s Corp.		259,400		18,311,046

Household Products—6.3%
Clorox Co.		99,400		6,431,180
Colgate-Palmolive Co.		69,900		5,878,590
Kimberly-Clark Corp.		117,700		7,210,302
Procter & Gamble Co. (The)		296,600		18,436,656

				37,956,728

Industrial Conglomerates—2.9%
3M Co.		150,800		13,371,436
General Electric Co.		209,000		3,941,740

				17,313,176

Insurance—2.6%
Chubb Corp.		124,400		6,577,028
Travelers Cos., Inc. (The)		182,600		9,265,124

				15,842,152

IT Services—0.8%
Automatic Data Processing, Inc.		62,060		2,690,922
Paychex, Inc.		57,500		1,759,500

				4,450,422

Machinery—3.6%
Caterpillar, Inc.		143,800		9,791,342
Deere & Co.		173,200		10,360,824
Pentair, Inc.		48,100		1,739,296

				21,891,462

Media—0.3%
McGraw-Hill Cos., Inc. (The)		46,600		1,571,352

Metals & Mining—1.9%
BHP Billiton Ltd. - ADR		102,900		7,490,091
Nucor Corp.		82,200		3,725,304

				11,215,395

Multi-Utilities—0.8%
NSTAR		84,100		3,078,060
Vectren Corp.		75,700		1,893,257

				4,971,317

Multiline Retail—1.5%
Family Dollar Stores, Inc.		32,500		1,285,700
Target Corp.		132,200		7,518,214

				8,803,914

Oil, Gas & Consumable Fuels—10.3%
Chevron Corp.		271,800		22,135,392
Exxon Mobil Corp.		311,300		21,121,705
Marathon Oil Corp.		161,400		5,189,010
Murphy Oil Corp.		230,300		13,852,545

				62,298,652

Personal Products—0.8%
Avon Products, Inc.		141,100		4,561,763

Pharmaceuticals—9.4%
Abbott Laboratories		378,500		19,364,060
Eli Lilly & Co.		171,900		6,011,343
Johnson & Johnson (a)		322,000		20,704,600
Merck & Co., Inc.		178,800		6,265,152
Pfizer, Inc.		272,200		4,551,184

				56,896,339

Semiconductors & Semiconductor Equipment—1.2%
Intel Corp.		196,800		4,492,944
Linear Technology Corp.		96,200		2,891,772

				7,384,716

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	19




Schedule of Investments (continued)	BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Specialty Retail—2.4%
Lowe’s Cos., Inc.		298,600	$	8,098,032
Sherwin-Williams Co. (The)		22,700		1,772,189
TJX Cos., Inc.		102,700		4,759,118

				14,629,339

Textiles, Apparel & Luxury Goods—1.1%
VF Corp.		75,100		6,490,142

Tobacco—3.5%
Altria Group, Inc.		686,200		14,540,578
Philip Morris International, Inc.		56,000		2,748,480
Universal Corp.		68,461		3,544,911

				20,833,969

Water Utilities—0.8%
Aqua America, Inc.		174,000		3,189,420
California Water Service Group		47,500		1,839,675

				5,029,095

Total Long-Term Investments (Cost—$594,125,343)—98.5%				594,684,336




Short-Term Securities

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (b)(c)		13,025,768		13,025,768

Total Short-Term Securities (Cost—$13,025,768)—2.2%				13,025,768

Total Investments Before Outstanding Options Written (Cost—$607,151,111*)—100.7%				607,710,104




Options Written	Contracts

Exchange-Traded Call Options Written—(0.2)%
Abbott Laboratories, Strike Price USD 52.50, Expires 5/24/10		200		(7,100	)
Abbott Laboratories, Strike Price USD 55, Expires 5/24/10		1,300		(7,150	)
Becton Dickinson & Co., Strike Price USD 80, Expires 5/24/10		255		(5,737	)
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10		640		(259,200	)
Chubb Corp., Strike Price USD 53.50, Expires 5/28/10		315		(25,803	)
Clorox Co., Strike Price USD 65, Expires 5/24/10		250		(24,375	)
Coca-Cola Co. (The), Strike Price USD 55, Expires 5/24/10		980		(32,830	)
Coca-Cola Co. (The), Strike Price USD 55, Expires 6/02/10		550		(24,370	)
Eli Lilly & Co., Strike Price USD 36, Expires 6/21/10		425		(16,575	)
Eli Lilly & Co., Strike Price USD 36.50, Expires 5/22/10		519		(7,110	)
Emerson Electric Co., Strike Price USD 49, Expires 5/10/10		250		(81,414	)
Family Dollar Stores, Inc., Strike Price USD 39, Expires 5/24/10		180		(22,050	)
FPL Group, Inc., Strike Price USD 50, Expires 5/24/10		340		(79,050	)
International Business Machines Corp., Strike Price USD 130, Expires 6/21/10		60		(15,870	)
Kimberly-Clark Corp., Strike Price USD 63.50, Expires 5/24/10		340		(4,295	)
Lowe’s Cos., Inc., Strike Price USD 25, Expires 5/24/10		110		(26,455	)
Medtronic, Inc., Strike Price USD 46, Expires 5/24/10		1,295		(45,325	)
Paychex, Inc., Strike Price USD 32.50, Expires 5/24/10		300		(3,000	)
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10		1,200		(19,800	)
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10		2,700		(14,850	)
Philip Morris International, Inc., Strike Price USD 52.50, Expires 5/24/10		550		(5,775	)
Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10		810		(60,750	)
Progress Energy, Inc., Strike Price USD 40, Expires 6/21/10		1,025		(79,438	)
RPM International, Inc., Strike Price USD 20.25, Expires 5/07/10		210		(38,430	)
Sherwin-Williams Co. (The), Strike Price USD 75, Expires 6/21/10		125		(55,625	)
U.S. Bancorp, Strike Price USD 27, Expires 5/24/10		130		(8,515	)
U.S. Bancorp, Strike Price USD 28, Expires 5/24/10		141		(3,736	)
U.S. Bancorp, Strike Price USD 28, Expires 6/21/10		320		(19,840	)

Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
United Technologies Corp., Strike Price USD 77.25, Expires 6/01/10		100	$	(9,726	)
Universal Corp., Strike Price USD 55, Expires 5/24/10		35		(2,975	)

Total Exchange-Traded Call Options Written				(1,007,169	)

Over-the-Counter Call Options Written—(1.1)%
3M Co., Strike Price USD 82, Expires 5/07/10, Broker JPMorgan Chase Securities		33,000		(220,110	)
3M Co., Strike Price USD 82.02, Expires 5/10/10, Broker Credit Suisse First Boston		50,000		(335,211	)
Abbott Laboratories, Strike Price USD 53.18, Expires 5/14/10, Broker UBS Securities LLC		43,000		(3,883	)
Abbott Laboratories, Strike Price USD 53.37, Expires 5/10/10, Broker UBS Securities LLC		17,000		(613	)
Air Products & Chemicals, Inc., Strike Price USD 73.91, Expires 5/10/10, Broker UBS Securities LLC		17,000		(51,312	)
Altria Group, Inc., Strike Price USD 20.78, Expires 5/10/10, Broker UBS Securities LLC		26,000		(11,469	)
Altria Group, Inc., Strike Price USD 21.58, Expires 6/09/10, Broker UBS Securities LLC		351,400		(112,448	)
Aqua America, Inc., Strike Price USD 17.72, Expires 5/17/10, Broker Credit Suisse First Boston		96,000		(64,685	)
AT&T Inc., Strike Price USD 25.97, Expires 5/21/10, Broker UBS Securities LLC		127,000		(52,271	)
AT&T Inc., Strike Price USD 26.51, Expires 6/04/10, Broker Credit Suisse First Boston		26,500		(5,477	)
AT&T Inc., Strike Price USD 26.72, Expires 5/28/10, Broker Morgan Stanley & Co., Inc.		232,000		(28,770	)
Atmos Energy Corp., Strike Price USD 29.82, Expires 5/13/10, Broker JPMorgan Chase Securities		70,500		(114,435	)
Automatic Data Processing, Inc., Strike Price USD 44.72, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		34,000		(1,717	)
Avon Products, Inc., Strike Price USD 34.17, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		77,000		(6,818	)
Bank of Hawaii Corp., Strike Price USD 51.20, Expires 6/25/10, Broker UBS Securities LLC		34,000		(92,570	)
BHP Billiton Ltd. - ADR, Strike Price USD 80.86, Expires 5/10/10, Broker Credit Suisse First Boston		56,000		(1,586	)
Brown-Forman Corp., Class B, Strike Price USD 59.53, Expires 5/17/10, Broker Morgan Stanley & Co., Inc.		73,000		(23,549	)
California Water Service Group, Strike Price USD 38.08, Expires 5/14/10, Broker Credit Suisse First Boston		13,100		(11,419	)
California Water Service Group, Strike Price USD 38.08, Expires 5/28/10, Broker Credit Suisse First Boston		13,100		(15,232	)
Caterpillar, Inc., Strike Price USD 63.73, Expires 5/10/10, Broker UBS Securities LLC		15,000		(68,312	)
CenturyTel, Inc., Strike Price USD 36.51, Expires 6/25/10, Broker Goldman Sachs & Co.		127,000		(11,873	)
Chevron Corp., Strike Price USD 81.13, Expires 6/02/10, Broker UBS Securities LLC		133,500		(274,049	)
Chevron Corp., Strike Price USD 81.35, Expires 5/27/10, Broker Credit Suisse First Boston		16,000		(27,459	)
Chubb Corp., Strike Price USD 52.67, Expires 5/10/10, Broker UBS Securities LLC		37,000		(28,338	)
Clorox Co., Strike Price USD 65.22, Expires 5/10/10, Broker Credit Suisse First Boston		30,000		(13,521	)
Colgate-Palmolive Co., Strike Price USD 85.73, Expires 5/17/10, Broker UBS Securities LLC		38,500		(17,039	)
Cullen/Frost Bankers, Inc., Strike Price USD 56.38, Expires 5/17/10, Broker Credit Suisse First Boston		29,000		(88,583	)
Deere & Co., Strike Price USD 61.49, Expires 5/10/10, Broker Credit Suisse First Boston		95,000		(75,038	)
E.I. du Pont de Nemours & Co., Strike Price USD 37.71, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		118,000		(254,056	)
Emerson Electric Co., Strike Price USD 49.25, Expires 5/21/10, Broker Credit Suisse First Boston		106,000		(329,282	)

See Notes to Financial Statements.


20		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Exxon Mobil Corp., Strike Price USD 69.03, Expires 6/10/10, Broker JPMorgan Chase Securities		171,000	$	(202,207	)
FPL Group, Inc., Strike Price USD 48.64, Expires 5/10/10, Broker Credit Suisse First Boston		71,000		(241,968	)
General Dynamics Corp., Strike Price USD 76.51, Expires 6/02/10, Broker UBS Securities LLC		30,500		(58,962	)
General Dynamics Corp., Strike Price USD 78.75, Expires 5/10/10, Broker Credit Suisse First Boston		77,000		(16,586	)
General Electric Co., Strike Price USD 19.18, Expires 6/11/10, Broker Credit Suisse First Boston		115,000		(65,380	)
General Mills, Inc., Strike Price USD 71.17, Expires 5/10/10, Broker Credit Suisse First Boston		41,000		(23,914	)
Halliburton Co., Strike Price USD 30, Expires 5/10/10, Broker Credit Suisse First Boston		76,000		(105,168	)
Hewlett-Packard Co., Strike Price USD 53.27, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		57,000		(24,496	)
Intel Corp., Strike Price USD 22.41, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		108,000		(65,338	)
International Business Machines Corp., Strike Price USD 131.91, Expires 6/08/10, Broker UBS Securities LLC		103,000		(168,982	)
Johnson & Johnson, Strike Price USD 65.70, Expires 6/14/10, Broker Citigroup Global Markets		177,000		(106,956	)
JPMorgan Chase & Co., Strike Price USD 44.88, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		158,000		(30,538	)
Kimberly-Clark Corp., Strike Price USD 62.69, Expires 6/10/10, Broker JPMorgan Chase Securities		31,000		(16,112	)
Kraft Food, Inc., Class A, Strike Price USD 30.65, Expires 5/10/10, Broker UBS Securities LLC		66,000		(3,562	)
Linear Technology Corp., Strike Price USD 29.44, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		53,000		(57,276	)
Lowe’s Cos., Inc., Strike Price USD 24.48, Expires 5/10/10, Broker Credit Suisse First Boston		29,000		(77,266	)
Lowe’s Cos., Inc., Strike Price USD 25.96, Expires 6/14/10, Broker Morgan Stanley & Co., Inc.		124,500		(216,774	)
Marathon Oil Corp., Strike Price USD 31.60, Expires 5/10/10, Broker UBS Securities LLC		89,000		(79,177	)
McDonald’s Corp., Strike Price USD 67.63, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		71,000		(210,553	)
McDonald’s Corp., Strike Price USD 71.03, Expires 6/25/10, Broker Credit Suisse First Boston		71,000		(104,734	)
McGraw-Hill Cos., Inc., Strike Price USD 35.96, Expires 5/17/10, Broker Credit Suisse First Boston		13,500		(1,336	)
McGraw-Hill Cos., Inc., Strike Price USD 36.16, Expires 5/05/10, Broker Credit Suisse First Boston		12,000		(31	)
Merck & Co., Inc., Strike Price USD 38.19, Expires 5/10/10, Broker Credit Suisse First Boston		98,000		(935	)
Murphy Oil Corp., Strike Price USD 56.70, Expires 5/17/10, Broker Credit Suisse First Boston		126,000		(493,271	)
National Fuel Gas Co., Strike Price USD 51.15, Expires 5/17/10, Broker UBS Securities LLC		31,000		(54,902	)
Northeast Utilities, Strike Price USD 28.26, Expires 5/14/10, Broker Credit Suisse First Boston		78,000		(23,920	)
Northeast Utilities, Strike Price USD 28.26, Expires 5/28/10, Broker Credit Suisse First Boston		78,000		(61,127	)
NSTAR, Strike Price USD 35.83, Expires 5/17/10, Broker Credit Suisse First Boston		46,000		(45,172	)
Nucor Corp., Strike Price USD 46.31, Expires 5/10/10, Broker UBS Securities LLC		45,000		(18,676	)
Pentair, Inc., Strike Price USD 35.03, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		26,000		(33,347	)
PPG Industries, Inc., Strike Price USD 66.94, Expires 5/14/10, Broker Goldman Sachs & Co.		37,500		(132,834	)
PPL Corp., Strike Price USD 28.02, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		48,000		(2,800	)
Procter & Gamble Co. (The), Strike Price USD 63.42, Expires 5/18/10, Broker Credit Suisse First Boston		67,000		(22,055	)

Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
Procter & Gamble Co. (The), Strike Price USD 63.75, Expires 5/04/10, Broker Deutsche Bank Securities		96,000	$	(2,681	)
Questar Corp., Strike Price USD 43.47, Expires 5/17/10, Broker Credit Suisse First Boston		120,000		(539,801	)
Raytheon Co., Strike Price USD 57.88, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		80,000		(70,942	)
RPM International, Inc., Strike Price USD 21.17, Expires 5/14/10, Broker Credit Suisse First Boston		45,500		(43,489	)
RPM International, Inc., Strike Price USD 22.88, Expires 5/27/10, Broker Citigroup Global Markets		54,000		(9,026	)
Sysco Corp., Strike Price USD 30.95, Expires 7/06/10, Broker Morgan Stanley & Co., Inc.		57,000		(75,385	)
T. Rowe Price Group, Inc., Strike Price USD 53.81, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		38,000		(141,740	)
Target Corp., Strike Price USD 54.34, Expires 6/04/10, Broker Citigroup Global Markets		73,000		(243,506	)
TJX Cos., Inc., Strike Price USD 43.24, Expires 5/10/10, Broker UBS Securities LLC		14,000		(43,907	)
TJX Cos., Inc., Strike Price USD 43.58, Expires 5/17/10, Broker Goldman Sachs & Co.		43,000		(123,735	)
Toronto-Dominion Bank (The), Strike Price USD 73.86, Expires 5/10/10, Broker Credit Suisse First Boston		22,000		(29,764	)
Travelers Cos., Inc. (The), Strike Price USD 54.97, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		100,000		(237	)
UGI Corp., Strike Price USD 26.83, Expires 5/17/10, Broker UBS Securities LLC		64,000		(61,626	)
Universal Corp., Strike Price USD 54.79, Expires 5/07/10, Broker Citigroup Global Markets		34,000		(6,314	)
Valspar Corp., Strike Price USD 29.48, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		34,000		(63,441	)
Vectren Corp., Strike Price USD 24.82, Expires 6/25/10, Broker Goldman Sachs & Co.		20,000		(11,023	)
Vectren Corp., Strike Price USD 25.22, Expires 6/08/10, Broker Citigroup Global Markets		21,300		(6,678	)
VF Corp., Strike Price USD 80.67, Expires 5/10/10, Broker Credit Suisse First Boston		30,000		(172,500	)
VF Corp., Strike Price USD 83.33, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		11,500		(41,285	)
Wal-Mart Stores, Inc., Strike Price USD 54.77, Expires 6/10/10, Broker Morgan Stanley & Co., Inc.		30,500		(18,707	)
Wal-Mart Stores, Inc., Strike Price USD 54.96, Expires 6/10/10, Broker Citigroup Global Markets		49,500		(27,483	)

Total Over-the-Counter Call Options Written				(6,840,750	)

Total Options Written (Premiums Received $7,635,169)—(1.3)%				(7,847,919	)

Total Investments Net of Outstanding Options Written—99.4%				599,862,185
Other Assets Less Liabilities—0.6%				3,840,543

Net Assets—100.0%			$	603,702,728


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:

	Aggregate cost	$	626,106,142

	Gross unrealized appreciation	$	21,364,784
	Gross unrealized depreciation		(39,760,822	)

	Net unrealized depreciation	$	(18,396,038	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	21




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


(a)	Security, or a portion thereof, pledged 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 were as follows:



Affiliate	Shares/ Beneficial Interest Held at October 31, 2009		Net Activity			Shares/ Beneficial Interest Held at April 30, 2010		Income

BlackRock Liquidity Funds, TempFund, Institutional Class		16,074,127		(3,048,359	)		13,025,768	$	12,914
BlackRock Liquidity Series, LLC Money Market Series		1,991,000		(1,991,000	)		—	$	29,864


(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, 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)

	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 April 30, 2010 in determining the investments:


	Investments in Securities

	Valuation Inputs	Level 1			Level 2			Level 3		Total

	Assets:
	Common Stocks¹	$	594,684,336			—			—	$	594,684,336
	Short-Term Securities		13,025,768			—			—		13,025,768

	Total	$	607,710,104			—			—	$	607,710,104


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

	Other Financial Instruments²

	Valuation Inputs	Level 1			Level 2			Level 3		Total

	Liabilities:	$	(816,021	)	$	(7,031,898	)		—	$	(7,847,919	)

	Total	$	(816,021	)	$	(7,031,898	)		—	$	(7,847,919	)


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

See Notes to Financial Statements.


22		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock Strategic Dividend Achievers^TMTrust (BDT)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Building Products—2.3%
Masco Corp.		425,500	$	6,905,865

Capital Markets—2.9%
Eaton Vance Corp.		173,824		6,125,558
Federated Investors, Inc.		106,946		2,579,537

				8,705,095

Chemicals—1.8%
RPM International, Inc.		159,600		3,523,968
Stepan Co.		27,150		2,056,612

				5,580,580

Commercial Banks—13.8%
BancFirst Corp.		28,699		1,266,774
BancorpSouth, Inc.		123,554		2,735,486
Bank of Hawaii Corp.		60,900		3,220,392
Bank of the Ozarks, Inc.		45,459		1,748,808
Chemical Financial Corp.		56,145		1,330,636
Community Bank System, Inc.		72,700		1,793,509
Community Trust Bancorp, Inc.		42,115		1,264,292
Cullen/Frost Bankers, Inc.		96,738		5,742,368
Iberiabank Corp.		24,585		1,515,419
M&T Bank Corp.		84,855		7,412,084
Park National Corp.		35,300		2,418,050
S&T Bancorp, Inc.		55,900		1,344,395
Sterling Bancshares, Inc.		176,778		1,039,455
Trustmark Corp.		107,608		2,634,244
United Bankshares, Inc.		95,775		2,781,306
Valley National Bancorp		160,100		2,600,024
WesBanco, Inc.		65,500		1,262,840

				42,110,082

Commercial Services & Supplies—6.5%
ABM Industries, Inc.		139,330		2,994,202
Avery Dennison Corp.		161,941		6,320,557
HNI Corp.		47,825		1,484,488
McGrath RentCorp		58,461		1,519,401
Mine Safety Appliances Co.		72,700		2,136,653
Pitney Bowes, Inc.		215,675		5,478,145

				19,933,446

Computers & Peripherals—0.9%
Diebold, Inc.		88,130		2,762,875

Construction Materials—1.8%
Vulcan Materials Co.		93,600		5,361,408

Containers & Packaging—2.5%
Bemis Co., Inc.		95,162		2,893,877
Myers Industries, Inc.		120,148		1,304,807
Sonoca Products Co.		103,700		3,435,581

				7,634,265

Distributors—2.0%
Genuine Parts Co.		144,954		6,204,031

Diversified Consumer Services—1.9%
H&R Block, Inc.		312,321		5,718,598

Diversified Telecommunication—0.9%
CenturyTel, Inc.		81,000		2,762,910

Electric Utilities—0.5%
MGE Energy, Inc.		40,771		1,498,742

Electrical Equipment—1.9%
AO Smith Corp.		37,214		1,921,359
Brady Corp.		113,991		3,916,731

				5,838,090


Common Stocks	Shares		Value

Energy Equipment & Services—0.9%
Helmerich & Payne, Inc.		70,940	$	2,881,583

Food & Staples Retailing—1.6%
SUPERVALU, Inc.		327,400		4,878,260

Food Products—5.1%
Hormel Foods Corp.		143,144		5,834,550
J.M. Smucker Co. (The)		117,405		7,169,923
Lancaster Colony Corp.		47,100		2,589,087

				15,593,560

Gas Utilities—6.8%
Atmos Energy Corp.		94,562		2,797,144
National Fuel Gas Co.		72,800		3,787,056
New Jersey Resources Corp.		75,059		2,831,976
Northwest Natural Gas Co.		58,621		2,778,049
Piedmont Natural Gas Co.		100,900		2,774,750
UGI Corp.		105,822		2,909,047
WGL Holdings, Inc.		80,585		2,880,108

				20,758,130

Health Care Equipment & Supplies—2.4%
Beckman Coulter, Inc.		44,191		2,757,519
Meridian Bioscience, Inc.		67,081		1,340,949
Teleflex, Inc.		52,600		3,225,432

				7,323,900

Household Durables—4.7%
Fortune Brands, Inc.		57,889		3,034,541
Leggett & Platt, Inc.		158,833		3,896,174
Stanley Black & Decker, Inc.		120,548		7,492,058

				14,422,773

Industrial Conglomerates—0.9%
Otter Tail Corp.		58,061		1,290,116
Raven Industries, Inc.		48,181		1,462,775

				2,752,891

Insurance—6.5%
Arthur J. Gallagher & Co.		109,400		2,873,938
Cincinnati Financial Corp.		186,242		5,289,273
Erie Indemnity Co., Class A		71,076		3,291,530
Harleysville Group, Inc.		49,000		1,568,980
Mercury General Corp.		72,200		3,248,278
Old Republic International Corp.		240,120		3,604,201

				19,876,200

Leisure Equipment & Products—1.3%
Polaris Industries, Inc.		69,300		4,100,481

Machinery—4.1%
Dover Corp.		143,975		7,518,375
NACCO Industries, Inc.		30,426		2,645,236
Tennant Co.		71,002		2,448,859

				12,612,470

Media—1.6%
Gannet Co., Inc.		101,200		1,722,424
Harte-Hanks, Inc.		123,912		1,784,333
Meredith Corp.		36,093		1,296,821

				4,803,578

Multi-Utilities—3.8%
Black Hills Corp.		59,700		1,963,533
Integrys Energy Group, Inc.		80,000		3,968,800
MDU Resources Group, Inc.		140,100		2,970,120
Vectren Corp.		111,250		2,782,362

				11,684,815

Multiline Retail—2.6%
Nordstrom, Inc.		192,526		7,957,100


See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	APRIL 30, 2010	23




Schedule of Investments (continued)	BlackRock Strategic Dividend Achievers^TMTrust (BDT)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Real Estate Investment Trusts (REITs)—9.7%
EastGroup Properties, Inc.		42,000	$	1,716,960
Getty Realty Corp.		92,790		2,298,408
HCP, Inc.		75,663		2,430,296
Home Properties, Inc.		48,734		2,421,592
Liberty Property Trust		66,400		2,244,984
National Retail Properties, Inc.		94,741		2,229,256
Realty Income Corp.		72,518		2,377,865
Regency Centers Corp.		44,182		1,813,671
Sovran Self Storage, Inc.		75,780		2,795,524
UDR, Inc.		153,300		3,113,523
Universal Health Realty Income Trust		53,925		1,791,389
Washington REIT		66,800		2,100,860
Weingarten Realty Investors		99,132		2,291,932

				29,626,260

Semiconductors & Semiconductor Equipment—2.1%
Linear Technology Corp. (a)		215,900		6,489,954

Thrifts & Mortgage Finance—0.9%
First Niagara Financial Group, Inc.		189,515		2,634,258

Tobacco—1.6%
Universal Corp.		36,308		1,880,028
Vector Group Ltd.		190,468		3,121,771

				5,001,799

Trading Companies & Distributors—2.3%
Fastenal Co.		130,592		7,142,076

Water Utilities—0.8%
American States Water Co.		33,425		1,247,421
California Water Service Group		33,659		1,303,613

				2,551,034

Total Long-Term Investments (Cost—$287,314,420)—99.4%				304,107,109




Short-Term Securities

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (b)(c)		5,868,505		5,868,505

Total Short-Term Securities (Cost—$5,868,505)—1.9%				5,868,505

Total Investments Before Outstanding Options Written (Cost—$293,182,925*)—101.3%				309,975,614




Options Written	Contracts

Exchange-Traded Call Options Written—(0.4)%
AO Smith Corp., Strike Price USD 55, Expires 6/21/10		75		(4,687	)
BancorpSouth, Inc., Strike Price USD 22.50, Expires 5/24/10		250		(8,750	)
Beckman Coulter, Inc., Strike Price USD 65, Expires 5/24/10		88		(2,640	)
Bemis Co., Inc., Strike Price USD 30, Expires 5/24/10		190		(15,675	)
Brady Corp., Strike Price USD 30, Expires 5/24/10		230		(115,000	)
Community Bank System, Inc., Strike Price USD 25, Expires 6/21/10		145		(19,213	)
Cullen/Frost Bankers, Inc., Strike Price USD 58.75, Expires 6/21/10		195		(33,825	)
Diebold, Inc., Strike Price USD 35, Expires 5/24/10		30		(450	)
Dover Corp., Strike Price USD 47.25, Expires 5/24/10		290		(145,153	)
EastGroup Properties, Inc., Strike Price USD 40, Expires 6/21/10		84		(14,700	)
Fortune Brands, Inc., Strike Price USD 50, Expires 5/24/10		115		(31,338	)
Gannet Co., Inc., Strike Price USD 19, Expires 5/24/10		200		(2,000	)
Genuine Parts Co., Strike Price USD 42.75, Expires 7/06/10		290		(35,957	)
H&R Block, Inc., Strike Price USD 19, Expires 5/24/10		220		(5,500	)
H&R Block, Inc., Strike Price USD 19, Expires 6/21/10		315		(17,701	)
Helmerich & Payne, Inc., Strike Price USD 40, Expires 5/24/10		140		(26,600	)


Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
HNI Corp., Strike Price USD 30, Expires 6/21/10		95	$	(19,000	)
Home Properties, Inc., Strike Price USD 50, Expires 6/21/10		100		(13,500	)
Iberiabank Corp., Strike Price USD 60, Expires 5/24/10		50		(16,500	)
Lancaster Colony Corp., Strike Price USD 60, Expires 5/24/10		100		(6,000	)
Liberty Property Trust - REIT, Strike Price USD 35, Expires 5/24/10		130		(5,200	)
M&T Bank Corp., Strike Price USD 85, Expires 5/24/10		170		(68,000	)
Meridian Bioscience, Inc., Strike Price USD 20, Expires 6/21/10		135		(12,488	)
Mine Safety Appliances Co., Strike Price USD 30, Expires 6/21/10		145		(12,325	)
National Fuel Gas Co., Strike Price USD 55, Expires 5/24/10		145		(8,337	)
Nordstrom, Inc., Strike Price USD 44, Expires 5/24/10		385		(27,143	)
Old Republic International Corp., Strike Price USD 12.50, Expires 5/24/10		480		(122,400	)
Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10		430		(32,250	)
Polaris Industries, Inc., Strike Price USD 55, Expires 6/21/10		139		(79,925	)
Regency Centers Corp., Strike Price USD 40, Expires 5/24/10		88		(16,060	)
RPM International, Inc., Strike Price USD 20.25, Expires 5/07/10		320		(58,560	)
Sovran Self Storage, Inc., Strike Price USD 35, Expires 5/24/10		152		(34,200	)
Sterling Bancshares, Inc., Strike Price USD 6.10, Expires 5/13/10		175		(2,819	)
Sterling Bancshares, Inc., Strike Price USD 6.20, Expires 6/14/10		178		(7,118	)
United Bankshares, Inc., Strike Price USD 30, Expires 5/24/10		10		(375	)
Vulcan Materials Co., Strike Price USD 50, Expires 5/24/10		187		(143,055	)
Weingarten Realty Investors, Strike Price USD 25, Expires 7/19/10		202		(12,120	)
WGL Holdings, Inc., Strike Price USD 35, Expires 5/24/10		160		(16,400	)

Total Exchange-Traded Call Options Written				(1,192,964	)

Over-the-Counter Call Options Written—(0.4)%
ABM Industries, Inc., Strike Price USD 21.58, Expires 6/14/10, Broker Credit Suisse First Boston		28,000		(15,943	)
American States Water Co., Strike Price USD 38.38, Expires 5/18/10, Broker Morgan Stanley & Co., Inc.		6,700		(1,962	)
Arthur J. Gallagher & Co., Strike Price USD 25.32, Expires 5/28/10, Broker UBS Securities LLC		21,900		(26,415	)
Atmos Energy Corp., Strike Price USD 29.82, Expires 5/13/10, Broker JPMorgan Chase Securities		19,000		(30,841	)
Avery Dennison Corp., Strike Price USD 37.87, Expires 6/04/10, Broker Credit Suisse First Boston		32,500		(57,123	)
BancFirst Corp., Strike Price USD 44.37, Expires 6/08/10, Broker Citigroup Global Markets		5,500		(6,104	)
Bank of Hawaii Corp., Strike Price USD 51.20, Expires 6/25/10, Broker UBS Securities LLC		12,000		(32,672	)
Bank of the Ozarks, Inc., Strike Price USD 37.74, Expires 6/08/10, Broker Morgan Stanley & Co., Inc.		9,000		(15,714	)
Black Hills Corp., Strike Price USD 31.94, Expires 5/13/10, Broker Morgan Stanley & Co., Inc.		12,000		(13,143	)
California Water Service Group, Strike Price USD 38.08, Expires 5/14/10, Broker Credit Suisse First Boston		3,400		(2,964	)
California Water Service Group, Strike Price USD 38.08, Expires 5/28/10, Broker Credit Suisse First Boston		3,400		(3,953	)
CenturyTel, Inc., Strike Price USD 36.51, Expires 6/25/10, Broker Goldman Sachs & Co.		16,000		(1,496	)
Chemical Financial Corp., Strike Price USD 24.33, Expires 6/16/10, Broker Morgan Stanley & Co., Inc.		11,500		(8,742	)
Cincinnati Financial Corp., Strike Price USD 29.65, Expires 6/01/10, Broker Citigroup Global Markets		37,000		(6,161	)
Community Trust Bancorp, Inc., Strike Price USD 27.77, Expires 5/28/10, Broker Morgan Stanley & Co., Inc.		8,500		(19,813	)
Diebold, Inc., Strike Price USD 35.68, Expires 6/16/10, Broker Credit Suisse First Boston		14,500		(1,209	)


See Notes to Financial Statements.


24	SEMI-ANNUAL REPORT	APRIL 30, 2010




Schedule of Investments (continued)	BlackRock Strategic Dividend Achievers^TMTrust (BDT)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Eaton Vance Corp., Strike Price USD 34.69, Expires 6/08/10, Broker Deutsche Bank Securities		35,000	$	(56,238	)
Erie Indemnity Co., Class A, Strike Price USD 43.18, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		14,200		(40,214	)
Fastnel Co., Strike Price USD 57.58, Expires 6/24/10, Broker Morgan Stanley & Co., Inc.		26,000		(25,740	)
First Niagara Financial Group, Inc., Strike Price USD 14.15, Expires 6/10/10, Broker Morgan Stanley & Co., Inc.		37,900		(10,669	)
Getty Realty Corp., Strike Price USD 24.34, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		18,600		(9,265	)
Harleysville Group, Inc., Strike Price USD 33.13, Expires 5/28/10, Broker Morgan Stanley & Co., Inc.		9,800		(2,500	)
Harte-Hanks, Inc., Strike Price USD 13.08, Expires 6/01/10, Broker Credit Suisse First Boston		25,000		(36,138	)
HCP, Inc., Strike Price USD 32, Expires 6/25/10, Broker Deutsche Bank Securities		15,000		(20,125	)
Hormel Foods Corp., Strike Price USD 42.12, Expires 5/12/10, Broker JPMorgan Chase Securities		29,000		(3,553	)
Integrys Energy Group, Inc., Strike Price USD 50.18, Expires 6/29/10, Broker Goldman Sachs & Co.		16,000		(23,542	)
J.M. Smucker Co. (The), Strike Price USD 60.82, Expires 5/14/10, Broker UBS Securities LLC		23,500		(16,398	)
Leggett & Platt, Inc., Strike Price USD 21.59, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		32,000		(93,952	)
Linear Technology Corp., Strike Price USD 29.44, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		43,000		(46,469	)
Masco Corp., Strike Price USD 16.69, Expires 6/01/10, Broker Credit Suisse First Boston		85,000		(45,024	)
McGrath RentCorp, Strike Price USD 25.35, Expires 5/28/10, Broker Morgan Stanley & Co., Inc.		11,500		(12,154	)
MDU Resources Group, Inc., Strike Price USD 22, Expires 5/27/10, Broker Goldman Sachs & Co.		14,000		(3,025	)
MDU Resources Group, Inc., Strike Price USD 22.57, Expires 5/27/10, Broker Citigroup Global Markets		14,000		(1,467	)
Mercury General Corp., Strike Price USD 42.96, Expires 5/07/10, Broker Citigroup Global Markets		14,500		(29,435	)
MGE Energy, Inc., Strike Price USD 35.20, Expires 5/07/10, Broker UBS Securities LLC		8,100		(12,636	)
Myers Industries, Inc., Strike Price USD 11.44, Expires 6/25/10, Broker UBS Securities LLC		24,000		(8,171	)
Nacco Industries, Inc., Strike Price USD 90.90, Expires 5/28/10, Broker Credit Suisse First Boston		6,100		(24,482	)
National Retail Properties, Inc., Strike Price USD 23.27, Expires 5/26/10, Broker Deutsche Bank Securities		19,000		(12,200	)
New Jersey Resources Corp., Strike Price USD 38.27, Expires 5/20/10, Broker Morgan Stanley & Co., Inc.		15,000		(16,186	)
Northwest Natural Gas Co., Strike Price USD 47.31, Expires 5/05/10, Broker Credit Suisse First Boston		11,700		(5,908	)
Otter Tail Corp., Strike Price USD 23.05, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		11,600		(1,783	)
Park National Corp., Strike Price USD 69.74, Expires 5/28/10, Broker Credit Suisse First Boston		7,100		(10,331	)
Piedmont Natural Gas Co., Inc., Strike Price USD 28.50, Expires 5/28/10, Broker Credit Suisse First Boston		20,200		(11,487	)
Raven Industries, Inc., Strike Price USD 30.39, Expires 5/28/10, Broker Morgan Stanley & Co., Inc.		9,600		(9,560	)
Realty Income Corp., Strike Price USD 31.96, Expires 6/08/10, Broker Deutsche Bank Securities		14,500		(16,865	)
S&T Bancorp, Inc., Strike Price USD 24.46, Expires 6/15/10, Broker Credit Suisse First Boston		11,000		(8,646	)
Sonoca Products Co., Strike Price USD 32.26, Expires 6/08/10, Broker Morgan Stanley & Co., Inc.		21,000		(27,126	)
Stanley Black & Decker, Inc., Strike Price USD 59.59, Expires 5/13/10, Broker Deutsche Bank Securities		22,000		(62,942	)
Stepan Co., Strike Price USD 58.25, Expires 6/01/10, Broker Morgan Stanley & Co., Inc.		5,400		(94,792	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
SUPERVALU, Inc., Strike Price USD 16.30, Expires 5/06/10, Broker Credit Suisse First Boston		65,500	$	(370	)
Teleflex, Inc., Strike Price USD 67.12, Expires 6/15/10, Broker Credit Suisse First Boston		10,500		(516	)
Tennant Co., Strike Price USD 26.88, Expires 5/28/10, Broker Credit Suisse First Boston		14,000		(106,731	)
Trustmark Corp., Strike Price USD 25.25, Expires 5/27/10, Broker UBS Securities LLC		21,500		(5,471	)
UDR, Inc., Strike Price USD 19.35, Expires 6/01/10, Broker Credit Suisse First Boston		30,500		(36,526	)
UGI Corp., Strike Price USD 27.14, Expires 6/23/10, Broker Citigroup Global Markets		21,200		(21,343	)
United Bankshares, Inc., Strike Price USD 26.87, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		17,500		(38,275	)
Universal Corp., Strike Price USD 54.79, Expires 5/07/10, Broker Citigroup Global Markets		7,300		(1,356	)
Universal Health Realty Income Trust, Strike Price USD 36, Expires 5/12/10, Broker Credit Suisse First Boston		11,000		(164	)
Valley National Bancorp, Strike Price USD 14.61, Expires 5/07/10, Broker UBS Securities LLC		31,000		(50,530	)
Vector Group Ltd., Strike Price USD 16.06, Expires 6/23/10, Broker Citigroup Global Markets		38,000		(18,465	)
Vectren Corp., Strike Price USD 24.82, Expires 6/25/10, Broker Goldman Sachs & Co.		9,000		(4,960	)
Vectren Corp., Strike Price USD 25.22, Expires 6/08/10, Broker Citigroup Global Markets		13,300		(4,170	)
Washington REIT, Strike Price USD 31.57, Expires 6/15/10, Broker Credit Suisse First Boston		13,500		(13,328	)
WesBanco, Inc., Strike Price USD 16.40, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		13,000		(37,440	)

Total Over-the-Counter Call Options Written				(1,382,923	)

Total Options Written (Premiums Received $1,601,503)—(0.8)%				(2,575,887	)

Total Investments Net of Outstanding Options Written—100.5%				307,399,727
Liabilities in Excess of Other Assets—(0.5)%				(1,466,693	)

Net Assets—100.0%			$	305,933,034


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	295,116,990

Gross unrealized appreciation	$	39,211,355
Gross unrealized depreciation		(24,352,731	)

Net unrealized appreciation	$	14,858,624


(a)	Security, or a portion thereof, pledged 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 were as follows:



Affiliate	Shares Held at October 31, 2009		Net Activity		Shares Held at April 30, 2010		Income

BlackRock Liquidity Funds, TempFund, Institutional Class		3,951,206		1,917,299		5,868,505	$	2,938


(c)	Represents current yield as of report date.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	25




Schedule of Investments (concluded)	BlackRock Strategic Dividend Achievers^TMTrust (BDT)


•	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, 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)

	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 April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1		Level 2		Level 3		Total

Assets:
Common Stocks¹	$	304,107,109		—		—	$	304,107,109
Short-Term Securities		5,868,505		—		—		5,868,505

Total	$	309,975,614		—		—	$	309,975,614


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


Other Financial Instruments²

Valuation Inputs	Level 1			Level 2			Level 3		Total

Liabilities:	$	(891,831	)	$	(1,684,056	)		—	$	(2,575,887	)

Total	$	(891,831	)	$	(1,684,056	)		—	$	(2,575,887	)


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

See Notes to Financial Statements.


