Blackrock Dividend Income Trust (BQY) N-CSR Certified annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:             811-21522 

BlackRock S&P Quality Rankings Global Equity Managed Trust

(Exact name of Registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE	19809
(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President
BlackRock S&P Quality Rankings Global Equity Managed Trust
40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)

Registrant's telephone number, including area code:             888-825-2257

Date of fiscal year end:	October 31, 2005
Date of reporting period:	October 31, 2005

Item 1. Reports to Shareholders.The Registrant’s annual report to shareholders is as follows:

FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS

BlackRock

Closed-End Funds

Annual Report

OCTOBER 31, 2005

BlackRock Dividend Achievers^TM Trust (BDV)

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)

BlackRock Global Energy and Resources Trust (BGR)

BlackRock Global Opportunities Equity Trust (BOE)

BlackRock Health Sciences Trust (BME)

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

BlackRock Strategic Dividend Achievers^TM Trust (BDT)

BlackRock World Investment Trust (BWC)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS

Letter to Shareholders	1
Trusts’ Summaries	2
Portfolios of Investments	11
Financial Statements
Statements of Assets and Liabilities	42
Statements of Operations	44
Statements of Changes in Net Assets	46
Financial Highlights	48
Notes to Financial Statements	56
Report of Independent Registered Public Accounting Firm	62
Trustees Information	63
Dividend Reinvestment Plans	66
Board Review of Investment Management Agreements	66
Additional Information	69
Tax Information	70
Section 19 Notices	71

Privacy Principles of the Trusts

          The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.

          Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

          The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.

LETTER TO SHAREHOLDERS

October 31, 2005

Dear Shareholder:

          We are pleased to present the annual report for the Trusts for the year ended October 31, 2005. This report contains the Trusts’ audited financial statements and a listing of the portfolios’ holdings.

          The following table shows the Trusts’ closing market prices and net asset values (“NAV”) per share as of October 31, 2005.

Trust (Ticker)	Closing Market Value		NAV
BlackRock Dividend AchieversTM Trust (BDV)		$12.77		$14.21
BlackRock Enhanced Dividend AchieversTM Trust (BDJ)		13.79		14.01
BlackRock Global Energy and Resources Trust (BGR)		25.16		28.12
BlackRock Global Opportunities Equity Trust (BOE)		23.88		23.77
BlackRock Health Sciences Trust (BME)		25.19		26.38
BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)		14.54		15.98
BlackRock Strategic Dividend AchieversTM Trust (BDT)		13.20		15.14
BlackRock World Investment Trust (BWC)		15.08		14.42

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, is recognized for its emphasis on risk management and proprietary analytics, and for its reputation for managing money for the world’s largest institutional investors. As of September 30, 2005, BlackRock’s assets under management totaled approximately $428 billion across various investment strategies. BlackRock is also a significant provider of risk management and advisory services that combine our capital markets expertise with our proprietarily developed risk management systems and technology. As of September 30, 2005, BlackRock provided risk management services to portfolios with aggregate assets of over $3 trillion. BlackRock Advisors, Inc. and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

          On behalf of BlackRock, we thank you for your continued confidence and assure you that we remain committed to excellence in managing your assets.

Sincerely,
Laurence D. Fink	Ralph L. Schlosstein
Chief Executive Officer	President
BlackRock Advisors, Inc.	BlackRock Advisors, Inc.

1

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Dividend Achievers^TM Trust (BDV)

Trust Information

Symbol on New York Stock Exchange:	BDV
Initial Offering Date:	December 23, 2003
Closing Market Price as of 10/31/05:		$	12.77
Net Asset Value as of 10/31/05:		$	14.21
Current Quarterly Distribution per Common Share:1		$	0.225000
Current Annualized Distribution per Common Share:1		$	0.900000

¹ The distribution is not constant and is subject to change. A portion of the distribution has been deemed a tax return of capital. Past performance does not guarantee future results.

The table below summarizes the Trust’s market price and NAV:

	10/31/05			10/31/04			Change			High			Low
Market Price		$	12.77		$	14.98		-14.75	%		$	15.18		$	12.40
NAV		$	14.21		$	14.67		-3.14	%		$	15.29		$	13.81

The following chart shows the portfolio composition of the Trust’s long-term investments:

Portfolio Breakdown²

Sector	October 31, 2005			October 31, 2004
Financial Institutions		43	%		42	%
Energy		17			17
Consumer Products		13			15
Health Care		10			5
Telecommunications		5			9
Real Estate		4			5
Conglomerates		3			1
Basic Materials		2			1
Automotive		1			1
Industrials		1			4
Technology		1			—

² A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

2

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)

Trust Information

Symbol on New York Stock Exchange:	BDJ
Initial Offering Date:	August 31, 2005
Closing Market Price as of 10/31/05:		$	13.79
Net Asset Value as of 10/31/05:		$	14.01
Current Monthly Distribution per Common Share:1		$	0.101875
Current Annualized Distribution per Common Share:1		$	1.222500

¹ The distribution is not constant and is subject to change.

The table below summarizes the Trust’s market price and NAV:

	10/31/05			High			Low
Market Price		$	13.79		$	15.23		$	13.20
NAV		$	14.01		$	14.51		$	12.46

The following chart shows the portfolio composition of the Trust’s long-term investments:

Portfolio Breakdown²

Sector	October 31, 2005
Financial Institutions		42	%
Consumer Products		15
Energy		13
Health Care		13
Conglomerates		5
Real Estate		5
Telecommunications		5
Basic Materials		1
Industrials		1

² A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

3

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Global Energy and Resources Trust (BGR)

Trust Information

Symbol on New York Stock Exchange:	BGR
Initial Offering Date:	December 29, 2004
Closing Market Price as of 10/31/05:		$	25.16
Net Asset Value as of 10/31/05:		$	28.12
Current Quarterly Distribution per Common Share:1		$	0.375000
Current Annualized Distribution per Common Share:1		$	1.500000

¹ The distribution is not constant and is subject to change.

The table below summarizes the Trust’s market price and NAV:

	10/31/05			High			Low
Market Price		$	25.16		$	28.13		$	21.75
NAV		$	28.12		$	30.47		$	23.65

The following charts show the portfolio composition of the Trust’s long-term investments:

Portfolio Breakdown

Country	October 31, 2005
United States		61	%
Canada		24
Bermuda		3
United Kingdom		2
Australia		2
Norway		2
France		1
Netherlands		1
Denmark		1
Brazil		1
Luxembourg		1
Italy		1
Sector2	October 31, 2005
Energy		93	%
Basic Materials		3
Transportation		3
Building & Development		1

² A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

4

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Global Opportunities Equity Trust (BOE)

Trust Information

Symbol on New York Stock Exchange:	BOE
Initial Offering Date:	May 31, 2005
Closing Market Price as of 10/31/05:		$	23.88
Net Asset Value as of 10/31/05:		$	23.77
Current Quarterly Distribution per Common Share:1		$	0.568750
Current Annualized Distribution per Common Share:1		$	2.275000

¹ The distribution is not constant and is subject to change.

The table below summarizes the Trust’s market price and NAV:

	10/31/05			High			Low
Market Price		$	23.88		$	25.08		$	22.30
NAV		$	23.77		$	24.80		$	22.60

The following charts show the portfolio composition of the Trust’s long-term investments:

Portfolio Breakdown

Country	October 31, 2005
United Kingdom		23	%
Japan		13
United States		11
Hong Kong		8
Korea		7
Netherlands		5
Germany		4
Australia		3
Norway		3
Taiwan		3
Brazil		2
Canada		2
Finland		2
Greece		2
South Africa		2
Sweden		2
China		1
Denmark		1
France		1
Ireland		1
Italy		1
Mexico		1
New Zealand		1
Singapore		1

5

BlackRock Global Opportunities Equity Trust (BOE) (continued)

Sector2	October 31, 2005
Financial Institutions		27	%
Energy		19
Industrials		12
Consumer Products		10
Basic Materials		9
Real Estate		5
Building & Development		5
Transportation		4
Automotive		3
Entertainment & Leisure		2
Containers & Packaging		1
Technology		1
Telecommunications		1
Media		1

² A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

6

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Health Sciences Trust (BME)

Trust Information

Symbol on New York Stock Exchange:	BME
Initial Offering Date:	March 31, 2005
Closing Market Price as of 10/31/05:		$	25.19
Net Asset Value as of 10/31/05:		$	26.38
Current Quarterly Distribution per Common Share:1		$	0.384375
Current Annualized Distribution per Common Share:1		$	1.537500

¹ The distribution is not constant and is subject to change.

The table below summarizes the Trust’s market price and NAV:

	10/31/05			High			Low
Market Price		$	25.19		$	26.91		$	22.90
NAV		$	26.38		$	27.69		$	24.50

The following charts show the portfolio composition of the Trust’s long-term investments.

Portfolio Breakdown

Country	October 31, 2005
United States		85	%
Switzerland		8
United Kingdom		3
Canada		2
France		1
Israel		1

All of the Trust’s long-term investments are in the health sciences industry.

7

TRUST SUMMARIES

OCTOBER 31, 2005

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

Trust Information

Symbol on American Stock Exchange:	BQY
Initial Offering Date:	May 28, 2004
Closing Market Price as of 10/31/05:		$	14.54
Net Asset Value as of 10/31/05:		$	15.98
Current Quarterly Distribution per Common Share:1		$	0.225000
Current Annualized Distribution per Common Share:1		$	0.900000

¹ The distribution is not constant and is subject to change. A portion of the distribution has been deemed a tax return of capital. Past performance does not guarantee future results.

The table below summarizes the Trust’s market price and NAV:

	10/31/05	10/31/04	Change			High	Low
Market Price	$14.54	$13.80		5.36	%	$15.00	$13.25
NAV	$15.98	$15.29		4.51	%	$16.62	$15.32

The following charts show the portfolio composition of the Trust’s long-term investments:

Portfolio Breakdown

Country	October 31, 2005			October 31, 2004
United States		56	%		65	%
United Kingdom		13			10
Canada		6			3
Australia		5			7
Japan		4			1
France		4			3
Sweden		3			2
Netherlands		2			3
Germany		2			1
Italy		1			1
Hong Kong		1			1
Denmark		1			1
Singapore		1			1
Spain		1			—
Austria		—			1
Sector2	October 31, 2005			October 31, 2004
Financial Institutions		24	%		23	%
Energy		16			20
Consumer Products		12			8
Real Estate		10			21
Technology		10			5
Health Care		8			5
Telecommunications		7			7
Industrials		6			4
Basic Materials		3			3
Conglomerates		3			3
Aerospace & Defense		1			1

² A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

8

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Strategic Dividend Achievers^TM Trust (BDT)

Trust Information

Symbol on New York Stock Exchange:	BDT
Initial Offering Date:	March 30, 2004
Closing Market Price as of 10/31/05:		$	13.20
Net Asset Value as of 10/31/05:		$	15.14
Current Quarterly Distribution per Common Share:1		$	0.225000
Current Annualized Distribution per Common Share:1		$	0.900000

¹ The distribution is not constant and is subject to change.

The table below summarizes the Trust’s market price and NAV:

	10/31/05	10/31/04	Change			High	Low
Market Price	$13.20	$14.54		-9.22	%	$15.00	$12.82
NAV	$15.14	$14.96		1.20	%	$16.07	$14.36

The following chart shows the portfolio composition of the Trust’s long-term investments:

Portfolio Breakdown²

Sector	October 31, 2005			October 31, 2004
Financial Institutions		44	%		47	%
Energy		17			16
Consumer Products		13			12
Industrials		10			9
Real Estate		9			11
Basic Materials		2			2
Automotive		4			2
Health Care		1			1

² A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

9

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock World Investment Trust (BWC)

Trust Information

Symbol on New York Stock Exchange:	BWC
Initial Offering Date:	October 27, 2005
Closing Market Price as of 10/31/05:		$	15.08
Net Asset Value as of 10/31/05:		$	14.42

The table below summarizes the Trust’s market price and NAV:

	10/31/05			High			Low
Market Price		$	15.08		$	15.20		$	15.00
NAV		$	14.42		$	14.42		$	14.33

The following charts show the portfolio composition of the Trust’s long-term investments:

Portfolio Breakdown

Country	October 31, 2005
Japan		20	%
United States		19
United Kingdom		12
Sweden		7
Netherlands		5
Germany		4
Norway		4
Australia		3
Brazil		3
Finland		3
Italy		3
Bermuda		2
Canada		2
China		2
France		2
Hong Kong		2
Mexico		2
Belgium		1
Denmark		1
Singapore		1
Spain		1
Switerland		1
Sector2	October 31, 2005
Energy		23	%
Industrials		21
Financial Institutions		19
Consumer Products		16
Basic Materials		13
Technology		4
Telecommunications		3
Foreign Government		1

² A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

10

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Dividend Achievers^TM Trust (BDV)

Shares		Description	Value
		LONG-TERM INVESTMENTS—99.6%
		Common Stocks—99.6%
		Automotive—0.8%
	142,900	Genuine Parts Co.	$	6,340,473
		Basic Materials—1.7%
	69,300	PPG Industries, Inc.		4,155,921
	225,500	RPM International, Inc.		4,198,810
	167,000	Sonoco Products Co.		4,726,100
		Total Basic Materials		13,080,831
		Conglomerates—2.9%
	672,000	General Electric Co.		22,787,520
		Consumer Products—12.8%
	503,300	Altria Group, Inc.		37,772,665
	291,000	Coca-Cola Co. (The)		12,448,980
	489,000	ConAgra Foods, Inc.		11,379,030
	186,200	Kimberly-Clark Corp.		10,583,608
	172,500	McDonald’s Corp.		5,451,000
	72,000	Procter & Gamble Co.		4,031,280
	524,400	Sara Lee Corp.		9,360,540
	48,300	Stanley Works		2,315,019
	154,000	Universal Corp.		5,765,760
		Total Consumer Products		99,107,882
		Energy—16.6%
	150,000	Atmos Energy Corp.		3,945,000
	604,000	Chevron Corp.		34,470,280
	407,100	Consolidated Edison, Inc.		18,523,050
	190,000	Duke Energy Corp.		5,031,200
	363,000	Exxon Mobil Corp.		20,378,820
	117,000	National Fuel Gas Co.		3,526,380
	251,000	Nicor, Inc.		9,839,200
	42,900	Peoples Energy Corp.		1,595,880
	199,700	Pinnacle West Capital Corp.		8,339,472
	339,300	Progress Energy, Inc.		14,790,087
	104,100	Vectren Corp.		2,826,315
	67,600	WGL Holdings, Inc.		2,101,008
	56,900	WPS Resources Corp.		3,104,464
		Total Energy		128,471,156
		Financial Institutions—42.7%
	780,600	AmSouth Bancorp		19,694,538
	842,200	Bank of America Corp.		36,837,828
	634,100	BB&T Corp.		26,847,794
	791,300	Citigroup, Inc.		36,225,714
	281,400	Comerica, Inc.		16,259,292
	346,000	Fifth Third Bancorp		13,898,820
	52,600	FirstMerit Corp.		1,387,062
	59,100	Hudson United Bancorp		2,450,877
	723,200	Keycorp		23,315,968
	176,200	Lincoln National Corp.		8,917,482
	151,000	MBNA Corp.		3,861,070
	39,500	Mercantile Bankshares Corp.		2,226,220
	783,800	National City Corp.		25,261,874
	432,000	North Fork Bancorporation, Inc.		10,946,880
	587,175	Regions Financial Corp.		19,112,547
	168,000	Suntrust Bank, Inc.		12,176,640
	69,000	T. Rowe Price Group, Inc.		4,520,880
	97,755	Valley National Bancorp		2,369,581
	908,000	Washington Mutual, Inc.		35,956,800
	469,700	Wells Fargo & Co.		28,275,940
		Total Financial Institutions		330,543,807

See Notes to Financial Statements.

11

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Dividend Achievers^TM Trust (BDV) (continued)

Shares			Description	Value
			Health Care—10.1%
	174,100		Abbott Laboratories	$	7,495,005
	170,200		Eli Lilly & Co.		8,474,258
	257,500		Johnson & Johnson		16,124,650
	775,200		Merck & Co., Inc.		21,876,144
	1,109,000		Pfizer, Inc.		24,109,660
			Total Health Care		78,079,717
			Industrials—1.4%
	27,900		Emerson Electric Co.		1,940,445
	177,000		RR Donnelley & Sons Co.		6,198,540
	207,200		ServiceMaster Co.		2,606,576
			Total Industrials		10,745,561
			Real Estate—4.4%
	274,000		General Growth Properties, Inc. (REIT)		11,639,520
	184,400		Health Care Property Investors, Inc. (REIT)		4,692,980
	55,000		Healthcare Realty Trust, Inc. (REIT)		2,081,200
	97,000		Home Properties, Inc. (REIT)		3,768,450
	94,000		Lexington Corporate Properties Trust (REIT)		2,047,320
	102,000		Liberty Property Trust (REIT)		4,252,380
	243,200		United Dominion Realty Trust, Inc. (REIT)		5,382,016
			Total Real Estate		33,863,866
			Technology—1.0%
	184,000		Pitney Bowes, Inc.		7,742,720
			Telecommunications—5.2%
	63,000		Alltel Corp.		3,897,180
	1,538,000	1	SBC Communications, Inc.		36,681,300
			Total Telecommunications		40,578,480
			Total Common Stocks (cost $751,067,986)		771,342,013
			MONEY MARKET FUND—0.2%
	1,414,382		Fidelity Institutional Money Market Prime Portfolio (cost $1,414,382)		1,414,382
			Total investments—99.8% (cost $752,482,3682)	$	772,756,395
			Other assets in excess of liabilities—0.2%		1,934,489
			Net Assets—100.0%	$	774,690,884

1	Non-income producing security.
2	Cost for Federal income tax purposes is $751,990,352. The net unrealized appreciation on a tax basis is $20,766,043, consisting of $53,950,205 gross unrealized appreciation and $33,184,162 gross unrealized depreciation.
A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

12

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)

Shares			Description	Value
			LONG-TERM INVESTMENTS—99.4%
			Common Stocks—99.4%
			Basic Materials—1.2%
	94,500		PPG Industries, Inc.	$	5,667,165
	303,700		RPM International, Inc.		5,654,894
					11,322,059
			Conglomerates—4.8%
	1,370,100		General Electric Co.		46,460,091
			Consumer Products—14.8%
	626,700		Altria Group, Inc.		47,033,835
	1,091,600		Coca-Cola Co.		46,698,648
	775,200		ConAgra Foods, Inc.		18,038,904
	65,400		Kimberly-Clark Corp.		3,717,336
	179,900		La-Z-Boy, Inc.		2,130,016
	119,800		McDonald’s Corp.		3,785,680
	982,100		Sara Lee Corp.		17,530,485
	87,500		Stanley Works		4,193,875
					143,128,779
			Energy—12.6%
	206,200		Atmos Energy Corp.		5,423,060
	137,100	1	Black Hills Corp.		5,699,247
	788,300		Chevron Corp.		44,988,281
	346,800		Consolidated Edison, Inc.		15,779,400
	86,300		National Fuel Gas Co.		2,601,082
	205,200		Nicor, Inc.		8,043,840
	89,300		Otter Tail Corp.		2,665,605
	206,200		Peoples Energy Corp.		7,670,640
	127,400		Pinnacle West Capital Corp.		5,320,224
	392,000		Progress Energy, Inc.		17,087,280
	153,300		Vectren Corp.		4,162,095
	43,200		WPS Resources Corp.		2,356,992
					121,797,746
			Financial Institutions—41.4%
	46,000	1	Allstate Corp.		2,428,340
	684,700	1	AmSouth Bancorp		17,274,981
	196,600		Arthur J. Gallagher & Co.		5,783,972
	222,000		Bancorpsouth, Inc.		4,921,740
	1,072,200		Bank of America Corp.		46,898,028
	363,600		BB&T Corp.		15,394,824
	93,200		Chemical Financial Corp.		3,000,108
	1,036,800		Citigroup, Inc.		47,464,704
	306,300		Comerica, Inc.		17,698,014
	641,800		Fifth Third Bancorp		25,781,106
	178,300		FirstMerit Corp.		4,701,771
	41,100		Freddie Mac		2,521,485
	284,300		Fulton Financial Corp.		4,779,083
	115,200		Hudson United Bancorp		4,777,344
	149,900		Jefferson-Pilot Corp.		8,226,512
	207,400		Keycorp		6,686,576
	248,100		Lincoln National Corp.		12,556,341
	500,700		National City Corp.		16,137,561
	288,700		North Fork Bancorporation, Inc.		7,315,658
	117,300		Old Republic International Group		3,039,243
	773,200		Regions Financial Corp.		25,167,660
	169,100		Republic Bancorp, Inc.		2,308,215
	78,200		S&T Bancorp, Inc.		2,909,822
	235,000	1	Suntrust Bank, Inc.		17,032,800
	121,500		Synovus Financial Corp.		3,337,605
	239,300		Washington Federal, Inc.		5,501,507
	1,152,400		Washington Mutual, Inc.		45,635,040

See Notes to Financial Statements.

13

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (continued)

Shares			Description	Value
			Common Stocks—(cont’d)
			Financial Institutions—(cont’d)
	693,100		Wells Fargo & Co.	$	41,724,620
					401,004,660
			Health Care—12.6%
	105,800	1	Abbott Laboratories		4,554,690
	896,700		Eli Lilly & Co.		44,646,693
	101,400		Johnson & Johnson		6,349,668
	901,900		Merck & Co., Inc.		25,451,618
	1,910,800	1	Pfizer, Inc.		41,540,792
					122,543,461
			Industrials—1.1%
	132,400		RR Donnelley & Sons Co.		4,636,648
	458,200		ServiceMaster Co.		5,764,156
					10,400,804
			Real Estate—5.1%
	58,500		Colonial Properties Trust (REIT)		2,557,035
	134,500		Commercial Net Lease Realty (REIT)		2,606,610
	152,700		Duke Realty Corp. (REIT)		5,207,070
	216,600		General Growth Properties, Inc. (REIT)		9,201,168
	229,300		Health Care Property Investors, Inc. (REIT)		5,835,685
	139,900		Healthcare Realty Trust, Inc. (REIT)		5,293,816
	61,100		Home Properties, Inc. (REIT)		2,373,735
	80,100		Kimco Realty Corp. (REIT)		2,372,562
	119,500		Lexington Corporate Properties Trust (REIT)		2,602,710
	60,700		Liberty Property Trust (REIT)		2,530,583
	74,000		Prologis (REIT)		3,182,000
	88,600		Sun Communities, Inc. (REIT)		2,700,528
	121,700		United Dominion Realty Trust, Inc. (REIT)		2,693,221
					49,156,723
			Technology—0.5%
	116,600		Pitney Bowes, Inc.		4,906,528
			Telecommunications—5.3%
	64,600		Alltel Corp.		3,996,156
	1,994,700	2	SBC Communications, Inc.		47,573,595
					51,569,751
			Total Common Stocks (cost $986,162,060)		962,290,602
			MONEY MARKET FUND—1.5%
	15,224,593		Fidelity Institutional Money Market Prime Portfolio (cost $15,224,593)		15,224,593
			Total investments before outstanding options written (cost $1,001,386,6533)		977,515,195
Contracts
			OUTSTANDING CALL OPTIONS WRITTEN—(1.1)%
	(191	)	Abbott Laboratories, strike price $42.50, expires 11/19/05		(22,920	)
	(20	)	Abbott Laboratories, strike price $45, expires 11/19/05		(460	)
	(255	)	Abbott Laboratories, strike price $45, expires 12/17/05		(13,388	)
	(115	)	Abbott Laboratories, strike price $47.50, expires 11/19/05		(1,035	)
	(109	)	Allstate Corp., strike price $55, expires 11/19/05		(3,270	)
	(140	)	Allstate Corp., strike price $55, expires 12/17/05		(11,900	)
	(12,500	)	Alltel Corp., strike price $61, expires 12/21/05		(28,921	)
	(7,800	)	Alltel Corp., strike price $61.50, expires 11/18/05		(12,118	)
	(3,700	)	Alltel Corp., strike price $63.0459, expires 11/18/05		(2,486	)
	(11,000	)	Alltel Corp., strike price $65.50, expires 11/30/05		(2,211	)
	(75,000	)	Altria Group, Inc., strike price $71.50, expires 11/18/05		(352,305	)
	(1,380	)	Altria Group, Inc., strike price $75, expires 11/19/05		(282,900	)
	(1,315	)	Altria Group, Inc., strike price $75, expires 12/17/05		(447,100	)
	(1,130	)	AmSouth Bancorp, strike price $25, expires 12/17/05		(90,400	)
	(123,600	)4	AmSouth Bancorp, strike price $25.54, expires 11/30/05		(38,826	)
	(15,600	)4	AmSouth Bancorp, strike price $26.49, expires 11/30/05		(1,464	)
	(76,000	)	AmSouth Bancorp, strike price $26.55, expires 11/18/05		(6,688	)
	(21,300	)	Arthur J. Gallagher & Co., strike price $29.16, expires 11/18/05		(13,696	)
	(250	)	Arthur J. Gallagher & Co., strike price $29.25, expires 12/21/05		(18,860	)

See Notes to Financial Statements.

14

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(32,000	)	Arthur J. Gallagher & Co., strike price $29.55, expires 12/21/05	$	(19,008	)
	(11,200	)	Arthur J. Gallagher & Co., strike price $29.57, expires 11/18/05		(6,145	)
	(180	)	Arthur J. Gallagher & Co., strike price $30, expires 11/19/05		(4,050	)
	(22,100	)	Atmos Energy Corp., strike price $27.19, expires 12/16/05		(2,674	)
	(20,000	)	Atmos Energy Corp., strike price $27.32, expires 12/16/05		(2,000	)
	(37,200	)	Atmos Energy Corp., strike price $28.50, expires 11/30/05		(630	)
	(11,700	)	Atmos Energy Corp., strike price $29.27, expires 11/18/05		(9	)
	(22,400	)	Atmos Energy Corp., strike price $29.75, expires 11/18/05		—
	(100	)	Bancorpsouth, Inc., strike price $22.50, expires 12/17/05		(7,500	)
	(12,600	)	Bancorpsouth, Inc., strike price $22.75, expires 11/18/05		(5,293	)
	(40,000	)	Bancorpsouth, Inc., strike price $22.95, expires 12/21/05		(21,520	)
	(21,000	)	Bancorpsouth, Inc., strike price $23.10, expires 11/18/05		(4,263	)
	(38,500	)	Bancorpsouth, Inc., strike price $23.30, expires 11/30/05		(15,015	)
	(1,936	)	Bank of America Corp., strike price $42.50, expires 11/19/05		(280,720	)
	(1,750	)4	Bank of America Corp., strike price $42.50, expires 12/21/05		(262,500	)
	(116,000	)	Bank of America Corp., strike price $43.50, expires 11/18/05		(82,824	)
	(24,400	)	Bank of America Corp., strike price $43.89, expires 11/30/05		(12,198	)
	(36,600	)4	Bank of America Corp., strike price $44.25, expires 12/16/05		(18,044	)
	(380	)	Bank of America Corp., strike price $45, expires 11/19/05		(7,600	)
	(690	)	BB&T Corp., strike price $40, expires 11/19/05		(186,300	)
	(610	)	BB&T Corp., strike price $40, expires 12/17/05		(155,550	)
	(41,000	)	BB&T Corp., strike price $40.92, expires 11/18/05		(69,946	)
	(8,600	)	BB&T Corp., strike price $41.01, expires 11/30/05		(15,635	)
	(135	)	BB&T Corp., strike price $42.50, expires 12/17/05		(13,500	)
	(22,300	)	Black Hills Corp., strike price $40.78, expires 12/16/05		(32,982	)
	(15,200	)	Black Hills Corp., strike price $41.62, expires 11/18/05		(8,451	)
	(7,900	)	Black Hills Corp., strike price $43.43, expires 11/18/05		(1,681	)
	(300	)	Black Hills Corp., strike price $45, expires 11/19/05		(4,500	)
	(16,500	)	Chemical Financial Corp, strike price $33.01, expires 11/30/05		(11,748	)
	(19,400	)	Chemical Financial Corp., strike price $31.99, expires 12/16/05		(21,495	)
	(5,300	)	Chemical Financial Corp., strike price $32.58, expires 11/18/05		(3,874	)
	(10,000	)4	Chemical Financial Corp., strike price $33.25, expires 11/18/05		(2,075	)
	(930	)	Chevron Corp., strike price $60, expires 12/17/05		(93,000	)
	(87,000	)	Chevron Corp., strike price $62.27, expires 11/18/05		(17,139	)
	(56,000	)	Chevron Corp., strike price $63.60, expires 12/21/05		(29,238	)
	(1,512	)	Chevron Corp., strike price $65, expires 11/19/05		(4,536	)
	(460	)	Chevron Corp., strike price $65, expires 12/17/05		(13,800	)
	(115,000	)	Citigroup, Inc., strike price $43.94, expires 11/18/05		(227,174	)
	(2,160	)	Citigroup, Inc., strike price $45, expires 12/17/05		(302,400	)
	(179,000	)4	Citigroup, Inc., strike price $45.80, expires 11/30/05		(123,526	)
	(24,000	)	Citigroup, Inc., strike price $46.16, expires 11/30/05		(10,656	)
	(35,900	)	Citigroup, Inc., strike price $46.16, expires 12/16/05		(23,084	)
	(400	)	Coca-Cola Co. (The), strike price $42.50, expires 12/21/05		(42,739	)
	(177,000	)	Coca-Cola Co. (The), strike price $43, expires 12/21/05		(145,848	)
	(197,200	)	Coca-Cola Co. (The), strike price $43.56, expires 11/30/05		(70,205	)
	(24,800	)	Coca-Cola Co. (The), strike price $43.77, expires 11/30/05		(7,564	)
	(119,000	)	Coca-Cola Co. (The), strike price $44.27, expires 11/18/05		(11,900	)
	(12,600	)	Colonial Properties Trust, strike price $43.67, expires 12/16/05		(17,596	)
	(3,400	)	Colonial Properties Trust, strike price $44.13, expires 11/18/05		(1,564	)
	(10,100	)	Colonial Properties Trust, strike price $44.53, expires 11/30/05		(6,646	)
	(6,000	)	Colonial Properties Trust, strike price $45.45, expires 11/18/05		(1,495	)
	(28,300	)	Comerica, Inc., strike price $56.64, expires 12/16/05		(60,675	)
	(19,000	)	Comerica, Inc., strike price $56.92, expires 12/16/05		(37,620	)
	(702	)	Comerica, Inc., strike price $60, expires 11/19/05		(17,550	)
	(33,600	)	Comerica, Inc., strike price $61.43, expires 11/18/05		(3,289	)
	(7,000	)4	Comerica, Inc., strike price $61.78, expires 11/30/05		(1,759	)
	(17,000	)4	Commercial Net Lease Realty, strike price $19.55, expires 12/16/05		(5,680	)
	(11,100	)4	Commercial Net Lease Realty, strike price $19.65, expires 12/16/05		(3,288	)
	(7,800	)	Commercial Net Lease Realty, strike price $19.95, expires 11/18/05		(1,766	)
	(23,200	)	Commercial Net Lease Realty, strike price $20.02, expires 11/30/05		(4,663	)
	(14,800	)	Commercial Net Lease Realty, strike price $20.40, expires 11/18/05		(799	)
	(19,100	)	ConAgra Foods, Inc., strike price $22.74, expires 11/30/05		(17,477	)
	(171,600	)	ConAgra Foods, Inc., strike price $23.40, expires 12/21/05		(118,232	)
	(114,400	)	ConAgra Foods, Inc., strike price $23.49, expires 11/18/05		(29,515	)

See Notes to Financial Statements.

15

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(1,157	)	ConAgra Foods, Inc., strike price $25, expires 11/19/05	$	(11,570	)
	(36,500	)4	Consolidated Edison, Inc., strike price $45.84, expires 12/16/05		(32,361	)
	(24,400	)4	Consolidated Edison, Inc., strike price $46.07, expires 12/16/05		(19,534	)
	(38,200	)	Consolidated Edison, Inc., strike price $47.89, expires 11/18/05		(2,521	)
	(8,000	)4	Consolidated Edison, Inc., strike price $49.40, expires 11/30/05		(593	)
	(717	)	Consolidated Edison, Inc., strike price $50, expires 11/19/05		(3,585	)
	(17,000	)	Duke Realty Corp., strike price $32.93, expires 11/18/05		(10,880	)
	(33,700	)	Duke Realty Corp., strike price $33, expires 12/21/05		(29,825	)
	(25,800	)	Duke Realty Corp., strike price $34.27, expires 11/30/05		(5,728	)
	(55	)	Duke Realty Corp., strike price $35, expires 12/17/05		(1,650	)
	(86,900	)	Eli Lilly & Co., strike price $51.34, expires 12/16/05		(64,219	)
	(58,000	)	Eli Lilly & Co., strike price $51.59, expires 12/16/05		(37,758	)
	(1,672	)	Eli Lilly & Co., strike price $55, expires 11/19/05		(8,360	)
	(20,400	)	Eli Lilly & Co., strike price $55.40, expires 11/30/05		(143	)
	(98,000	)	Eli Lilly & Co., strike price $56.10, expires 11/18/05		(6,370	)
	(116,000	)	Fifth Third Bancorp, strike price $36.75, expires 11/30/05		(430,128	)
	(145	)	Fifth Third Bancorp, strike price $40, expires 11/19/05		(19,575	)
	(1,410	)	Fifth Third Bancorp, strike price $40, expires 12/17/05		(260,850	)
	(81,000	)	Fifth Third Bancorp, strike price $41.61, expires 11/18/05		(29,322	)
	(21,300	)4	FirstMerit Corp., strike price $25.49, expires 12/16/05		(17,243	)
	(14,300	)4	FirstMerit Corp., strike price $25.62, expires 12/16/05		(10,519	)
	(32,200	)	FirstMerit Corp., strike price $27.20, expires 11/30/05		(5,506	)
	(10,200	)	FirstMerit Corp., strike price $27.67, expires 11/18/05		(1,886	)
	(20,000	)	FirstMerit Corp., strike price $28.21, expires 11/18/05		(320	)
	(7,400	)4	Freddie Mac, strike price $56.46, expires 11/30/05		(42,080	)
	(10	)	Freddie Mac, strike price $60, expires 11/19/05		(2,150	)
	(14,000	)	Freddie Mac, strike price $60.50, expires 12/21/05		(35,134	)
	(33,800	)	Fulton Financial Corp., strike price $16.46, expires 12/16/05		(31,357	)
	(22,600	)	Fulton Financial Corp., strike price $16.54, expires 12/16/05		(19,474	)
	(51,200	)	Fulton Financial Corp., strike price $16.78, expires 11/30/05		(18,125	)
	(6,500	)4	Fulton Financial Corp., strike price $16.86, expires 11/30/05		(2,168	)
	(9,700	)4	Fulton Financial Corp., strike price $17, expires 12/16/05		(2,716	)
	(32,500	)	Fulton Financial Corp., strike price $17.24, expires 11/18/05		—
	(251,400	)4	General Electric Co., strike price $33.42, expires 11/30/05		(261,949	)
	(157,000	)	General Electric Co., strike price $33.50, expires 11/18/05		(116,635	)
	(214,100	)	General Electric Co., strike price $33.89, expires 12/16/05		(187,338	)
	(32,400	)	General Electric Co., strike price $34.45, expires 11/30/05		(12,895	)
	(500	)	General Electric Co., strike price $35, expires 12/17/05		(15,000	)
	(30,000	)	General Growth Properties, Inc., strike price $42.09, expires 12/16/05		(67,929	)
	(20,000	)	General Growth Properties, Inc., strike price $42.3, expires 12/16/05		(42,711	)
	(450	)	General Growth Properties, Inc., strike price $45, expires 11/19/05		(20,250	)
	(24,000	)	General Growth Properties, Inc., strike price $45.67, expires 11/18/05		(2,520	)
	(28,500	)	Health Care Property Investors, Inc., strike price $25.93, expires 12/16/05		(15,618	)
	(19,000	)	Health Care Property Investors, Inc., strike price $26.06, expires 12/16/05		(9,443	)
	(13,100	)	Health Care Property Investors, Inc., strike price $27.07, expires 11/18/05		(2,481	)
	(40,400	)	Health Care Property Investors, Inc., strike price $27.12, expires 11/30/05		(3,959	)
	(25,100	)	Health Care Property Investors, Inc., strike price $28.54, expires 11/18/05		(25	)
	(6,600	)	Healthcare Realty Trust, Inc., strike price $38.50, expires 12/16/05		(3,379	)
	(23,000	)	Healthcare Realty Trust, Inc., strike price $38.80, expires 12/21/05		(10,902	)
	(15,400	)	Healthcare Realty Trust, Inc., strike price $39.12, expires 11/18/05		(1,417	)
	(8,100	)	Healthcare Realty Trust, Inc., strike price $39.71, expires 11/18/05		(905	)
	(23,800	)	Healthcare Realty Trust, Inc., strike price $40.28, expires 11/30/05		(1,547	)
	(7,200	)4	Home Properties, Inc., strike price $38.20, expires 12/16/05		(6,426	)
	(4,800	)4	Home Properties, Inc., strike price $38.39, expires 12/16/05		(3,856	)
	(150	)	Home Properties, Inc., strike price $40, expires 11/19/05		(2,250	)
	(6,600	)	Home Properties, Inc., strike price $41.94, expires 11/18/05		(7	)
	(21,500	)4	Hudson United Bancorp, strike price $42.16, expires 12/16/05		(6,199	)
	(14,400	)4	Hudson United Bancorp, strike price $42.37, expires 12/16/05		(2,608	)
	(27,400	)4	Hudson United Bancorp, strike price $42.68, expires 11/30/05		(1,099	)
	(19,600	)	Jefferson-Pilot Corp., strike price $50.11, expires 11/18/05		(87,769	)
	(10,300	)	Jefferson-Pilot Corp., strike price $50.83, expires 11/18/05		(47,854	)
	(31,300	)4	Jefferson-Pilot Corp., strike price $51.52, expires 11/30/05		(79,690	)
	(150	)	Jefferson-Pilot Corp., strike price $55, expires 01/21/06		(18,750	)
	(9,700	)	Johnson & Johnson, strike price $63, expires 11/18/05		(10,886	)

See Notes to Financial Statements.

16

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(213	)	Johnson & Johnson, strike price $65, expires 11/19/05	$	(10,650	)
	(243	)	Johnson & Johnson, strike price $65, expires 12/17/05		(21,870	)
	(330	)	Keycorp, strike price $32.50, expires 12/17/05		(22,275	)
	(37,200	)4	Keycorp, strike price $32.6, expires 11/30/05		(13,871	)
	(11,700	)	Keycorp, strike price $33.02, expires 11/18/05		(2,118	)
	(22,600	)	Keycorp, strike price $33.44, expires 11/18/05		(3,403	)
	(75	)	Keycorp, strike price $35, expires 12/17/05		(750	)
	(145	)	Kimberly-Clark Corp., strike price $60, expires 11/19/05		(1,450	)
	(10,600	)	Kimberly-Clark Corp., strike price $60.10, expires 12/21/05		(3,021	)
	(3,700	)	Kimberly-Clark Corp., strike price $61.57, expires 11/18/05		(22	)
	(7,200	)	Kimberly-Clark Corp., strike price $62, expires 11/18/05		(29	)
	(175	)	Kimco Realty Corp., strike price $30, expires 12/17/05		(12,688	)
	(7,700	)	Kimco Realty Corp., strike price $31.50, expires 11/18/05		(457	)
	(4,600	)	Kimco Realty Corp., strike price $31.74, expires 11/18/05		(248	)
	(14,100	)4	Kimco Realty Corp., strike price $32, expires 11/18/05		(387	)
	(22,000	)	La-Z-Boy, Inc., strike price $11.82, expires 12/16/05		(14,586	)
	(14,700	)	La-Z-Boy, Inc., strike price $11.88, expires 12/16/05		(9,335	)
	(32,400	)	La-Z-Boy, Inc., strike price $13.19, expires 11/30/05		(4,277	)
	(10,300	)	La-Z-Boy, Inc., strike price $14.06, expires 11/18/05		(474	)
	(19,500	)	La-Z-Boy, Inc., strike price $14.25, expires 11/18/05		(234	)
	(5,600	)	Lexington Corporate Properties Trust, strike price $22.18, expires 12/16/05		(2,453	)
	(19,700	)	Lexington Corporate Properties Trust, strike price $23.04, expires 12/21/05		(4,334	)
	(13,100	)	Lexington Corporate Properties Trust, strike price $23.15, expires 11/18/05		(458	)
	(6,900	)	Lexington Corporate Properties Trust, strike price $23.31, expires 11/18/05		(235	)
	(20,400	)	Lexington Corporate Properties Trust, strike price $23.71, expires 11/30/05		(775	)
	(7,500	)	Liberty Property Trust, strike price $41.79, expires 12/16/05		(8,373	)
	(5,000	)	Liberty Property Trust, strike price $42, expires 12/16/05		(5,068	)
	(3,400	)	Liberty Property Trust, strike price $42.80, expires 11/18/05		(2,203	)
	(10,800	)4	Liberty Property Trust, strike price $42.89, expires 11/30/05		(3,748	)
	(6,600	)	Liberty Property Trust, strike price $43.50, expires 11/18/05		(449	)
	(27,200	)	Lincoln National Corp., strike price $49.50, expires 11/18/05		(33,383	)
	(110	)	Lincoln National Corp., strike price $50, expires 12/17/05		(16,500	)
	(410	)	Lincoln National Corp., strike price $50, expires 12/21/05		(87,330	)
	(42,600	)4	Lincoln National Corp., strike price $52.27, expires 11/30/05		(15,541	)
	(5,800	)4	Lincoln National Corp., strike price $52.79, expires 11/30/05		(1,522	)
	(14,000	)	McDonald’s Corp., strike price $32.98, expires 12/16/05		(9,562	)
	(250	)	McDonald’s Corp., strike price $35, expires 11/19/05		(2,500	)
	(268	)	McDonald’s Corp., strike price $35, expires 12/17/05		(9,380	)
	(1,670	)	Merck & Co., Inc., strike price $27.50, expires 11/19/05		(208,750	)
	(1,460	)	Merck & Co., Inc., strike price $27.50, expires 12/17/05		(204,400	)
	(32,000	)4	Merck & Co., Inc., strike price $27.50, expires 12/21/05		(29,981	)
	(20,500	)4	Merck & Co., Inc., strike price $28.70, expires 11/30/05		(4,538	)
	(100,000	)	Merck & Co., Inc., strike price $28.87, expires 11/18/05		(49,410	)
	(22	)	National City Corp., strike price $32.50, expires 12/17/05		(2,035	)
	(50,000	)4	National City Corp., strike price $33, expires 12/21/05		(36,418	)
	(50,000	)4	National City Corp., strike price $33.66, expires 12/21/05		(25,075	)
	(90,400	)4	National City Corp., strike price $34.19, expires 11/30/05		(19,872	)
	(11,400	)	National City Corp., strike price $35.60, expires 11/30/05		(566	)
	(54,400	)	National City Corp., strike price $36.70, expires 11/18/05		(163	)
	(12,700	)	National Fuel Gas Co., strike price $32, expires 12/21/05		—
	(347	)	National Fuel Gas Co., strike price $35, expires 11/19/05		(6,940	)
	(500	)	Nicor, Inc., strike price $40, expires 12/17/05		(52,500	)
	(41,000	)	Nicor, Inc., strike price $41.90, expires 11/18/05		(1,722	)
	(10,000	)	Nicor, Inc., strike price $42.24, expires 11/18/05		(180	)
	(11,600	)	Nicor, Inc., strike price $42.58, expires 11/18/05		(70	)
	(15	)	North Fork Bancorporation, Inc., strike price $25, expires 12/17/05		(1,800	)
	(470	)	North Fork Bancorporation, Inc., strike price $25.25, expires 12/21/05		(54,472	)
	(52,000	)	North Fork Bancorporation, Inc., strike price $25.50, expires 11/30/05		(35,152	)
	(6,600	)4	North Fork Bancorporation, Inc., strike price $26.35, expires 11/30/05		(2,903	)
	(318	)	North Fork Bancorporation, Inc., strike price $27.50, expires 11/19/05		(3,180	)
	(100	)	North Fork Bancorporation, Inc., strike price $30, expires 11/19/05		(500	)
	(125	)	Old Republic International Corp., strike price $25, expires 11/19/05		(12,813	)
	(13,000	)	Old Republic International Corp., strike price $25.20, expires 11/18/05		(11,695	)
	(12,000	)	Old Republic International Corp., strike price $26, expires 12/21/05		(7,794	)

See Notes to Financial Statements.

17

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(6,800	)4	Old Republic International Corp., strike price $26.44, expires 11/18/05	$	(498	)
	(20,200	)4	Old Republic International Corp., strike price $26.67, expires 11/30/05		(1,852	)
	(30	)	Otter Tail Corp., strike price $30, expires 12/17/05		(3,750	)
	(5,200	)	Otter Tail Corp., strike price $30.92, expires 11/18/05		(2,033	)
	(10,200	)	Otter Tail Corp., strike price $31.30, expires 11/18/05		—
	(15,500	)	Otter Tail Corp., strike price $31.30, expires 12/21/05		—
	(15,300	)	Otter Tail Corp., strike price $31.70, expires 11/30/05		(2,050	)
	(350	)	Peoples Energy Corp., strike price $37, expires 12/09/05		(41,062	)
	(430	)	Peoples Energy Corp., strike price $40, expires 11/19/05		(2,150	)
	(23,500	)	Peoples Energy Corp., strike price $42.57, expires 11/18/05		(23	)
	(11,700	)	Peoples Energy Corp., strike price $43.37, expires 11/18/05		(1,025	)
	(3,100	)	Pfizer, Inc., strike price $22.50, expires 12/17/05		(217,000	)
	(2,100	)	Pfizer, Inc., strike price $25, expires 11/19/05		(10,500	)
	(43,500	)	Pfizer, Inc., strike price $25.91, expires 11/30/05		(2,654	)
	(208,000	)	Pfizer, Inc., strike price $25.98, expires 11/18/05		(5,371	)
	(690	)	Pfizer, Inc., strike price $26.13, expires 12/21/05		(2,181	)
	(1,450	)	Pfizer, Inc., strike price $27.50, expires 11/19/05		(14,500	)
	(260	)	Pinnacle West Capital Corp., strike price $42.50, expires 12/09/05		(17,786	)
	(7,300	)4	Pinnacle West Capital Corp., strike price $44.85, expires 11/18/05		(33	)
	(22,600	)	Pinnacle West Capital Corp., strike price $45.06, expires 11/30/05		(90	)
	(13,900	)	Pinnacle West Capital Corp., strike price $45.31, expires 11/18/05		—
	(250	)	Pitney Bowes, Inc., strike price $41.75, expires 12/09/05		(26,329	)
	(21,000	)	Pitney Bowes, Inc., strike price $42.21, expires 11/30/05		(15,456	)
	(6,600	)	Pitney Bowes, Inc., strike price $43.14, expires 11/18/05		(601	)
	(11,700	)	Pitney Bowes, Inc., strike price $43.21, expires 11/18/05		(1,556	)
	(180	)	PPG Industries, Inc., strike price $60, expires 11/19/05		(18,000	)
	(185	)	PPG Industries, Inc., strike price $60, expires 12/17/05		(25,900	)
	(5,300	)4	PPG Industries, Inc., strike price $60.86, expires 11/18/05		(2,151	)
	(10,000	)	PPG Industries, Inc., strike price $62.50, expires 11/18/05		(1,790	)
	(825	)	Progress Energy, Inc., strike price $44, expires 12/09/05		(71,319	)
	(42,800	)	Progress Energy, Inc., strike price $44.11, expires 11/18/05		(17,698	)
	(9,000	)	Progress Energy, Inc., strike price $44.61, expires 11/30/05		(8,163	)
	(67,800	)4	Progress Energy, Inc., strike price $45.33, expires 11/30/05		(17,534	)
	(150	)	Prologis, strike price $42.50, expires 12/17/05		(21,750	)
	(8,000	)	Prologis, strike price $43.30, expires 11/18/05		(2,536	)
	(135	)	Prologis, strike price $45, expires 11/19/05		(2,700	)
	(4,300	)4	Prologis, strike price $45.08, expires 11/18/05		(392	)
	(139,600	)	Regions Financial Corp., strike price $31.12, expires 11/30/05		(265,100	)
	(17,600	)	Regions Financial Corp., strike price $32.67, expires 11/30/05		(17,230	)
	(88,000	)	Regions Financial Corp., strike price $32.68, expires 11/18/05		(65,650	)
	(132,000	)	Regions Financial Corp., strike price $32.68, expires 12/21/05		(140,587	)
	(26,200	)4	Regions Financial Corp., strike price $32.95, expires 12/16/05		(20,960	)
	(218	)	Regions Financial Corp., strike price $35, expires 12/17/05		(5,450	)
	(20,700	)4	Republic Bancorp, Inc., strike price $12.25, expires 12/21/05		(9,716	)
	(13,800	)4	Republic Bancorp, Inc., strike price $13.54, expires 12/21/05		(5,911	)
	(30,500	)	Republic Bancorp, Inc., strike price $14.19, expires 11/30/05		(1,830	)
	(9,700	)	Republic Bancorp, Inc., strike price $14.59, expires 11/18/05		(249	)
	(18,300	)	Republic Bancorp, Inc., strike price $14.76, expires 11/18/05		(37	)
	(625	)	RPM International, Inc., strike price $17.50, expires 12/17/05		(84,375	)
	(54,100	)	RPM International, Inc., strike price $18.50, expires 11/30/05		(21,694	)
	(7,000	)4	RPM International, Inc., strike price $18.67, expires 11/30/05		(1,971	)
	(33,200	)	RPM International, Inc., strike price $19, expires 11/18/05		(5,966	)
	(24,200	)	RR Donnelley & Sons Co., strike price $36, expires 11/29/05		(9,220	)
	(7,600	)	RR Donnelley & Sons Co., strike price $37.04, expires 11/18/05		(1,034	)
	(23,500	)4	RR Donnelley & Sons Co., strike price $37.27, expires 11/30/05		(2,696	)
	(13,000	)	RR Donnelley & Sons Co., strike price $37.40, expires 11/18/05		(520	)
	(45	)	RR Donnelley & Sons Co., strike price $40, expires 12/17/05		(675	)
	(11,000	)	S&T Bancorp, Inc., strike price $36.50, expires 12/21/05		—
	(8,400	)	S&T Bancorp, Inc., strike price $37, expires 12/09/05		(11,743	)
	(11,900	)4	S&T Bancorp, Inc., strike price $37.93, expires 11/30/05		(599	)
	(3,700	)	S&T Bancorp, Inc., strike price $38.46, expires 11/18/05		(1,698	)
	(8,000	)	S&T Bancorp, Inc., strike price $39, expires 11/18/05		—
	(1,650	)	Sara Lee Corp., strike price $18.25, expires 12/09/05		(47,710	)
	(177,200	)	Sara Lee Corp., strike price $19.07, expires 11/30/05		(8,506	)

See Notes to Financial Statements.