26		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock EcoSolutions Investment Trust (BQR)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Auto Components—0.9%
Johnson Controls, Inc. (a)		34,700	$	1,165,573

Building Products—0.2%
Kingspan Group Plc (b)		23,600		220,070

Chemicals—23.9%
Agrium, Inc.		47,150		2,942,631
CF Industries Holdings, Inc.		13,650		1,142,095
Incitec Pivot Ltd.		349,600		1,033,611
Israel Chemicals Ltd.		90,000		1,077,252
Johnson Matthey Plc		100,000		2,659,507
K+S AG		20,000		1,150,177
Makhteshim-Agan Industries Ltd.		190,000		797,504
Monsanto Co.		50,300		3,171,918
Mosaic Co. (The)		47,700		2,439,378
Nalco Holding Co.		53,800		1,330,474
Novozymes A/S		6,400		769,484
Nufarm Ltd.		90,360		634,370
Potash Corp. of Saskatchewan, Inc.		30,400		3,359,200
Sinofert Holdings Ltd.		3,661,500		1,961,158
Syngenta AG		11,600		2,939,089
Umicore		54,000		1,974,538
Wacker Chemie AG (b)		9,700		1,416,902

				30,799,288

Commercial Services & Supplies—2.6%
Tetra Tech, Inc. (b)		107,600		2,620,060
Tianjin Capital Environmental Protection Group Co. Ltd.		2,083,000		700,684

				3,320,744

Construction & Engineering—2.0%
Insituform Technologies, Inc. (b)		20,400		488,988
Layne Christensen Co. (b)		14,000		383,320
Quanta Services, Inc. (b)		27,400		551,562
Shaw Group, Inc. (The) (b)		29,200		1,117,776

				2,541,646

Diversified Financial Services—0.4%
Climate Exchange Plc (b)		47,500		539,632

Electric Utilities—3.1%
Acciona SA		5,450		540,208
FPL Group, Inc.		37,200		1,936,260
Iberdrola SA		183,500		1,456,265

				3,932,733

Electrical Equipment—7.0%
American Superconductor Corp. (b)		54,000		1,575,720
First Solar, Inc. (b)(c)		6,200		890,010
Gamesa Corp. Tecnologica SA		75,100		922,822
General Cable Corp. (b)		12,900		368,553
Nordex SE (b)		18,900		195,923
Renewable Energy Corp. AS (b)		47,300		160,708
Roper Industries, Inc.		15,900		970,218
Solarworld AG		55,700		805,202
SunPower Corp., Class A(b)		18,350		303,693
Suntech Power Holdings Co. Ltd. - ADR (b)(c)		15,700		213,520
Vestas Wind Systems A/S (b)		43,200		2,635,960

				9,042,329

Electronic Equipment, Instruments & Components—3.5%
Itron, Inc. (b)(a)		41,100		3,271,971
Trimble Navigation Ltd. (b)		36,210		1,184,429

				4,456,400

Food Products—11.3%
Agria Corp. - ADR (b)		100,000		183,000
Archer-Daniels-Midland Co. (a)		54,800		1,531,112
BrasilAgro - Companhia Brasileira de Propriedades Agricolas (b)		525,200		2,776,694
Bunge Ltd.		32,900		1,742,055


Common Stocks	Shares		Value

Food Products (concluded)
Cosan Ltd. (b)		113,400	$	1,204,308
Cresud SACIF y A - ADR		63,240		887,257
Illovo Sugar Ltd.		234,900		924,476
IOI Corp. Bhd		533,333		905,253
Sao Martinho SA		200,000		1,800,661
SLC Agricola SA		150,000		1,408,313
SunOpta, Inc. (b)		90,000		407,700
Viterra, Inc. (b)		62,346		527,836
Wilmar International Ltd.		55,000		276,158

				14,574,823

Independent Power Producers & Energy Traders—2.3%
EDF Energies Nouvelles SA		17,800		803,364
Iberdrola Renovables SA		351,600		1,363,092
Ormat Technologies, Inc. (a)		23,300		742,338

				2,908,794

Industrial Conglomerates—0.5%
Orkla ASA		72,500		610,862

Machinery—8.0%
AGCO Corp. (b)		30,500		1,068,110
CNH Global NV (b)		38,900		1,179,837
Deere & Co.		25,800		1,543,356
Duoyuan Global Water, Inc. - ADR (b)		6,900		184,092
IDEX Corp.		16,400		551,040
Kurita Water Industries Ltd.		71,900		2,079,101
Pentair, Inc.		60,300		2,180,448
Watts Water Technologies, Inc.		40,500		1,436,940

				10,222,924

Multi-Utilities—1.9%
Hera SpA		486,500		1,032,697
Suez Environnement Co.		12,425		269,290
United Utilities Group Plc		91,181		746,163
Veolia Environnement		11,700		367,561

				2,415,711

Oil, Gas & Consumable Fuels—2.0%
Cheniere Energy, Inc. (b)		12,500		51,875
D1 Oils Plc (b)		360,099		24,794
Rentech, Inc. (b)		500,000		625,000
Sasol Ltd.		33,500		1,355,477
Sasol Ltd. - ADR (a)		13,900		565,035

				2,622,181

Paper & Forest Products—0.9%
Fibria Celulose SA - ADR (b)		29,800		591,530
Precious Woods Holding AG (b)		20,000		613,672

				1,205,202

Real Estate Investment Trusts (REITs)—2.0%
Plum Creek Timber Co., Inc.		37,500		1,492,500
Rayonier, Inc.		22,850		1,119,193

				2,611,693

Road & Rail—0.9%
All America Latina Logistica SA		133,000		1,189,788

Semiconductors & Semiconductor Equipment—0.2%
MEMC Electronic Materials, Inc. (b)		21,800		282,746

Water Utilities—20.8%
American States Water Co.		52,700		1,966,764
American Water Works Co., Inc		74,100		1,613,898
Aqua America, Inc.		134,200		2,459,886
Artesian Resources Corp., Class A		39,400		746,236
Athens Water Supply & Sewage Co. SA (The)		89,950		745,037
California Water Service Group		54,300		2,103,039
Cascal NV		62,200		419,228
China Water Affairs Group Ltd.		4,556,000		1,824,935
Cia de Saneamento Basico do Estado de Sao Paulo		81,000		1,562,917

See Notes to Financial Statements.

	SEMI-ANNUAL REPORT	APRIL 30, 2010	27




Schedule of Investments (continued)	BlackRock EcoSolutions Investment Trust (BQR)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Water Utilities (concluded)
Cia de Saneamento de Minas Gerias-COPASA		160,000	$	2,319,574
Hyflux Ltd.		665,000		1,669,356
Inversiones Aguas Metropolitanas SA		1,500,000		1,965,507
Manila Water Co., Inc.		5,610,000		1,916,030
Northumbrian Water Group Plc		430,900		1,781,654
Pennon Group Plc		215,200		1,709,549
Severn Trent Plc		113,500		2,007,008

				26,810,618

Total Common Stocks—94.4%				121,473,757



Rights—0.0%

Electrical Equipment—0.0%
Renewable Energy Corp. ASA (b)		23,650		32,795

Total Long-Term Investments (Cost—$165,028,045)—94.4%				121,506,552



Short-Term Securities	Shares/ Beneficial Interest

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (d)(e)		5,681,918		5,681,918
BlackRock Liquidity Series, LLC, Money Market Series, 0.24% (d)(e)(f)		646,850		646,850

Total Short-Term Securities (Cost—$6,328,768)—4.9%				6,328,768

Total Investments Before Outstanding Options Written (Cost—$171,356,813*)—99.3%				127,835,320



Options Written	Contracts

Exchange-Traded Call Options Written—(0.3)%
Agrium, Inc., Strike Price USD 70, Expires 5/24/10		222		(7,770	)
American Superconductor Corp., Strike Price USD 30, Expires 5/24/10		124		(18,290	)
American Superconductor Corp., Strike Price USD 31, Expires 5/24/10		120		(12,900	)
Archer-Daniels-Midland Co., Strike Price USD 30, Expires 5/24/10		250		(4,375	)
CF Industries Holdings, Inc., Strike Price USD 90, Expires 5/24/10		62		(6,975	)
Cheniere Energy, Inc., Strike Price USD 5, Expires 5/24/10		56		(840	)
CNH Global NV, Strike Price USD 30, Expires 5/24/10		10		(1,425	)
Deere & Co., Strike Price USD 60, Expires 5/24/10		120		(24,120	)
First Solar, Inc., Strike Price USD 120, Expires 5/24/10		15		(35,925	)
First Solar, Inc., Strike Price USD 140, Expires 5/24/10		13		(9,978	)
FPL Group, Inc., Strike Price USD 50, Expires 5/24/10		170		(39,525	)
Itron, Inc., Strike Price USD 70, Expires 5/24/10		10		(10,650	)
Itron, Inc., Strike Price USD 75, Expires 5/24/10		175		(105,875	)
Johnson Controls, Inc., Strike Price USD 33, Expires 5/24/10		57		(8,265	)
Johnson Controls, Inc., Strike Price USD 34, Expires 5/24/10		99		(8,910	)
MEMC Electronic Materials, Inc., Strike Price USD 17, Expires 5/24/10		98		(294	)
Mosaic Co. (The), Strike Price USD 60, Expires 5/24/10		215		(3,977	)
Nalco Holding Co., Strike Price USD 25, Expires 5/24/10		245		(14,700	)
Ormat Technologies, Inc., Strike Price USD 30, Expires 5/24/10		105		(24,150	)
Potash Corp. of Saskatchewan, Inc., Strike Price USD 115, Expires 5/24/10		135		(25,853	)
Quanta Services, Inc., Strike Price USD 20, Expires 5/24/10		125		(9,687	)
Shaw Group, Inc. (The), Strike Price USD 36, Expires 5/24/10		132		(35,310	)
SunOpta, Inc., Strike Price USD 5, Expires 6/21/10		400		(12,000	)
SunPower Corp., Class A, Strike Price USD 20, Expires 5/24/10		82		(1,025	)


Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
Suntech Power Holdings Co. Ltd. - ADR, Strike Price USD 15, Expires 5/24/10		70	$	(1,575	)

Total Exchange-Traded Call Options Written				(424,394	)

Over-the-Counter Call Options Written—(0.8)%
Acciona SA, Strike Price EUR 84.23, Expires 6/03/10, Broker UBS Securities LLC		2,500		(809	)
All America Latina Logistica SA, Strike Price BRL 15.44, Expires 6/09/10, Broker Goldman Sachs & Co.		59,900		(29,282	)
American States Water Co., Strike Price USD 38.38, Expires 5/18/10, Broker Morgan Stanley & Co., Inc.		23,700		(6,942	)
American Water Works Co., Inc., Strike Price USD 21.46, Expires 5/27/10, Broker Citigroup Global Markets		33,400		(25,796	)
Aqua America, Inc., Strike Price USD 18.28, Expires 5/18/10, Broker Citigroup Global Markets		60,400		(19,074	)
Artesian Resources Corp., Class A, Strike Price USD 17.75, Expires 5/17/10, Broker Morgan Stanley & Co., Inc.		17,700		(21,152	)
Athens Water Supply & Sewage Co. SA (The), Strike Price EUR 6.06, Expires 6/03/10, Broker Citigroup Global Markets		20,000		(9,982	)
Athens Water Supply & Sewage Co. SA (The), Strike Price EUR 6.20, Expires 5/19/10, Broker Citigroup Global Markets		20,500		(6,090	)
BrasilAgro - Companhia Brasileira de Propriedades Agricolas, Strike Price BRL 8.79, Expires 6/09/10, Broker Goldman Sachs & Co.		118,200		(45,291	)
BrasilAgro - Companhia Brasileira de Propriedades Agricolas, Strike Price BRL 8.79, Expires 6/16/10, Broker Goldman Sachs & Co.		118,200		(47,643	)
Bunge Ltd., Strike Price USD 62.35, Expires 5/05/10, Broker Goldman Sachs & Co.		14,800		—
California Water Service Group, Strike Price USD 38.08, Expires 5/14/10, Broker Credit Suisse First Boston		12,200		(10,635	)
California Water Service Group, Strike Price USD 38.08, Expires 5/28/10, Broker Credit Suisse First Boston		12,200		(14,186	)
Cascal NV, Strike Price USD 6.72, Expires 5/27/10, Broker Citigroup Global Markets		9,100		(3,020	)
Cascal NV, Strike Price USD 7.32, Expires 5/18/10, Broker Credit Suisse First Boston		18,900		(1,455	)
China Water Affairs Group Ltd., Strike Price HKD 3.41, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		2,050,000		(13,195	)
Cia de Saneamento Basico do Estado de Sao Paulo, Strike Price BRL 34.74, Expires 6/09/10, Broker Credit Suisse First Boston		36,500		(12,885	)
Cia de Saneamento de Minas Gerais-COPASA, Strike Price BRL 25.54, Expires 6/09/10, Broker Goldman Sachs & Co.		72,000		(29,376	)
Climate Exchange Plc, Strike Price GBP 4.72, Expires 5/19/10, Broker UBS Securities LLC		21,400		(88,971	)
CNH Global NV, Strike Price USD 33.37, Expires 5/13/10, Broker Morgan Stanley & Co., Inc.		16,500		(1,024	)
Cosan Ltd., Strike Price USD 9.50, Expires 5/07/10, Broker Morgan Stanley & Co., Inc.		50,000		(56,018	)
Cresud SACIF y A - ADR, Strike Price USD 14.02, Expires 5/13/10, Broker Citigroup Global Markets		28,500		(11,334	)
Duoyuan Global Water, Inc. - ADR, Strike Price USD 28.56, Expires 5/18/10, Broker Morgan Stanley & Co., Inc.		3,100		(2,195	)
EDF Energies Nouvelles SA, Strike Price EUR 35.72, Expires 5/19/10, Broker Citigroup Global Markets		8,000		(1,006	)
Fibria Celulose SA - ADR, Strike Price USD 23, Expires 5/18/10, Broker Credit Suisse First Boston		13,500		(1,516	)
Gamesa Corp. Tecnologica SA, Strike Price EUR 10.43, Expires 5/12/10, Broker BNP Paribas		33,800		(2,446	)
General Cable Corp., Strike Price USD 29.80, Expires 5/20/10, Broker UBS Securities LLC		5,800		(4,243	)
Hera SpA, Strike Price EUR 1.76, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		219,000		(3	)

See Notes to Financial Statements.

28	SEMI-ANNUAL REPORT	APRIL 30, 2010




Schedule of Investments (continued)	BlackRock EcoSolutions Investment Trust (BQR)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Hyflux Ltd., Strike Price SGD 3.51, Expires 6/07/10, Broker Goldman Sachs & Co.		300,000	$	(16,068	)
Iberdrola Renovables SA, Strike Price EUR 3.17, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		158,000		(330	)
Iberdrola SA, Strike Price EUR 6.01, Expires 6/03/10, Broker Credit Suisse First Boston		82,000		(10,469	)
Idex Corp., Strike Price USD 33.04, Expires 5/10/10, Broker Credit Suisse First Boston		7,400		(5,393	)
Illovo Sugar Ltd., Strike Price ZAR 30.60, Expires 5/26/10, Broker Credit Suisse First Boston		105,700		(2,911	)
Incitec Pivot Ltd., Strike Price AUD 3.35, Expires 6/07/10, Broker JPMorgan Chase Securities		157,000		(15,054	)
Insituform Technologies, Inc., Strike Price USD 28.22, Expires 5/13/10, Broker Citigroup Global Markets		9,000		(35	)
Inversiones Aguas Metropolitanas SA, Strike Price CLP 656.60, Expires 6/09/10, Broker Credit Suisse First Boston		675,000		(42,734	)
IOI Corp. Bhd, Strike Price MYR 5.48, Expires 6/28/10, Broker JPMorgan Chase Securities		240,000		(6,552	)
Israel Chemicals Ltd., Strike Price ILS 48.63, Expires 5/26/10, Broker Citigroup Global Markets		40,000		(954	)
Johnson Matthey Plc, Strike Price GBP 18.13, Expires 5/19/10, Broker Citigroup Global Markets		45,000		(6,156	)
K+S AG, Strike Price EUR 43.62, Expires 5/19/10, Broker BNP Paribas		9,000		(10,047	)
Kingspan Group Plc, Strike Price EUR 6.99, Expires 5/19/10, Broker Morgan Stanley & Co., Inc.		10,600		(4,667	)
Kurita Water Industries Ltd., Strike Price JPY 2,652.77, Expires 6/07/10, Broker Goldman Sachs & Co.		32,000		(39,050	)
Layne Christensen Co., Strike Price USD 27.89, Expires 5/05/10, Broker UBS Securities LLC		6,300		(615	)
Makhteshim-Agan Industries Ltd., Strike Price ILS 16.59, Expires 5/26/10, Broker Citigroup Global Markets		85,000		(1,567	)
Manila Water Co., Inc., Strike Price PHP 15.40, Expires 6/28/10, Broker Deutsche Bank Securities		2,500,000		(24,325	)
Monsanto Co., Strike Price USD 66.56, Expires 6/01/10, Broker Credit Suisse First Boston		22,600		(19,130	)
Nordex SE, Strike Price EUR 8.57, Expires 5/19/10, Broker UBS Securities LLC		8,500		(325	)
Northumbrian Water Group Plc, Strike Price GBP 2.92, Expires 5/26/10, Broker Deutsche Bank Securities		194,000		(4,950	)
Nufarm Ltd., Strike Price AUD 8.40, Expires 5/11/10, Broker Citigroup Global Markets		45,761		(562	)
Orkla ASA, Strike Price NOK 51.86, Expires 5/19/10, Broker Citigroup Global Markets		32,600		(2,548	)
Pennon Group Plc, Strike Price GBP 5.37, Expires 5/17/10, Broker BNP Paribas		95,000		(3,480	)
Pentair, Inc., Strike Price USD 35.96, Expires 5/17/10, Broker Credit Suisse First Boston		27,100		(22,609	)
Rayonier, Inc., Strike Price USD 48.17, Expires 5/13/10, Broker JPMorgan Chase Securities		10,500		(14,748	)
Renewable Energy Corp. ASA, Strike Price NOK 22.87, Expires 5/19/10, Broker BNP Paribas		25,438		(2,787	)
Roper Industries, Inc., Strike Price USD 58.09, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		7,200		(21,176	)
Sao Martinho SA, Strike Price BRL 15.71, Expires 6/09/10, Broker Credit Suisse First Boston		6,750		(2,248	)
Sao Martinho SA, Strike Price BRL 16.17, Expires 6/09/10, Broker Goldman Sachs & Co.		41,700		(8,650	)
Sao Martinho SA, Strike Price BRL 16.75, Expires 5/17/10, Broker Credit Suisse First Boston		41,600		(1,501	)
Sasol Ltd. - ADR, Strike Price USD 41.50, Expires 5/04/10, Broker Citigroup Global Markets		13,900		(3,243	)
Severn Trent Plc, Strike Price GBP 12.18, Expires 5/19/10, Broker Citigroup Global Markets		51,000		(1,075	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
Sinofert Holdings Ltd., Strike Price HKD 4.68, Expires 5/11/10, Broker Goldman Sachs & Co.		1,800,000	$	(5,620	)
SLC Agricola SA, Strike Price BRL 15.25, Expires 6/09/10, Broker Credit Suisse First Boston		54,000		(47,576	)
SLC Agricola SA, Strike Price BRL 15.33, Expires 5/28/10, Broker Credit Suisse First Boston		13,500		(10,770	)
Solarworld AG, Strike Price EUR 11.50, Expires 5/21/10, Broker Citigroup Global Markets		250		(2,749	)
Solarworld AG, Strike Price EUR 12.50, Expires 5/21/10, Broker Citigroup Global Markets		250		(556	)
Suez Environnement Co., Strike Price EUR 16.54, Expires 6/03/10, Broker Citigroup Global Markets		5,600		(1,721	)
Syngenta AG, Registered Shares, Strike Price CHF 287.04, Expires 5/19/10, Broker Citigroup Global Markets		5,200		(4,731	)
Tetra Tech, Inc., Strike Price USD 24, Expires 6/04/10, Broker UBS Securities LLC		48,000		(48,138	)
Tianjin Capital Environmental Protection Group Co. Ltd., Strike Price HKD 2.95, Expires 6/07/10, Broker Deutsche Bank Securities		938,000		(2,228	)
Trimble Navigation Ltd., Strike Price USD 28.17, Expires 5/13/10, Broker Credit Suisse First Boston		16,500		(74,851	)
Umicore, Strike Price EUR 27.19, Expires 5/19/10, Broker UBS Securities LLC		24,300		(23,472	)
United Utilities Group Plc, Strike Price GBP 5.68, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		14,000		(62	)
United Utilities Group Plc, Strike Price GBP 5.72, Expires 5/19/10, Broker BNP Paribas		27,000		(247	)
Veolia Environnement, Strike Price EUR 25.38, Expires 6/03/10, Broker Citigroup Global Markets		5,300		(1,226	)
Vestas Wind Systems A/S, Strike Price DKK 328.96, Expires 5/19/10, Broker Citigroup Global Markets		19,500		(57,713	)
Viterra, Inc., Strike Price CAD 9.66, Expires 5/04/10, Broker Morgan Stanley & Co., Inc.		28,000		—
Wacker Chemie AG, Strike Price EUR 110, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		11		(3,867	)
Wacker Chemie AG, Strike Price EUR 112.77, Expires 6/16/10, Broker Credit Suisse First Boston		3,300		(18,200	)
Watts Industries, Inc., Strike Price USD 32.75, Expires 5/13/10, Broker JPMorgan Chase Securities		18,000		(50,187	)
Wilmar International Ltd., Strike Price SGD 6.74, Expires 6/07/10, Broker Deutsche Bank Securities		25,000		(5,213	)

Total Over-the-Counter Call Options Written				(1,120,655	)

Total Options Written (Premiums Received $1,678,874)—(1.1)%				(1,545,049	)

Total Investments Net of Outstanding Options Written—98.2%				126,290,271
Other Assets Less Liabilities—1.8%				2,371,959

Net Assets—100.0%			$	128,662,230


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	177,373,252

Gross unrealized appreciation	$	1,113,123
Gross unrealized depreciation		(50,651,055	)

Net unrealized depreciation	$	(49,537,932	)


(a)	Security, or a portion thereof, pledged as collateral for outstanding options written.
(b)	Non-income producing security.
(c)	Security, or a portion of security, is on loan.

See Notes to Financial Statements.

	SEMI-ANNUAL REPORT	APRIL 30, 2010	29




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


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



Affiliate	Shares/ Beneficial Interest Held at October 31, 2009	Net Activity			Shares/ Beneficial Interest Held at April 30, 2010	Income

BlackRock Liquidity Funds, TempFund, Institutional Class	7,177,667		(1,495,749	)	5,681,918	$	2,195
BlackRock Liquidity Series, LLC Money Market Series	2,141,500		(1,494,650	)	646,850	$	6,062


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

•	Foreign currency exchange contracts as of April 30, 2010 were as follows:



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

AUD	87,000	USD	80,684	Citigroup Global Markets	5/05/10	$	(229	)
EUR	289,000	USD	384,718	Deutsche Bank Securities	5/05/10		79
USD	563,625	DKK	3,148,000	Deutsche Bank Securities	5/05/10		497
USD	419,738	EUR	315,000	UBS Securities LLC	5/04/10		324
USD	6,663	EUR	5,000	UBS Securities LLC	5/04/10		5

Total						$	676


•	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, 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)

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 April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1			Level 2			Level 3	Total

Assets:
Common Stocks:
Auto Components	$	1,165,573			—		—	$	1,165,573
Building Products		—		$	220,070		—		220,070
Chemicals		14,385,696			16,413,592		—		30,799,288
Commercial Services & Supplies		2,620,060			700,684		—		3,320,744
Construction & Engineering		2,541,646			—		—		2,541,646
Diversified Financial Services		539,632			—		—		539,632
Electric Utilities		1,936,260			1,996,473		—		3,932,733
Electrical Equipment		4,321,714			4,720,615		—		9,042,329
Electronic Equipment, Instruments & Components		4,456,400			—		—		4,456,400
Food Products		12,468,936			2,105,887		—		14,574,823
Independent Power Producers & Energy Traders		742,338			2,166,456		—		2,908,794
Industrial Conglomerates		—			610,862		—		610,862
Machinery		8,143,823			2,079,101		—		10,222,924
Multi-Utilities		—			2,415,711		—		2,415,711
Oil, Gas & Consumable Fuels		1,266,704			1,355,477		—		2,622,181
Paper & Forest Products		591,530			613,672		—		1,205,202
Real Estate Investment Trusts (REITs)		2,611,693			—		—		2,611,693
Road & Rail		1,189,788			—		—		1,189,788
Semiconductors & Semiconductor Equipment		282,746			—		—		282,746
Water Utilities		15,157,049			11,653,569		—		26,810,618
Rights:
Electrical Equipment		—			32,795		—		32,795
Short-Term Securities		5,681,918			646,850		—		6,328,768

Total	$	80,103,506		$	47,731,814		—	$	127,835,320


Other Financial Instruments¹

Valuation Inputs	Level 1			Level 2			Level 3	Total

Assets:		—		$	905		—	$	905
Liabilities:	$	(424,394	)		(1,120,884	)	—		(1,545,278	)

Total	$	(424,394	)	$	(1,119,979	)	—	$	(1,544,373	)


1	Other 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.


30		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock Energy and Resources Trust (BGR)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Construction & Engineering—0.6%
MYR Group, Inc. (a)(b)		269,231	$	4,827,312

Energy Equipment & Services—19.6%
Cameron International Corp. (a)		315,000		12,429,900
Core Laboratories NV		44,500		6,670,105
Halliburton Co.		561,300		17,203,845
National Oilwell Varco, Inc.		429,700		18,919,691
Noble Corp. (a)		530,800		20,961,292
Schlumberger Ltd.		325,600		23,254,352
Technip SA		212,000		16,951,733
Transocean Ltd. (a)		335,900		24,335,955
Weatherford International Ltd. (a)		833,900		15,101,929

				155,828,802

Gas Utilities—3.9%
EQT Corp.		486,000		21,136,140
Questar Corp.		208,700		10,007,165

				31,143,305

Metals & Mining—3.3%
BHP Billiton Ltd. - ADR (c)		177,800		12,942,062
Goldcorp, Inc.		98,836		4,272,680
Silver Wheaton Corp. (a)		450,000		8,784,000

				25,998,742

Oil, Gas & Consumable Fuels—70.9%
Alpha Natural Resources, Inc. (a)		436,000		20,526,880
AltaGas Income Trust		451,400		7,696,641
Apache Corp.		187,000		19,029,120
Arch Coal, Inc.		554,800		14,979,600
Cabot Oil & Gas Corp. (c)		361,400		13,057,382
Cimarex Energy Co.		125,300		8,530,424
Consol Energy, Inc.		482,621		21,563,506
Copano Energy LLC		260,100		6,814,620
Crescent Point Energy Corp.		313,400		13,300,526
Diamond Offshore Drilling, Inc.		70,200		5,552,820
Enbridge Energy Partners LP		73,200		3,752,964
Enterprise Products Partners LP		653,105		23,159,103
EOG Resources, Inc.		286,500		32,122,380
EXCO Resources, Inc.		1,161,200		21,540,260
Galleon Energy, Inc. (a)		1,024,400		7,109,687
Keyera Facilities Income Fund		619,867		16,628,643
MarkWest Energy Partners LP		589,000		18,111,750
Massey Energy Co.		716,500		26,245,395
Occidental Petroleum Corp.		340,700		30,206,462
ONEOK Partners LP		144,800		8,924,024
Peabody Energy Corp.		503,700		23,532,864
Pembina Pipeline Income Fund		265,500		4,772,623
Penn Virginia Corp.		994,500		25,369,695
Petrohawk Energy Corp. (a)		2,312,400		49,924,716
Petroleo Brasileiro SA - ADR		603,600		22,900,584
Plains All American Pipeline LP		165,400		9,591,546
Range Resources Corp.		307,000		14,662,320
Ship Finance International Ltd.		471,200		9,329,760
Southwestern Energy Co. (a)		445,000		17,657,600
St. Mary Land & Exploration Co.		93,100		3,746,344
Targa Resources Partners LP		300,000		8,028,000
Whiting Petroleum Corp. (a)(d)		501,220		45,275,203
Williams Partners LP		245,200		10,374,412

				564,017,854

Pipelines—0.8%
Magellan Midstream Partners LP		134,200		6,386,578

Transportation—1.0%
Nordic American Tanker Shipping		266,400		8,322,336

Total Long-Term Investments (Cost—$714,554,865)—100.1%				796,524,929


Short-Term Securities	Shares/ Beneficial Interest		Value

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (e)(f)		13,799,937	$	13,799,937
BlackRock Liquidity Series, LLC, Money Market Series, 0.24% (e)(f)(g)		430,050		430,050

Total Short-Term Securities (Cost—$14,229,987)—1.8%				14,229,987

Total Investments Before Outstanding Options Written (Cost—$728,784,852*)—101.9%				810,754,916



Options Written	Contracts

Exchange-Traded Call Options Written—(0.8)%
Alpha Natural Resources, Inc., Strike Price USD 50, Expires 5/24/10		1,040		(163,800	)
Alpha Natural Resources, Inc., Strike Price USD 50, Expires 6/21/10		550		(141,625	)
Alpha Natural Resources, Inc., Strike Price USD 55, Expires 5/24/10		100		(5,000	)
Apache Corp., Strike Price USD 105, Expires 5/24/10		280		(53,900	)
Apache Corp., Strike Price USD 110, Expires 5/24/10		280		(18,200	)
Apache Corp., Strike Price USD 110, Expires 6/21/10		100		(19,250	)
Arch Coal, Inc., Strike Price USD 25, Expires 5/24/10		300		(75,000	)
Arch Coal, Inc., Strike Price USD 28, Expires 5/24/10		200		(16,000	)
BHP Billiton Ltd. - ADR, Strike Price USD 82.50, Expires 5/18/10		350		(2,445	)
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10		180		(1,350	)
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 6/21/10		100		(4,250	)
Cabot Oil & Gas Corp., Strike Price USD 40, Expires 5/24/10		690		(29,325	)
Cameron International Corp., Strike Price USD 45, Expires 5/24/10		400		(19,000	)
Cameron International Corp., Strike Price USD 45, Expires 6/21/10		700		(77,000	)
Cimarex Energy Co., Strike Price USD 60, Expires 5/24/10		50		(42,000	)
Cimarex Energy Co., Strike Price USD 65, Expires 5/24/10		100		(45,500	)
Cimarex Energy Co., Strike Price USD 65, Expires 6/21/10		300		(162,000	)
Diamond Offshore Drilling, Inc., Strike Price USD 88.63, Expires 5/24/10		275		(12,375	)
EOG Resources, Inc., Strike Price USD 100, Expires 5/24/10		200		(261,000	)
EOG Resources, Inc., Strike Price USD 100, Expires 7/19/10		100		(151,500	)
EOG Resources, Inc., Strike Price USD 110, Expires 5/24/10		360		(185,400	)
EOG Resources, Inc., Strike Price USD 115, Expires 6/21/10		100		(46,000	)
EQT Corp., Strike Price USD 45, Expires 6/21/10		420		(45,150	)
EXCO Resources, Inc., Strike Price USD 20, Expires 5/24/10		1,000		(42,500	)
EXCO Resources, Inc., Strike Price USD 22.50, Expires 5/24/10		1,000		(10,000	)
EXCO Resources, Inc., Strike Price USD 22.50, Expires 6/21/10		100		(2,750	)
Goldcorp, Inc., Strike Price USD 42, Expires 6/21/10		125		(35,813	)
Halliburton Co., Strike Price USD 32, Expires 5/24/10		1,100		(102,850	)
Massey Energy Co., Strike Price USD 47, Expires 5/24/10		500		(8,750	)
Massey Energy Co., Strike Price USD 49, Expires 5/24/10		200		(2,500	)
Massey Energy Co., Strike Price USD 55, Expires 5/24/10		300		(1,500	)
Massey Energy Co., Strike Price USD 55, Expires 7/19/10		1,550		(42,625	)
National Oilwell Varco, Inc., Strike Price USD 42, Expires 5/24/10		250		(69,375	)
National Oilwell Varco, Inc., Strike Price USD 45, Expires 5/24/10		625		(75,000	)
National Oilwell Varco, Inc., Strike Price USD 46, Expires 5/24/10		100		(8,000	)
National Oilwell Varco, Inc., Strike Price USD 46, Expires 6/21/10		425		(65,875	)
National Oilwell Varco, Inc., Strike Price USD 47, Expires 6/21/10		250		(30,000	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	31




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


Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
Noble Corp., Strike Price USD 42, Expires 5/24/10		875	$	(50,313	)
Noble Corp., Strike Price USD 43, Expires 5/24/10		200		(8,000	)
Noble Corp., Strike Price USD 43, Expires 6/21/10		500		(43,750	)
Noble Corp., Strike Price USD 45, Expires 6/21/10		250		(11,250	)
Occidental Petroleum Corp., Strike Price USD 85, Expires 5/24/10		175		(89,688	)
Occidental Petroleum Corp., Strike Price USD 86.50, Expires 5/24/10		175		(70,264	)
Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10		500		(65,750	)
Peabody Energy Corp., Strike Price USD 49, Expires 5/24/10		475		(46,075	)
Peabody Energy Corp., Strike Price USD 49, Expires 6/21/10		500		(93,500	)
Peabody Energy Corp., Strike Price USD 50, Expires 5/24/10		425		(30,387	)
Penn Virginia Corp., Strike Price USD 25, Expires 5/24/10		500		(77,500	)
Penn Virginia Corp., Strike Price USD 30, Expires 6/21/10		82		(3,485	)
Petrohawk Energy Corp., Strike Price USD 22, Expires 5/24/10		1,000		(80,000	)
Petrohawk Energy Corp., Strike Price USD 23, Expires 5/24/10		500		(22,500	)
Petrohawk Energy Corp., Strike Price USD 24, Expires 5/24/10		3,000		(67,500	)
Petrohawk Energy Corp., Strike Price USD 25, Expires 5/24/10		500		(5,000	)
Petrohawk Energy Corp., Strike Price USD 25, Expires 6/21/10		762		(28,575	)
Petrohawk Energy Corp., Strike Price USD 26, Expires 6/21/10		1		(25	)
Petroleo Brasileiro SA - ADR, Strike Price USD 40, Expires 5/24/10		275		(17,187	)
Petroleo Brasileiro SA - ADR, Strike Price USD 40, Expires 6/21/10		250		(30,625	)
Questar Corp., Strike Price USD 45, Expires 5/24/10		500		(167,500	)
Questar Corp., Strike Price USD 46, Expires 5/18/10		300		(68,260	)
Range Resources Corp., Strike Price USD 52.50, Expires 5/24/10		420		(14,700	)
Range Resources Corp., Strike Price USD 55, Expires 5/24/10		250		(3,750	)
Schlumberger Ltd., Strike Price USD 65, Expires 5/24/10		795		(554,513	)
Schlumberger Ltd., Strike Price USD 66, Expires 5/22/10		350		(211,526	)
Ship Finance International Ltd., Strike Price USD 18.75, Expires 5/24/10		250		(31,965	)
Silver Wheaton Corp., Strike Price USD 16, Expires 5/24/10		200		(71,500	)
Silver Wheaton Corp., Strike Price USD 17, Expires 6/21/10		640		(183,040	)
Silver Wheaton Corp., Strike Price USD 18, Expires 5/24/10		640		(113,600	)
Silver Wheaton Corp., Strike Price USD 18, Expires 6/19/10		300		(63,150	)
Southwestern Energy Co., Strike Price USD 41, Expires 5/24/10		325		(31,687	)
Southwestern Energy Co., Strike Price USD 42, Expires 5/24/10		325		(21,937	)
Southwestern Energy Co., Strike Price USD 43, Expires 5/24/10		750		(33,750	)
Southwestern Energy Co., Strike Price USD 44, Expires 5/24/10		200		(6,000	)
St. Mary Land & Exploration Co., Strike Price USD 40, Expires 5/24/10		100		(19,500	)
Transocean Ltd., Strike Price USD 90, Expires 5/24/10		1,180		(21,830	)
Weatherford International Ltd., Strike Price USD 18, Expires 5/24/10		1,500		(124,500	)
Weatherford International Ltd., Strike Price USD 18, Expires 6/21/10		500		(60,000	)
Weatherford International Ltd., Strike Price USD 19, Expires 5/24/10		500		(21,250	)
Whiting Petroleum Corp., Strike Price USD 80, Expires 6/21/10		1,375		(1,670,625	)
Whiting Petroleum Corp., Strike Price USD 85, Expires 5/24/10		700		(472,500	)

Total Exchange-Traded Call Options Written				(6,883,065	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written—(0.4)%
Arch Coal, Inc., Strike Price USD 26.25, Expires 6/07/10, Broker Barclays Capital, Inc.		450	$	(84,355	)
Arch Coal, Inc., Strike Price USD 27.04, Expires 6/15/10, Broker UBS Securities LLC		108,000		(179,898	)
Cabot Oil & Gas Corp., Strike Price USD 39.52, Expires 5/28/10, Broker Goldman Sachs & Co.		50,000		(30,502	)
Consol Energy, Inc., Strike Price USD 45.2, Expires 5/28/10, Broker UBS Securities LLC		100,000		(182,365	)
Consol Energy, Inc., Strike Price USD 48.54, Expires 5/28/10, Broker UBS Securities LLC		40,000		(29,641	)
Core Laboratories NV, Strike Price USD 151, Expires 6/04/10, Broker Citigroup Global Markets		15,000		(56,944	)
Crescent Point Energy Corp., Strike Price CAD 39.21, Expires 5/10/10, Broker Deutsche Bank Securities		56,000		(215,003	)
Crescent Point Energy Corp., Strike Price CAD 40, Expires 5/24/10, Broker National Financial Services		509		(152,830	)
EOG Resources, Inc., Strike Price USD 110.23, Expires 6/02/10, Broker UBS Securities LLC		34,000		(190,176	)
EQT Corp., Strike Price USD 45, Expires 5/28/10, Broker UBS Securities LLC		75,000		(43,861	)
EQT Corp., Strike Price USD 46.49, Expires 5/28/10, Broker Goldman Sachs & Co.		44,000		(11,501	)
EXCO Resources, Inc., Strike Price USD 19.75, Expires 5/28/10, Broker Goldman Sachs & Co.		50,000		(28,360	)
EXCO Resources, Inc., Strike Price USD 20.37, Expires 6/04/10, Broker UBS Securities LLC		50,000		(20,649	)
EXCO Resources, Inc., Strike Price USD 20.65, Expires 5/28/10, Broker UBS Securities LLC		50,000		(17,200	)
Galleon Energy, Inc., Strike Price CAD 7.14, Expires 6/02/10, Broker Goldman Sachs & Co.		310,000		(91,114	)
Galleon Energy, Inc., Strike Price CAD 7.52, Expires 5/05/10, Broker UBS Securities LLC		28,000		(705	)
Goldcorp, Inc., Strike Price USD 40.31, Expires 5/14/10, Broker UBS Securities LLC		24,500		(76,604	)
Halliburton Co., Strike Price USD 35.27, Expires 6/11/10, Broker UBS Securities LLC		75,000		(27,428	)
Nordic American Tanker Shipping, Strike Price USD 31.09, Expires 5/10/10, Broker JPMorgan Chase Securities		88,000		(52,897	)
Occidental Petroleum Corp., Strike Price USD 86, Expires 7/06/10, Broker UBS Securities LLC		84,000		(523,821	)
Penn Virginia Corp., Strike Price USD 25.25, Expires 5/10/10, Broker Credit Suisse First Boston		250,000		(225,325	)
Penn Virginia Corp., Strike Price USD 26.70, Expires 5/28/10, Broker UBS Securities LLC		50,000		(40,312	)
Petroleo Brasileiro SA - ADR, Strike Price USD 41.19, Expires 5/14/10, Broker Deutsche Bank Securities		80,000		(11,678	)
Petroleo Brasileiro SA - ADR, Strike Price USD 42.02, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		100,000		(17,210	)
Plains All American Pipeline LP, Strike Price USD 59.10, Expires 6/14/10, Broker Credit Suisse First Boston		64,500		(41,774	)
Range Resources Corp., Strike Price USD 49.94, Expires 5/28/10, Broker UBS Securities LLC		20,000		(19,869	)
Ship Finance International Ltd., Strike Price USD 18.41, Expires 5/14/10, Broker Goldman Sachs & Co.		60,000		(87,704	)
Ship Finance International Ltd., Strike Price USD 18.59, Expires 5/28/10, Broker Goldman Sachs & Co.		60,000		(81,059	)
Ship Finance International Ltd., Strike Price USD 20.65, Expires 6/17/10, Broker UBS Securities LLC		50,000		(30,327	)
St. Mary Land & Exploration Co., Strike Price USD 36.31, Expires 5/10/10, Broker UBS Securities LLC		30,000		(120,441	)
Technip SA, Strike Price EUR 57.32, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		64,000		(251,941	)

Total Over-the-Counter Call Options Written				(2,943,494	)

See Notes to Financial Statements.