18

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(107,000	)	Sara Lee Corp., strike price $19.10, expires 11/18/05	$	(3,820	)
	(22,400	)	Sara Lee Corp., strike price $19.13, expires 11/30/05		(650	)
	(390,000	)	SBC Communications, Inc., strike price $23, expires 12/21/05		(498,420	)
	(390	)	SBC Communications, Inc., strike price $23.50, expires 12/09/05		(32,149	)
	(354,300	)	SBC Communications, Inc., strike price $24.04, expires 11/30/05		(162,269	)
	(218,000	)	SBC Communications, Inc., strike price $24.08, expires 11/18/05		(78,044	)
	(50,000	)	SBC Communications, Inc., strike price $24.24, expires 11/30/05		(18,500	)
	(45,600	)	SBC Communications, Inc., strike price $24.29, expires 11/30/05		(15,960	)
	(940	)	ServiceMaster Co., (The), strike price $12.75, expires 12/09/05		(25,735	)
	(10,500	)	ServiceMaster Co., (The), strike price $13.49, expires 11/30/05		(1,011	)
	(50,000	)	ServiceMaster Co., (The), strike price $13.60, expires 11/18/05		(450	)
	(81,800	)4	ServiceMaster Co., (The), strike price $13.77, expires 11/30/05		(203	)
	(5,100	)	Stanley Works (The), strike price $45.9045, expires 11/18/05		(12,260	)
	(8,000	)	Stanley Works (The), strike price $46, expires 11/18/05		(17,208	)
	(149	)	Stanley Works (The), strike price $47.50, expires 11/19/05		(20,115	)
	(200	)	Stanley Works (The), strike price $50, expires 12/17/05		(15,000	)
	(2,400	)	Sun Communities, Inc., strike price $32, expires 12/09/05		(708	)
	(15,000	)	Sun Communities, Inc., strike price $32, expires 12/21/05		—
	(5,100	)	Sun Communities, Inc., strike price $32.4311, expires 11/18/05		(459	)
	(16,000	)	Sun Communities, Inc., strike price $32.99, expires 11/30/05		(1,888	)
	(10,200	)	Sun Communities, Inc., strike price $33.63, expires 11/18/05		(92	)
	(24,000	)	SunTrust Banks, Inc., strike price $70, expires 11/18/05		(73,197	)
	(430	)	SunTrust Banks, Inc., strike price $70, expires 11/19/05		(126,850	)
	(40,000	)4	SunTrust Banks, Inc., strike price $70, expires 12/21/05		(145,340	)
	(13,300	)	SunTrust Banks, Inc., strike price $72.49, expires 11/18/05		(14,603	)
	(90	)	SunTrust Banks, Inc., strike price $75, expires 12/17/05		(7,425	)
	(1,900	)	Synovus Financial Corp., strike price $27, expires 12/09/05		(1,980	)
	(250	)	Synovus Financial Corp., strike price $27.25, expires 12/09/05		(17,725	)
	(21,000	)	Synovus Financial Corp., strike price $28.02, expires 11/30/05		(7,875	)
	(6,900	)4	Synovus Financial Corp., strike price $28.28, expires 11/18/05		(702	)
	(11,000	)	Synovus Financial Corp., strike price $29, expires 11/18/05		(1,543	)
	(40	)	Synovus Financial Corp., strike price $30, expires 11/19/05		(500	)
	(15	)	United Dominion Realty Trust, Inc., strike price $22.50, expires 12/17/05		(713	)
	(250	)	United Dominion Realty Trust, Inc., strike price $22.50, expires 12/21/05		(11,042	)
	(21,100	)	United Dominion Realty Trust, Inc., strike price $23.99, expires 11/30/05		(3,503	)
	(12,300	)	United Dominion Realty Trust, Inc., strike price $24.06, expires 11/18/05		(123	)
	(7,000	)	United Dominion Realty Trust, Inc., strike price $24.14, expires 11/18/05		(1,029	)
	(31,200	)	Vectren Corp., strike price $26.50, expires 12/09/05		(20,342	)
	(17,600	)4	Vectren Corp., strike price $28.61, expires 11/18/05		(35	)
	(26,800	)	Vectren Corp., strike price $28.65, expires 11/30/05		(402	)
	(8,700	)	Vectren Corp., strike price $28.66, expires 11/18/05		(229	)
	(400	)	Washington Federal, Inc., strike price $22, expires 12/21/05		(51,610	)
	(98	)	Washington Federal, Inc., strike price $22.50, expires 12/17/05		(9,800	)
	(43,200	)	Washington Federal, Inc., strike price $22.69, expires 11/30/05		(31,795	)
	(13,600	)	Washington Federal, Inc., strike price $23.08, expires 11/18/05		(5,861	)
	(25,000	)	Washington Federal, Inc., strike price $23.62, expires 11/18/05		(1,950	)
	(600	)4	Washington Mutual, Inc., strike price $38.25, expires 11/25/05		(132,238	)
	(800	)	Washington Mutual, Inc., strike price $38.50, expires 12/21/05		(158,657	)
	(500	)	Washington Mutual, Inc., strike price $39, expires 11/11/05		(50,079	)
	(1,050	)	Washington Mutual, Inc., strike price $40, expires 11/19/05		(52,500	)
	(1,470	)	Washington Mutual, Inc., strike price $40, expires 12/17/05		(161,700	)
	(126,000	)	Washington Mutual, Inc., strike price $41.63, expires 11/18/05		(17,375	)
	(26,300	)	Washington Mutual, Inc., strike price $42.25, expires 11/30/05		(4,971	)
	(1,250	)	Wells Fargo & Co., strike price $60, expires 11/19/05		(75,000	)
	(38	)	Wells Fargo & Co., strike price $60, expires 12/17/05		(4,180	)
	(138,000	)4	Wells Fargo & Co., strike price $60, expires 12/21/05		(213,595	)
	(75,000	)	Wells Fargo & Co., strike price $60.10, expires 11/18/05		(44,470	)
	(15,800	)4	Wells Fargo & Co., strike price $60.19, expires 11/30/05		(16,398	)
	(23,500	)4	Wells Fargo & Co., strike price $60.70, expires 12/16/05		(17,825	)
	(4	)	WPS Resources Corp., strike price $55, expires 12/17/05		(420	)
	(10,000	)	WPS Resources Corp., strike price $56, expires 12/21/05		(6,290	)
	(4,800	)	WPS Resources Corp., strike price $58.51, expires 11/18/05		(48	)

See Notes to Financial Statements.

19

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(85	)	WPS Resources Corp., strike price $60, expires 11/19/05	$	(1,488	)
			Total outstanding call options written (premium received $ (11,692,285))		(11,077,845	)
			Total investments net of outstanding options written—99.8%	$	966,437,350
			Other assets in excess of liabilities—0.2%		1,807,993
			Net Assets—100.0%	$	968,245,343

1	Security, or a portion thereof, pledged as collateral for outstanding options written.
2	Non-income producing security.
3	Cost for Federal income tax purposes is $1,002,149,156. The net unrealized depreciation on a tax basis is $24,633,961, consisting of $9,133,823 gross unrealized appreciation and $33,767,784 gross unrealized depreciation.
4	Security is fair valued.
A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

20

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Global Energy and Resources Trust (BGR)

Shares			Description	Value
			LONG-TERM INVESTMENTS—95.6%
			Common Stocks—95.6%
			Australia—1.8 %
	369,000		BHP Billiton Ltd. (ADR)	$	11,457,450
	398,900		Santos Ltd.		3,270,173
			Total Australia		14,727,623
			Bermuda—3.3 %
	800,000	1	Aries Maritime Transport Ltd.		11,136,000
	78,100	1	Nabors Industries Ltd.		5,360,003
	606,000		Ship Finance International Ltd.		11,538,240
			Total Bermuda		28,034,243
			Brazil—0.7%
	86,300		Petroleo Brasileiro SA (ADR)		5,514,570
			Canada—23.0%
	451,400		Altagas Income Trust		9,754,725
	723,500		ARC Energy Trust		13,524,798
	459,200		Baytex Energy Trust		6,100,347
	282,800		Bonavista Energy Trust		8,065,272
	125,800		Canadian Natural Resources Ltd.		5,184,218
	167,600	1	Compton Petroleum Corp.		1,832,936
	190,500		Enerplus Resources Fund		8,026,663
	587,531		Esprit Energy Trust		6,276,030
	646,900		Fairborne Energy Trust		8,303,222
	215,417	1	Fairquest Energy Ltd.		1,674,684
	450,300		Focus Energy Trust		8,131,398
	206,300		Fording Canadian Coal Trust		6,985,318
	234,040		Harvest Energy Trust		6,650,859
	137,200		Husky Energy, Inc.		6,339,197
	780,300		Keyera Facilities Income Fund		11,920,653
	207,900		NAL Oil & Gas Trust		2,848,259
	349,400		Paramount Energy Trust		6,131,643
	265,500		Pembina Pipeline Income Fund		3,232,233
	481,400		Penn West Energy Trust		12,753,804
	410,000		Peyto Energy Trust		9,047,772
	111,054		PrimeWest Energy Trust		3,110,623
	744,800		Progress Energy Trust		9,439,837
	299,800	1	Savanna Energy Services		6,163,495
	241,200	1	Trican Well Service Ltd.		9,062,765
	560,800		Trinidad Energy Services Income Trust		6,774,957
	399,900		Vermilion Energy Trust		8,862,181
	258,500		Zargon Energy Trust		6,399,220
			Total Canada		192,597,109
			Cayman Islands—0.5%
	91,700		GlobalSantaFe Corp.		4,085,235
			Denmark—0.6%
	600		AP Moller-Maersk A/S		5,424,284
			France—1.2%
	65,392		Technip SA		3,536,252
	52,000		Total SA (ADR)		6,553,040
			Total France		10,089,292
			Italy—0.7%
	382,500		SAIPEM		5,471,239
			Luxembourg—0.9%
	82,400	1	Stolt Offshore SA		856,115
	147,000	1	Stolt Offshore SA (ADR)		1,522,920
	139,900		Stolt-Nielsen SA		5,018,213
					7,397,248
			Netherlands—1.0%
	85,800	1	Core Laboratories NV		2,763,618
	72,200		IHC CALAND NV		5,580,891
			Total Netherlands		8,344,509

See Notes to Financial Statements.

21

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

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

Shares			Description	Value
			Common Stocks—(cont’d)
			Norway—1.6%
	33,600		Norsk Hydro ASA	$	3,337,200
	453,400		Statoil ASA		10,070,014
			Total Norway		13,407,214
			United Kingdom—2.1%
	730,273		BG Group PLC		6,425,495
	46,279	2	BP PLC (ADR)		3,072,925
	87,000		Rio Tinto PLC		3,315,208
	29,100		Rio Tinto PLC (ADR)		4,441,242
			Total United Kingdom		17,254,870
			United States—58.2%
	43,900	2	Amerada Hess Corp.		5,491,890
	221,600		Arch Coal, Inc.		17,078,712
	217,900		Atmos Energy Corp.		5,730,770
	101,400	2	Burlington Resources, Inc.		7,323,108
	321,900		Chesapeake Energy Corp.		10,332,990
	66,000	1,3	CNX Gas Corp.		1,386,000
	67,900	1	Comstock Resources, Inc.		2,044,469
	110,400		ConocoPhillips		7,217,952
	272,000		Consol Energy, Inc.		16,564,800
	92,600	2	Diamond Offshore Drilling, Inc.		5,228,196
	80,300	2	Dominion Resources, Inc.		6,109,224
	725,000	1	Double Hull Tankers, Inc.		8,576,750
	146,900		EnCana Corp.		6,736,834
	664,500		Energy Transfer Partners LP		22,659,450
	124,800		ENSCO International, Inc.		5,689,632
	385,146		Enterprise Products Partners LP		9,959,876
	319,600		EOG Resources, Inc.		21,662,488
	72,400		Exxon Mobil Corp.		4,064,536
	141,300	1	Grant Prideco, Inc.		5,495,157
	51,700	1	Hercules Offshore, Inc.		1,125,509
	186,800		ITC Holdings Corp.		5,137,000
	85,600		Kerr-McGee Corp.		7,279,424
	509,328	1	Kinder Morgan Management LLC		24,646,360
	786,600	2	Magellan Midstream Partners LP		26,343,234
	386,800		Massey Energy Co.		15,499,076
	160,100	1	McDermott International, Inc.		5,816,433
	150,458	1	National-Oilwell Varco, Inc.		9,399,111
	350,485		Natural Resource Partners LP		18,558,181
	186,300	1	Newfield Exploration Co.		8,444,979
	90,800		Noble Corp.		5,845,704
	181,200		Noble Energy, Inc.		7,257,060
	179,400		Northern Border Partners LP		8,322,366
	169,800		Patterson-UTI Energy, Inc.		5,795,274
	233,300		Peabody Energy Corp.		18,234,728
	332,500		Penn Virginia Resource Partner		17,815,350
	268,500		PG&E Corp.		9,768,030
	565,300		Plains All American Pipeline LP		23,951,761
	64,200	1, 2	Precision Drilling Corp.		2,953,200
	73,000		Public Service Enterprise Group, Inc.		4,590,970
	87,000		Questar Corp.		6,851,250
	44,600		Schlumberger Ltd.		4,048,342
	104,900		Suncor Energy, Inc.		5,625,787
	132,600		Talisman Energy, Inc.		5,872,854
	559,900		TEPPCO Partners LP		21,892,090
	238,800	1	Transocean, Inc.		13,728,612
	343,300		Valero LP		20,069,318
	123,600	1	Weatherford International Ltd.		7,737,360
	240,100		Williams Cos., Inc.		5,354,230
			Total United States		487,316,427
			Total Common Stocks (cost $695,424,181)		799,663,863

See Notes to Financial Statements.

22

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

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

Shares			Description	Value
			SHORT-TERM INVESTMENTS—4.6%
			Money Market Fund—3.0%
	25,031,084		Fidelity Institutional Money Market Prime Portfolio	$	25,031,084
Principal Amount
			U.S. Government and Agency Zero Coupon Bond—1.6%
	13,400,000		Federal Home Loan Bank, 3.72%, 11/01/056		13,400,000
			Total Short-Term Investments (cost $38,431,084)		38,431,084
Contracts
			OUTSTANDING CALL OPTIONS PURCHASED—0.0%
	200		AGL Resources, Inc., strike price $35, expires 12/17/05		25,500
	175		Amerada Hess Corp., strike price $140, expires 11/19/05		10,500
	450	5	BP PLC, strike price $74, expires 11/23/05		6,750
	250		Exxon Mobil Corp., strike price $65, expires 11/19/05		1,250
	125		Kerr-McGee Corp., strike price $100, expires 11/19/05		1,250
	100		Noble Corp., strike price $75, expires 11/19/05		1,000
	250		Noble Energy, Inc., strike price $47.50, expires 11/19/05		3,125
	85		Precision Drilling Trust, strike price $50, expires 11/19/05		1,700
	100		Suncor Energy, Inc., strike price $65, expires 11/19/05		2,000
	160		Weatherford International Ltd., strike price $70, expires 11/19/05		2,400
			Total outstanding call options purchased (cost $44,743)		55,475
			Total investments before outstanding options written (cost $733,900,0084)		838,150,422
			OUTSTANDING OPTIONS WRITTEN—(0.5)%
			OUTSTANDING CALL OPTIONS WRITTEN—(0.3)%
	(200	)	AGL Resources, Inc., strike price $37.50, expires 12/17/05		(6,500	)
	(175	)	Amerada Hess Corp., strike price $145, expires 11/19/05		(3,500	)
	(25,000	)5	Arch Coal, Inc., strike price $75, expires 11/18/05		(122,407	)
	(870	)	Arch Coal, Inc., strike price $80, expires 11/19/05		(195,750	)
	(60,000	)	BHP Billiton Ltd., strike price $35, expires 11/18/05		(5,580	)
	(500	)	BHP Billiton Ltd., strike price $35, expires 11/19/05		(7,500	)
	(26,000	)5	Burlington Resources, Inc., strike price $82.05, expires 11/18/05		(10,267	)
	(25,000	)	Canadian Natural Resources Ltd., strike price $50, expires 11/18/05		(325	)
	(500	)	Chesapeake Energy Corp., strike price $35, expires 11/19/05		(42,500	)
	(155,000	)5	Chesapeake Energy Corp., strike price $40, expires 11/18/05		(29,713	)
	(40,000	)5	ConocoPhillips, strike price $75, expires 11/18/05		(8,040	)
	(40,000	)5	Consol Energy, Inc., strike price $78.08, expires 11/18/05		(2,271	)
	(250	)	Diamond Offshore Drilling, Inc., strike price $65, expires 11/19/05		(4,375	)
	(150	)	Diamond Offshore Drilling, Inc., strike price $65, expires 12/17/05		(10,500	)
	(425	)	Dominion Resources, Inc., strike price $80, expires 01/21/06		(77,563	)
	(300	)	EnCana Corp., strike price $55, expires 12/17/05		(33,000	)
	(23,000	)	EnCana Corp., strike price $60, expires 11/18/05		(34	)
	(100	)	ENSCO International, Inc., strike price $45, expires 11/19/05		(20,500	)
	(300	)	ENSCO International, Inc., strike price $45, expires 12/17/05		(99,000	)
	(250	)	ENSCO International, Inc., strike price $47, expires 11/11/05		(7,299	)
	(30,000	)5	EOG Resources, Inc., strike price $80, expires 11/18/05		(10,155	)
	(25,000	)5	Exxon Mobil Corp., strike price $68, expires 11/18/05		(62	)
	(65,000	)	Fording Canadian Coal Trust, strike price $45.40, expires 11/18/05		(3,914	)
	(400	)	GlobalSantaFe Corp., strike price $47.50, expires 11/19/05		(20,000	)
	(125	)	Kerr-McGee Corp., strike price $105, expires 11/19/05		(625	)
	(80,000	)5	Massey Energy Co., strike price $60, expires 11/18/05		(88	)
	(27,000	)	McDermott International, Inc., strike price $27.50, expires 11/18/05		(232,997	)
	(250	)	McDermott International, Inc., strike price $40, expires 12/17/05		(28,750	)
	(300	)	Newfield Exploration Co., strike price $50, expires 12/17/05		(27,750	)
	(15,000	)5	Newfield Exploration Co., strike price $52.57, expires 11/18/05		(390	)
	(20,000	)	Noble Corp., strike price $80, expires 11/18/05		(840	)
	(25,000	)	Noble Energy, Inc., strike price $50, expires 11/18/05		—
	(250	)	Patterson-UTI Energy, Inc., strike price $35, expires 11/19/05		(17,500	)
	(250	)	Patterson-UTI Energy, Inc., strike price $35, expires 12/17/05		(36,250	)
	(910	)	Peabody Energy Corp., strike price $75, expires 12/17/05		(682,500	)
	(250	)	Peabody Energy Corp., strike price $80, expires 11/19/05		(72,500	)
	(25,000	)	Peabody Energy Corp., strike price $95, expires 11/18/05		(4,650	)
	(25,000	)	Petroleo Brasileiro SA, strike price $75, expires 11/18/05		(1,350	)
	(208,500	)	PG&E Corp., strike price $36.50, expires 12/16/05		(235,188	)

See Notes to Financial Statements.

23

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

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

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(600	)	PG&E Corp., strike price $40, expires 12/17/05	$	(10,500	)
	(250	)	Precision Drilling Trust, strike price $55, expires 11/19/05		(60,625	)
	(730	)	Public Service Enterprise Group, Inc., strike price $65, expires 12/17/05		(85,775	)
	(120	)	Questar Corp., strike price $80, expires 11/19/05		(24,600	)
	(200	)	Questar Corp., strike price $90, expires 11/19/05		(2,500	)
	(50	)	Rio Tinto PLC, strike price $160, expires 11/19/05		(6,250	)
	(87	)5	Rio Tinto PLC, strike price 22 GBP, expires 11/18/05		(63,915	)
	(100,000	)5	Savanna Energy Services Corp., strike price $25.52, expires 12/16/05		(48,324	)
	(125	)	Schlumberger Ltd., strike price $90, expires 11/19/05		(37,188	)
	(100	)	Schlumberger Ltd., strike price $95, expires 12/17/05		(22,500	)
	(50,000	)	Statoil ASA, strike price $27.50, expires 11/18/05		(1	)
	(25,000	)5	Stolt Offshore SA, strike price $12.50, expires 11/18/05		(667	)
	(10,000	)5	Suncor Energy, Inc., strike price $70, expires 11/18/05		(682	)
	(100	)	Total SA, strike price $140, expires 11/19/05		(1,500	)
	(334	)	Transocean, Inc., strike price $60, expires 11/19/05		(40,080	)
	(350	)	Transocean, Inc., strike price $65, expires 11/19/05		(10,500	)
	(16,000	)	Weatherford International Ltd., strike price $75, expires 11/18/05		(649	)
	(50,000	)	Williams Cos., Inc., strike price $25, expires 11/18/05		(10,250	)
			Total Outstanding Call Options Written (premium received $(3,523,235))		(2,488,639	)
			OUTSTANDING PUT OPTIONS WRITTEN—(0.2)%
	(500	)	Alpha Natural Resources, Inc., strike price $25, expires 11/19/05		(96,250	)
	(175	)	Amerada Hess Corp., strike price $115, expires 11/19/05		(16,625	)
	(100	)	Apache Corp., strike price $65, expires 11/19/05		(27,000	)
	(250	)	Arch Coal, Inc., strike price $65, expires 11/19/05		(13,750	)
	(585	)	Canadian Natural Resources Ltd., strike price $45, expires 11/19/05		(254,475	)
	(300	)	ConocoPhillips, strike price $62.50, expires 11/19/05		(24,000	)
	(400	)	Consol Energy, Inc., strike price $60, expires 11/19/05		(60,000	)
	(150	)	Diamond Offshore Drilling, Inc., strike price $55, expires 11/19/05		(23,250	)
	(300	)	GlobalSantaFe Corp., strike price $42.50, expires 11/19/05		(19,500	)
	(375	)	Kerr-McGee Corp., strike price $85, expires 11/19/05		(82,500	)
	(150	)	Massey Energy Co., strike price $50, expires 11/19/05		(150,000	)
	(500	)	McDermott International, Inc., strike price $35, expires 11/19/05		(51,250	)
	(370	)	Nabors Industries Ltd., strike price $65, expires 11/19/05		(27,750	)
	(500	)	National Oilwell Varco, Inc., strike price $60, expires 11/19/05		(85,000	)
	(160	)	Newfield Exploration Co., strike price $45, expires 11/19/05		(24,400	)
	(186	)	Noble Corp., strike price $65, expires 11/19/05		(50,685	)
	(250	)	Noble Energy, Inc., strike price $45, expires 11/19/05		(107,500	)
	(250	)	Peabody Energy Corp., strike price $75, expires 11/19/05		(67,500	)
	(250	)	Petroleo Brasileiro SA, strike price $65, expires 11/19/05		(85,000	)
	(125	)	Schlumberger Ltd., strike price $80, expires 11/19/05		(3,750	)
	(200	)	Suncor Energy, Inc., strike price $50, expires 11/19/05		(15,000	)
	(300	)	Talisman Energy, Inc., strike price $45, expires 11/19/05		(83,250	)
	(350	)	Transocean, Inc., strike price $55, expires 11/19/05		(40,250	)
	(150	)	Weatherford International Ltd., strike price $65, expires 11/19/05		(48,750	)
	(300	)	Williams Cos., Inc., strike price $22.50, expires 11/19/05		(34,500	)
			Total Outstanding Put Options Written (premium received $(2,577,037))		(1,491,935	)
			Total outstanding options written (premium received $(6,100,272))		(3,980,574	)
			Total investments net of outstanding options written—99.7%	$	834,169,848
			Other assets in excess of liabilities—0.3%		2,753,846
			Net Assets—100.0%	$	836,923,694

1	Non-income producing security.
2	Security, or a portion thereof, pledged as collateral for outstanding options written.
3	Illiquid security. As of October 31, 2005, the Trust held 0.2% of its net assets, with a current market value of $1,386,000 in these securities.
4	Cost for Federal income tax purposes is $738,498,929. The net unrealized appreciation on a tax basis is $99,651,493, consisting of $108,202,373 gross unrealized appreciation and $8,550,880 gross unrealized depreciation.
5	Security is fair valued.
6	Rate shown is yield to maturity as of October 21, 2005.

KEY TO ABBREVIATIONS
ADR	—	American Depositary Receipts
GBP	—	British Pound

See Notes to Financial Statements.

24

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Global Opportunities Equity Trust (BOE)

Shares		Description	Value
		LONG-TERM INVESTMENTS—95.1%
		Common Stocks—95.1%
		Australia—2.8%
	611,500	Foster’s Group Ltd.	$	2,657,724
	96,600	QBE Insurance Group Ltd.		1,288,311
	134,500	St. George Bank Ltd.		2,741,616
	611,500	Ten Network Holdings Ltd.		1,564,179
		Total Australia		8,251,830
		Brazil—2.0%
	301,000	Gerdau SA (ADR)		4,084,570
	30,400	Petroleo Brasileiro SA (ADR)		1,942,560
		Total Brazil		6,027,130
		Canada—1.6%
	30,600	Canadian Imperial Bank of Commerce		1,873,020
	63,000	CI Fund Management, Inc.		1,148,319
	46,200	Fording Canadian Coal Trust		1,564,332
		Total Canada		4,585,671
		China—0.9%
	36,000	PetroChina Co. Ltd.		2,762,280
		Denmark—0.9%
	88,000	Danske Bank A/S		2,758,523
		Finland—1.5%
	107,900	Fortum Oyj		1,908,654
	90,700	Wartsila Oyj ABP		2,515,303
		Total Finland		4,423,957
		France—1.3%
	2,400	Areva SA		1,086,763
	24,500	Societe Generale		2,796,746
		Total France		3,883,509
		Germany—4.0%
	36,700	BASF AG		2,640,333
	56,900	Bilfinger Berger AG		2,456,045
	68,500	Hannover Rueckversicherung AG		2,470,928
	140,600	IVG Immobilien AG		2,703,490
	30,000	Man AG		1,390,480
		Total Germany		11,661,276
		Greece—1.6%
	110,000	Cosmote Mobile Telecommunications SA		2,265,174
	85,600	OPAP SA		2,476,410
		Total Greece		4,741,584
		Hong Kong—7.4%
	562,500	ASM Pacific Technology		2,611,449
	750,000	Citic Pacific Ltd.		1,945,755
	470,500	CLP Holdings Ltd.		2,701,159
	2,494,000	Giordana International Ltd.		1,435,281
	1,143,000	Hang Lung Properties Ltd.		1,643,053
	480,000	Hong Kong Electric Holding		2,270,044
	480,000	Hong Kong Exchanges & Clearing Ltd.		1,609,475
	483,000	Kerry Properties Ltd.		1,210,969
	2,085,000	New World Development Ltd.		2,580,415
	611,000	Orient Overseas International Ltd.		1,948,968
	714,000	Yue Yuen Industrial Holdings		1,802,427
		Total Hong Kong		21,758,995
		Indonesia—0.4%
	2,600,000	Indosat Tbk PT		1,254,215
		Ireland—1.3%
	226,200	Irish Life & Permanent PLC		3,935,361

See Notes to Financial Statements.

25

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Global Opportunities Equity Trust (BOE) (continued)

Shares		Description	Value
		Common Stocks—(cont’d)
		Italy—1.2%
	195,700	Acea SpA	$	1,946,115
	73,400	Enel SpA		590,860
	34,200	ENI SpA		914,939
		Total Italy		3,451,914
		Japan—12.0%
	66,100	Aisin Seiki Co. Ltd.		1,989,589
	337,000	Bank of Yokohama Ltd.		2,743,963
	298,000	Chiba Bank Ltd.		2,652,695
	41,300	Daito Trust Construction Co. Ltd.		2,046,456
	190,200	Hitachi Construction Machinery Co. Ltd.		3,629,965
	190,000	Mitsui Trust Holdings, Inc.		2,289,102
	440	Mizuho Financial Group, Inc.		2,937,461
	800,000	Morinaga & Co. Ltd.		2,202,265
	507,000	NSK Ltd.		2,957,904
	1,040	Resona Holdings, Inc.		3,015,363
	116,200	Showa Shell Sekiyu KK		1,448,143
	220	Sumitomo Mitsui Financial Group, Inc.		2,031,885
	109,500	TonenGeneral Sekiyu KK		1,222,936
	59,800	Toyota Industries Corp.		2,009,125
	21,300	Toyota Motor Corp. (ADR)		1,976,853
		Total Japan		35,153,705
		Mexico—1.1%
	840,900	Grupo Mexico SA de CV		1,620,261
	450,000	Kimberly-Clark de Mexico SA de CV		1,488,189
		Total Mexico		3,108,450
		Netherlands—4.5%
	110,100	ABN Amro Holding NV		2,602,769
	92,900	ING Groep NV		2,677,859
	112,500	Koninklijke Wessanen NV		1,651,109
	165,000	New Skies Satellites Holdings Ltd.		3,710,850
	31,800	Rodamco Europe NV		2,530,570
		Total Netherlands		13,173,157
		New Zealand—0.7%
	525,000	Telecom Corp. of New Zealand Ltd.		2,145,910
		Norway—3.1%
	269,000	DNB NOR ASA		2,750,956
	73,400	Orkla ASA		2,576,096
	55,000	Statoil ASA		1,221,857
	275,200	Storebrand ASA		2,530,276
		Total Norway		9,079,185
		Singapore—1.3%
	733,000	Singapore Exchange Ltd.		1,170,079
	311,000	United Overseas Bank Ltd.		2,536,320
		Total Singapore		3,706,399
		South Africa—2.1%
	715,400	African Bank Investments Ltd.		2,136,809
	929,400	Edgars Consolidated Stores Ltd.		4,132,546
		Total South Africa		6,269,355
		South Korea—6.3%
	74,600	Daelim Industrial Co.		4,360,392
	83,200	GS Engineering & Construction Corp.		3,579,312
	256,800	Hanwha Chemical Corp.		2,715,631
	61,100	Honam Petrochemical Corp.		2,960,431
	33,000	Hyundai Heavy Industries		2,154,105
	36,700	S-Oil Corp.		2,755,499
		Total South Korea		18,525,370

See Notes to Financial Statements.

26

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Global Opportunities Equity Trust (BOE) (continued)

Shares			Description	Value
			Common Stocks—(cont’d)
			Sweden—2.0%
	110,100		D. Carnegie AB	$	1,340,943
	128,400		Nordea Bank AB		1,257,390
	67,300		Sandvik AB		3,238,193
			Total Sweden		5,836,526
			Taiwan—2.6%
	2,765,700		China Steel Corp.		2,187,752
	3,797,000		Far Eastern Textile Co. Ltd.		2,219,060
	1,528,000		Formosa Plastics Corp.		2,309,588
	1,677,087		Wan Hai Lines Ltd.		998,640
			Total Taiwan		7,715,040
			United Kingdom—21.6%
	226,200		Arriva PLC		2,310,351
	256,800		BAA PLC		2,790,400
	462,650		BBA Group PLC		2,384,901
	672,600		Bodycote International PLC		2,697,989
	42,800	1	BP PLC (ADR)		2,841,920
	1,797,700		Brit Insurance Holdings PLC		2,674,229
	210,300		Dairy Crest Group PLC		1,677,827
	308,200		De La Rue PLC		2,127,889
	244,600		Diageo PLC		3,613,473
	525,800		Friends Provident PLC		1,640,808
	580,900		GKN PLC		2,862,690
	269,000		Hanson PLC		2,727,068
	128,400		IMI PLC		963,015
	214,000		Kelda Group PLC		2,637,462
	886,600		Legal & General Group PLC		1,684,242
	532,000		Pilkington PLC		1,444,090
	256,542		Provident Financial PLC		2,725,609
	305,700		Rexam PLC		2,605,098
	30,000		Rio Tinto PLC		1,143,175
	4,000		Rio Tinto PLC (ADR)		610,480
	42,800		Royal Dutch Shell PLC (ADR)		2,655,312
	144,428		Scottish & Southern Energy PLC		2,506,414
	140,600		Severn Trent PLC		2,382,406
	171,200		Smiths Group PLC		2,766,358
	218,513		United Utilities PLC		2,413,011
	187,100		Viridian Group PLC		2,581,028
	114,200		Whitbread PLC		1,901,115
	107,197		Wolverhampton & Dudley Brew PLC		2,188,389
			Total United Kingdom		63,556,749
			United States—10.9%
	178,389		Alaska Communications Systems Group, Inc.		1,960,495
	20,800		Altria Group, Inc.		1,561,040
	20,200		Arch Coal, Inc.		1,556,814
	39,100		Atmos Energy Corp.		1,028,330
	51,721	1	Caterpillar, Inc.		2,720,007
	55,000	1	Consolidated Edison, Inc.		2,502,500
	39,800		Freeport-McMoRan Copper & Gold, Inc.		1,966,916
	65,000	1	Keycorp		2,095,600
	61,100	1	PanAmSat Holding Corp.		1,458,457
	67,300		Pepco Holdings, Inc.		1,446,277
	73,400	1	RR Donnelley & Sons Co.		2,570,468
	79,500		Southern Co.		2,781,705
	37,900		Southern Copper Corp.		2,089,806
	125,000		Strategic Hotel Capital, Inc.		2,123,750
	203,005	1	Vector Group Ltd.		4,051,980
			Total United States		31,914,145
			Total Common Stocks (cost $280,670,779)		279,680,236
			SHORT-TERM INVESTMENTS—2.8%
			Money Market Fund—1.8%
	5,338,236		Fidelity Institutional Money Market Prime Portfolio		5,338,236

See Notes to Financial Statements.

27

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Global Opportunities Equity Trust (BOE) (continued)

Principal Amount			Description	Value
			U.S. Government and Agency Zero Coupon Bond—1.0%
$	3,000,000		FNMA Discount Notes, 3.72%, 11/01/054	$	3,000,000
			Total Short-Term Investments (cost $8,338,236)		8,338,236
			Total investments before outstanding options written (cost $289,009,0152)		288,018,472
	Contracts
			OUTSTANDING OPTIONS WRITTEN—(1.1)%
			OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%
	(125	)	Altria Group, Inc., strike price $70, expires 12/17/05		(18,125	)
	(190	)	Caterpillar, Inc., strike price $55, expires 11/19/05		(43,700	)
	(450	)	Fording Canadian Coal Trust, strike price $30, expires 01/21/06		(78,750	)
	(300	)	Southern Copper Corp., strike price $50, expires 11/19/05		(25,500	)
			Total Outstanding Put Options Written (premium received $(203,297))		(166,075	)
			OUTSTANDING CALL OPTIONS WRITTEN—(1.0)%
	(55,050	)3	ABN Amro Holding NV, strike price 20.27 EUR, expires 11/30/05		(7,401	)
	(33,000	)	Aisin Seiki Co. Ltd., strike price 3,390.65 JPY, expires 11/29/05		(42,745	)
	(99,000	)	Alaska Communications Systems Group, Inc., strike price $11.06, expires 11/29/05		(36,255	)
	(125	)	Altria Group, Inc., strike price $75, expires 12/17/05		(42,500	)
	(202	)	Arch Coal, Inc., strike price $75, expires 11/19/05		(101,000	)
	(900	)3	Areva SA, strike price 387.09 EUR, expires 11/29/05		(10,636	)
	(101,700	)3	Arriva PLC, strike price 5.7572 GBP, expires 11/29/05		(21,046	)
	(281,250	)3	ASM Pacific Technology, strike price 37.687 HKD, expires 11/30/05		(19,262	)
	(128,400	)3	BAA PLC, strike price 6.32 GBP, expires 11/30/05		(2,923	)
	(138,000	)3	Bank of Yokohama Ltd., strike price 886.64 JPY, expires 11/29/05		(69,772	)
	(18,200	)3	BASF AG, strike price 61.05 EUR, expires 11/29/05		(22,889	)
	(231,325	)3	BBA Group PLC, strike price 3.0149 GBP, expires 11/30/05		(6,522	)
	(19,900	)3	Bilfinger Berger AG, strike price 36.7083 EUR, expires 11/29/05		(17,328	)
	(269,000	)3	Bodycote International PLC, strike price 2.3051 GBP, expires 11/29/05		(25,524	)
	(190	)	BP PLC (ADR), strike price $65, expires 11/19/05		(38,950	)
	(150	)3	Canadian Imperial Bank of Commerce, strike price 74 CAD, expires 11/19/05		(7,667	)
	(22,000	)	Caterpillar, Inc., strike price $60, expires 11/18/05		(614	)
	(122,000	)3	Chiba Bank Ltd., strike price 1,034.73 JPY, expires 11/29/05		(40,499	)
	(1,382,850	)3	China Steel Corp., strike price $0.894, expires 11/30/05		(1,659	)
	(375,000	)	CITIC Pacific Ltd., strike price 21.90 HKD, expires 11/30/05		(793	)
	(282,000	)	CLP Holdings Ltd., strike price 45.41 HKD, expires 11/30/05		(7,919	)
	(450	)	Consolidated Edison, Inc., strike price $50, expires 11/19/05		(2,250	)
	(55,000	)3	Cosmote Mobile Telecommunications SA, strike price 17.14 EUR, expires 11/30/05		(29,982	)
	(38,500	)3	D. Carnegie AB, strike price 97.8283 SEK, expires 11/29/05		(11,379	)
	(34,000		Daelim Industrial Co., strike price $66,706.08, expires 11/21/05		(7,737	)
	(84,100	)3	Dairy Crest Group PLC, strike price 4.5796 GBP, expires 11/29/05		(14,173	)
	(13,700	)	Daito Trust Construction Co. Ltd, strike price 5,393.26 JPY, expires 11/29/05		(50,422	)
	(44,000	)3	Danske Bank A/S, strike price 193.36 DKK, expires 11/30/05		(29,123	)
	(107,800	)3	De La Rue PLC, strike price 3.9991 GBP, expires 11/29/05		(15,267	)
	(171,300	)3	Diageo PLC, strike price 8.452 GBP, expires 11/29/05		(40,604	)
	(121,000	)3	DNB NOR ASA, strike price 66.9125 NOK, expires 11/29/05		(20,840	)
	(100	)	Enel SpA, strike price 6.80 EUR, expires 11/18/05		(2,078	)
	(3,797,000	)3	Far Eastern Textile Co. Ltd., strike price $0.593, expires 11/30/05		(78,978	)
	(450	)	Fording Canadian Coal Trust, strike price $38.375, expires 01/21/06		(55,125	)
	(764,000	)3	Formosa Plastics Corp., strike price $1.4782, expires 11/30/05		(47,826	)
	(43,100	)	Fortum Oyj, strike price 14.89 EUR, expires 11/29/05		(18,987	)
	(140	)	Freeport-McMoRan Copper & Gold, Inc., strike price $50, expires 11/19/05		(19,950	)
	(237,000	)3	Friends Provident PLC, strike price 1.7726 GBP, expires 12/16/05		(16,279	)
	(250,000	)3	Gerdau SA (ADR), strike price $13.20, expires 11/29/05		(138,790	)
	(750,000	)3	Giordano International Ltd., strike price 4.93 HKD, expires 11/30/05		(4,913	)
	(320,000	)3	GKN PLC, strike price 2.9511 GBP, expires 11/30/05		(93,056	)
	(30,800	)3	Hannover Rueckversicherung AG, strike price 30.5213 EUR, expires 11/29/05		(24,304	)
	(161,400	)	Hanson PLC, strike price 5.7889 GBP, expires 11/30/05		(33,053	)
	(82,000	)	Hitachi Construction Machinery Co. Ltd., strike price 1,852.81 JPY, expires 11/07/05		(244,526	)
	(360,000	)	Hong Kong Electric Holding, strike price 38.02 HKD, expires 11/30/05		(7,653	)
	(64,200	)	IMI PLC, strike price 4.3544 GBP, expires 11/30/05		(4,785	)
	(46,450	)3	ING Groep NV, strike price 25.07 EUR, expires 11/30/05		(5,411	)
	(158,000	)3	Irish Life & Permanent PLC, strike price 15.18 EUR, expires 11/30/05		(16,816	)
	(128,000	)3	Kelda Group PLC, strike price 6.9727 GBP, expires 11/30/05		(31,499	)
	(360	)	Keycorp, strike price $32.50, expires 12/17/05		(24,300	)
	(290,000	)	Kimberly-Clark de Mexico SA de CV, strike price 41 MXN, expires 12/09/05		—

See Notes to Financial Statements.

28

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Global Opportunities Equity Trust (BOE) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(62,000	)3	Koninklijke Wessanen NV, strike price 14.30 EUR, expires 11/30/05	$	(297	)
	(443,300	)3	Legal & General Group PLC, strike price 1.15 GBP, expires 11/30/05		(153,302	)
	(12,000	)3	MAN AG, strike price 39.0543 EUR, expires 11/29/05		(12,443	)
	(78,000	)3	Mitsui Trust Holdings, Inc., strike price 1,509.09 JPY, expires 11/29/05		(18,669	)
	(170	)3	Mizuho Financial Group, Inc., strike price 734,088 JPY, expires 11/29/05		(76,324	)
	(25,000	)	Morinaga & Co. Ltd., strike price 315.54 JPY, expires 11/18/05		(1,910	)
	(96,000	)	Morinaga & Co. Ltd., strike price 316.26 JPY, expires 11/18/05		(7,018	)
	(32,000	)	Morinaga & Co. Ltd., strike price 316.27 JPY, expires 11/18/05		(2,338	)
	(34,000	)	Morinaga & Co. Ltd., strike price 317.53 JPY, expires 11/18/05		(2,296	)
	(62,000	)	Morinaga & Co. Ltd., strike price 322.83 JPY, expires 11/18/05		(2,933	)
	(62,000	)	Morinaga & Co. Ltd., strike price 326.22 JPY, expires 11/18/05		(2,288	)
	(129,000	)	Morinaga & Co. Ltd., strike price 338.14 JPY, expires 11/18/05		(1,740	)
	(55,000	)	New Skies Satellites Holdings Ltd., strike price $21.35, expires 11/30/05		(73,755	)
	(89,800	)3	Nordea Bank AB, strike price 61.105 DKK, expires 11/29/05		(10,377	)
	(253,500	)	NSK Ltd., strike price 622.91 JPY, expires 11/30/05		(120,865	)
	(305,500	)3	Orient Overseas International Ltd., strike price 29.5974 HKD, expires 11/30/05		(772	)
	(40,300	)3	Orkla ASA, strike price 229.775 NOK, expires 11/29/05		(26,798	)
	(55,000	)	Pepco Holdings, Inc., strike price $23.79, expires 11/30/05		(138	)
	(200	)	PetroChina Co. Ltd., strike price $80, expires 11/19/05		(14,500	)
	(100	)	Petroleo Brasileiro SA (ADR), strike price $65, expires 11/19/05		(16,000	)
	(532,000	)3	Pilkington PLC, strike price 1.5539 GBP, expires 11/29/05		(36,541	)
	(128,000	)	Provident Financial PLC, strike price 6.3843 GBP, expires 11/30/05		(3,335	)
	(48,300	)	QBE Insurance Group Ltd., strike price 19.08 AUD, expires 11/30/05		(3,500	)
	(420	)3	Resona Holdings, Inc., strike price 310,559.40 JPY, expires 11/29/05		(108,330	)
	(30	)3	Rio Tinto PLC, strike price 22 GBP, expires 11/18/05		(22,040	)
	(31,800	)3	Rodamco Europe NV, strike price 69.67 EUR, expires 11/30/05		(7,915	)
	(250	)	Royal Dutch Shell PLC (ADR), strike price $62, expires 11/29/05		(32,750	)
	(35,000	)	RR Donnelley & Sons Co., strike price $36, expires 11/29/05		(13,335	)
	(37,000	)	Sandvik AB, strike price 385.16 SEK, expires 11/29/05		(34,892	)
	(72,200	)	Scottish & Southern Energy PLC, strike price 10.43 GBP, expires 11/30/05		(7,638	)
	(70,300	)	Severn Trent PLC, strike price 10.094 GBP, expires 11/30/05		(4,983	)
	(52,300	)	Showa Shell Sekiyu KK, strike price 1,468.80 JPY, expires 11/29/05		(15,528	)
	(330,000	)3	Singapore Exchange Ltd., strike price 2.4341 SGD, expires 11/21/05		(38,283	)
	(11,000	)3	Societe Generale, strike price 95.1925 EUR, expires 11/29/05		(22,972	)
	(400	)	Southern Co., strike price $35, expires 11/19/05		(16,000	)
	(30,000	)	Southern Copper Corp., strike price $52.50, expires 11/30/05		(103,230	)
	(27,500	)3	Statoil ASA, strike price 164.43 NOK, expires 11/30/05		(1,939	)
	(137,600	)3	Storebrand ASA, strike price 59.8425 NOK, expires 11/29/05		(32,296	)
	(110	)3	Sumitomo Mitsui Financial Group, Inc., strike price 1,072,275 JPY, expires 11/29/05		(37,052	)
	(525,000	)3	Telecom Corp. of New Zealand Ltd., strike price 5.98 NZD, expires 11/30/05		(6,926	)
	(60,000	)	TonenGeneral Sekiyu KK, strike price 1,319.88 JPY, expires 11/29/05		(11,608	)
	(27,000	)	Toyota Industries Corp., strike price 3,786.63 JPY, expires 11/29/05		(41,482	)
	(140	)	Toyota Motor Corp. (ADR), strike price $95, expires 11/19/05		(16,100	)
	(155,500	)	United Overseas Bank Ltd., strike price 14.31 SGD, expires 11/30/05		(8,034	)
	(500	)3	Vector Group Ltd., strike price $19, expires 11/19/05		(56,438	)
	(39,000	)3	Vector Group Ltd., strike price $19.21, expires 12/16/05		(24,577	)
	(93,550	)	Viridian Group PLC, strike price 8.0185 GBP, expires 11/30/05		(8,804	)
	(1,667,088	)	Wan Hai Lines Ltd., strike price $0.733, expires 11/30/05		(2,834	)
	(24,102	)	Whitbread PLC, strike price 9.69 GBP, expires 11/29/05		(5,333	)
	(61,000	)	Whitbread PLC, strike price 9.874 GBP, expires 11/29/05		(8,326	)
	(64,300	)	Wolverhampton & Dudley Brew PLC, strike price 11.6115 GBP, expires 11/29/05		(27,859	)
			Total Outstanding Call Options Written (premium received $(2,763,454))		(2,919,653	)
			Total outstanding options written (premium received $(2,966,751))		(3,085,728	)
			Total investments net of outstanding options written—96.8%	$	284,932,744
			Other assets in excess of liabilities—3.2%		9,262,284
			Net Assets—100.0%	$	294,195,028

1	Security, or portion thereof, pledged as collateral for outstanding options written.
2	Cost for Federal income tax purposes is $290,912,584. The net unrealized depreciation on a tax basis is $2,894,112, consisting of $7,284,334 gross unrealized appreciation and $10,178,446 gross unrealized depreciation.
3	Security is fair valued.
4	Rate shown is yield to maturity as of October 21, 2005.