32		SEMI-ANNUAL REPORT		APRIL 30, 2010




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


	Value

Total Options Written (Premiums Received $8,391,310)—(1.2)%	$	(9,826,559	)

Total Investments Net of Outstanding Options Written—100.7%		800,928,357
Liabilities in Excess of Other Assets—(0.7)%		(5,211,669	)

Net Assets—100.0%	$	795,716,688


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	711,073,044

Gross unrealized appreciation	$	118,329,812
Gross unrealized depreciation		(18,647,940	)

Net unrealized appreciation	$	99,681,872


(a)	Non-income producing security.
(b)	Restricted security as to resale acquired 12/20/07. As of report date the Trust held 0.6% of its net assets, with a current market value of $4,827,312 and an original cost of $3,500,003 in these securities.
(c)	Security, or a portion thereof, pledged as collateral for outstanding options written.
(d)	Security, or a portion of security, is on loan.
(e)	Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:



Affiliate	Shares/ Beneficial Interest Held at October 31, 2009	Net Activity		Shares/ Beneficial Interest Held at April 30, 2010	Income

BlackRock Liquidity Funds, TempFund, Institutional Class	18,701,414	(4,901,477	)	13,799,937	$	10,225
BlackRock Liquidity Series, LLC Money Market Series	5,894,700	(5,464,650	)	430,050	$	10,882


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

•	Foreign currency exchange contracts as of April 30, 2010 were as follows:

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

USD

2,986

CAD

3,000

Credit Agricole Securities

5/04/10


•	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, 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)

The following tables summarize the inputs used as of April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1		Level 2		Level 3		Total

Assets:
Common Stocks¹	$	779,573,196	$	16,951,733		—	$	796,524,929
Short-Term Securities		13,799,937		430,050		—		14,229,987

Total	$	793,373,133	$	17,381,783		—	$	810,754,916


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



Other Financial Instruments²

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:		—		$	32			—	$	32
Liabilities:	$	(6,651,435	)		(3,175,124	)		—		(9,826,559	)

Total	$	(6,651,435	)	$	(3,175,092	)		—	$	(9,826,527	)


2	Other 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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	33




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock Global Opportunities Equity Trust (BOE)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Australia—0.8%
Australia & New Zealand Banking Group Ltd.		165,000	$	3,654,631
BHP Billiton Ltd. - ADR		98,500		7,169,815

				10,824,446

Austria—0.5%
Erste Group Bank AG		142,900		6,344,555

Belgium—0.5%
Anheuser-Busch InBev NV		143,400		6,956,560

Bermuda—0.3%
Bunge Ltd.		83,300		4,410,735

Brazil—1.6%
Banco Santander Brasil SA - ADR		203,800		2,370,194
BM&FBOVESPA SA		395,144		2,602,847
Cia de Bebidas das Americas - ADR		47,500		4,645,500
Cia Siderurgica Nacional SA - ADR		272,600		5,083,990
Usinas Siderurgicas de Minas Gerais SA, Class A - Preference Shares		189,400		6,190,027

				20,892,558

Canada—3.7%
Canadian Natural Resources Ltd.		33,000		2,539,020
Canadian Natural Resources Ltd.		110,900		8,540,763
Crescent Point Energy Corp.		134,600		5,712,351
Enbridge, Inc.		114,500		5,560,430
Pan American Silver Corp.		341,300		9,037,624
Potash Corp. of Saskatchewan, Inc.		55,300		6,110,650
Toronto-Dominion Bank (The)		67,400		5,009,549
TransCanada Corp.		181,300		6,396,724

				48,907,111

China—0.9%
China Construction Bank Corp., Class H		3,818,800		3,101,143
Focus Media Holding Ltd. - ADR (a)		279,000		4,681,620
Industrial & Commercial Bank of China		4,911,100		3,579,443

				11,362,206

Finland—0.8%
Fortum Oyj		193,000		4,986,976
Nokia Oyj - ADR		462,700		5,626,432

				10,613,408

France—2.7%
AXA SA		326,900		6,496,299
BNP Paribas		86,180		5,919,380
Renault SA (a)		98,300		4,554,247
Societe Generale		49,500		2,643,266
Total SA		199,209		10,838,440
Unibail-Rodamco SE - REIT		29,300		5,537,717

				35,989,349

Germany—6.1%
Allianz SE		58,600		6,718,207
Bayerische Motoren Werke AG		138,300		6,839,911
Deutsche Boerse AG		48,800		3,788,467
Deutsche Lufthansa AG (a)		636,500		10,584,629
Deutsche Post AG		465,600		7,551,834
Deutsche Telekom AG		483,100		6,290,090
Merck KGaA		40,800		3,353,770
RWE AG		78,900		6,490,171
SAP AG - ADR		136,100		6,457,945
Siemens AG		125,100		12,338,159
Volkswagen AG - Preference Shares		95,627		9,238,826

				79,652,009

Hong Kong—1.0%
Cheung Kong Holdings Ltd.		541,000		6,671,532
CNOOC Ltd. - ADR		15,500		2,726,760
Wing Hang Bank Ltd.		312,600		3,168,833

				12,567,125


Common Stocks	Shares		Value

India—0.7%
Punjab National Bank Ltd.		232,500	$	5,400,986
Sterlite Industries India Ltd. - ADR		224,200		4,066,988

				9,467,974

Ireland—0.5%
Accenture Plc, Class A		155,500		6,786,020

Israel—0.3%
Teva Pharmaceutical Industries Ltd. - ADR		59,000		3,465,070

Italy—0.4%
Intesa Sanpaolo SpA (a)		1,547,900		5,101,755

Japan—10.0%
Amada Co. Ltd.		969,000		7,955,618
Asahi Breweries Ltd.		233,000		4,185,471
Canon, Inc.		184,600		8,444,212
Fujitsu Ltd.		468,000		3,290,959
Honda Motor Co. Ltd.		366,200		12,391,312
ITOCHU Corp.		1,028,300		8,908,840
Japan Tobacco, Inc.		2,650		9,183,430
JTEKT Corp.		1,177,700		13,532,419
Marubeni Corp.		1,615,300		9,530,833
Mitsubishi Heavy Industries Ltd.		1,670,600		6,729,308
Mitsubishi UFJ Financial Group, Inc.		1,007,800		5,251,681
Mitsui & Co. Ltd.		556,100		8,357,680
Nitto Denko Corp.		171,300		6,693,379
Nomura Holdings, Inc.		864,900		5,978,288
Sumitomo Mitsui Financial Group, Inc.		206,200		6,819,414
T&D Holdings, Inc.		279,600		7,303,828
Tokio Marine Holdings, Inc.		218,800		6,513,811

				131,070,483

Malaysia—0.4%
Bumiputra-Commerce Holdings Bhd		1,074,400		4,757,438

Mexico—0.8%
Fomento Economico Mexicano SAB de CV - ADR		96,200		4,553,146
Grupo Mexico SAB de CV		2,492,200		6,576,505

				11,129,651

Netherlands—1.5%
Aegon NV (a)		846,000		5,916,931
Corio NV - REIT		47,400		2,742,216
ING Groep NV (a)		743,500		6,562,377
VimpelCom Ltd. - ADR (a)		247,700		4,314,934

				19,536,458

New Zealand—0.4%
Telecom Corp. of New Zealand Ltd.		3,107,100		4,859,048

Singapore—1.0%
CapitaLand Ltd.		1,100,451		2,972,565
DBS Group Holdings Ltd.		334,000		3,677,671
Wilmar International Ltd.		1,329,900		6,677,491

				13,327,727

South Africa—0.4%
Naspers Ltd.		124,500		5,017,441

South Korea—0.7%
Samsung Electronics Co. Ltd.		12,900		9,808,371

Spain—1.7%
Banco Santander SA		694,900		8,835,905
Inditex SA		94,500		5,848,913
Telefonica SA		351,800		7,963,081

				22,647,899

Sweden—1.0%
Nordea Bank AB		584,200		5,699,591
Svenska Cellulosa AB, B Shares		558,800		7,281,116

				12,980,707

Switzerland—2.3%
ACE Ltd.		127,700		6,792,363
Nestle SA		166,299		8,137,163

See Notes to Financial Statements.


34		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock Global Opportunities Equity Trust (BOE)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Switzerland (concluded)
Novartis AG		182,900	$	9,325,112
Swiss Life Holding AG (a)		52,100		6,333,051

				30,587,689

Taiwan—0.5%
Mega Financial Holding Co. Ltd.		6,493,800		3,792,468
Siliconware Precision Industries Co. - ADR		502,400		3,089,760

				6,882,228

Thailand—0.7%
Bangkok Bank PCL		849,700		3,113,117
Banpu PCL		341,200		6,683,332

				9,796,449

United Kingdom—4.6%
Barclays Plc - ADR		382,400		7,808,608
BP Plc		550,000		4,797,065
Cairn Energy Plc (a)		368,852		2,251,040
GlaxoSmithKline Plc		364,136		6,758,747
HSBC Holdings Plc		659,130		6,711,563
Royal Dutch Shell Plc - ADR		164,900		10,347,475
Unilever Plc		236,800		7,115,905
Vodafone Group Plc - ADR		370,700		8,229,540
WPP Plc		622,600		6,601,038

				60,620,981

United States—47.8%
Adobe Systems, Inc. (a)		179,400		6,026,046
American Electric Power Co., Inc.		173,500		5,951,050
Amerprise Financial, Inc.		181,600		8,418,976
Amgen, Inc. (a)		110,500		6,338,280
Apple, Inc. (a)		52,100		13,604,352
Applied Materials, Inc.		382,300		5,268,094
Arch Coal, Inc.		289,900		7,827,300
AT&T Inc. (b)		259,900		6,772,994
Avon Products, Inc.		196,800		6,362,544
Becton Dickinson & Co.		18,800		1,435,756
Bristol-Myers Squibb Co.		333,700		8,439,273
Chevron Corp.		78,400		6,384,896
Cisco Systems, Inc. (a)		226,700		6,102,764
Citigroup, Inc. (a)		1,171,700		5,120,329
Colgate-Palmolive Co.		131,400		11,050,740
Comerica, Inc.		161,000		6,762,000
ConAgra Foods, Inc.		275,000		6,729,250
ConocoPhillips		195,000		11,542,050
Continental Airlines, Inc., Class B (a)		276,500		6,179,775
Corning, Inc.		502,500		9,673,125
Deere & Co.		209,900		12,556,218
DIRECTV, Class A (a)		194,400		7,043,112
Dominion Resources, Inc.		144,900		6,056,820
Dow Chemical (The)		264,500		8,154,535
E.I. du Pont de Nemours & Co.		120,700		4,808,688
eBay, Inc. (a)		360,900		8,593,029
EMC Corp. (a)		421,300		8,008,913
Express Scripts, Inc. (a)		45,400		4,545,902
Exxon Mobil Corp.		197,100		13,373,235
Federal Realty Investment Trust - REIT		51,500		3,985,585
FMC Corp.		134,500		8,559,580
General Electric Co.		1,122,900		21,177,894
General Mills, Inc.		80,300		5,715,754
Genzyme Corp. (a)		102,700		5,467,748
Goodrich Corp.		157,700		11,698,186
Google, Inc., Class A (a)		15,800		8,301,952
Hewlett-Packard Co.		150,400		7,816,288
Home Depot, Inc.		197,700		6,968,925
Hudson City Bancorp, Inc.		235,400		3,130,820
Intel Corp. (b)		391,700		8,942,511
International Business Machines Corp.		82,800		10,681,200


Common Stocks		Shares		Value

United States (concluded)
International Paper Co.		426,900	$	11,415,306
Johnson & Johnson		81,600		5,246,880
KeyCorp		904,700		8,160,394
Kohl’s Corp. (a)(b)		107,500		5,911,425
Las Vegas Sands Corp. (a)		267,600		6,652,536
Liberty Global, Inc., Class A (a)(c)		238,800		6,545,508
Lincoln National Corp.		215,300		6,586,027
Manpower, Inc.		96,000		5,385,600
McKesson Corp.		50,200		3,253,462
Microsoft Corp. (b)		645,900		19,725,786
Morgan Stanley		145,700		4,403,054
Newmont Mining Corp.		178,000		9,982,240
News Corp., Class A		456,500		7,039,230
NII Holdings, Inc. (a)		114,800		4,869,816
Nike, Inc.		87,800		6,664,898
Norfolk Southern Corp.		174,300		10,341,219
Occidental Petroleum Corp.		131,400		11,649,924
Oracle Corp.		318,700		8,235,208
Owens-Illinois, Inc. (a)		241,600		8,562,304
Parametric Technology Corp. (a)		189,100		3,515,369
Peabody Energy Corp.		116,400		5,438,208
PepsiCo, Inc.		183,200		11,948,304
Piper Jaffray Cos. (a)		65,500		2,578,080
QUALCOMM, Inc.		111,000		4,300,140
St. Jude Medical, Inc. (a)		78,800		3,216,616
Stanley Black & Decker, Inc.		105,257		6,541,723
State Street Corp.		65,800		2,862,300
Stryker Corp.		128,500		7,381,040
SunTrust Banks, Inc.		306,400		9,069,440
T. Rowe Price Group, Inc.		90,200		5,187,402
Target Corp.		123,100		7,000,697
Temple-Inland, Inc.		310,600		7,243,192
Texas Instruments, Inc.		328,400		8,541,684
Textron, Inc.		392,300		8,960,132
Thermo Fisher Scientific, Inc. (a)		94,600		5,229,488
U.S. Bancorp		260,300		6,968,231
United Parcel Service, Inc., Class B		211,400		14,616,196
Urban Outfitters, Inc. (a)		140,600		5,273,906
Validus Holdings Ltd.		192,500		4,922,225
Wal-Mart Stores, Inc.		179,500		9,630,175
Yum! Brands, Inc.		202,700		8,598,534
Zions Bancorp.		261,200		7,504,276

				628,734,664

Total Long-Term Investments (Cost—$1,204,996,150)—94.6%				1,245,098,115



Short-Term Securities	Shares/Beneficial Interest

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (d)(e)		71,034,824		71,034,824
BlackRock Liquidity Series, LLC, Money Market Series, 0.24% (d)(e)(f)		2,850,000		2,850,000

Total Short-Term Securities (Cost—$73,884,824)—5.6%				73,884,824

Total Investments Before Outstanding Options Written (Cost—$1,278,880,974*)—100.2%				1,318,982,939



Options Written	Contracts

Exchange-Traded Call Options Written—(0.5)%
ACE Ltd., Strike Price USD 53, Expires 5/13/10		700		(50,260	)
Adobe Systems, Inc., Strike Price USD 35, Expires 5/24/10		1,000		(40,000	)
American Electric Power Co., Inc., Strike Price USD 34, Expires 5/24/10		475		(23,750	)
Amgen, Inc., Strike Price USD 62.50, Expires 5/24/10		310		(1,860	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	35




Schedule of Investments (continued)	BlackRock Global Opportunities Equity Trust (BOE)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Exchange-Traded Call Options Written (continued)
Amgen, Inc., Strike Price USD 62.50, Expires 6/21/10		300	$	(12,300	)
Apple, Inc., Strike Price USD 250, Expires 5/24/10		200		(300,000	)
Apple, Inc., Strike Price USD 280, Expires 6/21/10		85		(52,063	)
Applied Materials, Inc., Strike Price USD 13.75, Expires 5/24/10		455		(20,752	)
Applied Materials, Inc., Strike Price USD 14, Expires 5/24/10		480		(17,760	)
Arch Coal, Inc., Strike Price USD 27, Expires 5/24/10		435		(52,200	)
Arch Coal, Inc., Strike Price USD 28, Expires 5/24/10		150		(12,000	)
AT&T Inc., Strike Price USD 26, Expires 5/24/10		386		(16,791	)
Banco Santander Brasil SA - ADR, Strike Price USD 12.50, Expires 5/24/10		560		(8,400	)
Barclays Plc - ADR, Strike Price USD 22.50, Expires 5/24/10		650		(13,000	)
Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/21/10		650		(26,000	)
BHP Billiton Ltd. - ADR, Strike Price USD 82.50, Expires 5/18/10		270		(1,886	)
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10		270		(2,025	)
Bristol-Myers Squibb Co., Strike Price USD 27, Expires 6/21/10		1,350		(39,150	)
Canadian Natural Resources Ltd., Strike Price USD 80, Expires 5/24/10		330		(40,425	)
Cisco Systems, Inc., Strike Price USD 27, Expires 5/24/10		260		(19,500	)
Colgate-Palmolive Co., Strike Price USD 85, Expires 5/24/10		160		(15,200	)
Comerica, Inc., Strike Price USD 40, Expires 5/24/10		665		(186,200	)
Comerica, Inc., Strike Price USD 42.50, Expires 5/24/10		220		(29,150	)
ConAgra Foods, Inc., Strike Price USD 25, Expires 5/24/10		435		(7,612	)
ConocoPhillips, Strike Price USD 60, Expires 6/21/10		1,070		(171,200	)
Continental Airlines, Inc., Class B, Strike Price USD 22.50, Expires 6/21/10		1,520		(266,760	)
Deere & Co., Strike Price USD 60, Expires 5/24/10		880		(176,880	)
Dow Chemical Co., Strike Price USD 31, Expires 5/24/10		1,450		(134,850	)
eBay, Inc., Strike Price USD 27, Expires 6/21/10		1,130		(15,820	)
eBay, Inc., Strike Price USD 29, Expires 5/24/10		860		(1,720	)
EMC Corp., Strike Price USD 20, Expires 6/21/10		420		(13,650	)
Express Scripts, Inc., Strike Price USD 105, Expires 5/24/10		250		(21,875	)
Exxon Mobil Corp., Strike Price USD 70, Expires 5/24/10		700		(25,550	)
Focus Media Holding Ltd. - ADR, Strike Price USD 18, Expires 5/24/10		800		(32,000	)
Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 50, Expires 5/24/10		90		(2,025	)
General Electric Co., Strike Price USD 20, Expires 6/21/10		2,500		(92,500	)
General Mills, Inc., Strike Price USD 75, Expires 5/24/10		440		(3,300	)
Genzyme Corp., Strike Price USD 55, Expires 5/24/10		550		(31,625	)
Google, Inc., Class A, Strike Price USD 560, Expires 5/24/10		40		(10,900	)
Hewlett-Packard Co., Strike Price USD 52.50, Expires 5/24/10		1,150		(133,400	)
Home Depot, Inc., Strike Price USD 35, Expires 5/24/10		210		(24,150	)
Intel Corp., Strike Price USD 25, Expires 6/21/10		650		(10,725	)
International Paper Co., Strike Price USD 28, Expires 5/24/10		550		(27,500	)
Johnson & Johnson, Strike Price USD 65, Expires 6/21/10		450		(38,700	)
Las Vegas Sands Corp., Strike Price USD 22, Expires 5/24/10		420		(144,900	)
Las Vegas Sands Corp., Strike Price USD 23, Expires 5/24/10		750		(206,250	)
Las Vegas Sands Corp., Strike Price USD 24, Expires 5/24/10		750		(160,875	)
Lincoln National Corp., Strike Price USD 32, Expires 5/24/10		1,185		(79,988	)
McKesson Corp., Strike Price USD 65, Expires 5/24/10		275		(48,813	)
Microsoft Corp., Strike Price USD 32, Expires 5/24/10		1,400		(14,700	)
Morgan Stanley, Strike Price USD 30, Expires 5/24/10		715		(93,308	)
Morgan Stanley, Strike Price USD 31, Expires 5/24/10		85		(6,757	)
Newmont Mining Corp., Strike Price USD 52.50, Expires 5/24/10		300		(124,500	)
Newmont Mining Corp., Strike Price USD 55, Expires 5/24/10		710		(170,045	)
Newmont Mining Corp., Strike Price USD 55, Expires 6/21/10		770		(254,100	)
Nike, Inc., Strike Price USD 75, Expires 5/24/10		220		(48,400	)


Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
Norfolk Southern Corp., Strike Price USD 55, Expires 5/24/10		650	$	(286,000	)
Occidental Petroleum Corp., Strike Price USD 90, Expires 6/21/10		250		(85,625	)
Oracle Corp., Strike Price USD 26.25, Expires 5/27/10		1,730		(60,372	)
Pan American Silver Corp., Strike Price USD 25, Expires 6/21/10		670		(154,100	)
Parametric Technology Corp., Strike Price USD 20, Expires 6/21/10		220		(7,700	)
Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10		650		(85,475	)
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10		1,010		(16,665	)
Piper Jaffray Cos., Strike Price USD 39.50, Expires 5/12/10		655		(58,207	)
Potash Corp. of Saskatchewan, Inc., Strike Price USD 115, Expires 5/24/10		55		(10,532	)
Potash Corp. of Saskatchewan, Inc., Strike Price USD 123, Expires 5/24/10		250		(13,321	)
QUALCOMM, Inc., Strike Price USD 43, Expires 5/24/10		300		(1,350	)
QUALCOMM, Inc., Strike Price USD 44, Expires 5/24/10		160		(480	)
QUALCOMM, Inc., Strike Price USD 44, Expires 6/21/10		150		(1,650	)
Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 60, Expires 5/24/10		783		(229,028	)
Stanley Black & Decker, Inc., Strike Price USD 65, Expires 6/21/10		349		(39,263	)
Sterlite Industries India Ltd. - ADR, Strike Price USD 20, Expires 5/24/10		750		(11,250	)
Stryker Corp., Strike Price USD 56.50, Expires 5/24/10		700		(116,299	)
SunTrust Banks, Inc., Strike Price USD 30, Expires 5/24/10		215		(22,575	)
Target Corp., Strike Price USD 57.50, Expires 5/24/10		700		(77,350	)
Temple-Inland, Inc., Strike Price USD 25, Expires 6/21/10		1,710		(132,525	)
Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 65, Expires 5/24/10		590		(5,605	)
Texas Instruments, Inc., Strike Price USD 26, Expires 5/24/10		950		(72,675	)
Texas Instruments, Inc., Strike Price USD 27, Expires 5/24/10		850		(31,025	)
Textron, Inc., Strike Price USD 23, Expires 5/24/10		2,150		(182,750	)
Thermo Fisher Scientific, Inc., Strike Price USD 53, Expires 6/21/10		350		(114,681	)
U.S. Bancorp, Strike Price USD 27, Expires 5/24/10		500		(32,750	)
U.S. Bancorp, Strike Price USD 28, Expires 5/24/10		39		(1,033	)
U.S. Bancorp, Strike Price USD 28, Expires 6/21/10		890		(55,180	)
United Parcel Service, Inc., Class B, Strike Price USD 65, Expires 5/24/10		750		(326,250	)
Wal-Mart Stores, Inc., Strike Price USD 55, Expires 5/24/10		200		(6,200	)
Yum! Brands, Inc., Strike Price USD 43, Expires 5/24/10		1,150		(80,500	)
Zions Bancorp., Strike Price USD 30, Expires 6/21/10		1,430		(239,525	)

Total Exchange-Traded Call Options Written				(6,133,991	)

Exchange-Traded Put Option Written—(0.0)%
BHP Billiton Ltd. - ADR, Strike Price USD 75, Expires 5/24/10		830		(307,100	)

Over-the-Counter Call Options Written—(0.9)%
Accenture Plc, Class A, Strike Price USD 43.42, Expires 6/14/10, Broker Goldman Sachs & Co.		85,600		(93,662	)
Aegon NV, Strike Price EUR 5.14, Expires 5/12/10, Broker Citigroup Global Markets		465,300		(121,310	)
Allianz SE, Strike Price EUR 88.06, Expires 6/03/10, Broker Citigroup Global Markets		32,300		(41,247	)
Amada Co. Ltd., Strike Price JPY 793.47, Expires 6/28/10, Broker Goldman Sachs & Co.		533,000		(184,523	)
Amerprise Financial, Inc., Strike Price USD 45.54, Expires 5/26/10, Broker Citigroup Global Markets		100,000		(186,120	)
Anheuser-Busch InBev NV, Strike Price EUR 38.26, Expires 5/12/10, Broker Citigroup Global Markets		78,900		(12,414	)
Applied Materials, Inc., Strike Price USD 14.19, Expires 5/20/10, Broker UBS Securities LLC		117,000		(29,840	)
Arch Coal, Inc., Strike Price USD 26.25, Expires 6/07/10, Broker Barclays Capital, Inc.		620		(116,222	)
Arch Coal, Inc., Strike Price USD 27.04, Expires 6/15/10, Broker UBS Securities LLC		40,000		(66,629	)

See Notes to Financial Statements.


36		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock Global Opportunities Equity Trust (BOE)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Asahi Breweries Ltd., Strike Price JPY 1,804.03, Expires 5/11/10, Broker Goldman Sachs & Co.		128,000	$	(2,030	)
AT&T Inc., Strike Price USD 26.51, Expires 6/04/10, Broker Credit Suisse First Boston		104,500		(21,597	)
Australia & New Zealand Banking Group Ltd., Strike Price AUD 25.85, Expires 6/07/10, Broker JPMorgan Chase Securities		91,000		(15,131	)
Avon Products, Inc., Strike Price USD 33.50, Expires 6/14/10, Broker Goldman Sachs & Co.		108,000		(82,133	)
AXA SA, Strike Price EUR 15.55, Expires 6/16/10, Broker Citigroup Global Markets		88,300		(64,615	)
AXA SA, Strike Price EUR 16.52, Expires 5/26/10, Broker BNP Paribas		92,400		(16,590	)
Banco Santander SA, Strike Price EUR 10.30, Expires 5/26/10, Broker UBS Securities LLC		382,200		(79,848	)
Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/04/10, Broker Goldman Sachs & Co.		40,000		(8,978	)
Barclays Plc - ADR, Strike Price USD 23.09, Expires 6/10/10, Broker JPMorgan Chase Securities		40,500		(7,410	)
Bayerische Motoren Werke AG, Strike Price EUR 34.94, Expires 5/26/10, Broker Citigroup Global Markets		51,000		(169,385	)
Bayerische Motoren Werke AG, Strike Price EUR 35.75, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		14,300		(38,935	)
Bayerische Motoren Werke AG, Strike Price EUR 37.48, Expires 6/03/10, Broker Credit Suisse First Boston		10,800		(15,961	)
BM&FBOVESPA SA, Strike Price BRL 11.82, Expires 6/09/10, Broker Credit Suisse First Boston		217,400		(42,339	)
BNP Paribas, Strike Price EUR 58, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		250		(8,738	)
BNP Paribas, Strike Price EUR 59.07, Expires 5/12/10, Broker BNP Paribas		18,500		(809	)
BP Plc, Strike Price GBP 6.49, Expires 5/26/10, Broker UBS Securities LLC		134,700		(790	)
BP Plc, Strike Price GBP 6.55, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		385,000		(1,701	)
Bunge Ltd., Strike Price USD 60.47, Expires 6/01/10, Broker Goldman Sachs & Co.		46,000		(5,317	)
Canadian Natural Resources Ltd., Strike Price CAD 74, Expires 5/24/10, Broker T.D. Securities		500		(233,806	)
Cannon, Inc., Strike Price JPY 4,193.39, Expires 5/11/10, Broker Goldman Sachs & Co.		101,000		(199,470	)
CapitaLand Ltd., Strike Price SGD 4.11, Expires 6/07/10, Broker Goldman Sachs & Co.		612,888		(8,366	)
Cheung Kong Holdings Ltd., Strike Price HKD 98.06, Expires 6/28/10, Broker Goldman Sachs & Co.		298,000		(107,466	)
Chevron Corp., Strike Price USD 81.13, Expires 6/02/10, Broker UBS Securities LLC		12,500		(25,660	)
Chevron Corp., Strike Price USD 82.82, Expires 6/10/10, Broker Credit Suisse First Boston		25,000		(35,881	)
China Construction Bank Corp., Class H, Strike Price HKD 6.86, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		2,100,000		(15,601	)
Cia Siderurgica Nacional SA - ADR, Strike Price USD 19.50, Expires 5/20/10, Broker Goldman Sachs & Co.		170,000		(27,815	)
CIMB Group Holdings Bhd, Strike Price MYR 14.34, Expires 6/07/10, Broker Deutsche Bank Securities		805,000		(64,440	)
Citigroup, Inc., Strike Price USD 4.28, Expires 5/07/10, Broker Credit Suisse First Boston		297,500		(50,248	)
Citigroup, Inc., Strike Price USD 4.56, Expires 5/28/10, Broker Goldman Sachs & Co.		350,000		(54,989	)
Colgate-Palmolive Co., Strike Price USD 85.95, Expires 6/04/10, Broker Morgan Stanley & Co., Inc.		56,000		(55,985	)
ConAgra Foods, Inc., Strike Price USD 25.27, Expires 5/13/10, Broker Credit Suisse First Boston		108,000		(2,697	)

Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Corio NV - REIT, Strike Price EUR 49.17, Expires 6/03/10, Broker UBS Securities LLC		26,000	$	(3,027	)
Corning, Inc., Strike Price USD 20.08, Expires 6/16/10, Broker Citigroup Global Markets		276,000		(133,959	)
Crescent Point Energy Corp., Strike Price CAD 42.60, Expires 6/18/10, Broker Goldman Sachs & Co.		86,000		(93,869	)
DBS Group Holdings Ltd., Strike Price SGD 15.34, Expires 6/28/10, Broker JPMorgan Chase Securities		184,000		(58,535	)
Deere & Co., Strike Price USD 61, Expires 5/28/10, Broker UBS Securities LLC		28,000		(46,967	)
Deutsche Boerse AG, Strike Price EUR 55.96, Expires 5/26/10, Broker Citigroup Global Markets		26,900		(91,151	)
Deutsche Lufthansa AG, Strike Price EUR 12.28, Expires 5/12/10, Broker UBS Securities LLC		135,000		(63,056	)
Deutsche Lufthansa AG, Strike Price EUR 12.95, Expires 5/26/10, Broker Citigroup Global Markets		215,000		(58,601	)
Deutsche Post AG, Strike Price EUR 12.81, Expires 6/15/10, Broker Citigroup Global Markets		256,000		(75,131	)
DIRECTV, Class A, Strike Price USD 34.11, Expires 5/10/10, Broker Citigroup Global Markets		107,000		(235,400	)
Dominion Resources, Inc., Strike Price USD 41.95, Expires 5/14/10, Broker UBS Securities LLC		40,000		(11,982	)
Dominion Resources, Inc., Strike Price USD 41.95, Expires 5/28/10, Broker UBS Securities LLC		40,000		(17,329	)
E.I. du Pont de Nemours & Co., Strike Price USD 39.38, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		66,400		(42,608	)
EMC Corp., Strike Price USD 19.50, Expires 5/28/10, Broker Citigroup Global Markets		190,000		(57,397	)
Enbridge, Inc., Strike Price CAD 48.80, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		30,000		(23,827	)
Enbridge, Inc., Strike Price CAD 49.56, Expires 5/10/10, Broker Goldman Sachs & Co.		84,500		(31,850	)
Erste Group Bank AG, Strike Price EUR 33.89, Expires 6/04/10, Broker Morgan Stanley & Co., Inc.		78,600		(104,178	)
Exxon Mobil Corp., Strike Price USD 69.59, Expires 6/01/10, Broker UBS Securities LLC		65,000		(49,400	)
Federal Realty Investment Trust - REIT, Strike Price USD 75.80, Expires 6/08/10, Broker Morgan Stanley & Co., Inc.		28,000		(92,823	)
FMC Corp., Strike Price USD 64.16, Expires 6/08/10, Broker Goldman Sachs & Co.		74,000		(142,623	)
Focus Media Holding Ltd. - ADR, Strike Price USD 18.39, Expires 6/02/10, Broker Morgan Stanley & Co., Inc.		73,500		(27,333	)
Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 49.24, Expires 6/04/10, Broker Morgan Stanley & Co., Inc.		44,000		(20,149	)
Fortum Oyj, Strike Price EUR 18.42, Expires 5/26/10, Broker Citigroup Global Markets		106,200		(141,236	)
Fujitsu Ltd., Strike Price JPY 557.83, Expires 5/11/10, Broker JPMorgan Chase Securities		468,000		(533,932	)
General Electric Co., Strike Price USD 16.50, Expires 5/07/10, Broker Deutsche Bank Securities		112,000		(264,320	)
General Electric Co., Strike Price USD 18.10, Expires 5/13/10, Broker UBS Securities LLC		195,000		(175,504	)
General Electric Co., Strike Price USD 19.18, Expires 6/11/10, Broker Credit Suisse First Boston		60,500		(34,395	)
GlaxoSmithKline Plc, Strike Price GBP 12.84, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		48,000		(204	)
GlaxoSmithKline Plc, Strike Price GBP 12.87, Expires 5/26/10, Broker Citigroup Global Markets		152,000		(5,276	)
Goodrich Corp., Strike Price USD 72.18, Expires 5/13/10, Broker UBS Securities LLC		87,000		(209,963	)
Grupo Mexico SAB de CV, Series B, Strike Price MXN 35.51, Expires 6/04/10, Broker Credit Suisse First Boston		1,370,700		(44,195	)
Home Depot, Inc., Strike Price USD 35.55, Expires 6/04/10, Broker UBS Securities LLC		88,000		(75,174	)


See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	APRIL 30, 2010	37




Schedule of Investments (continued)	BlackRock Global Opportunities Equity Trust (BOE)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Honda Motor Co. Ltd., Strike Price JPY 3,267.35, Expires 6/28/10, Broker JPMorgan Chase Securities		201,400	$	(249,694	)
HSBC Holdings Plc, Strike Price GBP 6.99, Expires 5/26/10, Broker Credit Suisse First Boston		363,000		(31,018	)
Hudson City Bancorp, Inc., Strike Price USD 14.63, Expires 6/10/10, Broker Morgan Stanley & Co., Inc.		129,500		(15,935	)
Inditex SA, Strike Price EUR 49.57, Expires 5/26/10, Broker UBS Securities LLC		52,000		(10,980	)
Industrial & Commercial Bank of China, Strike Price HKD 5.77, Expires 6/28/10, Broker Deutsche Bank Securities		2,700,000		(70,594	)
Intel Corp., Strike Price USD 22.41, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		150,500		(91,049	)
International Business Machines Corp., Strike Price USD 131.91, Expires 6/08/10, Broker UBS Securities LLC		46,000		(75,468	)
International Paper Co., Strike Price USD 27.87, Expires 6/02/10, Broker UBS Securities LLC		180,000		(133,907	)
Intesa Sanpaolo SpA, Strike Price EUR 2.73, Expires 5/26/10, Broker BNP Paribas		139,200		(4,184	)
Intesa Sanpaolo SpA, Strike Price EUR 2.84, Expires 5/12/10, Broker BNP Paribas		712,200		(1,062	)
ITOCHU Corp., Strike Price JPY 774.33, Expires 5/11/10, Broker UBS Securities LLC		566,000		(303,009	)
Japan Tobacco, Inc., Strike Price JPY 329,260, Expires 6/28/10, Broker JPMorgan Chase Securities		1,460		(200,143	)
JTEKT Corp., Strike Price JPY 1,176.06, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		522,000		(32,301	)
KeyCorp, Strike Price USD 9.28, Expires 6/09/10, Broker Citigroup Global Markets		497,500		(209,816	)
Kohl’s Corp., Strike Price USD 54, Expires 5/07/10, Broker Credit Suisse First Boston		59,000		(80,536	)
Liberty Global, Inc., Class A, Strike Price USD 27.48, Expires 6/11/10, Broker Credit Suisse First Boston		131,500		(135,775	)
Manpower, Inc., Strike Price USD 58.64, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		28,000		(10,253	)
Manpower, Inc., Strike Price USD 59.13, Expires 5/04/10, Broker Morgan Stanley & Co., Inc.		25,000		(602	)
Marubeni Corp., Strike Price JPY 569.21, Expires 5/11/10, Broker UBS Securities LLC		748,000		(56,271	)
Marubeni Corp., Strike Price JPY 598.93, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		140,000		(10,504	)
Mega Financial Holdings Co. Ltd., Strike Price TWD 18.27, Expires 6/28/10, Broker Goldman Sachs & Co.		3,572,000		(79,013	)
Merck KGaA, Strike Price EUR 65.11, Expires 6/03/10, Broker Credit Suisse First Boston		22,500		(15,143	)
Microsoft Corp., Strike Price USD 29.43, Expires 5/05/10, Broker Credit Suisse First Boston		143,000		(158,664	)
Microsoft Corp., Strike Price USD 29.54, Expires 5/05/10, Broker Credit Suisse First Boston		72,000		(72,164	)
Mitsubishi Heavy Industries Ltd., Strike Price JPY 386.31, Expires 6/28/10, Broker Morgan Stanley & Co., Inc.		919,000		(147,827	)
Mitsubishi UFJ Financial Group, Inc., Strike Price JPY 509.04, Expires 6/28/10, Broker JPMorgan Chase Securities		554,300		(118,962	)
Mitsui & Co. Ltd., Strike Price JPY 1,648.32, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		306,000		(22,835	)
Naspers Ltd., Strike Price ZAR 309.06, Expires 5/26/10, Broker Credit Suisse First Boston		68,500		(33,025	)
Nestle SA, Strike Price CHF 52.42, Expires 6/03/10, Broker Goldman Sachs & Co.		28,300		(28,682	)
Nestle SA, Strike Price CHF 53.93, Expires 5/19/10, Broker UBS Securities LLC		63,200		(16,116	)
News Corp., Class A, Strike Price USD 14.25, Expires 5/27/10, Broker Goldman Sachs & Co.		251,000		(325,083	)

Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
NII Holdings, Inc., Strike Price USD 41.66, Expires 6/25/10, Broker Deutsche Bank Securities		63,000	$	(171,276	)
Nike, Inc., Strike Price USD 77.06, Expires 6/25/10, Broker Deutsche Bank Securities		26,000		(52,558	)
Nitto Denko Corp., Strike Price JPY 3,747.99, Expires 6/07/10, Broker Goldman Sachs & Co.		94,000		(113,130	)
Nokia Oyj - ADR, Strike Price USD 14.30, Expires 5/12/10, Broker Deutsche Bank Securities		255,000		(382	)
Nomura Holdings, Inc., Strike Price JPY 663.57, Expires 6/28/10, Broker JPMorgan Chase Securities		475,000		(139,534	)
Nordea Bank AB, Strike Price SEK 73.17, Expires 5/12/10, Broker BNP Paribas		321,300		(12,688	)
Norfolk Southern Corp., Strike Price USD 58.96, Expires 6/01/10, Broker Morgan Stanley & Co., Inc.		31,000		(55,703	)
Novartis AG, Registered Shares, Strike Price CHF 57.73, Expires 5/12/10, Broker UBS Securities LLC		128,000		(3,736	)
Occidental Petroleum Corp., Strike Price USD 83.61, Expires 5/06/10, Broker Craig-Hallum, Inc.		44,000		(225,783	)
Owens-Illinois, Inc., Strike Price USD 37.63, Expires 6/04/10, Broker Dresdner Bank AG		132,000		(62,705	)
Pan American Silver Corp., Strike Price USD 23.35, Expires 5/13/10, Broker UBS Securities LLC		121,000		(374,611	)
Renault SA, Strike Price EUR 35.87, Expires 6/16/10, Broker Credit Suisse First Boston		54,000		(121,019	)
Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 62.17, Expires 7/06/10, Broker UBS Securities LLC		32,000		(76,037	)
RWE AG, Strike Price EUR 66.28, Expires 6/03/10, Broker Citigroup Global Markets		43,400		(9,189	)
Samsung Electronics Co. Ltd., Strike Price KRW 827,237.04, Expires 6/28/10, Broker Deutsche Bank Securities		7,100		(304,033	)
SAP AG - ADR, Strike Price USD 49.11, Expires 6/02/10, Broker Credit Suisse First Boston		75,000		(53,273	)
Siemens AG, Strike Price EUR 70.75, Expires 5/06/10, Broker Morgan Stanley & Co., Inc.		69,000		(247,708	)
Siliconware Precision Industries Co. - ADR, Strike Price USD 6.91, Expires 6/11/10, Broker Morgan Stanley & Co., Inc.		176,000		(25,634	)
Societe Generale, Strike Price EUR 45.41, Expires 6/03/10, Broker Citigroup Global Markets		27,300		(16,352	)
St. Jude Medical, Inc., Strike Price USD 43.23, Expires 5/18/10, Broker Goldman Sachs & Co.		43,500		(11,377	)
Stanley Black & Decker, Inc., Strike Price USD 59.59, Expires 5/13/10, Broker Deutsche Bank Securities		23,000		(65,803	)
Sterlite Industries India Ltd. - ADR, Strike Price USD 19.53, Expires 6/02/10, Broker UBS Securities LLC		48,500		(11,584	)
Sumitomo Mitsui Financial Group, Inc., Strike Price JPY 3,211.80, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		63,000		(15,189	)
Sumitomo Mitsui Financial Group, Inc., Strike Price JPY 3,264.32, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		50,000		(25,880	)
SunTrust Banks, Inc., Strike Price USD 29.25, Expires 6/25/10, Broker UBS Securities LLC		147,000		(305,847	)
Svenska Cellulosa AB, B Shares, Strike Price SEK 101.89, Expires 5/12/10, Broker UBS Securities LLC		308,000		(21	)
Swiss Life Holding AG, Strike Price CHF 133.83, Expires 6/03/10, Broker Credit Suisse First Boston		28,700		(79,822	)
T&D Holdings, Inc., Strike Price JPY 2,445.21, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		154,000		(165,142	)
T. Rowe Price Group, Inc., Strike Price USD 53.81, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		50,000		(186,500	)
Telefonica SA, Strike Price EUR 16.94, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		66,200		(48,911	)
Telefonica SA, Strike Price EUR 17.82, Expires 5/26/10, Broker BNP Paribas		127,300		(24,550	)


See Notes to Financial Statements.


38	SEMI-ANNUAL REPORT	APRIL 30, 2010




Schedule of Investments (continued)	BlackRock Global Opportunities Equity Trust (BOE)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
Tokio Marine Holdings, Inc., Strike Price JPY 2,573.77, Expires 5/11/10, Broker Goldman Sachs & Co.		120,000	$	(304,334	)
Toronto-Dominion Bank (The), Strike Price CAD 76, Expires 5/22/10, Broker T.D. Securities		67		(6,695	)
Toronto-Dominion Bank (The), Strike Price CAD 76, Expires 6/21/10, Broker T.D. Securities		304		(55,665	)
Total SA, Strike Price EUR 42.95, Expires 6/03/10, Broker Credit Suisse First Boston		23,000		(8,834	)
Total SA, Strike Price EUR 43.39, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		50,500		(14,210	)
Total SA, Strike Price EUR 43.64, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		36,100		(1,709	)
Unibail-Rodamco SE - REIT, Strike Price EUR 144.13, Expires 6/16/10, Broker Morgan Stanley & Co., Inc.		22,000		(29,263	)
Unilever Plc, Strike Price GBP 19.86, Expires 5/26/10, Broker UBS Securities LLC		130,000		(42,114	)
United Parcel Service, Inc., Class B, Strike Price USD 64.98, Expires 5/14/10, Broker JPMorgan Chase Securities		42,000		(175,024	)
Urban Outfitters, Inc., Strike Price USD 40.70, Expires 6/10/10, Broker Goldman Sachs & Co.		77,500		(49,655	)
Usinas Siderurgicas de Minas Gerais SA, Class A - Preference Shares, Strike Price BRL 57.07, Expires 5/28/10, Broker Deutsche Bank Securities		104,200		(97,147	)
Validus Holdings Ltd., Strike Price USD 26.86, Expires 5/12/10, Broker JPMorgan Chase Securities		106,000		(2,662	)
VimpelCom Ltd. - ADR, Strike Price USD 17.88, Expires 6/11/10, Broker UBS Securities LLC		70,000		(46,307	)
Vodafone Group Plc - ADR, Strike Price USD 23.16, Expires 5/27/10, Broker Credit Suisse First Boston		35,000		(11,689	)
Vodafone Group Plc - ADR, Strike Price USD 23.42, Expires 5/27/10, Broker Citigroup Global Markets		123,000		(33,126	)
Vodafone Group Plc - ADR, Strike Price USD 23.50, Expires 5/28/10, Broker Credit Suisse First Boston		50,000		(6,908	)
Volkswagen AG - Preference Shares, Strike Price EUR 68.24, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		37,726		(186,142	)
Volkswagen AG - Preference Shares, Strike Price EUR 72.22, Expires 6/16/10, Broker Citigroup Global Markets		14,900		(58,441	)
Wal-Mart Stores, Inc., Strike Price USD 54.96, Expires 6/10/10, Broker Citigroup Global Markets		79,000		(43,862	)
Wilmar International Ltd., Strike Price SGD 7.02, Expires 6/07/10, Broker Goldman Sachs & Co.		732,000		(77,922	)
Wing Hang Bank Ltd., Strike Price HKD 80.79, Expires 6/07/10, Broker JPMorgan Chase Securities		172,000		(45,756	)
WPP Plc, Strike Price GBP 7.02, Expires 5/26/10, Broker Citigroup Global Markets		342,400		(69,548	)

Total Over-the-Counter Call Options Written				(12,395,697	)

Total Options Written (Premiums Received $19,999,063)—(1.4)%				(18,836,788	)

Total Investments Net of Outstanding Options Written—98.8%				1,300,146,151
Other Assets Less Liabilities—1.2%				15,863,386

Net Assets—100.0%			$	1,316,009,537


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	1,295,773,777

Gross unrealized appreciation	$	70,252,399
Gross unrealized depreciation		(47,043,237	)

Net unrealized appreciation	$	23,209,162


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



Affiliate	Shares/ Beneficial Interest Held at October 31, 2009	Net Activity			Shares/ Beneficial Interest Held at April 30, 2010	Income

BlackRock Liquidity Funds, TempFund, Institutional Class	5,139,633		65,895,191		71,034,824	$	19,780
BlackRock Liquidity Series, LLC Money Market Series	7,602,800		(4,752,800	)	2,850,000	$	6,256


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

•	Foreign currency exchange contracts as of April 30, 2010 were as follows:



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

CAD	2,470,000	USD	2,461,424	Citigroup Global Markets	5/03/10	$	(29,822	)
CHF	2,578,500	USD	2,380,447	Citigroup Global Markets	5/03/10		15,693
MXN	3,197,000	USD	2,260,971	Citigroup Global Markets	5/03/10		(1,394	)
CAD	2,224,000	USD	2,212,726	Citigroup Global Markets	5/04/10		(23,293	)
GBP	17,000	USD	25,984	Citigroup Global Markets	5/06/10		26
EUR	15,330,000	USD	20,407,342	Deutsche Bank Securities	5/05/10		4,173
USD	100,280	CHF	108,000	Deutsche Bank Securities	5/05/10		(84	)
USD	121,720	HKD	945,000	Morgan Stanley & Co., Inc.	5/04/10		2
USD	187,080	SGD	256,000	Morgan Stanley & Co., Inc.	5/04/10		259
USD	3,411,930	GBP	2,229,000	Royal Bank of Scotland	5/05/10		1,509
USD	4,249,343	EUR	3,189,000	UBS Securities LLC	5/04/10		3,283

Total						$	(29,648	)


•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, 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)

	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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	39




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

The following tables summarize the inputs used as of April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:
Common Stocks:
Australia	$	7,169,815		$	3,654,631			—	$	10,824,446
Austria		—			6,344,555			—		6,344,555
Belgium		—			6,956,560			—		6,956,560
Bermuda		4,410,735			—			—		4,410,735
Brazil		20,892,558			—			—		20,892,558
Canada		48,907,111			—			—		48,907,111
China		4,681,620			6,680,586			—		11,362,206
Finland		5,626,432			4,986,976			—		10,613,408
France		—			35,989,349			—		35,989,349
Germany		12,748,035			66,903,974			—		79,652,009
Hong Kong		2,726,760			9,840,365			—		12,567,125
India		4,066,988			5,400,986			—		9,467,974
Ireland		6,786,020			—			—		6,786,020
Israel		3,465,070			—			—		3,465,070
Italy		—			5,101,755			—		5,101,755
Japan		—			131,070,483			—		131,070,483
Malaysia		—			4,757,438			—		4,757,438
Mexico		11,129,651			—			—		11,129,651
Netherlands		4,314,934			15,221,524			—		19,536,458
New Zealand		—			4,859,048			—		4,859,048
Singapore		—			13,327,727			—		13,327,727
South Africa		—			5,017,441			—		5,017,441
South Korea		—			9,808,371			—		9,808,371
Spain		—			22,647,899			—		22,647,899
Sweden		—			12,980,707			—		12,980,707
Switzerland		6,792,363			23,795,326			—		30,587,689
Taiwan		3,089,760			3,792,468			—		6,882,228
Thailand		—			9,796,449			—		9,796,449
United Kingdom		26,385,623			34,235,358			—		60,620,981
United States		628,734,664			—			—		628,734,664
Short-Term Securities		71,034,824			2,850,000			—		73,884,824

Total	$	872,962,963		$	446,019,976			—	$	1,318,982,939


Other Financial Instruments¹

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:		—		$	24,945			—	$	24,945
Liabilities:	$	(6,301,479	)		(12,589,902	)		—		(18,891,381	)

Total	$	(6,301,479	)	$	(12,564,957	)		—	$	(18,866,436	)


¹	Other 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.


40		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock Health Sciences Trust (BME)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Biotechnology—10.4%
3SBio, Inc. - ADR (a)		31,900	$	380,248
Amgen, Inc. (a)		121,300		6,957,768
BioMarin Pharmaceutical, Inc. (a)		29,500		689,415
Celgene Corp. (a)		36,600		2,267,370
Dendreon Corp. (a)		66,500		3,605,630
Gilead Sciences, Inc. (a)		40,560		1,609,015
Human Genome Sciences, Inc. (a)		78,800		2,181,972
Incyte Corp. Ltd. (a)		113,400		1,521,828
Ironwood Pharmaceuticals, Inc. (a)		35,500		458,660
Momenta Pharmaceuticals, Inc. (a)		12,900		179,052
OSI Pharmaceuticals, Inc. (a)		30,200		1,771,834
Pharmasset, Inc. (a)		15,700		508,680
Sinovac Biotech Ltd. (a)		20,600		119,274

				22,250,746

Electronic Equipment, Instruments & Components—1.7%
Agilent Technologies, Inc. (a)		100,400		3,640,504

Health Care Equipment & Supplies—26.9%
Alcon, Inc. (a)		13,800		2,150,868
Baxter International, Inc. (b)		21,800		1,029,396
Becton Dickinson & Co.		43,600		3,329,732
China Medical Technologies, Inc. - ADR		43,000		596,840
Cooper Cos., Inc. (The)		67,900		2,640,631
CR Bard, Inc. (b)		25,700		2,223,821
DENTSPLY International, Inc.		41,100		1,505,904
Edwards Lifesciences Corp.		12,400		1,278,192
Elekta AB		55,600		1,443,883
Gen-Probe, Inc. (a)		49,000		2,322,110
Getinge AB		46,000		1,028,250
Henry Schein, Inc. (a)		46,800		2,829,996
Hill-Rom Holdings, Inc.		110,400		3,500,784
Hologic, Inc. (a)		83,600		1,493,932
Inverness Medical Innovations, Inc. (a)		43,100		1,714,518
Medtronic, Inc.		68,890		3,009,804
Mindray Medical International Ltd. - ADR		57,400		2,192,680
Nobel Biocare Holding AG		67,800		1,486,052
Sirona Dental Systems, Inc. (a)		82,100		3,422,749
Smith & Nephew Plc		335,100		3,474,194
Sonova Holding AG		5,100		632,214
Stryker Corp.		115,400		6,628,576
Thoratec Corp. (a)		20,900		931,931
Varian Medical Systems, Inc. (a)		65,000		3,664,700
Zimmer Holdings, Inc. (a)		46,900		2,856,679

				57,388,436

Health Care Providers & Services—19.4%
Aetna, Inc.		70,400		2,080,320
AmerisourceBergen Corp.		160,300		4,945,255
CIGNA Corp.		47,600		1,526,056
Community Health Systems, Inc. (a)		56,200		2,296,332
DaVita, Inc. (a)		29,480		1,840,436
Express Scripts, Inc. (a)		45,180		4,523,874
Fresenius Medical Care AG & Co. KGaA		62,400		3,378,578
McKesson Corp.		69,500		4,504,295
Medco Health Solutions, Inc. (a)		34,810		2,051,005
Mednax, Inc. (a)		14,500		796,630
Patterson Cos., Inc.		111,700		3,573,283
Tenet Healthcare Corp. (a)		231,400		1,446,250
UnitedHealth Group, Inc.		142,700		4,325,237
VCA Antech, Inc. (a)		78,400		2,231,264
WellPoint, Inc. (a)		35,200		1,893,760

				41,412,575

Health Care Technology—6.9%
Allscripts-Misys Healthcare Solutions, Inc. (a)		92,100		1,857,657
Biogen Idec, Inc. (a)		52,500		2,795,625
Genzyme Corp. (a)		87,900		4,679,796


Common Stocks	Shares		Value

Health Care Technology (concluded)
Quest Diagnostics, Inc.		19,800	$	1,131,768
St. Jude Medical, Inc. (a)		105,000		4,286,100

				14,750,946

Industrial Conglomerates—1.4%
Koninklijke (Royal) Philips Electronics NV		89,200		2,995,262

Insurance—0.1%
Amil Participacoes SA		13,800		113,131

Life Sciences Tools & Services—7.7%
Dionex Corp. (a)		31,900		2,602,083
Life Technologies Corp. (a)		40,800		2,232,168
Mettler-Toledo International, Inc. (a)		19,900		2,497,052
Millipore Corp. (a)		22,500		2,388,375
Tecan Group AG		22,100		1,468,098
Thermo Fisher Scientific, Inc. (a)		93,600		5,174,208

				16,361,984

Pharmaceuticals—21.4%
Abbott Laboratories		75,540		3,864,626
Allergan, Inc.		21,100		1,343,859
Bristol-Myers Squibb Co.		196,100		4,959,369
Cephalon, Inc. (a)		31,000		1,990,200
Eli Lilly & Co.		22,200		776,334
GlaxoSmithKline Plc		179,500		3,331,709
Johnson & Johnson		103,270		6,640,261
Merck & Co., Inc.		77,100		2,701,584
Merck KGaA		41,100		3,378,430
Novartis AG		135,600		6,913,533
Pfizer, Inc.		255,900		4,278,648
Roche Holding AG		50		7,894
Simcere Pharmaceutical Group - ADR (a)		24,900		198,204
Somaxon Pharmaceuticals, Inc. (a)		35,000		251,650
Teva Pharmaceutical Industries Ltd. - ADR		46,150		2,710,390
Watson Pharmaceuticals, Inc. (a)		56,000		2,397,920

				45,744,611

Total Long-Term Investments (Cost—$184,537,875)—95.9%				204,658,195




Short-Term Securities

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (c)(d)		12,895,249		12,895,249

Total Short-Term Securities (Cost—$12,895,249)—6.1%				12,895,249

Total investments before outstanding options written (Cost—$197,433,124*)—102.0%				217,553,444




Options Written		Contracts

Exchange-Traded Call Options Written—(0.5)%
3SBio, Inc., - ADR, Strike Price USD 15, Expires 6/21/10		80		(1,600	)
Aetna, Inc., Strike Price USD 33, Expires 5/24/10		230		(3,105	)
Agilent Technologies, Inc., Strike Price USD 35, Expires 5/24/10		260		(46,540	)
Alcon, Inc., Strike Price USD 160, Expires 5/24/10		25		(1,500	)
Alcon, Inc., Strike Price USD 165, Expires 5/24/10		30		(450	)
Allergan, Inc., Strike Price USD 65, Expires 5/24/10		65		(5,525	)
Allscripts-Misys Healthcare Solutions, Inc., Strike Price USD 22.50, Expires 6/21/10		300		(7,500	)
AmerisourceBergen Corp., Strike Price USD 28.75, Expires 5/10/10		200		(42,000	)
AmerisourceBergen Corp., Strike Price USD 30, Expires 5/24/10		300		(35,250	)
Amgen, Inc., Strike Price USD 62.50, Expires 5/24/10		200		(1,200	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	41




Schedule of Investments (continued)	BlackRock Health Sciences Trust (BME)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Exchange-Traded Call Options Written (continued)
Amgen, Inc., Strike Price USD 62.50, Expires 6/21/10		200	$	(8,200	)
Baxter International, Inc., Strike Price USD 60, Expires 5/24/10		75		(375	)
Becton Dickinson & Co., Strike Price USD 80, Expires 5/24/10		65		(1,462	)
Becton Dickinson & Co., Strike Price USD 80, Expires 6/21/10		100		(6,750	)
Biogen Idec, Inc., Strike Price USD 60, Expires 5/24/10		135		(2,025	)
BioMarin Pharmaceutical, Inc., Strike Price USD 25, Expires 5/24/10		100		(3,250	)
Bristol-Myers Squibb Co., Strike Price USD 27, Expires 5/24/10		288		(1,872	)
Bristol-Myers Squibb Co., Strike Price USD 27, Expires 6/21/10		260		(7,540	)
Celgene Corp., Strike Price USD 65, Expires 5/24/10		100		(5,000	)
Cephalon, Inc., Strike Price USD 70, Expires 5/24/10		100		(3,750	)
CIGNA Corp., Strike Price USD 36, Expires 5/24/10		150		(3,000	)
Community Health Systems, Inc., Strike Price USD 45, Expires 5/24/10		150		(2,250	)
Community Health Systems, Inc., Strike Price USD 45, Expires 6/21/10		50		(3,000	)
Cooper Cos., Inc. (The), Strike Price USD 42.50, Expires 5/22/10		220		(5,994	)
CR Bard, Inc., Strike Price USD 87, Expires 6/10/10		100		(18,031	)
DaVita, Inc., Strike Price USD 65, Expires 5/24/10		74		(2,775	)
Eli Lilly & Co., Strike Price USD 36, Expires 6/21/10		60		(2,340	)
Eli Lilly & Co., Strike Price USD 37, Expires 5/24/10		50		(225	)
Express Scripts, Inc., Strike Price USD 105, Expires 5/24/10		60		(5,250	)
Express Scripts, Inc., Strike Price USD 95, Expires 5/24/10		60		(36,900	)
Gen-Probe, Inc., Strike Price USD 50, Expires 6/21/10		165		(11,138	)
Genzyme Corp., Strike Price USD 55, Expires 5/24/10		150		(8,625	)
Genzyme Corp., Strike Price USD 60, Expires 5/24/10		125		(1,563	)
Gilead Sciences, Inc., Strike Price USD 42, Expires 5/24/10		130		(3,640	)
Gilead Sciences, Inc., Strike Price USD 47, Expires 6/21/10		175		(1,400	)
Henry Schein, Inc., Strike Price USD 60, Expires 7/19/10		100		(31,750	)
Hill-Rom Holdings, Inc., Strike Price USD 30, Expires 5/24/10		100		(25,000	)
Hologic, Inc., Strike Price USD 20, Expires 6/21/10		250		(10,000	)
Human Genome Sciences, Inc., Strike Price USD 30, Expires 5/24/10		170		(7,565	)
Human Genome Sciences, Inc., Strike Price USD 33, Expires 5/24/10		50		(575	)
Human Genome Sciences, Inc., Strike Price USD 35, Expires 5/24/10		250		(1,750	)
Incyte Corp. Ltd., Strike Price USD 15, Expires 5/24/10		250		(7,500	)
Incyte Corp. Ltd., Strike Price USD 15, Expires 6/21/10		125		(7,500	)
Inverness Medical Innovations, Inc., Strike Price USD 45, Expires 5/24/10		150		(1,125	)
Ironwood Pharmaceuticals, Inc., Strike Price USD 15, Expires 5/24/10		50		(1,250	)
Johnson & Johnson, Strike Price USD 65, Expires 5/24/10		100		(5,250	)
Johnson & Johnson, Strike Price USD 65, Expires 6/21/10		170		(14,620	)
Johnson & Johnson, Strike Price USD 67.50, Expires 5/24/10		50		(300	)
Life Technologies Corp., Strike Price USD 55, Expires 6/21/10		80		(14,600	)
McKesson Corp., Strike Price USD 65, Expires 5/24/10		90		(15,975	)
McKesson Corp., Strike Price USD 67.25, Expires 5/14/10		85		(4,587	)
Medco Health Solutions, Inc., Strike Price USD 66, Expires 5/27/10		230		(2,235	)
Mednax, Inc., Strike Price USD 60, Expires 5/24/10		50		(2,750	)
Medtronic, Inc., Strike Price USD 45, Expires 6/21/10		200		(23,000	)
Merck & Co., Inc., Strike Price USD 37, Expires 5/24/10		100		(2,700	)
Merck & Co., Inc., Strike Price USD 38, Expires 5/24/10		195		(2,145	)
Merck & Co., Inc., Strike Price USD 39, Expires 5/24/10		100		(499	)
Mettler-Toledo International, Inc., Strike Price USD 120, Expires 6/21/10		40		(30,600	)
Mindray Medical International Ltd. - ADR, Strike Price USD 37, Expires 5/21/10		185		(33,521	)
Momenta Pharmaceuticals, Inc., Strike Price USD 17.50, Expires 6/21/10		40		(2,000	)


Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
OSI Pharmaceuticals, Inc., Strike Price USD 60, Expires 5/24/10		100	$	(10,000	)
Patterson Cos., Inc., Strike Price USD 30, Expires 5/24/10		100		(23,250	)
Patterson Cos., Inc., Strike Price USD 32.50, Expires 5/24/10		150		(9,000	)
Patterson Cos., Inc., Strike Price USD 32.50, Expires 6/21/10		100		(10,000	)
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10		350		(1,925	)
Sirona Dental Systems, Inc., Strike Price USD 35, Expires 6/21/10		100		(72,000	)
Sirona Dental Systems, Inc., Strike Price USD 40, Expires 5/24/10		150		(40,875	)
Somaxon Pharmaceuticals, Inc., Strike Price USD 10, Expires 5/24/10		115		(862	)
St. Jude Medical, Inc., Strike Price USD 40, Expires 5/24/10		150		(22,500	)
St. Jude Medical, Inc., Strike Price USD 45, Expires 6/21/10		100		(3,000	)
Stryker Corp., Strike Price USD 55, Expires 6/21/10		100		(33,500	)
Stryker Corp., Strike Price USD 56.50, Expires 5/24/10		200		(33,228	)
Stryker Corp., Strike Price USD 60, Expires 5/24/10		100		(2,750	)
Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 62.50, Expires 5/24/10		75		(2,025	)
Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 65, Expires 5/24/10		150		(1,425	)
Thermo Fisher Scientific, Inc., Strike Price USD 55, Expires 5/24/10		290		(42,775	)
Thoratec Corp., Strike Price USD 35, Expires 5/24/10		50		(49,500	)
Thoratec Corp., Strike Price USD 37.50, Expires 6/21/10		25		(19,125	)
UnitedHealth Group, Inc., Strike Price USD 34, Expires 6/21/10		300		(8,700	)
Varian Medical Systems, Inc., Strike Price USD 55, Expires 5/24/10		200		(41,500	)
Watson Pharmaceuticals, Inc., Strike Price USD 45, Expires 5/24/10		100		(3,500	)
Watson Pharmaceuticals, Inc., Strike Price USD 45, Expires 6/21/10		100		(6,250	)
WellPoint, Inc., Strike Price USD 62.50, Expires 5/24/10		110		(1,155	)

Total Exchange-Traded Call Options Written				(978,667	)

Exchange-Traded Put Option Written—(0.0)%
Dendreon Corp., Strike Price USD 50, Expires 5/24/10		270		(28,755	)

Over-the-Counter Call Options Written—(0.1)%
Abbott Laboratories, Strike Price USD 53.18, Expires 5/14/10, Broker UBS Securities LLC		60,500		(5,463	)
Elekta AB, Strike Price SEK 192.86, Expires 6/16/10, Broker Credit Suisse First Boston		17,000		(17,166	)
Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 41.93, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		15,700		(8,274	)
Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 42, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		25		(644	)
Getinge AB, Strike Price SEK 180, Expires 6/18/10, Broker UBS Securities LLC		150		(1,739	)
GlaxoSmithKline Plc, Strike Price GBP 12.97, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		52,300		(3,012	)
Hill-Rom Holdings, Inc., Strike Price USD 27.50, Expires 5/10/10, Broker UBS Securities LLC		21,000		(88,410	)
Koninklijke (Royal) Philips Electronics NV, Strike Price EUR 24.24, Expires 5/06/10, Broker Morgan Stanley & Co., Inc.		7,900		(10,609	)
Koninklijke (Royal) Philips Electronics NV, Strike Price EUR 25.25, Expires 5/05/10, Broker Citigroup Global Markets		18,500		(9,122	)
Merck KGaA, Strike Price EUR 61.61, Expires 5/06/10, Broker UBS Securities LLC		4,300		(3,579	)
Merck KGaA, Strike Price EUR 65.11, Expires 6/03/10, Broker Credit Suisse First Boston		9,000		(6,057	)
Nobel Biocare Holding AG, Strike Price CHF 26, Expires 6/18/10, Broker Morgan Stanley & Co., Inc.		44		(1,463	)
Nobel Biocare Holding AG, Strike Price CHF 30.32, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		10,300		(111	)

See Notes to Financial Statements.


42		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock Health Sciences Trust (BME)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
Nobel Biocare Holding AG, Strike Price CHF 33, Expires 6/18/10, Broker UBS Securities LLC		100	$	(787	)
Novartis AG, Registered Shares, Strike Price CHF 57, Expires 5/21/10, Broker Credit Suisse First Boston		420		(7,973	)
Novartis AG, Registered Shares, Strike Price CHF 57.79, Expires 6/03/10, Broker BNP Paribas		15,000		(3,055	)
Novartis AG, Registered Shares, Strike Price CHF 58, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		180		(1,428	)
Smith & Nephew Plc, Strike Price GBP 6.89, Expires 6/16/10, Broker Morgan Stanley & Co., Inc.		85,000		(15,413	)
Sonova Holding AG, Strike Price CHF 135.51, Expires 5/12/10, Broker UBS Securities LLC		4,100		(5,937	)
St. Jude Medical, Inc., Strike Price USD 43.23, Expires 5/18/10, Broker Goldman Sachs & Co.		8,000		(2,092	)
Tecan Group AG, Registered Shares, Strike Price CHF 76.19, Expires 5/12/10, Broker Citigroup Global Markets		8,200		(740	)
Tenet Healthcare Corp., Strike Price USD 6.17, Expires 6/01/10, Broker Credit Suisse First Boston		61,000		(27,059	)
Zimmer Holdings, Inc., Strike Price USD 61, Expires 5/18/10, Broker Morgan Stanley & Co., Inc.		12,500		(13,005	)

Total Over-the-Counter Call Options Written				(233,138	)

Total Options Written (Premiums Received $1,604,894)—(0.6)%				(1,240,560	)

Total investments net of outstanding options written—101.4%				216,312,884
Liabilities in Excess of Other Assets—(1.4)%				(2,936,620	)

Net Assets—100.0%			$	213,376,264


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	199,514,139

Gross unrealized appreciation	$	21,685,211
Gross unrealized depreciation		(3,645,906	)

Net unrealized appreciation	$	18,039,305


(a)	Non-income producing security.
(b)	Security, or a portion thereof, pledged 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 were as follows:



Affiliate	Shares/ Beneficial Interest Held at October 31, 2009	Net Activity		Shares/ Beneficial Interest Held at April 30, 2010	Income

BlackRock Liquidity Funds, TempFund, Institutional Class	9,732,338	3,162,911		12,895,249	$	3,840
BlackRock Liquidity Series, LLC Money Market Series	2,152,000	(2,152,000	)	—	$	726


(d)	Represents current yield as of report date.

•	Foreign currency exchange contracts as of April 30, 2010 were as follows:



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

EUR	90,000	USD	119,396	Citigroup Global Markets	5/03/10	$	436
SEK	313,000	USD	42,857	Citigroup Global Markets	5/03/10		356
GBP	77,000	USD	117,092	Citigroup Global Markets	5/04/10		720
USD	79,777	SEK	575,000	Citigroup Global Markets	5/05/10		391
USD	124,421	CHF	134,000	Deutsche Bank Securities	5/05/10		(105)
USD	1,073,850	CHF	1,156,000	Royal Bank of Scotland	5/04/10		(408)
USD	69,290	EUR	52,000	UBS Securities LLC	5/04/10		53

Total						$	1,443


•	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, 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)

	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 April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:
Common Stocks:
Biotechnology	$	22,250,746			—			—	$	22,250,746
Electronic Equipment, Instruments & Components		3,640,504			—			—		3,640,504
Health Care Equipment & Supplies		49,323,843		$	8,064,593			—		57,388,436
Health Care Providers & Services		38,033,997			3,378,578			—		41,412,575
Health Care Technology		14,750,946			—			—		14,750,946
Industrial Conglomerates		—			2,995,262			—		2,995,262
Insurance		113,131			—			—		113,131
Life Sciences Tools & Services		14,893,886			1,468,098			—		16,361,984
Pharmaceuticals		32,113,045			13,631,566			—		45,744,611
Short-Term Securities		12,895,249			—			—		12,895,249

Total	$	188,015,347		$	29,538,097			—	$	217,553,444


Other Financial Instruments¹

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:		—		$	1,956			—	$	1,956
Liabilities:	$	(867,327	)		(373,746	)		—	$	(1,241,073	)

Total	$	(867,327	)	$	(371,790	)		—	$	(1,239,117	)


¹	Other 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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	43




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock International Growth and Income Trust (BGY)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Australia—2.3%
Australia & New Zealand Banking Group Ltd.		245,300	$	5,433,218
BHP Billiton Ltd. - ADR (a)		87,900		6,398,241
Commonwealth Bank of Australia		113,000		6,046,012
National Australia Bank Ltd.		285,100		7,283,988
ResMed, Inc. (b)		316,000		2,069,300

				27,230,759

Austria—0.5%
Erste Group Bank AG		127,600		5,665,257

Belgium—0.7%
Anheuser-Busch InBev NV		131,400		6,374,421
Belgacom SA		60,000		2,107,154

				8,481,575

Brazil—2.9%
Banco Santander Brasil SA - ADR		191,100		2,222,493
BM&FBOVESPA SA		377,444		2,486,255
Cia de Bebidas das Americas - ADR		42,000		4,107,600
Cia Energetica de Minas Gerais - ADR		293,820		4,745,193
Cia Siderurgica Nacional SA - ADR		240,400		4,483,460
Hypermarcas SA (b)		421,600		5,774,944
Usinas Siderurgicas de Minas Gerais SA, Class A - Preference Shares		166,300		5,435,066
Vale SA - ADR		143,000		4,380,090

				33,635,101

Canada—8.7%
Bombardier, Inc., Class B		1,912,200		9,977,023
Canadian National Railway Co.		132,100		7,905,453
Canadian Natural Resources Ltd.		97,100		7,477,981
Canadian Natural Resources Ltd.		43,000		3,308,420
Canadian Pacific Railway Ltd.		137,400		8,099,539
Cenovus Energy, Inc.		234,400		6,892,624
Crescent Point Energy Corp.		131,000		5,559,569
Eldorado Gold Corp. (b)		590,800		9,073,125
Enbridge, Inc.		135,000		6,555,966
Magna International, Inc., Class A (b)		87,200		5,725,552
Pacific Rubiales Energy Corp. (b)		222,000		5,004,725
Pan American Silver Corp.		315,200		8,346,496
Potash Corp. of Saskatchewan, Inc. (a)		48,600		5,370,300
Toronto-Dominion Bank (The)		76,270		5,668,818
TransCanada Corp.		161,000		5,680,488

				100,646,079

Cayman Islands—0.6%
Hidili Industry International Development Ltd. (b)		6,505,600		7,090,650

China—1.6%
China Construction Bank Corp., Class H		6,170,800		5,011,138
China Life Insurance Co. Ltd., Class H		942,900		4,341,580
Focus Media Holding Ltd. - ADR (b)		224,200		3,762,076
Industrial & Commercial Bank of China		7,184,800		5,236,623

				18,351,417

Denmark—1.2%
FLSmidth & Co. A/S		136,200		10,262,470
TrygVesta AS		65,500		4,043,463

				14,305,933

Finland—0.6%
Fortum Oyj		246,800		6,377,128

France—5.5%
AXA SA		289,800		5,759,031
BNP Paribas		76,540		5,257,245
Cap Gemini SA (b)		100,400		5,057,060
Eramet		16,250		5,864,205
GDF Suez		203,760		7,246,419
Renault SA (b)		93,200		4,317,964
Societe Generale		95,000		5,072,934
Total SA		252,700		13,748,745


Common Stocks	Shares		Value

France (concluded)
Unibail-Rodamco SE - REIT		28,000	$	5,292,016
Vivendi		219,600		5,760,650

				63,376,269

Germany—9.0%
Allianz SE		51,400		5,892,761
BASF SE		153,300		8,912,663
Bayerische Motoren Werke AG		122,400		6,053,544
Deutsche Lufthansa AG (b)		497,000		8,264,824
Deutsche Post AG		412,600		6,692,197
Deutsche Telekom AG		598,800		7,796,534
Fresenius Medical Care AG & Co. KGaA		160,500		8,690,092
Merck KGaA		108,100		8,885,846
Muenchener Rueckversicherungs AG		14,300		2,015,354
RWE AG		172,800		14,214,216
SAP AG - ADR		121,000		5,741,450
Siemens AG		110,800		10,927,802
Software AG (b)		24,100		2,770,694
Volkswagen AG - Preference Shares		79,120		7,644,033

				104,502,010

Gibraltar—0.2%
PartyGaming Plc (b)		492,700		2,311,164

Hong Kong—3.0%
Cathay Pacific Airways Ltd.		3,730,000		7,769,689
Cheung Kong Holdings Ltd.		666,000		8,213,013
China Mobile Ltd.		623,000		6,098,576
CNOOC Ltd. - ADR		24,200		4,257,264
Melco Crown Entertainment Ltd. - ADR (b)(c)		742,400		3,533,824
New World Development Ltd.		2,697,900		4,785,293

				34,657,659

India—0.6%
Sterlite Industries India Ltd. - ADR		395,200		7,168,928

Indonesia—0.5%
Adaro Energy PT		25,520,400		6,117,241

Israel—0.3%
Teva Pharmaceutical Industries Ltd. - ADR		53,000		3,112,690

Italy—2.1%
Enel SpA		998,500		5,231,065
Fondiaria-Sai SpA		383,300		5,309,533
Intesa Sanpaolo SpA (b)		1,322,400		4,358,525
Paramalat SpA		1,515,200		3,988,610
Telecom Italia SpA (b)		1,600,000		2,236,962
UniCredit SpA (b)		1,031,665		2,703,690

				23,828,385

Japan—13.8%
Asahi Breweries Ltd.		206,700		3,713,034
Bank of Yokohama Ltd. (The)		468,500		2,435,924
Bridgestone Corp.		264,100		4,401,496
Canon, Inc.		126,100		5,768,230
Chiba Bank Ltd.		567,900		3,596,489
Fujitsu Ltd.		561,000		3,944,932
Honda Motor Co. Ltd.		342,500		11,589,362
Hoya Corp.		228,100		6,309,010
ITOCHU Corp.		828,900		7,181,307
Japan Tobacco, Inc.		2,238		7,755,667
JSR Corp.		284,800		5,765,767
KDDI Corp.		710		3,423,282
Konica Minolta Holdings, Inc.		502,700		6,358,757
Marubeni Corp.		1,400,500		8,263,438
Matsui Securities Co. Ltd.		555,800		4,174,453
Mitsubishi Heavy Industries Ltd.		1,670,600		6,729,308
Mitsubishi UFJ Financial Group, Inc.		1,075,700		5,605,510
Mitsui & Co. Ltd.		428,900		6,445,979
Mizuho Securities Co. Ltd.		1,033,000		2,861,162
Nikon Corp.		294,400		6,683,199
Nomura Holdings, Inc.		825,400		5,705,259

See Notes to Financial Statements.