KEY TO ABBREVIATIONS
ADR	—	American Depositary Receipts	EUR	—	Euro	JPY	—	Japanese Yen	SEK	—	Swedish Krona
CAD	—	Canadian Dollar	GBP	—	British Pound	MXN	—	Mexican Peso	SGD	—	Singapore Dollar
DKK	—	Danish Krone	HKD	—	Hong Kong Dollar	NOK	—	Norwegian Kroner

See Notes to Financial Statements.

29

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

BlackRock Health Sciences Trust (BME)

Shares			Description	Value
			LONG-TERM INVESTMENTS—89.8%
			Common Stocks—89.8%
			Canada—1.5%
	365,300	1	Cardiome Pharma Corp.	$	2,980,848
			France—1.1%
	52,400		Sanofi-Avent (ADR)		2,102,288
			Israel—1.0%
	92,386	1	Taro Pharmaceuticals Industries		2,032,492
			Switzerland—6.9%
	183,700	2	Roche Holding AG (ADR)		13,701,742
			United Kingdom—2.7%
	86,100		AstraZeneca PLC (ADR)		3,865,890
	42,700		Shire Pharmaceuticals PLC (ADR)		1,530,368
					5,396,258
			United States—76.6%
	41,300		Abbott Laboratories		1,777,965
	52,400	1	Amgen, Inc.		3,969,824
	110,180	1	Amlyn Pharmaceuticals, Inc.		3,702,048
	165,600	1	Arena Pharmaceuticals, Inc.		1,722,240
	30,800	1	Aspect Medical Systems, Inc.		1,004,696
	10,900		Bausch & Lomb, Inc.		808,671
	124,300		Baxter International, Inc.		4,751,989
	48,400		Becton Dickinson & Co.		2,456,300
	160,398	1	BioMarin Pharmaceuticals, Inc.		1,347,343
	56,700	1	Boston Scientific Corp.		1,424,304
	165,700	1	Caremark Rx, Inc.		8,682,680
	37,700		Cigna Corp.		4,368,299
	109,700	1	Community Health Systems, Inc.		4,070,967
	25,250	1	Coventry Health Care, Inc.		1,363,248
	74,900	1	Cytyc Corp.		1,898,715
	30,900	1	Davita, Inc.		1,519,662
	27,100		Dentsply International, Inc.		1,494,294
	37,200	1	DJ Orthopedics, Inc.		1,081,776
	187,500	1	Emdeon Corp.		1,725,000
	44,000	1	Express Scripts, Inc.		3,318,040
	292,600	1	Gene Logic, Inc.		1,106,028
	90,126	1	Genentech, Inc.		8,165,416
	32,900	1	Gilead Sciences, Inc.		1,554,525
	57,900		GlaxoSmithKline PLC (ADR)		3,010,221
	51,300	1	Hospira, Inc.		2,044,305
	30,567	1	InterMune, Inc.		415,711
	46,400		iShares Dow Jones U.S. Healthcare Sector Index Fund		2,801,632
	148,700	1	Keryx Biopharmaceuticals, Inc.		2,148,715
	35,800	1	Kinetic Concepts, Inc.		1,285,220
	23,100	1	LifePoint Hospitals, Inc.		903,210
	63,700		Manor Care, Inc.		2,372,825
	46,000	1	Martek Biosciences Corp.		1,420,020
	93,500	1, 2	Medco Health Solutions, Inc.		5,282,750
	17,600		Medtronic, Inc.		997,216
	24,100	1	Millipore Corp.		1,475,402
	78,850	1	Momenta Pharmaceuticals, Inc.		1,697,640
	6,005	1	MWI Veterinary Supply, Inc.		134,632
	111,800		Novartis AG (ADR)		6,017,076
	22,700		Omnicare, Inc.		1,228,070
	137,600		Pfizer, Inc.		2,991,424
	83,700	1	Renovis, Inc.		1,174,311
	105,000	1	Respironics, Inc.		3,766,350
	240,300		Schering Plough		4,887,702
	16,600	1	St. Jude Medical, Inc.		797,962
	244,000		UnitedHealth Group, Inc.		14,125,160
	89,700	1	Varian Medical Systems		4,086,732
	62,600	1	Vertex Pharmaceuticals, Inc.		1,424,150

See Notes to Financial Statements.

30

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

BlackRock Health Sciences Trust (BME) (continued)

Shares			Description	Value
			Common Stocks—(cont’d)
			United States—(cont’d)
	57,700	1	Viropharma, Inc.	$	1,105,532
	174,400	1	WellPoint, Inc.		13,024,192
	66,000		Wyeth		2,940,960
	76,000	1	Zimmer Holdings, Inc.		4,846,520
			Total United States		151,719,670
			Total Common Stocks (cost $159,562,958)		177,933,298
			SHORT-TERM INVESTMENTS—11.3%
			Money Market Fund—0.5%
	1,005,067		Fidelity Institutional Money Market Prime Portfolio		1,005,067
Principal
Amount
			U.S. Government and Agency Zero Coupon Bond—10.8%
	21,400,000		Federal Home Loan Bank, 3.72%, 11/01/054		21,400,000
			Total Short-Term Investments (cost $22,405,067)		22,405,067
Contracts
			OUTSTANDING CALL OPTION PURCHASED—0.0%
	85		Triad Hospitals, Inc., strike price $45, expires 11/19/05 (cost $9,605)		1,275
			Total investments before outstanding options written (cost $181,977,6303)		200,339,640
			OUTSTANDING OPTIONS WRITTEN—(0.8)%
			OUTSTANDING PUT OPTIONS WRITTEN—(0.3)%
	(115	)	Abbott Laboratories, strike price $42.5, expires 11/19/05		(6,900	)
	(495	)	Amylin Pharmaceuticals, Inc., strike price $30, expires 11/19/05		(22,275	)
	(150	)	Aspect Med. Systems, Inc., strike price $25, expires 11/19/05		(5,250	)
	(145	)	AstraZeneca PLC, strike price $45, expires 11/19/05		(16,675	)
	(170	)	Bausch & Lomb, Inc., strike price $70, expires 11/19/05		(15,300	)
	(100	)	Becton Dickinson & Co., strike price $50, expires 11/19/05		(5,750	)
	(135	)	Biogen Idec, Inc., strike price $35, expires 11/19/05		(675	)
	(69,000	)	BioMarin Pharmaceuticals, Inc., strike price $7.25, expires 11/18/05		(8,824	)
	(62,500	)	Cardiome Pharma Corp., strike price $8, expires 11/18/05		(16,063	)
	(135	)	Community Health Systems, Inc., strike price $35, expires 11/19/05		(2,025	)
	(200	)	Cytyc Corp., strike price $25, expires 11/19/05		(15,000	)
	(120	)	Express Scripts, Inc., strike price $60, expires 11/19/05		(1,500	)
	(125	)	Hospira, Inc., strike price $35, expires 11/19/05		(2,187	)
	(330	)	InterMune, Inc., strike price $15, expires 11/19/05		(52,800	)
	(310	)	Keryx Biopharmaceuticals, Inc., strike price $15, expires 11/19/05		(31,775	)
	(100	)	Kinetic Concepts, Inc., strike price $50, expires 11/19/05		(140,500	)
	(110	)	LifePoint Hospitals, Inc., strike price $40, expires 11/19/05		(17,600	)
	(190	)	Momenta Pharmaceuticals, Inc., strike price $20, expires 11/19/05		(24,225	)
	(250	)	Momenta Pharmaceuticals, Inc., strike price $25, expires 11/19/05		(105,000	)
	(360	)	Renovis, Inc., strike price $12.5, expires 11/19/05		(9,900	)
	(210	)	Taro Pharmaceuticals Industries, strike price $22.50, expires 11/19/05		(36,750	)
	(530	)	Viropharma, Inc., strike price $15, expires 11/19/05		(9,275	)
	(475	)	WebMD Corp., strike price $10, expires 11/19/05		(45,125	)
	(53	)	WellPoint, Inc., strike price $75, expires 11/19/05		(8,745	)
			Total Outstanding Put Options Written (premium received $(479,035))		(600,119	)
			OUTSTANDING CALL OPTIONS WRITTEN—(0.5)%
	(65	)	Abbott Laboratories, strike price $45, expires 11/19/05		(1,495	)
	(150	)	Amylin Pharmaceuticals, Inc., strike price $35, expires 11/19/05		(15,750	)
	(200	)	Arena Pharmaceuticals, Inc., strike price $10, expires 11/19/05		(15,000	)
	(75	)	Aspect Med. Systems, Inc., strike price $30, expires 11/19/05		(22,500	)
	(630	)	Baxter International, Inc., strike price $40, expires 11/19/05		(12,600	)
	(400	)	BioMarin Pharmaceuticals, Inc., strike price $10, expires 11/19/05		(6,000	)
	(280	)	Boston Scientific Corp., strike price $25, expires 11/19/05		(18,900	)
	(550	)	Caremark Rx, Inc., strike price $50, expires 11/19/05		(176,000	)
	(110	)	Cigna Corp., strike price $120, expires 11/19/05		(20,350	)
	(30	)	Coventry Health Care, Inc., strike price $60, expires 11/19/05		(900	)
	(55,000	)	Cytyc Corp., strike price $27, expires 11/18/05		(3,554	)
	(40	)	Dentsply International, Inc., strike price $55, expires 11/19/05		(4,800	)
	(55	)	DJ Orthopedics, Inc., strike price $30, expires 11/19/05		(2,750	)

See Notes to Financial Statements.

31

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

BlackRock Health Sciences Trust (BME) (continued)

Contracts			Description	Value
			OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)
	(170	)	Express Scripts, Inc., strike price $65, expires 11/19/05	$	(180,200	)
	(52,500	)	Gene Logic, Inc., strike price $4.6, expires 11/18/05		(210	)
	(100	)	Genentech, Inc., strike price $90, expires 11/19/05		(26,500	)
	(260	)	Genentech, Inc., strike price $90, expires 12/17/05		(111,800	)
	(329	)	Gilead Sciences, Inc., strike price $45, expires 11/19/05		(83,895	)
	(150	)	Hospira, Inc., strike price $40, expires 11/19/05		(21,000	)
	(50	)	InterMune, Inc., strike price $17.5, expires 11/19/05		(875	)
	(464	)	iShares Dow Jones US Healthcare Sector Index Fund, strike price $60, expires 11/19/05		(41,760	)
	(225	)	Keryx Biopharmaceuticals, Inc., strike price $17.50, expires 11/19/05		(3,375	)
	(35	)	LifePoint Hospitals, Inc., strike price $45, expires 11/19/05		(875	)
	(100	)	Manor Care, Inc., strike price $40, expires 11/19/05		(1,250	)
	(48	)	Martek Biosciences Corp., strike price $35, expires 11/19/05		(1,200	)
	(300	)	Medco Health Solutions, Inc., strike price $57.5, expires 11/30/05		(45,259	)
	(500	)	Momenta Pharmaceuticals, Inc., strike price $35, expires 12/17/05		(11,250	)
	(50	)	Omnicare, Inc., strike price $55, expires 11/19/05		(5,000	)
	(500	)	Pfizer, Inc., strike price $27.50, expires 12/17/05		(5,000	)
	(58	)	Renovis, Inc., strike price $15, expires 11/19/05		(870	)
	(8,800	)	Respironics, Inc., strike price $41.25, expires 11/18/05		(728	)
	(27,500	)	Roche Holding AG, strike price $73.74, expires 11/18/05		(52,662	)
	(15,700	)	Sanofi-Aventis, strike price $41.28, expires 11/18/05		(8,195	)
	(166	)	St. Jude Medical, Inc., strike price $50, expires 11/19/05		(8,300	)
	(13,800	)	Taro Pharmaceuticals Industries, strike price $27.19, expires 11/18/05		(3,340	)
	(8,500	)	Triad Hospitals, Inc., strike price $45.64, expires 11/18/05		(967	)
	(260	)	UnitedHealth Group, Inc., strike price $55, expires 11/19/05		(85,800	)
	(140	)	Viropharma, Inc., strike price $20, expires 11/19/05		(14,700	)
	(140	)	Viropharma, Inc., strike price $22.50, expires 11/19/05		(7,700	)
	(425	)	WellPoint, Inc., strike price $80, expires 11/19/05		(10,625	)
	(100	)	Zimmer Holdings, Inc., strike price $65, expires 11/19/05		(10,500	)
	(107	)	Zimmer Holdings, Inc., strike price $70, expires 11/19/05		(1,337	)
			Total Outstanding Call Options Written (premium received $(972,545))		(1,045,772	)
			Total outstanding options written (premium received $(1,451,580))		(1,645,891	)
			Total investments net of outstanding options written—100.3%	$	198,693,749
			Liabilities in excess of other assets—(0.3)%		(688,963	)
			Net Assets—100.0%	$	198,004,786

1	Non-income producing security.
2	Security, or portion thereof, pledged as collateral for outstanding options written.
3	Cost for Federal income tax purposes is $183,718,118. The net unrealized appreciation on a tax basis is $16,621,522, consisting of $19,881,955 gross unrealized appreciation and $3,260,433 gross unrealized depreciation.
4	Rate shown is the yield to maturity as of October 31, 2005.

KEY TO ABBREVIATIONS

ADR — American Depositary Receipts

See Notes to Financial Statements.

32

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

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

Shares	Description		Value
	LONG-TERM INVESTMENTS—98.8%
	Common Stocks—98.8%
	Australia—4.9%
281,000	CSR Ltd.	$	614,847
64,700	National Australia Bank Ltd.		1,599,200
126,100	Santos Ltd.		1,033,765
46,100	TABCORP Holdings Ltd.		552,753
33,200	Wesfarmers Ltd.		887,882
	Total Australia		4,688,447
	Austria—0.5%
3,500	Boehler-Uddeholm AG		530,538
	Canada—6.2%
25,500	Bank of Montreal		1,249,761
7,700	Canadian Imperial Bank of Commerce		471,315
16,000	Enbridge, Inc.		488,457
18,400	Royal Bank of Canada		1,299,879
52,400	Toronto-Dominion Bank		2,474,401
	Total Canada		5,983,813
	Denmark—1.1%
32,400	Danske Bank A/S		1,015,638
	Finland—0.4%
10,700	Stockmann Oyj Abp		381,314
	France—4.2%
19,200	AXA		555,820
11,700	Bouygues		577,129
19,400	M6-Metropole Television		494,211
5,300	Societe Generale		605,010
4,300	Total SA		1,081,510
9,100	Vinci SA		711,126
	Total France		4,024,806
	Germany—1.5%
10,500	BASF AG		755,409
3,800	SAP AG		651,261
	Total Germany		1,406,670
	Hong Kong—1.3%
22,600	Hang Seng Bank Ltd.		293,397
204,500	Hong Kong Electric Holding		967,133
	Total Hong Kong		1,260,530
	Italy—1.4%
169,200	Enel SpA		1,362,038
	Japan—4.3%
19,200	Kesko Oyj		527,468
53,000	Mitsui & Co. Ltd.		650,803
12,000	Nitto Denko Corp.		726,599
53,000	Ricoh Co. Ltd.		842,264
42,000	Sharp Corp.		576,742
17,300	Toyota Motor Corp.		802,244
	Total Japan		4,126,120
	Netherlands—1.5%
20,800	ABN Amro Holding NV		491,713
104,100	Koninklijke (Royal) KPN NV		988,578
	Total Netherlands		1,480,291
	Singapore—1.0%
359,000	Singapore Press Holdings Ltd.		949,948
	Spain—0.7%
32,600	Indra Sistemas SA		667,573
	Sweden—2.4%
15,300	Hennes & Mauritz AB		496,462
42,500	Ratos AB		944,921

See Notes to Financial Statements.

33

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

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

Shares		Description		Value
		Common Stocks—(cont’d)
		Sweden—(cont’d)
27,000		Scania AB	$	909,232
		Total Sweden		2,350,615
		United Kingdom—12.5%
55,300		Alliance & Leicester PLC		816,853
141,100		Barclays PLC		1,398,532
122,800		BP PLC		1,360,558
33,500		Gallaher Group PLC		520,620
40,000		George Wimpey PLC		289,899
64,100		GlaxoSmithKline PLC		1,667,462
61,200		HSBC Holdings PLC		961,726
46,100		Jardine Lloyd Thompson Group PLC		389,306
193,500		Rentokil Initial PLC		526,062
49,600		Royal Dutch Shell PLC		1,528,576
69,183		Scottish & Southern Energy PLC		1,200,607
540,000		Vodafone Group PLC		1,417,984
		Total United Kingdom		12,078,185
		United States—54.9%
24,300		Abbott Laboratories		1,046,115
16,500		Agree Realty Corp. (REIT)		444,675
22,600		Alcoa, Inc.		548,954
55,700		Allied Capital Corp.		1,505,014
29,600		Altria Group, Inc.		2,221,480
17,900		Ameren Corp.		941,540
11,100		American International Group, Inc.		719,280
24,800		AMLI Residential Properties Trust (REIT)		938,680
49,600		Bank of America Corp.		2,169,504
50,400		BellSouth Corp.		1,311,408
12,800		Chevron Corp.		730,496
13,200	1	Cisco Systems, Inc.		230,340
11,200		Colonial Properties Trust (REIT)		489,552
5,900		Comerica, Inc.		340,902
17,300		ConAgra Foods, Inc.		402,571
14,100		Consolidated Edison, Inc.		641,550
26,200		Duke Energy Corp.		693,776
18,800		Eli Lilly & Co.		936,052
22,600		Emerson Electric Co.		1,571,830
14,400		Equity Residential (REIT)		565,200
35,800		Exxon Mobil Corp.		2,009,812
25,900		First Industrial Realty Trust, Inc. (REIT)		1,052,317
76,100		General Electric Co.		2,580,551
37,600		Health Care REIT, Inc. (REIT)		1,325,024
23,900		Healthcare Realty Trust, Inc. (REIT)		904,376
31,000		Hewlett-Packard Co.		869,240
21,400		Home Depot, Inc.		878,256
11,500		Intel Corp.		270,250
17,700		International Business Machines Corp.		1,449,276
25,500		Johnson & Johnson		1,596,810
17,300		Keycorp		557,752
33,800		Kimco Realty Corp. (REIT)		1,001,156
10,800		Liberty Property Trust (REIT)		450,252
27,600		Linear Technology Corp.		916,596
11,400		Maxim Integrated Products, Inc.		395,352
23,000		McDonald’s Corp.		726,800
25,000		Merck & Co., Inc.		705,500
25,500		Microchip Technology, Inc.		769,335
83,900		Microsoft Corp.		2,156,230
17,100		Morgan Stanley		930,411
47,400		Motorola, Inc.		1,050,384
34,400		Nationwide Health Properties, Inc. (REIT)		797,736
7,900		PepsiCo, Inc.		466,732
56,800		Pfizer, Inc.		1,234,832
9,300		Pitney Bowes, Inc.		391,344

See Notes to Financial Statements.

34

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

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

Shares		Description		Value
		Common Stocks—(cont’d)
		United States—(cont’d)
10,700		Progress Energy, Inc.	$	466,413
8,600		Public Service Enterprise Group, Inc.		540,854
17,300		Reckson Associates Realty Corp. (REIT)		607,230
60,200	1	SBC Communications, Inc.		1,435,770
32,900		Thornburg Mortgage, Inc. (REIT)		834,015
13,800		United Technologies Corp.		707,664
21,900		UST, Inc.		906,441
7,900		Vornado Realty Trust (REIT)		639,900
13,800		Wachovia Corp.		697,176
12,100		Wal-Mart Stores, Inc.		572,451
19,360		Washington Federal, Inc.		445,086
19,100		Wells Fargo & Co.		1,149,820
		Total United States		52,938,063
		Total Common Stocks (cost $86,708,928)		95,244,589
		MONEY MARKET FUND—2.1%
2,041,729		Fidelity Institutional Money Market Prime Portfolio (cost $2,041,729)		2,041,729
		Total investments—100.9% (cost $88,750,6572)	$	97,286,318
		Liabilities in excess of other assets—(0.9)%		(884,546	)
		Net Assets—100.0%	$	96,401,772

1	Non-income producing security.
2	Cost for Federal income tax purposes is $88,764,336. The net unrealized appreciation on a tax basis is $8,521,982, consisting of $10,409,292 gross unrealized appreciation and $1,887,310 gross unrealized depreciation.
A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

35

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Strategic Dividend Achievers^TM Trust (BDT)

Shares		Description	Value
		LONG-TERM INVESTMENTS—99.6%
		Common Stocks—99.6%
		Automotive—3.9%
	207,000	Genuine Parts Co.	$	9,184,590
	75,000	Harsco Corp.		4,818,750
	95,000	Superior Industries International		1,933,250
		Total Automotive		15,936,590
		Basic Materials—2.2%
	256,700	RPM International, Inc.		4,779,754
	155,300	Sonoco Products Co.		4,394,990
		Total Basic Materials		9,174,744
		Consumer Products—12.8%
	152,000	Avery Dennison Corp.		8,610,800
	162,600	La-Z-Boy, Inc.		1,925,184
	93,500	Lancaster Colony Corp.		3,748,415
	219,200	Meridian Bioscience, Inc.		4,590,048
	260,000	Pier 1 Imports, Inc.		2,683,200
	199,700	Sherwin-Williams Co. (The)		8,497,235
	86,000	Stanley Works (The)		4,121,980
	252,000	Supervalu, Inc.		7,920,360
	65,900	Universal Corp.		2,467,296
	143,000	VF Corp.		7,471,750
		Total Consumer Products		52,036,268
		Energy—16.5%
	79,500	American States Water Co.		2,491,530
	174,200	Atmos Energy Corp.		4,581,460
	59,600	Black Hills Corp.		2,477,572
	66,000	California Water Service Group		2,359,500
	144,800	MDU Resources Group, Inc.		4,774,056
	85,200	MGE Energy, Inc.		3,019,488
	179,400	National Fuel Gas Co.		5,407,116
	132,100	Nicor, Inc.		5,178,320
	99,500	Otter Tail Corp.		2,970,075
	116,500	Peoples Energy Corp.		4,333,800
	166,500	Piedmont Natural Gas Co.		3,939,390
	211,000	Pinnacle West Capital Corp.		8,811,360
	151,200	UGI Corp.		3,568,320
	182,200	Vectren Corp.		4,946,730
	149,000	WGL Holdings, Inc.		4,630,920
	72,800	WPS Resources Corp.		3,971,968
		Total Energy		67,461,605
		Financial Institutions—43.5%
	73,900	Alfa Corp.		1,240,042
	115,500	Arthur J. Gallagher & Co.		3,398,010
	249,515	Associated Banc-Corp.		7,787,363
	180,473	Bancorpsouth, Inc.		4,001,087
	64,500	Bank of Hawaii Corp.		3,314,010
	55,679	Chemical Financial Corp.		1,792,307
	190,842	Cincinnati Financial Corp.		8,120,327
	181,100	Compass Bancshares, Inc.		8,830,436
	212,200	Fidelity National Financial, Inc.		7,949,012
	37,135	Fidelity National Title Group, Inc.		807,686
	84,400	First Charter Corp.		2,151,356
	186,000	First Commonwealth Financial Corp.		2,449,620
	61,000	First Financial Holdings, Inc.		1,769,610
	80,500	First Merchants Corp.		2,023,770
	174,400	FirstMerit Corp.		4,598,928
	140,000	FNB Corp.		2,508,800
	232,500	Fulton Financial Corp.		3,908,325
	100,900	Harleysville Group, Inc.		2,451,870
	141,000	Hudson United Bancorp		5,847,270
	161,000	Jefferson-Pilot Corp.		8,835,680
	188,600	Lincoln National Corp.		9,545,046
	72,800	MBIA, Inc.		4,239,872
	39,300	MBT Financial Corp.		736,875

See Notes to Financial Statements.