44		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock International Growth and Income Trust (BGY)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Japan (concluded)
NSK Ltd.		1,590,000	$	12,128,622
NTT Data Corp.		1,685		6,083,672
Panasonic Corp.		314,900		4,614,818
Sumitomo Mitsui Financial Group, Inc.		172,500		5,704,893
T&D Holdings, Inc.		247,000		6,452,237
Tokio Marine Holdings, Inc.		208,600		6,210,151

				159,905,958

Malaysia—0.8%
Bumiputra-Commerce Holdings Bhd		2,115,600		9,367,866

Mexico—1.0%
Fomento Economico Mexicano SAB de CV - ADR		113,100		5,353,023
Grupo Mexico SAB de CV		2,185,300		5,766,647

				11,119,670

Netherlands—2.1%
Aegon NV (b)		820,700		5,739,983
Corio NV - REIT		19,700		1,139,697
ING Groep NV (b)		650,900		5,745,059
Koninklijke (Royal) KPN NV		357,800		5,368,072
Koninklijke (Royal) Philips Electronics NV		87,300		2,931,462
VimpelCom Ltd. - ADR (b)		222,000		3,867,240

				24,791,513

New Zealand—0.2%
Telecom Corp. of New Zealand Ltd. - ADR		325,000		2,544,750

Philippines—0.3%
Philippine Long Distance Telephone Co. - ADR (a)		67,900		3,818,696

Portugal—0.2%
Portugal Telecom SGPS SA		209,000		2,127,045

Singapore—3.4%
CapitaLand Ltd.		1,113,771		3,008,545
DBS Group Holdings Ltd.		416,000		4,580,573
Singapore Telecommunications Ltd.		8,506,100		18,762,639
Straits Asia Resources Ltd.		4,450,200		6,520,597
Wilmar International Ltd.		1,389,000		6,974,235

				39,846,589

South Africa—0.7%
MTN Group Ltd.		288,000		4,236,785
Naspers Ltd.		105,000		4,231,577

				8,468,362

South Korea—1.8%
Hynix Semiconductor, Inc. (b)		286,600		7,253,987
Samsung Electronics Co. Ltd.		13,800		10,492,676
Samsung Securities Co. Ltd.		50,000		2,760,690

				20,507,353

Spain—2.2%
Banco Bilbao Vizcaya Argentaria SA		392,500		5,162,237
Banco Santander SA		712,850		9,064,146
Inditex SA		73,400		4,542,965
Telefonica SA		310,600		7,030,509

				25,799,857

Sweden—1.2%
Nordea Bank AB		531,124		5,181,769
Svenska Cellulosa AB, B Shares		673,300		8,773,041

				13,954,810

Switzerland—7.9%
Adecco SA		174,800		10,281,371
Alcon, Inc. (b)		26,100		4,067,946
Credit Suisse Group AG		115,600		5,305,783
GAM Holding Ltd. (b)		453,700		5,635,637
Givaudan SA		5,700		4,960,004
Julius Baer Group Ltd.		157,400		5,409,555
Nestle SA		242,300		11,855,961


Common Stocks	Shares		Value

Switzerland (concluded)
Nobel Biocare Holding AG		98,400	$	2,156,747
Novartis AG		257,800		13,143,870
Sonova Holding AG		1,222		151,483
Swiss Life Holding AG (b)		46,100		5,603,717
Swiss Reinsurance Co. Ltd.		93,500		4,054,951
Swisscom AG		6,400		2,171,921
Syngenta AG		8,400		2,128,306
Tyco Electronics Ltd.		239,300		7,686,316
UBS AG (b)		239,500		3,710,377
Zurich Financial Services AG		13,400		2,970,711

				91,294,656

Taiwan—2.4%
AU Optronics Corp. - ADR (a)		544,407		6,309,677
Hon Hai Precision Industry Co. Ltd.		1,299,900		6,102,417
Mega Financial Holding Co. Ltd.		7,811,100		4,561,789
Siliconware Precision Industries Co. - ADR		762,500		4,689,375
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		621,484		6,581,515

				28,244,773

Thailand—0.8%
Bangkok Bank PCL		800,500		2,932,859
Banpu PCL		302,700		5,929,205

				8,862,064

United Kingdom—16.3%
Aegis Group Plc		2,166,000		4,303,184
Antofagasta Plc		395,200		5,991,979
Barclays Plc - ADR (a)		336,700		6,875,414
BP Plc		975,600		8,509,121
British Airways Plc (b)		3,078,800		10,674,528
Britvic Plc		1,051,000		7,702,978
Cairn Energy Plc (b)		317,400		1,937,037
Catlin Group Ltd.		121,100		651,369
Domino’s Pizza UK & IRL Plc		600,000		3,187,356
Firstgroup Plc		1,271,900		7,391,256
GKN Plc (b)		1,402,500		2,909,686
GlaxoSmithKline Plc		338,000		6,273,636
HSBC Holdings Plc		1,482,500		15,095,494
Imperial Tobacco Group Plc (b)		395,000		11,252,816
Inchcape Plc (b)		10,259,200		5,371,823
Intercontinental Hotels Group Plc		441,650		7,786,677
International Power Plc		906,400		4,587,931
Johnson Matthey Plc		390,400		10,382,714
Next Plc		130,800		4,571,109
Royal Bank of Scotland Group Plc (b)		8,686,000		7,107,803
Royal Dutch Shell Plc - ADR		228,200		14,319,550
Tesco Plc		1,048,900		6,957,076
Unilever Plc		261,000		7,843,122
Vedanta Resources Plc		200,300		7,656,753
Vodafone Group Plc - ADR		386,000		8,569,200
WPP Plc		996,700		10,567,385

				188,476,997

United States—0.6%
Amkor Technology, Inc. (b)		643,800		4,854,252
NII Holdings, Inc. (b)(a)		41,600		1,764,672

				6,618,924

Total Long-Term Investments (Cost—$1,139,220,387)—96.0%				1,112,608,128

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	45




Schedule of Investments (continued)	BlackRock International Growth and Income Trust (BGY)
	(Percentages shown are based on Net Assets)


Short-Term Securities	Shares/ Beneficial Interest		Value

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (d)(e)		35,015,955	$	35,015,955
BlackRock Liquidity Series, LLC, Money Market Series, 0.24% (d)(e)(f)		1,000,000		1,000,000

Total Short-Term Securities (Cost—$36,015,955)—3.1%				36,015,955

Total Investments Before Outstanding Options Written (Cost—$1,175,236,342*)—99.1%				1,148,624,083




Options Written	Contracts

Exchange-Traded Call Options Written—(0.1)%
Alcon, Inc., Strike Price USD 165, Expires 5/24/10		220	(3,300	)
Banco Santander Brasil SA - ADR, Strike Price USD 12.50, Expires 5/24/10		570	(8,550	)
Barclays Plc - ADR, Strike Price USD 22.50, Expires 5/24/10		775	(15,500	)
Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/21/10		775	(31,000	)
BHP Billiton Ltd. - ADR, Strike Price USD 80, Expires 5/24/10		90	(3,150	)
BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10		440	(3,300	)
Canadian Natural Resources Ltd., Strike Price USD 80, Expires 5/24/10		430	(52,675	)
Focus Media Holding Ltd. - ADR, Strike Price USD 18, Expires 5/24/10		750	(30,000	)
Pan American Silver Corp., Strike Price USD 25, Expires 6/21/10		660	(151,800	)
Potash Corp. of Saskatchewan, Inc., Strike Price USD 115, Expires 5/24/10		25	(4,787	)
Potash Corp. of Saskatchewan, Inc., Strike Price USD 123, Expires 5/24/10		260	(13,854	)
Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 60, Expires 5/24/10		1,097	(320,873	)
Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 65, Expires 5/24/10		530	(5,035	)
Vale SA - ADR, Strike Price USD 33, Expires 5/24/10		850	(29,750	)

Total Exchange-Traded Call Options Written			(673,574	)

Exchange-Traded Put Option Written—(0.0)%
BHP Billiton Ltd. - ADR, Strike Price USD 75, Expires 5/24/10		730	(270,100	)

Over-the-Counter Call Options Written—(1.4)%
Adaro Energy Tbk PT, Strike Price IDR 2,193, Expires 6/28/10, Broker JPMorgan Chase Securities		10,800,000	(122,148	)
Adaro Energy Tbk PT, Strike Price IDR 2,253.72, Expires 6/07/10, Broker JPMorgan Chase Securities		4,500,000	(28,125	)
Adecco SA, Strike Price CHF 61.41, Expires 5/19/10, Broker UBS Securities LLC		18,500	(48,194	)
Adecco SA, Strike Price CHF 65.97, Expires 6/16/10, Broker Credit Suisse First Boston		86,400	(109,719	)
Aegis Group Plc, Strike Price GBP 1.31, Expires 5/26/10, Broker BNP Paribas		1,300,000	(50,355	)
Aegon NV, Strike Price EUR 5.14, Expires 5/12/10, Broker Citigroup Global Markets		493,000	(128,531	)
Allianz SE, Strike Price EUR 88.06, Expires 6/03/10, Broker Citigroup Global Markets		15,000	(19,155	)
Allianz SE, Strike Price EUR 89.69, Expires 6/03/10, Broker Credit Suisse First Boston		15,900	(27,605	)
Amkor Technology, Inc., Strike Price USD 6.81, Expires 5/05/10, Broker Credit Suisse First Boston		183,500	(134,061	)
Amkor Technology, Inc., Strike Price USD 8.43, Expires 5/27/10, Broker Citigroup Global Markets		168,800	(54,847	)
Amkor Technology, Inc., Strike Price USD 8.59, Expires 6/01/10, Broker Morgan Stanley & Co., Inc.		34,000	(3,520	)
Anheuser-Busch InBev NV, Strike Price EUR 38.26, Expires 5/12/10, Broker Citigroup Global Markets		78,900	(12,414	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Antofagasta Plc, Strike Price GBP 10.31, Expires 5/12/10, Broker Citigroup Global Markets		145,000	$	(23,650	)
Antofagasta Plc, Strike Price GBP 10.68, Expires 5/19/10, Broker Citigroup Global Markets		250,200		(33,092	)
Asahi Breweries Ltd., Strike Price JPY 1,804.03, Expires 5/11/10, Broker Goldman Sachs & Co.		124,000		(1,966	)
AU Optronics Corp. - ADR, Strike Price USD 11.69, Expires 6/01/10, Broker Citigroup Global Markets		326,500		(102,198	)
Australia & New Zealand Banking Group, Strike Price AUD 25.70, Expires 6/07/10, Broker JPMorgan Chase Securities		147,000		(26,781	)
AXA SA, Strike Price EUR 15.55, Expires 6/16/10, Broker Citigroup Global Markets		173,100		(126,669	)
Banco Bilbao Vizcaya Argentaria SA, Strike Price EUR 11.60, Expires 5/19/10, Broker Citigroup Global Markets		235,000		(2,085	)
Banco Santander SA, Strike Price EUR 10.30, Expires 5/26/10, Broker UBS Securities LLC		428,000		(89,417	)
Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/04/10, Broker Goldman Sachs & Co.		24,000		(5,387	)
Barclays Plc - ADR, Strike Price USD 23.09, Expires 6/10/10, Broker JPMorgan Chase Securities		23,000		(4,208	)
BASF SE, Strike Price EUR 46.55, Expires 5/12/10, Broker UBS Securities LLC		69,800		(8,445	)
BASF SE, Strike Price EUR 47.67, Expires 5/11/10, Broker Deutsche Bank Securities		37,000		(912	)
Bayerische Motoren Werke AG, Strike Price EUR 34.94, Expires 5/26/10, Broker Citigroup Global Markets		41,500		(137,833	)
Bayerische Motoren Werke AG, Strike Price EUR 35.75, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		18,300		(49,826	)
Bayerische Motoren Werke AG, Strike Price EUR 37.48, Expires 6/03/10, Broker Credit Suisse First Boston		13,600		(20,100	)
Belgacom SA, Strike Price EUR 29.08, Expires 5/11/10, Broker UBS Securities LLC		60,000		(2,923	)
BM&FBOVESPA SA, Strike Price BRL 11.82, Expires 6/09/10, Broker Credit Suisse First Boston		226,500		(44,111	)
BNP Paribas, Strike Price EUR 56, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		300		(21,895	)
BNP Paribas, Strike Price EUR 58, Expires 5/21/10, Broker Citigroup Global Markets		28,000		(13,390	)
BNP Paribas, Strike Price EUR 59.07, Expires 5/12/10, Broker BNP Paribas		17,500		(766	)
Bombardier, Inc., Class B, Strike Price CAD 5.51, Expires 6/29/10, Broker UBS Securities LLC		315,600		(67,181	)
Bombardier, Inc., Class B, Strike Price CAD 5.58, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		832,000		(59,521	)
BP Plc, Strike Price GBP 6.49, Expires 5/26/10, Broker UBS Securities LLC		656,500		(3,849	)
Bridgestone Corp., Strike Price JPY 1,538.63, Expires 6/07/10, Broker Goldman Sachs & Co.		158,000		(111,036	)
British Airways Plc, Strike Price GBP 2.41, Expires 5/19/10, Broker Citigroup Global Markets		765,000		(32,981	)
British Airways Plc, Strike Price GBP 2.45, Expires 5/26/10, Broker Citigroup Global Markets		1,080,000		(47,040	)
Britvic Plc, Strike Price GBP 4.81, Expires 5/19/10, Broker UBS Securities LLC		630,600		(91,689	)
Canadian National Railway Co., Strike Price CAD 62, Expires 5/24/10, Broker T.D. Securities		550		(28,967	)
Canadian National Railway Co., Strike Price CAD 62.70, Expires 6/04/10, Broker UBS Securities LLC		24,000		(11,602	)
Canadian Natural Resources Ltd., Strike Price CAD 74, Expires 5/24/10, Broker T.D. Securities		475		(222,116	)
Canadian Pacific Railway Ltd., Strike Price CAD 55, Expires 5/07/10, Broker Morgan Stanley & Co., Inc.		83,000		(398,740	)
Cannon, Inc., Strike Price JPY 4,322.80, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		75,600		(80,473	)

See Notes to Financial Statements.


46		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock International Growth and Income Trust (BGY)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Cap Gemini SA, Strike Price EUR 36.24, Expires 5/19/10, Broker Citigroup Global Markets		60,000	$	(170,378	)
CapitaLand Ltd., Strike Price SGD 4.11, Expires 6/07/10, Broker Goldman Sachs & Co.		676,709		(9,238	)
Cathay Pacific Airways Ltd., Strike Price HKD 16.65, Expires 6/07/10, Broker Deutsche Bank Securities		2,238,000		(109,635	)
Cenovus Energy, Inc., Strike Price CAD 30, Expires 5/24/10, Broker T.D. Securities		1,255		(92,661	)
Cheung Kong Holdings Ltd., Strike Price HKD 98.06, Expires 6/28/10, Broker Goldman Sachs & Co.		400,000		(144,250	)
Chiba Bank Ltd. (The), Strike Price JPY 606.81, Expires 6/28/10, Broker Morgan Stanley & Co., Inc.		341,000		(81,788	)
China Construction Bank Corp., Class H, Strike Price HKD 6.86, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		3,700,000		(27,487	)
China Life Insurance Co. Ltd., Class H, Strike Price HKD 38.57, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		565,000		(15,521	)
China Mobile Ltd., Strike Price HKD 80.17, Expires 6/07/10, Broker Goldman Sachs & Co.		374,000		(43,104	)
Cia Energetica de Minas Gerais - ADR, Strike Price USD 15.99, Expires 6/30/10, Broker Deutsche Bank Securities		130,000		(85,202	)
Cia Siderurgica Nacional SA - ADR, Strike Price USD 19.50, Expires 5/20/10, Broker Goldman Sachs & Co.		162,000		(26,506	)
CIMB Group Holdings Bhd, Strike Price MYR 14.34, Expires 6/07/10, Broker Deutsche Bank Securities		1,586,000		(126,959	)
Commonwealth Bank of Australia, Strike Price AUD 58, Expires 6/28/10, Broker Deutsche Bank Securities		84,800		(168,792	)
Corio NV - REIT, Strike Price EUR 49.17, Expires 6/03/10, Broker UBS Securities LLC		11,800		(1,374	)
Credit Suisse Group AG, Strike Price CHF 52.82, Expires 5/19/10, Broker Citigroup Global Markets		69,400		(25,069	)
Crescent Point Energy Corp., Strike Price CAD 42.60, Expires 6/18/10, Broker Goldman Sachs & Co.		83,000		(90,594	)
DBS Group Holdings Ltd., Strike Price SGD 15.34, Expires 6/28/10, Broker JPMorgan Chase Securities		250,000		(79,532	)
Deutsche Lufthansa AG, Strike Price EUR 12.28, Expires 5/12/10, Broker UBS Securities LLC		14,100		(6,586	)
Deutsche Lufthansa AG, Strike Price EUR 12.88, Expires 6/16/10, Broker Credit Suisse First Boston		96,200		(43,930	)
Deutsche Lufthansa AG, Strike Price EUR 12.95, Expires 5/26/10, Broker Citigroup Global Markets		187,900		(51,215	)
Deutsche Post AG, Strike Price EUR 12.81, Expires 6/15/10, Broker Citigroup Global Markets		114,600		(33,633	)
Deutsche Post AG, Strike Price EUR 13.12, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		133,000		(3,437	)
Deutsche Telekom AG, Strike Price EUR 10.11, Expires 5/11/10, Broker Deutsche Bank Securities		170,000		(6,985	)
Domino’s Pizza UK & IRL Plc, Strike Price GBP 3.42, Expires 5/26/10, Broker Citigroup Global Markets		360,000		(64,312	)
Eldorado Gold Corp., Strike Price CAD 14, Expires 5/22/10, Broker Bank of Montreal		1,000		(158,988	)
Eldorado Gold Corp., Strike Price CAD 15, Expires 5/24/10, Broker T.D. Securities		1,300		(108,141	)
Eldorado Gold Corp., Strike Price CAD 15, Expires 6/19/10, Broker Bank of Montreal		1,000		(111,242	)
Eldorado Gold Corp., Strike Price CAD 16, Expires 6/21/10, Broker T.D. Securities		250		(15,751	)
Enbridge, Inc., Strike Price CAD 48.80, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		51,000		(40,506	)
Enbridge, Inc., Strike Price CAD 49.56, Expires 5/10/10, Broker Goldman Sachs & Co.		84,000		(31,662	)
Enel SpA, Strike Price EUR 4.22, Expires 5/12/10, Broker Citigroup Global Markets		599,000		(4,066	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Eramet, Strike Price EUR 283.96, Expires 6/16/10, Broker Credit Suisse First Boston		9,800	$	(153,344	)
Erste Group Bank AG, Strike Price EUR 33.89, Expires 6/04/10, Broker Morgan Stanley & Co., Inc.		76,600		(101,527	)
Firstgroup Plc, Strike Price GBP 3.89, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		763,100		(90,951	)
FLSmidth & Co. A/S, Strike Price DKK 439.96, Expires 5/26/10, Broker UBS Securities LLC		81,800		(69,776	)
Focus Media Holding Ltd. - ADR, Strike Price USD 18.39, Expires 6/02/10, Broker Morgan Stanley & Co., Inc.		59,500		(22,127	)
Fomento Economico Mexicano SAB de CV - ADR, Strike Price USD 49.24, Expires 6/04/10, Broker Morgan Stanley & Co., Inc.		68,000		(31,139	)
Fondiaria-Sai SpA, Strike Price EUR 11.55, Expires 6/15/10, Broker Credit Suisse First Boston		230,000		(39,073	)
Fortum Oyj, Strike Price EUR 18.39, Expires 5/12/10, Broker BNP Paribas		148,000		(200,539	)
Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 41.79, Expires 5/12/10, Broker UBS Securities LLC		30,400		(5,265	)
Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 41.93, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		66,000		(34,781	)
Fujitsu Ltd., Strike Price JPY 557.83, Expires 5/11/10, Broker JPMorgan Chase Securities		561,000		(640,034	)
GAM Holding Ltd., Strike Price CHF 13.22, Expires 5/19/10, Broker Citigroup Global Markets		216,000		(73,477	)
GAM Holding Ltd., Strike Price CHF 13.63, Expires 6/16/10, Broker Citigroup Global Markets		124,300		(48,616	)
GDF Suez, Strike Price EUR 27.68, Expires 6/16/10, Broker Credit Suisse First Boston		32,400		(18,500	)
GDF Suez, Strike Price EUR 29.43, Expires 5/12/10, Broker UBS Securities LLC		89,900		(2,616	)
Givaudan SA, Strike Price CHF 962.09, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		3,400		(43,987	)
GKN Plc, Strike Price GBP 1.50, Expires 6/29/10, Broker Morgan Stanley & Co., Inc.		841,000		(34,888	)
GlaxoSmithKline Plc, Strike Price GBP 12.87, Expires 5/26/10, Broker Citigroup Global Markets		202,800		(7,039	)
Grupo Mexico SAB de CV, Series B, Strike Price MXN 35.51, Expires 6/04/10, Broker Credit Suisse First Boston		1,311,200		(42,277	)
Hidili Industry International Development Ltd., Strike Price HKD 8.54, Expires 5/11/10, Broker Goldman Sachs & Co.		816,000		(17,725	)
Hidili Industry International Development Ltd., Strike Price HKD 8.86, Expires 6/28/10, Broker JPMorgan Chase Securities		2,217,000		(99,369	)
Hidili Industry International Development Ltd., Strike Price HKD 9.39, Expires 6/07/10, Broker Credit Suisse First Boston		870,000		(9,386	)
Hon Hai Precision Industry Co. Ltd., Strike Price TWD 143.93, Expires 6/07/10, Broker Credit Suisse First Boston		117,000		(30,168	)
Hon Hai Precision Industry Co. Ltd., Strike Price TWD 155.04, Expires 6/28/10, Broker Goldman Sachs & Co.		662,000		(94,812	)
Honda Motor Co. Ltd., Strike Price JPY 3,267.35, Expires 6/28/10, Broker JPMorgan Chase Securities		205,500		(254,778	)
Hoya Corp., Strike Price JPY 2,627.01, Expires 6/28/10, Broker Morgan Stanley & Co., Inc.		136,900		(137,228	)
HSBC Holdings Plc, Strike Price GBP 6.84, Expires 5/19/10, Broker BNP Paribas		889,500		(105,625	)
Hynix Semiconductor, Inc., Strike Price KRW 27,863.19, Expires 6/28/10, Broker Deutsche Bank Securities		172,000		(348,871	)

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	APRIL 30, 2010	47




Schedule of Investments (continued)	BlackRock International Growth and Income Trust (BGY)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Hypermarcas SA, Strike Price BRL 24.24, Expires 6/09/10, Broker Credit Suisse First Boston		253,000	$	(178,618	)
Imperial Tobacco Group Plc, Strike Price GBP 20.51, Expires 5/19/10, Broker UBS Securities LLC		237,000		(2,420	)
Inchcape Plc, Strike Price GBP 0.31, Expires 5/19/10, Broker BNP Paribas		6,100,000		(335,528	)
Inditex SA, Strike Price EUR 49.32, Expires 5/26/10, Broker Morgan Stanley & Co., Inc.		44,000		(25,011	)
Industrial & Commercial Bank of China, Strike Price HKD 5.77, Expires 6/28/10, Broker Deutsche Bank Securities		1,600,000		(41,833	)
Industrial & Commercial Bank of China, Strike Price HKD 6.32, Expires 6/07/10, Broker JPMorgan Chase Securities		2,710,000		(6,389	)
Intercontinental Hotels Group Plc, Strike Price GBP 10.64, Expires 5/17/10, Broker Citigroup Global Markets		265,000		(367,532	)
International Power Plc, Strike Price GBP 3.22, Expires 5/12/10, Broker UBS Securities LLC		544,000		(90,781	)
Intesa Sanpaolo SpA, Strike Price EUR 2.84, Expires 5/12/10, Broker BNP Paribas		793,500		(1,183	)
ITOCHU Corp., Strike Price JPY 774.33, Expires 5/11/10, Broker UBS Securities LLC		153,000		(81,909	)
ITOCHU Corp., Strike Price JPY 888.80, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		344,000		(38,530	)
Japan Tobacco, Inc., Strike Price JPY 329,260, Expires 6/28/10, Broker JPMorgan Chase Securities		1,340		(183,693	)
Johnson Matthey Plc, Strike Price GBP 17.75, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		234,000		(47,990	)
JSR Corp., Strike Price JPY 1,980.58, Expires 6/07/10, Broker Goldman Sachs & Co.		171,000		(70,909	)
Julius Baer Group Ltd., Strike Price CHF 37.98, Expires 6/16/10, Broker Morgan Stanley & Co., Inc.		34,000		(39,809	)
Julius Baer Group Ltd., Strike Price CHF 38.56, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		61,000		(10,944	)
KDDI Corp., Strike Price JPY 464,117.73, Expires 6/28/10, Broker Morgan Stanley & Co., Inc.		425		(70,065	)
Konica Minolta Holdings, Inc., Strike Price JPY 1,105.95, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		301,500		(275,258	)
Koninklijke (Royal) KPN NV, Strike Price EUR 11.26, Expires 6/03/10, Broker UBS Securities LLC		59,200		(20,860	)
Koninklijke (Royal) KPN NV, Strike Price EUR 11.72, Expires 5/19/10, Broker Citigroup Global Markets		155,500		(9,557	)
Koninklijke (Royal) Philips Electronics NV, Strike Price EUR 25.53, Expires 5/05/10, Broker Deutsche Bank Securities		52,500		(16,027	)
Magna International Inc., Class A, Strike Price USD 64.18, Expires 6/11/10, Broker Credit Suisse First Boston		52,500		(155,303	)
Marubeni Corp., Strike Price JPY 565.60, Expires 6/28/10, Broker JPMorgan Chase Securities		840,000		(215,332	)
Matsui Securities Co. Ltd., Strike Price JPY 713.82, Expires 6/07/10, Broker Goldman Sachs & Co.		333,000		(73,360	)
Mega Financial Holdings Co. Ltd., Strike Price TWD 18.27, Expires 6/28/10, Broker Goldman Sachs & Co.		2,000,000		(44,240	)
Mega Financial Holdings Co. Ltd., Strike Price TWD 18.73, Expires 6/07/10, Broker Credit Suisse First Boston		2,687,000		(31,411	)
Melco Crown Entertainment Ltd. - ADR, Strike Price USD 5.56, Expires 6/08/10, Broker Credit Suisse First Boston		445,000		(72,450	)
Merck KGaA, Strike Price EUR 61.61, Expires 5/06/10, Broker UBS Securities LLC		39,400		(32,793	)
Merck KGaA, Strike Price EUR 65.11, Expires 6/03/10, Broker Credit Suisse First Boston		25,500		(17,162	)
Mitsubishi Heavy Industries Ltd., Strike Price JPY 386.31, Expires 6/28/10, Broker Morgan Stanley & Co., Inc.		1,002,000		(161,178	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Mitsubishi UFJ Financial Group, Inc., Strike Price JPY 509.04, Expires 6/28/10, Broker JPMorgan Chase Securities		645,500	$	(138,535	)
Mitsui & Co. Ltd., Strike Price JPY 1,648.32, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		257,000		(19,178	)
Mizuho Securities Co. Ltd., Strike Price JPY 289.91, Expires 6/07/10, Broker Goldman Sachs & Co.		620,000		(15,554	)
MTN Group Ltd., Strike Price ZAR 114.33, Expires 5/19/10, Broker Morgan Stanley & Co., Inc.		172,800		(17,323	)
Muenchener Rueckversicherungs AG, Registered Shares, Strike Price EUR 122.91, Expires 5/11/10, Broker Deutsche Bank Securities		14,300		(10	)
Naspers Ltd., Strike Price ZAR 319.87, Expires 5/05/10, Broker Citigroup Global Markets		63,000		(169	)
National Australia Bank Ltd., Strike Price AUD 28.59, Expires 6/28/10, Broker Morgan Stanley & Co., Inc.		213,800		(139,483	)
Nestle SA, Strike Price CHF 53.33, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		100,400		(71,464	)
Nestle SA, Strike Price CHF 53.97, Expires 5/11/10, Broker UBS Securities LLC		45,000		(5,359	)
New World Development Ltd., Strike Price HKD 16.10, Expires 6/07/10, Broker Deutsche Bank Securities		1,618,000		(5,593	)
Nikon Corp., Strike Price JPY 2,190.86, Expires 6/28/10, Broker UBS Securities LLC		176,700		(181,009	)
Nobel Biocare Holding AG, Strike Price CHF 30.32, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		75,700		(813	)
Nomura Holdings, Inc., Strike Price JPY 663.57, Expires 6/28/10, Broker JPMorgan Chase Securities		495,000		(145,409	)
Nordea Bank AB, Strike Price SEK 73.17, Expires 5/12/10, Broker BNP Paribas		318,700		(12,585	)
Novartis AG, Registered Shares, Strike Price CHF 57, Expires 5/21/10, Broker Credit Suisse First Boston		745		(14,143	)
Novartis AG, Registered Shares, Strike Price CHF 57.73, Expires 5/12/10, Broker UBS Securities LLC		101,000		(2,948	)
Novartis AG, Registered Shares, Strike Price CHF 58, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		780		(6,187	)
NSK Ltd., Strike Price JPY 739.97, Expires 6/28/10, Broker UBS Securities LLC		954,000		(307,234	)
NTT Data Corp., Strike Price JPY 325,220, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		240		(55,148	)
NTT Data Corp., Strike Price JPY 350,427.67, Expires 6/28/10, Broker UBS Securities LLC		770		(123,717	)
NXT Plc, Strike Price GBP 22.76, Expires 5/19/10, Broker Morgan Stanley & Co., Inc.		78,500		(70,877	)
Pacific Rubiales Energy Corp., Strike Price CAD 20, Expires 6/21/10, Broker T.D. Securities		1,130		(369,881	)
Pacific Rubiales Energy Corp., Strike Price CAD 21, Expires 5/22/10, Broker RBC Capital Markets		1,086		(224,513	)
Pan American Silver Corp., Strike Price USD 23.35, Expires 5/13/10, Broker UBS Securities LLC		123,000		(380,803	)
Panasonic Corp., Strike Price JPY 1,417.03, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		189,000		(83,775	)
Paramalat SpA, Strike Price EUR 2.08, Expires 5/19/10, Broker Citigroup Global Markets		909,100		(20,274	)
PartyGaming Plc, Strike Price GBP 3.19, Expires 6/03/10, Broker Credit Suisse First Boston		148,000		(15,284	)
PartyGaming Plc, Strike Price GBP 3.20, Expires 5/26/10, Broker Citigroup Global Markets		148,000		(11,658	)
Portugal Telecom SGPS SA, Strike Price EUR 8.37, Expires 5/11/10, Broker BNP Paribas		209,000		(708	)
Renault SA, Strike Price EUR 35.87, Expires 6/16/10, Broker Credit Suisse First Boston		56,000		(125,502	)
ResMed, Inc., Strike Price AUD 6.99, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		316,000		(45,215	)
Royal Bank of Scotland Group Plc, Strike Price GBP 0.47, Expires 5/19/10, Broker Citigroup Global Markets		5,200,000		(554,024	)

See Notes to Financial Statements.



48	SEMI-ANNUAL REPORT	APRIL 30, 2010




Schedule of Investments (continued)	BlackRock International Growth and Income Trust (BGY)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 60.19, Expires 5/13/10, Broker Citigroup Global Markets		45,000	$	(123,458	)
RWE AG, Strike Price EUR 63, Expires 6/03/10, Broker Credit Suisse First Boston		12,000		(17,938	)
RWE AG, Strike Price EUR 66, Expires 5/21/10, Broker Deutsche Bank Securities		250		(5,436	)
RWE AG, Strike Price EUR 66.28, Expires 6/03/10, Broker Citigroup Global Markets		66,700		(14,122	)
Samsung Electronics Co. Ltd., Strike Price KRW 827,237.04, Expires 6/28/10, Broker Deutsche Bank Securities		8,300		(355,418	)
SAP AG - ADR, Strike Price USD 49.11, Expires 6/02/10, Broker Credit Suisse First Boston		72,500		(51,497	)
Siemens AG, Strike Price EUR 70.75, Expires 5/06/10, Broker Morgan Stanley & Co., Inc.		66,000		(236,938	)
Siliconware Precision Industries Co. - ADR, Strike Price USD 6.91, Expires 6/11/10, Broker Morgan Stanley & Co., Inc.		291,000		(42,384	)
Singapore Telecommunications Ltd., Strike Price SGD 3.18, Expires 6/07/10, Broker Goldman Sachs & Co.		5,103,000		(76,810	)
Societe Generale, Strike Price EUR 45.41, Expires 6/03/10, Broker Citigroup Global Markets		57,000		(34,141	)
Software AG, Strike Price EUR 86.77, Expires 6/16/10, Broker Citigroup Global Markets		14,500		(60,708	)
Sterlite Industries India Ltd. - ADR, Strike Price USD 18.23, Expires 5/04/10, Broker Morgan Stanley & Co., Inc.		99,000		(21,748	)
Sterlite Industries India Ltd. - ADR, Strike Price USD 18.53, Expires 5/05/10, Broker JPMorgan Chase Securities		78,500		(13,616	)
Sterlite Industries India Ltd. - ADR, Strike Price USD 19.53, Expires 6/02/10, Broker UBS Securities LLC		87,200		(20,827	)
Straits Asia Resources Ltd., Strike Price SGD 2.12, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		1,305,000		(58,260	)
Straits Asia Resources Ltd., Strike Price SGD 2.33, Expires 6/07/10, Broker Goldman Sachs & Co.		1,365,000		(18,372	)
Sumitomo Mitsui Financial Group, Inc., Strike Price JPY 3,211.80, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		63,000		(15,189	)
Sumitomo Mitsui Financial Group, Inc., Strike Price JPY 3,264.32, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		40,000		(20,704	)
Svenska Cellulosa AB, B Shares, Strike Price SEK 101.81, Expires 5/11/10, Broker BNP Paribas		165,000		(7	)
Svenska Cellulosa AB, B Shares, Strike Price SEK 101.89, Expires 5/12/10, Broker UBS Securities LLC		305,000		(21	)
Swiss Life Holding AG, Strike Price CHF 133.83, Expires 6/03/10, Broker Credit Suisse First Boston		27,700		(77,040	)
Swiss Reinsurance Co. Ltd., Strike Price CHF 48.56, Expires 6/16/10, Broker Citigroup Global Markets		56,100		(100,257	)
Swisscom AG, Registered Shares, Strike Price CHF 389.44, Expires 5/11/10, Broker Deutsche Bank Securities		6,400		(181	)
Syngenta AG, Registered Shares, Strike Price CHF 296.74, Expires 5/11/10, Broker Deutsche Bank Securities		8,400		(556	)
T&D Holdings, Inc., Strike Price JPY 2,445.21, Expires 6/07/10, Broker Morgan Stanley & Co., Inc.		148,000		(158,708	)
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 10.40, Expires 5/14/10, Broker Deutsche Bank Securities		225,000		(50,177	)
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 11.08, Expires 5/28/10, Broker Credit Suisse First Boston		90,000		(2,260	)
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR, Strike Price USD 11.11, Expires 5/28/10, Broker Credit Suisse First Boston		58,000		(4,178	)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
Telecom Corp. of New Zealand Ltd. - ADR, Strike Price USD 7.92, Expires 5/27/10, Broker Citigroup Global Markets		97,500	$	(15,839	)
Telecom Italia SpA, Strike Price EUR 1.09, Expires 5/11/10, Broker BNP Paribas		1,600,000		(13,280	)
Telefonica SA, Strike Price EUR 16.94, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		9,400		(6,945	)
Telefonica SA, Strike Price EUR 17.82, Expires 5/26/10, Broker BNP Paribas		177,000		(34,135	)
Tesco Plc, Strike Price GBP 4.59, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		629,400		(15,421	)
Tokio Marine Holdings, Inc., Strike Price JPY 2,573.77, Expires 5/11/10, Broker Goldman Sachs & Co.		125,000		(317,014	)
Toronto-Dominion Bank (The), Strike Price CAD 76, Expires 5/22/10, Broker T.D. Securities		38		(3,797	)
Toronto-Dominion Bank (The), Strike Price CAD 76, Expires 6/21/10, Broker T.D. Securities		420		(76,905	)
Total SA, Strike Price EUR 42.95, Expires 6/03/10, Broker Credit Suisse First Boston		16,000		(6,145	)
Total SA, Strike Price EUR 43.39, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		135,600		(38,157	)
TrygVesta AS, Strike Price DKK 367.74, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		39,300		(1,626	)
Tyco Electronics Ltd., Strike Price USD 26.95, Expires 5/05/10, Broker Credit Suisse First Boston		75,000		(387,750	)
Tyco Electronics Ltd., Strike Price USD 27.83, Expires 5/06/10, Broker Morgan Stanley & Co., Inc.		68,500		(294,173	)
UBS AG, Strike Price CHF 17.42, Expires 5/19/10, Broker UBS Securities LLC		143,700		(36,435	)
Unibail-Rodamco SE - REIT, Strike Price EUR 144.13, Expires 6/16/10, Broker Morgan Stanley & Co., Inc.		21,000		(27,933	)
UniCredit SpA, Strike Price EUR 2.04, Expires 6/16/10, Broker Credit Suisse First Boston		619,000		(74,175	)
Unilever Plc, Strike Price GBP 19.86, Expires 5/26/10, Broker UBS Securities LLC		156,600		(50,732	)
Usinas Siderurgicas de Minas Gerais SA, Class A - Preference Shares, Strike Price BRL 57.07, Expires 5/28/10, Broker Deutsche Bank Securities		99,800		(93,045	)
Vedanta Resources Plc, Strike Price GBP 28.22, Expires 5/26/10, Broker Goldman Sachs & Co.		40,200		(9,799	)
Vedanta Resources Plc, Strike Price GBP 29, Expires 5/26/10, Broker Morgan Stanley & Co., Inc.		80,000		(10,327	)
VimpelCom Ltd. - ADR, Strike Price USD 17.88, Expires 6/11/10, Broker UBS Securities LLC		62,500		(41,346	)
Vivendi SA, Strike Price EUR 20.05, Expires 5/05/10, Broker Citigroup Global Markets		132,000		(15,923	)
Vodafone Group Plc - ADR, Strike Price USD 23.42, Expires 5/27/10, Broker Citigroup Global Markets		148,000		(39,859	)
Vodafone Group Plc - ADR, Strike Price USD 23.50, Expires 5/28/10, Broker Credit Suisse First Boston		80,000		(11,052	)
Volkswagen AG - Preference Shares, Strike Price EUR 68.24, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		29,276		(144,449	)
Volkswagen AG - Preference Shares, Strike Price EUR 72.22, Expires 6/16/10, Broker Citigroup Global Markets		18,200		(71,384	)
Wilmar International Ltd., Strike Price SGD 7.02, Expires 6/07/10, Broker Goldman Sachs & Co.		833,000		(88,673	)
WPP Plc, Strike Price GBP 7.02, Expires 5/26/10, Broker Citigroup Global Markets		598,000		(121,467	)
Zurich Financial Services AG, Strike Price CHF 273.24, Expires 6/03/10, Broker BNP Paribas		8,000		(678	)

Total Over-the-Counter Call Options Written				(16,857,850	)

Total Options Written (Premiums Received $19,953,384)—(1.5)%				(17,801,524	)

Total Investments Net of Outstanding Options Written—97.6%				1,130,822,559
Other Assets Less Liabilities—2.4%				27,759,649

Net Assets—100.0%			$	1,158,582,208

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	APRIL 30, 2010	49




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


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	1,212,822,979

Gross unrealized appreciation	$	41,841,768
Gross unrealized depreciation		(106,040,664	)

Net unrealized depreciation	$	(64,198,896	)


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



Affiliate	Shares/ Beneficial Interest Held at October 31, 2009	Net Activity		Shares/ Beneficial Interest Held at April 30, 2010	Income

BlackRock Liquidity Funds, TempFund, Institutional Class	73,117,275	(38,101,320	)	35,015,955	$	19,208
BlackRock Liquidity Series, LLC Money Market Series	4,855,000	(3,855,000	)	1,000,000	$	3,588


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

•	Foreign currency exchange contracts as of April 30, 2010 were as follows:



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

CAD	3,509,500	USD	3,497,315	Citigroup Global Markets	5/03/10	$	(42,372	)
CAD	3,506,000	USD	3,488,227	Citigroup Global Markets	5/04/10		(36,720	)
CAD	1,074,000	USD	1,057,510	Citigroup Global Markets	5/03/10		(206	)
CHF	1,342,000	USD	1,238,922	Citigroup Global Markets	5/03/10		8,168
CHF	1,215,000	USD	1,128,883	Citigroup Global Markets	5/05/10		219
EUR	13,763,000	USD	18,321,347	Deutsche Bank Securities	5/05/10		3,746
GBP	14,000	USD	21,399	Citigroup Global Markets	5/06/10		21
JPY	41,690,000	USD	441,723	Deutsche Bank Securities	5/06/10		2,120
MXN	2,721,000	USD	222,115	Citigroup Global Markets	5/03/10		(1,187	)
USD	38,766	AUD	42,000	UBS Securities LLC	5/03/10		(83	)
USD	301,741	AUD	324,000	Citigroup Global Markets	5/04/10		2,084
USD	2,175,569	CHF	2,342,000	Royal Bank of Scotland	5/04/10		(826	)
USD	11,965,850	EUR	8,980,000	UBS Securities LLC	5/04/10		9,245
USD	4,152,789	GBP	2,713,000	Royal Bank of Scotland	5/05/10		1,837
USD	250,911	HKD	1,948,000	Morgan Stanley & Co., Inc.	5/04/10		4
USD	57,001	SGD	78,000	Morgan Stanley & Co., Inc.	5/04/10		79

Total						$	(53,871	)


•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, 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)

	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 April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:
Common Stocks:
Australia	$	6,398,241		$	20,832,518		—	$	27,230,759
Austria		—			5,665,257		—		5,665,257
Belgium		—			8,481,575		—		8,481,575
Brazil		33,635,101			—		—		33,635,101
Canada		100,646,079			—		—		100,646,079
Cayman Islands		—			7,090,650		—		7,090,650
China		8,103,656			10,247,761		—		18,351,417
Denmark		—			14,305,933		—		14,305,933
Finland		—			6,377,128		—		6,377,128
France		—			63,376,269		—		63,376,269
Germany		13,537,984			90,964,026		—		104,502,010
Gibraltar		—			2,311,164		—		2,311,164
Hong Kong		7,791,088			26,866,571		—		34,657,659
India		7,168,928			—		—		7,168,928
Indonesia		—			6,117,241		—		6,117,241
Israel		3,112,690			—		—		3,112,690
Italy		—			23,828,385		—		23,828,385
Japan		—			159,905,958		—		159,905,958
Malaysia		—			9,367,866		—		9,367,866
Mexico		11,119,670			—		—		11,119,670
Netherlands		3,867,240			20,924,273		—		24,791,513
New Zealand		2,544,750			—		—		2,544,750
Philippines		3,818,696			—		—		3,818,696
Portugal		—			2,127,045		—		2,127,045
Singapore		—			39,846,589		—		39,846,589
South Africa		—			8,468,362		—		8,468,362
South Korea		—			20,507,353		—		20,507,353
Spain		—			25,799,857		—		25,799,857
Sweden		—			13,954,810		—		13,954,810
Switzerland		11,754,262			79,540,394		—		91,294,656
Taiwan		17,580,567			10,664,206		—		28,244,773
Thailand		—			8,862,064		—		8,862,064
United Kingdom		29,764,164			158,712,833		—		188,476,997
United States		6,618,924			—		—		6,618,924
Short-Term Securities		35,015,955			1,000,000		—		36,015,955

Total	$	302,477,995		$	846,146,088		—	$	1,148,624,083



Other Financial Instruments¹

Valuation Inputs	Level 1			Level 2			Level 3	Total

Assets:		—		$	27,523		—	$	27,523
Liabilities:	$	(2,342,782	)		(15,540,136	)	—		(17,882,918	)

Total	$	(2,342,782	)	$	(15,512,613	)	—	$	(17,855,395	)


¹	Other 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.