36

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock Strategic Dividend Achievers^TM Trust (BDT) (continued)

Shares		Description	Value
		Common Stocks—(cont’d)
		Financial Institutions—(cont’d)
	154,800	Mercantile Bankshares Corp.	$	8,724,528
	73,600	Mercury General Corp.		4,449,120
	204,045	Old National Bancorp		4,470,626
	302,900	Old Republic International Corp.		7,848,139
	38,805	Park National Corp.		4,199,477
	278,750	People’s Bank		8,975,750
	295,000	Popular, Inc.		5,976,700
	148,940	Republic Bancorp, Inc.		2,033,031
	59,800	S&T Bancorp, Inc.		2,225,158
	142,800	Sky Financial Group, Inc.		4,009,824
	92,000	Sterling Bancorp		1,792,160
	875	Sterling Financial Corp.		18,410
	78,900	Susquehanna Bancshares, Inc.		1,821,801
	150,000	TCF Financial Corp.		4,065,000
	98,400	United Bankshares, Inc.		3,591,600
	166,791	Valley National Bancorp		4,043,014
	161,810	Washington Federal, Inc.		3,720,012
	14,900	Washington Trust Bancorp, Inc.		420,627
	68,400	WesBanco, Inc.		2,099,880
	112,200	Wilmington Trust Corp.		4,253,502
		Total Financial Institutions		177,045,661
		Health Care—0.9%
	80,000	Hillenbrand Industries, Inc.		3,685,600
		Industrials—10.5%
	46,300	Bandag, Inc.		1,967,750
	146,500	Bemis Co.		3,870,530
	206,400	Leggett & Platt, Inc.		4,136,256
	162,000	LSI Industries, Inc.		2,914,380
	109,800	McGrath Rentcorp		3,134,790
	256,600	RR Donnelley & Sons Co.		8,986,132
	312,000	ServiceMaster Co. (The)		3,924,960
	142,600	Vulcan Materials Co.		9,269,000
	67,400	WW Grainger, Inc.		4,514,452
		Total Industrials		42,718,250
		Real Estate—9.3%
	79,000	Colonial Properties Trust (REIT)		3,453,090
	168,900	Commercial Net Lease Realty (REIT)		3,273,282
	80,500	EastGroup Properties, Inc. (REIT)		3,517,850
	97,300	Health Care Property Investors, Inc. (REIT)		2,476,285
	63,600	Healthcare Realty Trust, Inc. (REIT)		2,406,624
	77,000	Kimco Realty Corp. (REIT)		2,280,740
	132,000	Lexington Corporate Properties Trust (REIT)		2,874,960
	86,500	Sun Communities, Inc. (REIT)		2,636,520
	122,800	Tanger Factory Outlet Centers (REIT)		3,302,092
	128,900	United Dominion Realty Trust, Inc. (REIT)		2,852,557
	105,100	Universal Health Realty Income Trust (REIT)		3,421,005
	81,400	Washington Real Estate Investment Trust (REIT)		2,429,790
	81,150	Weingarten Realty Investors (REIT)		2,885,694
		Total Real Estate		37,810,489
		Total Common Stocks (cost $375,634,072)		405,869,207
		MONEY MARKET FUND—0.3%
	1,118,661	Fidelity Institutional Money Market Prime Portfolio (cost $1,118,661)		1,118,661
		Total investments—99.9% (cost $376,752,7331)	$	406,987,868
		Other assets in excess of liabilities—0.1%		377,773
		Net Assets—100.0%	$	407,365,641

1	Cost for Federal income tax purposes is $376,113,412. The net unrealized appreciation on a tax basis is $30,874,456, consisting of $40,384,600 gross unrealized appreciation and $9,510,144 gross unrealized depreciation.
A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

37

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock World Investment Trust (BWC)

Shares			Description	Value
			LONG-TERM INVESTMENTS—81.7%
			Common Stocks—80.9%
			Australia—2.3%
	890,000		Foster’s Group Ltd.	$	3,856,786
	154,000		Lion Nathan Ltd.		907,832
	360,000		QBE Insurance Group Ltd.		4,787,735
	300,000		St. George Bank Ltd.		6,105,707
			Total Australia		15,658,060
			Belgium—1.0%
	28,000		Solvay SA		3,256,438
	32,000		Umicore		3,200,383
			Total Belgium		6,456,821
			Bermuda—1.7%
	123,000		Accenture Ltd.		3,236,130
	129,000		Ingersoll-Rand Co. Ltd.		4,874,910
	74,000	1	Marvell Technology Group Ltd.		3,434,340
			Total Bermuda		11,545,380
			Brazil—2.5%
	125,000		Cia Vale do Rio Doce (ADR)		5,166,250
	255,000		Gerdau SA (ADR)		3,460,350
	132,000	1	Petroleo Brasileiro SA (ADR)		8,434,800
			Total Brazil		17,061,400
			Canada—2.0%
	122,000		Barrick Gold Corp.		3,066,678
	105,000		Canadian Imperial Bank of Commerce		6,427,027
	200,000		Placer Dome, Inc.		3,955,746
			Total Canada		13,449,451
			China—1.3%
	110,000		PetroChina Co. Ltd. (ADR)		8,440,300
			Denmark—1.0%
	205,000		Danske Bank A/S		6,424,192
			Finland—2.4%
	556,000		Fortum Oyj		9,836,052
	130,000		Metso Oyj		3,378,848
	32,800		Rautaruukki Oyj		669,436
	75,000		Wartsila Oyj ABP		2,079,590
			Total Finland		15,963,926
			France—1.7%
	102,000		Bouygues		5,029,752
	57,000		Societe Generale		6,502,875
			Total France		11,532,627
			Germany—3.4%
	45,000		BASF AG		3,236,076
	362,000		Deutsche Lufthansa AG		4,847,479
	219,000		Deutsche Post AG		4,889,400
	105,000		Man AG		4,863,277
	78,000		RWE AG		4,958,031
			Total Germany		22,794,263
			Hong Kong—1.9%
	12,500,000		CNOOC Ltd.		8,142,692
	922,000		Hong Kong Exchanges & Clearing Ltd.		3,080,330
	1,500,000		New World Development Ltd.		1,847,827
			Total Hong Kong		13,070,849
			Italy—2.2%
	425,000		ENI SpA		11,382,202
	46,000		Fondiaria-Sai SpA		970,799
	160,000		Milano Assicurazioni SpA		1,000,359

See Notes to Financial Statements.

38

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock World Investment Trust (BWC) (continued)

Shares			Description	Value
			Common Stocks—(cont’d)
			Italy—(cont’d)
	750,000		Unipol SpA	$	1,562,163
			Total Italy		14,915,523
			Japan—16.3%
	110,000		Aisin Seiki Co. Ltd.		3,288,519
	810,000		Bank of Yokohama Ltd.		6,568,790
	100,000		Daito Trust Construction Co. Ltd.		4,931,060
	119,000		Denso Corp.		3,363,343
	64,000		Fanuc Ltd.		5,003,221
	68,000		Fast Retailing Co. Ltd.		4,755,122
	260,000		Hitachi Construction Machinery Co. Ltd.		4,913,878
	117,000		Honda Motor Co. Ltd.		6,372,407
	290,000		Isetan Co. Ltd.		5,181,908
	1,850,000		Kawasaki Heavy Industries Ltd.		4,799,622
	675,000		Kubota Corp.		4,876,724
	1,300,000		Mitsubishi Heavy Industries Ltd.		4,891,542
	500		Mitsubishi UFJ Financial Group, Inc.		6,228,255
	1,000		Mizuho Financial Group, Inc.		6,632,018
	900,000		Nippon Steel Corp.		3,193,162
	450,000		Obayashi Corp.		3,282,076
	27,000		ORIX Corp.		5,026,330
	56,200		OSG Corp.		962,215
	480,000		Shimizu Corp.		3,228,727
	710,000		Sumitomo Heavy Industries Ltd.		4,940,509
	920,000		Sumitomo Metal Industries Ltd.		3,161,376
	700		Sumitomo Mitsui Financial Group, Inc.		6,434,431
	725,000		Taisei Corp.		3,195,095
	68,000		Takefuji Corp.		4,737,597
			Total Japan		109,967,927
			Mexico—1.8%
	650,000	1	Cemex SA de CV		3,379,759
	1,700,000		Grupo Mexico SA de CV		3,275,591
	1,450,000		Grupo Televisa SA		5,285,549
			Total Mexico		11,940,899
			Netherlands—3.9%
	75,000		Akzo Nobel NV		3,233,022
	94,000		European Aeronautic Defense and Space Co. NV		3,253,803
	225,000		ING Groep NV		6,481,315
	90,000		Koninklijke DSM NV		3,228,530
	60,000		Rodamco Europe NV		4,771,829
	70,000		Unilever NV		4,921,548
			Total Netherlands		25,890,047
			Norway—3.1%
	65,000		Norsk Hydro ASA		6,509,549
	100,000		Orkla ASA		3,507,450
	366,000		Statoil ASA		8,192,202
	155,000		Yara International ASA		2,557,323
			Total Norway		20,766,524
			Singapore—0.7%
	2,650,000		CapitaLand Ltd.		4,970,069
			Spain—0.7%
	90,000		Fomento de Construcciones y Contratas SA		4,933,884
			Sweden—5.3%
	353,000		Atlas Copco AB		6,449,492
	146,000		Hennes & Mauritz AB		4,739,159
	137,000		Sandvik AB		6,588,813
	260,000		Skanska AB		3,640,291
	520,000		SKF AB		6,562,317
	95,000		SSAB Svenskt Stal AB Ser. A		2,833,186

See Notes to Financial Statements.

39

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock World Investment Trust (BWC) (continued)

Shares			Description	Value
			Common Stocks—(cont’d)
			Sweden—(cont’d)
	4,400		SSAB Svenskt Stal AB Ser. B	$	124,315
	118,000		Volvo AB		4,852,674
			Total Sweden		35,790,247
			Switzerland—0.7%
	16,000		Nestle SA		4,758,733
			United Kingdom—9.5%
	200,000		Arriva PLC		2,041,105
	550,000		BAE Systems PLC		3,217,883
	880,000		BP PLC		9,720,831
	750,000		Cobham PLC		2,044,646
	330,000		Diageo PLC		4,877,941
	336,000		Hanson PLC		3,405,265
	385,000		IMI PLC		2,886,358
	405,000		Kelda Group PLC		4,989,998
	2,000,000		Old Mutual PLC		4,664,625
	1,010,000		Pilkington PLC		2,740,047
	380,000		Rexam PLC		3,239,038
	300,000		Royal Dutch Shell PLC		9,787,746
	300,000		Severn Trent PLC		5,082,405
	444,000		United Utilities PLC		4,900,671
			Total United Kingdom		63,598,559
			United States—15.5%
	58,700		Alliance Capital Management Holding LP		3,106,991
	87,000		Altria Group, Inc.		6,529,350
	258,000		America Movil SA de CV (ADR)		6,772,500
	206,000		Archer-Daniels-Midland Co.		5,020,220
	42,000		Arch Coal, Inc.		3,236,940
	78,000	1	Broadcom Corp.		3,311,880
	108,000		Consolidated Edison, Inc.		4,914,000
	71,000		Dow Chemical Co. (The)		3,256,060
	130,000		Equitable Resources, Inc.		5,024,500
	100,000		Freeport-McMoRan Copper & Gold, Inc.		4,942,000
	76,000		Global Payments, Inc.		3,256,600
	9,000	1	Google, Inc.		3,349,260
	147,000		Intersil Corp.		3,345,720
	102,000		Merrill Lynch & Co., Inc.		6,603,480
	180,000		Mobile Telesystems OJSC (ADR)		6,658,200
	39,000		Nike, Inc.		3,277,950
	40,000		Phelps Dodge Corp.		4,818,800
	160,000		PPL Corp.		5,014,400
	115,000		Progress Energy, Inc.		5,012,850
	78,000		Reynolds American, Inc.		6,630,000
	115,000		Sempra Energy		5,094,500
	130,000		Tiffany & Co.		5,122,000
			Total United States		104,298,201
			Total Common Stocks		544,227,882
Principal Amount
			Foreign Government Bond—0.8%
			Mexico—0.8%
	55,000,000		Mexican Bonos, 9.00%, 12/22/11 (MXN)		5,125,011
			Total Long-Term Investments (cost $544,098,029)		549,352,893
			SHORT-TERM INVESTMENTS—99.4%
			U.S. Government and Agency Zero Coupon Bond—96.5%
	649,600,000		Federal Home Loan Bank, 3.72%, 11/01/054		649,600,000

See Notes to Financial Statements.

40

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock World Investment Trust (BWC) (continued)

Shares			Description	Value
			Money Market Fund—2.9%
	19,362,792		Fidelity Institutional Money Market Prime Portfolio	$	19,362,792
			Total Short-Term Investments (cost $668,962,792)		668,962,792
			Total investments before outstanding options written—(cost $1,213,060,8212)		1,218,315,685
			OUTSTANDING CALL OPTION WRITTEN—(0.1%)
	(606,500	)3	Pilkington PLC, strike price 1.5539 GBP, expires 11/29/05 (premium received $(41,658))		(41,658	)
			Total investments net of outstanding options written—181.0%	$	1,218,274,027
			Liabilities in excess of other assets—(81.0)%		(545,293,286	)
			Net Assets—100.0%	$	672,980,741

1	Non-income producing security.
2	Cost for Federal income tax purposes is $1,213,060,821. The net unrealized appreciation on a tax basis is $5,254,864, consisting of $6,024,108 gross unrealized appreciation and $769,244 gross unrealized depreciation.
3	Security is fair valued.
4	Rate shown is the yield to maturity as of October 31, 2005.

KEY TO ABBREVIATIONS
ADR GBP MXN	— — —	American Depositary Receipts British Pound Mexican Peso

See Notes to Financial Statements.

41

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2005

			Enhanced			Global			Global
	Dividend		Dividend			Energy and			Opportunities
	AchieversTM		AchieversTM			Resources			Equity
	Trust		Trust			Trust			Trust
	(BDV)		(BDJ)			(BGR)			(BOE)
Assets
Investments at value1	$	772,756,395	$	977,515,195		$	838,150,422		$	288,018,472
Cash		—		—			691,142			—
Investments in affiliates		60,360		—			17,183			1,907
Foreign currency at value		—		—			2,917,839			8,206,847
Receivable for investments sold		—		1,230,736			6,354,463			9,895,597
Receivable for capital shares sold		—		1,137,729			—			—
Unrealized gain on foreign currency exchange contracts		—		—			7,018			—
Dividend and interest receivable		2,486,783		2,697,781			2,549,828			381,879
Other assets		101,143		1,408			144,695			6,033
		775,404,681		982,582,849			850,832,590			306,510,735
Liabilities
Payable to custodian		—		2,182,776			—			2,910,335
Payable for investments purchased		—		11,772			8,845,615			5,923,300
Outstanding options written at value2		—		11,077,845			3,980,574			3,085,728
Unrealized loss on foreign currency exchange contracts		—		—			—			—
Offering costs payable		—		—			—			—
Investment advisory fee payable		421,679		812,153			852,783			250,019
Deferred Trustees’ fees		60,360		—			17,183			1,907
Licensing fee payable		64,874		81,215			—			—
Payable to affiliates		24,521		5,178			29,438			5,907
Other accrued expenses		142,363		166,567			183,303			138,511
		713,797		14,337,506			13,908,896			12,315,707
Net Assets	$	774,690,884	$	968,245,343		$	836,923,694		$	294,195,028
Composition of Net Assets:
Par value	$	54,518	$	69,089		$	29,766		$	12,376
Paid-in capital in excess of par		753,930,684		988,058,879			709,335,050			294,894,948
Undistributed/(Distributions in excess of) net investment income		431,656		13,063			(17,184	)		(36,334	)
Accumulated net realized gain (loss)		—		3,361,330			21,218,015			610,881
Net unrealized appreciation (depreciation)		20,274,026		(23,257,018	)		106,358,047			(1,286,843	)
Net assets, October 31, 2005	$	774,690,884	$	968,245,343		$	836,923,694		$	294,195,028
Net asset value3	$	14.21	$	14.01		$	28.12		$	23.77
1Investments at cost	$	752,482,368	$	1,001,386,653		$	733,900,008		$	289,009,015
2Premium received		—		11,692,285			6,100,272			2,966,751
3Shares outstanding		54,518,315		69,088,582			29,766,217			12,376,932

See Notes to Financial Statements.

42

			S&P		Strategic
Health			Quality Rankings		Dividend		World
Sciences			Global Equity		AchieversTM		Investment
Trust			Managed Trust		Trust		Trust
(BME)			(BQY)		(BDT)		(BWC)
$	200,339,640		$	97,286,318	$	406,987,868	$	1,218,315,685
	—			—		185,592		—
	2,662			4,855		30,475		—
	—			26,928		—		—
	4,066,019			1,019,843		—		41,658
	—			—		—		—
	—			—		—		—
	43,581			133,835		612,929		159,911
	10,262			11,509		51,083		—
	204,462,164			98,483,288		407,867,947		1,218,517,254
	—			—		—		—
	4,561,795			1,847,054		—		542,901,682
	1,645,891			—		—		41,658
	—			2,979		—		1,015,312
	—			—		—		1,209,509
	167,399			61,129		254,526		91,420
	2,662			4,855		30,475		—
	—			49,403		33,937		—
	6,037			5,182		27,971		192
	73,594			110,914		155,397		276,740
	6,457,378			2,081,516		502,306		545,536,513
$	198,004,786		$	96,401,772	$	407,365,641	$	672,980,741
$	7,505		$	6,033	$	26,908	$	46,675
	178,795,001			86,129,717		376,494,750		667,351,822
	(2,662	)		772,246		608,848		146,346
	1,037,243			949,770		—		—
	18,167,699			8,544,006		30,235,135		5,435,898
$	198,004,786		$	96,401,772	$	407,365,641	$	672,980,741
$	26.38		$	15.98	$	15.14	$	14.42
$	181,977,630		$	88,750,657	$	376,752,733	$	1,213,060,821
	1,451,580			—		—		41,658
	7,504,817			6,033,028		26,908,028		46,674,695

43

STATEMENTS OF OPERATIONS

For the period¹ ended October 31, 2005

				Enhanced			Global			Global
	Dividend			Dividend			Energy and			Opportunities
	AchieversTM			AchieversTM			Resources			Equity
	Trust			Trust			Trust			Trust
	(BDV)			(BDJ)			(BGR)			(BOE)
Investment Income
Dividend income	$	30,268,615		$	4,704,190		$	23,585,180		$	4,868,726
Interest income		133,915			1,265,431			2,161,470			1,459,220
Foreign taxes withheld		—			—			(1,832,111	)		(308,681	)
Total investment income		30,402,530			5,969,621			23,914,539			6,019,265
Expenses
Investment advisory		5,227,524			1,640,269			7,771,961			1,241,176
Transfer agent		30,295			5,264			18,923			8,438
Custodian		110,776			22,640			123,195			83,064
Reports to shareholders		169,602			48,000			96,726			18,987
Trustees		88,285			23,549			75,606			13,079
Registration		62,891			7,767			28,597			13,290
Independent accountants		44,398			42,500			83,854			49,492
Legal		107,935			13,788			120,430			13,858
Insurance		58,107			15,535			43,717			8,377
Organization		—			15,000			15,000			15,000
License fee		804,235			164,027			—			—
Miscellaneous		83,912			18,630			57,768			16,464
Total expenses		6,787,960			2,016,969			8,435,777			1,481,225
Less: fees waived by Advisor		—			—			(1,295,327	)		—
Net expense		6,787,960			2,016,969			7,140,450			1,481,225
Net investment income (loss)		23,614,570			3,952,652			16,774,089			4,538,040
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		15,243,788			(958,904	)		22,469,959			(432	)
Foreign currency		—			—			(721,223	)		(1,708,293	)
Options written		—			7,395,838			16,149,383			4,671,722
		15,243,788			6,436,934			37,898,119			2,962,997
Net change in unrealized appreciation/depreciation on:
Investments		(15,121,002	)		(23,871,458	)		104,250,414			(990,543	)
Foreign currency		—			—			(12,065	)		(177,323	)
Options written		—			614,440			2,119,698			(118,977	)
		(15,121,002	)		(23,257,018	)		106,358,047			(1,286,843	)
Net gain (loss)		122,786			(16,820,084	)		144,256,166			1,676,154
Net Increase (Decrease) in Net Assets Resulting from Operations	$	23,737,356		$	(12,867,432	)	$	161,030,255		$	6,214,194

¹ Commencement of investment operations for Enhanced Dividend Achievers, Global Energy and Resources, Global Opportunities Equity, Health Sciences and World Investment were August 30, 2005, December 29, 2004, May 31, 2005, March 31, 2005 and October 28, 2005, respectively. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

See Notes to Financial Statements.

44

			S&P			Strategic
Health			Quality Rankings			Dividend			World
Sciences			Global Equity			AchieversTM			Investment
Trust			Managed Trust			Trust			Trust
(BME)			(BQY)			(BDT)			(BWC)
$	601,445		$	4,455,535		$	16,243,541		$	—
	548,788			25,245			94,532			349,755
	(33,813	)		(144,537	)		(20,224	)		—
	1,116,420			4,336,243			16,317,849			349,755
	1,135,882			725,317			3,080,437			91,420
	11,780			19,944			19,944			343
	40,068			65,447			78,840			5,212
	29,453			29,848			89,725			40,000
	14,136			14,958			57,841			993
	12,517			1,993			26,416			473
	36,170			47,477			47,031			52,000
	15,038			17,748			70,204			1,544
	7,779			6,504			29,303			1,027
	15,000			—			—			15,000
	—			145,063			410,673			—
	17,806			22,090			51,290			10,397
	1,335,629			1,096,389			3,961,704			218,409
	—			—			—			—
	1,335,629			1,096,389			3,961,704			218,409
	(219,209	)		3,239,854			12,356,145			131,346
	3,044,140			3,079,706			11,640,949			—
	—			23,481			—			—
	3,963,978			—			—			—
	7,008,118			3,103,187			11,640,949			—
	18,362,010			2,332,273			5,015,723			5,254,864
	—			7,921			—			181,034
	(194,311	)		—			—			—
	18,167,699			2,340,194			5,015,723			5,435,898
	25,175,817			5,443,381			16,656,672			5,435,898
$	24,956,608		$	8,683,235		$	29,012,817		$	5,567,244

45

STATEMENTS OF CHANGES IN NET ASSETS

For the periods ended October 31, 2005 and 2004

							Enhanced			Global
							Dividend			Energy and
							AchieversTM			Resources
	Dividend AchieversTM Trust						Trust			Trust
	(BDV)						(BDJ)			(BGR)
	2005			20041			20051			20051
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	23,614,570		$	20,019,707		$	3,952,652		$	16,774,089
Net realized gain (loss)		15,243,788			1,055,764			6,436,934			37,898,119
Net change in unrealized appreciation/depreciation		(15,121,002	)		35,395,028			(23,257,018	)		106,358,047
Net increase (decrease) in net assets resulting from operations		23,737,356			56,470,499			(12,867,432	)		161,030,255
Dividends and Distributions:
Net investment income		(23,075,649	)		(20,827,751	)		(3,943,349	)		(16,085,666	)
Net realized gain		(15,543,438	)		(70,335	)		(3,086,844	)		(17,401,328	)
Tax return of capital		(10,447,397	)		(15,682,716	)		—			—
Total dividends and distributions		(49,066,484	)		(36,580,802	)		(7,030,193	)		(33,486,994	)
Capital Share Transactions:
Net proceeds from the issuance of common shares		—			686,795,053			901,085,239			633,917,815
Net proceeds from the underwriters’ over-allotment option exercised		—			85,950,000			85,920,000			75,462,618
Reinvestment of distributions		—			7,385,262			1,137,729			—
Net proceeds from capital share transactions		—			780,130,315			988,142,968			709,380,433
Total increase (decrease) in net assets		(25,329,128	)		800,020,012			968,245,343			836,923,694
Net Assets:
Beginning of period		800,020,012			—			—			—
End of period	$	774,690,884		$	800,020,012		$	968,245,343		$	836,923,694
End of period undistributed (distributions in excess of) net investment income	$	431,656		$	192,385		$	13,063		$	(17,183	)

¹ Commencement of investment operations for Dividend Achievers, Enhanced Dividend Achievers, Global Energy and Resources, Global Opportunities Equity, Health Sciences, Strategic Dividend Achievers World Investments and S&P Quality Rankings Global Equity was December 23, 2003, August 30, 2005, December 29, 2004, May 31, 2005, March 31, 2005, March 30, 2004, October 28, 2005 and May 28, 2004, respectively. This information includes the initial investments by BlackRock Funding, Inc.

See Notes to Financial Statements.