50		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock Real Asset Equity Trust (BCF)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Chemicals—10.2%
Agrium, Inc.		90,200	$	5,629,382
Air Products & Chemicals, Inc.		101,000		7,754,780
Celanese Corp., Series A		114,800		3,672,452
Dow Chemical (The)		189,825		5,852,305
E.I. du Pont de Nemours & Co.		496,079		19,763,787
Monsanto Co.		80,000		5,044,800
Mosaic Co. (The)		22,500		1,150,650
Olin Corp.		171,500		3,601,500
Potash Corp. of Saskatchewan, Inc.		77,200		8,530,600
Praxair, Inc.		174,500		14,617,865

				75,618,121

Containers & Packaging—1.1%
Temple-Inland, Inc.		347,183		8,096,308

Energy Equipment & Services—6.3%
Calfrac Well Services Ltd.		19,700		419,095
Core Laboratories NV		69,736		10,452,729
FMC Technologies, Inc. (a)		129,000		8,732,010
Halliburton Co. (b)		201,700		6,182,105
Key Energy Services, Inc. (a)		294,800		3,201,528
Noble Corp. (a)		54,900		2,168,001
Schlumberger Ltd. (b)		102,200		7,299,124
Smith International, Inc.		47,400		2,263,824
Technip SA		30,500		2,438,811
Transocean Ltd. (a)		53,000		3,839,850

				46,997,077

Gas Utilities—1.7%
EQT Corp.		161,100		7,006,239
Questar Corp.		122,900		5,893,055

				12,899,294

Machinery—3.2%
Caterpillar, Inc.		275,925		18,787,733
Deere & Co.		84,900		5,078,718

				23,866,451

Metals & Mining—41.0%
African Rainbow Minerals Ltd.		278,750		7,459,012
Agnico-Eagle Mines Ltd.		113,650		7,178,134
Alamos Gold, Inc.		915,000		13,592,587
Alcoa, Inc.		319,150		4,289,376
Allegheny Technologies, Inc.		43,100		2,304,557
Alumina, Ltd.		1,714,266		2,420,891
Anglo American Plc (a)		97,945		4,160,305
Anglo Platinum Ltd. (a)		50,444		5,474,164
Barrick Gold Corp.		104,100		4,533,555
BHP Billiton Plc		878,600		26,824,127
Carpenter Technology Corp.		46,766		1,836,501
Cia de Minas Buenaventura SA - ADR		228,600		7,518,654
Cliffs Natural Resources, Inc.		32,400		2,025,972
Eramet		16,450		5,936,380
First Quantum Minerals Ltd.		130,000		9,974,601
Freeport-McMoRan Copper & Gold, Inc.		75,900		5,732,727
Fresnillo Plc		500,000		6,085,982
Goldcorp, Inc.		195,550		8,453,627
Harry Winston Diamond Corp. (a)		174,000		1,913,349
Iluka Resources Ltd. (a)		1,981,586		8,438,077
Impala Platinum Holdings Ltd.		510,200		14,385,131
Industrias Penoles SAB de CV		513,569		10,907,697
Jiangxi Copper Co. Ltd.		1,874,600		3,931,924
Kazakhmys Plc		251,400		5,326,108
Lihir Gold Ltd.		1,245,250		4,400,514
Minara Resources Ltd. (a)		1,761,350		1,408,542
Minsur SA		1,504,804		3,859,150
MMC Norilsk Nickel (a)		17,866		3,421,749
MMC Norilsk Nickel - ADR (a)		17,523		330,741
Newmont Mining Corp.		70,950		3,978,876

Common Stocks	Shares		Value

Metals & Mining (concluded)
OZ Minerals Ltd. (a)		6,370,957	$	6,705,979
Rio Tinto Plc		517,104		26,734,618
Southern Copper Corp.		85,500		2,614,590
Straits Resources Ltd. (a)		804,450		919,084
Teck Resources Ltd., Class B (a)		308,800		12,135,554
United States Steel Corp.		42,800		2,339,448
Vale SA - ADR		851,700		26,087,571
Vedanta Resources Plc		432,700		16,540,574
Xstrata Plc		1,177,996		19,323,774
Zijin Mining Group Co. Ltd.		4,823,750		3,759,163

				305,263,365

Oil & Gas Services—0.7%
Exterran Holdings, Inc. (a)		124,900		3,640,835
Trican Well Service Ltd.		123,100		1,563,290

				5,204,125

Oil, Gas & Consumable Fuels—26.9%
Alpha Natural Resources, Inc. (a)		81,200		3,822,896
Apache Corp.		100,300		10,206,528
Arch Coal, Inc.		156,300		4,220,100
Cabot Oil & Gas Corp.		96,700		3,493,771
Cenovus Energy, Inc.		129,200		3,785,560
Consol Energy, Inc.		232,879		10,405,034
Crescent Point Energy Corp.		173,100		7,346,270
Denbury Resources, Inc. (a)		215,300		4,122,995
EnCana Corp.		160,250		5,299,467
EOG Resources, Inc.		103,200		11,570,784
Forest Oil Corp. (a)		151,700		4,444,810
Galleon Energy, Inc. (a)		322,900		2,241,037
Gasco Energy, Inc. (a)		579,700		260,285
Hess Corp.		59,800		3,800,290
Massey Energy Co. (b)		293,200		10,739,916
Newfield Exploration Co. (a)		143,200		8,332,808
Noble Energy, Inc.		81,500		6,226,600
Occidental Petroleum Corp.		121,300		10,754,458
OGX Petroleo e Gas Participacoes SA (a)		610,000		6,099,123
Patriot Coal Corp. (a)		18,960		373,322
Peabody Energy Corp.		191,600		8,951,552
Penn West Energy Trust		395,100		7,929,657
PetroBakken Energy Ltd.		38,710		1,051,397
PetroChina Co. Ltd. - ADR		15,200		1,749,976
Petroleo Brasileiro SA - ADR		120,300		5,104,329
Plains Exploration & Production Co. (a)		191,500		5,612,865
Premier Oil Plc (a)		112,700		2,182,563
Quicksilver Resources, Inc. (a)(c)		357,400		4,957,138
Range Resources Corp.		154,000		7,355,040
Southwestern Energy Co. (a)		193,900		7,693,952
StatoilHydro ASA		204,700		4,949,587
Suncor Energy, Inc.		138,500		4,732,545
Talisman Energy, Inc.		340,200		5,797,008
Ultra Petroleum Corp. (a)		66,100		3,157,597
Whiting Petroleum Corp. (a)		129,500		11,697,735

				200,468,995

Paper & Forest Products—6.3%
Fibria Celulose SA - ADR (a)		332,200		6,594,170
International Paper Co.		446,400		11,936,736
MeadWestvaco Corp.		492,000		13,367,640
Mondi Ltd.		19,005		116,315
Mondi Plc		322,512		2,177,022
Weyerhauser Co.		250,500		12,404,760

				46,596,643

Total Long-Term Investments (Cost—$669,349,110)—97.4%				725,010,379

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	51




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


Short-Term Securities	Shares/ Beneficial Interest		Value

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (d)(e)		26,609,462	$	26,609,462
BlackRock Liquidity Series, LLC, Money Market Series, 0.24% (d)(e)(f)		2,175,000		2,175,000

Total Short-Term Securities (Cost—$28,784,462)—3.9%				28,784,462

Total Investments Before Outstanding Options Written (Cost—$698,133,572*)—101.3%				753,794,841



Options Written	Contracts

Exchange-Traded Call Options Written—(0.6)%
Agnico-Eagle Mines Ltd., Strike Price USD 60, Expires 5/24/10		350		(147,000	)
Agnico-Eagle Mines Ltd., Strike Price USD 65, Expires 5/24/10		100		(14,350	)
Agrium, Inc., Strike Price USD 70, Expires 5/24/10		315		(11,025	)
Air Products & Chemicals, Inc., Strike Price USD 75, Expires 5/24/10		380		(106,400	)
Alcoa, Inc., Strike Price USD 15, Expires 5/24/10		100		(650	)
Alcoa, Inc., Strike Price USD 15, Expires 6/21/10		1,100		(24,200	)
Allegheny Technologies, Inc., Strike Price USD 55, Expires 5/24/10		161		(26,565	)
Alpha Natural Resources, Inc., Strike Price USD 50, Expires 5/24/10		140		(22,050	)
Alpha Natural Resources, Inc., Strike Price USD 50, Expires 6/21/10		155		(39,913	)
Apache Corp., Strike Price USD 105, Expires 5/24/10		125		(24,062	)
Apache Corp., Strike Price USD 110, Expires 5/24/10		256		(16,640	)
Arch Coal, Inc., Strike Price USD 25, Expires 5/24/10		50		(12,500	)
Barrick Gold Corp., Strike Price USD 41, Expires 5/24/10		180		(54,000	)
Barrick Gold Corp., Strike Price USD 42, Expires 5/24/10		180		(40,770	)
Cabot Oil & Gas Corp., Strike Price USD 40, Expires 5/24/10		40		(1,700	)
Carpenter Technology Corp., Strike Price USD 36.25, Expires 5/10/10		155		(49,634	)
Caterpillar, Inc., Strike Price USD 62.50, Expires 5/24/10		370		(223,850	)
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10		600		(243,000	)
Caterpillar, Inc., Strike Price USD 70, Expires 6/21/10		125		(28,938	)
Celanese Corp., Series A, Strike Price USD 35, Expires 5/24/10		275		(11,000	)
Celanese Corp., Series A, Strike Price USD 35, Expires 6/21/10		125		(10,312	)
Cia de Minas Buenaventura SA - ADR, Strike Price USD 35, Expires 5/24/10		400		(27,000	)
Cliff Natural Resources, Inc., Strike Price USD 75, Expires 5/24/10		115		(5,750	)
Core Laboratories NV, Strike Price USD 140, Expires 5/24/10		100		(110,500	)
Deere & Co., Strike Price USD 60, Expires 5/24/10		280		(56,280	)
Dow Chemical Co., Strike Price USD 31, Expires 6/21/10		410		(63,140	)
E.I. du Pont de Nemours & Co., Strike Price USD 39, Expires 5/24/10		170		(21,760	)
E.I. du Pont de Nemours & Co., Strike Price USD 40, Expires 6/21/10		990		(121,275	)
EnCana Corp., Strike Price USD 31, Expires 5/24/10		40		(9,500	)
EnCana Corp., Strike Price USD 32, Expires 5/24/10		40		(6,600	)
EnCana Corp., Strike Price USD 33, Expires 6/21/10		250		(38,125	)
EnCana Corp., Strike Price USD 34, Expires 6/21/10		200		(21,000	)
EOG Resources, Inc., Strike Price USD 100, Expires 5/24/10		50		(65,250	)
EOG Resources, Inc., Strike Price USD 100, Expires 7/19/10		110		(166,650	)
EOG Resources, Inc., Strike Price USD 110, Expires 5/24/10		165		(84,975	)
EOG Resources, Inc., Strike Price USD 115, Expires 5/24/10		25		(6,812	)
EOG Resources, Inc., Strike Price USD 115, Expires 6/21/10		50		(23,000	)
EQT Corp., Strike Price USD 45, Expires 6/21/10		100		(10,750	)
FMC Technologies, Inc., Strike Price USD 70, Expires 5/24/10		450		(76,500	)
Forest Oil Corp., Strike Price USD 28, Expires 5/24/10		150		(31,500	)

Options Written	Contracts		Value

Exchange-Traded Call Options Written (continued)
Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 80, Expires 5/24/10		200	$	(24,600	)
Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 85, Expires 5/24/10		85		(3,570	)
Goldcorp, Inc., Strike Price USD 40, Expires 5/24/10		350		(124,250	)
Halliburton Co., Strike Price USD 32, Expires 5/24/10		400		(37,400	)
Hess Corp., Strike Price USD 65, Expires 5/24/10		200		(25,200	)
International Paper Co., Strike Price USD 28, Expires 5/24/10		215		(10,750	)
Massey Energy Co., Strike Price USD 55, Expires 7/19/10		1,050		(28,875	)
MeadWestvaco Corp., Strike Price USD 26, Expires 5/05/10		800		(95,970	)
Mosaic Co. (The), Strike Price USD 60, Expires 5/24/10		85		(1,572	)
Newfield Exploration Co., Strike Price USD 55, Expires 5/24/10		150		(66,000	)
Newfield Exploration Co., Strike Price USD 55, Expires 6/21/10		300		(159,000	)
Newmont Mining Corp., Strike Price USD 55, Expires 5/24/10		250		(59,875	)
Noble Corp., Strike Price USD 42, Expires 5/24/10		125		(7,187	)
Noble Corp., Strike Price USD 43, Expires 6/21/10		150		(13,125	)
Noble Energy, Inc., Strike Price USD 80, Expires 5/24/10		305		(32,788	)
Occidental Petroleum Corp., Strike Price USD 86.50, Expires 5/24/10		25		(10,038	)
Olin Corp., Strike Price USD 20, Expires 5/24/10		100		(11,250	)
Patriot Coal Corp., Strike Price USD 25, Expires 5/24/10		60		(450	)
Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10		260		(34,190	)
Peabody Energy Corp., Strike Price USD 49, Expires 5/24/10		205		(19,885	)
Peabody Energy Corp., Strike Price USD 49, Expires 6/21/10		100		(18,700	)
Peabody Energy Corp., Strike Price USD 50, Expires 5/24/10		100		(7,150	)
PetroChina Co. Ltd. - ADR, Strike Price USD 120, Expires 5/24/10		57		(7,410	)
Petroleo Brasileiro SA - ADR, Strike Price USD 47, Expires 5/24/10		450		(7,425	)
Plains Exploration & Production Co., Strike Price USD 33, Expires 5/24/10		240		(8,400	)
Plains Exploration & Production Co., Strike Price USD 36, Expires 5/24/10		430		(5,375	)
Potash Corp. of Saskatchewan, Inc., Strike Price USD 115, Expires 5/24/10		150		(28,725	)
Potash Corp. of Saskatchewan, Inc., Strike Price USD 123, Expires 5/24/10		150		(7,993	)
Praxair, Inc., Strike Price USD 85, Expires 5/24/10		130		(16,900	)
Questar Corp., Strike Price USD 45, Expires 5/24/10		225		(75,375	)
Questar Corp., Strike Price USD 46, Expires 5/18/10		235		(53,470	)
Quicksilver Resources, Inc., Strike Price USD 15, Expires 5/24/10		400		(12,000	)
Quicksilver Resources, Inc., Strike Price USD 16, Expires 5/24/10		400		(4,000	)
Quicksilver Resources, Inc., Strike Price USD 16, Expires 6/21/10		400		(12,000	)
Range Resources Corp., Strike Price USD 52.50, Expires 5/24/10		105		(3,675	)
Range Resources Corp., Strike Price USD 55, Expires 5/24/10		200		(3,000	)
Schlumberger Ltd., Strike Price USD 65, Expires 5/24/10		275		(191,813	)
Schlumberger Ltd., Strike Price USD 66, Expires 5/22/10		100		(60,436	)
Smith International, Inc., Strike Price USD 43, Expires 5/24/10		100		(51,500	)
Smith International, Inc., Strike Price USD 44, Expires 5/24/10		78		(32,760	)
Southwestern Energy Co., Strike Price USD 41, Expires 5/24/10		175		(17,062	)
Southwestern Energy Co., Strike Price USD 42, Expires 5/24/10		175		(11,812	)
Southwestern Energy Co., Strike Price USD 43, Expires 5/24/10		350		(15,750	)
Suncor Energy, Inc., Strike Price USD 34, Expires 5/24/10		400		(55,800	)
Suncor Energy, Inc., Strike Price USD 37, Expires 6/21/10		110		(8,690	)
Talisman Energy, Inc., Strike Price USD 17.50, Expires 5/24/10		400		(17,000	)
Transocean Ltd., Strike Price USD 90, Expires 5/24/10		200		(3,700	)
Ultra Petroleum Corp., Strike Price USD 49, Expires 6/21/10		230		(45,425	)
United States Steel Corp., Strike Price USD 65, Expires 5/24/10		160		(6,720	)
Vale SA - ADR, Strike Price USD 30, Expires 5/24/10		235		(37,248	)
Vale SA - ADR, Strike Price USD 32, Expires 6/21/10		1,480		(167,980	)

See Notes to Financial Statements.


52		SEMI-ANNUAL REPORT		APRIL 30, 2010




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


Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
Vale SA - ADR, Strike Price USD 33, Expires 6/21/10		1,480	$	(119,140	)
Weyerhauser Co., Strike Price USD 48, Expires 6/21/10		940		(305,500	)
Whiting Petroleum Corp., Strike Price USD 80, Expires 6/21/10		400		(486,000	)
Whiting Petroleum Corp., Strike Price USD 85, Expires 5/24/10		120		(81,000	)

Total Exchange-Traded Call Options Written				(4,807,835	)

Exchange-Traded Put Options Written—(0.0)%
Consol Energy, Inc., Strike Price USD 41, Expires 5/24/10		140		(9,100	)

Over-the-Counter Call Options Written—(0.6)%
African Rainbow Minerals Ltd., Strike Price ZAR 186.75, Expires 6/03/10, Broker Citigroup Global Markets		50,000		(103,773	)
African Rainbow Minerals Ltd., Strike Price ZAR 202.47, Expires 6/03/10, Broker UBS Securities LLC		55,000		(47,882	)
Alumina Ltd., Strike Price AUD 1.71, Expires 5/11/10, Broker Citigroup Global Markets		565,700		(895	)
Anglo American Plc, Strike Price GBP 29.96, Expires 6/16/10, Broker Citigroup Global Markets		36,800		(38,043	)
Anglo Platinum Ltd., Strike Price ZAR 842.55, Expires 6/16/10, Broker UBS Securities LLC		18,900		(73,234	)
Arch Coal, Inc., Strike Price USD 26.25, Expires 6/07/10, Broker Barclays Capital, Inc.		120		(22,495	)
Arch Coal, Inc., Strike Price USD 27.04, Expires 6/15/10, Broker UBS Securities LLC		38,000		(63,297	)
BHP Billiton Plc, Strike Price GBP 21.73, Expires 6/16/10, Broker Citigroup Global Markets		329,500		(145,775	)
Cabot Oil & Gas Corp., Strike Price USD 37.17, Expires 5/05/10, Broker UBS Securities LLC		31,500		(9,500	)
Cenovus Energy, Inc., Strike Price USD 29.78, Expires 6/29/10, Broker Morgan Stanley & Co., Inc.		39,500		(48,427	)
Cia de Minas Buenaventura - ADR, Strike Price USD 33.27, Expires 5/14/10, Broker JPMorgan Chase Securities		40,000		(33,934	)
Consol Energy, Inc., Strike Price USD 45.2, Expires 5/28/10, Broker UBS Securities LLC		50,000		(91,183	)
Consol Energy, Inc., Strike Price USD 48.54, Expires 5/28/10, Broker UBS Securities LLC		10,000		(7,410	)
Core Laboratories NV, Strike Price USD 151, Expires 6/04/10, Broker Citigroup Global Markets		18,000		(68,333	)
Crescent Point Energy Corp., Strike Price CAD 39.21, Expires 5/10/10, Broker Deutsche Bank Securities		65,000		(249,557	)
Deere & Co., Strike Price USD 61, Expires 5/28/10, Broker UBS Securities LLC		2,000		(3,355	)
Dow Chemical Co., Strike Price USD 30.66, Expires 5/27/10, Broker Morgan Stanley & Co., Inc.		30,000		(35,330	)
E.I. du Pont de Nemours & Co., Strike Price USD 39.38, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		70,000		(44,918	)
EQT Corp., Strike Price USD 45, Expires 5/28/10, Broker UBS Securities LLC		16,000		(9,357	)
EQT Corp., Strike Price USD 46.49, Expires 5/28/10, Broker Goldman Sachs & Co.		26,000		(6,796	)
Eramet, Strike Price EUR 237.08, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		3,400		(157,031	)
Eramet, Strike Price EUR 285.66, Expires 6/16/10, Broker Citigroup Global Markets		2,800		(33,210	)
Exterran Holdings, Inc., Strike Price USD 29.75, Expires 7/06/10, Broker UBS Securities LLC		41,000		(64,196	)
Fibria Celulose SA - ADR, Strike Price USD 23, Expires 5/18/10, Broker Credit Suisse First Boston		122,500		(13,756	)
First Quantum Minerals Ltd., Strike Price CAD 84, Expires 5/24/10, Broker T.D. Securities		260		(27,515	)
Forest Oil Corp., Strike Price USD 29.01, Expires 5/28/10, Broker UBS Securities LLC		35,000		(55,781	)
Fresnillo Plc, Strike Price GBP 8.61, Expires 6/16/10, Broker Citigroup Global Markets		187,500		(62,610	)
Galleon Energy, Inc., Strike Price CAD 7.14, Expires 6/02/10, Broker Goldman Sachs & Co.		90,000		(26,452	)

Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Galleon Energy, Inc., Strike Price CAD 7.52, Expires 5/05/10, Broker UBS Securities LLC		23,000	$	(579	)
Goldcorp, Inc., Strike Price USD 40.31, Expires 5/14/10, Broker UBS Securities LLC		38,500		(120,377	)
Halliburton Co., Strike Price USD 35.27, Expires 6/11/10, Broker UBS Securities LLC		43,000		(15,726	)
Harry Winston Diamond Corp., Strike Price CAD 11, Expires 5/22/10, Broker RBC Capital Markets		250		(12,921	)
Harry Winston Diamond Corp., Strike Price CAD 11.12, Expires 5/17/10, Broker Morgan Stanley & Co., Inc.		39,400		(16,338	)
Iluka Resources Ltd., Strike Price AUD 3.83, Expires 5/11/10, Broker JPMorgan Chase Securities		653,900		(471,007	)
Impala Platinum Holdings Ltd., Strike Price ZAR 217.79, Expires 6/16/10, Broker UBS Securities LLC		191,500		(192,290	)
Industrias Penoles SAB de CV, Strike Price MXN 263.67, Expires 5/12/10, Broker Goldman Sachs & Co.		151,000		(31,652	)
Industrias Penoles SAB de CV, Strike Price MXN 281.41, Expires 5/26/10, Broker Credit Suisse First Boston		41,500		(4,840	)
International Paper Co., Strike Price USD 27.87, Expires 6/02/10, Broker UBS Securities LLC		135,000		(100,431	)
Jiangxi Copper Co. Ltd., Strike Price HKD 16.97, Expires 5/11/10, Broker Deutsche Bank Securities		300,000		(7,918	)
Jiangxi Copper Co. Ltd., Strike Price HKD 17.62, Expires 5/11/10, Broker Deutsche Bank Securities		318,000		(3,345	)
Kazakhmys Plc, Strike Price GBP 15.17, Expires 6/16/10, Broker UBS Securities LLC		94,300		(41,360	)
Key Energy Services, Inc., Strike Price USD 10.75, Expires 5/10/10, Broker UBS Securities LLC		100,000		(20,508	)
MeadWestvaco Corp., Strike Price USD 25.62, Expires 5/06/10, Broker Morgan Stanley & Co., Inc.		104,500		(161,969	)
Minara Resources Ltd., Strike Price AUD 0.86, Expires 5/11/10, Broker Citigroup Global Markets		660,500		(22,026	)
Minsur SA, Strike Price PEN 6.82, Expires 6/09/10, Broker Credit Suisse First Boston		250,000		(46,403	)
Minsur SA, Strike Price PEN 6.83, Expires 5/17/10, Broker Deutsche Bank Securities		250,000		(41,965	)
MMC Norilsk Nickel - ADR, Strike Price USD 19.72, Expires 6/16/10, Broker Credit Suisse First Boston		17,500		(10,459	)
Modi Plc, Strike Price GBP 4.69, Expires 6/16/10, Broker UBS Securities LLC		121,000		(12,889	)
Monsanto Co., Strike Price USD 66.56, Expires 6/01/10, Broker Credit Suisse First Boston		30,000		(25,394	)
Occidental Petroleum Corp., Strike Price USD 86, Expires 7/06/10, Broker UBS Securities LLC		43,000		(268,147	)
OGX Petroleo e Gas Participacoes SA, Strike Price BRL 17.95, Expires 5/17/10, Broker Deutsche Bank Securities		200,000		(40,600	)
Olin Corp., Strike Price USD 20.67, Expires 6/08/10, Broker Morgan Stanley & Co., Inc.		30,000		(34,527	)
OZ Minerals Ltd., Strike Price AUD 1.15, Expires 5/11/10, Broker UBS Securities LLC		2,100,000		(44,526	)
Penn West Energy Trust, Strike Price USD 20.81, Expires 6/02/10, Broker UBS Securities LLC		46,000		(15,841	)
Penn West Energy Trust, Strike Price USD 21.05, Expires 5/10/10, Broker Credit Suisse First Boston		14,500		(782	)
Praxair, Inc., Strike Price USD 87.54, Expires 5/20/10, Broker Morgan Stanley & Co., Inc.		52,500		(21,539	)
Premier Oil Plc, Strike Price GBP 13.27, Expires 6/16/10, Broker Citigroup Global Markets		42,200		(18,794	)
Range Resources Corp., Strike Price USD 49.94, Expires 5/28/10, Broker UBS Securities LLC		10,000		(9,934	)
Rio Tinto Plc, Strike Price GBP 38.99, Expires 6/16/10, Broker Citigroup Global Markets		194,000		(98,020	)
Southern Copper Corp., Strike Price USD 35.72, Expires 5/20/10, Broker Morgan Stanley & Co., Inc.		32,000		(1,431	)
Statoil ASA, Strike Price NOK 138.81, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		76,700		(68,054	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	53




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


Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
Straits Resources Ltd., Strike Price AUD 1.36, Expires 5/11/10, Broker UBS Securities LLC		265,000	$	(577	)
Talisman Energy, Inc., Strike Price USD 18.59, Expires 5/28/10, Broker UBS Securities LLC		40,000		(15,058	)
Technip SA, Strike Price EUR 57.32, Expires 5/12/10, Broker Morgan Stanley & Co., Inc.		11,500		(45,271	)
Teck Resources Ltd., Strike Price CAD 44, Expires 5/24/10, Broker T.D. Securities		1,020		(38,157	)
Temple-Inland, Inc., Strike Price USD 20.83, Expires 5/21/10, Broker Credit Suisse First Boston		66,900		(179,388	)
Temple-Inland, Inc., Strike Price USD 23.69, Expires 6/02/10, Broker JPMorgan Chase Securities		61,500		(70,301	)
Trican Well Service Ltd., Strike Price CAD 14, Expires 5/22/10, Broker T.D. Securities		360		(3,544	)
Vedanta Resources Plc, Strike Price GBP 28.51, Expires 6/16/10, Broker Citigroup Global Markets		162,300		(76,219	)
Xstrata Plc, Strike Price GBP 12.30, Expires 6/16/10, Broker Citigroup Global Markets		440,000		(123,639	)
Zijin Mining Group Co. Ltd., Strike Price HKD 7.03, Expires 5/11/10, Broker Deutsche Bank Securities		1,592,000		(422	)

Total Over-the-Counter Call Options Written				(4,079,213	)

Total Options Written (Premiums Received—$9,316,659)—(1.2)%				(8,896,148	)

Total Investments Net of Outstanding Options Written—100.1%				744,898,693
Liabilities in Excess of Other Assets—(0.1)%				(895,691	)

Net Assets—100.0%			$	744,003,002


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	715,498,365

Gross unrealized appreciation	$	123,584,773
Gross unrealized depreciation		(85,288,297	)

Net unrealized appreciation	$	38,296,476


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



Affiliate	Shares/ Beneficial Interest Held at October 31, 2009		Net Activity			Shares/ Beneficial Interest Held at April 30, 2010		Income

BlackRock Liquidity Funds, TempFund, Institutional Class		35,341,819		(8,732,357	)		26,609,462	$	16,636
BlackRock Liquidity Series, LLC Money Market Series		1,360,000		815,000			2,175,000	$	2,171


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

•	Foreign currency exchange contracts as of April 30, 2010 were as follows:

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Depreciation

ZAR

1,367,000

USD

185,009

Citigroup Global Markets

5/04/10

(72

)


•	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, 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)

	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 April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:
Common Stocks:
Chemicals	$	75,618,121			—			—	$	75,618,121
Containers & Packaging		8,096,308			—			—		8,096,308
Energy Equipment & Services		44,558,266		$	2,438,811			—		46,997,077
Gas Utilities		12,899,294			—			—		12,899,294
Machinery		23,866,451			—			—		23,866,451
Metals & Mining		158,011,144			147,252,221			—		305,263,365
Oil & Gas Services		5,204,125			—			—		5,204,125
Oil, Gas & Consumable Fuels		193,336,845			7,132,150			—		200,468,995
Paper & Forest Products		44,419,621			2,177,022			—		46,596,643
Short-Term Securities		26,609,462			2,175,000			—		28,784,462

Total	$	592,619,637		$	161,175,204			—	$	753,794,841


Other Financial Instruments¹

Valuation Inputs	Level 1			Level 2			Level 3		Total

Liabilities:	$	(4,621,531	)	$	(4,274,689	)		—	$	(8,896,220	)

Total	$	(4,621,531	)	$	(4,274,689	)		—	$	(8,896,220	)


	1	Other 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.


54		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments April 30, 2010 (Unaudited)	BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

Australia—4.7%
Australia & New Zealand Banking Group Ltd.		22,700	$	502,789
BHP Billiton Ltd.		18,125		662,582
Foster’s Group Ltd.		116,100		581,800
National Australia Bank Ltd.		43,800		1,119,041
Santos Ltd.		91,300		1,158,316

				4,024,528

Belgium—0.9%
Mobistar SA		5,500		338,069
Solvay SA		4,200		401,081

				739,150

Canada—7.0%
Bank of Montreal		22,800		1,416,078
Bank of Nova Scotia		13,500		688,157
Enbridge, Inc.		15,250		740,581
Manulife Financial Corp.		18,700		337,256
National Bank of Canada		7,200		440,166
Royal Bank of Canada		28,900		1,752,265
Suncor Energy, Inc.		4,450		152,232
TransCanada Corp.		12,300		433,975

				5,960,710

Finland—0.9%
Kesko Oyj, B Shares		10,900		422,547
Nokia Oyj		26,300		321,532

				744,079

France—4.7%
AXA SA		14,500		288,150
Bouygues SA		10,700		530,183
PPR (a)		1,800		241,920
Sanofi-Aventis SA (a)		4,600		313,806
Schneider Electric SA		5,670		643,707
Societe Generale		4,900		261,657
Total SA		17,200		935,807
Vinci SA		13,700		763,438

				3,978,668

Germany—3.2%
Allianz SE		5,800		664,942
BASF SE		14,200		825,569
RWE AG		4,300		353,710
SAP AG		8,050		388,398
Siemens AG		4,800		473,407

				2,706,026

Greece—0.5%
National Bank of Greece SA (a)		11,000		176,857
OPAP SA		14,650		297,558

				474,415

Hong Kong—2.5%
Esprit Holdings Ltd.		68,860		493,260
Hang Seng Bank Ltd.		21,400		291,659
Hongkong Electric Holdings Ltd.		132,500		781,848
Hopewell Holdings Ltd.		183,000		533,350

				2,100,117

Italy—1.5%
Enel SpA		62,700		328,480
ENI SpA		41,800		934,203

				1,262,683

Japan—6.4%
Canon, Inc.		11,300		516,899
Hitachi Koki Co. Ltd.		38,400		425,336
Mitsui & Co. Ltd.		50,600		760,472
Nintendo Co. Ltd.		600		201,556
Oracle Corp. Japan		14,400		713,634

Common Stocks	Shares		Value

Japan (concluded)
Ricoh Co. Ltd.		51,000	$	866,369
Sharp Corp.		37,000		479,225
Takeda Pharmaceutical Co. Ltd.		14,000		601,095
Toyota Motor Corp.		24,300		938,902

				5,503,488

Netherlands—0.5%
Koninklijke (Royal) KPN NV		28,000		420,084

Portugal—0.5%
Portugal Telecom SGPS SA		41,700		424,391

Singapore—1.5%
Keppel Corp. Ltd.		72,000		510,874
Singapore Technologies Engineering Ltd.		169,000		388,157
United Overseas Bank Ltd.		26,400		386,230

				1,285,261

Spain—2.1%
ACS Actividades de Construccion y Servicios SA		7,900		358,232
Banco Santander SA (a)		18,433		228,077
Banco Santander SA		43,700		555,661
Iberdrola SA		40,600		322,204
Indra Sistemas SA		15,900		318,748

				1,782,922

Sweden—3.8%
Axfood AB		9,500		271,443
Hennes & Mauritz AB		14,200		906,083
Ratos AB, B Shares		24,800		776,096
Scania AB, B Shares		48,800		851,585
TeliaSonera AB		60,800		416,734

				3,221,941

Switzerland—0.8%
Nestle SA		6,900		337,623
Zurich Financial Services AG		1,649		365,575

				703,198

United Kingdom—9.3%
AstraZeneca Plc		18,000		795,364
Barclays Plc		53,300		273,793
BHP Billiton Plc		14,150		432,007
BP Plc		191,150		1,667,198
British American Tobacco Plc		17,300		543,995
GlaxoSmithKline Plc		32,425		601,842
HSBC Holdings Plc		128,100		1,304,373
Man Group Plc		76,400		282,049
Royal Dutch Shell A Shares		16,700		524,013
Scottish & Southern Energy Plc		35,000		580,438
Standard Chartered Plc		33,550		894,933

				7,900,005

United States—47.5%
3M Co. (b)		6,600		585,222
Abbott Laboratories		14,225		727,751
Aflac, Inc.		8,950		456,092
Altria Group, Inc.		54,700		1,159,093
Ameren Corp.		27,200		706,112
American Express Co.		11,200		516,544
AT&T Inc. (b)		80,050		2,086,103
Automatic Data Processing, Inc.		11,700		507,312
Bank of America Corp.		23,475		418,559
Bristol-Myers Squibb Co. (b)		38,300		968,607
Caterpillar, Inc.		14,950		1,017,945
CenturyTel, Inc.		16,600		566,226
Chevron Corp.		21,625		1,761,140
Chubb Corp.		8,100		428,247
Cincinnati Financial Corp.		15,000		426,000
Coca-Cola Co. (The)		13,600		726,920

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	55




Schedule of Investments (continued)	BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
	(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value

United States (concluded)
Consolidated Edison, Inc.		19,000	$	858,800
Dominion Resources, Inc.		11,300		472,340
Eaton Vance Corp.		13,700		482,788
Emerson Electric Co.		33,300		1,739,259
Equity Residential - REIT		13,700		620,199
Exxon Mobil Corp. (b)		35,400		2,401,890
General Electric Co.		68,900		1,299,454
Genuine Parts Co.		8,300		355,240
Goldman Sachs Group, Inc. (The)		3,650		529,980
HCP, Inc. - REIT		14,025		450,483
Health Care REIT, Inc.		13,200		593,076
Hewlett-Packard Co.		8,100		420,957
Home Depot, Inc.		15,000		528,750
Hudson City Bancorp, Inc.		30,625		407,313
Intel Corp.		52,800		1,205,424
International Business Machines Corp.		10,225		1,319,025
Johnson & Johnson		8,900		572,270
Kraft Food, Inc.		15,208		450,157
Liberty Property Trust - REIT		10,000		338,100
M&T Bank Corp.		6,100		532,835
McDonald’s Corp.		16,900		1,192,971
Merck & Co., Inc.		24,100		844,464
MetLife, Inc.		10,300		469,474
Microchip Technology, Inc.		23,900		698,119
Microsoft Corp.		46,000		1,404,840
Nationwide Health Properties, Inc. - REIT		18,225		638,240
PepsiCo, Inc.		9,800		639,156
Pfizer, Inc.		37,400		625,328
Philip Morris International, Inc.		15,600		765,648
PPG Industries, Inc.		9,625		677,311
Reynolds American, Inc.		8,600		459,412
Southern Co.		12,000		414,720
T. Rowe Price Group, Inc.		8,500		488,835
United Technologies Corp.		12,700		951,865
Wal-Mart Stores, Inc.		11,700		627,705
Wells Fargo & Co.		27,700		917,147

				40,451,448

Total Long-Term Investments (Cost—$82,494,139)—98.3%				83,683,114



Short-Term Securities

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (c)(d)		2,212,905		2,212,905

Total Short-Term Securities (Cost—$2,212,905)—2.6%				2,212,905

Total Investments Before Outstanding Options Written (Cost—$84,707,044*)—100.9%				85,896,019




Options Written	Contracts

Exchange-Traded Call Options Written—(0.3)%
3M Co., Strike Price USD 85, Expires 5/24/10		25		(10,375	)
Abbott Laboratories, Strike Price USD 55, Expires 5/24/10		27		(148	)
Aflac, Inc., Strike Price USD 55, Expires 5/24/10		20		(560	)
Aflac, Inc., Strike Price USD 55, Expires 6/21/10		15		(1,275	)
Altria Group, Inc., Strike Price USD 21, Expires 6/21/10		110		(6,325	)
Ameren Corp., Strike Price USD 26.75, Expires 6/25/10		110		(3,249	)
American Express Co., Strike Price USD 47, Expires 6/21/10		45		(7,583	)
Automatic Data Processing, Inc., Strike Price USD 45, Expires 5/24/10		47		(822	)
Bank of America Corp., Strike Price USD 17, Expires 5/24/10		95		(10,593	)

Options Written	Contracts		Value

Exchange-Traded Call Options Written (concluded)
Bristol-Myers Squibb Co., Strike Price USD 27, Expires 6/21/10		95	$	(2,755	)
Caterpillar, Inc., Strike Price USD 62.50, Expires 5/24/10		15		(9,075	)
Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10		45		(18,225	)
Chubb Corp., Strike Price USD 53.50, Expires 5/28/10		21		(1,720	)
Chubb Corp., Strike Price USD 55, Expires 7/19/10		12		(1,230	)
Coca-Cola Co. (The), Strike Price USD 55, Expires 5/24/10		55		(1,842	)
Consolidated Edison, Inc., Strike Price USD 45, Expires 5/24/10		76		(4,180	)
Dominion Resources, Inc., Strike Price USD 41.50, Expires 5/28/10		23		(1,490	)
Equity Residential - REIT, Strike Price USD 40, Expires 5/24/10		55		(31,075	)
General Electric Co., Strike Price USD 19, Expires 5/24/10		70		(3,360	)
Genuine Parts Co., Strike Price USD 42.75, Expires 7/06/10		33		(4,092	)
Goldman Sachs Group, Inc. (The), Strike Price USD 165, Expires 6/21/10		15		(4,350	)
HCP, Inc. - REIT, Strike Price USD 35, Expires 5/24/10		56		(840	)
Health Care REIT, Inc., Strike Price USD 45.75, Expires 5/10/10		52		(1,824	)
Hewlett-Packard Co., Strike Price USD 52.50, Expires 5/24/10		15		(1,740	)
Hewlett-Packard Co., Strike Price USD 55, Expires 5/24/10		17		(637	)
Home Depot, Inc., Strike Price USD 34, Expires 5/24/10		21		(3,749	)
Home Depot, Inc., Strike Price USD 35, Expires 5/24/10		5		(575	)
Hudson City Bancorp, Inc., Strike Price USD 15, Expires 7/19/10		4		(50	)
Intel Corp., Strike Price USD 25, Expires 6/21/10		170		(2,805	)
Kraft Food, Inc., Class A, Strike Price USD 30, Expires 5/24/10		47		(1,880	)
Liberty Property Trust - REIT, Strike Price USD 35, Expires 5/24/10		40		(1,600	)
M&T Bank Corp., Strike Price USD 85, Expires 5/24/10		24		(9,600	)
Merck & Co., Inc., Strike Price USD 39, Expires 5/24/10		100		(499	)
MetLife, Inc., Strike Price USD 42, Expires 5/24/10		40		(16,300	)
Microchip Technology, Inc., Strike Price USD 30, Expires 7/19/10		100		(10,500	)
Nationwide Health Properties, Inc. - REIT, Strike Price USD 40, Expires 6/21/10		75		(3,000	)
PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10		40		(660	)
Pfizer, Inc., Strike Price USD 18, Expires 5/24/10		100		(550	)
Philip Morris International, Inc., Strike Price USD 52.50, Expires 5/24/10		62		(651	)
PPG Industries, Inc., Strike Price USD 70, Expires 5/24/10		38		(5,985	)
Reynolds American, Inc., Strike Price USD 55, Expires 5/24/10		35		(1,225	)
Southern Co., Strike Price USD 34, Expires 6/21/10		23		(2,587	)
Southern Co., Strike Price USD 35, Expires 6/21/10		25		(1,437	)
T. Rowe Price Group, Inc., Strike Price USD 60, Expires 7/19/10		17		(3,018	)
United Technologies Corp., Strike Price USD 75, Expires 5/24/10		25		(3,525	)
Wells Fargo & Co., Strike Price USD 32, Expires 5/24/10		55		(9,020	)
Wells Fargo & Co., Strike Price USD 33, Expires 5/24/10		56		(5,656	)

Total Exchange-Traded Call Options Written				(214,237	)

Over-the-Counter Call Options Written—(0.5)%
Abbott Laboratories, Strike Price USD 53.18, Expires 5/14/10, Broker UBS Securities LLC		3,500		(316	)
ACS Actividades de Construccion y Servicios SA, Strike Price EUR 35.79, Expires 6/03/10, Broker UBS Securities LLC		3,200		(2,045	)

See Notes to Financial Statements.