46

Global
Opportunities			Health															World
Equity			Sciences			S&P Quality Rankings						Strategic Dividend						Investment
Trust			Trust			Global Equity Managed Trust						AchieversTM Trust						Trust
(BOE)			(BME)			(BQY)						(BDT)						(BWC)
20051			20051			2005			20041			2005			20041			20051
$	4,538,040		$	(219,209	)	$	3,239,854		$	1,222,954		$	12,356,145		$	4,860,844		$	131,346
	2,962,997			7,008,118			3,103,187			(309,641	)		11,640,949			(67,095	)		—
	(1,286,843	)		18,167,699			2,340,194			6,203,812			5,015,723			25,219,412			5,435,898
	6,214,194			24,956,608			8,683,235			7,117,125			29,012,817			30,013,161			5,567,244
	(2,881,081	)		—			(2,262,385	)		(1,024,567	)		(11,808,745	)		(4,556,086	)		—
	(4,060,409	)		(5,769,328	)		(2,262,386	)		—			(11,832,166	)		—			—
	—			—			—			(106,626	)		(576,314	)		(7,552,527	)		—
	(6,941,490	)		(5,769,328	)		(4,524,771	)		(1,131,193	)		(24,217,225	)		(12,108,613	)		—
	286,020,006			178,817,506			—			83,750,501			—			364,610,501			667,413,497
	4,775,000			—			—			2,506,875			—			20,055,000			—
	4,127,318			—			—			—			—			—			—
	294,922,324			178,817,506			—			86,257,376			—			384,665,501			667,413,497
	294,195,028			198,004,786			4,158,464			92,243,308			4,795,592			402,570,049			672,980,741
	—			—			92,243,308			—			402,570,049			—			—
$	294,195,028		$	198,004,786		$	96,401,772		$	92,243,308		$	407,365,641		$	402,570,049		$	672,980,741
$	(36,334	)	$	(2,662	)	$	777,246		$	100,921		$	608,848		$	274,195		$	146,346

47

FINANCIAL HIGHLIGHTS

BlackRock Dividend Achievers^TM Trust (BDV)

	For the Year Ended October 31, 2005			For the Period December 23, 20031 through October 31, 2004
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.67		$	14.33	2
Investment operations:
Net investment income		0.43			0.37
Net realized and unrealized gain		0.01			0.66
Net increase from investment operations		0.44			1.03
Dividends and distributions:
Net investment income		(0.43	)		(0.38	)
Net realized gain		(0.28	)		—
Tax return of capital		(0.19	)		(0.29	)
Total dividends and distributions		(0.90	)		(0.67	)
Capital charges with respect to issuance of shares		—			(0.02	)
Net asset value, end of period	$	14.21		$	14.67
Market price, end of period	$	12.77		$	14.98
TOTAL INVESTMENT RETURN3		(9.25	)%		4.62	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.84	%		0.83	%4
Net investment income		2.93	%		3.00	%4
SUPPLEMENTAL DATA:
Average net assets (000)	$	805,289		$	777,731
Portfolio turnover		27	%		6	%
Net assets, end of period (000)	$	774,691		$	800,020

1	Commencement of investment operations was December 23, 2003. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.

The information in the above Financial Highlights represents the audited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

48

FINANCIAL HIGHLIGHTS

BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)

	For the Period August 31, 20051 through October 31, 2005
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.33	2
Investment operations:
Net investment income		0.06
Net realized and unrealized loss		(0.26	)
Net decrease from investment operations		(0.20	)
Dividends and distributions:
Net investment income		(0.06	)
Net realized gain		(0.04	)
Total dividends and distributions		(0.10	)
Capital charges with respect to issuance of shares		(0.02	)
Net asset value, end of period	$	14.01
Market price, end of period	$	13.79
TOTAL INVESTMENT RETURN3		(7.40	)%
RATIOS TO AVERAGE NET ASSETS:4
Total expenses		1.25	%
Net investment income		2.44	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	953,303
Portfolio turnover		5	%
Net assets, end of period (000)	$	968,245

1	Commencement of investment was August 31, 2005. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the curent market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

49

FINANCIAL HIGHLIGHTS

BlackRock Global Energy and Resources Trust (BGR)

	For the Period December 29, 20041 through October 31, 2005
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	23.88	2
Investment operations:
Net investment income		0.56
Net realized and unrealized gain		4.85
Net increase from investment operations		5.41
Dividend and distributions:
Net investment income		(0.54	)
Net realized gain		(0.59	)
Total dividends and distributions		(1.13	)
Capital charges with respect to issuance of shares		(0.04	)
Net asset value, end of period	$	28.12
Market price, end of period	$	25.16
TOTAL INVESTMENT RETURN3		5.10	%
RATIOS TO AVERAGE NET ASSETS:4
Expenses after fees waived		1.10	%
Expenses before fees waived		1.30	%
Net investment income after fees waived		2.59	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	770,023
Portfolio turnover		64	%
Net assets, end of period (000)	$	836,924

1	Commencement of investment operations was December 29, 2004. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.

The information in the above Financial Highlights represents the audited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

50

FINANCIAL HIGHLIGHTS

BlackRock Global Opportunities Equity Trust (BOE)

	For the Period May 31, 20051 through October 31, 2005
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	23.88	2
Investment operations:
Net investment income		0.37
Net realized and unrealized gain		0.13
Net increase from investment operations		0.50
Dividend and distributions:
Net investment income		(0.23	)
Net realized gain		(0.33	)
Total dividends and distributions		(0.56	)
Capital charges with respect to issuance of shares		(0.05	)
Net asset value, end of period	$	23.77
Market price, end of period	$	23.88
TOTAL INVESTMENT RETURN3		(2.21	)%
RATIOS TO AVERAGE NET ASSETS:4
Total expenses		1.19	%
Net investment income		3.66	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	294,175
Portfolio turnover		55	%
Net assets, end of period (000)	$	294,195

1	Commencement of investment operations was May 31, 2005. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.

The information in the above Financial Highlights represents the audited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

51

FINANCIAL HIGHLIGHTS

BlackRock Health Sciences Trust (BME)

	For the Period March 31, 20051 through October 31, 2005
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	23.88	2
Investment operations:
Net investment loss		(0.03	)
Net realized and unrealized gain		3.30
Net increase from investment operations		3.27
Distributions from net realized gain		(0.77	)
Net asset value, end of period	$	26.38
Market price, end of period	$	25.19
TOTAL INVESTMENT RETURN3		3.81	%
RATIOS TO AVERAGE NET ASSETS:4
Total expenses		1.18	%
Net investment loss		(0.19	)%
SUPPLEMENTAL DATA:
Average net assets (000)	$	192,836
Portfolio turnover		104	%
Net assets, end of period (000)	$	198,005

1	Commencement of investment operations was March 31, 2005. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.

The information in the above Financial Highlights represents the audited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

52

FINANCIAL HIGHLIGHTS

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

	For the Year Ended October 31, 2005			For the Period May 28, 20041 through October 31, 2004
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.29		$	14.33	2
Investment operations:
Net investment income		0.56			0.21
Net realized and unrealized gain		0.88			0.96
Net increase from investment operations		1.44			1.17
Dividends and distributions:
Net investment income		(0.37	)		(0.17	)
Net realized gain		(0.38	)		—
Tax return of capital		—			(0.02	)
Total distributions		(0.75	)		(0.19	)
Capital charges with respect to issuance of shares		—			(0.02	)
Net asset value, end of period	$	15.98		$	15.29
Market price, end of period	$	14.54		$	13.80
TOTAL INVESTMENT RETURN3		10.97	%		(6.80	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		1.14	%		1.23	%4
Net investment income		3.35	%		3.27	%4
SUPPLEMENTAL DATA:
Average net assets (000)	$	96,697		$	87,094
Portfolio turnover		38	%		4	%
Net assets, end of period (000)	$	96,402		$	92,243

1	Commencement of investment operations was May 28, 2004. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.

The information in the above Financial Highlights represents the audited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

53

FINANCIAL HIGHLIGHTS

BlackRock Strategic Dividend Achievers^TM Trust (BDT)

	For the Year Ended October 31, 2005			For the Period March 30, 20041 through October 31, 2004
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.96		$	14.33	2
Investment operations:
Net investment income		0.46			0.18
Net realized and unrealized gain		0.62			0.92
Net increase from investment operations		1.08			1.10
Dividends and distributions:
Net investment income		(0.46	)		(0.17	)
Net realized gain		(0.42	)		—
Tax return of capital		(0.02	)		(0.28	)
Total distributions		(0.90	)		(0.45	)
Capital charges with respect to issuance of shares		—			(0.02	)
Net asset value, end of period	$	15.14		$	14.96
Market price, end of period	$	13.20		$	14.54
TOTAL INVESTMENT RETURN3		(3.46	)%		0.01	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.96	%		0.99	%4
Net investment income		3.01	%		2.18	%4
SUPPLEMENTAL DATA:
Average net assets (000)	$	410,719		$	377,074
Portfolio turnover		24	%		1	%
Net assets, end of period (000)	$	407,366		$	402,570

1	Commencement of investment operations was March 30, 2004. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.

The information in the above Financial Highlights represents the audited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

54

FINANCIAL HIGHLIGHTS

BlackRock World Investment Trust (BWC)

	For the Period October 28, 20051 through October 31, 2005
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.33	2
Investment operations:
Net realized and unrealized gain		0.11
Net increase from investment operations		0.11
Captial charges with respect to issuance of shares		(0.02	)
Net asset value, end of period	$	14.42
Market price, end of period	$	15.08
TOTAL INVESTMENT RETURN3		0.53	%
RATIOS TO AVERAGE NET ASSETS:4
Total expenses		1.23	%
Net investment income		2.59	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	667,368
Portfolio turnover		—	%
Net assets, end of period (000)	$	672,981

1	Commencement of investment operations was October 28, 2005. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	The Trust incurred certain expenses that were for a full year, which were not annualized. If these expenses were annualized the total expenses and net investment income ratios would have been 2.39% and 1.44%, respectively.

The information in the above Financial Highlights represents the audited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

55

NOTES TO FINANCIAL STATEMENTS

Note 1. Organization & Accounting Policies

BlackRock Dividend Achievers^TM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend Achievers^TM Trust (“Enhanced Dividend Achievers”), BlackRock Global Energy and Resources Trust (“Global Energy and Resources”), BlackRock Global Opportunities Equity Trust (“Global Opportunities”), BlackRock Health Sciences Trust (“Health Sciences”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“S&P Quality Rankings”), BlackRock Strategic Dividend Achievers^TM Trust (“Strategic Dividend Achievers”) and BlackRock World Investment Trust (“World Investment”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except Global Energy and Resources and Health Sciences, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. Global Energy and Resources and Health Sciences are registered as non-diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. Enhanced Dividend Achievers Trust was organized on July 1, 2005 and had no transactions until August 10, 2005, when the Trust sold 8,028 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Enhanced Dividend Achievers commenced on August 31, 2005. Global Energy and Resources was organized on October 20, 2004 and had no transactions until December 6, 2004, when the Trust sold 4,817 common shares for $115,006 to BlackRock Funding, Inc. Investment operations for Global Energy and Resources commenced on December 29, 2004. Global Opportunities was organized on March 9, 2005 and had no transactions until May 11, 2005, when the Trust sold 4,817 common shares for $115,006 to BlackRock Funding, Inc. Investment operations for Global Opportunities commenced on May 31, 2005. Health Sciences was organized on January 19, 2005 and had no transactions until March 10, 2005, when the Trust sold 4,827 common shares for $115,006 to BlackRock Funding, Inc. Investment operations for Health Sciences commenced on March 31, 2005. World Investment was organized on August 19, 2005 and had no transactions until October 11, 2005 when the Trust sold 8,028 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for World Investment commenced on October 28, 2005. The Trusts incurred organization costs which were deferred from the organization dates until the commencement of operations.

Investment Valuation: The Trusts value most of their investments on the basis of current market quotations provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures based on valuation technology commonly employed in the market for such investments. Exchange-traded options are valued at their last sales price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter (“OTC”) options quotations are provided by dealers selected under the supervision of the Board. Considerations utilized by dealers in valuing OTC options include, but are not limited to, volatility factors of the underlying security, price movement of the underlying security in relation to the strike price and the time left until expiration of the option. Investments in open-end investment companies are valued at net asset value. Short-term debt investments having a remaining maturity of 60 days or less when purchased and debt investments originally purchased with maturities in excess of 60 days but which currently have maturities of 60 days or less may be valued at amortized cost. Any investments or other assets for which current market quotations are not readily available are valued at their fair value (“Fair Value Assets”) as determined in good faith under procedures established by and under the general supervision and responsibility of the Trusts’ Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that advisor and sub-advisor deems relevant.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments and the related gain or loss is determined by the use of the specific identification method, generally high cost, for both financial reporting and federal income tax purposes. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed. These dividends are recorded as soon as the Trusts are informed of the ex-dividend date. Dividend income on foreign securities is recorded net of any applicable withholding tax.

Forward Currency Contracts: Certain Trusts may enter into forward currency contracts primarily to facilitate settlement of purchases and sales of foreign securities and to help manage the overall exposure to foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. In the event that a security fails to settle within the normal settlement period, the forward currency contract is renegotiated at a new rate. The gain or loss arising from the difference between the settlement value of the original and renegotiated forward contracts is isolated and is included in net realized gains (losses) from foreign currency transactions. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contract.

          Forward currency contracts, when used by the Trusts, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trusts. Forward currency contracts are not meant to be used to eliminate all of the exposure to the foreign currency, rather they allow the Trusts to limit their exposure to foreign currency within a narrow band to the objectives of the Trusts.

Foreign Currency Translation: Foreign currency amounts are translated into United States dollars on the following basis:

(i)	market value of investment securities, other assets and liabilities—at the London 4:00 PM rates of exchange. Effective November 7, 2005, the 4:00 PM Eastern Standard Time rates of exchange will be used.
(ii)	purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

          The Trusts do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. The Trusts report forward foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

56

          Net realized and unrealized foreign exchange gains and losses includes realized foreign exchange gains and losses from sales and maturities of foreign portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of interest and discount recorded on the Trusts’ books and the U.S. dollar equivalent amounts actually received or paid and changes in unrealized foreign exchange gains and losses in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate.

          Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Option Writing/Purchasing: When the Trusts write or purchase an option, an amount equal to the premium received or paid by the Trusts are recorded as liabilities or assets and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Trusts on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether the Trusts have realized a gain or a loss on investment transactions. The Trusts, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

          A call option gives the purchaser of the option the right (but not obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right (but not the obligation) to sell and obligates the writer to buy (when the option is exercised) the underlying position at the exercise price at any time or at a specified time during the option period.

          The main risk that is associated with purchasing options is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the loss. The risk associated with writing call options is that the Trusts may forgo the opportunity for a profit if the market value of the underlying position increases and the option is exercised. The risk in writing put options is that the Trusts may incur a loss if the market value of the underlying position decreases and the option is exercised. In addition, the Trusts risk not being able to enter into a closing transaction for the written option as the result of an illiquid market.

          Certain Trusts may invest in over-the-counter (“OTC”) options. OTC options differ from exchange-listed options in that they are two-party contracts, with exercise price, premium and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-listed options. The counterparties to these transactions typically will be major international banks, broker-dealers and financial institutions. The Trusts may be required to restrict the sale of securities being used to cover certain written OTC options. The OTC options written by the Trust will not be issued, guaranteed or cleared by the Options Clearing Corporation. In addition, the Trusts’ ability to terminate the OTC options may be more limited than with exchange-traded options. Banks, broker-dealers or other financial institutions participating in such transaction may fail to settle a transaction in accordance with the terms of the option as written. In the event of default or insolvency of the coun-terparty, the Trusts may be unable to liquidate an OTC option position.

Federal Income Taxes: It is the Trusts’ intention to elect to be treated as regulated investment companies under the Internal Revenue Code and to distribute sufficient amounts of its taxable income to shareholders. Therefore, no Federal income tax provisions are required.

Dividends and Distributions: All Trusts except Enhanced Dividend Achievers declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and other sources, if necessary. Enhanced Dividend Achievers declares and pays dividends and distributions to shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. 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-free return of capital. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the Board, non-interested Trustees are required to defer a portion of their annual complex-wide compensation pursuant to the plan. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Trustees. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trusts. The Trusts may, however, elect to invest in common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.

57

Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”), accumulated net realized gain (“Accumulated Gain”) and paid-in capital (“PIC”) more closely to its tax character, the following accounts for the Trusts were increased (decreased):

Trust	UNII			Accumulated Gain			PIC
Dividend Achievers	$	(299,650	)	$	299,650		$	—
Enhanced Dividend Achievers		3,760			11,240			(15,000	)
Global Energy and Resources		(705,607	)		721,224			(15,617	)
Global Opportunities		(1,693,293	)		1,708,293			(15,000	)
Health Sciences		216,547			(201,547	)		(15,000	)
S&P Quality Rankings		(324,900	)		324,900			—
Strategic Dividend Achievers		(212,747	)		212,749			(2	)
World Investment		15,000			—			(15,000	)

Note 2. Agreements

The Trusts have an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to certain of the Trusts. State Street Research and Management Company, a wholly owned subsidiary of BlackRock, serves as sub-advisor to Global Energy and Resources. BlackRock, Inc. is an indirect majority owned subsidiary of The PNC Financial Services Group, Inc. The investment management agreement covers both investment advisory and administration services.

          The Trusts’ investment advisory fees paid to the Advisor are computed weekly, accrued daily and payable monthly, based on an annual rate, 0.65% for Dividend Achievers, 1.00% for Enhanced Dividend Achievers, 1.20% for Global Energy and Resources, 1.00% for Global Opportunites, 1.00% for Health Sciences, 0.75% for S&P Quality Rankings, 0.75% for Strategic Dividend Achievers, and 1.00% for World Investment, of the Trust’s average weekly managed assets. Because the Trusts have no present intention of borrowing for investment purposes, the Trusts’ “managed assets” will generally be equal to the Trusts’ net assets. The Adviser has voluntarily agreed to waive a portion of the investment advisory fees or some other expenses on Global Energy and Resources as a percentage of its average weekly managed assets as follows: 0.20% for the first five years of the Trust’s operations, 0.15% in year six, 0.10% in year seven and 0.05% in year eight.

          Pursuant to the Investment Management Agreements, the Advisor provides continuous supervision of the investment portfolios and pays the compensation of officers of the Trusts who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of the Trusts. The Trusts bear all other costs and expenses, which include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support and compliance support to the Trusts. For the period ended October 31, 2005, the Trusts reimbursed the Advisor the following amounts which are included in miscellaneous expenses in the Statement of Operations:

Trust	Amount		Trust	Amount
Dividend Achievers	$	29,919	Health Sciences	$	6,037
Enhanced Dividend Achievers		5,178	S&P Quality Rankings		5,486
Global Energy and Resources		29,438	Strategic Dividend Achievers		24,933
Global Opportunities		5,907	World Investment		192

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

S&P Quality Rankings: S&P Quality Rankings 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 polices. There is no assurance that the Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Standard & 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 Standard & Poor’s^® and have been licensed for use by the Trust. The Trust is not sponsored, managed, advised, sold or promoted by Standard & Poor’s^®. The Trusts are required to pay a licensing fee, which is shown on the Statement of Operations.

58

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the periods ended October 31, 2005, were as follows:

Trust	Purchases		Sales
Dividend Achievers	$	216,620,970	$	238,544,154
Enhanced Dividend Achievers		1,015,664,604		28,543,640
Global Energy and Resources		1,094,286,668		421,339,040
Global Opportunities		380,310,209		99,676,738
Health Sciences		312,514,588		155,968,406
S&P Quality Rankings		36,275,496		37,430,660
Strategic Dividend Achievers		96,273,683		108,413,934
World Investment		544,098,031		—

          For Federal income tax purposes, the Trusts had no capital loss carryforwards as of October 31, 2005.

          As of October 31, 2005, the following capital loss carryforwards were used to offset net taxable gains for the following Trusts:

S&P Quality Rankings	$	215,931
Strategic Dividend Achievers		21,532

Transactions in options written during the periods ended October 31, 2005, were as follows:

	Calls						Puts
Trust	Contracts			Premiums			Contracts			Premiums
Enhanced Dividend Achievers
Options outstanding at beginning of period		—		$	—			—		$	—
Options written		13,984,588			16,359,299			4,893,576			2,852,861
Options expired		(3,571,407	)		(3,322,551	)		(4,821,076	)		(2,814,966	)
Options closed		(1,324,747	)		(1,344,463	)		(72,500	)		(37,895	)
Options outstanding at end of period		9,088,434		$	11,692,285			—		$	—
Global Energy and Resources
Options outstanding at beginning of period		—		$	—			—		$	—
Options written		8,334,162			17,729,152			248,938			9,448,476
Options expired		(784,929	)		(11,022,131	)		(209,961	)		(4,077,758	)
Options exercised		(1	)		(227	)		(14	)		(2,828	)
Options closed		(6,348,931	)		(3,183,559	)		(31,787	)		(2,790,853	)
Options outstanding at end of period		1,200,301		$	3,523,235			7,176		$	2,577,037
Global Opportunities
Options outstanding at beginning of period		—		$	—			—		$	—
Options written		39,040,842			6,269,162			24,810,276			2,786,842
Options expired		(19,075,272	)		(2,907,128	)		(16,233,491	)		(2,215,373	)
Options exercised		(392,089	)		(18,347	)		—			—
Options closed		(1,017,129	)		(580,233	)		(8,575,720	)		(368,172	)
Options outstanding at end of period		18,556,352		$	2,763,454			1,065		$	203,297
Health Sciences
Options outstanding at beginning of period		—		$	—			—		$	—
Options written		709,793			3,609,126			358,129			2,502,354
Options expired		(259,591	)		(1,710,166	)		(216,286	)		(1,644,495	)
Options exercised		(11	)		(1,023	)		(215	)		(23,004	)
Options closed		(261,129	)		(925,392	)		(5,320	)		(355,820	)
Options outstanding at end of period		189,062		$	972,545			136,308		$	479,035
World Investment
Options outstanding at beginning of period		—		$	—			—		$	—
Options written		606,500			41,658			—			—
Options expired		—			—			—			—
Options closed		—			—			—			—
Options outstanding at end of period		606,500		$	41,658			—		$	—

59

As of April 30, 2005, portfolio securities subject to covered call options written by Enhanced Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences and World Investment were valued at $391,316,641, $103,757,714, $116,886,545, $36,368,387 and $1,645,385, respectively.

Details of open forward foreign currency exchange contracts at October 31, 2005, were as follows:

				Contract to		Value at		Value at		Unrealized
	Foreign	Settlement		Purchase/		Settlement		October 31,		Appreciation/
Trust	Currency	Date		Receive		Date		2005		Depreciation
Sold:
Global Resources	Canadian Dollar		11/01/05		3,820,619	$	3,246,125	$	3,239,107		7,018
World Investment	Mexican Peso		01/27/06		57,780,400		5,260,568		5,352,515	$	(91,947	)
Bought:
S&P Quality Rankings	Australian Dollar		11/02/05		85,697		64,359		64,029	$	(330	)
	Canadian Dollar		11/01/05		1,442,025		1,225,170		1,222,521		(2,649	)
										$	(2,979	)
World Investment	Australian Dollar		11/03/05		9,671,835		7,264,516		7,226,308		(38,208	)
	Canadian Dollar		11/02/05		7,660,156		6,518,727		6,494,135		(24,592	)
	Swiss Franc		11/02/05		3,043,582		2,379,100		2,357,356		(21,744	)
	Danish Krone		11/02/05		19,865,201		3,197,618		3,188,354		(9,264	)
	Euro		11/02/05		40,995,863		49,467,992		49,102,722		(365,270	)
	Pound Sterling		11/02/05		17,514,976		31,164,397		31,005,994		(158,403	)
	Hong Kong Dollar		11/02/05		46,368,569		5,981,806		5,981,227		(579	)
	Japanese Yen		11/02/05		5,551,855,593		47,943,484		47,694,306		(249,178	)
	Mexcian Peso		11/01/05		57,160,000		5,266,601		5,295,044		28,443
			11/02/05		58,947,951		5,470,300		5,460,672		(9,628	)
	Norwegian Krone		11/02/05		57,289,937		8,834,904		8,813,226		(21,678	)
	Swedish Krona		11/02/05		126,555,863		15,938,022		15,891,691		(46,331	)
	Singapore Dollar		11/04/05		4,678,491		2,766,210		2,759,277		(6,933	)
											(923,365	)

Note 4. Distributions to Shareholders

The tax character of distributions paid during the periods ended October 31, 2005 and October 31, 2004, were as follows:

	Period ended October 31, 2005
			Non-taxable		Long-term
	Ordinary		Return of		Capital		Total
Distributions paid from:	Income		Capital		Gains		Distributions
Dividend Achievers	$	23,075,649	$	10,447,397	$	15,543,438	$	49,066,484
Enhanced Dividend Achievers		7,018,953		—		11,240		7,030,193
Global Energy and Resources		33,486,994		—		—		33,486,994
Global Opportunities		6,941,490		—		—		6,941,490
Health Sciences		5,769,328		—		—		5,769,328
S&P Quality Rankings		2,840,269		—		1,684,502		4,524,771
Strategic Dividend Achievers		12,358,425		576,314		11,282,486		24,217,225
World Investment		—		—		—		—

	Period ended October 31, 2004
Distributions paid from:			Non-taxable		Long-term
	Ordinary		Return of		Capital		Total
	Income		Capital		Gains		Distributions
Dividend Achievers	$	20,827,751	$	15,682,716	$	70,335	$	36,580,802
S&P Quality Rankings		1,024,567		106,626		—		1,131,193
Strategic Dividend Achievers		4,556,086		7,552,527		—		12,108,613

          As of October 31, 2005, the estimated components of distributable earnings on a tax basis were as follows:

	Undistributed			Undistributed			Unrealized
Trust	Ordinary Income			Long-term Gains			Net Appreciation
Dividend Achievers		$	—		$	—		$	20,705,682
Enhanced Dividend Achievers			4,136,896			—			—
Global Energy and Resources			25,816,935			—			101,741,943
Global Opportunities			2,514,450			—			—
Health Sciences			2,777,731			—			16,424,549
S&P Quality Rankings			577,889			1,162,661			8,525,472
Strategic Dividend Achievers			—			—			30,843,981
World Investment			230,107			—			5,352,137

60

Note 5. Capital

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for the Trusts. At October 31, 2005, the shares outstanding and the shares owned by affiliates of the Advisor of the Trusts were as follows:

Trust	Common Shares Outstanding		Common Shares Owned
Dividend Achievers		54,518,315		8,028
Enhanced Dividend Achievers		69,088,582		8,028
Global Energy and Resources		29,766,217		4,817
Global Opportunities		12,376,932		4,817
Health Sciences		7,504,817		4,817
S&P Quality Rankings		6,033,028		8,028
Strategic Dividend Achievers		26,908,028		8,028
World Investment		46,674,695		8,028

          Transactions in common shares of beneficial interest from commencement of investment operation through October 31, 2005, were as follows:

Trust	Commencement of Investment Operations		Initial Public Offering		Underwriters’ Exercising the Over-allotment Option		Reinvestment of Distributions		Net Increase in Shares Outstanding
Dividends Achievers		December 23, 2003		48,008,028		6,000,000		510,287	54,518,315
Enhanced Dividend Achievers		August 31, 2005		63,008,028		6,000,000		80,554	69,088,582
Global Energy and Resources		December 29, 2004		26,604,817		3,161,400		—	29,766,217
Global Opportunities		May 31, 2005		12,004,817		200,000		172,115	12,376,932
Health Sciences		March 31, 2005		7,504,817		—		—	7,504,817
S&P Quality Rankings		May 28, 2004		5,858,028		175,000		—	6,033,028
Strategic Dividend Achievers		March 30, 2004		25,508,028		1,400,000		—	26,908,028
World Investment		October 28, 2005		46,674,695		—		—	46,674,695

          Offering costs incurred in connection with the Trusts’ offering of common shares have been charged against the proceeds from the initial common share offering of the common shares for Dividend Achievers, Enhanced Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences, S&P Quality Rankings, Strategic Dividend Achievers and World Investment in the amounts of $921,289, $1,204,762, $1,154,191, $610,000, $312,750, $135,625, $657,500 and $1,216,509, respectively.