56		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (continued)	BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Allianz SE, Strike Price EUR 93.09, Expires 6/03/10, Broker UBS Securities LLC		2,300	$	(1,741	)
Altria Group, Inc., Strike Price USD 21.58, Expires 6/09/10, Broker UBS Securities LLC		10,900		(3,488	)
AstraZeneca Plc, Strike Price GBP 29.30, Expires 6/18/10, Broker UBS Securities LLC		3,600		(3,422	)
AstraZeneca Plc, Strike Price GBP 30, Expires 6/21/10, Broker Morgan Stanley & Co., Inc.		3		(2,275	)
AT&T Inc., Strike Price USD 25.97, Expires 5/21/10, Broker UBS Securities LLC		8,000		(3,293	)
AT&T Inc., Strike Price USD 26.72, Expires 5/28/10, Broker Morgan Stanley & Co., Inc.		24,000		(2,976	)
Australia & New Zealand Banking Group Ltd., Strike Price AUD 24.57, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		4,500		(765	)
AXA SA, Strike Price EUR 16.52, Expires 5/26/10, Broker BNP Paribas		5,800		(1,041	)
Axfood AB, Strike Price SEK 220.18, Expires 6/03/10, Broker UBS Securities LLC		3,800		(782	)
Banco Santander SA, Strike Price EUR 10.14, Expires 5/26/10, Broker Citigroup Global Markets		24,900		(4,659	)
Bank of Montreal, Strike Price CAD 64, Expires 5/24/10, Broker T.D. Securities		67		(3,727	)
Bank of Montreal, Strike Price CAD 66, Expires 6/21/10, Broker T.D. Securities		24		(1,205	)
Bank of Nova Scotia, Strike Price CAD 54, Expires 6/21/10, Broker T.D. Securities		54		(2,499	)
Barclays Plc, Strike Price GBP 3.73, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		21,400		(901	)
BASF AG, Strike Price EUR 46.55, Expires 6/03/10, Broker UBS Securities LLC		5,700		(2,948	)
BHP Billiton Ltd., Strike Price AUD 42.93, Expires 5/11/10, Broker JPMorgan Chase Securities		3,600		(139	)
BHP Billiton Plc, Strike Price GBP 21.73, Expires 6/16/10, Broker Citigroup Global Markets		5,700		(2,522	)
Bouygues, Strike Price EUR 39.79, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		4,300		(4,405	)
BP Plc, Strike Price GBP 6.33, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		76,500		(1,199	)
British American Tobacco Plc, Strike Price GBP 22.16, Expires 6/16/10, Broker Morgan Stanley & Co., Inc.		6,900		(897	)
Cannon, Inc., Strike Price JPY 3,957.20, Expires 5/11/10, Broker Goldman Sachs & Co.		2,300		(9,740	)
Cannon, Inc., Strike Price JPY 4,322.80, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		2,200		(2,342	)
CenturyTel, Inc., Strike Price USD 36.51, Expires 6/25/10, Broker Goldman Sachs & Co.		7,000		(654	)
Chevron Corp., Strike Price USD 81.13, Expires 6/02/10, Broker UBS Securities LLC		2,500		(5,132	)
Chevron Corp., Strike Price USD 82.82, Expires 6/10/10, Broker Credit Suisse First Boston		6,000		(8,611	)
Cincinnati Financial Corp., Strike Price USD 29.65, Expires 6/01/10, Broker Citigroup Global Markets		6,000		(999	)
Dominion Resources, Inc., Strike Price USD 41.95, Expires 5/14/10, Broker UBS Securities LLC		1,100		(329	)
Dominion Resources, Inc., Strike Price USD 41.95, Expires 5/28/10, Broker UBS Securities LLC		1,100		(477	)
Eaton Vance Corp., Strike Price USD 34.69, Expires 6/08/10, Broker Deutsche Bank Securities		5,500		(8,837	)
Emerson Electric Co., Strike Price USD 49.25, Expires 5/21/10, Broker Credit Suisse First Boston		13,000		(40,384	)
Enbridge, Inc., Strike Price CAD 49.56, Expires 5/10/10, Broker Goldman Sachs & Co.		6,000		(2,262	)
Enel SpA, Strike Price EUR 4.20, Expires 5/21/10, Broker Citigroup Global Markets		50		(379	)

Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Eni SpA, Strike Price EUR 18, Expires 5/21/10, Broker Citigroup Global Markets		33	$	(2,149	)
Exxon Mobil Corp., Strike Price USD 69.03, Expires 6/10/10, Broker JPMorgan Chase Securities		14,000		(16,555	)
Foster’s Group Ltd., Strike Price AUD 5.52, Expires 5/11/10, Broker Morgan Stanley & Co., Inc.		23,300		(559	)
General Electric Co., Strike Price USD 18.10, Expires 5/13/10, Broker UBS Securities LLC		17,000		(15,300	)
General Electric Co., Strike Price USD 19.18, Expires 6/11/10, Broker Credit Suisse First Boston		3,500		(1,990	)
GlaxoSmithKline Plc, Strike Price GBP 12.59, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		13,000		(1,866	)
Hang Seng Bank Ltd., Strike Price HKD 110.29, Expires 5/11/10, Broker Deutsche Bank Securities		4,300		(8	)
Hennes & Mauritz AB, Strike Price SEK 494.57, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		5,700		(1,165	)
Hitachi Koki Co. Ltd., Strike Price JPY 1,007.88, Expires 5/11/10, Broker Goldman Sachs & Co.		7,700		(3,468	)
Home Depot, Inc., Strike Price USD 35.55, Expires 6/04/10, Broker UBS Securities LLC		3,500		(2,990	)
Hongkong Electric Holdings Ltd., Strike Price HKD 44.84, Expires 5/11/10, Broker Deutsche Bank Securities		26,500		(3,695	)
Hopewell Holdings Ltd., Strike Price HKD 23.21, Expires 5/11/10, Broker Deutsche Bank Securities		36,500		(426	)
HSBC Holdings Plc, Strike Price GBP 6.93, Expires 5/26/10, Broker Citigroup Global Markets		51,200		(5,523	)
Hudson City Bancorp, Inc., Strike Price USD 14.63, Expires 6/10/10, Broker Morgan Stanley & Co., Inc.		12,000		(1,477	)
Iberdrola SA, Strike Price EUR 6.01, Expires 6/03/10, Broker Credit Suisse First Boston		16,200		(2,068	)
Indra Sistemas SA, Strike Price EUR 15.75, Expires 6/03/10, Broker Citigroup Global Markets		6,400		(2,191	)
Intel Corp., Strike Price USD 22.41, Expires 5/10/10, Broker Morgan Stanley & Co., Inc.		4,500		(2,722	)
International Business Machines Corp., Strike Price USD 131.91, Expires 6/08/10, Broker UBS Securities LLC		4,000		(6,562	)
Johnson & Johnson, Strike Price USD 65.70, Expires 6/14/10, Broker Citigroup Global Markets		3,500		(2,115	)
Keppel Corp. Ltd., Strike Price SGD 8.47, Expires 5/11/10, Broker Deutsche Bank Securities		14,000		(12,765	)
Kesko Oyj, B Shares, Strike Price EUR 27.88, Expires 5/12/10, Broker Citigroup Global Markets		2,200		(4,031	)
Kesko Oyj, B Shares, Strike Price EUR 29.03, Expires 6/16/10, Broker UBS Securities LLC		2,200		(3,361	)
Koninklijke (Royal) KPN NV, Strike Price EUR 11.88, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		11,200		(1,175	)
Kraft Food, Inc., Class A, Strike Price USD 30.45, Expires 5/27/10, Broker Goldman Sachs & Co.		1,500		(391	)
Man Group Plc, Strike Price GBP 2.41, Expires 5/05/10, Broker BNP Paribas		30,500		(1,616	)
Manulife Financial Corp., Strike Price CAD 20, Expires 5/24/10, Broker T.D. Securities		74		(546	)
McDonald’s Corp., Strike Price USD 67.63, Expires 5/14/10, Broker Morgan Stanley & Co., Inc.		7,000		(20,759	)
Microsoft Corp., Strike Price USD 29.43, Expires 5/05/10, Broker Credit Suisse First Boston		18,000		(19,972	)
Mitsui & Co. Ltd., Strike Price JPY 1,519.35, Expires 5/11/10, Broker Goldman Sachs & Co.		10,100		(672	)
Mobistar SA, Strike Price EUR 46.99, Expires 6/03/10, Broker UBS Securities LLC		2,200		(1,536	)
National Australia Bank Ltd., Strike Price AUD 27.32, Expires 5/11/10, Broker Citigroup Global Markets		8,800		(4,873	)
National Bank of Canada, Strike Price CAD 64, Expires 7/19/10, Broker T.D. Securities		29		(2,627	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	57




Schedule of Investments (continued)	BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
	(Percentages shown are based on Net Assets)


Options Written	Contracts		Value

Over-the-Counter Call Options Written (continued)
Nestle SA, Strike Price CHF 53.93, Expires 5/19/10, Broker UBS Securities LLC		1,400	$	(357	)
Nestle SA, Strike Price CHF 54.29, Expires 5/12/10, Broker Credit Suisse First Boston		1,400		(152	)
Nintendo Co. Ltd., Strike Price JPY 26,482.20, Expires 5/11/10, Broker Goldman Sachs & Co.		100		(5,557	)
Nokia Oyj, Strike Price EUR 11.34, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		10,600		(126	)
OPAP SA, Strike Price EUR 16.88, Expires 6/03/10, Broker Citigroup Global Markets		5,900		(2,578	)
Oracle Corp. Japan, Strike Price JPY 4,165.89, Expires 5/11/10, Broker Goldman Sachs & Co.		2,900		(15,100	)
Portugal Telecom SGPS SA, Strike Price EUR 8.32, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		16,700		(900	)
PPR, Strike Price EUR 105.50, Expires 6/03/10, Broker Citigroup Global Markets		700		(1,742	)
Ratos AB, B Shares, Strike Price SEK 240.33, Expires 6/03/10, Broker UBS Securities LLC		9,900		(2,799	)
Ricoh Co. Ltd., Strike Price JPY 1,323.66, Expires 5/11/10, Broker Goldman Sachs & Co.		10,000		(30,057	)
Royal Bank of Canada, Strike Price CAD 62, Expires 6/21/10, Broker T.D. Securities		115		(15,623	)
Royal Dutch Shell Plc, A Shares, Strike Price EUR 22.75, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		6,700		(8,516	)
RWE AG, Strike Price EUR 66.28, Expires 6/03/10, Broker Citigroup Global Markets		1,700		(360	)
Sanofi-Aventis SA, Strike Price EUR 56, Expires 5/21/10, Broker Citigroup Global Markets		19		(198	)
Santos Ltd., Strike Price AUD 13.69, Expires 5/11/10, Broker JPMorgan Chase Securities		18,200		(5,264	)
SAP AG, Strike Price EUR 34.83, Expires 5/06/10, Broker Morgan Stanley & Co., Inc.		3,200		(4,656	)
Scania AB, B Shares, Strike Price SEK 113.73, Expires 5/12/10, Broker Citigroup Global Markets		9,800		(17,168	)
Scania AB, B Shares, Strike Price SEK 125.05, Expires 6/16/10, Broker Morgan Stanley & Co., Inc.		9,700		(7,603	)
Schneider Electric SA, Strike Price EUR 86.19, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		2,300		(8,091	)
Scottish & Southern Energy Plc, Strike Price GBP 11.35, Expires 6/16/10, Broker UBS Securities LLC		14,000		(1,083	)
Sharp Corp., Strike Price JPY 1,092.24, Expires 5/11/10, Broker UBS Securities LLC		7,000		(9,968	)
Siemens AG, Strike Price EUR 72.54, Expires 6/03/10, Broker UBS Securities LLC		1,900		(7,038	)
Singapore Technologies Engineering Ltd., Strike Price SGD 3.15, Expires 5/11/10, Broker JPMorgan Chase Securities		34,664		(314	)
Societe Generale, Strike Price EUR 45.41, Expires 6/03/10, Broker Citigroup Global Markets		2,000		(1,198	)
Solvay SA, Strike Price EUR 78.15, Expires 6/03/10, Broker Citigroup Global Markets		1,700		(350	)
Standard Chartered Plc, Strike Price GBP 18.27, Expires 6/03/10, Broker UBS Securities LLC		13,400		(6,426	)
Suncor Energy, Inc., Strike Price CAD 32, Expires 5/24/10, Broker T.D. Securities		18		(5,148	)
T. Rowe Price Group, Inc., Strike Price USD 53.81, Expires 5/05/10, Broker Morgan Stanley & Co., Inc.		1,700		(6,341	)
Takeda Pharmaceutical Co. Ltd., Strike Price JPY 4,075.35, Expires 5/11/10, Broker JPMorgan Chase Securities		2,800		(1,007	)
TeliaSonera AB, Strike Price SEK 53.18, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		24,300		(310	)
Total SA, Strike Price EUR 43.39, Expires 6/03/10, Broker Morgan Stanley & Co., Inc.		6,900		(1,942	)
Toyota Motor Corp., Strike Price JPY 3,615.80, Expires 5/11/10, Broker Goldman Sachs & Co.		5,000		(5,427	)

Options Written	Contracts		Value

Over-the-Counter Call Options Written (concluded)
United Overseas Bank Ltd., Strike Price SGD 18.56, Expires 5/11/10, Broker Deutsche Bank Securities		5,000	$	(5,460	)
United Technologies Corp., Strike Price USD 76.26, Expires 6/01/10, Broker Morgan Stanley & Co., Inc.		2,500		(3,110	)
Vinci SA, Strike Price EUR 43, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		27		(2,012	)
Vinci SA, Strike Price EUR 43.67, Expires 6/29/10, Broker Credit Suisse First Boston		2,700		(3,699	)
Wal-Mart Stores, Inc., Strike Price USD 54.96, Expires 6/10/10, Broker Citigroup Global Markets		4,500		(2,498	)
Zurich Financial Services AG, Strike Price CHF 260, Expires 5/21/10, Broker Morgan Stanley & Co., Inc.		49		(172	)
Zurich Financial Services AG, Strike Price CHF 273.24, Expires 6/03/10, Broker BNP Paribas		170		(14	)

Total Over-the-Counter Call Options Written				(464,908	)

Total Options Written (Premiums Received—$676,046)—(0.8)%				(679,145	)

Total Investments Net of Outstanding Options Written—100.1%				85,216,874
Liabilities in Excess of Other Assets—(0.1)%				(45,433	)

Net Assets—100.0%			$	85,171,441


*	The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	85,782,857

Gross unrealized appreciation	$	7,854,868
Gross unrealized depreciation		(7,741,706	)

Net unrealized appreciation	$	113,162


(a)	Non-income producing security.
(b)	Security, or a portion thereof, pledged 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 were as follows:



Affiliate	Shares Held at October 31, 2009	Net Activity		Shares Held at April 30, 2010		Income

BlackRock Liquidity Funds, TempFund, Institutional Class	2,037,764		175,141		2,212,905	$	661


(d)	Represents current yield as of report date.

•	Foreign currency exchange contracts as of April 30, 2010 were as follows:

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

USD

4,976

CAD

5,000

Credit Agricole Securities

5/04/10

USD

2,665

EUR

2,000

UBS Securities LLC

5/04/10

Total


•	Fair Value Measurements—Various inputs are used in determining the fair value of investments, 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)

See Notes to Financial Statements.


58		SEMI-ANNUAL REPORT		APRIL 30, 2010




Schedule of Investments (concluded)	BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)


	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 April 30, 2010 in determining the investments:


Investments in Securities

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:
Common Stocks:
Australia		—		$	4,024,528			—	$	4,024,528
Belgium		—			739,150			—		739,150
Canada	$	5,960,710			—			—		5,960,710
Finland		—			744,079			—		744,079
France		—			3,978,668			—		3,978,668
Germany		—			2,706,026			—		2,706,026
Greece		—			474,415			—		474,415
Hong Kong		—			2,100,117			—		2,100,117
Italy		—			1,262,683			—		1,262,683
Japan		—			5,503,488			—		5,503,488
Netherlands		—			420,084			—		420,084
Portugal		—			424,391			—		424,391
Singapore		—			1,285,261			—		1,285,261
Spain		—			1,782,922			—		1,782,922
Sweden		—			3,221,941			—		3,221,941
Switzerland		—			703,198			—		703,198
United Kingdom		—			7,900,005			—		7,900,005
United States		40,451,448			—			—		40,451,448
Short-Term Securities		2,212,905			—			—		2,212,905

Total	$	48,625,063		$	37,270,956			—	$	85,896,019


Other Financial Instruments¹

Valuation Inputs	Level 1			Level 2			Level 3		Total

Assets:		—		$	56			—	$	56
Liabilities:	$	(232,738	)		(446,407	)		—		(679,145	)

Total	$	(232,738	)	$	(446,351	)		—	$	(679,089	)


¹	Other 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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	59

Statements of Assets and Liabilities


April 30, 2010	BlackRock Dividend Achievers™ Trust (BDV)			BlackRock Enhanced Dividend Achievers™ Trust (BDJ)			BlackRock Strategic Dividend Achievers™ Trust (BDT)			BlackRock EcoSolutions Investment Trust (BQR)			BlackRock Energy and Resources Trust (BGR)

Assets

Investments at value - unaffiliated^1,2	$	540,144,827		$	594,684,336		$	304,107,109		$	121,506,552		$	796,524,929
Investments at value - affiliated³		4,740,064			13,025,768			5,868,505			6,328,768			14,229,987
Cash		18,647			20,742			13,429			—			752
Foreign currency at value⁴		—			—			—			156,468			753,340
Investments sold receivable		2,466,527			13,414,296			311,479			3,087,381			4,044,772
Cash collateral pledged for options written		1,983,158			2,538,000			617,677			270,000			1,422,000
Unrealized appreciation on foreign currency exchange contracts		—			—			—			905			32
Dividend and interest receivable		1,021,566			1,133,570			318,097			232,029			1,752,203
Securities lending income receivable - affiliated		—			11,233			—			3,205			1,220
Other assets		229,953			252,089			78,290			14,149			289,391

Total assets		550,604,742			625,080,034			311,314,586			131,599,457			819,018,626



Liabilities

Collateral at value - securities loaned		—			—			—			646,850			430,050
Investments purchased payable		4,175,967			12,360,457			2,317,433			482,573			11,806,497
Options written at value⁵		2,732,589			7,847,919			2,575,887			1,545,049			9,826,559
Unrealized depreciation on foreign currency exchange contracts		—			—			—			229			—
Investment advisory fee payable		290,602			497,158			186,518			127,540			786,666
Officer’s and Trustees’ fees payable		152,524			144,233			41,153			2,002			171,915
Licensing fee payable		44,346			49,304			24,691			—			—
Other accrued expenses payable		345,738			478,235			235,870			132,984			280,251

Total liabilities		7,741,766			21,377,306			5,381,552			2,937,227			23,301,938

Net Assets	$	542,862,976		$	603,702,728		$	305,933,034		$	128,662,230		$	795,716,688



Net Assets Consist of

Paid-in capital	$	695,895,859		$	900,841,730		$	350,660,160		$	211,833,095		$	680,602,964
Distributions in excess of net investment income		(11,350,896	)		(28,375,578	)		(4,364,444	)		(7,010,547	)		(13,104,402	)
Accumulated net realized gain (loss)		(176,662,939	)		(269,124,264	)		(56,180,987	)		(32,777,416	)		47,681,176
Net unrealized appreciation/depreciation		34,980,952			360,840			15,818,305			(43,382,902	)		80,536,950

Net Assets	$	542,862,976		$	603,702,728		$	305,933,034		$	128,662,230		$	795,716,688

Net asset value⁶	$	9.96		$	8.53		$	11.37		$	10.63		$	26.73


¹Investments at cost - unaffiliated	$	505,050,526		$	594,125,343		$	287,314,420		$	165,028,045		$	714,554,865
²Securities on loan at value	$	—		$	—		$	—		$	603,670		$	424,551
³Investments at cost - affiliated	$	4,740,064		$	13,025,768		$	5,868,505		$	6,328,768		$	14,229,987
⁴Foreign currency at cost	$	—		$	—		$	—		$	157,139		$	753,412
⁵Premiums received	$	2,619,240		$	7,635,169		$	1,601,503		$	1,678,874		$	8,391,310
⁶Shares outstanding, unlimited number of shares authorized, $0.001 par value		54,518,315			70,753,700			26,908,028			12,105,863			29,766,217

See Notes to Financial Statements.

60	SEMI-ANNUAL REPORT	APRIL 30, 2010


April 30, 2010	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)

Assets

Investments at value - unaffiliated^1,2	$	1,245,098,115		$	204,658,195		$	1,112,608,128		$	725,010,379		$	83,683,114
Investments at value - affiliated³		73,884,824			12,895,249			36,015,955			28,784,462			2,212,905
Cash		199,607			1,417,596			202,488			8,927,274			1,386
Foreign currency at value⁴		893,910			105,120			8,918,177			131,840			36,113
Investments sold receivable		63,281,778			9,173,101			77,928,277			10,516,264			558,667
Cash collateral pledged for options written		17,153,707			—			19,889,934			2,762,700			—
Unrealized appreciation on foreign currency exchange contracts		24,945			1,956			27,523			—			56
Dividend and interest receivable		3,377,699			333,412			4,707,327			945,506			295,557
Securities lending income receivable - affiliated		2,003			125			2,271			593			—
Other assets		865,949			24,379			298,461			486,905			11,788

Total assets		1,404,782,537			228,609,133			1,260,598,541			777,565,923			86,799,586



Liabilities

Collateral at value - securities loaned		2,850,000			—			1,000,000			2,175,000			—
Investments purchased payable		64,908,697			13,694,697			81,551,669			21,327,430			745,592
Options written at value⁵		18,836,788			1,240,560			17,801,524			8,896,148			679,145
Unrealized depreciation on foreign currency exchange contracts		54,593			513			81,394			72			—
Investment advisory fee payable		1,098,043			177,600			972,580			758,989			53,553
Officer’s and Trustees’ fees payable		258,726			12,548			231,449			137,920			10,444
Licensing fee payable		—			—			8,984			—			41,425
Other accrued expenses payable		766,153			106,951			368,733			267,362			97,986

Total liabilities		88,773,000			15,232,869			102,016,333			33,562,921			1,628,145

Net Assets	$	1,316,009,537		$	213,376,264		$	1,158,582,208		$	744,003,002		$	85,171,441



Net Assets Consist of

Paid-in capital	$	1,569,867,327		$	176,834,894		$	1,848,546,170		$	755,745,036		$	82,951,843
Distributions in excess of net investment income		(72,843,888	)		(5,414,912	)		(91,708,204	)		(30,326,192	)		(1,239,889	)
Accumulated net realized gain (loss)		(222,867,802	)		21,463,802			(573,993,209	)		(37,687,487	)		2,273,704
Net unrealized appreciation/depreciation		41,853,900			20,492,480			(24,262,549			56,271,645			1,185,783

Net Assets	$	1,316,009,537		$	213,376,264		$	1,158,582,208		$	744,003,002		$	85,171,441

Net asset value⁶	$	19.13		$	28.11		$	10.59		$	13.12		$	14.12


¹Investments at cost - unaffiliated	$	1,204,996,150		$	184,537,875		$	1,139,220,387		$	669,349,110		$	82,494,139
²Securities on loan at value	$	2,741,000		$	—		$	952,000		$	2,080,500		$	—
³Investments at cost - affiliated	$	73,884,824		$	12,895,249		$	36,015,955		$	28,784,462		$	2,212,905
⁴Foreign currency at cost	$	890,665		$	104,505		$	8,839,210		$	131,823		$	36,126
⁵Premiums received	$	19,999,063		$	1,604,894		$	19,953,384		$	9,316,659		$	676,046
⁶Shares outstanding, unlimited number of shares authorized, $0.001 par value		68,810,161			7,591,500			109,392,789			56,708,028			6,033,028


		SEMI-ANNUAL REPORT		APRIL 30, 2010	61

Statements of Operations


Period Ended April 30, 2010	BlackRock Dividend Achievers™ Trust (BDV)			BlackRock Enhanced Dividend Achievers™ Trust (BDJ)			BlackRock Strategic Dividend Achievers™ Trust (BDT)			BlackRock EcoSolutions Investment Trust (BQR)			BlackRock Energy and Resources Trust (BGR)

Investment Income

Dividends	$	8,578,471		$	9,627,722		$	5,396,950		$	1,169,600		$	8,944,919
Foreign taxes withheld		(3,185	)		(3,549	)		—			(54,295	)		(290,837	)
Interest		4,931			12,914			2,938			2,195			10,225
Securities lending income - affiliated		—			29,864			—			6,062			10,882

Total income		8,580,217			9,666,951			5,399,888			1,123,562			8,675,189



Expenses

Investment advisory		1,699,320			2,952,430			1,050,531			783,135			4,626,932
Licensing		261,434			295,243			140,071			—			—
Printing		65,851			78,541			32,082			22,717			82,218
Custodian		52,658			57,982			43,911			59,641			65,848
Officer and Trustees		37,435			52,502			10,033			6,530			62,397
Professional		34,504			40,720			30,153			30,937			35,567
Insurance		19,826			22,809			10,396			5,226			28,183
Registration		11,617			11,557			6,147			221			6,979
Transfer agent		6,299			6,311			6,131			5,960			6,518
Miscellaneous		2,481			4,957			4,958			22,316			7,438

Total expenses excluding interest expense		2,191,425			3,523,052			1,334,413			936,683			4,922,080

Interest expense		—			—			—			780			13,486

Total expenses		2,191,425			3,523,052			1,334,413			937,463			4,935,566

Less fees waived by advisor		(2,763	)		(7,311	)		(1,693	)		(1,826	)		(648,582	)

Total expenses after fees waived		2,188,662			3,515,741			1,332,720			935,637			4,286,984

Net investment income		6,391,555			6,151,210			4,067,168			187,925			4,388,205



Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments		95,789			(35,274,158	)		4,164,207			(8,019,568	)		36,440,473
Foreign currency transactions		—			—			—			(37,019	)		38,034
Options written		3,690,684			11,226,815			2,724,120			2,445,519			15,902,150

		3,786,473			(24,047,343	)		6,888,327			(5,611,068	)		52,380,657

Net change in unrealized appreciation/depreciation on:
Investments		53,305,273			83,301,231			44,125,889			13,847,517			55,845,523
Foreign currency transactions		—			—			—			9,564			5,219
Options written		(1,076,165	)		(2,822,397	)		(1,874,888	)		(455,760	)		(1,381,140	)

		52,229,108			80,478,834			42,251,001			13,401,321			54,469,602

Total realized and unrealized gain (loss)		56,015,581			56,431,491			49,139,328			7,790,253			106,850,259

Net Increase in Net Assets Resulting from Operations	$	62,407,136		$	62,582,701		$	53,206,496		$	7,978,178		$	111,238,464


1	Net of $(313,474) and $(17,181) foreign capital gain tax for BOE and BCF, respectively.

See Notes to Financial Statements.


62		SEMI-ANNUAL REPORT		APRIL 30, 2010


	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)

Investment Income

Dividends	$	13,270,181		$	1,693,725		$	15,385,912		$	4,626,278		$	1,587,135
Foreign taxes withheld		(779,324	)		(79,792	)		(1,512,369	)		(109,486	)		(71,947	)
Interest		19,780			3,840			19,208			16,636			661
Securities lending income - affiliated		6,256			726			3,588			2,171			—

Total income		12,516,893			1,618,499			13,896,339			4,535,599			1,515,849



Expenses

Investment advisory		6,490,706			1,041,498			5,923,752			4,341,981			312,112
Licensing		—			—			—			—			62,423
Printing		173,006			24,194			136,729			78,454			11,886
Custodian		295,014			53,319			251,100			85,693			55,213
Officer and Trustees		102,598			10,886			112,756			59,308			4,534
Professional		45,929			31,719			55,824			38,555			25,939
Insurance		38,384			7,082			47,729			26,392			3,143
Registration		6,339			4,442			21,973			13,997			997
Transfer agent		7,421			5,969			6,274			5,986			5,997
Miscellaneous		57,028			7,440			53,594			14,877			14,875

Total expenses excluding interest expense		7,216,425			1,186,549			6,609,731			4,665,243			497,119

Interest expense		—			5,845			486			—			—

Total expenses		7,216,425			1,192,394			6,610,217			4,665,243			497,119

Less fees waived by advisor		(11,284	)		(3,040	)		(13,237	)		(733,766	)		(428	)

Total expenses after fees waived		7,205,141			1,189,354			6,596,980			3,931,477			496,691

Net investment income		5,311,752			429,145			7,299,359			604,122			1,019,158



Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments		58,813,320	¹		20,103,278			(45,015,496	)		1,090,192	¹		2,707,270
Foreign currency transactions		(671,764	)		(63,577	)		(1,947,963	)		(69,632	)		(37,443	)
Options written		44,529,408			3,509,058			36,490,780			14,128,094			696,615

		102,670,964			23,548,759			(10,472,679	)		15,148,654			3,366,442

Net change in unrealized appreciation/depreciation on:
Investments		12,901,021			2,681,392			73,939,779			96,738,634			2,519,464
Foreign currency transactions		(60,240	)		(4,878	)		125,185			(16,139	)		5,632
Options written		(9,403,646	)		(43,978	)		(8,317,705	)		(2,574,077	)		(193,348	)

		3,437,135			2,632,536			65,747,259			94,148,418			2,331,748

Total realized and unrealized gain (loss)		106,108,099			26,181,295			55,274,580			109,297,072			5,698,190

Net Increase in Net Assets Resulting from Operations	$	111,419,851		$	26,610,440		$	62,573,939		$	109,901,194		$	6,717,348


		SEMI-ANNUAL REPORT		APRIL 30, 2010	63

Statements of Changes in Net Assets


	BlackRock Dividend Achievers™ Trust (BDV)						BlackRock Enhanced Dividend Achievers™ Trust (BDJ)

Net Increase (Decrease) in Net Assets	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009

Operations

Net investment income	$	6,391,555		$	16,343,361		$	6,151,210		$	17,340,895
Net realized gain (loss)		3,786,473			(127,871,946	)		(24,047,343	)		(190,657,567	)
Net change in unrealized appreciation/depreciation		52,229,108			82,109,730			80,478,834			153,236,724

Net increase (decrease) in net assets resulting from operations		62,407,136			(29,418,855	)		62,582,701			(20,079,948	)



Dividends and Distributions to Shareholders From

Net investment income		(17,718,452	)		(16,244,237	)		(34,513,772	)		(17,467,300	)
Net realized gains		—			—			—			—
Tax return of capital		—			(19,192,668	)		—			(63,684,763	)

Decrease in net assets resulting from dividends and distributions to shareholders		(17,718,452	)		(35,436,905	)		(34,513,772	)		(81,152,063	)



Capital Share Transactions

Reinvestment of dividends		—			—			3,568,270			4,328,556



Net Assets

Total increase (decrease) in net assets		44,688,684			(64,855,760	)		31,637,199			(96,903,455	)
Beginning of period		498,174,292			563,030,052			572,065,529			668,968,984

End of period	$	542,862,976		$	498,174,292		$	603,702,728		$	572,065,529

Undistributed (distributions in excess of) net investment income	$	(11,350,896	)	$	(23,999	)	$	(28,375,578	)	$	(13,016	)

See Notes to Financial Statements.


64		SEMI-ANNUAL REPORT		APRIL 30, 2010


	BlackRock Strategic Dividend Achievers™ Trust (BDT)						BlackRock EcoSolutions Investment Trust (BQR)						BlackRock Energy and Resources Trust (BGR)

Net Increase (Decrease) in Net Assets	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009

Operations

Net investment income	$	4,067,168		$	9,100,829		$	187,925		$	770,652		$	4,388,205		$	10,362,915
Net realized gains (loss)		6,888,327			(54,399,830	)		(5,611,068	)		(27,169,059	)		52,380,657			7,812,418
Net change in unrealized appreciation/depreciation		42,251,001			37,119,870			13,401,321			48,078,825			54,469,602			122,155,453

Net increase (decrease) in net assets resulting from operations		53,206,496			(8,179,131	)		7,978,178			21,680,418			111,238,464			140,330,786



Dividends and Distributions to Shareholders From

Net investment income		(8,745,109	)		(8,355,545	)		(7,214,594	)		(776,099	)		(24,110,636	)		(13,891,389	)
Net realized gains		—			—			—			(1,032,348	)		—			(5,568,031	)
Tax return of capital		—			(9,134,673	)		—			(15,909,385	)		—			(28,761,852	)

Decrease in net assets resulting from dividends and distributions to shareholders		(8,745,109	)		(17,490,218	)		(7,214,594	)		(17,717,832	)		(24,110,636	)		(48,221,272	)



Capital Share Transactions

Reinvestment of dividends		—			—			873,283			2,781,185			—			—



Net Assets

Total increase (decrease) in net assets		44,461,387			(25,669,349	)		1,636,867			6,743,771			87,127,828			92,109,514
Beginning of period		261,471,647			287,140,996			127,025,363			120,281,592			708,588,860			616,479,346

End of period	$	305,933,034		$	261,471,647		$	128,662,230		$	127,025,363		$	795,716,688		$	708,588,860

Undistributed (distributions in excess of) net investment income	$	(4,364,444	)	$	313,497		$	(7,010,547	)	$	16,122		$	(13,104,402	)	$	6,618,029


		SEMI-ANNUAL REPORT		APRIL 30, 2010	65

Statements of Changes in Net Assets (concluded)


	BlackRock Global Opportunities Equity Trust (BOE)						BlackRock Health Sciences Trust (BME)
Net Increase (Decrease) in Net Assets	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
Operations
Net investment income	$	5,311,752		$	5,271,647		$	429,145		$	662,563
Net realized gain (loss)		102,670,964			(31,644,052	)		23,548,759			3,321,376
Net change in unrealized appreciation/depreciation		3,437,135			112,160,357			2,632,536			21,947,983
Net increase (decrease) in net assets resulting from operations		111,419,851			85,787,952			26,610,440			25,931,922

Dividends and Distributions to Shareholders From
Net investment income		(77,998,016	)		(5,179,012	)		(5,835,966	)		(949,596	)
Net realized gains		—			—			—			(7,700,487	)
Tax return of capital		—			(55,376,808	)		—			(4,321,847	)
Decrease in net assets resulting from dividends and distributions to shareholders		(77,998,016	)		(60,555,820	)		(5,835,966	)		(12,971,930	)

Capital Share Transactions
Net proceeds from the issuance of shares due to reorganization		—			1,025,103,621			—			—
Reinvestment of dividends		4,417,379			—			—			—
Net increase in net assets derived from share transactions		4,417,379			1,025,103,621			—			—

Net Assets
Total increase (decrease) in net assets		37,839,214			1,050,335,753			20,774,474			12,959,992
Beginning of period		1,278,170,323			227,834,570			192,601,790			179,641,798
End of period	$	1,316,009,537		$	1,278,170,323		$	213,376,264		$	192,601,790
Undistributed (distributions in excess of) net investment income	$	(72,843,888	)	$	(157,624	)	$	(5,414,912	)	$	(8,091	)

See Notes to Financial Statements.


66		SEMI-ANNUAL REPORT		APRIL 30, 2010


	BlackRock International Growth and Income Trust (BGY)						BlackRock Real Asset Equity Trust (BCF)						BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
Net Increase (Decrease) in Net Assets	Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009			Six Months Ended April 30, 2010 (Unaudited)			Year Ended October 31, 2009
Operations
Net investment income	$	7,299,359		$	28,958,213		$	604,122		$	3,691,683		$	1,019,158		$	2,403,578
Net realized gain (loss)		(10,472,679	)		(559,616,464	)		15,148,654			(49,027,390	)		3,366,442			1,092,426
Net change in unrealized appreciation/depreciation		65,747,259			779,184,105			94,148,418			236,659,541			2,331,748			7,255,058
Net increase (decrease) in net assets resulting from operations		62,573,939			248,525,854			109,901,194			191,323,834			6,717,348			10,751,062

Dividends and Distributions to Shareholders From
Net investment income		(98,578,140	)		(32,190,952	)		(30,826,484	)		(6,325,350	)		(2,262,386	)		(2,343,114	)
Net realized gains		—			—			—			—			—			(1,969,353	)
Tax return of capital		—			(161,725,283	)		—			(55,327,618	)		—			(438,543	)
Decrease in net assets resulting from dividends and distributions to shareholders		(98,578,140	)		(193,916,235	)		(30,826,484	)		(61,652,968	)		(2,262,386	)		(4,751,010	)

Capital Share Transactions
Net proceeds from the issuance of shares due to reorganization		—			—			—			—			—			—
Reinvestment of dividends		15,939,001			17,521,775			—			—			—			—
Net increase in net assets derived from share transactions		15,939,001			17,521,775			—			—			—			—

Net Assets
Total increase (decrease) in net assets		(20,065,200	)		72,131,394			79,074,710			129,670,866			4,454,962			6,000,052
Beginning of period		1,178,647,408			1,106,516,014			664,928,292			535,257,426			80,716,479			74,716,427
End of period	$	1,158,582,208		$	1,178,647,408		$	744,003,002		$	664,928,292		$	85,171,441		$	80,716,479
Undistributed (distributions in excess of) net investment income	$	(91,708,204	)	$	(429,423	)	$	(30,326,192	)	$	(103,830	)	$	(1,239,889	)	$	3,339


		SEMI-ANNUAL REPORT		APRIL 30, 2010	67




Financial Highlights	BlackRock Dividend Achievers^TMTrust (BDV)


	Six Months Ended April 30, 2010 (unaudited)

				Year Ended October 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.14		$	10.33		$	15.49		$	15.95		$	14.21		$	14.67
Net investment income		0.11			0.30			0.41			0.45			0.42			0.43
Net realized and unrealized gain (loss)		1.04			(0.84	)		(4.67	)		(0.01	)		2.21			0.01
Net increase (decrease) from investment operations		1.15			(0.54	)		(4.26	)		0.44			2.63			0.44
Dividends and distributions from:
Net investment income		(0.33	)¹		(0.30	)		(0.43	)		(0.44	)		(0.41	)		(0.43	)
Net realized gain		—			—			—			(0.38	)		(0.32	)		(0.28	)
Tax return of capital		—			(0.35	)		(0.47	)		(0.08	)		(0.16	)		(0.19	)
Total dividends and distributions		(0.33	)		(0.65	)		(0.90	)		(0.90	)		(0.89	)		(0.90	)
Net asset value, end of period	$	9.96		$	9.14		$	10.33		$	15.49		$	15.95		$	14.21
Market price, end of period	$	9.30		$	8.27		$	9.20		$	13.64		$	14.86		$	12.77

Total Investment Return²
Based on net asset value		12.78	%³		(3.75	)%		(27.56	)%		3.15	%		19.89	%		3.11	%
Based on market price		16.39	%³		(2.21	)%		(26.73	)%		(2.50	)%		24.31	%		(9.25	)%

Ratios to Average Net Assets
Total expenses		0.84	%⁴		0.85	%		0.83	%		0.82	%		0.84	%		0.84	%
Total expenses after fees waived		0.84	%⁴		0.85	%		0.83	%		0.82	%		0.84	%		0.84	%
Net investment income		2.44	%⁴		3.46	%		3.46	%		2.87	%		2.90	%		2.93	%

Supplemental Data
Net assets, end of period (000)	$	542,863		$	498,174		$	563,030		$	844,633		$	869,703		$	774,691
Portfolio turnover		66	%		56	%		23	%		12	%		11	%		27	%


¹	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
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.
³	Aggregate total investment return.
⁴	Annualized.