Note 6. Distributions

Subsequent to October 31, 2005, the Board declared distributions per common share for Enhanced Dividend Achievers, Global Opportunities and S&P Quality Rankings payable November 30, 2005, to shareholders of record on November 15, 2005 and for Dividend Achievers, Global Energy and Resources, Health Sciences and Strategic Dividend Achievers payable December 30, 2005, to shareholders of record on December 15, 2005. The per share distributions declared were as follows:

Trust	Distribution per Common Share
Dividend Achievers		$	0.225000
Enhanced Dividend Achievers			0.101875
Global Energy and Resources			0.375000
Global Opportunities Equity			0.568750
Health Sciences			0.383475
Strategic Dividend Achievers			0.225000
S&P Quality Rankings			0.225000

Note 7. Subsequent Event

On December 8, 2005 the underwriters exercised their over-allotment option for World Investment. The Trust issued 5,237,000 additional shares with a value of $75,020,025.

61

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BlackRock Dividend Achievers^TM Trust (BDV)
BlackRock Enhanced Dividend Achievers^TM Trust (BDJ)
BlackRock Global Energy and Resources Trust (BGR)
BlackRock Global Opportunities Equity Trust (BOE)
BlackRock Health Sciences Trust (BME)
BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)
BlackRock Strategic Dividend Achievers^TM Trust (BDT)
BlackRock World Investment Trust (BWC)
(collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2005, and the related statements of operations for the period then ended, the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2005, the results of their operations for the period then ended, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Boston, Massachusetts
December 30, 2005

62

TRUSTEES INFORMATION (Unaudited)

Name, address, age	Current positions held with the Trusts	Term of office and length of time served	Principal occupations during the past five years	Number of portfolios overseen within the fund complex1	Other Directorships held outside the fund complex1	Events or transactions by reason of which the Trustee is an interested person as defined in Section 2(a) (19) of the 1940 Act
Interested Trustees2
Ralph L. Schlosstein BlackRock, Inc. 40 East 52nd Street New York, NY 10022 Age: 54	Chairman of the Board	3 years3/ since inception	Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles.	67	Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education, The Public Theater in New York City and the James Beard Foundation. Formerly, a director of Pulte Corporation, the nation’s largest homebuilder, a Trustee of Denison University and a member of Fannie Mae’s Advisory Council.	Director and President of the Advisor
Robert S. Kapito BlackRock, Inc. 40 East 52nd Street New York, NY 10022 Age: 48	President and Trustee	3 years3/ since inception	Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group. Responsible for the portfolio management of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.	57	Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.	Director and Vice Chairman of the Advisor

63

TRUSTEES INFORMATION (Unaudited) (Continued)

Name, address, age	Current positions held with the Trusts	Term of office and length of time served	Principal occupations during the past five years	Number of portfolios overseen within the fund complex1	Other Directorships held outside the fund complex
Independent Trustees
Andrew F. Brimmer P.O. Box 4546 New York, NY 10163-4546 Age: 79	Lead Trustee Audit Committee Chairman4	3 years3/ since inception	President of Brimmer & Company, Inc., a Washington, D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts – Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Former Chairman, District of Columbia Financial Control Board.	57	Director of CarrAmerica Realty Corporation and Borg-Warner Automotive. Formerly Director of Airborne Express, BankAmerica Corporation (Bank of America), BellSouth Corporation, College Retirement Equities Fund (Trustee), Commodity Exchange, Inc. (Public Governor), Connecticut Mutual Life Insurance Company, E.I. du Pont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines).
Richard E. Cavanagh P.O. Box 4546 New York, NY 10163-4546 Age: 59	Trustee Audit Committee Member	3 years3/ since inception	President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Coauthor, THE WINNING PERFORMANCE (best selling management book published in 13 national editions).	57	Trustee of Aircraft Finance Trust (AFT) and Chairman of Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.
Kent Dixon P.O. Box 4546 New York, NY 10163-4546 Age: 68	Trustee Audit Committee Member4	3 years3/ since inception	Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.	57	Former Director of ISFA (the owner of INVEST, a national securities brokerage service designed for banks and thrift institutions).
Frank J. Fabozzi P.O. Box 4546 New York, NY 10163-4546 Age: 57	Trustee Audit Committee Member4	3 years3 / since inception	Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance and Becton Fellow at the School of Management at Yale University. Author and editor of several books on fixed income portfolio management. Visiting Professor of Finance and Accounting at the Sloan School of Management, Massachusetts Institute of Technology from 1986 to August 1992.	57	Director, Guardian Mutual Funds Group (18 portfolios).

64

TRUSTEES INFORMATION (Unaudited) (Continued)

Name, address, age	Current positions held with the Trusts	Term of office and length of time served	Principal occupations during the past five years	Number of portfolios overseen within the fund complex1	Other Directorships held outside the fund complex
Independent Trustees (continued)
Kathleen F. Feldstein P.O. Box 4546 New York, NY 10163-4546 Age: 63	Trustee	3 years3/ since January 19, 2005	President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.	56	Director of BellSouth Inc. and Knight Ridder, Inc.; Trustee of the Museum of Fine Arts, Boston, Committee for Economic Development and Partners HealthCare, Inc., Corporation Member of Sherrill House, Inc., Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.
R. Glenn Hubbard P.O. Box 4546 New York, NY 10163-4546 Age: 47	Trustee	3 years3/ since November 16, 2004	Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Codirector of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting professor at the John F. Kennedy School of Government at Harvard and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. Treasury Department for Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under the President of the United States 2001–2003.	57	Director of ADP, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. Advisory boards of the Congressional Budget Office, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.
James Clayburn La Force, Jr. P.O. Box 4546 New York, NY 10163-4546 Age: 76	Trustee	3 years3/ since inception	Dean Emeritus of the John E. Anderson Graduate School of Management, University of California since July 1, 1993. Acting Dean of the School of Business, Hong Kong University of Science and Technology 1990-1993. From 1978 to September 1993, Dean of the John E. Anderson Graduate School of Management, University of California.	57	Director of Payden & Rygel Investment Trust, Metzler- Payden Investment Trust, Advisors Series Trust, Arena Pharmaceuticals, Inc. and CancerVax Corporation. Former director of First Nationwide Bank, Eli Lilly & Company, National Intergroup, Rockwell International, Cyprus Mines, Getty Oil Company, The Timken Company, Jacobs Engineering Group, and Motor Cargo Industries.
Walter F. Mondale P.O. Box 4546 New York, NY 10163-4546 Age: 77	Trustee	3 years3/ since inception	Senior Counsel, Dorsey & Whitney, LLP, a law firm (January 2004-present); Partner, Dorsey & Whitney, LLP, (December 1996- December 2003, September 1987-August 1993). Formerly U.S. Ambassador to Japan (1993-1996). Formerly Vice President of the United States, U.S. Senator and Attorney General of the State of Minnesota. 1984 Democratic Nominee for President of the United States.	57	Chairman of Panasonic Foundation’s Board of Directors and Director of United Health Foundation. Member of the Hubert H. Humphrey Institute of Public Affairs Advisory Board, The Mike and Maureen Mansfield Foundation and the Dean’s Board of Visitors of the Medical School at the University of Minnesota.

1	The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.
2	Interested Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.
3	The Board is classified into three classes of which one class is elected annually. Each Trustee serves a three-year term concurrent with the class from which they are elected.
4	The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, each of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

65

DIVIDEND REINVESTMENT PLANS

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

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

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

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

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

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENTS

          At a meeting held on May 26, 2005, the Board of Trustees (the “Board” or the “Trustees”) of each trust in the BlackRock Closed-End Funds complex (each a “Trust”), including the independent trustees (the “Independent Trustees”), unanimously approved the continuance of an Investment Management Agreement between each Trust and BlackRock Advisors, Inc. (the “Advisor”). For each Investment Management Agreement, the Boards also approved a related Sub-Investment Advisory Agreement, when applicable, among each respective Trust, the Advisor and BlackRock Financial Management, Inc. or State Street Research and Management Company, as may be the case (the “Sub-Advisor”). The Investment Management Agreements and the Sub-Investment Advisory Agreements sometimes are referred to herein collectively as the “Agreements”. The Advisor and either Sub-Advisor sometimes are referred to herein collectively as “BlackRock”.

Information Received by the Boards

          To assist each Board in its evaluation of the Agreements, the Independent Trustees received information from BlackRock on or about April 27, 2005, which detailed, among other things: the organization, business lines and capabilities of BlackRock, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., The PNC Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to BlackRock, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, as well as each Trust’s performance compared to its Peers. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

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

          Prior to the Board meeting, the Independent Trustees reviewed a preliminary binder of information, and, in consultation with independent counsel, submitted a memorandum on May 12, 2005, to BlackRock setting forth certain questions and requests for additional information.

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BlackRock responded to these questions in writing on May 24, 2005 and May 25, 2005. The Independent Trustees reviewed these responses with independent counsel on May 25, 2005.

          At the Board meeting on May 26, 2005, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after reviewing the written materials, the Independent Trustees met in executive session with their legal counsel to review the Boards’ duties in reviewing the Agreements and to consider the renewal of the Agreements. With this background, the Boards considered each Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission statements relating to the renewal of the Agreements.

Matters Considered by the Boards

          In connection with their deliberations, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by BlackRock; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end funds complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

          Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of BlackRock’s services, the Boards reviewed information concerning the types of services that BlackRock provides and is expected to provide to each Trust, narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards further noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of BlackRock’s investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock.

          In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, BlackRock provides each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respective Trust. In addition to investment management services, BlackRock and its affiliates provide each Trust with a wide range of services, including: preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust web sites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). In addition, in evaluating the administrative services, the Boards considered, in particular, BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations in light of the new Securities and Exchange Commission regulations governing compliance. The Boards noted BlackRock’s focus on compliance and its compliance systems. The Independent Trustees noted that BlackRock’s commitment to supporting the secondary market for the common shares of its closed-end funds is particularly noteworthy.

          The Investment Performance of the Trusts. As previously noted, the Boards received myriad performance information regarding each Trust and its Peers. Among other things, the Boards received materials reflecting each Trust’s historic performance and each Trust’s performance compared to its Peers. More specifically, each Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual peers as well as the Peers’ average performance).

          The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted the quality of information provided by BlackRock throughout the year with respect to the performance of the Trusts. The Boards considered this information in connection with its deliberations as to whether the level of management services provided to each Trust, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreement should be renewed.

          Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s current management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

          The Boards also compared the management fees charged to the Trusts by BlackRock to the management fees BlackRock charges other types of clients (such as open-end investment companies and institutional separately managed accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that BlackRock provides the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and

67

redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by BlackRock in managing and operating the Trusts. For instance, BlackRock and its affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new Securities and Exchange Commission regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

          The Boards considered this information in connection with its deliberations as to whether the fees paid by each Trust under its Agreements, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreements should be renewed.

          Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses. In this regard, the methods of allocation used appeared reasonable but the Boards noted the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

          The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results.

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

          In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts’ fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trust’s complex. The Boards concluded that breakpoints were not warranted at this time.

          Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits BlackRock or its affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to BlackRock and its affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to BlackRock and its affiliates as a result of potentially stronger relationships with members of the broker-dealer community, increased name recognition of BlackRock and its affiliates, enhanced sales of other investment funds and products sponsored by BlackRock and its affiliates and increased assets under management which may increase the benefits realized by BlackRock from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

          Miscellaneous. During the Boards’ deliberations in connection with the Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of BlackRock’s affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by BlackRock, without regard to whether BlackRock ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion

          The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including a majority of Independent Trustees, determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that the renewal of each Agreement should be approved.

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ADDITIONAL INFORMATION (Unaudited)

          During the period, there were no material changes in any Trust’s investment objective or policies that were not approved by the shareholders or any Trust’s charters or by-laws or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible that was not approved by the shareholders for the day-to-day management of the Trusts’ portfolio.

          The Joint Annual Meeting of Shareholders was held on May 26, 2005 for shareholders of record as of February 28, 2005, to elect a certain number of Trustees for each of the following Trusts to three-year terms, unless otherwise indicated, expiring in 2008.

          Elected the Class I Trustees as follows:

	Richard E. Cavanagh		R. Glenn Hubbard		James Clayburn La Force, Jr.
	Votes for	Votes withheld	Votes for	Votes withheld	Votes for	Votes withheld
Global Energy and Resources	28,150,072	349,275	28,156,812	342,535	28,161,912	337,435
Strategic Dividend Achievers	26,088,766	335,714	26,085,459	339,021	26,097,558	326,922
S&P Quality Rankings	5,782,211	91,507	5,782,111	91,607	5,778,703	95,015

          Elected a Class II Trustee as follows:

	Kathleen F. Feldstein
	Votes for	Votes withheld
Strategic Dividend Achievers1	26,072,962	351,518
S&P Quality Rankings1	5,783,697	90,021

          Elected the Class II Trustees as follows:

	Frank J. Fabozzi		Kathleen F. Feldstein		Walter F. Mondale		Ralph L. Schlosstein
	Votes for	Votes withheld	Votes for	Votes withheld	Votes for	Votes withheld	Votes for	Votes withheld
Dividend Achievers	52,318,395	989,899	52,282,768	1,025,526	52,100,008	1,208,286	52,307,830	1,000,464

¹ Kathleen F. Feldstein will serve until the end of the 2006 term for the class of Trustee she was appointed.

          The following Trusts had an additional proposal (“Proposal #2A”) to amend its Declaration of Trust in order to change the maximum number of permitted Trustees allowed on its board to 11:

	Votes For	Votes Against	Votes Withheld
Dividend Achievers	51,089,595	1,500,798	717,901
Strategic Dividend Achievers	25,542,040	543,037	339,403
S&P Quality Rankings	5,570,049	113,650	190,019

          The following Trust had an additional proposal (“Proposal #2B”) to amend its Declaration of Trust in order to change the maximum number of permitted Trustees allowed on its board from 15 to 11:

	Votes For	Votes Against	Votes Withheld
Global Energy and Resources	28,010,119	243,415	245,813

          The Trusts listed for trading on the New York Stock Exchange (NYSE) have filed with the NYSE their chief executive officer certification regarding compliance with the NYSE’s listing standards and the Trusts listed for trading on the American Stock Exchange (AMEX) have filed with the AMEX their corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

          During the period, there were no material changes in the Trusts’ investment objective or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

          The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ share are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

          Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/funds/cefunds/index.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor; Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent B. Tritto—Managing Director of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

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TAX INFORMATION (Unaudited)

          The information set forth below is for the Trusts’ tax year as required by the Internal Revenue Service. Shareholders, however, must report distributions on a calendar year basis for income tax purposes. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January 2006. Please consult your tax advisor for proper treatment of this information.

          For the tax year ended October 31, 2005, the Trusts designated distributions paid during the year as follows^A:

	Ordinary Income Per Share		Non-taxable Return of Capital Per Share		Long-term Capital Gains Per Share		Total		Qualifying DividendsB		Corporate ShareholdersC
Dividend Achievers™	$	0.42327	$	0.19163	$	0.28510	$	0.90000	100	%	100	%
Enhanced Dividend Achievers™		0.10159		0.00000		0.00016		0.10175	56	%	56	%
Global Energy and Resources		1.12500		0.00000		0.00000		1.12500	48	%	32	%
Global Opportunities Equity		0.56084		0.00000		0.00000		0.56084	33	%	11	%
Health Sciences		0.76875		0.00000		0.00000		0.76875	—		—
S&P Quality Rankings		0.45928		0.02142		0.41930		0.90000	100	%	100	%
Strategic Dividend Achievers™		0.47079		0.00000		0.27921		0.75000	80	%	45	%

A	Per share data based on shares outstanding at tax year end.
B	The percentage of dividends from ordinary income at tax year end for taxable non-corporate shareholders representing qualified dividend income subject to the 15% rate category.
C	The percentge of dividends from ordinary income at tax year end which qualify for the corporate dividend received deduction.

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SECTION 19 NOTICES

          Set forth below is a summary of notices sent by each Trust, if any, pursuant to Section 19 of the Investment Company Act of 1940. Section 19 requires each Trust to accompany dividend payments with a notice if any part of that payment is from a source other than accumulated net investment income, not including profits or losses from the sale of securities or other properties. These notices are not for tax reporting purposes and were provided only for informational purposes in order to comply with the requirements of Section 19. In January 2006, after the completion of each Trust’s tax year, shareholders will receive a Form 1099-DIV which will reflect the amount of income, capital gain and return of capital paid by the Trust taxable in calendar year 2005 and reportable on your 2005 federal and other income tax returns.

		Total distributions			Net Investment Income			Distributions from proceeds from the sale of securities			Distributions from return of capital
Dividend Achievers
	Dec-04	($	0.22500	)	($	0.17677	)	$	—		($	0.04823	)
	Mar-05	($	0.22500	)	($	0.11250	)	$	—		($	0.11250	)
	Jun-05	($	0.22500	)	($	0.13400	)	($	0.06010	)	($	0.03090	)
	Sep-05	($	0.22500	)	$	—		($	0.22500	)	$	—
Enhanced Dividend Achievers
	Oct-05	($	0.101875	)	($	0.057195	)	($	0.044680	)	$	—
Global Energy and Resources
	Mar-05	($	0.37500	)	($	0.180130	)	($	0.194870	)	$	—
	Jun-05	($	0.37500	)	($	0.180130	)	($	0.194870	)	$	—
	Sep-05	($	0.37500	)	($	0.180140	)	($	0.194860	)	$	—
Global Opportunities
	Aug-05	($	0.56875	)	($	0.240690	)	($	0.328060	)	$	—
Health Sciences
	Jun-05	($	0.384375	)	$	—		($	0.38438	)	$	—
	Sep-05	($	0.384375	)	$	—		($	0.38438	)	$	—
S&P Quality Rankings
	Nov-04	($	0.18750	)	($	0.18750	)	$	—		$	—
	Feb-05	($	0.18750	)	($	0.18750	)	$	—		$	—
	May-05	($	0.18750	)	$	—		($	0.18750	)	$	—
	Aug-05	($	0.18750	)	$	—		($	0.18750	)	$	—
Strategic Dividend Achievers
	Dec-04	($	0.22500	)	($	0.15483	)	$	—		($	0.07017	)
	Mar-05	($	0.22500	)	($	0.22500	)	$	—		$	—
	Jun-05	($	0.22500	)	($	0.01028	)	($	0.21472	)	$	—
	Sep-05	($	0.22500	)	$	—		($	0.22500	)	$	—

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BlackRock Closed-End Funds

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito
James Clayburn La Force, Jr.
Walter F. Mondale Officers
Robert S. Kapito, President
Henry Gabbay, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
James Kong, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary Investment Advisor
BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM Sub-Advisor
BlackRock Financial Management, Inc.¹
40 East 52nd Street
New York, NY 10022

State Street Research & Management Co.²
One Financial Center
Boston, MA 02111 Accounting Agent
The Bank of New York
101 Barclay Street, 13 West
New York, NY 10286 Custodian
The Bank of New York
100 Colonial Center Parkway
Suite 200
Lake Mary, FL 32746 Transfer Agent
The Bank of New York
P.O. Box 11258
Church Street Station
New York, NY 10286
(866) 216-0242 Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116 Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036 Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022     This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change. BlackRock Closed-End Funds
c/o BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

1	For all Trusts except Global Energy and Resources.
2	For Global Energy and Resources.

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 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 (866) 216-0242.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (866)216-0242. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (866) 216-0242 or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Trust’s Form N-Q may also be obtained, upon request, by calling (866) 216-0242.

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

CEF-ANN-7

Item 2. Code of Ethics.(a)          The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)           Not applicable.

(c)           The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)           The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)           Not applicable.

(f)           The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. Audit Committee Financial Expert.The Registrant's Board of Trustees has determined that it has three audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer, Kent Dixon and Frank Fabozzi. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.
(a)           Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $28,035 for the fiscal year ended October 31, 2005 and $41,600 for the fiscal year ended October 31, 2004.

(b)           Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were $1,235 for the fiscal year ended October 31, 2005 and

$0 for the fiscal year ended October 31, 2004. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses.

(c)           Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $7,500 for the fiscal year ended October 31, 2005 and $0 for the fiscal year ended October 31, 2004. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d)           All Other Fees. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c).

(e)           Audit Committee Pre-Approval Policies and Procedures.
               (1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Registrant’s independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

               For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Registrant and (B) all engagements for non-audit services that directly impacted the operations and financial reporting or the Registrant to be provided by the Independent Auditor to any Covered Entity. "Covered Entities" means (1) BlackRock Advisors, Inc. (the “Advisor”) or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Registrant.

               In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.

               Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

               The terms and fees of the annual Audit services engagement for the Registrant are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Registrant structure or other matters.

               In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Registrant not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               The Audit Committee believes that the Independent Auditor can provide Tax services to the Registrant and Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the Registrant or the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.

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

(f)           Not applicable.

(g)           The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, the Advisor (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant for each of the last two fiscal years were $1,341,450 for the fiscal year ended October 31, 2005 and $835,100 for the fiscal year ended October 31, 2004.

(h)           The Registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The Audit Committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank J. Fabozzi.

Item 6. Schedule of Investments.
The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, BlackRock Advisors, Inc. (the "Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.

Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.
Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.
The Registrant’s Nominating Committee will consider nominees to the Board of Trustees recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and sets 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.(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(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 (17 CFR 270.30a -3(d)) that occurred during the Registrant's fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics attached as EX-99.CODE ETH.

(a) (2) Certifications of Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the 1940 Act attached as EX-99.CERT.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

Proxy Voting Policies attached as EX-99.PROXYPOL.

SIGNATURES

          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.

(Registrant)           BlackRock S&P Quality Rankings Global Equity Managed Trust

By:	/s/ Henry Gabbay
Name: Henry Gabbay Title:    Treasurer and Principal Financial Officer Date:   January 9, 2006

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Robert S. Kapito
Name: Robert S. Kapito Title:    President and Principal Executive Officer Date:   January 9, 2006

By:	/s/ Henry Gabbay
Name: Henry Gabbay Title:    Treasurer and Principal Financial Officer Date:   January 9, 2006