See Notes to Financial Statements.


68		SEMI-ANNUAL REPORT		APRIL 30, 2010




Financial Highlights	BlackRock Enhanced Dividend Achievers^TMTrust (BDJ)


	Six Months Ended April 30, 2010 (unaudited)															Period August 31, 2005¹ through October 31, 2005

				Year Ended October 31,
				2009			2008			2007			2006
Per Share Operating Performance

Net asset value, beginning of period	$	8.13		$	9.59		$	14.10		$	14.88		$	14.01		$	14.33 2
Net investment income		0.09			0.25			0.34			0.39			0.37			0.06
Net realized and unrealized gain (loss)		0.80			(0.55	)		(3.73	)		0.06			1.71			(0.26	)
Net increase (decrease) from investment operations		0.89			(0.30	)		(3.39	)		0.45			2.08			(0.20	)
Dividends and distributions from:
Net investment income		(0.49	)³		(0.25	)		(0.52	)		(0.43	)		(0.15	)		(0.06	)
Net realized gain		—			—			—			(0.80	)		(1.06	)		(0.04	)
Tax return of capital		—			(0.91	)		(0.60	)		—			—			—
Total dividends and distributions		(0.49	)		(1.16	)		(1.12	)		(1.23	)		(1.21	)		(0.10	)
Offering costs resulting from the issuance of shares		—			—			—			—			—			(0.02	)
Net asset value, end of period	$	8.53		$	8.13		$	9.59		$	14.10		$	14.88		$	14.01
Market price, end of period	$	8.80		$	7.89		$	8.47		$	12.68		$	14.92		$	13.79

Total Investment Return⁴
Based on net asset value		11.13	%⁵		(1.63	)%		(24.35	)%		3.21	%		15.72	%		(1.42	)%⁵
Based on market price		18.13	%⁵		8.08	%		(25.70	)%		(7.43	)%		17.97	%		(7.40	)%⁵

Ratios to Average Net Assets
Total expenses		1.19	%⁶		1.20	%		1.18	%		1.17	%		1.19	%		1.25	%⁶
Total expenses after fees waived		1.19	%⁶		1.20	%		1.18	%		1.17	%		1.19	%		1.25	%⁶
Net investment income		2.08	%⁶		3.11	%		3.20	%		2.76	%		2.73	%		2.44	%⁶

Supplemental Data
Net assets, end of period (000)	$	603,703		$	572,066		$	668,969		$	983,762		$	1,033,127		$	968,245
Portfolio turnover		118	%		117	%		86	%		91	%		138	%		5	%


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	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
⁴	Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
⁵	Aggregate total investment return.
⁶	Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	69




Financial Highlights	BlackRock Strategic Dividend Achievers^TMTrust (BDT)


	Six Months Ended April 30, 2010 (unaudited)

				Year Ended October 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.72		$	10.67		$	15.22		$	16.13		$	15.14		$	14.96
Net investment income		0.15			0.30			0.37			0.40			0.37			0.46
Net realized and unrealized gain (loss)		1.83			(0.60	)		(4.02	)		(0.41	)		1.52			0.62
Net increase (decrease) from investment operations		1.98			(0.30	)		(3.65	)		(0.01	)		1.89			1.08
Dividends and distributions from:
Net investment income		(0.33	)¹		(0.31	)		(0.40	)		(0.40	)		(0.35	)		(0.46	)
Net realized gain		—			—			—			(0.38	)		(0.55	)		(0.42	)
Tax return of capital		—			(0.34	)		(0.50	)		(0.12	)		—			(0.02	)
Total dividends and distributions		(0.33	)		(0.65	)		(0.90	)		(0.90	)		(0.90	)		(0.90	)
Net asset value, end of period	$	11.37		$	9.72		$	10.67		$	15.22		$	16.13		$	15.14
Market price, end of period	$	10.19		$	8.37		$	9.01		$	13.19		$	14.53		$	13.20

Total Investment Return²
Based on net asset value		21.00	%³		(1.10	)%		(23.93	)%		0.24	%		13.65	%		7.62	%
Based on market price		25.93	%³		0.86	%		(25.88	)%		(3.56	)%		17.43	%		(3.46	)%

Ratios to Average Net Assets
Total expenses		0.95	%⁴		0.97	%		0.94	%		0.95	%		0.96	%		0.96	%
Total expenses after fees waived		0.95	%⁴		0.97	%		0.94	%		0.95	%		0.96	%		0.96	%
Net investment income		2.90	%⁴		3.68	%		3.40	%		2.75	%		2.57	%		3.01	%

Supplemental Data
Net assets, end of period (000)	$	305,933		$	261,472		$	287,141		$	409,646		$	433,938		$	407,366
Portfolio turnover		26	%		66	%		20	%		18	%		18	%		24	%


¹	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
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.
³	Aggregate total investment return.
⁴	Annualized.

See Notes to Financial Statements.


70		SEMI-ANNUAL REPORT		APRIL 30, 2010




Financial Highlights	BlackRock EcoSolutions Investment Trust (BQR)


	Six Months Ended April 30, 2010 (unaudited)									Period September 28, 2007¹through October 31, 2007

				Year Ended October 31
				2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	10.56		$	10.23		$	20.31		$	19.10	²
Net investment income		0.02			0.06			0.03			—
Net realized and unrealized gain (loss)		0.65			1.78			(8.51	)		1.25
Net increase (decrease) from investment operations		0.67			1.84			(8.48	)		1.25
Dividends and distributions from:
Net investment income		(0.60	)³		(0.07	)		(0.02	)		—
Net realized gain		—			(0.09	)		(1.58	)		—
Tax return of capital		—			(1.35	)		—			—
Total dividends and distributions		(0.60	)		(1.51	)		(1.60	)		—
Offering costs resulting from the issuance of shares		—			—			—			(0.04	)
Net asset value, end of period	$	10.63		$	10.56		$	10.23		$	20.31
Market price, end of period	$	11.14		$	10.23		$	9.20		$	19.75

Total Investment Return⁴
Based on net asset value		6.22	%⁵		19.64	%		(43.99	)%		6.28	%⁵
Based on market price		14.91	%⁵		28.88	%		(48.20	)%		(1.25	)%⁵

Ratios to Average Net Assets
Total expenses		1.44	%⁶		1.51	%		1.36	%		1.70	%⁶
Total expenses after fees waived and paid indirectly		1.43	%⁶		1.50	%		1.35	%		1.68	%⁶
Net investment income		0.29	%⁶		0.65	%		0.38	%		0.97	%⁶

Supplemental Data
Net assets, end of period (000)	$	128,662		$	127,025		$	120,282		$	238,731
Portfolio turnover		55	%		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	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
⁴	Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
⁵	Aggregate total investment return.
⁶	Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	71




Financial Highlights	BlackRock Energy and Resources Trust (BGR)


	Six Months Ended April 30, 2010 (unaudited)																Period December 29, 2004¹ through October 31, 2005

					Year Ended October 31,
					2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$	23.81		$	20.71		$	37.60		$	29.67		$	28.12			$	23.88	²
Net investment income			0.15			0.41			1.18			0.49			0.75				0.56
Net realized and unrealized gain (loss)			3.58			4.32			(14.63	)		9.27			3.65				4.85
Net increase (decrease) from investment operations			3.73			4.73			(13.45	)		9.76			4.40				5.41
Dividends and distributions from:
Net investment income			(0.81	)³		(0.47	)		(0.96	)		(0.70	)		(0.49	)			(0.54	)
Net realized gain			—			(0.19	)		(2.48	)		(1.13	)		(2.36	)			(0.59	)
Tax return of capital			—			(0.97	)		—			—			—				—
Total dividends and distributions			(0.81	)		(1.63	)		(3.44	)		(1.83	)		(2.85	)			(1.13	)
Offering costs resulting from the issuance of shares			—			—			—			—			—				(0.04	)
Net asset value, end of period		$	26.73		$	23.81		$	20.71		$	37.60		$	29.67			$	28.12
Market price, end of period		$	25.50		$	22.18		$	17.99		$	32.14		$	26.73			$	25.16

Total Investment Return⁴
Based on net asset value			15.73	%⁵		25.54	%		(38.15	)%		34.98	%		17.30	%			22.99	%⁵
Based on market price			18.52	%⁵		34.63	%		(37.14	)%		28.07	%		18.11	%			5.10	%⁵

Ratios to Average Net Assets
Total expenses			1.28	%⁶		1.30	%		1.27	%		1.27	%		1.28	%			1.30	%⁶
Total expenses after fees waived and paid indirectly			1.11	%⁶		1.10	%		1.07	%		1.07	%		1.08	%			1.10	%⁶
Net investment income			1.14	%⁶		1.77	%		1.38	%		1.69	%		2.47	%			2.59	%⁶

Supplemental Data
Net assets, end of period (000)		$	795,717		$	708,589		$	616,479		$	1,119,310		$	883,104			$	836,924
Portfolio turnover			55	%		62	%		54	%		47	%		40	%			64	%


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.
³	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
⁴	Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
⁵	Aggregate total investment return.
⁶	Annualized.


See Notes to Financial Statements.


72	SEMI-ANNUAL REPORT	APRIL 30, 2010




Financial Highlights	BlackRock Global Opportunities Equity Trust (BOE)


	Six Months Ended April 30, 2010 (unaudited)																Period May 31, 2005¹through October 31, 2005

					Year Ended October 31,
					2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$	18.64		$	18.03		$	31.09		$	26.72		$	23.77			$	23.88	²
Net investment income			0.07			0.19			0.39			0.55			0.58				0.37
Net realized and unrealized gain (loss)			1.56			2.70			(10.39	)		6.32			4.64				0.13
Net increase (decrease) from investment operations			1.63			2.89			(10.00	)		6.87			5.22				0.50
Dividends and distributions from:
Net investment income			(1.14	)³		(0.20	)		(0.56	)		(0.36	)		(0.59	)			(0.23	)
Net realized gain			—			—			(2.48	)		(2.14	)		(1.68	)			(0.33	)
Tax return of capital			—			(2.08	)		(0.02	)		—			—				—
Total dividends and distributions			(1.14	)		(2.28	)		(3.06	)		(2.50	)		(2.27	)			(0.56	)
Offering costs resulting from the issuance of shares			—			—			—			—			—				(0.05	)
Net asset value, end of period		$	19.13		$	18.64		$	18.03		$	31.09		$	26.72			$	23.77
Market price, end of period		$	20.00		$	18.40		$	15.89		$	28.76		$	27.61			$	23.88

Total Investment Return⁴
Based on net asset value			9.00	%⁵		20.50	%		(35.08	)%		27.47	%		24.48	%			0.81	%⁵
Based on market price			15.44	%⁵		34.97	%		(38.15	)%		14.11	%		26.64	%			(2.21	)%⁵

Ratios to Average Net Assets
Total expenses			1.11	%⁶		1.21	%		1.14	%		1.15	%		1.16	%			1.19	%⁶
Total expenses after fees waived			1.11	%⁶		1.20	%		1.14	%		1.15	%		1.16	%			1.19	%⁶
Net investment income			0.82	%⁶		1.05	%		1.60	%		1.87	%		2.45	%			3.66	%⁶

Supplemental Data
Net assets, end of period (000)		$	1,316,010		$	1,278,170		$	227,835		$	389,741		$	331,744			$	294,195
Portfolio turnover			158	%		300	%		120	%		111	%		184	%			55	%


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.
³	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
⁴	Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
⁵	Aggregate total investment return.
⁶	Annualized.


See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	APRIL 30, 2010	73




Financial Highlights	BlackRock Health Sciences Trust (BME)


	Six Months Ended April 30, 2010 (unaudited)																Period March 31, 2005¹ through October 31, 2005

					Year Ended October 31,
					2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$	25.37		$	23.66		$	30.33		$	27.74		$	26.38			$	23.88	²
Net investment income			0.06			0.10			0.10			0.05			0.00	³			(0.03	)
Net realized and unrealized gain (loss)			3.45			3.32			(4.70	)		4.76			3.28				3.34
Net increase (decrease) from investment operations			3.51			3.42			(4.60	)		4.81			3.28				3.31
Dividends and distributions from:
Net investment income			(0.77	)⁴		(0.13	)		(0.09	)		(0.02	)		—				—
Net realized gain			—			(1.01	)		(1.98	)		(2.20	)		(1.92	)			(0.77	)
Tax return of capital			—			(0.57	)		—			—			—				—
Total dividends and distributions			(0.77	)		(1.71	)		(2.07	)		(2.22	)		(1.92	)			(0.77	)
Offering costs resulting from the issuance of shares			—			—			—			—			—				(0.04	)
Net asset value, end of period		$	28.11		$	25.37		$	23.66		$	30.33		$	27.74			$	26.38
Market price, end of period		$	27.41		$	22.61		$	21.62		$	27.05		$	27.32			$	25.19

Total Investment Return⁵
Based on net asset value			14.00	%⁶		16.31	%		(15.55	)%		18.62	%		13.00	%			13.88	%⁶
Based on market price			24.73	%⁶		13.44	%		(13.47	)%		7.42	%		16.59	%			3.81	%⁶

Ratios to Average Net Assets
Total expenses			1.14	%⁷		1.15	%		1.13	%		1.13	%		1.15	%			1.18	%⁷
Total expenses after fees waived			1.14	%⁷		1.15	%		1.13	%		1.13	%		1.15	%			1.18	%⁷
Net investment income			0.41	%⁷		0.37	%		0.20	%		0.15	%		(0.11	)%			(0.19	)%⁷

Supplemental Data
Net assets, end of period (000)		$	213,376		$	192,602		$	179,642		$	230,280		$	208,151			$	198,005
Portfolio turnover			132	%		167	%		121	%		89	%		181	%			104	%


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Amounted to less than $0.01 per share outstanding.
⁴	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
⁵	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.
⁶	Aggregate total investment return.
⁷	Annualized.


See Notes to Financial Statements.


74	SEMI-ANNUAL REPORT	APRIL 30, 2010




Financial Highlights	BlackRock International Growth and Income Trust (BGY)


	Six Months Ended April 30, 2010 (unaudited)										Period May 30, 2007¹through October 31, 2007
					Year Ended October 31,
					2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$	10.92		$	10.41		$	20.12			$	19.10	²
Net investment income			0.07			0.29			0.27				0.14
Net realized and unrealized gain (loss)			0.51			2.04			(8.31	)			1.50
Net increase (decrease) from investment operations			0.58			2.33			(8.04	)			1.64
Dividends and distributions from:
Net investment income			(0.91	)³		(0.30	)		(0.30	)			(0.10	)
Net realized gain			—			—			(0.88	)			(0.50	)
Tax return of capital			—			(1.52	)		(0.49	)			—
Total dividends and distributions			(0.91	)		(1.82	)		(1.67	)			(0.60	)
Offering costs resulting from the issuance of shares			—			—			—				(0.02	)
Net asset value, end of period		$	10.59		$	10.92		$	10.41			$	20.12
Market price, end of period		$	11.03		$	10.92		$	9.09			$	17.76

Total Investment Return⁴
Based on net asset value			5.17	%⁵		26.28	%		(41.76	)%			8.93	%⁵
Based on market price			9.54	%⁵		44.62	%		(42.39	)%			(8.17	)%⁵

Ratios to Average Net Assets
Total expenses			1.12	%⁶		1.12	%		1.11	%			1.07	%⁶
Total expenses after fees waived			1.11	%⁶		1.12	%		1.11	%			1.07	%⁶
Net investment income			1.23	%⁶		2.68	%		2.34	%			1.75	%⁶

Supplemental Data
Net assets, end of period (000)		$	1,158,582		$	1,178,647		$	1,106,516			$	2,138,523
Portfolio turnover			142	%		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	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
⁴	Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
⁵	Aggregate total investment return.
⁶	Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	75




Financial Highlights	BlackRock Real Asset Equity Trust (BCF)


	Six Months Ended April 30, 2010 (unaudited)													Period September 29, 2006¹through October 31, 2006
					Year Ended October 31,
					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			0.01			0.08			0.20			0.20				0.04
Net realized and unrealized gain (loss)			1.92			3.30			(10.16	)		6.35				0.98
Net increase (decrease) from investment operations			1.93			3.38			(9.96	)		6.55				1.02
Dividends and distributions from:
Net investment income			(0.54	)³		(0.11	)		(0.17	)		(0.29	)			—
Net realized gain			—			—			(1.22	)		(0.80	)			—
Tax return of capital			—			(0.98	)		—			—				—
Total dividends and distributions			(0.54	)		(1.09	)		(1.39	)		(1.09	)			—
Offering costs resulting from the issuance of shares			—			—			—			—				(0.02	)
Net asset value, end of period		$	13.12		$	11.73		$	9.44		$	20.79			$	15.33
Market price, end of period		$	13.04		$	11.45		$	7.74		$	17.59			$	15.00

Total Investment Return⁴
Based on net asset value			16.49	%⁵		40.96	%		(50.14	)%		45.34	%			6.98	%⁵
Based on market price			18.61	%⁵		67.81	%		(51.69	)%		25.67	%			—	%⁵

Ratios to Average Net Assets
Total expenses			1.29	%⁶		1.32	%		1.29	%		1.21	%			1.42	%⁶
Total expenses after fees waived and paid indirectly			1.09	%⁶		1.12	%		1.09	%		1.08	%			1.22	%⁶
Net investment income			0.17	%⁶		0.68	%		1.14	%		1.37	%			2.63	%⁶

Supplemental Data
Net assets, end of period (000)		$	744,003		$	664,928		$	535,257		$	1,179,087			$	820,283
Portfolio turnover			46	%		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	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
⁴	Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.
⁵	Aggregate total investment return.
⁶	Annualized.

See Notes to Financial Statements.


76		SEMI-ANNUAL REPORT		APRIL 30, 2010




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


	Six Months Ended April 30, 2010 (unaudited)

					Year Ended October 31,
					2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period		$	13.38		$	12.38		$	21.00		$	18.55		$	15.98		$	15.29
Net investment income			0.17			0.36			0.50			0.46			0.39			0.56
Net realized and unrealized gain (loss)			0.95			1.43			(8.22	)		2.90			3.22			0.88
Net increase (decrease) from investment operations			1.12			1.79			(7.72	)		3.36			3.61			1.44
Dividends and distributions from:
Net investment income			(0.38	)¹		(0.39	)		(0.52	)		(0.44	)		(0.49	)		(0.37	)
Net realized gain			—			(0.33	)		—			(0.40	)		(0.55	)		(0.38	)
Tax return of capital			—			(0.07	)		(0.38	)		(0.07	)		0.00	²		—
Total dividends and distributions			(0.38	)		(0.79	)		(0.90	)		(0.91	)		(1.04	)		(0.75	)
Net asset value, end of period		$	14.12		$	13.38		$	12.38		$	21.00		$	18.55		$	15.98
Market price, end of period		$	12.56		$	11.54		$	10.50		$	18.07		$	16.36		$	14.54

Total Investment Return³
Based on net asset value			8.83	%⁴		17.64	%		(37.53	)%		19.10	%		24.34	%		10.08	%
Based on market price			12.24	%⁴		19.63	%		(38.42	) %		16.20	%		20.52	%		10.97	%

Ratios to Average Net Assets
Total expenses			1.19	%⁵		1.17	%		0.96	%		1.20	%		1.13	%		1.14	%
Total expenses after fees waived			1.19	%⁵		1.16	%		0.96	%		1.20	%		1.13	%		1.14	%
Net investment income			2.45	%⁵		3.39	%		3.11	%		2.45	%		2.45	%		3.35	%

Supplemental Data
Net assets, end of period (000)		$	85,171		$	80,716		$	74,716		$	126,706		$	111,925		$	96,402
Portfolio turnover			29	%		64	%		10	%		12	%		10	%		38	%


¹	A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.
²	Amounted to less than $0.01 per share outstanding.
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.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	77

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Dividend Achievers^TMTrust (“BDV”), BlackRock Enhanced Dividend Achievers^TMTrust (“BDJ”), BlackRock Strategic Dividend Achievers^TMTrust (“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 the use of management accruals and estimates. Actual results may differ from these estimates. The Trusts determine and make available for publication the net asset values of their shares on a daily basis.

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	Net Assets After the Reorganizations		Net Assets Prior to the Reorganizations		Shares Issued		Target Trusts Shares Redeemed

BOE	$	1,256,641,195	$	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’ policy is to fair value their financial instruments at market value using independent dealers or pricing services selected under supervision of 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 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 by a method 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 current sale of that


78		SEMI-ANNUAL REPORT		APRIL 30, 2010

Notes to Financial Statements (continued)

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 Board or by the investment advisor using a pricing service and/or procedures approved by the Board. Each business day, the Trusts use a pricing service selected under the supervision of the Trusts’ Board 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. Foreign currency amounts are translated into US dollars as follows: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the US dollar rises in value against 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 Securities and Exchange Commission (“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 is recognized on the accrual basis.

Dividends and Distributions: Dividends from net investment income are declared and paid quarterly. Distributions of capital gains are recorded on the ex-dividend dates. If the total dividends and distributions made in any tax year exceeds net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax return of capital. The amount and timing 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. 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, 2009 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.

Recent Accounting Standard: In January 2010, Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require additional disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggre-


		SEMI-ANNUAL REPORT		APRIL 30, 2010	79

Notes to Financial Statements (continued)

gation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009, and interim periods within those fiscal years, except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Trusts’ financial statements and disclosures is currently being assessed.

Dividend Achievers Universe: BDV, BDJ and BDT have been granted a revocable license by Mergent^®, Inc. (“Mergent”) to use the Dividend Achievers^TMuniverse of common stocks. If Mergent revokes each Trust’s license to use the Dividend Achievers^TMuniverse, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Mergent” and ‘‘Dividend Achievers^TM” are trademarks of Mergent and have been licensed for use by BDV, BDJ, and BDT. The products are not sponsored, endorsed, managed, sold or promoted by Mergent and Mergent makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown 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”) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover the Trusts’ deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income - 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 may engage in various portfolio investment strategies both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as equity risk and foreign currency exchange rate risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying instrument or if the counterparty does not perform under the contract. The Trusts may mitigate counterparty risk through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Trust and separately each of its counterparties. The ISDA Master Agreement allows each Trust to offset with its counterparty certain derivative financial instrument’s payables and/or receivables with collateral held with each separate counterparty. The amount of collateral moved to/from applicable counterparties is 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.

The Trusts’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Trusts. For OTC options purchased, the Trusts bear the risk of loss in the amount of the premiums paid and change in market value of the options should the counterparty not 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. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Trust’s net assets decline by a stated percentage or a Trust fails to meet the terms of its ISDA Master Agreements, which would cause the Trust to accelerate payment of any net liability owed to the counterparty. Counterparty risk related to exchange-traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade.

Foreign Currency Exchange Contracts: Certain Trusts may enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to gain 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,


80		SEMI-ANNUAL REPORT		APRIL 30, 2010

Notes to Financial Statements (continued)

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 currency exchange contracts involves the risk that counterparties may not meet the terms of the agreement or unfavorable movements in the value of a currency relative to the US dollar.

Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to underlying instruments (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 premium 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, or cash in an amount sufficient to cover the obligation. 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. The Trusts may execute transactions in both listed and OTC options.

Derivatives Instruments Categorized by Risk Exposure:



Fair Value of Derivative Instruments as of April 30, 2010

Asset Derivatives

	Statements of Assets and Liabilities Location	BQR		BGR		BOE		BME		BGY		BQY

Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	905	$	32	$	24,945	$	1,956	$	27,523	$	56



Liabilities Derivatives

	Statements of Assets and Liabilities Location	BDV			BDJ			BDT			BQR			BGR			BOE			BME			BGY			BCF			BQY

Equity contracts	Options written at value	$	2,732,589		$	7,847,919		$	2,575,887		$	1,545,049		$	9,826,559		$	18,836,788		$	1,240,560		$	17,801,524		$	8,896,148		$	679,145

Foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts		—			—			—			229			—			54,593			513			81,394			72			—

Total		$	2,732,589		$	7,847,919		$	2,575,887		$	1,545,278		$	9,826,559		$	18,891,381		$	1,241,073		$	17,882,918		$	8,896,220		$	679,145

The Effect of Derivative Instruments on the Statements of Operations Period Ended April 30, 2010

Net Realized Gain (Loss) from

		BDV			BDJ			BDT			BQR			BGR			BOE			BME			BGY			BCF			BQY

Equity contracts:
Options		$	3,690,684		$	11,226,815		$	2,724,120		$	2,445,519		$	15,902,150		$	44,529,408		$	3,509,058		$	36,490,780		$	14,128,094		$	696,615

Foreign currency exchange contracts:
Foreign currency transactions			—			—			—			5,003			(99,113	)		(160,575	)		34,908			855,732			(6,599	)		(10,964	)

Total		$	3,690,684		$	11,226,815		$	2,724,120		$	2,450,522		$	15,803,037		$	44,368,833		$	3,543,966		$	37,346,512		$	14,121,495		$	685,651

Net Change in Unrealized Appreciation/Depreciation on

			BDV		BDJ			BDT			BQR			BGR			BOE			BME			BGY			BCF			BQY

Equity contracts:
Options		$	(1,076,165	)	$	(2,822,397	)	$	(1,874,888	)	$	(455,760	)	$	(1,381,140	)	$	(9,403,646	)	$	(43,978	)	$	(8,317,705	)	$	(2,574,077	)	$	(193,348	)

Foreign currency exchange contracts:
Foreign currency transactions			—			—			—			675			32			(29,648	)		1,443			(53,871	)		(72	)		56

Total		$	(1,076,165	)	$	(2,822,397	)	$	(1,874,888	)	$	(455,085	)	$	(1,381,108	)	$	(9,433,294	)	$	(42,535	)	$	(8,371,576	)	$	(2,574,149	)	$	(193,292	)


		SEMI-ANNUAL REPORT		APRIL 30, 2010	81

Notes to Financial Statements (continued)

For the six months ended April 30, 2010, the average quarterly balance of outstanding derivative financial instruments was as follows:


	BDV		BDJ		BDT		BQR		BGR		BOE		BME		BGY		BCF		BQY

Foreign currency transactions:
Average number of contracts - US dollars purchased		—		—		—		2		1		4		4		8		1		2
Average number of contracts - US dollars sold		—		—		—		2		1		5		2		10		1		—
Average US dollar amounts purchased		—		—		—	$	495,013	$	1,493	$	13,447,110	$	704,217	$	14,507,597	$	22,639	$	10,355
Average US dollar amounts sold		—		—		—	$	450,643	$	6,597,129	$	16,773,629	$	370,607	$	18,878,892	$	92,505		—
Options:
Average number of contracts written		1,580,912		4,624,876		1,184,931		11,323,347		1,679,567		36,576,757		516,468		95,596,495		11,289,776		680,109
Average notional value of contracts written	$	110,492,911	$	328,736,227	$	57,789,536	$	55,888,366	$	239,071,331	$	697,766,485	$	69,108,712	$	690,001,226	$	263,958,989	$	23,894,392

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 Fund 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 the 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 (2004 through 2009 for BGR and 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 has 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, 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 on the Statements of Assets and Liabilities as securities loaned and collateral at value — securities loaned, 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 six months ended April 30, 2010, BIM received $14,518 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 period ended April 30, 2010, were as follows:



	Purchases		Sales

BDV	$	340,460,412	$	342,749,642
BDJ	$	684,504,015	$	687,547,162
BDT	$	72,338,066	$	73,368,382
BQR	$	68,956,820	$	73,322,598
BGR	$	443,408,023	$	415,543,045
BOE	$	2,001,180,653	$	2,048,935,457
BME	$	267,330,512	$	262,744,625
BGY	$	1,606,812,085	$	1,602,054,600
BCF	$	322,835,702	$	315,663,111
BQY	$	23,696,391	$	24,336,081

Transactions in options written for the period ended April 30, 2010, were as follows:


	Calls

	Contracts			Premiums Received

BDV
Options outstanding at beginning of period		980,495		$	2,834,966
Options written		5,007,911			9,056,243
Options expired		(1,544,669	)		(3,130,038	)
Options closed		(600,586	)		(2,240,383	)
Options exercised		(1,912,570	)		(3,901,548	)

Options outstanding at end of period		1,930,581		$	2,619,240


82		SEMI-ANNUAL REPORT		APRIL 30, 2010

Notes to Financial Statements (continued)


	Calls						Puts

	Contracts			Premiums Received			Contracts			Premiums Received

BDJ
Options outstanding at beginning of period		3,073,157		$	8,463,610
Options written		14,927,396			25,966,355
Options expired		(4,744,128	)		(9,576,416	)
Options closed		(1,668,014	)		(4,877,133	)
Options exercised		(5,975,856	)		(12,341,247	)

Options outstanding at end of period		5,612,555		$	7,635,169


BDT
Options outstanding at beginning of period		1,022,895		$	1,745,202
Options written		3,762,315			5,301,867
Options expired		(1,339,140	)		(1,706,554	)
Options closed		(691,191	)		(1,609,548	)
Options exercised		(1,520,046	)		(2,129,464	)

Options outstanding at end of period		1,234,833		$	1,601,503


BQR
Options outstanding at beginning of period		10,345,421		$	1,871,244
Options written		38,975,722			6,676,263
Options expired		(16,310,790	)		(2,981,018	)
Options closed		(15,264,066	)		(1,356,163	)
Options exercised		(6,512,017	)		(2,531,452	)

Options outstanding at end of period		11,234,270		$	1,678,874


BGR
Options outstanding at beginning of period		3,663,582		$	11,556,677			182,350		$	336,126
Options written		5,985,358			31,072,024			—			—
Options expired		(2,095,281	)		(11,771,121	)		(182,350	)		(336,126	)
Options closed		(1,306,260	)		(6,954,202	)		—			—
Options exercised		(4,098,695	)		(15,512,068	)		—			—

Options outstanding at end of period		2,148,704		$	8,391,310			—			—


BOE
Options outstanding at beginning of period		46,910,987		$	30,037,519			183,933		$	352,704
Options written		161,741,085			91,051,451			160,372			1,205,382
Options expired		(75,916,458	)		(37,346,591	)		(128,205	)		(581,868	)
Options closed		(49,321,697	)		(28,297,534	)		(41,113	)		(570,291	)
Options exercised		(51,131,710	)		(35,552,045	)		(174,157	)		(299,664	)

Options outstanding at end of period		32,282,207		$	19,892,800			830		$	106,263


BME
Options outstanding at beginning of period		728,973		$	2,351,438			730		$	82,955
Options written		1,966,215			6,433,036			3,203			351,762
Options expired		(792,074	)		(2,333,445	)		(2,353	)		(262,276	)
Options closed		(780,684	)		(2,192,135	)		(1,295	)		(110,904	)
Options exercised		(699,954	)		(2,714,427	)		(15	)		(1,110	)

Options outstanding at end of period		422,476		$	1,544,467			270		$	60,427


	Calls						Puts

	Contracts			Premiums Received			Contracts			Premiums Received

BGY
Options outstanding at beginning of period		64,862,070		$	25,657,264			1,250		$	89,435
Options written		317,410,354			82,192,018			1,673,629			3,456,145
Options expired		(119,315,295	)		(35,993,088	)		(1,376,045	)		(1,793,479	)
Options closed		(89,708,690	)		(22,443,480	)		(137,687	)		(859,060	)
Options exercised		(74,293,328	)		(29,552,790	)		(160,417	)		(799,581	)

Options outstanding at end of period		98,955,111		$	19,859,924			730		$	93,460


BCF
Options outstanding at beginning of period		10,919,345		$	10,544,926			675		$	111,522
Options written		36,714,004			35,953,587			87,097			553,293
Options expired		(19,821,336	)		(15,492,218	)		(85,865	)		(436,622	)
Options closed		(6,684,819	)		(11,298,977	)		(1,347	)		(125,394	)
Options exercised		(10,082,512	)		(10,419,219	)		(420	)		(74,239	)

Options outstanding at end of period		11,044,682		$	9,288,099			140		$	28,560


BQY
Options outstanding at beginning of period		512,889		$	465,726
Options written		1,954,864			1,713,530
Options expired		(867,416	)		(618,140	)
Options closed		(223,219	)		(319,537	)
Options exercised		(501,071	)		(565,533	)

Options outstanding at end of period		876,047		$	676,046

As of April 30, 2010, the value of portfolio securities subject to covered call options written were as follows:



	Value

BDV	$	113,713,762
BDJ	$	328,712,595
BDT	$	59,771,994
BQR	$	52,402,851
BGR	$	235,818,022
BOE	$	664,223,591
BME	$	63,505,312
BGY	$	668,908,448
BCF	$	249,827,545
BQY	$	30,391,184


		SEMI-ANNUAL REPORT		APRIL 30, 2010	83

Notes to Financial Statements (continued)

5. Capital Loss Carryforwards:

As of October 31, 2009, the Trusts 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		—		—		—		—	$	67,573,002		—		—
2016	$	52,785,280	$	29,702,025	$	9,636,519		—		188,242,686		—		—
2017		121,777,683		196,333,943		51,139,976	$	21,140,114		51,563,300	$	525,935,486	$	35,164,443

Total	$	174,562,963	$	226,035,968	$	60,776,495	$	21,140,114	$	307,378,988	$	525,935,486	$	35,164,443

6. Concentration, Market and Credit Risk:

BOE 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.

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, BOE, BGY, BQY
Utilities		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 April 30, 2010, the Trusts listed below had the following industry classifications:



Industry	BOE		BGY		BQY

Commercial Banks	11	%	13	%	14	%
Oil, Gas & Consumable Fuels	10		9		13
Insurance	3		5		4
Pharmaceuticals	3		3		7
Metals & Mining	3		6		1
Diversified Telecommunication	2		5		5
Other*	68		59		56

* 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 April 30, 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 period ended April 30, 2010 and the year ended October 31, 2009 increased by the following amounts as a result of dividend reinvestments:



	Period Ended April 30, 2010	Year Ended October 31, 2009

BDJ	424,569	550,993
BQR	81,539	267,360
BOE	240,467	—
BGY	1,448,717	1,637,894

Shares issued and outstanding remained constant for BDV, BDT, BGR, BME, BCF and BQY for the period ended April 30, 2010 and the year ended October 31, 2009.


84		SEMI-ANNUAL REPORT		APRIL 30, 2010

Notes to Financial Statements (concluded)

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 April 30, 2010, the Board declared distributions per common share as follows:



	Ex-Date	Record Date	Payable Date	Distribution per Common Share

BDV	6/11/10	6/15/10	6/30/10	$	0.162500
BDJ	6/11/10	6/15/10	6/30/10	$	0.245000
BDT	6/11/10	6/15/10	6/30/10	$	0.162500
BQR	6/11/10	6/15/10	6/30/10	$	0.300000
BGR	6/11/10	6/15/10	6/30/10	$	0.405000
BOE	5/12/10	5/14/10	5/28/10	$	0.568750
BME	6/11/10	6/15/10	6/30/10	$	0.384375
BGY	6/11/10	6/15/10	6/30/10	$	0.340000
BCF	6/11/10	6/15/10	6/30/10	$	0.271800
BQY	5/12/10	5/14/10	5/28/10	$	0.187500


		SEMI-ANNUAL REPORT		APRIL 30, 2010	85

Officers and Trustees

Richard E. Cavanagh, Chairman of the Board and Trustee

Karen P. Robards, Vice Chair of the Board,

Chair of the Audit Committee and Trustee

Richard S. Davis, Trustee

Frank J. Fabozzi, Trustee and Member of the Audit Committee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee and Member of the Audit Committee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee and Member of the Audit Committee

Anne Ackerley, President and Chief Executive Officer

Brendan Kyne, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Brian P. Kindelan, Chief Compliance Officer of the Trusts

Howard Surloff, Secretary

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisors

BlackRock Financial

Management, Inc.¹

New York, NY 10022

State Street Research &

Management Co.²

One Financial Center

Boston, MA 02111

BlackRock Capital

Management, Inc.³

Wilmington, DE 19809

BlackRock Investment

Management, LLC⁴

Plainsboro, NJ 08536

BlackRock International Ltd.⁴

Edinburgh, EH3 8JB

United Kingdom

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

Custodian

The Bank of New York Mellon

New York, NY 10286

Transfer Agent

BNY Mellon Shareowner Services

Jersey City, NJ 07310

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.

Effective January 1, 2010, Kent Dixon, a Trustee of the Trusts, retired.

Effective March 31, 2010, G. Nicholas Beckwith, III, a Trustee of the Trusts, resigned.

The Trusts’ Board of Trustees extends its best wishes to both Mr. Dixon and Mr. Beckwith.

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.


86		SEMI-ANNUAL REPORT		APRIL 30, 2010

Additional Information

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.


April 30, 2010

	Total Cumulative Distributions for the Fiscal Year to Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Common Share		Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Common Share
BDV*	$	0.10334	$	—	$	0.22166	$	0.32500	32	%	0	%	68	%	100	%
BDJ*	$	0.08001	$	—	$	0.40999	$	0.49000	16	%	0	%	84	%	100	%
BDT*	$	0.13127	$	—	$	0.19373	$	0.32500	40	%	0	%	60	%	100	%
BQR*	$	0.01265	$	—	$	0.58735	$	0.60000	2	%	0	%	98	%	100	%
BGR	$	0.11535	$	0.69465	$	—	$	0.81000	14	%	86	%	0	%	100	%
BOE*	$	0.08592	$	—	$	1.05158	$	1.13750	8	%	0	%	92	%	100	%
BME	$	0.03190	$	0.73685	$	—	$	0.76875	4	%	96	%	0	%	100	%
BGY*	$	0.02084	$	—	$	0.88936	$	0.91020	2	%	0	%	98	%	100	%
BCF*	$	0.00903	$	—	$	0.53457	$	0.54360	2	%	0	%	98	%	100	%
BQY	$	0.12676	$	0.24824	$	—	$	0.37500	34	%	66	%	0	%	100	%

The Trust 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 will 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 by-laws 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 88, 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 to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.


		SEMI-ANNUAL REPORT		APRIL 30, 2010	87

Additional Information (concluded)

General Information (concluded)

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 otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762.

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on 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 Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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 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 (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’s 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 www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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.


88		SEMI-ANNUAL REPORT		APRIL 30, 2010

[This Page Intentionally Left Blank]

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

#CEF-SAR-BK10-0410


Item 2 –	Code of Ethics – Not Applicable to this semi-annual report

Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –	Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – as of April 30, 2010
	(a) Not Applicable
	(b) Effective January 31, 2010, Mr. Graham Birch, a portfolio manager of the Fund identified in response to paragraph (a) of this item in the Fund’s most recent annual report, has resigned from the Adviser. Messrs. Denis Walsh, III, Dan Rice, III, Richard Davis, Robert Shearer and Kyle McClements, portfolio managers also identified in the Fund’s most recent annual report, remain responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments.

Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 –	Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.

Item 11 –	Controls and Procedures

11(a) –	The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

11(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 12 –	Exhibits attached hereto

12(a)(1) –	Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) –	Certifications – Attached hereto

12(a)(3) –	Not Applicable

12(b) –	Certifications – Attached hereto

12(c) –	Notices to the registrant’s common shareholders in accordance with 1940 Act Section 19(a) and Rule 19a-1¹



¹The 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 Real Asset Equity Trust

By:	/s/ Anne F. Ackerley

	Anne F. Ackerley
	Chief Executive Officer of
	BlackRock Real Asset Equity Trust

Date: June 28, 2010

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 Real Asset Equity Trust

Date: June 28, 2010


By:	/s/ Neal J. Andrews

	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Real Asset Equity Trust

Date: June 28, 2010